THE TERRA LUNA PROJECT DISASTER
Author: @madridbg, through Power Point 2010, using public domain images. Por Nicolás Antiporovich
Greetings and welcome dear users of this prestigious platform, the publication that we will make below is associated with an incident that has gone around the world at the level of blockchain platforms and cryptocurrencies in general.
So that for all those users who make life in this type of technology, it should not be unknown the incident that is occurring with the Luna cryptocurrency and the network in general associated with it, which after generating stability in its economy that led the currency to exceed $80, has presented a resounding fall consubstantiated with the bearish scenario that has been occurring in the rest of the cryptoassets.
Now, if we analyze the context it is necessary to ask ourselves what happened with Terra luna, at first there were rumors about the participation of the Winklevoss twins in the fall of Luna prices through the exchange and custody Gemini who generated a loan of 100K Bitcoin to the Blackrock and Citadel group.
Under the premise of investing 25k BTC in the purchase of UST which they subsequently sold, action that triggered a massive sale of Luna, which broke the disparity that UST had with the dollar, under this scenario have been the same informants of the Blackrock and Citadel group who have denied the fact that Gemini is involved in this collapse of the Terra Luna project, which has caused the Luna currency to lose more than 99% of its value, generating abrupt losses for small, medium and large investors.
Under this scenario, the large exchanges associated with Korea have issued a warning or alert against the Lluna cryptocurrency, assuming it as a precautionary element, so the call is not to invest in it as a measure to protect the capital of users, this classification is carried out due to the high fluctuations in the price of the token and even more after what Binance issued by establishing to remove it from its list of cryptoassets exchange if the value fell below $ 0.05.
Therefore, the scenario is adverse for this project we will have to keep waiting to see the measures taken behind the developers, which in the first instance is focused on helping to achieve stability again in relation to the dollar, therefore, the only path that looms is to be able to absorb the large supply of stable coins being mined before the UST can start linking back within the project.
So we will be attentive to the scenario to come within a drastic unraveling of a project that was assumed to be reliable according to the potentialities it presented.
OF INTEREST
Grateful with the community @project.hope and with all the management team of the same one that they motivate us to continue working in a mutual and balanced growth.
Hello @madridbg, Since yesterday I am reading some news and updates about the Terra and Luna case, and I think that this could have been planned, that is, somehow it was known that it would end in a big disaster where some made money and withdrew good profits but the others they ended up experiencing large and irrecoverable losses.
I agree with you @tocho2 the fall of Luna was premeditated since there were many economic interests involved, and as they say there were great economic gains and others that drag incomparable losses. Greetings
Greetings @madridbg
No doubt that this news is revolutionizing the crypto world and is making a lot of fud about cryptocurrencies , for me it has been something orchestrated that went very well , but I am sure that cryptocurrencies will go ahead for the welfare of cryptos.
Thank you very much for sharing your publication
True that this project is big-time disaster. Some people have made good money but at the same time list is long for the people who lost money. Nice article.
Certainly great economic losses in the disaster that is being lived in terra luna, which from my point of view was a premeditated attack. Be well friend @reeta0119
Hi @madridbg
That I didn't know.
Talking about LUNA recent crash - it's indeed such a challenging (and devastating) time for so many investors out there. And for all those people, who decided to store their wealth in UST - people who didn't accept risk of losing their funds (as we do, when we invest in crypto project). All those people hold UST, assuming that they do not take any risk and are just preserving their capital in something which was supposed to be a stable coin.
Many things had happened since LUNA and their UST expolded. In just a couple of days we've already witnessed blame game starting: Blackrock and citadel (together with Gemini) has been accused of market manipulation and they were already blamed for well coordinated attack.
I'm not sure where that rumour came from. Also I dont think that Blackrock or Citadel would ever confirm if they indeed were behind this crash. It seem to be obvious that both would deny. So we may have to wait to know the truth (we may never learn it either way).
It's also hard not to have an impression, that LUNA became a target because they were the first large project which wanted to back up their stable coin reserves with another crypto (BTC). That could anger many powerful people and it would challenge USD as a reserve currency. So perhaps this was the reason why LUNA had to be "an example". So others would not follow ...
PART 2:
I truly wonder if LUNA may find a way to get out of current trouble. They apparently have solid community and many developers building on their blockchain. So perhaps someone new may take over LUNA, get rid of current CEO (Do Kwon), remove UST from their ecosystem (and replace with some traditional stable coin) and try to kick-start this project.
Any thoughts on that? Also: do you hold any LUNA yourself? I bought like 300k during recent dump (spending only small amount of $$$). I accepted that it may be worth ZERO, but having some "skin in the game" is making me research more about this project and follow upcoming news related to it.
Enjoy your weekend buddy,
Yours, Piotr
Wao I am greatly surprised by this part of your approach:
"It is also hard not to get the impression that LUNA became a target because it was the first big project that wanted to back its stable coin reserves with another cryptocurrency (BTC). That could anger a lot of powerful people and would challenge the USD as a reserve currency. So maybe this was the reason why LUNA had to be "an example". So that others would not follow."
Based on the above, if this is totally true we are facing a masterful attack that left many investors in jake mate either large, medium or small assuming heavy losses in an unprecedented debacle.
Personally I did not have Luna in my possession, although after the HI that has been created, I have decided to buy a small part of 200K as a high risk investment. To use the words of an old friend, I feel like a millionaire as I have never had so many tokens in my possession.
Back to the topic, despite the scenario there is still support for the developers of the project, recently the CEO of Binance expressed his support for the project and perhaps this person can contribute with his knowledge to find a way to generate a greater added value to the token and the project in general.
I love reading your replies @madridbg
Thanks for always being so responsive buddy
It's me again with one more comment
I've just noticed that LUNA printed 6trillion new tokens within recent few days. So even with enormous price drop - they still have market cap above 2$ trillion.
Which is more than BTC or ETH :/
Isn't shocking?
They must figure out how to burn some of current supply. or price of LUNA will tank even more. It is simply not possible for them to be the number 1 crypto (in terms of market cap)
What do you think?
Yours, Piotr
This is one of the biggest challenges of the project, because although we still have the resources to burn most of the tokens, I believe that this reprinting prevents the project from moving forward in a positive way.
So it is not the way to generate a change in the abrupt scenario that has been created around luna.
I think the infamous collapse of LUNA/UST is a black swan event that might push many new-comers out not from LUNA alone but even out of the entire crypto space
I hope the Terra community will be able to recover from the situation soon
Thanks for sharing :) @madridbg