It was a coordinated attack by big money done at the exact time when it was at its most vulnerable as they removed liquidity from $UST to set up a new 4Pool account which ironically would have greatly reduced the chance for this style of attack to work. Estimated they made about $800 million from it.
Any chances that this project recover from it? I didnt have any money at it... But they said it was a good project.
From what I have seen on Twitter it appears they are going to start a new LUNA v2 project and are planning to use the liquidity left to at least return some money to those effected by both crashes.
Yep, I think it would require a big effort to make people trust on it again. Gonna research more about this LUNA v2 idea and keep myself updated.
Thanks for sharing man! Gonna read it now.And here is the plan in detail...as I had suggested...remove stablecoin and keep the Blockchain.
Fork the Blockchain and current iteration of Luna becomes Luna Classic.
Common
agora.terra.money
Insane. I never got into luna fortunately but with the btc backing, I thought it was a good support system. I don't fully understand what happened. I just think the dork trolling on twitter got wrecked by a coordinated attack. it sucks for anybody involved.
But would you part your money with that? I think it's ideal for anybody involved. There's no way I go anywhere near it.And here is the plan in detail...as I had suggested...remove stablecoin and keep the Blockchain.
Fork the Blockchain and current iteration of Luna becomes Luna Classic.
Common
The really crazy part? On Kucoin spot Thursday night it hit a low of .0000006 and within 24 hours it reached .000426, a gain of 770x.
If you currently have too many women chasing you, calling you, harassing you, knocking on your door at 2 o'clock in the morning... then I have the simple solution for you.
Just read my free ebook 22 Rules for Massive Success With Women and do the opposite of what I recommend.
This will quickly drive all women away from you.
And you will be able to relax and to live your life in peace and quiet.
Thats a lot of money!
That's insane. Dude had people showing up at his apartment. His wife was in hiding or do they say. I never know what is true and what's a pity party.
Honestly it was Do Kwon's arrogance and hubrus that probably set this all in motion. He repeatedly would trash talk people regarding LUNA when they would call it a ponzi, etc...including telling billionaires to try and depeg UST and "see what happens".
If we have a prolonged bear market, my bet is it fades away in that time. A lot of people got burned and will always have this event attached to it. Do Kwon probably needs to fade from the public eye for a bit. I imagine other big names like Novogratz would not want to be attached to it anymore as well.
Charles Hoskinson is a bit extra but he doesn't troll like Do. Tbh I don't fully understand liquidity nor what happened. I think buddy trolled and taunted before getting counter punched hit dead. Luna is dead. And fork is a piss poor attempt to save VC money's not the community. Nobody involved wants a fork but I digress. Never touched it.
That's solid advice. Something I intend to watch for in the future. Humility goes a long way and had Do flexed less online, people in the Luna community maybe sitting pretty.
Agreed. What kept you out of that project? I assumed I missed the boat similar to Sol. With Sol, I saw too much VC money. Also how fast it pumped up and crashed faster then other projects not to mention the outages. I thought Luna was solid BUT I was focused elsewhere. Less projects but going in hard. Less vapor wear. More legit projects. Seeing btc as the play. Everything else 2nd best if that.
If you currently have too many women chasing you, calling you, harassing you, knocking on your door at 2 o'clock in the morning... then I have the simple solution for you.
Just read my free ebook 22 Rules for Massive Success With Women and do the opposite of what I recommend.
This will quickly drive all women away from you.
And you will be able to relax and to live your life in peace and quiet.
With alts, typically if you missed the pump it is too late to get involved. Most only get 1-2 parabolic moves per cycle then lose a majority of value. You have the right idea on focusing on quality. Will probably make a few bets on alts that will be relevant in a few years if we get another large draw down. Most likely they wont get another large move up for a few years though.
Yeah. Staying in blue chips. Holding any other long position otherwise. in less projects now but going in hard where I see value. I missed 29k last year. I'm ready this time. Content with acquiring near bottom.
Do you have any good technical analysis book to recommend for reading?
Currently I am just being patient and building my cash position. I am already heavily allocated to btc and eth though, so if it runs up I am completely comfortable with where I am at currently. If I was in the position of wanting a larger percentage there, I would be cautiously adding now with a very low DCA, making sure I have a lot of dry powder if we get another leg down. Currently I think there is high probability they we get massive deflation which will pull down all asset classes. I would not be in a rush to buy anything right now and would only buy assets I am comfortable holding 5-10yrs+. I will deploy cash to where I think the best opportunities are and not sure how that all shakes out yet.
One other thing to add is I have a pretty significant position in physical precious metals, around 10% of my investable net worth. I also like commodities, miners of all metals(especially related to green energy) & traditional energy. They could get smacked too initially in a deflationary event but would be looking to add here as well. Obviously I love bitcoin and eth but it is important to be well rounded. Going to be a very volatile decade even in the asset classes I like. Making sure you have the cash flow to ride out that volatility will be very important. As well as staying away from leverage.
