If the Do Kwon crowd (from Terra / Luna) sell their Bitcoin to prop up Terra / Luna, then that will cause a lot of downward pressure on the price of Bitcoin...

-Wayne

Utility of Luna?


I think it's a pseudo rug pull. All of the gains in the last year. Market just readjusted.

First it was the crypto. Then the stocks. Hyperinflation resulted in a dozen eggs costing 30 dollars, and a gallon of milk 50$. /s

Looking at BTC's weekly chart, there is no support until it drops to 11.5k - this could get really ugly really quick...

Semi genius ponzi scheme here - pay 20% to everyone to get them to sign up and then make off with the reserves when the thing collapses.

This is definitely a very black mark for all crypto. The people on Reddit are stating that it collapsed because it wasn't backed by anything. By that logic, Bitcoin and Ethereum are doomed along with Tether, which is probably backed by nothing...

-Wayne

There is no utility to Luna, hence the current situation.

Pretty good summation here of what's happening in Luna/Terra for those interested:

https://www.bloomberg.com/opinion/articles/2022-05-11/terra-flops

Backed by nothing. Wait until sheep realize cash is the same.

"I have a car with square wheels. It's the best because soon, everybody will learn the secret of how corrupt round wheels are!"

LunaPonzi is done.
-100%

This was epic.

Terra’s Crypto Meltdown Was Inevitable
https://www.wired.com/story/terra-luna-collapse/

Everybody gonna be real jittery after that. Lookin for the next crackbin the bubble.

Forget any big price increases any time soon.
New launches? Bwahahah.

cash is backed by a country and it's economy

crypto is backed by nothing except
hopeful speculation
until it isn't

100% right. Of all the hundreds of crypto coins in existence, my favorite is "magic internet money (MIM)" - sums it up perfectly.

Bitcoins are for chumps! Any chump believing in a computerized currency deserves to lose his wad of cash. You seem to be doing good and then some hackers cleans you out. Don't believe it? Then I have some swamp lands to sell you in florida. Buy gold, silver and anything that's is worth investing in. Don't you believe in bitcoin or any other letric' currency.

Suicide hot lines are popping up in Crypto circles. Apparently many have lost their life savings after putting all their eggs in one doomed basket. The early buyers are cashing out in droves and bringing the values down. Terra Luna is all but gone and the wife of one of the co-founders is asking for police protection

Waiting for biosurfer1 to chime in.

I recall urging him and others here to cash out while they were on the summit.

Wishing them the best, perhaps they did….

Tabs, is that you?

My dad mourned the day that the US stopped backing its dollar with gold. He said that this move and deficit spending was the eventual death of the the USA economy. My liberal uncles laughed at him because "nothing bad had happened yet". Well, none of them are alive but I know I'd be hearing dad saying "I TOLD YOU SO".

So, 50 years later, it looks like your dad was still wrong.
Collapse any day now, right?

Well, in fairness, he may have been right, but the cycle time is so long it may not matter. The sun will eventually burn out but it's so far into the future that it's somewhat irrelevant to our current existence. That's how I've seen it for years now...

-Wayne