See here: [
Their BTC and ERC-20s are **gone.** Only left with some AVAX, UST (yikes), and LUNA (big yikes).
How are they going to survive a second attack? How are they going to prop this ponzi up?
Luna Foundation Guard Reserve’s down to under $200 million, down 85%…
They are saying that money isn’t spent. It’s been loaned to market makers to arb ust back to a dollar.
Is this not an example of large amount Bitcoin being used in a massive real world example as a store of value?
I don’t think UST is a a failure yet. Something like this happened to USDT in 2017 also. Dipped to 0.66 I think.
Do people think that the failure of UST could cause a systemic failure of other protocols?
I think it is worth clarifying the footnote at the bottom of the page regarding the fact that the reserves were loaned out to an OTC trader (I remember reading that it went to Gemini) to stabilize the UST peg. Still unclear on the details or how much has been used up, so if anyone has further details, would be keen to find out more.
In the meantime at Cardano
Charles: thank God this happened, get those researchers to work for another 5 years before launching DJed
Serious question, how do I open a short position on LUNA or UST?
Never seen a ponzi where the guys running the scheme put in $500m? That is not in the Bernie Madoff book of successful ponzi for sure.
1. Learn what a ponzi actually is!
2. Understand what LFG actually did with their BTC – go research
3. Stop posting shit and FUD until you understand the market
Many Thanks
They won’t. Alabama research going to smack down again
And the FUD is continuing ,you don’t like LUNA just move on and let people decide .the whole market is crashing
Lol at the downvotes – all stablecoins are ponzi’s – some are just slightly undercollateralized like USDT and some are very undercollateralized like UST (18billion when LUNAmcap is just $10billion)
Well as with the usual rule, this may be a time to “buy the dip”
What the kids call- a big oof
The same thing is happening with UST right? Oh no
Great FUD. It‘s not GONE. They transferred it to a different wallet to do some work to get UST pegged again.
Well many comments here didn’t age well
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I do not get why people don’t just stick with usdt. Yes it might cost more for gas fees but it’s lower risk. It’s been around for years and has survived huge market crashes.