Tricky0212 688 Posted May 17 I know a few here follow the Crypto markets and I’m sure many have seen the last implosion of the Luna coin (if not have a read, it went from being worth $120 last week to now being something like $0.000129). Seems to have been a Ponzi scheme that eventually failed as they inevitably do, but in doing so to attempt recovery they minted more coins into circulation (increasing supply from 1 Billion to 6.5 Trillion which is what decimated the price). Next steps are unclear, the founders have made proposals but the community aren’t in favour of the proposals to fork the network and create a new one. Rather they want a huge amount of the circulating coins to be “burned” in a bid to help restore the price of the reamaining supply. Obviously people lost huge amounts of money whom I feel sorry for, but right now many are taking a punt on some form of recovery at these ridiculous prices. I personally have purchased 1.2m coins for £175 and will see what happens - if nothing else it’s more fun to follow the events and have a dream than having stuck it in a FOBT! 1 Share this post Link to post Share on other sites
philinvicta 9,821 Posted May 17 1 hour ago, Tricky0212 said: I know a few here follow the Crypto markets and I’m sure many have seen the last implosion of the Luna coin (if not have a read, it went from being worth $120 last week to now being something like $0.000129). Seems to have been a Ponzi scheme that eventually failed as they inevitably do, but in doing so to attempt recovery they minted more coins into circulation (increasing supply from 1 Billion to 6.5 Trillion which is what decimated the price). Next steps are unclear, the founders have made proposals but the community aren’t in favour of the proposals to fork the network and create a new one. Rather they want a huge amount of the circulating coins to be “burned” in a bid to help restore the price of the reamaining supply. Obviously people lost huge amounts of money whom I feel sorry for, but right now many are taking a punt on some form of recovery at these ridiculous prices. I personally have purchased 1.2m coins for £175 and will see what happens - if nothing else it’s more fun to follow the events and have a dream than having stuck it in a FOBT! I think the clue is in the name and it is all Lunacy and you could end up a lunatic if you get too involved 1 Share this post Link to post Share on other sites
Dave 3,435 Posted May 17 Like his last attempts t cypto Share this post Link to post Share on other sites
crazyrightmeow 3,912 Posted May 17 "Seems to have been a Ponzi scheme that eventually failed as they inevitably do""I personally have purchased 1.2m coins for £175 and will see what happens" 4 Share this post Link to post Share on other sites
ColourMeUp 1,977 Posted May 18 10 minutes ago, ColourMeUp said: RIP £175 To elaborate... There is no way to repeg UST without collateralizing it. The gap is too large to make sense for someone to come in and collateralize it. If you are bidding LUNA, you are just playing exit liquidity for UST holders. Very ugly situation, Imo, if you're still in, it's time to book a loss and move on. Share this post Link to post Share on other sites
Quicksave1 298 Posted May 18 I bought £100 and its now worth 1p if I could ever sell, good luck haha. 1 Share this post Link to post Share on other sites
MrUKHackz 14,248 Posted May 18 @Tricky0212 You're looking at a post from a fella with a million Shiba but I don't like to brag about it! 3 Share this post Link to post Share on other sites
ISlot 840 Posted May 18 I still have $16k on my account not sure where to invest, they sit in there for almost 1 year now Share this post Link to post Share on other sites
Antonin 3,496 Posted May 19 13 hours ago, ISlot said: I still have $16k on my account not sure where to invest, they sit in there for almost 1 year now XRP is the chosen one! If you have to invest your cash, choose XRP! God bless! Share this post Link to post Share on other sites
ISlot 840 Posted May 19 45 minutes ago, Antonin said: XRP is the chosen one! If you have to invest your cash, choose XRP! God bless! I had XRP 0.07 and sold it for £1, since they got out of court they never made more than 40p 70p, keeps going up and down on that range, I can't find a good coin with good backup, all sound like a scam I was watching Binance Coin (BNB) they got a good Market cap: $44 billion Share this post Link to post Share on other sites
lucy_tgc 1,648 Posted May 19 1 hour ago, Antonin said: XRP is the chosen one! If you have to invest your cash, choose XRP! God bless! XRP is what i've gone for aswell but i've no idea how the price is going because i've signed out of Binance and deleted the app. I'll log back in in a few years and hope for the best 1 2 Share this post Link to post Share on other sites
Antonin 3,496 Posted May 19 59 minutes ago, lucy_tgc said: XRP is what i've gone for aswell but i've no idea how the price is going because i've signed out of Binance and deleted the app. I'll log back in in a few years and hope for the best You made it lady! $100 to $10000! Always Remember! Most people will think I'm crazy, I don't care! I know what I'm holding! DYOR! 1 Share this post Link to post Share on other sites
crazyrightmeow 3,912 Posted May 19 2 hours ago, lucy_tgc said: XRP is what i've gone for aswell but i've no idea how the price is going because i've signed out of Binance and deleted the app. I'll log back in in a few years and hope for the best Thats the best thing you can do in what ever crypto you are investing if you are not a pro daily trader. Share this post Link to post Share on other sites
ISlot 840 Posted May 19 2 hours ago, lucy_tgc said: XRP is what i've gone for aswell but i've no idea how the price is going because i've signed out of Binance and deleted the app. I'll log back in in a few years and hope for the best 1 Share this post Link to post Share on other sites
crazyrightmeow 3,912 Posted May 19 More good news for you, future millionaire. https://finance.yahoo.com/news/terra-founder-faces-government-investigations-092736071.html 1 1 Share this post Link to post Share on other sites
Blacko 10,573 Posted May 22 1 hour ago, Tricky0212 said: Update so far… Fecking lawyers. license to print money 1 Share this post Link to post Share on other sites
