Did LUNA Speed Up Our Crypto Winter?
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Did LUNA Speed Up Our Crypto Winter?
LUNA and UST are still hot topics and it's brining a lot of notice to crypto. Both bad but also good. A lot is being learned from what happened but one thing that surprised me a bit was how some are talking about the crypto winter now being over.
Crypto Over The Last Two Years
It's pretty wild to think of it but just two years ago the crypto market cap was only 250 billion and bitcoin was worth just shy of $10,000. That means even if you bought bitcoin two years ago and held it till now with the huge sell off you'd be up about 200% That's crazy when you think about it as that's a 100% gains year over year where else can you see that happening?
Since November of 2021 to early May 2022 crypto was in a downward and hit a state of plateau since the start of the year. This was thought to be a slow down that would drag out and slowly lose value over the rest of Q2-Q3 and possibly Q4 depending on Ethereum and other projects.
A Quick Winter
However one could look at the crazy train of LUNA and UST that the sell off could in fact be where we would have been at slowly in Q3 moving into Q4. This might have caused the markets to hit their bottom much sooner than what others where predicting and thus creating a huge buying opportunity before the possible end of year rally.
From the looks of it we hit what many feel are all time lows. it was just a year ago we hit these numbers when China decided to ban bitcoin mining and that whole mess happened.
End Of Year Looking Promising
One of the biggest things set to happen which is sure to spark price spikes, news articles and hype of course is the Ethereum blockchain going to PoS(Proof of Stake) this is sure to lock up a good 50% of the supply of Ethereum which means the liquid supply of Ethereum will be about 40% less (there's already some Ethereum locked up in the test net) This most likely will take Ethereums price and bump it 50%+ when this happens or it could be priced in before it happens causing a run on Ethereum.
Some things I wonder about this are...
Will GPUs become crazy inexpensive as people offload them to buy Ethereum or just try to recover costs?
Will the price action start before PoS takes place and even if it does will seeing it finally in action cause a run on Ethereum to get in on the action?
Time will tell for sure as it always does in the crypto markets and the mess with LUNA and Terra are by no means over as talks are now into hard forking the chain and creating a classic version and a new version. What are you thoughts on the crypto winter? Will LUNA set it in faster?
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5 years this has been happening to me, it started here, around people that are still here. Homeland security has done nothing at all, they are not here to protect us. Dont we pay them to stop shit like this? The NSA, CIA, FBI, Police and our Government has done nothing. Just like they did with the Havana Syndrome, nothing. Patriot Act my ass. The American government is completely incompetent. The NSA should be taken over by the military and contained Immediately for investigation. I bet we can get to the sources of V2K and RNM then. https://peakd.com/gangstalking/@acousticpulses/electronic-terrorism-and-gaslighting--if-you-downvote-this-post-you-are-part-of-the-problem
No, I hadn't heard of this shit coin before the morons who bought it got what they deserved.
It was a tiny insignificant little drop of dust in the greater picture of cryptocurrency.
Just look at its market cap from days before the crash, that's nothing, it's a shitcoin and everyone knew it. Just like a lot of other stablecoins.
I'm not a big fan of the "stablecoins" either I haven't been from day one. They defeat the whole purpose of why bitcoin was created in the first place.
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I am a privacy coin elitist, and shameless admit my money is safer in Zcash, Monero, or DASH.
We could argue about which is better, but I don't reccommend any transparent chains.
What was your take on the whole 51% attack on Monero issue?
Looking at the updated pools today, the risk has all but dissipated.
But do you see the network as being truly secure?
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I know zcash is superior privacy technology, the zcash ZK Proof, is much higher quality.
I like to use monero as a case study, I have a love hate relationship with the monero developers because they insulted me on Twitter instead of answering my question.
Nothing like diverting from direct criticism with a question attached, to loose a investor.
Monero is also vulnerable to a flashlight attack, I encourage more pentesting so I can use that to secure my judgement that Zcash is in fact the superior coin.
I used to trust monero around V8, but after realizing they had no plans to stop hardforking I gave up on moneros developers.
https://twitter.com/bitcoinflood/status/1526973342376394760
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Now we don't know if Luna could bounce back but the market being very unpredictable, anything could happen.
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It would be a crazy thing seeing it come back. To be honest though I don't want it to and the news I've been seeing unfold around it which I haven't "fact checked" yet lol really starts to paint a picture of what a bad person this guy is. DYOR!
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Yes, I agree with you on this @bitcoinflood. Terrasco did a great job at screwing the markets and spreading panic all over. This is not the first time, certainly not the last time.
I hope the Terra community emerges as the real hero just like HIVE did after the hostile takeover.
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I think the markets will recover when the Luna team is kicked out of the market. I think the Luna foundation should step away from Luna and leave Luna to the community, the exchanges give the Luna team a lot of chances, which I'm having a hard time understanding.
The Luna community must emerge and save LUNA and throw the Luna foundation off the market.
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I think Terra and Luna will continue to be the highlight of this crypto dip. It's crazy to imagine that if a person had bought BTC 2 years ago, that they'd still be up by 200%,
As for the fork, I think some people might just be looking to buy that dip, hoping the fork might force the injection of new funds
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I wouldn't have predicted the Tera fiasco helping end the crypto winter, but I agree... it just made the rest of the crypto market look like a clearance sale.
I just see it as the market doing what it is designed to do.
LUNA wasn't strong enough and thus the dumb money got transferred to the smart.
How it happened is irrelevant.
Onward and upward for those projects that are left.
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I pretty much agree with this. There's going to be many more cases like this as crypto evolves and honestly it's a part of the FIAT system it's just not broadcasted as heavily.
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I think the winter was bound to happen because of the recession fears in the countries around the world and LUNA just set it in faster. Until the supply chain issues are resolved, I still think we are in for lower prices. If anything, I think LUNA's new chain will fail because there are no real appealing features on it that make it stand out if you remove the UST and the 20% APR.
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That wouldn't be the first time for crypto winter being prolonged/accelerated over some unforeseen event. In November 2018 BTC crashed almost to 3000 US$ following hash war between miners of Bitcoin Cash and its new fork Bitcoin SV.
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Luna is basically this cycles bitconnect. We are in for a rough time IMO.