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Stunningly, there are some people still trying to swing trade Luna. To a dyed-in-the-wool crypto investor the price is just a number that could go up or down. A

Stunningly, there are some people still trying to swing trade Luna. To a dyed-in-the-wool crypto investor the price is just a number that could go up or down. And people get dollar signs in their eyes thinking "If it's $0.00001 now, it only needs to go up to $0.001 for me to make 100X"! Of course, they usually miss that there is no liquidity left in Luna to realize that 100x on an investment larger than pocket change, even if the market swings in their favor for a moment. We won't see the bottom of crypto in general until more of the speculators with that mindset have been separated from their dollars.

lampshades 4y ago
Shit, I bought some. Never know what might happen.
- kristopolous 4y ago
  So did I. I've got 150,000 now. I've certainly spent $8 more poorly. 7 days ago that was worth $12 million. It's crazy The team behind it did get up to 14 billion USD in deposits and they're encouraging (even at this price) people to continue to hold Luna. They're still on board apparently Crazier turnarounds have certainly happened. I feel bad for people who had money in it beforehand. I'm sure some of them were sick or out camping when all this went down and totally lost their shirt
  - Aperocky 4y ago
    As long as UST is linked to luna in its current way, luna is on hyperinflation and will not stop. The only way to save luna is to decouple it from UST entirely.
    - kristopolous 4y ago
      Hah my position is up 600%. I'm in at 200,000 now. I've got some limit orders set between $0.0001 and $0.001, apparently my investment adage holds, "i make the right bets at the wrong amounts" - maybe I should set them for a dollar. Let's see what tomorrow brings
- cheschire 4y ago
  Sure, there’s a chance. A tiny chance. But there’s a greater chance that you’re just crowdfunding a rich persons exit.
  - lampshades 4y ago
    I don’t mind crowdfunding some rich guy for a few hundred for that tiny chance.
Thorentis 4y ago
Yep it's basically a game of musical chairs to see who will be left holding the bags. There will be tons of speculators speculating on the actions of other speculators. E.g. If you're a speculator, you assume that hundreds of others are thinking just like you and are also wanting the price to 100X for just a moment. Which might drive the price slightly up. It's just a race to see who can execute the second to last trade before the whole house of cards comes crumbling down. Crypto is a pyramid scheme and a roulette wheel all in one.
- sam_bristow 4y ago
  *hodling the bag is the preferred terminology I believe.
deleted 4y ago
[deleted]
thematrixturtle 4y ago
The prices of Luna and Terra remains disconnected: their market caps should be equal, but right now, Terra is worth a lot more (on paper) that Luna. So the obvious arbitrage opportunity is to buy worthless Luna, swap it for Terra, and cash out. The problem is that it's increasingly hard to do any of those three necessary steps, because exchanges like Binance have delisted the lot and the Terra blockchain itself keeps being halted (so much for being decentralized!).
- ProjectArcturis 4y ago
  Yeah, it baffles me that Terra is still at 10 cents.
  - Aperocky 4y ago
    Perfectly explainable, you can exchange terra for $1 worth of luna, and after the exchange happens you can sell the luna for approximately $0.1 (because the price would have dropped by this much when you managed to sell it).
- anonymousab 4y ago
  The main feature of any decentralized technology is complete control and influence of a few increasingly concentrated wealthy and powerful groups, after all.
nostrademons 4y ago
If you're a market maker, why wouldn't you? Your whole value-add is that you provide liquidity to folks who want to sell but can't find a buyer (a service in pretty high demand for LUNA right now), sell it at a later time point when there are relatively fewer sellers and relatively more buyers, take on the risk that there will never be fewer sellers and more buyers, and pocket the difference in spread. There's obviously risk in this, but if your business is market-making, you presumably have statistical models of this risk that you incorporate into the price you're willing to pay.
- quickthrowman 4y ago
  If I was making a market for terra, my bid would be $0.00, any higher is too much risk. No point in making a market for something that has 0 value and virtually 0 liquidity.
TameAntelope 4y ago
Yeah but it's $10, who cares?

lampshades 4y ago

Shit, I bought some. Never know what might happen.

kristopolous 4y ago
So did I. I've got 150,000 now. I've certainly spent $8 more poorly. 7 days ago that was worth $12 million. It's crazy The team behind it did get up to 14 billion USD in deposits and they're encouraging (even at this price) people to continue to hold Luna. They're still on board apparently Crazier turnarounds have certainly happened. I feel bad for people who had money in it beforehand. I'm sure some of them were sick or out camping when all this went down and totally lost their shirt
- Aperocky 4y ago
  As long as UST is linked to luna in its current way, luna is on hyperinflation and will not stop. The only way to save luna is to decouple it from UST entirely.
  - kristopolous 4y ago
    Hah my position is up 600%. I'm in at 200,000 now. I've got some limit orders set between $0.0001 and $0.001, apparently my investment adage holds, "i make the right bets at the wrong amounts" - maybe I should set them for a dollar. Let's see what tomorrow brings
cheschire 4y ago
Sure, there’s a chance. A tiny chance. But there’s a greater chance that you’re just crowdfunding a rich persons exit.
- lampshades 4y ago
  I don’t mind crowdfunding some rich guy for a few hundred for that tiny chance.

Thorentis 4y ago

Yep it's basically a game of musical chairs to see who will be left holding the bags. There will be tons of speculators speculating on the actions of other speculators. E.g. If you're a speculator, you assume that hundreds of others are thinking just like you and are also wanting the price to 100X for just a moment. Which might drive the price slightly up. It's just a race to see who can execute the second to last trade before the whole house of cards comes crumbling down. Crypto is a pyramid scheme and a roulette wheel all in one.

sam_bristow 4y ago
*hodling the bag is the preferred terminology I believe.

deleted 4y ago

[deleted]

thematrixturtle 4y ago

The prices of Luna and Terra remains disconnected: their market caps should be equal, but right now, Terra is worth a lot more (on paper) that Luna. So the obvious arbitrage opportunity is to buy worthless Luna, swap it for Terra, and cash out. The problem is that it's increasingly hard to do any of those three necessary steps, because exchanges like Binance have delisted the lot and the Terra blockchain itself keeps being halted (so much for being decentralized!).

ProjectArcturis 4y ago
Yeah, it baffles me that Terra is still at 10 cents.
- Aperocky 4y ago
  Perfectly explainable, you can exchange terra for $1 worth of luna, and after the exchange happens you can sell the luna for approximately $0.1 (because the price would have dropped by this much when you managed to sell it).
anonymousab 4y ago
The main feature of any decentralized technology is complete control and influence of a few increasingly concentrated wealthy and powerful groups, after all.

nostrademons 4y ago

If you're a market maker, why wouldn't you? Your whole value-add is that you provide liquidity to folks who want to sell but can't find a buyer (a service in pretty high demand for LUNA right now), sell it at a later time point when there are relatively fewer sellers and relatively more buyers, take on the risk that there will never be fewer sellers and more buyers, and pocket the difference in spread. There's obviously risk in this, but if your business is market-making, you presumably have statistical models of this risk that you incorporate into the price you're willing to pay.

quickthrowman 4y ago
If I was making a market for terra, my bid would be $0.00, any higher is too much risk. No point in making a market for something that has 0 value and virtually 0 liquidity.

TameAntelope 4y ago

Yeah but it's $10, who cares?