Thoughts about LUNA collapse I
Original post : 루나(LUNA) 코인 폭락 사태에 대한 생각 1
I heard LUNA coin 2 years ago. The price was around $0.2. At that time, I was busy investing in other coins. So, I couldn't buy LUNA. Then, LUNA price started increasing. Even though the BTC price was fallen, the LUNA price was continuously increased. So, I thought it was an excellent fundamental coin like ETH. I saw $0.2 price. So, I didn't want to buy LUNA for more than $100.
I heard that LUNA released UST 2 years ago. I read the summary of UST, and it seemed like an algorithm stable coin. Compared to USDT(Thether), it has no collaterals and uses an algorithm for retaining the price at $1. It looked like SBD.
At the beginning of this month, the UST pegging system for $1 was broken. Then, the LUNA price collapsed from $100 to $0.0001. It was the most shocking incident in the crypto industry since the BTC was born in 2009. The 2008 bearish market can't be compared to it.
When it comes to SBD, if the SBD market capitalization(hereinafter cap) is more than 10% of the STEEM market cap, the SBD minting is suspended. I think Do Kown of LUNA representative took a look for several algorithm stable coins such as BITUSD, SBD, etc. I'm wondering whether he took into account the defend algorithm.
The LUNA circulation surprisingly increased from hundreds of millions to trillions since the UST pegging system was broken. I was frustrated that several investors were buying LUNA at $1, $0.1 $0.01. Because they didn't study and learn why the LUNA price collapsed. Finally, they have nothing. Now, since the blockchain was halted, the LUNA circulation is not increasing. If you want the short-term trade, you should have traded it now.
LUNA and UST holders lost money in urgent. When it comes to the recent tweet of him, he is trying to do something before the pegging system was broken.