Please note Binance Suspends Trading LUNA, Price Zero, Down 100%.
After earlier delisting Terra (LUNA) from its perpetual futures trading pairs, Binance exchange has suspended all spot LUNA trading. Earlier today other crypto exchanges froze spot trading of LUNA against Bitcoin, Tether (USDT) or fiat currency, some stating it was to protect traders.
On the USDT pair the LUNA price hit 0.00004. The order books were still thin at 0.00001, 0.00002 and 0.00003 USDT before that pair was frozen.
The Binance 24 hour change percentage can only display two decimal places, and showed minus 100% when the LUNA price reached that area.
On April 5, LUNA hit $119.5 and a hundred dollars would not buy one complete LUNA.
One hundred dollars would now buy 10 million LUNAs at at 0.00001, if LUNA was trading.
The Block reports Luna token supply hits 25 billion, up by nearly 24 billion today.
This has affected many Luna holders, with YouTuber KSI noting that his $2.8 million of Luna is now worth just $1,000. "Yeah I’m packing this in," he tweeted.
Many holders have been unable to sell their tokens as they were being staked and will only be able to sell in up to three weeks' time.
Anyone who staked their coins lost everything.
I do not know if these Tweets are real or not but here's a few of them.
My $2.8 Million is Literally Worth [Zero]
This Pair Feels Legit
No, LUNA won't be fine.
Got COIN? I Hope Not. Coinbase Plunges, Extends Loss After Hours
I talked about staking on May 10 in Got COIN? I Hope Not. Coinbase Plunges, Extends Loss After Hours
What can possibly be more exciting than derivatives on one of the most volatile of asset classes?
But hold on, you can also pledge your Bitcoin to "staking" and receive "rewards" for doing so.
Rewards are calculated based on the amount of the cryptocurrency you hold in that particular wallet. Meaning, the more you hold of the cryptocurrency, the more Coinbase can stake on your behalf; and the more potential rewards you receive.
Who in their right mind wouldn't want to give Coinbase the right to stake their assets?
You can also earn rewards simply by buying and holding dollar-pegged stablecoins like Dai and USD Coin (USDC). And of course everyone knows stablecoins are very stable.
If staking stablecoins isn't free money, what is?
Also please note this Coinbase warning
Because custodially held crypto assets may be considered to be the property of a bankruptcy estate, in the event of a bankruptcy, the crypto assets we hold in custody on behalf of our customers could be subject to bankruptcy proceedings and such customers could be treated as our general unsecured creditors. This may result in customers finding our custodial services more risky and less attractive and any failure to increase our customer base, discontinuation or reduction in use of our platform and products by existing customers as a result could adversely impact our business, operating results, and financial condition.
If you still have your coins on these exchanges after reading this, get them out.
More importantly, please don't contemplate suicide over this.
National Suicide Prevention Lifeline
Hours: Available 24 hours. Languages: English, Spanish.
Crisis Text Line
Crisis Text Line provides free, 24/7 support via text message. We're here for everything: anxiety, depression, suicide, school. Text HOME to 741741.
This post originated at MishTalk.Com.
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