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.
LUNA Hyperinflation
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]
My 2.8 million dollars is literally worth $1000
HAHAHAHAHAAHAHAHAHAHAHAHAHAHAHHAHAHAHAHAHAHAHAHA. Yeah I’m packing this in 😂😂😂😂 pic.twitter.com/qeiVN5yG2w
— KSICRYPTO (@ksicrypto) May 12, 2022
$200,000 Worthless
My $200k is worth $10 ayyyyyoooooo pic.twitter.com/RFVcPk4fgX
— FinesseKing27 👑 (@finesseking27_) May 12, 2022
This Pair Feels Legit
1/2 This can be a tough time. Did you know that if you text 741741 when you are feeling depressed or suicidal, a crisis worker will text you back immediately and continue to text with you? Many people don’t like talking on the phone and would be more comfortable texting It’s Free
— ADOGMADROWNED (@ADOGMADROWNED) May 12, 2022
Delusion Remains
Man the circulating supply is more thn 100,000,000,000 yes 100 billion….so it need a 100b $ market cap to be $1
Doge and shib have better chance— Crypto Hunter Ⓜ️🕸️ (@crypto1hunter) May 12, 2022
No, LUNA won’t be fine.
Staked $1,000,000
Took the day off to cry after taking the kids to school. I felt so guilty for not securing their future with some profits. Watching a million plus dollars evaporate while you are staked and can’t do anything was brutal. I will need some time to reevaluate everything. 🙏
— albus 𝕏Ð (@albus114) May 12, 2022
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
Staking
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.
800-273-8255
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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Mish
total power usage on earth and a little more than the annual power
consumed by Austria.
Modern blockchains don’t require this.
Thanks, makes sense. Although I thought most crypto holders thought gold was an old relic so wouldn’t have any. 🙂
(how exactly is that supposed to work, if it wasn’t a Ponzi-scheme ?)
This too applies to Bitcoin – the whole purpose of ‘having’ some – for the majority is just “wait until it doubles”.
That’s not going to work … and it’ll be like with dominoes …
IMHO, the reason for a general crypto selloff is due to panic selling due to $UST & $LUNA falling. Privacycoins like $XMR provide an excellent way to save capital without the prying eyes of govt or big tech. Physical gold provides the same benefit of privacy.