Meltdown: Bitcoin crashes to $576

[Volvobrick]

13 minutes ago, Si4dr said:

Asking all Dai gor here: is it the time to gamble  invest in crypto now since it crashed(buy low)😆

Buy low, sell lower?

[Ct3833]

On 5/14/2022 at 9:09 PM, Roborovskii said:

Report maker seems like someone who didn't do his due diligence before putting money in. He also seems like a strawberry. And he probably needs to get a job.

He is just one of the many cases globally, those who bet big in crypto currency are mostly in big trouble.

Edited May 19, 2022 by Ct3833

[Kxbc]

If I had invested $10k in crypto which soared to a paper value of $1M and I lost all during this crash, I just lost $10K, not $1M.

I can only blame myself for not cashing in earlier.

[Throttle2]

11 minutes ago, Kxbc said:

If I had invested $10k in crypto which soared to a paper value of $1M and I lost all during this crash, I just lost $10K, not $1M.

I can only blame myself for not cashing in earlier.

Yeah….  So high still dont cash out, who to blame?

[Volvobrick]

48 minutes ago, Kxbc said:

If I had invested $10k in crypto which soared to a paper value of $1M and I lost all during this crash, I just lost $10K, not $1M.

I can only blame myself for not cashing in earlier.

Yeah like this guy. He would be saying he didn't actually lose also:

https://article.wn.com/view/2022/05/19/Elon_Musk_loses_12_billion_in_a_day_as_he_tweets_politics_sl_7/?section=More+News&template=worldnews%2Fclassic.txt

Only minus 12 Bn in a day, he can afford to do that for one whole month!

 

[t0y0ta]

3 hours ago, Si4dr said:

Asking all Dai gor here: is it the time to gamble  invest in crypto now since it crashed(buy low)😆

Rationally yes - unlikely Bitcoin will crash to zero.

But you must know when/how you wanna take profit.

Seriously if you make 50%, but only after waiting 10 years, then it is not much better than buying some blue chip stocks.

[Jellandross]

 

 

[Throttle2]

Many people especially youtube gurus think the same way

muayhahahahahah

[Jellandross]

7 hours ago, Windwaver said:

https://www.straitstimes.com/business/companies-markets/police-report-made-against-terraform-labs-in-singapore-police-not-investigating

Police report made against Terraform Labs in Singapore; police not investigating

SINGAPORE - A police report was lodged by a "concerned citizen" against Singapore-registered firm Terraform Labs and its South Korean co-founder Kwon Do Hyeong last week.

The complainant claimed to know of more than 1,000 Singaporeans who have invested in UST and Luna, and that the police report was to "seek justice for all those who have lost money".

The report, which has been circulating online, also contained the address of Terraform Labs.

Police confirmed the report had been made, but did not confirm that they are investigating the company.

The Straits Times understands that the police are not investigating.

Last week, the price of both TerraUSD - better known as UST - and its affiliated cryptocurrency Luna collapsed, following a wave of selling pressure.

UST is a stablecoin that was pegged to the United States dollar using an algorithm.

Win money = investment acumen

Lose money = seek justice

 

[Jellandross]

42 minutes ago, Throttle2 said:

Many people especially youtube gurus think the same way

muayhahahahahah

I think ppl who are able to acknowledge their failure and learn from it will probably become smarter investor than those crybabies who reported police "to seek justice".

[Si4dr]

6 hours ago, Volvobrick said:

Buy low, sell lower?

haha that's why i put buy low....did not put sell high

2 hours ago, t0y0ta said:

Rationally yes - unlikely Bitcoin will crash to zero.

But you must know when/how you wanna take profit.

Seriously if you make 50%, but only after waiting 10 years, then it is not much better than buying some blue chip stocks.

I kiasi....money not enough and dare not play crypto😂

[Loki]

What kind of shit names do young people give themselves, Paxton, Jowella? 

[Windwaver]

1 hour ago, Loki said:

What kind of shit names do young people give themselves, Paxton, Jowella? 

Crypto 

[Windwaver]

https://markets.businessinsider.com/news/currencies/crypto-exchange-binance-chief-says-poor-again-after-luna-crash-2022-5

Billionaire founder of crypto exchange Binance says he's 'poor again' after its luna holdings — once worth $1.6 billion — crashed and are now worth just $2,200

• Crypto exchange Binance's founder Changpeng Zhao tweeted "poor again" after crypto-token luna crashed.
• Binance's holdings of the coin were once worth $1.6 billion but are now worth about $2,200.
• According to Bloomberg estimates, Zhao is still a billionaire and Binance is the world's largest crypto exchange.

Chanpeng Zhao, the wealthy founder of crypto exchange Binance, joked on Tuesday that he was "poor again" after the exchange's investments in the luna cryptocurrency crashed from $1.6 billion just a month ago to about $2,200 this week.

In a tweet on Monday, Zhao said that Binance, the world's largest crypto exchange, held 15 million luna tokens. Binance received these tokens in exchange for its $3 million investment in 2018 into the Terra network that luna is based on. Its luna tokens were "never moved or sold" as of Monday, according to Zhao.

Insider has reached out to Zhao for comment. 

Binance's luna holdings were worth $1.6 billion in early April when the token hit its peak price. But its recent crash saw that value shrink to about $2,200 this week. The coin is trading at about $0.0001468 as of Thursday.

Luna's value has rapidly plunged in the past two weeks.

Its implosion started when its sister token, TerraUSD, lost its peg to the US dollar two weeks ago. The two tokens' valuations are tied to each other. When TerraUSD's price fell, investors rushed to dump their holdings of that token in a scenario similar to a bank run. TerraUSD's plunge, in turn, dragged down luna's price. 

The two tokens' free fall was estimated to have wiped out more than $50 billion in paper value, Insider reported on Sunday. 

Zhao on Monday urged the Terra team to reimburse its retail investors first. "To lead by example on PROTECTING USERS, Binance will let this go and ask the Terra project team to compensate the retail users first, Binance last, if ever," he tweeted.

Despite his comments, Zhao, 45, definitely isn't broke. He has a net worth of about $14.8 billion as of Thursday, based on Bloomberg's estimates. The majority of his wealth likely comes from his estimated 70% stake in Binance, according to Forbes.

Binance's market value is estimated to be six times that of its nearest competitor, Coinbase, Forbes reported in March. Binance took in about $14.6 billion in trading fees last year, according to MarketWatch, which quoted a report published by financial-services consultancy Opimas. 

[Windwaver]

People still trying

https://cryptopotato.com/terra-co-founders-face-lawsuit-from-korean-ust-and-luna-investors/

Terra Co-Founders Face Lawsuit from Korean UST and LUNA Investors

Do Kwon is being charged with both fraud and illegal fundraising and may be forced to forfeit his property. 

In the aftermath of Terra’s collapse, co-founder Do Kwon now faces legal pressure from affected Korean investors. They’ve filed both criminal and civil lawsuits, alongside an order to seize Kwon’s assets.

Trouble With the Law

According to the Korean news outlet Munhwa, investors in both UST and LUNA filed with the court to seize Kwon’s property this week, while also suing for fraud. They’ll be represented by the legal firm RKB & Partners, from which 6 lawyers are already reviewing a complaint against the CEO.

Kwon became a target of the crypto industry’s ire after the UST stablecoin lost its peg to the dollar. Its stabilization mechanism also caused Terra’s governance token LUNA to undergo hyperinflation, reducing its value to virtually zero. Many large investors in the protocol – such as the UK Youtuber KSI – watched their multi-million dollar LUNA positions crumble to nothing in the aftermath.

As a result, Kwon may be summoned to appear before the South Korean government to testify on each cryptocurrency’s collapse. The national politician Yun Chang-Hyun has requested that Kwon and other executives of local crypto exchanges explain their actions while the de-peg was taking place.

That’s not all. Next week, a new Korean group called “Victims of Luna, UST coins” will file a lawsuit against both co-founder Do Kwon and Shin Hyun-Seong for fraud and illegal fundraising. Over 1500 people are members of the group.

Neither lawsuit has reached court yet, but likely will soon.

The Vote to Recreate Terra

Do Kwon put forth a proposal on Monday suggesting that the Terra network fork from its current chain, and start again with a different cryptocurrency. As of Wednesday, the vote has gone live.

About 20% of the votes are in so far, with 90% of respondents voting “yes”. Should it take place, the old devalued LUNA tokens will become “LUNC” (aka LUNA Classic) and the new LUNA supply will start at 1 billion tokens.

Not everyone is satisfied with the idea, however. Binance CEO Changpeng Zhao stated on Saturday that forking the chain “won’t work”.

[Windwaver]

https://www.mirror.co.uk/sport/boxing/logan-paul-ksi-cryptocurrency-luna-26998493

YouTube boxers Logan Paul and KSI lose over $3million in crypto investments

Logan Paul has revealed the eye-watering amount of money he and KSI have lost in cryptocurrency investments.

The crypto and stock market are in a dreadful way right now. Former opponents Paul and KSI, who teamed up as business partners at the beginning of this year, have suffered hugely because of the financial collapse after investing lots of money in crypto.

People have reportedly lost their "life savings" after the cryptocurrency Terra Luna plummeted by upwards of £70 per share to less than 13p. KSI invested almost £2.5m in the currency, only for it to collapse to £800 just days later.

"It's not a great time to be fully involved in crypto, especially if you were involved in Luna. KSI, my business partner in Prime, lost over $3million, gone. I personally have lost over $500,000 so far," Paul said of the market collapse on his ' Impaulsive ' podcast.

"I will say though, if you believe in the tech. The function of cryptocurrency, zoom out and go super macro then this is nothing. It's just another bump in the road, but that's really hard for people.

"A lot of people FOMO [fear of missing out] buy and panic sell, you have to remove your emotion from this situation and if you play the long game then you're gonna win."

Paul isn't going cold turkey on crypto, as he recently launched his NFT project '99 originals'. The project is a collection of 99 original polaroid pictures taken by Paul over the course of 99 days, that are sold in the form of NFTs.

"It's a little financially scary at times, that's why I launched one of the most important projects of my life during the worst bear market we've ever seen, Paul joked. "I'm just kidding, [99] originals is doing fantastic."

"It's been amazing, the first one sold for $60,000 the second one sold for $100,000. We've sold four, the DAO has roughly $130,000 to play with and it's doing remarkable. I can't actually believe how against the grain, to the market that it is."

Paul has been surprised at the support his NFT project has been getting despite the ongoing crypto bear market. He continued: "I'm getting a lot of texts from notable people, who are realising quickly how much work I put into this.

"Both mental and physical work that is spread out by a team of people. It's been nine months of blood, sweat and tears and I couldn't be happier."

[Wt_know]

dont trust too much this kind of news

i would speculate they lost millions based on luna price at $100 but they bought in very early probably below $10 and many tcss youtubers promoting the coin

the real victims are the average joes wiped out their savings buying luna at $100 before the crash like kena sent in to slaughter house ready to be served

Edited May 20, 2022 by Wt_know

[Kxbc]

17 hours ago, Loki said:

What kind of shit names do young people give themselves, Paxton, Jowella? 

when i read the article yesterday, that thought came into my mind too but I dare not comment as some of the forumers' kids might have similar sounding names. Don't want to offend them unintentionally. 

Lol. So just riding on your comment.😆