LUNA $100 waiting room

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the fuck does this coin even do
>inb4 makes me rich

its a ponzi

Stablecoin issuer. More stablecoin = more token burn = higher price

I almost bought it when hit 52, jesus my portfolio would be like 50% just today

well obviously, but why did normies pick this one specifically?

so basically Reserve Protocol, but it didn't dump

On Wednesday I opened 50x short on Luna at 60 USD. I was up 1000%. Had I closed it then and opened 25x leverage long with 5000 USD, I'd be currently sitting on 70k USD.
Pain.

because it presented a whole fake ecosystem around the ponzi with an aave clone that pays 20% on stablecoins

so to a normie crypto investor it seems legit

Any Forums brainlets don't deserve to make money.

Betting on Terra is one of the best plays you can make. Terra is an IBC chain (Cosmos ecosystem) that makes pure decentralized algorithmic stablecoins. UST is the largest by far. The pegged value of these stablecoins are maintained by arbitrage incentives through Terra's native token LUNA. Basically, LUNA is burned to create new stablecoin supply, which puts deflationary pressure on LUNA. The more value locked in LUNA, the safer the peg of backed stablecoins.

The stablecoins like UST are truly decentralized, and the transactions are fast and cheap. Korea is well ahead of the curve with adoption via Chai, which is an app used by millions to pay for goods and services directly with stablecoins. The transactions are much cheaper than credit cards and it all happens under the hood in the app. When mainstream adoption of crypto as a currency actually arrives, it's going to look like this.

The future is staring you in the face, and all Any Forums can stammer out is muh ponzi.

No. Reserve Protocol is just a collateralized stablecoin. It's just as centralized as USDT and USDC.

Terra stablecoins are algorithmic and truly decentralized.

This.

i know everything you said. It's not different than for example how SNX pegged its sUSD stablecoin. In fact it's a dangerous peg and maker dai is much better because it has more kinds of collateral.

So why is Luna at top 10 then and all stables are way lower? Muh cosmos? No, in fact cosmos itself is ranked way lower

there is one simple reason and that is the 20% Apy on luna stable loans on their aave clone. Those loans are "boosted" by the luna foundation.

In other words, as long as LUNA goes up the foundation can boost those loans, and Luna goes up because people buy it to convert to stable and farm that APY

once the reserves that fund the ridiculous apy run out, the whole ponzi comes crashing down. This was set to happen but the luna founder used some of his own funds (which he gets from selling his own LUNA to bagholders) to increase the reserve. So that means he thinks he can keep the ponzi going longer and sell his LUNA even higher.

>So that means he thinks he can keep the ponzi going longer and sell his LUNA even higher.
and judging by the retarded posts here I suppose he's probably right. Who knows at what price he will dump his last LUNA and abandon the reserve. Feel free to gamble on it if you like.

>it works UNLESS they inexplicably stop giving a shit right at the foot of the global adoption phase. therefore, it is bad

I opened a short...

until the reserve runs out you faggot
don't strawman me

it's not though, TFL still issues UST through the community DAO. That ain't fully decentralized

the reserve will not run out for a very long time, if ever

The LUNA backers are already rich beyond any rational needs.
This is about the race to replace ETH, and maybe even BTC. With enough adoption and name recognition they can win the real prize.

>the people at the top of the ponzi will not rug because they are already rich enough

the 20%apy will require more and more money to maintain
the moment they get rid of it any competitive edge disappears, in fact from what I can tell they have some significant design flaws, doesn't mirror protocol use Band or some shit? That alone should be a tell kek

>It's not different than for example how SNX pegged its sUSD stablecoin. In fact it's a dangerous peg and maker dai is much better because it has more kinds of collateral.
Yes, it's not the only algorithmic stablecoins in town but it is the largest and most widely used, therefore the safest since the peg is maintained by arbitrage.

>So why is Luna at top 10 then and all stables are way lower? Muh cosmos? No, in fact cosmos itself is ranked way lower
Nope, it's because UST is actually useful as a currency. Case in point, see Chai usage in Korea. As Terra stablecoins grow, LUNA price should follow from deflationary pressure.

>there is one simple reason and that is the 20% Apy on luna stable loans on their aave clone. Those loans are "boosted" by the luna foundation.
They are bootstrapped with ANC rewards from Anchor protocol itself. There's nothing wrong with bootstrapping a new product so it can stand on it's own in the future.

>In other words, as long as LUNA goes up the foundation can boost those loans, and Luna goes up because people buy it to convert to stable and farm that APY
No you've got your info mixed up. The Luna Foundation and TFL are not directly involved with Anchor Protocol. Completely separate teams.

>once the reserves that fund the ridiculous apy run out, the whole ponzi comes crashing down. This was set to happen but the luna founder used some of his own funds (which he gets from selling his own LUNA to bagholders) to increase the reserve. So that means he thinks he can keep the ponzi going longer and sell his LUNA even higher.
Again, incorrect. Also most of the APY on Anchor Protocol comes from borrowing interest (same as AAVE) and yields generated from bonded assets that are put up as collateral (like bLUNA). Anchor Protocol will be adding a lot more assets in the near future as supported collateral.