After this I will stay far far away from algorithmic stablecoins..

SEC also seem unamuse by this and they will likely do something to stablecoins after seeing this fiasco. Regulations incoming? :
https://www.protocol.com/bulletins/terra-st...ecoin-loses-peg

Previously SEC did subpoena Do Kwon but he fought back and refuse to attend the hearing.

Nothing much we can do for now, if got $$ then can consider buying more, if not... take a short break and come back after .... maybe October? Hopefully by then is already Green Day~

P/S: Green Day - Wake me up when September ends

Crypto market will still continue to fall. It's still over-valued. Don't give up on algorithmic coins, the concept is brilliant. This UST most likely got people goreng. If only they pegged UST to more than 1 crypto then at least not so volatile.

BTW, UST now is at USD0.35

This post has been edited by ntchong: May 11 2022, 03:36 PM

some at Reddit say no hope liao.. it is the end.
no idea how Terra is going to recover their UST peg. For now it seems impossible.

I bought some UST at 0.28

This is a fair point. It may be a bloodbath right now and things are not gonna recover any time soon, but the lesson learnt from this incident will be invaluable to future stablecoin development. And again, the DYOR adage is very much in effect all through out this fiasco

imo if wanna get stablecoins for yield farming, or fast swap, just go for USDC that has USD and treasuries backing it.

buying algorithmic stablecoins is like betting on standard cryotos that are susceptible to up and down swings. Sure earlier things might seems rosy peg at 1USD, but anytime that can break when there's mass selling or bear market, or some whales manipulate the buy/sell.

it only took 285million worth of UST to first trigger the unpegging:
https://www.cnbctv18.com/technology/why-has...rs-13424472.htm

after a few days spiral down to what it is now.

after this fiasco I am betting SEC, Fed, US gov etc will start to want to regulate ALL stablecoins.. just hope we can still keep our high yields.

This post has been edited by Davidtcf: May 11 2022, 05:21 PM

I got Ping-ed early morning telling me it drops to $0.9, I ignored it as i know UST is depeging... then just now i check again, GG! it's Luna that drop to $0.9 this morning ~~

you have Luna? if got then just hold first till it at least recovers some of its value.

Do Kwon plan to keep mint new Luna hence will cause it to oversupply the market, until UST value gain back its peg at USD1. So expect Luna's price to keep crashing until this happens.
Can check this at his twitter on his latest plans: https://twitter.com/stablekwon

at least UST now went up to 70 cents.. but trust severely broken. Many at Reddit say they will never use Anchor again.

This post has been edited by Davidtcf: May 12 2022, 10:11 AM

most my fund stuck at US Stock, so i've no spare cash to buy crypto... but i did set a buy order on XRP that trigger when it hit Rm 1, it seems not "Impossible" for now... BTC also drop under RM125k

I predict BTC price can reach USD28k this year.. the bearishness is too strong.

Latest inflation report not helping also:
https://www.marketwatch.com/story/u-s-infla...igh-11652272713

Well, GG for UST.

This post has been edited by UserU: May 13 2022, 08:29 PM

So basically means all UST got frozen? until further notice? RIP my luna.... if i sell i lose, now no sell.. drop to 0 and delisted.. i guess not much different.

Trading resumed hours ago, just that the price might not return to where it was previously.

This few months been bad for hodl or earn accounts, initially Celsius, Hodlnaut, then now Youhodl also lower their rates & came out with additional conditions.
I might think of switching to Finblox if Youhodl does not workout for me as now they reduced the limit to $25k.

Few things need to consider, ie.
1. What method of transfer does it support for USDT? (Hopefully BEP20)
2. USDT is also able to earn 15% pa right, is there a limit for it?

3. How we know IF terra issue won't happen again to other stable coins?

Huh huh I wonder recently everyone quiet is because affected by terra.

I did a deep study on all Stablecoins and find USDC the best so far. BUSD would come second for me, but its transfer fees are higher. If you can use Binance u can earn interest directly via it (I can’t KYC binance due to app blocked in Malaysia).

USDT has some bad history with it if you google. Recently it’s peg has been falling slightly after the Terra UST fiasco.
Although its biggest now (due to 1st in market) but I don’t feel as confident compare to USDC. USDC is attested to every month via downloadable reports (by audit firm):

https://www.centre.io/usdc-transparency

Well any investment requires risk taking. I only put 10% of what I have in it. Others are still mainly in stock market which I trust more (however stocks tanking everywhere). As long you confident after doing enough research then go ahead.

Midas investments give higher at 18% for earn in kind.. problem is it lacks 2FA, no app, no backing history, no insurance, HQ rumoured to be in Russia (mostly Russians own it). So I trust Finblox more.. right now their users are growing when I check Reddit.

This post has been edited by Davidtcf: May 16 2022, 09:51 AM

UST , LUNA and their network Terra - GONECASE....DONT GO NEAR OR EVEN THINK ABOUT IT!
Unless you have spare change and want to make a few dollars (less than 20 dollars).

I dont understand why I am so caring when people behave like demons.

Yea been avoiding it since the days when Anchor Protocol was thriving. This YouTuber who put money in also lost 20% of his capital:



Those who are buying now are traders wishing to gamble to make a quick profit. Could end up losses instead.

This post has been edited by Davidtcf: May 16 2022, 10:18 AM

Oops you caught me, but yes im trying to gamble and also to average down my position on Luna by putting $10 in hope to gain back how much I lost on it. It will break even if it goes back to at least $0.01, and I've already put a sell order to sell all of it when it reach $0.01 despite knowing it will never happen. So... I shall just walk away and don't turn back.

Terra incident changed my perspective on stable coins, better off if I were to stick with BTC and ETH, less APY for staking and it's much safer.

This post has been edited by Lon3Rang3r00: May 16 2022, 11:05 AM