Dear Crypto Sifu/s, as the title mentioned. Securities Commission Malaysia currently only regulated Luno (please update me if they already regulated Binance). So therefore Luno is the main platform i used to expose myself to World of Cryptocurrency. I found that Luno currently has very few crypto currencies available in Malaysia compare to Luno at other country, and i wanted to invest in Stable Coin for Staking at Anchor Protocol. Wanna hear some advise from the Sifu out there, what is the cheapest way (I don't really mind the hassle) to get Stable Coins? I'm currently thinking of buying XRP then transfer to other platform and convert into Stable Coin since XRP got lowest "Fuel Fee" compare to BTC and ETC. So 2% on Platform + Fee + Probably Conversion/Swap Fee on another platform? Do share your insight on this.

P2P in binance

Still got meh I tot other currency like Aus nzd je

Luno got 2% fee and another cheaper one banyak sohai tot 2% is fix. The other one is 0.5% and 0.25%. check all local exchange for the best rate some time luno cheap some one sky high price. Fyi cheapest network fee is LTC luno charge like 1 cent je if withdraw from luno to other exchange , binance charge like 300-400x luno fee .

This post has been edited by MrBaba: Apr 16 2022, 09:06 PM

The other cheaper one you refer to is which one? I'm planning on using Nexo to exchange to Stable Coin, will look into LTC fee. Reason i'm posting this is because other platform will charge you N% of Bank/Card Processing Fee when topping up which is greater than the 2% charged by Luno on buying Crypto

I'm not sure why people don't post this info, maybe it's sensitive? If it is just let me know? But you can trade the RON currency on Binance, a lot of sellers there are Malaysians.

Buy Eth on Luno, swap to UST on Uniswap, then bridge via Terra's official bridge if no use Binance.

foreign exchange, min $30k usd

This can be very bad, ETH fee is sky high... my ETH still stuck in Luno.. can't really move it out from wallet due to fee.

No choice le if stick to Luno. Should be about $25 in total. Maybe count how much Anchor daily return needed to breakeven?

Inside luno app got 2 section normal 2% one and cheaper one ( exchange ) . If u pay 2% u memang water fish.

Eth network fee cheap dy la last time very expensive one

Huobi P2P got local currency

P2P either on an exchange, or buy it off people you know...

OMG!!!! Speechless...

Advice to use regulated ones and dont focus so much on 'keling sou' charges of petty 1%-2%-3% . Also if you think this petty 2%-3% is too much for you to take in, then you should not be in crypto in the first place because daily volatility can go up to 5%-500%. If you're into it for long term it doesn't matter this small losess...

Moving forward Luno might implement travel rule on the exchange, also they keep track of all your tradings and buying and selling and converting into bank. If you're doing it the legit way, converting back to cash later on is easy and all paperwork is in Luno itself that you're able to show as record and auditing.

I myself already lose more than 10k in fees for last few years, but I still used regulated exchanges. Because if you're in for the long run, you're still earning... and you have peace of mind whenever you want to cash out...

Why not buy BTC on Luno, and then follow the rest of your steps? BTC price more stable and gas fee low if compare to ETH or LTC.

If do it fast the BTC price wouldn’t fluctuate much?

This post has been edited by Davidtcf: Apr 18 2022, 12:29 AM

Uniswap is dex on Ethereum network. You cannot use Btc on Ethereum unless you bridge Btc to wrapped Btc (wbtc). That will incur more transactions and charges and swap fees.

I’ve never tried but maybe can see if can bridge Btc directly to Luna though. But if I recall correctly cannot.

Edit: Btw, I use Harmony One for very low fees to bridge to UST (fraction of a few cents). You can bridge Eth/Btc to Harmony, swap to Ust on Defikingdom then bridge to Luna, that should work. But Defikingdoms wBtc and wEth price usually has a bit of premium over centralised exchanges because of low liquidity.

This post has been edited by ljken: Apr 18 2022, 12:39 AM

I’ll stick to BTC then swap to UST on an exchange that can do so such as Kucoin or Binance. Just found out can’t exchange BTC to UST on Dex. Once have UST then transfer to Terra on Anchor Protocol. Their 20% apy will drop starting end of this mth until it is stable.

Found a thread on Reddit: https://www.reddit.com/r/CryptoCurrency/com...utm_name=iossmf
Not sure if got better way.

Planning to put a bit in Anchor. Don’t trust it enough to put in a high amount.

This post has been edited by Davidtcf: Apr 18 2022, 12:58 AM

Likewise, i plan on getting $1k UST to put in Anchor, just i confused on how to transfer to TerraWallet, the reason that holding me is the cost... I don't want just because i wanna get 19.5% APY then i have to stake the first 3-4 months just to pay the fee associated with the buying and transfer.

I'm currently staking all my XRP at Nexo, they have the promotion for 6months locked period for +5% which is very good IMO for holding, but it's XRP so don't expect it's a ride to the moon would be glad if not crash landing. While holding the UST is like holding Dollar in your wallet there, where when needed you can just use it to Buy Crypto.

Just realized Nexo currently still not able to withdraw UST to Terra Station. Bummer. in the meantime... set a Price Alert on Luno (Still regretted i've been paying few 2% fee for instant buy)

Will try binance as it is cheaper:
https://www.binance.com/en/fee/cryptoFee

https://www.binance.com/en/convert

Need to check transfer fee and conversion rate.

Can check the rest here.. for binance doesn’t seem accurate tho:
https://withdrawalfees.com/coins/terrausd

Hmm didn’t know not every wallet can transfer to Terra. I thought if got address then ok to go?

Interesting video. Warnings and how AP works.

Luckily i hold my horses and decide to roam reddit for awhile, then found that Nexo just recently introduce UST into their platform, therefore currently there's no deposit or withdraw function in Nexo, not for few months as per their "regular" users. Binance still not regulated in Malaysia right? Maybe i'll just buy BTC via Luno and just transfer to Binance before swap to UST, Soon EPF money will in....

I liked how they said about Luna's supporter is "LunaTic", But regardless of how good it sound, we may one day witness it falls... nothing last forever, so while we're at it. Might as well try it. Degen box.. i heard about it for awhile, but it's really too risky..... if AP 19.45% is already risky, 5 times that amount... once depeg and all your money gone. We can never tell if UST suddenly drop to $0.75 for few minutes just for the clause.

This post has been edited by Lon3Rang3r00: Apr 18 2022, 09:46 PM

Buy via Binance p2p straight cheaper

Nexo also not regulated btw lol

Can buy BTC at Luno then transfer over to Binance to swap. If scare trace then use VPN. (Our gov all asleep no worries )

Yea better go for something that's less risky. AP has been around for a year plus liao with many good reviews. Still as the youtuber says there's a risk it might collapse.. Albeit a harder due to its strong foundation and supporters now.

Put a bit should be ok.. Put in entire life savings then better not.

Talk about timing, when i wanna buy BTC today then the price Rose~~. I'm able to access Binance so i assume government already lifted the ban? previously i heard Binance web totally can't access. as for AP, $1000 @ 19.45% is about $0.5 per day, it's good to park there for my daily coffee. Probably will increase in later this year otherwise just DCA portion of $$ to buy and hold BTC is actually not a bad Idea given more people start to accept its existence.

I asking at the crypto main thread.. got ppl got banned before. Not sure now back to normal?
https://www.imoney.my/articles/binance-malaysia

If want buy BTC wait for it to drop below USD40k per bit coin.. after studying its price for some time I can safely say that’s the support level. If buy above that then higher risk. Also better to buy and sell short term make a few hundred bucks each time. Long term is dangerous. Never know if another crash is coming.

This post has been edited by Davidtcf: Apr 19 2022, 05:14 PM

I'm going to make assumption, Luno is regulated by SC while Binance is not... but once our MYR is turned into BTC, it shouldn't be "bounded" by Malaysia anymore right? So the only problem left will be "The Website" can't access while you're using Malaysia ISP. I'm pretty sure that eventually we'll need to withdraw... that time we'll just declare to Luno on how we got the BTC... As long as the value is not like Millions i think should be ok.. otherwise we'll just continue to stake/trade and find way to withdraw/turned into cash.

Correct. But it’s been unblocked already since a few weeks back.

Yea I think Binance still the best place to trade crypto (those unsupported by Luno). Even this Malay guy using binance for his Anchor deposit:



Others such as Kucoin has fees like usd2 just for UST transfer.

Time to try out later this month. Hope all will go well!

This post has been edited by Davidtcf: Apr 19 2022, 11:22 PM

BigPay now works seamlessly with Binance P2P, no issues.

Any surcharge other than the Forex Exchange?

thanks.. will consider it.
should be cheaper than buying bitcoin in Luno first then transferring over.

can view this discussion on the comparisons https://forum.lowyat.net/topic/4857608

heard recently charges slightly more expensive FX rate.

Edit: need Bigpay mastercard only can work:
https://www.mygadgets.my/binance-malaysia/

This post has been edited by Davidtcf: Apr 21 2022, 03:22 PM

sorry, which payment method to choose in order to use Bigpay for P2P?

gave up on Binance registration.. it says need to use mobile app to verify profile (if don't verify can't trade crypto).

problem is I cant load the app on Apple app store (blank page), even use VPN also failed.
Didn't register for it last time.. maybe I'm too late now.

This post has been edited by Davidtcf: Apr 22 2022, 08:47 AM

Need other country App Store. Or wait they restore it here (if they do). Else find someone convert for u then send back.

Just a coincidence, I'm currently doing Anchor Protocol + Mirror delta neutral short+long farming strategy with my play money of my portfolio, so I had some homework done.

I have a few methods, pick your poison ya. I'm not a fan of Binance so I found my own routes below.

1. Kadoramp directly to Terra wallet. (One-way)
2USD flat fee, up to 500USD transaction limit initially (0.4% cost), simple KYC that can be done in 5min. This is easily the cheapest and least loss way to get UST if you have a Wise card to pay in USD on best rates.

Total fee: 2USD flat + ~0.5% Wise forex charges

2. Luno (two-way)
Buy LTC (LTC has the smallest different between market prices and Luno prices), send to KuCoin, trade LTC for USDT, trade USDT for UST, withdraw to TerraWallet. LTC send cost is negligible from Luno, and KuCoin trading cost is low, UST withdrawal fee is 2UST.

Total fee: 2UST flat, ~0.25% LTC purchase fee on Luno (maker fee), ~0.5USD LTC send fees, 0.1% x2 Kucoin trading fee

3. Atom (two-way, advanced)
Buy LTC -> trade for USDT on Kucoin -> trade USDT for Atom -> withdraw to Keplr wallet -> Interblockchain send from COSMOS (ATOM) to OSMOSIS, on Osmosis app, swap Atom for UST or Luna if you'd like, withdraw to Terra Wallet. It's possible to use the same seed phrase of TerraWallet on Keplr wallet so you save one sending process.
Total fee: 0.25% LTC purchase fee, 0 fee once your money reach Osmosis. 0.1% x2 on KuCoin, ~0.5USD Atom withdrawal fee on KuCoin

Option 1 is the best if you just want to deposit.
Option 2 is the easiest withdrawal path.
Option 3 has no minimum fee so it's more small deposit friendly but takes some knowledge to setup.

Keep in mind if you purchase crypto via non-LUNO exchanges, you better keep those transaction records if LHDN find you in the future for your crypto gains.

This post has been edited by Hoshiyuu: Apr 22 2022, 05:21 PM

Thanks! Very helpful. Likely I will use Luno LTC > Kucoin then to AP

Thanks so much for the share! I guess i'll stick with Luno, since i already have both Luno and KuCoin KYC done. but now $$ stuck in CIMB SG... lol~ their OTP Token got issue..

Need some advice on buying FTM.

Do I buy USDT from any CEX (Binance, Kucoin, Huobi) with the cheapest rate then transfer it to Binance and swap to FTM, then withdraw into wallet?

Any other cheaper way?

Making me think whether to proceed or not :

https://www.fool.com/the-ascent/cryptocurre...anchors-20-apy/

This post has been edited by Davidtcf: Apr 23 2022, 07:12 AM

For context, Motley told people to pass on Bitcoin in 2012 and buy certain penny stocks. I read it and regretfully agreed with their “opinion” because I was young and immature. And the kicker? Years later they turn-tailed and promoted the heck out of it.

Anyone who uses Anchor knows the risks and there are ways to safeguard against it. Do your research and don’t just rely on this article to come to a conclusion.

FYI The free articles Motley Fools put out are pure sensationalized clickbait to draw people to their site and entice them with their premium subscriptions. While I'll refrain from commenting on their premium subscriptions, their free stuff is generally agreed to be hot garbage. I wouldn't take them too seriously.

Plus, all four of the listed "concerns" are pretty much horoscope tier generic description. Let me give you an example.

Subject: Investing in SP500 index funds

1. The USD could lose its international dominance (closest analogue I can think of for The UST stablecoin could lose its peg) therefore your entire investment could be in jeopardy due to all-US stocks.
2. This is not sustainable (SP500 decade long rally and sky high P/E ratio is not sustainable).
3. Increased regulations - both on individual companies in the index (e.g. META) as well as the stock trading in general.
4. Lack of consumer protection - I mean, investing in SP500 isn't FDIC insured. Their loss is your loss.

Bam, I just written a Motley Fool article overview titled "Here's why I am passing on investing in SP500".

---

On a more serious note, Anchor, and Terra itself does have plenty of valid points of concerns. But those are not question without answers nor this is the first time they are asked:

1. The UST stablecoin could lose its peg
Algorithmic stablecoins are well known to get death spiralled out of existence - a black swan event where LUNA and UST crash together and investors mass pull out of the market causing a de-peg before arbitrageurs tips the balance back. This is why LFG is securing a large amount of BTC (They hold around 44k BTC now? AFAIK and it's more than what Tesla holds) so that (Grossly simplifying) BTC can be an alternative ramp to maintain the peg when LUNA's in a death spiral.

2. Everyone knows this. Literally anyone who have staked anything or farmed anything knows their ecosystem is 500% not sustainable - Anchor is no different. Instead of lowering the interest rate down to unattractive %, LFG (against the spirit of DeFi) is pumping in large amount of yield reserves to maintain this APY to sustain the explosive growth of UST adoption/TVL. In near future, a more sustainable rate will be introduced and it will slowly go down to 15% and even further on 6-7% like all mature systems. The 20% APY is the reward to people taking the risk in a relatively speaking extremely young system.
Now, whether people will leave en masse the moment APY drops to 15% is beyond me. and there is various murmurs of setting a floor limit of 15%/17.5% - until we get there, everything is just speculation.

3. It's DeFi. Good luck regulating it outside of ramps. SEC isn't happy with Mirror Protocol either and the best they can do is subpoena Do Kwon, they can't exactly shut down Mirror Protocol. To the best of my knowledge, that stuff is now on IPFS and changes can just be a governance poll + adding new contract by protocol participants.

4. ...so is investing in stocks. DYOR, if something is too good to be true, it is. Know your trade off and risks.


To me, I try not to overcomplicate things for myself, I earn my 20% APY now + whatever I get for CDP'ing my aUST, if the yield reserve drops dangerously low, I'll leave.
Everything I put into Anchor now, I am prepared to lose it all to begin with

This post has been edited by Hoshiyuu: Apr 23 2022, 12:30 PM

Give you 10 thumbs up

Got one more article published recently which goes deeper about the risks:
https://www.coindesk.com/layer2/2022/04/22/...rts-nightmares/

Thanks for the replies. I'm just sharing too in case it is helpful for others. This is the worst case scenario which we hope won't happen.

Update: decided to try out Finblox (HK based) with 15% interest on stablecoins. It's fairly new but backed by several famous companies and has insurance. Anyone wants referral code can pm me.

Articles on it below:
https://medium.com/coinmonks/finblox-vs-nex...ms-1bdae51cb172
https://finblox.com/
https://www.techinasia.com/sequoia-backs-39...aison%20Capital.


USDC is very stable due to being pegged to USD and other US treasuries. Also goes through monthly audit since its setup.

At first wanted to try Youhodler (EU based with insurance) but their stupid KYC turned me off. They couldn't identify our malaysian IC and insists on passport only. Youhodler is more solid if one prefer this instead, but interest slightly lower at 12-12.5%

Edit: decided to just go for Anchor. Kucoin charges a hefty 15usd via ER20 network to transfer to Finblox. (Tried to workaround this but gave up). If only I have access to Binance maybe I could test the above to see if it is worthwhile. Provided network fee wasn't this crazy expensive I would have stick to Finblox zzz.

Update: found a cheaper method using Crypto.com Exchange to Finblox. Will try next time for USDC interest account.

This post has been edited by Davidtcf: Apr 25 2022, 10:39 AM

Withdrew from Anchor and transfered to Finblox for USDC interest earning at 15% apy. Could not pass my day well the more I understand about Luna, UST and AP ecosystem. Strongly feel USDC is a better choice.

Did it using Crypto.com exchange/wallet to send it over to Finblox via Polygon network (0.8usd fee). All went smoothly. In the future might top up somemore. Can withdraw from Finblox anytime without charge.

This post has been edited by Davidtcf: Apr 26 2022, 02:13 AM

Hi, I have a question. Would it be wise to apply for personal loan since interest personal loan 5% and staking at anchor return 19%.

Please advise.

not financial advise

but i will depend on what kind of situation i am in

if i am going to invest in crypto anyways, then 1) if i do not have much debt, i would go for it or 2) if i have too much commitment & debts in hand, then no

if i am not going to invest in crypto, then NO, it would be abit hassle to convert back out especially if sooner Luno were to implement their new regulation

edit:
i do take a lower interest loan to put in anchor, by utilizing celsius 1% loan, i collaterize my btc, in a way, i dont need to liquidate my btc position just to get more UST

This post has been edited by derravile: Apr 27 2022, 05:42 PM

That's a good question. Have you thought about an exit plan? Where if something happened and you lost those crypto you bought using your loan? And have you already done the math? I know 19% P.A. is greater than 5% P.A., but loan usually required you to pay back on a monthly basis and if you plan on using the Interest to pay off the loan, you have to think twice as every transaction from UST --> MYR does have many cost associate with it. It might not worth it.

If you already thought over all the things i mentioned above and decide to go for it. All the best! and let's hope we all huat huat.

Reply from Finblox support on how they generate 15% apy for stablecoins via in app chat:

From: charlie@finbloxapp.com
"Hi David,

Our investment strategies are working with key institutional investors and lenders. We also have satellite investments that seek safe protocols with reputable financial institutions, defi or traditional, which gives us a diverse portfolio to help us provide a better yield over our competitors.


Is there any other question I may help you with today?"

This is why I like Finblox too. Their support is always top notch. Pm me if you want a referral code to get some freebies.

This post has been edited by Davidtcf: Apr 27 2022, 11:17 PM

What is the cost from UST --> MYR?
Haven't staked yet so unsure of cost.

The cost is similar to MYR to UST which consist of
1) Platform Fee
2) Forex Fee
3) Transfer Fee
4) Withdrawal Fee

E.g. If you're using Luno
There's a 0.25% platform fee for every crypto transaction (if you use instant buy/sell then it's 2%). After you acquire Crypto, you will then transfer to Binance/KuCoin/Any Crypto Exchange = Transfer Fee or "Gas Price". Then at Binance/KuCoin/Crypto Exchange = your crypto will need to exchange/swap to UST = "Exchange/Swap Fee", then from there to TerraStation another Transfer Fee/Gas Price, then only you reach Anchor Protocol.

When you plan to withdraw, you've to go through the steps above in reverse confusing at first but once you go through it once then you roughly will know what is the estimate fee you're going to pay. And that's the reason why i started this thread, asking for the cheapest way to acquire StableCoin/Crypto.

Other than fees, time also another factor that's why I'm using Luno as example. If you're using other Crypto Exchange that is not regulated in Malaysia, the bank might raised a red flag whenever N amount of money (Usually in ten thousands) deposit to your account.

I saw many already did buying Crypto from Luno using their EPF 10k --> Binance/KuGoin --> immediately exchange UST for staking.

All the fees alone aren't cheap since we can't directly buy USD stablecoins from Malaysia FPX.
Buying LTC via Luno, then swapping into another crypto is where it will take up most fees. Then some transfer fees could take up around 1-2 USD.
If you transfer USD 1050, expect it to shrink to around 1040+ once it enters into Anchor or other interest earning apps.
Will only be worthwhile if you plan to invest in them long term (at least a few months, best 1 year or more) without withdrawing.

Example if same amount, 1040, after 1 year in Anchor you will get back 202+ in interest (provided if APY stays at 19.5%).

Please take note of the risks in investing using such tools (can read up on the web). Recommend not to exceed 10% of your portfolio for any crypto.

This post has been edited by Davidtcf: Apr 28 2022, 10:17 AM

if u still have access to binance/kucoin/huobi, can do p2p, fees is UST>USDT (usually UST is slightly higher the USDT, p2p sell MYR)



its a hassle to do tht for month repayment, so like bro loneranger mention, if u dont have MYR liquidity, not a very good choice tho

Thanks for replying.
So I have been doing some research on p2p.
As of today 1 usd to myr is 4.36(Google).

Checking on binance p2p, 1 usdt rate 4.42
Kucoin p2p 4.44
Huobi 4.418

Huobi has the best rate.
How is the fee for huobi?
Any idea?

But USD is all time high now. Is now a good time to buy usdt for staking or wait USD rate go down a bit first?

if you wait, you let your cash sit around not earning anything. Better put it in to earn interest.
Even if Ringgit strengthen, do you think it will go up a lot? say hit RM3+ ? For me that's unlikely to happen. The most a 0.10-0.30 improvement which is not a big number.

If you put in Anchor with 20% APY, if you put in 1k USD, in 1 year already earn USD 195 with the 19.5% APY.

For currency exchange, below are the maths:
RM4400 / current rate of 4.35 = USD1011+
RM4400 / assume if rate improve to 4.2 = USD 1047+

That interest you've earned would already exceed the above difference in 1 year's time.

Anchor return not only 19.5%. aUST value can increase vs UST over time. Hypothetical with adoption as key.

I have been comparing Binance and Huobi for some weeks, most of the time Huobi is cheaper but sometimes Binance is.
So far I never see any fees in huobi P2P except for withdrawing to a different exchange / platform which is typically 80 cents or $1.

Agree with Davidtcf as based on economy news, USD might be high against RM for most of this year until interest rates in US & geopolitical situation stabilises so it depends also when you intend to take the money out.

so far myr P2P is expensive for me compared to luno.

maker usually .1% we dont have option to direct deposit reach until tier 4.
to myr acct no matter how much always is RM 0.1 for MYR.

for instant buy/sell, i use luno SG 0.75%
i use luno eur also, .1% or .09% for taker, maker 0%.

i buy sell asics as side hustle.

Good thing I'm into USDC yield at Finblox, and avoided Anchor Protocol earlier. Shit is happening over there now:



Reddit full of complaints too:
https://www.reddit.com/r/AnchorProtocol/

finblox gave good APY for USDC... but there are others giving higher

This post has been edited by ntchong: May 10 2022, 02:53 PM

Oh dear, can't blame Luna as US Economy currently is rapidly falling. I wonder what will happened to those who leverage their crypto position for staking purpose. I read that those using Degenbox use UST to Leverage, but they need to ensure UST to stay above $0.9 and this morning UST drop to $0.61 which is is the worst it has since 2020 Dec which is $0.85. Feel bad for them.

Yea Midas Investment gives 20%. Problem is I have trust issues with them due to not having an app and the whole thing run by a handful of Russians. Not insured too.
The CEO seems quite knowledgeable though at Reddit.

I chose Finblox in the end coz prefer to have insurance in case get hacked. Mobile app, UI and support is great from them too. Recently they revamped their reddit page with more info. The company and app still seems new, hope more people will choose them in the future. I'm happy with 15% as it is still much higher than putting in KDI Save or Go+ for 3% APY lol. Stock market now tanking everywhere also.

PM me if want a Finblox referral code.

Yea man in the past UST depeg did happened before.. it will take them LFG a few weeks or months to restore the peg. But if got continuous selling then it's hard for them to keep peg to 1USD. Easy to happen in this bearish market now.
Imagine if right now you urgently need to withdraw UST and yet got this issue, when you sell UST sure will face some losses. If it's me I won't be able to sleep well knowing this risk

This post has been edited by Davidtcf: May 10 2022, 04:49 PM

I've been contemplating this since I have my EPF ready to invest.

You have good points there. Plus, imagine those that exploited the opportunity to buy UST when it crashed, would have made some handsome profit.

how do you transfer your crypto into Finblox?

the APY in Finblox will not last I think and when they exhausted whatever funds they have, the rates will go down. They are promoting heavily in the Philippines market. APY for stablecoin ideally is around 8% to 10%, still much better than putting in banks.

UST peg will go back to USD1 eventually but must diversify lah. Some long term, some short term, some APY play, etc etc. Most important must understand the project before investing. Crypto market still not stable yet and will continue to fall.

Today's peg fell again for UST. LFG’s BTC and Luna reserves are now all dried up 💸 :
https://techcrunch.com/2022/05/09/bitcoins-...uidates-wallet/

https://www.business2community.com/crypto-n...in-peg-02492606

I use Crypto.com exchange app to swap LTC (buy via Luno) to get my USDC, then transfer USDC to Finblox using Polygon network (cheapest way) at $1.60 per transfer. Rates here: https://crypto.com/exchange/document/fees-limits?tab=2

Crypto.com got 3 apps total.. after downloading all 3 only realise the exchange app is what I needed since I not hodling there. Register 1 time all 3 apps can use liao. Yeah confusing I know.. 😅

Sent you my referral code already in case you interested. Can get some free usdc depending on the amount you deposit in Finblox.

I have faith in Finblox.. if it sucks it wouldn’t get backing from several big companies for funding. The founding team is has been active in social media eg. LinkedIn as well:
https://www.techinasia.com/sequoia-backs-39...latform-finblox

If one day they stop offering 15% then fine.. if reduce too much then time to search for other reputable place to put usdc in. Most important is usdc maintain its peg for me.

This post has been edited by Davidtcf: May 11 2022, 08:43 AM

UST price fell to 70+ cents. Luna is now below USD10.

https://coinmarketcap.com/currencies/terrausd/

https://coinmarketcap.com/currencies/terra-luna/

If Luna price keeps going down it will drag UST along with it. The spiral seems to keep getting worse. Made worse with panic withdrawals and sells on the market.

At one moment i thought i misread it as below $100, which i wonder why make a fuse about it until i clicked in.... omg... LOL~~~ GG

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