Dear High IQ anons

[Anonymous No.50526754]

can you explain to a low iq fag what happened to luna and its stable coin?

[Anonymous No.50526778]

yes

[Anonymous No.50526798]

>>50526778
please elaborate fren.

[Anonymous No.50526835]

>>50526754
I'm not high iq but it's very simple, it was a, Ponzi, the yield came from the supply of new buyers.

Luna was bought and sold automatically to maintain the value of Terra, but nothing other than investors money maintained the value of both stable.
The chink started mass buying btc to cover the price of luna with something more tangible than the Ponzi, but some big firm (Blackrock?) shorted and dumped btc, shorted and dumped lots of terra, forced the system to sell all their btc (which didn't happen as it was essentially stolen by do kwon) and all their luna, spiralling terra out of peg and luna to 0 while also the holders providing the liquidity for the Ponzi bailed

[Anonymous No.50526893]

>>50526835
based, that kinda makes sense now. cheers faggot.

[Anonymous No.50526911]

>>50526754
basically algos try to be a microcosm of the economy. when the algo stablecoin goes above or below $1 usd, some asset bound to its price can be minted or burned to make a profit. when people lose faith in both terra and luna at once, the whole system dies.

see also what >>50526835 said

[the saga of luna pt. 1 No.50526938]

>>50526754
basically burning luna was supposed to raise the price of ust through magic corean algorithms. whenever the price of ust went below peg the algo would print luna so people could burn it to repeg ust. redditors thought this was the coolest idea ever and dumped their life savings into luna. fast forward to may 2022. ust got mega shreked so the algo did what it was programmed to do when ust lost value and printed zillions of luna. this is common knowledge.

what is not common knowledge is do kwon is responsible for ust getting heemed. dk claims his company used 90+ btcs held in reserve to attempt to prop up ust. however blockchain data shows the "company reserve used to save ust" was actually tumbled around and ended up in dks personal wallet.

[Anonymous No.50526959]

>>50526911
i'm surprised people didn't pick up on this earlier. Some anons were constantly shilling against it, but man it's crazy to think how many fuckers were duped and how much money was lost

[the saga of luna pt. 2 No.50527146]

>>50526938
so dk stole the btc reserves and has plausible deniability by saying the missing btc was actually used to save ust. when based cz asked why not just use btc reserves to buyback and burn the luna printed during the depeg dks answer was 'oh no velly solly no btc reserves they lost in depeg nothing i can do prease understand thank you"

dk now needs a diversion since his lie about the btc reserves could be exposed by anyone with the autism to understand blockchain data. so dk proposes a fork. only it isnt fork its actually a "brand new" blockchain with a "new" coin that will also be called luna. the original chain would be rebranded as terra c l a s s i c and the original coin would now be known as lunc. so imagine if you invested in tsla and it crashed. elon musk tweets "ok we are making a new stock now also called tsla. original tsla holders are now holding tslac." this is basically what dk was proposing. but since terra governance is voted on by #thecommunity dk had to submit his proposal to be approved before it could be implemented.

the minute voting opened on terra station dks proposal already had like 100k votes in favor. most of the validators abstained on voting and dks proposal passed. nu-luna was born and surged to $20+ on its opening day providing excellent exit liquidity for dk and his gang before dumping to sub $2.

lunc also became a thing and everyone assumed it was ogre for terra c l a s s i c

[Anonymous No.50527303]

>>50526754
A chink stole the money.

[the saga of luna pt. 3 No.50527420]

>>50527146
except weird things were happening with lunc because even though it was worth fractions of a penny it was relatively stable. lunc also had relatively high volume especially considering it was seen as a collapsed ponzi. lunc was supposed to be dead. another weird thing was this wallet connected to binance that had accumulated literally trillions of lunc (i.e. $500m USD) while all this was going on. the weirdest part about this binance wallet was it continued stacking lunc even after trading was halted on binance. when nu-luna was released binance halted trading so the "system could be updated" to create the lunc/nu-luna distinction. users could not buy or sell lunc during the update and yet the binance wallet kept accumulating lunc. where did these lunc deposits come from if trading was halted? it remains a mystery.

another weird thing was this group of random developers who called themselves terra rebels started working on the project. terra rebels programmed an update that would implement a 1.2% burntax on all lunc transactions. basically implementing czs original burn suggestion. the taxed amount gets burned and reduces the lunc bloat leftover from usts depeg. people ask cz what he thinks about these devs taking his idea and running with it. cz basically confirms binance will implement their idea but only if they can get it working on the terra c l a s s i c chain first.

the last weird thing is a bunch of anons sacrificed their beer money to ape in for millions of lunc (i.e. the life savings of thousands of redditors only weeks ago) and are watching all this unfold. the hopium is the burn is successful and the lunc supply is significantly reduced and the price pumps. lunc bagholders will be rewarded with million dollar returns on their beer money investment. weirder things have happened.

[Anonymous No.50527784]

>>50527420
Nicely put togheter, I only have one question though...
Wasn't it proved in the last TR discord meet that the Binance wallet is actually users' coins? Or is that also just an assumption?

[Anonymous No.50527884]

>>50527784
Nobody knows for sure. There is proof this is indeed users' LUNC, but there are also oddities that don't fully fit. My schezo thoughts are this is a mix of users', Binance's and CZ's LUNC, in what proportion I have no idea.

[Anonymous No.50527917]

>>50527784
no it was not proved at that meeting. one of the devs just said so without any substantiation. however an anon did show a transaction from one of the wallets associated with the binance wallet when he withdrew his own lunc. so probably there are user coins in those wallets.

however the question remains how the main binance wallet kept stacking even after trading was halted? is cz a personal user of binance?

[Anonymous No.50529764]

>>50527917
Yeah shit doesn't add up. Feels like there are things that are happening behind the public eye and I'm seeing a shitload of fudders lately.

I'm buying another mil