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in a bear market no concept is ever good enough to buck the downtrend, and in a bull market it's just the opposite. cute doggie coins with daily dilution hit $70B+ market caps.
timing is perfect. LUNC has a window here, with financial media paying attention.
especially if big players get involved, this could be a great story and a solid runner.
if the rest of crypto goes green, LUNC should trend higher with it. anyone who wanted out had their chance, long ago.
and if a few catalysts start stacking, like new use cases with burn mechanisms, then we could really drop a zero or two.
LUNC moving up on kucoin now:
https://www.kucoin.com/trade/LUNC-USDT
we can ask IHUB admins to change the ticker for this board to LUNC, change the name to LUNA Classic, and create a new board for the new LUNA (aka LUNA 2.0).
if all are in favor, i can begin that process now.
note: coinmarketcap now shows the name as "Terra Classic":
https://coinmarketcap.com/currencies/terra-luna/
based on everything I've been reading this is not correct. kucoin shows it as "Luna Classic":
📣 Terra Classic $LUNC & Terra Classic USD $USTC Get Listed on #KuCoin! @terra_money
— KuCoin (@kucoincom) May 26, 2022
👉 Deposit: now open (supported network: Terra Classic - Original Terra Chain)
⏰ Trading: 17:00 on May 26, 2022 (UTC)
Pairs:
🔹LUNC/USDT
🔹LUNC/USDC
🔹USTC/USDT
🔹USTC/USDC
yes, i think until the transition is complete we'll see some exchanges/charts still showing the old LUNA, without the symbol change to LUNC.
but eventually it should all change over, since the plan went through.
unless, and this is a big IF, the plan gets overturned -- should it be proven the vote was rigged in some way.
i highly doubt that will happen, but i saw many people posting on twitter about how kwon's vote came preloaded with a huge number of yes votes, before anyone else could vote. so (if true) that does seem fishy.
post attack holders of LUNA 1.0 get to keep all that, it will become LUNC, and they get a % of LUNA 2.0
so please don't listen to all the disinformation about a "reverse split" or "you'll lose it all" etc.
that is pure horseshit.
i see coinmarketcap has the old LUNA listed as "Terra Classic" even though everyone (including kwon himself) said the old chain would be called "LUNA Classic".
https://coinmarketcap.com/currencies/terra-luna/
LUNA v2 is here:
https://coinmarketcap.com/currencies/terra-luna-v2/
many have said kwon tweeted (paraphrasing) "just leave your tokens where they are", meaning anyone with a public wallet address would be airdropped their portion of 2.0
prior to his tweet, many had said we needed to store our tokens in a terra station wallet to be airdrop eligible, but i'm not sure that's true.
i was being ironic, just because SHIB has outrun just about every other token. i don't need LUNC to become a doggie coin, just a huge runner of whatever the flavor of the month happens to be.
or create a true utility token. metaverse, gamefi? fine with me.
i mentioned vitalik buterin because he's been vocal about wanting to make all LUNA holders whole. not just whales, but dolphins and minnows, too.
https://markets.businessinsider.com/news/currencies/terrausd-luna-crash-ethereum-vitalik-buterin-do-kwon-stablecoin-crypto-2022-5?op=1
and what VB did with SHIB Is part of crypto folklore:
https://www.benzinga.com/markets/cryptocurrency/21/05/21076574/he-invested-17-in-shiba-inu-now-he-has-almost-6m
it feels bullish to me that all the exchanges -- coinbase, ftx, etc -- had super scary notices about the old LUNA token like "trading will be suspended", yet none of them added a simple clarification: "holders of LUNA will see the new LUNC (luna classic) token replace it."
what's the point of that disinformation, if not to just shake retail out, before a big run?
yeah, i'm ready for vitalik buterin to turn LUNC into the next SHIB. stranger things have happened. lol
by the way, we agree it's not a hard fork. that's why i put the words "not a hard fork" in my post.
i read a stat that most altcoins are now down 80% from their highs. and that was before this latest drop.
i hold LUNA also. sounds like our LUNA will become LUNC (luna classic) and then the new LUNA 2.0 tokens will trade as "LUNA". kind of confusing. lol
after the new LUNA token (revival plan) starts trading, what was once LUNA will become LUNC, or "LUNA classic". so this is not a "hard fork" which is like a reverse split, in the equities world.
the LUNA revival plan results in two tokens, old and new.
i'm pretty sure this automatic conversion of (old) LUNA to LUNC will happen for WLUNA also, but details are very hard to find, and exchanges seem to have gone out of their way to use scary words like "trading will be suspended" without also saying "those who currenly own LUNA will become LUNA classic holders".
how hard could it be to add that one line, to make people less terrified and more informed? my guess is they were intentionally vague to encourage panic-selling.
hang in there, the fog should lift shortly.
my bet is LUNC will create a plan to burn many of the dilutive tokens that were added to defend the dollar peg, on a stablecoin no one wants anymore.
all indications are LUNA classic will be a community run token, and my hope is kwon has very little, or nothing, to do with it.
appreciate you sticking with this, SB. i'm still trying to find out if our LUNA will automatically convert to LUNC after the revival plan is complete. odds are it will, nowhere has it said "you'll lose your LUNA Classic if you don't do _______ by ______" but it sure would be nice to see that in print from terra, kwon, etc.
according to the FTX link you posted earlier this LUNA on FTX will cease trading in a few hours.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=168972039
i'm betting "they" shake the tree hard, but the LUNA on PCS will continue trading, with an eventual symbol change to LUNC. never a dull moment in cryptoville.
thanks, SB. that's my plan. appreciate the reply.
bear in mind, if you go to https://station.terra.money/swap there's no option to swap LUNA for LUNAC, and there may never be, we could just see them change the LUNA contract to give it the LUNAC symbol.
why sell your LUNA 1 if it's not a hard fork? i see nothing to suggest LUNA 1 (soon to be LUNAC) will stop trading and cease to exist.
if the contract isn't renounced they can just change the symbol to LUNAC and go on as if nothing happened.
fwiw, i searched for hours and found nothing indicating the contract is renounced.
my understanding is since this is not a hard fork, LUNA that we trade now will become LUNAC, and the new LUNA 2.0 token will be named LUNA after the new chain is created, distributed to those who take the steps now to claim it.
that said, instructions are nearly impossible to find. it's as if they want to confuse us.
i think kwon is a ridiculous buffoon, and an utter assh*le, so am not really interested in his next venture.
i'm happy to hold LUNAC and see who takes it over, and what plans (if any) there will be for a real recovery project.
maybe vitalik buterin will associate LUNAC with a cute doggy cartoon avatar, CZ from binance will facilitate a huge token burn, and we can do a 1,000X from here.
i've not seen any instructions for BSC chain LUNA holders to get their LUNC (LUNA Classic) after the fork. and the "Wormhole" token has over 275K wallets on it.
https://bscscan.com/token/0x156ab3346823B651294766e23e6Cf87254d68962
nothing on the official Terra_Money Twitter page, no articles written about this for any crypto news sites, no Youtube videos -- how can LUNA not disclose such important info?
meanwhile, the chart is strong. so who would want to sell this and hope they can buy back after the LUNC change is in effect?
i'm chatting right now with a friend with lots of crypto knowledge, and they said there's really no clear info out there re: how to get LUNC aidropped after the fork. i searched for hours, so did they, and neither of us are able to figure this out.
you'd think there'd be a dozen or so tweets about this, or youtube videos, maybe some articles written in crypto news sites, but no.
not even for legal reasons, for LUNA to protect against lawsuits?? this seems crazy.
here's my reply to the LUNA poster you linked earlier:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=168967960
a couple billion USD in missing BTC? that should be good for a buy-and-burn.
it's pretty hard for me to imagine kwon's fork can go through, under the current circumstances. the only proper approach is to halt (maybe block is a better term) any further activity on "LUNA 2.0" if assets on exchanges are being frozen.
Luna Foundation Guard Under Fire, Korean Authorities Tells Exchanges To Freeze Assets
https://coinmarketcap.com/headlines/news/luna-foundation-guard-under-fire/
i have no idea. i've spent nearly 24 hours searching twitter, all over the web, youtube, and there's no information about how to ensure we get our LUNC. despite over 275,000 wallets for LUNA's BSC (wormhole) chain.
you'd think with all those people holding it, and so much volume on pancakeswap, and a fork in the works, someone somewhere would either have questions about this process, or answers.
considering the mess LUNA holders have experienced so far, this lack of into is pretty rotten.
hi, Beam -- the fork creates a new token called LUNA and then the old LUNA, which we are trading now, becomes LUNC. have you read anything re: how investors receive the LUNC we are owed?
it would just open the door to governments, the world over, who always wanted digital assets to be traded in CBDCs.
they can tax people at the point of sale, track every purchase, transfer, etc.
https://www.investopedia.com/terms/c/central-bank-digital-currency-cbdc.asp
and if you read the articles about CBDCs over the last few years, they always touted them as "safe" while talking about how dangerous other stablecoins were.
this drop in crypto has been like a badly scripted tv show. way too "on the nose" to be the movement of an organic system, impacted by actual human behavior.
the press blames the economy, world war 3, "risk off", blah, blah, blah. but all of these factors were in place months ago and crypto was fine. then the attacks from legacy finance started hitting key areas, and here we are.
i agree, a run to pennies would be life-changing for any of the pre-collapse holders of LUNA, IF they had cash to average down, and certainly a huge win for those speculating after the drop, as well.
my main concern at this point is needing clarity on how a potential fork will affect tokens like WLUNA, and LUNA on the BSC chain.
https://coinmarketcap.com/currencies/terra-luna/
https://bscscan.com/token/0x156ab3346823B651294766e23e6Cf87254d68962
from the link above, the BSC "wormhole" version has 275,792 wallets right now.
are all holders expected to go through some "migration" process on terra luna's site, or will they be airdropped the LUNC token, even if no additional steps are taken?
i scoured twitter, youtube, various other sources, and there's no information. zero.
we can't even be sure the fork plan will be approved, so this is all very murky and potentailly dicey.
but on the bright side, volume in LUNA's BUSD chain is still enormous. and some trades are so large, average retail doesn't appear to be the only segment of the market betting on a giant bounce from current levels.
https://coinmarketcap.com/currencies/terra-luna/markets/
LUNA consolidation about over? either a hero or zero from this level. there's been no clarity on what LUNC (LUNA classic) will be about. also, it it even clear whether the fork plan will proceed? news hits every day about how authorities want to go after exchanges that allowed LUNA to be attacked. Kwon's actions prior to the collapse are also under scrutiny.
yet if you look closely at trading, there are huge blocks going through on some exchanges. this doesn't feel like retail buying LUNA.
LUNA's story just keeps getting more juicy for financial media, especially if whales already own a lot of it, and can spin a narrative of "saving the underdogs" while they get rich doing it.
Korean police freeze assets of Luna Foundation Guard
https://news.coincu.com/91608-korean-police-freeze-assets-of-luna-foundation-guard/
oh, and check this out:
🔥#MEXC x $LUNA recovery plan 🔥
— MEXC (@MEXC_Official) May 22, 2022
Should we buy back LUNA and proceed with LUNA burn in order to decrease LUNA circulation on the market? It’s your call!
Vote now 👉 https://t.co/HwW5kDcCrc
Details: https://t.co/tS72w0U2Gd pic.twitter.com/Z9P9IGLQNG
i've also searched to see if the LUNA 1.0 contract is "renounced" or if it can be altered. that information is surprisingly hard to find.
you'd think others in media, around twitter, would've wondered about this, and determined the answer.
regardless, if LUNA 1.0's contract can't be altered then any new owner could just airdrop their own "LUNA recovery token" to holders of LUNA 1.0, at a 1:1 rate.
nice to read your posts as well, Beam. it's good to be back.
another aspect to LUNA 2.0 i don't like are all the restrictions on sale. i've read in some cases tokens would be locked for 4 years.
who wants to have their hands tied like that, especially when the one running the show is kwon? lololol
exactly. LUNA is like a penny stock reverse merger play imo. with notorious kwon cast as the (hopefully soon to be ousted) CEO.
and the odds of eventual success are high if
1. tokens are already in the hands of influential people
or
2. the price dips enough that influential people enter the trade
so in that sense, even an enormous dip in the price of LUNA could be viewed as positive.
i'm on the ride.
glad you are, too.
i hadn't heard that, but if so, i'm not surprised.
please DYOR on this and take your own steps as you see fit. no one on a message board should impact your decision.
anyone, even in good faith, could be making incorrect assumptions.
my personal feeling is i don't care about LUNA 2.0.
i have zero respect for kwon, i don't trust him, i'd rather he left LUNA classic to others, and let them run it.
i have no opinion here because there's not enough information, and history has shown in crypto the story is always changing anyway.
think of dogecoin, that was left for dead.
the price got pumped by a few groups over the years (after doge was born), then one day elon mentioned it on twitter. signs of accumulation followed. it was in deep sub-penny.
then it became a financial media pumpathon.
snoop, gene simmons, all sorts of celebs.
robinhood was "democratizing trading".
etc, etc.
eventually doge hit a $71B market cap, right?
my point is the same could happen with LUNA.
maybe today, tomorrow, a few months from now.
just the name LUNA, and its community, have value. so does the story.
maybe someone like vitalik buterin will "take it out of the hands of evil kwon and create value for holders".
will any of that happen? who knows. it probably depends on who owns the tokens and how much they own.
if you like the odds of an eventual success, roll the dice. that's all i'm doing.