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can you imagine the run we'd have if kwon said he was severing all ties with LUNA "classic" aka LUNA 1.0?
he's nothing but poison anyway. LUNA 2.0 can have him. lol
everything i've read is the LUNA algorithmic stablecoin broke, under pressure from abusive short selling. whether that was a collapse engineered from within or without, who knows, it doesn't really matter. the fact is the tech doesn't work.
so whatever LUNA becomes next, it won't be able to just "burn LUNA" supply and regain stability.
every day, do kwon does more to create fear and anxiety for token holders. who would tweet out a burn address when #LUNAburn is trending on twitter, then wait this long to say "don't send your tokens to the address unless you want to lose money".
do kwon doesn't want confusion? maybe he wants utter chaos. what an evil bastard.
To clarify, as I’ve noted multiple times i dont think sending tokens to this address to burn tokens is a good idea - nothing happens except that you lose your tokens
— Do Kwon 🌕 (@stablekwon) May 23, 2022
Want there to be no confusion whatsoever https://t.co/GrzG9cclAr
quick reminder: LUNA has nearly $2 billion USD in 24 hour volume:
https://coinmarketcap.com/currencies/terra-luna/
that's not even counting WLUNA's 24 hour dollar volume of $8.439M.
https://coinmarketcap.com/currencies/wrapped-luna-token/
so this is an enormous global market.
meanwhile, there are only 59 people following our ihub thread.
most have either sold and moved on, or bought and are holding.
we are a cluster of tiny farts in a hurricane.
if you're worried many will lose money, the best place to spread the word about that would be twitter, and since asian markets are heavily involved in this LUNA trade, any posts in english probably won't reach the widest audience.
there's a lot of chaos in this process, but my understanding is LUNA holders will not be affected at all by the fork.
in one proposal i saw, tokens we own now will be called "LUNA Classic" and post-crash holders will get 10% airdropped as the LUNA 2.0 fork, but the new fork tokens come with restrictions, various lock-up periods. maybe as long as 4 years. which seems ridiculous.
you should definitely look this up yourself.
everyone here needs to DYOR. rely on no one but yourself, check mutliple sources, because even news articles may be wrong.
i'm merely relaying what i understood as of yesterday, but there's a lot of misinformation out there, and things are in flux, hour by hour.
https://cryptoslate.com/terra-luna-fork-voting-in-chaos-amid-massive-inflation/
overall, my feeling is there's just too much money to be made in LUNA classic for it to fail. and there's also so much anger about the fork proposal(s) maybe that will be scuttled, and LUNA classic will just become LUNA again, with lots of burning.
it's also worth noting LUNA's algorithmic stablecoin clearly failed. so it's not possible to just "burn tokens" and reset LUNA to where it was pre-crash. i think an entirely new business model, or business combination, may be part of LUNA's future.
we shall see.
hopefully in the future this process will be direct, simple and safe.
with the number of users metamask has, there's no reason for for it to be so clunky, and lack basic features.
they don't even have a "dark mode"...... lol
i looked it up and it sounds like pancake used to have a tool for ETH to BNB conversion, but they ceased doing it.
but i also see there's a new way to buy BNB directly from a metamask wallet. see the "buy" button?
since that's kwon's "official" burn address, i wonder if various whales may buy up whatever they can in the open market, and wait, not send it there yet.
otherwise, if the burned token number goes up, the market will get bullish, and the price will increase, making more burning more expensive.
i think Maniek already did that step, because they said they saw 0 LUNA in their metamask under the newly created BSC network.
you're welcome. if you can't swap ETH for BNB in your wallet there may be other ways to do it now. i think even pancakeswap has a method. or maybe they used to allow it and don't anymore.
https://www.google.com/search?client=firefox-b-1-d&q=pancakeswap+ETH+to+BNB+swap
the SHIB you have are on the ETH chain. so you can't swap them for BNB tokens, they are separate formats.
do you already own some LUNA tokens, and you want to transfer them to your metamask?
or was your plan to sell the SHIB and use that cash to buy LUNA with BNB, on the new BSC network of your metamask?
if you want to sell SHIB to buy LUNA, that's going to take time and effort.
first you have to swap SHIB for ETH, then you have to swap the ETH for BNB, then you have to use the BNB to buy LUNA.
by the way, if you imported the LUNA contract address into the BSC side of your metamask and it says 0 LUNA, that is normal. your balance of LUNA will only go above zero once you buy the LUNA with BNB on pancakeswap.
i'm assuming any tokens sent to that address are burned. so anyone with a wallet, doing this via defi or on an exchange with wallet support, are able to burn LUNA.
some backstory: kwon himself posted that link on twitter when a member of the LUNA community mentioned wanting to do a community burn of LUNA.
terra1sk06e3dyexuq4shw77y3dsv480xv42mq73anxu
— Do Kwon 🌕 (@stablekwon) May 21, 2022
There u go
Maniek, congrats on getting that far. you'll need to give a bit more detail:
1. where are your tokens located, are they stored on an exchange?
2. does that exchange have wallet support? if so, can you send via BSC direct (some CEX have this feature) or do you need to first send to a binance chain wallet, then go from there to BSC (binance smart chain) on Metamask?
3. what kind of tokens are you trying to send, are they WLUNA, LUNA, etc.? If the original tokens are WLUNA, i think that's on the ETH chain. double check to make sure. if so, you'll need to sell them, convert to BNB, then buy the BSC form, which is LUNA, on pancakeswap.
also...
4. have you already got some BNB in your wallet? that's required for fees, when trading, sending, etc. if you have zero BNB none of the transfers or trades will work.
5. have you figured out where to buy your BNB yet? opening a binance account is time consuming. there are lots of ways around that now.
we'll do our best to get your going.
i'm pretty busy at the moment but lakers can also help, if i'm not around.
no links, no proof.
agree with all your points. and it's great to see so many on twitter, including CZ from binance, call out kwon's fork idea as bad strategy.
many come right out and say it's a "rinse and repeat" serial scammer move.
as i said on the LUNA board, if kwon dissolved terraform labs on april 30th, why should he have any further say in what LUNA does?
https://cointelegraph.com/news/court-documents-reveal-do-kwon-dissolved-terraform-labs-korea-days-before-luna-crash
every vote i've seen that isn't rigged by kwon shows near 90% support for buy-and-burn.
but let's say kwon gets his way (even while being prosecuted?) and the fork happens, resulting in LUNA classic and LUNA 2.0, that's leaving the door wide open to whoever manages "classic" to go ahead with a buy/burn strategy, and they could put any new entity into the LUNA vehicle.
here's vitalik buterin, coming out in favor of compensating small holders, not the whales:
https://markets.businessinsider.com/news/currencies/terrausd-luna-crash-ethereum-vitalik-buterin-do-kwon-stablecoin-crypto-2022-5
a turnaround story led by buterin wouldn't surprise me.
maybe LUNA becomes a fiat-backed stablecoin, or perhaps something entirely different. but as you said, odds are it won't be a fluffy, light-weight meme coin with no use case.
i bought the dip. and i'll not "bet the farm" but i'm going to keep adding some, if it continues to drop. the lower it goes, the more effecient it gets to buy and burn tokens. and the higher the leverage on a bounce, for all whales who accumulate it.
roll the dice, right? there's no way to know what will happen with LUNA classic. but what we do know is the guy who destroyed LUNA is likely to be prosecuted, many have claimed he rigged voting on the LUNA fork, and if he's out of the deal (dissolved it april 30th) what right did kwon have to call for a vote anyway?
this story is far from over.
Terra Validator Slams Do Kwon’s ‘Dictatorship Model’ on LUNA Fork Vote
https://watcher.guru/news/terra-validator-slams-do-kwons-dictatorship-model-on-luna-fork-vote
Terra creator Do Kwon faces prosecutions in South Korea
https://techcrunch.com/2022/05/20/terra-creator-do-kwon-faces-prosecutions-in-south-korea/
.0001027 now on LUNA. ready for cheapies? we'll either have a very brief window to grab some, or months, maybe even longer, to load all we want. lol
it's all a function of supply and market cap. if they burn a lot of tokens, then the price can easily go into pennies if the resulting market cap is reasonable.
but let's see what happens in terms of control, going forward. can a new group move in (kwon doesn't seem to have any claim to it now) and create a valuable project?
i'm betting on that.
glad you're here. we could be nearing a bottom on crypto now, with plenty of cash leaving stocks, it looks like some of the meme coins are starting to gain strength.
eventually it seems like stock markets will be trading globally, 24/7, so now would be a great time to enter crypto, if that plays out.
imagine it all trading as one huge digital assets market.
if the plan is to buy and burn LUNA they'll want to do it at the lowest price, so annoucing any bullish news prior to that would work against them.
most of my multi-zero altcoins are green tonight. plus, i'm not going to automatically assume a huge drop in LUNA is a negative. that's where buying and burning becomes much cheaper. whales will load it there if there's any plan to make old LUNA holders whole without a fork.
and this could happen regardless of what kwon and his cronies choose to do.
so let the trading bots bring it down. they can add a zero, the press can yell "it's over" and i'll bet it adds another zero, but i'll happily add these dips.
glad to help.
many of us on this general crypto thread trade defi, and can coach you through it:
https://investorshub.advfn.com/Micro-Alt-Cryptoslets-Lose-Some-Zerosall-Crypto-All-The-Time-40789
i'd go over it here, but the steps are time-consuming and it would veer a bit off topic.
you don't have to open an account to buy LUNA on pancakeswap. it's a DEX (decentralized exchange) not a CEX (centralized exchange). so you just create a software wallet, fund it with BNB, add the contract address (found on coinmarketcap) and buy it on pancakeswap.
it's a multistep processs that can be confusing at first, but once you know how to do it, you'll no longer be at the whim/mercy of centralized exchanges -- faceless entities (often registered in the caymans with no physical address) that want a our sensitive financial docs. to hell with that.
i think it's really worth it to learn how to trade in a defi environment, because when these tokens are cheapest they usually don't trade on a CEX at all.
whales load up on a DEX when a token is cheap, then sell it on coinbase, binance, robinhood -- usually months or years later -- with low fees, long term cap gains, and big profit.
if "buy and burn" is part of LUNA being reborn as something entirely different, under new leadership, lower prices are better.
as far as tweets go, kwon statements, any of that, i don't think it matters.
cheers, Maniek -- just a wild guess, but i'd rather own LUNA than WLUNA:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=168918840
i'm expecting a potentially rough ride in the near term. if a few CEX delist LUNA, that's an opportunity for bots, or human manipulators (with long term bullish intent), to push the price down, but it's also a chance for whales to load for 1/10 the price, maybe even lower, and lock those tokens away to "deal in" new partners, burn some, etc.
our leverage from here depends a lot on who owns the marjority of these tokens and how many were (or can be) bought and burned at low prices.
yes, crypto's best days are ahead of us. i want to own all these meme coins when stocks are trading in 24 hour global crypto markets, too.
how i read it is a few centralized exchanges said they would delist LUNA. coinbase has said WLUNA will cease trading, too. but defi platforms like pancakeswap can continue to list it.
i have no way of predicting what pancakeswap will do, but it's just a contract on the blockchain, and anyone who wants can buy it and sell it.
again i'll use the dogecoin example. it was not listed on robinhood for a long time. doge had been created, then pumped and dumped, by a few groups, before elon mentioned it on twitter one day.
that's when i thought there could be a run coming.
and sure enough, robinhood listed it. i think the price was .0012, even lower.
during the doge run lots of CEX (centralized exchanges) listed it.
so the same can happen with LUNA. if a few CEXs drop it, whales can load the dip on pancakeswap, or other DEX (decentralized exchanges).
and if a move to add big value to LUNA happens, then media picks up the story, watch a new round of CEXs enter the picture, offering to relist or list LUNA.
this is why it's so important for traders to avoid using CEX and learn to trade with a software (or hardware) wallet, funding purchases with BNB, or ETH, whatever chain the asset is on. the best prices (often times 1/100th or 1/1000 less) are going to be found on a DEX when most of the market isn't even watching.
coinbase made huge commissions on SHIB when they listed it.
just like robinhood made enormous profit on the dogecoin pump.
so the way i view altcoins, is i want to own the ETH chain alts that coinbase will list next.
and the BSC chain ones binance will eventually list, etc.
that's how the 10X, 100X or even 1,000X (or higher) profits gets made.
"He Invested $17 In Shiba Inu. Now He Has Almost $6M"
https://www.benzinga.com/markets/cryptocurrency/21/05/21076574/he-invested-17-in-shiba-inu-now-he-has-almost-6m
for all we know, CEX money from coinbase, binance (and others) is already in baby doge coin, ELON, floki inu, etc.
we'll find out when they list them, and that could be next month, next year, or a few years from now.
to buy these now, you'll need to use a software (or hardware) wallet and buy with ETH, BNB, etc. go the defi route to get in early.
yes, indeed. you're pointing out exactly why LUNA is much more than any meme coin.
the aggregated asset value, even if it got shuffled to outsiders, or divided among whale backers, ultimately belongs to all holders.
imagine if CZ and VB both vowed to make LUNA holders whole.
then Babubd's predictions look a tad conservative.