IT GETS WORSE FOR TERRA LUNA HOLDERS: Quick Update; LUNA Supply Inflates To Secure Peg. LUNA 0.12c !
Video today were going to be continuing to cover the lunar situation, luna ust situation. This is just going to be a very short and sweet update. We put out a video yesterday. We dont talk about luna, typically on the channel um, but we put out a video yesterday talking about the situation and it did very very well which shows me that theres, a lot of luna holders out there that have been burnt and were going to talk about This situation, as it is unfolding because one of the sort of remedies to luna and the luna foundation actually maintaining the ust peg, is essentially to inflate the supply of luna to secure that peg. Now theres a number of tweets weve got one from crypto or crypto man ram and then i think miles im, not gon na attempt to say his second name are talking about. Essentially, how theres been a lot of luna minted over the past 72 hours and the kind of solution to the luna foundation actually trying to maintain the ust um usdc uh peg, is to basically print and inflate the lunar supply. I think this is a horrific move, because what this is doing is showing that they dont really care about luna holders, because you guys have already been you know we dont hold luna, but you guys have already been absolutely rugged on. You know theres no um nice way of putting that its been an absolute disaster.
You know its been interesting for me to watch, because this is literally going to be a part of the cryptocurrency spaces history. Moving forward yesterday, when we covered this, i think we were around about seven dollars today. Luna is currently trading at 14 cents um and there is definitely potential for it to go lower because the trust in this project has been well and truly killed, and i still see people trying to defend it and disliking the video guys im not here. To rub anything in anybodys face, this is bad for the entire crypto currency market. Dequans response to everybody. Yesterday that we actually went through on a later video it didnt really give much resolve to. I dont think any lunar holders. It just basically said that they were going to work to try and fix it. The damage has well and truly been done, and if we read these tweets from crypto ran and, of course miles which is another one of the crypto banter team um as luna holders, we cannot allow the current proposal to minting hyperinflationary luna to dry up the ust Supply it would take loyal lunar holders that are staked and dilute them to nothing. There are many other better options. Um 1.4 billion lunar have been minted over the pa over the last 27 hours. Their priority is to defend the ust peg via luna dilution. You can see here this is the amount of luna thats getting minted um, and this is its just not you know, after everything that these guys have put their holders through theyre.
Now their option is to now can dilute the supply further in order to hold the ust peg and try and gain some credibility guys their credibility is done. There is no coming back from this, certainly in the short term midterm, and, i would say even long term. This is of epic proportion. Whats happened, ladies and gentlemen. Youve got to remember that luna was trading at 119 today, its currently set at 13 cents and thats because of the sheer mess that they have made. This is really bad. You know ive been about through bit, connect ive been about through you know. Numerous actual rug pulls now this isnt a rug pull so to speak, but for the holders, it sure feels like one. Certainly, if you were buying up here, we shorted this, but we got out around about sub 40 because i didnt even envision this kind of a catastrophe unfolding and now theres people putting into question where the tether is backed by the way tether have actually held up. Very well and tether often have slight blips from a perfect us dollar peg, so that doesnt worry me um, but this is certainly worrying um and i dont think this story is over yet guys and in actual fact you know you have lots of people calling for Buying luna at these ultra cheap prices – okay, maybe its its a flip, but at the end of the day, what youve got to think here is who on earth is going to trust luna moving forwards? I literally saw people defending them.
Yesterday, on my videos, saying you youve obviously never seen a coin do this before this is not nor this isnt. This is okay yeah, we know in um, better markets. Coins can go down this server and, of course, the entire markets tanking, but luna is a complete proprietor of that and actually a propellant. When you look at bitcoin, you know they had to dump a lot of bitcoin very quickly. Now um, you know, and and the thing is for luna – why i dont think theres a near savior at hand is because you know, when im looking at the overall crypto market and guys stay tuned for my daily cryptocurrency market update videos, weve spoken about bitcoin and Crypto coming lower, in actual fact um. You know, theres, not a lot holding you from sort of 20k, all the way up to where we currently are theres, not really a lot theres a few areas of consolidation that may act um, but well cover all this. In my later video – and i just want to you – know, yesterdays video – we looked at the possibility that maybe blackrock and citadel had had something to do with the lunar crash. Theyve both come out and categor categorically and gemini, which would have been the exchange in question. Um for facilitating the loan and categorically denied it so that doesnt look like thats what happened? You know this was a protocol failure um. It was really an experiment ust that has actually gone and proven to be horribly wrong and its left.
I would. I wouldnt hesitate to say probably millions of investors extremely damaged. This is the call that regulators need to come to arms and regulate the stable coin industry, which theyve already been sort of crusading and trying to do anyway. You know we know the us ban the likes of celsius um its its its just a bad situation, guys across the board. We dont own luna, we werent involved in this. We were actually trading it and profiting off the downside to a point, but this is unimaginable. Um i didnt foresee this and id be id, be a damn liar. If i said i did um so yeah, so thats really all ive got for you guys, just an update on the situation. Yesterday we went through daquans sort of response. It seems like that response and the proposal is very much to print more luna to try and secure the peg. But my question is well: what does that do, for you guys out there that are holding luna that are still faithfully believing in it, because it has a community around it that has been dumped on as far as im concerned? If i was you guys out there holding luna, i would 100 turn my back on this cryptocurrency thats thats, not advice, thats thats. What i would do um and in fact, i wont, be touching this moving forwards, because the trust, certainly in such a competitive game, the layer one space – is the trust its over um as far as im concerned for luna thats.
What i honestly feel dont get me wrong. There may be some sort of resurgence, but really you know, are you going to trust something? Are you going to trust this? Are you going to trust dequan and how hes handled the situation and the proposals that have been put about in order to secure the ust peg at the cost of the um lunar holders? For me, thats, just it doesnt make a lot of sense. In actual fact, i dont think you know forget the idea that the world is fair. Ladies and gentlemen, because its not and anybody thats told you that is a damn liar, but this is you know to the levels of unfairness in terms of what theyre doing um with their holders. That is just something that i dont take any pleasure of out of watching this. You know and youve still got people calling for buying the dip. Dont go wrong. Maybe i mean luna at 13 cents seems very appealing, but the issue youve got is for it to make a resurgence that trust has to be there and vcs wont touch this again if they know that this has been the kind of outcome um that theyve had. Maybe you get traders bidding it up, but thats about. As far as i see it, so thats really all ive got for you in this one guys it was just a short and sweet update on the situation. Again. To recap: it seems like theyre, really trying to inflate the supply of luna to maintain the peg.
I think thats really crap of them to do that. For the lunar holders you cant just and then it puts into question the whole um sincerity, and you know we put it puts into question the whole project. What you guys can just print luna willy nilly. Did you guys vote for that, or was that a decision taken by a very few people at the top that has now affected the majority of holders? It goes against everything blockchains about as far as im concerned. This is not a hit piece on luna. It sounds like it, but what this is is this is me, maybe offering some sort of salvation and explanation to the lunar holders out there that have been absolutely decimated by a small number of individuals, and i can guarantee many of them probably got out, as they Saw this unfolding, you know on this channel, we said: look the ust pegs gone. You dont want to be in an unstable, stable coin. Ladies against so thats all ive got for you in this video. If youve enjoyed the content like its always appreciated.