CREW TECH OFFICIAL Crypto Thread - so...WHO'S HIRING???

[Faikius]

Luna is now down to .0013 on CG with a circulating supply of 126b. NGMI my fren.

Completely agree. Just a shot in the dark with a few extra SOL I had sitting around.

 

[dorkultra]

I'm holding my Luna (single coin) until it hits $100 again at 47%APR along the way. You're only missing out on free money.

I own .99 of a Luna token and I paid $90 for it a month ago
it's worth like 2 cents now

 

[cbpage]

152b Luna now.

 

[fuqxyu]

I own .99 of a Luna token and I paid $90 for it a month ago
it's worth like 2 cents now

sir, it's more like 0.3 cents

 

[dorkultra]

sir, it's more like 0.3 cents

hold on a second, i just remembered that i also had bought some of gemini

 

[fuqxyu]

hold on a second, i just remembered that i also had bought some of gemini

feels good to burn $$ once in awhile

 

[AndyP]

hold on a second, i just remembered that i also had bought some of gemini

Ooof. I paid, I think, $28 for my ticket to the show

 

[fuqxyu]

152b Luna now.

at this rate we might see 1trillion by tomorrow

 

[Midgetized]

all those charts in this thread of luna tanking and none of you posted this, I'm so disappointed

 

[moobs]

I don’t think I want to even throw a small gamble on Luna until peg is restored.

 

[fuqxyu]

I don’t think I want to even throw a small gamble on Luna until peg is restored.

it won't get restored

 

[Beer Goggles]

Luna is now down to .0013 on CG with a circulating supply of 126b. NGMI my fren.

WRONG

 

[AndyP]

it won't get restored

Says you

 

[fuqxyu]

Says you

found this (TLDR)


- UST has a circulating supply of 12.12B
- It has a market cap of $7.4B
- To restore peg 12.12B - 7.4B = 4.72B of UST needs to be burned
- Terra validators have overwhelmingly agreed that this is what must be done, UST must be burned and peg must be restored
- To burn UST (and restore peg), you need to mint new LUNA
- To burn 1 UST you need to mint $1.00 worth of LUNA
- Let's do some simple math
- Say we can burn all the excess UST all at once right now, and restore peg
- To burn this 4.7B of UST we would need to mint $4.7B worth of LUNA
- At the current price of LUNA ($0.03), this means we would have to mint ~156B LUNA
- In this scenario, the circulating supply of LUNA would increase from 3.5B to ~160B (increase 45x)
- The price of LUNA will decrease to ~$0.0006
- Now you could in theory begin to slowly burn down that 160B circulating supply of LUNA (does this sound impossible and like a terrible investment? IT SHOULD SOUND IMPOSSIBLE AND LIKE A TERRIBLE INVESTMENT)
- The scenario described above is a made up fantasy and is not possible
- What's really going to happen is actually infinitely worse
- First problem: You can't burn all 4.7B UST at once because you can't mint 156B LUNA at once
- There is a limit on how much LUNA can be minted in one day
- Right now, they are voting to increase the limit
- This leads us to problem #2
- Second problem: As you mint LUNA, the price of LUNA goes down (LUNA is diluted), which means to burn more UST, you need to mint even more LUNA, until you descend into a vicious feedback loop of all out LUNA minting madness
- This is referred to by validators and people who understand the protocol as the "death spiral"
- Right now you can burn $1B UST by minting 33B LUNA
- The circulating supply of LUNA goes from 3.5B to 38.5B
- The price of LUNA is now 0.0027
- You then burn your next $1B UST by minting 1,000,000,000/0.0027 = 370B LUNA
- You burned your first $1B UST by minting 33B LUNA. The next $1B UST by minting 370B LUNA
- The next $1B UST would take trillions and trillions of LUNA
- I used $1B chunks just as an example
- Obviously the size of the burns would be much smaller as it depends on UST holders' bags
- The point is, LUNA can't recover unless they just decide to fundamentally change how the protocol works, which would result in Do Kwan and everybody else on the project being instantly indicted for fraud

they would need to mint a lot more LUNA.
Already minted over 100B today alone and UST is still sub $0.40

 

[cbpage]

Says you

Spoken like a man who knows he's about to lose $28 and is desperate for any sort of hope.

Narrator: No help came. The man lost all of his $28 and had to subsist on ramen noodles for the week as he recovered from his devastating loss.

 

[fuqxyu]

Spoken like a man who knows he's about to lose $28 and is desperate for any sort of hope.

Narrator: No help came. The man lost all of his $28 and had to subsist on ramen noodles for the week as he recovered from his devastating loss.

jeeez man, way to kick a man while he's down 99.9%

 

[intro_vert13]

it won't get restored

wow no spoiler tag

 

[intro_vert13]

this guy telling LFG, in the nicest way possible, to fuck off

 

[moobs]

Spoken like a man who knows he's about to lose $28 and is desperate for any sort of hope.

Narrator: No help came. The man lost all of his $28 and had to subsist on ramen noodles for the week as he recovered from his devastating loss.

Speaking of which, I just had this flavor today. Was pretty

 

[pimpofthenation]

I doubled down hard on AVAX

Pretty much my life savings/Kids college fund.

I don't know, Chief, if he's very smart or very dumb.

Jaws clip with quote I don't know, Chief, if he's very smart or very dumb. Yarn is the best search for video clips by quote. Find the exact moment in a TV show, movie, or music video you want to share. Easily move forward or backward to get to the perfect clip.

getyarn.io

 

[AndyP]

they would need to mint a lot more LUNA.
Already minted over 100B today alone and UST is still sub $0.40

Bro I was just joking around. Of course it’s dead

 

[AndyP]

Spoken like a man who knows he's about to lose $28 and is desperate for any sort of hope.

Narrator: No help came. The man lost all of his $28 and had to subsist on ramen noodles for the week as he recovered from his devastating loss.

Damn you

 

[AndyP]

I doubled down hard on AVAX

Pretty much my life savings/Kids college fund.

I don't know, Chief, if he's very smart or very dumb.

Jaws clip with quote I don't know, Chief, if he's very smart or very dumb. Yarn is the best search for video clips by quote. Find the exact moment in a TV show, movie, or music video you want to share. Easily move forward or backward to get to the perfect clip.

getyarn.io

I really hope you aren't serious

 

[fuqxyu]

Bro I was just joking around. Of course it’s dead

like that horse @cbpage beat on

 

[AndyP]