Quote from: TheClownSong on May 11, 2022, 11:45:59 PM

Quote from: diffract on May 09, 2022, 12:02:42 PM

We know algorithmic stablecoins are new and risky. UST is backed by Luna, and the foundation behind Luna bought so much Bitcoin I believe they're now amongst the top 10 holders.

If UST loses its peg against the dollar and Luna isn't enough to bring it back up, the foundation will have to sell some of its BTC to keep the peg, which applies sell pressure on BTC and brings it down along with the whole crypto market.

Is this what's happening now already?

today your worry about ust pegged happen and luna foundation selling their bitcoin and caused bloody market.Luna and UST be main reason why bitcoin and another altcoin dumped hard. today we learn alot from Luna ,investing in top 10 coinmarket didnt guarantee our investment will safe.

Yes, investing in topcoins does not always save us from risk and bring a profit, Luna is a wake-up call for all of us.
Always do your research before investing, investing is risky don't put all your money in one coin and invest with the amount you are willing to lose.
I think this is the end for Luna and a lesson for projects that are looking to create their own stable coins.