Thai crypto exchanges suspend LUNA and UST trading after major meltdown

[webfact]

 

By Panithan Onthaworn

 

Thailand's cryptocurrency exchanges have suspended trading in Terraform Labs' Terra (LUNA) and TerraUSD (UST) tokens after shedding nearly 100 per cent of their value in a matter of days.

 

The move came after Binance, the world's largest cryptocurrency exchange, declared that it will remove the perpetual contracts on the LUNA/USDT pair on its platform, following a dramatic crash that saw LUNA's price plunged to almost US$0 from about US$80 a week ago.

 

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Bitkub, the country's leading digital asset exchange said in a statement that “to prevent the loss of assets of our users … the trading of LUNA will be temporarily suspended.”

 

Full story: https://www.thaienquirer.com/40142/thai-crypto-exchanges-suspend-luna-and-ust-trading-after-major-meltdown/

 

-- © Copyright Thai Enquirer 2022-05-14

 

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[GrandPapillon]

those "precious" are priceless ????

[ukrules]

It's still on UpBit

[CharlieH]

And so the dominoes begin to fall.

 

I feel sorry for the huge losses some have and will encounter in the next few months as others follow suit.

 

Its gonna be a painful bumpy ride the next few months.

[smedly]

some serious losses right there - crypto is pretty close to a scheme wre you are actually buying nothing except a sentiment - it is a phantom expectation driven by absolutely nothing .............and yet 

[ukrules]

  On 5/13/2022 at 8:54 PM, smedly said:

some serious losses right there - crypto is pretty close to a scheme wre you are actually buying nothing except a sentiment - it is a phantom expectation driven by absolutely nothing .............and yet 

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Many of the 1000's of 'crypto' projects are absolute and complete garbage.

 

But not all of them.

[RichardColeman]

  On 5/13/2022 at 7:50 PM, webfact said:

following a dramatic crash that saw LUNA's price plunged to almost US$0 from about US$80 a week ago.

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About that question of property and real estate versus crypto currency..............

[mvdf]

Luckily i never diversified my crypto holdings to either of those two. 

[OneMoreFarang]

I am waiting for the demands of all those "investors" that someone should bail them out.

[Excel]

  On 5/13/2022 at 8:53 PM, CharlieH said:

And so the dominoes begin to fall.

 

I feel sorry for the huge losses some have and will encounter in the next few months as others follow suit.

 

Its gonna be a painful bumpy ride the next few months.

Expand  

Me too and my heart bleeds for those gullible investors who thought it was an easy way of making a quick buck in something completely intangible. 

[OneMoreFarang]

  On 5/13/2022 at 11:27 PM, mvdf said:

Luckily i never diversified my crypto holdings to either of those two. 

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Out of interest: Was it luck or was there ever a reason not to invest in them (relative to other crypto)?

Are the people who lost now everything just unlucky that it happened to them?

(I am asking, I have almost no idea of crypto and I don't know)

 

[hotchilli]

  On 5/13/2022 at 8:54 PM, smedly said:

some serious losses right there - crypto is pretty close to a scheme wre you are actually buying nothing except a sentiment - it is a phantom expectation driven by absolutely nothing .............and yet 

Expand  

Driven by profiteers, and bought by the gullible opportunists.

[RafPinto]

I saw yesterday close to BITEC a publicity that from 15th MAY, there will be a Crypto Expo running for a few days.

A lot of Thais, attracted to the "quickly" become rich hype have got their fingers burned.

How often do I see them sitting in Starbucks or other locations, buying and selling crypto.

 

Welcome back to earth and hopefully this annoying publicity from "Bitkub" will slow down.

[mvdf]

  On 5/13/2022 at 11:49 PM, OneMoreFarang said:

Out of interest: Was it luck or was there ever a reason not to invest in them (relative to other crypto)?

Are the people who lost now everything just unlucky that it happened to them?

(I am asking, I have almost no idea of crypto and I don't know)

 

Expand  

Main reason was I never invested or dabbled in altcoins. Was always a bitcoiner from the very start and will remain this way. These "alternative" coins are fraught with risks ("rug pull" scams) and danger (liquidity issues).

 

Will hold on to my BTC until the market recovers, no matter how long it takes.  ????

 

 

[Lemsta69]

  On 5/14/2022 at 1:29 AM, mvdf said:

Main reason was I never invested or dabbled in altcoins. Was always a bitcoiner from the very start and will remain this way. These "alternative" coins are fraught with risks ("rug pull" scams) and danger (liquidity issues).

 

Will hold on to my BTC until the market recovers, no matter how long it takes.  ????

 

 

Expand  

are you not bitter and twisted that you didn't but say $1K of SHIB at ICO and dump it all at ATH? I am ????????????

[baansgr]

Now watch bars in Pattaya that reopened recently that invested in coins through a dodgy guy close down

[OneMoreFarang]

  On 5/14/2022 at 1:47 AM, baansgr said:

Now watch bars in Pattaya that reopened recently that invested in coins through a dodgy guy close down

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And I always thought people have to pay cash for those places. 

[Walker88]

  On 5/14/2022 at 1:29 AM, mvdf said:

Main reason was I never invested or dabbled in altcoins. Was always a bitcoiner from the very start and will remain this way. These "alternative" coins are fraught with risks ("rug pull" scams) and danger (liquidity issues).

 

Will hold on to my BTC until the market recovers, no matter how long it takes.  ????

 

 

 

Expand  

Curious...'until the market recovers'....why should it recover? btc is going to show great 'earnings'? Curious what one's rationale is for why an entity conjured from thin air, with nothing backing it but the hope someone else catches the bug and becomes a cultist, should 'recover'?

 

I ran a couple of trading desks on Wall Street. I would not have kept any staff member who held a position from $69,000 all the way down to Thursday's $26,000. If he tried to rationalize and say, "But I bought it at $1", I would have had Security escort him and his belongings from the building. Where one bought is of interest only to the taxman. If the trader thinks it matters, then that is ego, not trading nor investment. Markets love to crush ego.

 

One should ALWAYS move stops in a winning trade. Because btc is volatile, maybe one could have moved a stop to $60,000 (pretty wide). Getting out of a position allows one to reassess without any emotionality.

 

These cryptos were great for the mostly anonymous creators. They conjured something, got people like cathie woods or matt damon to hype them, then when retail became enamored of the latest get-rich-quick sure thing, the bid side filled in and the creators have been able to dump their holdings onto the masses. When a coin tumbles, the large holders then ramp it up again, rebuild the hype and dreams, and when the bid side fills in again with retail, hammer it yet again. Rinse and repeat.

 

(one can forget for a minute the massive waste of energy 'mining' and transactions involve, though the planet and the price at the gas pump say this should NOT be forgotten)

 

The draw of these things was the history and the rapid price movement higher. Now that a billion percent returns are not happening, the draw will fade. Retail will begin to look for the next Beanie Baby. If interest fades too much, the creators---who somehow are trusted as honorable even though no one knows who most are---will try to get whatever else they can from their holdings and butcher the thing....kind of like what is now the proverbial example of a pump and dump: Luna.

 

"No matter how long it takes"  I hope you are very young. Market peaks sometimes last for decades. In 1989 the Nikkei hit 38,915.87 on 28 Dec. 33 years later it isn't even in the 30Ks. When the Dow peaked in 1929, it wasn't until 1954 that it hit the same level again (nominal), and even that was a bit bogus, as companies in the index that went bust were replaced by new names.  Silver and gold peaked in April 1980, and did not hit new highs for 31 years, despite their hyped "5000 year record of demand".  Pets.com NEVER recovered, nor did Enron. Nor did Lehman Brothers. Not sure what the 'fundamentals' of btc are that could justify a 'recovery' to $69K.

 

Good luck.

[edwinchester]

Whenever I see the word 'token' I'm out.

[mvdf]

  On 5/14/2022 at 1:43 AM, Lemsta69 said:

are you not bitter and twisted that you didn't but say $1K of SHIB at ICO and dump it all at ATH? I am ????????????

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Not at all. I am thankful for my disciplined 11-yr patience which was worth it ???? 

 

 

[Lemsta69]

  On 5/14/2022 at 2:26 AM, mvdf said:

Not at all. I am thankful for my disciplined 11-yr patience which was worth it ???? 

 

 

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but it's intangible and it's GOING TO ZERO!!!

 

srsly, nice work bro. the Dom Perignon's on you wen BTC mewns ????

[owl sees all]

When Bitcoin tumbles to below a dollar I'm gonna buy a shed load.

[AgMech Cowboy]

  On 5/13/2022 at 8:53 PM, CharlieH said:

And so the dominoes begin to fall.

 

I feel sorry for the huge losses some have and will encounter in the next few months as others follow suit.

 

Its gonna be a painful bumpy ride the next few months.

Expand  

Interesting. Are you following the crypto market 'closely'? (My son and his friends apparently lost a bunch of Baht & USD). Fortunately, although it's a lot to my son, he only lost around $2K, but his friends lost a lot more $20k+ (yes, USD).  Sad.

[AgMech Cowboy]

  On 5/13/2022 at 8:54 PM, smedly said:

some serious losses right there - crypto is pretty close to a scheme wre you are actually buying nothing except a sentiment - it is a phantom expectation driven by absolutely nothing .............and yet 

Expand  

A friend of mine calls it a Ponzi scheme. 

[Excel]

  On 5/14/2022 at 2:41 AM, owl sees all said:

When Bitcoin tumbles to below a dollar I'm gonna buy a shed load.

Expand  

Best wait till it is worth 10 cents

[Sparktrader]

  On 5/13/2022 at 11:49 PM, OneMoreFarang said:

Out of interest: Was it luck or was there ever a reason not to invest in them (relative to other crypto)?

Are the people who lost now everything just unlucky that it happened to them?

(I am asking, I have almost no idea of crypto and I don't know)

 

Expand  

I read the story

Sounded like bs

I like btc, eth, algo, solano

 

[OneMoreFarang]

  On 5/14/2022 at 4:33 AM, AgMech Cowboy said:

Interesting. Are you following the crypto market 'closely'? (My son and his friends apparently lost a bunch of Baht & USD). Fortunately, although it's a lot to my son, he only lost around $2K, but his friends lost a lot more $20k+ (yes, USD).  Sad.

Expand  

And what do they now? Invest more money in more crypto because sure it will go up again?

[Sparktrader]

  On 5/14/2022 at 4:39 AM, Excel said:

Best wait till it is worth 10 cents

Expand  

Not gunna happen

 

26,000 up to 30,000

[Sparktrader]

  On 5/14/2022 at 4:37 AM, AgMech Cowboy said:

A friend of mine calls it a Ponzi scheme. 

Expand  

Fiat is ponzi

Btc is up 500% in 3 years despite the correction

[Sparktrader]

  On 5/13/2022 at 8:57 PM, ukrules said:

Many of the 1000's of 'crypto' projects are absolute and complete garbage.

 

But not all of them.

Expand  

Maybe 50 are good

Rest junk