Discussion

• @stablekwon @stablekwon on x

  1/ Dear Terra Community:

• @johnbrownlow John Brownlow on x

  The Luna reddit forum is full of suicidal posts. Reminder that the crypto space may be zero sum (dollars in = dollars out) in financial terms, but not human terms. https://twitter.com/...

• @terra_money @terra_money on x

  1/ The prevailing peg pressure on $UST from its current supply overhang is rendering severe dilution of $LUNA. The primary obstacle is expelling the bad debt from UST circulation at a clip fast enough for the system to restore the health of on-chain spreads.

• @traderkoz @traderkoz on x

  $1mil in $LUNA 3 days ago would be worth $1,746 right now This is one of the craziest things I've ever witnessed...

• @kadhim @kadhim on x

  Tether has moved off its peg https://twitter.com/...

• @molly0xfff Molly White on x

  hey tether, u ok? 👀 https://twitter.com/...

• @mskidchaos @mskidchaos on x

  Bryce Elder's headlines in the Stablecoin meltdown are just🤌🏻. @FTAlphaville my compliments to the chef! https://twitter.com/...

• @trustlessstate @trustlessstate on x

  The 2022 collapse of $LUNA superimposed over the 2018 collapse of BitConnect https://twitter.com/...

• @thestalwart Joe Weisenthal on x

  Setting aside the (un)soundness of the mechanism, it's really striking how many people in crypto (and not in crypto, like the Washington Nationals) chose to boost this project. https://twitter.com/...

• @unusual_whales @unusual_whales on x

  Here's a thread of founder of $LUNA, Do Kwon, calling people poor. His coin is down 99.99% since last month's high. https://unusualwhales.com/crypto https://twitter.com/...

• @barrysilbert Barry Silbert on x

  You'll be happy to hear that Luna/UST is the only bail-out call we've received so far

• @timccopeland Tim Copeland on x

  YIKES: The supply of Luna has increased from 386 million to 7.1 billion in just TWO days. https://twitter.com/...

• @rekthq @rekthq on x

  Our house of cards is tumbling down. A multi-billion dollar protocol has fallen, crushing the hopes and dreams of thousands of users. The shockwaves have gone far beyond our usual echo chamber; the whole world is watching now. How did this happen? https://rekt.news/...

• @jerallaire Jeremy Allaire on x

  USDC/USDT is the trade of the day. Flight to quality.

• @katie_martin_fx Katie Martin on x

  Pressure mounts on $80bn stablecoin Tether If this goes further, it's the nightmare scenario for crypto believers https://www.ft.com/... via @financialtimes

• @zhusu @zhusu on x

  Stress tests on multiple fronts on our industry this week Having seen march 2020 as well I can say this has similar vibes As brutal as things feel now, they will get better

• @bramcohen @bramcohen on x

  The market cap of UST is now ten times that of LUNA

• @lawmaster Larry Cermak on x

  LUNA is below $0.05 and literally just providing exit liquidity to UST holders - and there is infinite amount of bad debt. And even then it's “only” at 50 cents. Liquidity will start drying up soon at these rates and Terra effectively has to reverse the decision anyway

• @lawmaster Larry Cermak on x

  Some bottom signals are starting to hit: 1. funds getting blown up 2. forced selling of alts and 95% crashes 3. USDT irrational panic Feels like capitulation all morning. Macro can keep rugging so who knows though

• @tautologicaly Xellette Stillwell on x

  If Tether depegs then it's just like, crypto's dead. We might just see crypto straight up and die this month. https://twitter.com/...

• @carnage4life @carnage4life on x

  Thinking about all the VCs who argued web3 was morally superior to FAANG. https://twitter.com/...

• @lhm1 Lucy HM on x

  the dissonance of companies reaching $10bn valuations and funds allocating billions to blockchain start ups in this market

• @sbf_ftx @sbf_ftx on x

  5) Really we shouldn't use the same word for all of these things. What we call ‘algorithmic stablecoins’ aren't really stable in the same way that fiat backed stablecoins are. They're more like structured products, and they need upside if they want to justify the risk.

• @kadhim @kadhim on x

  Tether is back up to $0.985. What a morning https://twitter.com/...

• @macnbtc @macnbtc on x

  someone lost $9M panicswapping their usdt to usdc, dw ur doing alright

• @lawmaster Larry Cermak on x

  Never ever seen anything on Binance down more than 97% in 24hrs. The wealth destruction here is just so fucking insane https://twitter.com/...

• @paoloardoino @paoloardoino on x

  GM Reminder that tether is honouring USDt redemptions at 1$ via https://tether.to/ . >300M redeemed in last 24h without a sweat drop.

• @kadhim @kadhim on x

  Tether CTO @paoloardoino has his moment as crypto's Mario Draghi, vows to defend USDT's peg “at all costs” https://enterprise-sharing.ft.com/ ... https://twitter.com/...

• @whale_alert @whale_alert on x

  🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 550,000,000 #USDT (550,000,000 USD) transferred from #Binance to Tether Treasury https://whale-alert.io/...

• @tether_to @tether_to on x

  In few minutes Tether will coordinate with a 3rd party to perform a chain swap, converting from Tron TRC20 to Ethereum ERC20, for 1B USDt and from Tron TRC20 to Avalanche, for 20M USDt. The #tether total supply will not change during this process.

• @kadhim @kadhim on x

  Tether had about $4.5bn of “Cash & Bank Deposits” as of the start of the year (its latest attestation), which should be its most liquid assets https://tether.to/... It's processing north of $2bn of redemptions today, says “it is business as usual” https://tether.to/...

• @kadhim @kadhim on x

  What's meant to happen is the handful of institutions with access to the Tether issue/redemption window would buy this discounted USDT in the market and redeem for $1 with Tether directly until it returns to its peg. Instead we're seeing the discount become sustained and widen

• @alexhern Alex Hern on x

  $2.5bn. This is what a run on the bank looks like on a public blockchain https://twitter.com/...

• @thestalwart Joe Weisenthal on x

  Tether's deviation from the peg, while large historically, is still extremely tiny in % terms. Is it just a reflection of big trading shops not wanting to tie up balance sheet to arb the gap right now?

• @whale_alert @whale_alert on x

  🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 300,000,000 #USDT (300,000,000 USD) transferred from unknown wallet to Tether Treasury https://whale-alert.io/...

• @alexhern Alex Hern on x

  By my count this makes it $1.5bn in redemptions in the last 24 hours. Per the company's December 2021 report, it has around $4bn of cash on hand before it needs to start liquidating T-bills or commercial paper to honour redemptions. https://twitter.com/...

• @thestalwart Joe Weisenthal on x

  Tether briefly traded below 95 cents this morning https://ftx.us/... https://twitter.com/...

• @_checkmatey_ @_checkmatey_ on x

  Market carnage, this is my personal read: - $USDT will be back at $1 before long. Tether truthers will bang on about this ‘depeg’ for weeks. - Realized losses 2nd heaviest in history, looks like capitulation - #Bitcoin basically kissed the realized price ($24k). $BTC is cheap htt…

• @bongcapital @bongcapital on x

  Gm fiat fam! USD peg holding strong at 1 USD. Wagmi

• @safetyth1rd @safetyth1rd on x

  tether fud ironically good for crypto prices because 1. btcusdt goes up 2. what are you gonna sell into? tether? lol

• @fchollet François Chollet on x

  Well this is good news for the Tether-denominated BTC price 📈 https://twitter.com/...

• @cobie @cobie on x

  If the tether truthers were right then at least i have a decent shot of being a character in the movie for the greatest true story in history

• @austerity_sucks @austerity_sucks on x

  Tether is not UST I will go down with this ship if wrong, buying 0.96 The USDT are backed, redemptions open. Don't be dumb

• @robinwigg Robin Wigglesworth on x

  There are 99 problems and Tether ain't $1 https://www.ft.com/... https://twitter.com/...

• @scupytrooples @scupytrooples on x

  Most funds do business in USDC. Many funds are rekt. They're dumping everything for USDC and racing for the exits. As a result, USDC is 1.08 and USDT is 0.98. Things will calm down, tether isn't doomed. Chill.

• @0xfoobar @0xfoobar on x

  Went long Tether here. Trading at 0.95 is silly, thanks for the arb. This is a completely different ballgame from UST

• @alexhern Alex Hern on x

  a reminder that tether openly and happily engages in bank-style money creation https://www.ft.com/...

• @silvermanjacob Jacob Silverman on x

  Tether at $0.9835 on FTX 😬🙃 https://ftx.us/...

• @stablekwon @stablekwon on x

  Close to announcing a recovery plan for $UST. Hang tight.

• @davidgerard @davidgerard on x

  six months ago: the guy from Terra mocking the idea of *the precise attack that just happened* https://twitter.com/...

• @cryptorca @cryptorca on x

  Whut https://twitter.com/...

• @mr0chill @mr0chill on x

  🤯 The Basis Cash team also started Bitclout. https://twitter.com/...

• @malwarejake Jake Williams on x

  “Suicide hotline numbers pinned to top of popular crypto forum” - but yes, please keep telling me how great crypto is... https://www.independent.co.uk/ ... https://twitter.com/...

• @thestalwart Joe Weisenthal on x

  In today's newsletter, I wrote about how just because people want a decentralized stablecoin to exist, it doesn't mean it's actually possible https://www.bloomberg.com/... https://twitter.com/...

• @coindesk @coindesk on x

  SCOOP: Terra's @stablekwon was “Rick Sanchez,” the pseudonymous co-founder of early algorithmic stablecoin flop @BasisCash. @skesslr and @realDannyNelson report https://www.coindesk.com/...

• @loopifyyy @loopifyyy on x

  Wow, this is sad. I hope anyone who lost $ in LUNA is doing alright. 🥲 https://twitter.com/...

• @carnage4life @carnage4life on x

  $LUNA was the sixth largest cryptocurrency by market cap and it's been effectively wiped out in less than a week. Saw a bunch of Twitter accounts claiming they lost their life savings but hard to believe that many people were really placing life savings in online Ponzi schemes. h…

• @westiecapital @westiecapital on x

  Seems like this already passed threshold almost unanimously, but you do realize this means LUNA is getting ready to hyperinflate? You thought 1 billion in supply minting today was bad, wait until $1.2 billion can be minted per day. Good luck yall https://agora.terra.money/...