I've been around long enough to see narratives recycled and I think many people in crypto have the memory of a goldfish and think the past doesn't matter, that innovation and narratives are all that matters. The last cycle we had a certain Justin Sun promising the world with his project and where did that get many Tron bag holders?
A bag of tears lol
Ethereum killer, killed itself
This is Trons price chart in Satoshis, its already lost 90% of its value since the all-time high and will continue to be crushed. Yes that's right 1 Tron used to get you 1367 sats back in 2018 and today it's a pathetic 144 sats.
So much for price appreciation for investors, if you simply held your bitcoin instead of swapping it to TRON you would have been much better off.
If you ask TRON bag holders what the use case for it is today, they will point to the fact that it does the most volume of stablecoins, yes that's your killer app, you can move tokens with 3rd party risk around cheaply because they not tethered to reality?
Lol, PayPal can do that too.
And if you are going to claim that PayPal can stop your account, please mind that Tron USDT addresses and transactions have been blacklisted
Terra's price chart
This time around we have a new shitcoin starting with a T, also claiming to be an Ethereum killer, also relying heavily on stablecoins, and also having a charismatic bullshitter of a big mouth on Twitter promising the world to his bag holders.
The resemblance is uncanny, it's like shitcoin groundhog day and I am the only one seeing this.
The only difference is Terra is on the other side of the price chart, its TRON 2017/18, but people can't see that the eventual delusion is coming and will follow the Tron trend as do all shitcoins.
All they see is up, so that is enough validation.
The Terra chain has obvious flaws, and if you ask Terra shills they like old Tron shills will give you the same response, price is going up, and Do Kwon/Justin Sun said lol
Yes, they are trusting the word of someone who has the incentive to make millions off you believing everything they say, what could go wrong?
I am sorry Terra bros, you're retarded!
Do Kwon do, kwon do, kwon do.
Terra has not been without its controversy like
- the Wonderland fall out
- Terra was served with a subpoena for its mirror protocol
UST - Useleess Stable Token
There have been several reports on periods where UST has been unbacked and the struggle to retain its peg.
The way UST works is as more is minted there is less Luna available as the Luna value backs the UST so we are told. Now, this is all fun and games as long as people keep buying Luna raising the price but every market has a saturation point.
Now if we hit that point and go the other way around when people start selling their UST because they want to go back to bitcoin or another coin, they mint Luna and sell it.
Now the price of Luna goes down as the supply increases.
If the price drops too far, it can no longer support the burning of UST to get a dollar by selling Luna and the whole thing comes crashing down.
Traders are reking noobs once again
Large crypto funds have a vested interest in extending Luna pump going as possible so they can suck in retail traders who don't know shit about fuck.
As you provide liqudiity by buying Terra on manipulated price charts, shilling and apparent bitcoin buying, these funds clip the 20% coupon from Anchor (the only use of UST at present, over 75% of market cap), usually with leverage.
The ponzinomics only works as long as the LUNA token price remains high enough to allow Terra to keep selling Luna to top up the Anchor reserves.
This stinks to me of a complicated, well obfuscated, Ponzi scheme. Robbing Peter to Pay Paul is hardly a sustainable model.
Betting on Bitcoin
After hitting the wall and the realization that Terra’s Ponzinomics model is unsustainable, Terra sets its sights on Bitcoin. If you want to learn more on why this is just a PR stunt I tackled this in a post here
I sure am enjoying the stupidity of it all, and happy to put my opinions out there and be challenged and when this thing blows up I will have my popcorn ready and savour all the shitcoin tears and I told you so's
Sources:
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