South Korean Investors Feeling the Losses from Luna’s Collapse
I feel bad for the investors that lost their money, but investing in bitcoin has always had a casino like atmosphere to it. You should not invest money that you cannot afford to lose:
![An electronic display at Bithumb customer center in southern Seoul shows the plummeted value of Luna on Tuesday. [YONHAP]](https://i0.wp.com/koreajoongangdaily.joins.com/data/photo/2022/05/17/724516a6-8ea9-4022-ac5c-0ffdaf7f1b37.jpg?w=640&ssl=1)
The collapse of Luna is starting to ripple through Korea as investors in the coin and companies associated with it add up their losses and adjust their plans.
Victims range from retail punters to some of the largest business names in the country, and the damages go from trivial to existential, though the sense is that, so far, the Luna fiasco will not be a Lehman moment and threaten crypto markets or the broader markets in a systemic way.
“I lost my entire lifesavings in just two days,” one person wrote anonymously on Bitman, a Korean blockchain community, on May 14. “I repeatedly sold Luna at a loss, bought more to lower the average price and sold it at a loss again. After losing more than 100 million won [$78,000] that I struggled to save for years, I can neither eat nor sleep. I loathe myself.”
Terra coins were algorithmically pegged to other currencies though arbitraged with Luna coins. When faith in the design evaporated in early May, Luna lost most of its value in a matter of days and TerraUSD, which is the Terra that tracks the dollar, dropped to about 10 cents.One man, who claims to have lost 2 billion won ($1.6 million) by investing in Luna, was under investigation after showing up at the house of Kwon Do-hyeong, one of the masterminds behind the Terra stablecoin scheme.
Joong Ang Ilbo
“Kwon should officially apologize and announce some sort of plan using any means available, including using his own money,” the man told the local press. “There are some people around me who have actually lost their lives.”
You can read more about the cryptocurrency losses impacting South Korea at the link.
The big investors love individuals playing the market. They have the ability to — legally — influence stock prices with their large buy and sell orders. And then the little guys panic and play into their hands.
C’est la vie. Same as it ever was.
setnaffa, did you invest in bitcoin? You should. You will get rich and reap the reward. Please buy, be happy, and shut up.
What? No lecture about Safe and Effective booster shots?
BTW, I was offering SetnaffaCoin a few months back. It was just as solid as any cryptocurrency ever Has been.
Your jokes are as stale as Biden’s. And probably just as in need of a courtesy flush.
But don’t worry! CH may have something he can sell you.
But don’t worry! CH may have something he can sell you.
Evidence of setnaffa using CH for his dirty work.
But of course setnaffa is the Head of the Church of Setnaffarism™ which means he can order CH to do his dirty work for him.
That is of course assuming that CH isn’t setnaffa’s sockpuppet.
There’s more evidence you’re my sockpuppet. You only seem to respond to my online voice, in some weird Pavlovian way, like thecscientist’s dogs drooled when a bell rang..
It’s creepy; but I assume you’re really just three chinese midgets welded into a shipping container and fed based on how closely you respond you your master’s voice.
I just wish, since you pretend to be Korean, that you would (a) show respect for Korean culture, (b) offer evidence you’ve actually lived in Korea, and (c) brush your teeth more often ‘cuz your oral hygiene just ain’t cuttin’ it…
I am proud to do Master Setnaffa’s dirty work.
I would be proud to be his sock puppet.
We decided we can keep our identities separated except when we meet the doctor.
Heh, Setnaffa…isn’t everyone invested in a 401k now? It’s the only retirement plan for most people.
That’s a problem.
What do you invest in?
Cash? No. Inflation eats that.
Stocks? No. They are a fantasy that in no way reflects the value of the companies.
Commercial property? No. For the most part, retail and offices are dead.
Houses? No. Unless your strategy is to buy them all at any price because you will be renting them back to the peasants for a generation.
Crypto? Maybe. It is really low. Maybe not. It can go lower.
Gold. No. I have been hearing it is going to go up since 1979.
Bullets? Maybe. They hold their value and are easily bartered.
Farmland? Maybe. But indoor farming is on the brink of being profitable and it is getting easier and more mechanized.
Indoor farming? Maybe. Food never goes out of style. Is it an investment?
Manufacturing? Maybe. Setting up the ability to do general manufacturing of for repair and supply necessary things in a bad economy is a survival strategy more than an investment.
Anything clever to add to this list?
i-bonds pay about ten percent now.
Maximum investment is 10k per year per person though.
Metamucil. With everyone stocking up on longterm food storage a metamucil power broker might make out pretty well in the future.
Or wait! sugar free gummy bears.
Very Sad. I decided to sit out bitcoin when I was reading stories about an exchange where the owner died (maybe) and after they cracked his computer all the investments were gone. I know people have made money off it but it still isn’t for me.
I assume you’re really just three chinese midgets welded into a shipping container and fed based on how closely you respond you your master’s voice.
As I’ve said.
Why would the Chinese be wasting their time going against a old cranky Southern Whitey with mental issues who spends his whole day surfing through right wing conspiracy web and social media pages and Youtube channels?
Everyone knows that people like setnaffa will help create the Second American Civil War and if this happens it will be what the Chinese want because obviously it will weaken America.
So for the Chinese it’s in their best interests to let setnaffa do what he wants.
Unless of course setnaffa thinks he’s some important person that deserves the attention of the Chinese in which case one can add Narcisstic Personality Disorder to the list of mental disorders that setnaffa supposedly has.
Or maybe he does not see his Chinese supporters because they have taken a back seat and are letting the Russians take the lead.
since you pretend to be Korean, that you would (a) show respect for Korean culture, (b) offer evidence you’ve actually lived in Korea,
Ah yes, the old ‘He can’t be Korean because he speaks English well’ thing.
And ‘He must be Chinese because he does not support USFK and the corrupt right wing government of Korea.’
I feel sorry for you setnaffa, since it seems that the cancer has damaged your brain permamently and destroyed your ability to make common sense observations.
“Everyone knows that people like setnaffa will help create the Second American Civil War and if this happens it will be what the Chinese want because obviously it will weaken America.”
I thought a Second American Civil War would STRENGTHEN America.
It seems when all the pronoun-concious global warming BLM Antifa LGBQXYZBBQ purple hair squawking vaxtards show up to battle in their pùssy hats while welding bongs and dìldos, the war will be over in a couple of hours.
Sure, there will be a couple weeks of mop-up operations at organic markets and Birkenstock Outlet, but in the end, America will be stronger…
…though I will miss watching the grooming at tranny story hour in the children’s library.
So they are Chinese midgets welded into a storage container? I noticed there was no denial…
And setnaffa won’t be leading anything. Biden’s doing an absolute miracle in red-pilling Blacks and Hispanics. It’s beyond belief.
BTW, our trolls are just doing what commie trolls always do, so no hard feelings. They’re probably just not cut out for an honest job.
How big is that Confederate flag that’s hanging on your wall, setnaffa?
I don’t have… er… Setnaffa doesn’t have… a confederate flag.
I… er he… er we.. have Nazi flags.
Stars and Bars are for pussies when swastikas are the rage.
I have no idea what CH might have waving on his flagpole; but the only not-zee flag I’ve seen is one the father of a friend brought back from Germany in WW2. He also got war souvenirs from Japan and North Korea. War was war in those days. And men were men. No room for weaklings.
Or commies.
I noticed there was no denial…
I also noticed that there was no denial from you in terms of collaborating with the Chinese and the Russians to forment the Second American Civil War.
And men were men.
Otherwise translated. Yes they were men, but I’m not because I spend all day in front of my computer scrolling through right wing conspiracy sites and fantasizing about overthrowing the current US government with help from the Chinese and Russian.