03-24-2022, 09:12 PM
Why I'm shorting Luna
<!-- SC_OFF --><div class="md"><p>First of all, why Luna holders are so excited about Terra Labs' plan to acquire $10B in BTC to back their stablecoin is beyond me. What exactly is the point of an algorithmic stablecoin when it's being backed by BTC? Isn't the whole reason why LUNAtics are so crazy about their coin because of the tokenomics?</p> <p>When UST has BTC to back it, Luna's utility will inevitably diminish. Not to mention the fact that $7B has yet to be funded. Those funds will be coming from the sale of Luna.</p> <p>Also, the vote on decreasing APY for UST staking on Anchor will occur within the next week or two will probably put a dent in UST holders, thereby dropping Luna value even more.</p> <p>Any Luna holders care to explain how this coin is going to keep its value?</p> <p>EDIT: My position is half of everything I gained from shorting and closing Luna (3 positions) up to this point, entry @$94. I'll keep adding on the way up, IDGAF. It's all house money anyway.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/SnooperMike"> /u/SnooperMike </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/tlxerl/why_im_shorting_luna/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/tlxerl/why_im_shorting_luna/">[comments]</a></span>Kind Regards R
<!-- SC_OFF --><div class="md"><p>First of all, why Luna holders are so excited about Terra Labs' plan to acquire $10B in BTC to back their stablecoin is beyond me. What exactly is the point of an algorithmic stablecoin when it's being backed by BTC? Isn't the whole reason why LUNAtics are so crazy about their coin because of the tokenomics?</p> <p>When UST has BTC to back it, Luna's utility will inevitably diminish. Not to mention the fact that $7B has yet to be funded. Those funds will be coming from the sale of Luna.</p> <p>Also, the vote on decreasing APY for UST staking on Anchor will occur within the next week or two will probably put a dent in UST holders, thereby dropping Luna value even more.</p> <p>Any Luna holders care to explain how this coin is going to keep its value?</p> <p>EDIT: My position is half of everything I gained from shorting and closing Luna (3 positions) up to this point, entry @$94. I'll keep adding on the way up, IDGAF. It's all house money anyway.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/SnooperMike"> /u/SnooperMike </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/tlxerl/why_im_shorting_luna/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/tlxerl/why_im_shorting_luna/">[comments]</a></span>Kind Regards R