Bitcoin goes down to 39K. Don't panic. Bankers pumping and dumping in order to scare weak hands.

submitted by jw329 from self.btc

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[–][deleted] 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (3 children)

The whole market is taking a bath. I don't think this is a pump and dump, something is happening. Not sure what.

Personally I like Luna a lot more than I like Bitcoin though, no offense intended being that this is the btc sub.

[–]Antarchomachus 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (2 children)

I'm not too familiar with Luna, what is it that you like about it?

Also curious if you have any thoughts on Monero, i've always been partial to it's fungibility, and the difficulty of tracing transactions or seeing other account balances

[–][deleted] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (1 child)

Luna is the governance token of the stablecoin TerraLuna, which is currently the 4th largest stablecoin. TerraLuna has a market cap of only 536 million. Tether, the No 1 stablecoin, is at 77B and there's long running issue that they don't actually have the reserves they should.

There is a lot more potential for growth in Luna compared to the venerable BTC. However, on the other hand, it would hardly be the first stablecoin to fail. But most don't hit number 4 by market cap.

I expect another surge coming for BTC too, just it's going to be a lot easier to multi-bag on Luna.

I'm not financial or crypto wizard though, more a guy who casually enjoys gambling.

[–]Antarchomachus 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

Ah OK, I understand the basics of stablecoins but haven't gone too deep into those. I'm more just crypto-curios, I like the idea behind getting rid of custodial banking and their no-reserve lending money printing. Got a little in BTC and Monero, but I'm not too deep into this stuff yet either