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Comment by vmception | Hacker News Reader

> Also, “In a sense, the market is going to take that as kind of bullish.” - a.k.a. the standard 'this is good for bitcoin' quote, applicable whatever the news is!

Yes all weekend I had been wondering and cautious based on how much bitcoin was left to sell! Its just a commodity, supply can be faster than demand, specifically when one whale is expected to flood the market

Terra Luna rallied 500x (50,000%) off the lows. Minting many millionaires that bought that dip. The rumors were that the recovery plan involved a bunch of the bitcoin collateral. I couldn’t verify that well.

Knowing its all gone (or the selling pressure is done, whether you believe it was sold or not) is very helpful

Terra Luna resumes its crash too

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Huh?

https://coinmarketcap.com/currencies/terra-luna/

The absolute low appears to be ~2e-5, and the (very temporary) high after that is 6e-3, which is a ~300x rally. However, the 6e-3 high was very temporary, with 4e-4 being the more durable high, with current prices running ~1-2e-4.

...I'm finding it easier to refer to the prices here in scientific notation, and to look at the price graph in log scale. That gives you an idea of how far the price has gone.

Yeah, 300x, 500x, overnight, eventually we’ll be talking some significant money

You would be better off using a spreadsheet updated with your own data points than price aggregators.

But that very website says the 24 hour low was $0.00001675 and the current price of $.00016 is 10x higher

The reality is that the lows on specific exchanges had more zeroes than that

Sure but how much legit volume did those specific exchanges do at those price points allowing more than 50x or 100x returns?

Amongst all volume I was not particularly amused by the 15minute bars, it would have been hard to move 7 figures usd, but they could eat a 6-figure market order easily. The rest would need just a little patience.

No need for me to move the goal post to legit vs not real volume, there were some AMMs that had the same liquidity depth.

Yeah I was just curious and was on a phone so couldn’t dig deeper.

Of course for a chump like me, 100x’ing anything like $1K would be moderately life changing (mostly short term easing of career and life pressure)

Yeah I was watching it closely and should have dropped $5k in

I love buying the dip, I just didnt like the infinite inflation. I do my dip buys when there is a better information asymmetry that I perceive because the market cant code. I’m not good at these retail meme coin rallies.

I mean this is penny stock trading at this point. It's easy to show huge theoretical returns when you don't actually have money in there distorting the market.

Where is this rally you reference? All the charts I can find sink to zero with no significant movement after that point.

I saw people verifiably 5x catching the bottom, I have seen nothing of 500x at all.

Kucoin and Binance

But other people are more willing to explain it

There are lots of scenarios where the Luna becomes somewhat valuable again. A truly major crypto coin like Luna has never truly disappeared. Probably someone will make a fork like "Luna Classic." There are lots of these things (ETH classic, Bitcoin Cash, Bitcoin SV) that have zero rationale for existing, but are still traded with a high valuation.

tl;dr people will attempt to reflate their bags; some moderate success cannot be ruled out.

Eth classic is a good one to exist to remind people about what decentralization means these days and what trust the contracts/code really means.

>Terra Luna rallied 500x (50,000%) off the lows.

The patient is alive! There may no longer be a head attached to the body; but - look! - the little finger is twitching.

Right, there is no takeaway, retail was making it a meme coin for the lulz and this is about volatile fun trading opportunities from people like me that have no care for the name of any asset or ticker.

A buy the dip trade fueled by unverifiable rumors of a recovery plan.

"dead cat bounce" is what we call it in trad fi.

Yep, never seen a bounce with that amplitude and speed before, personally.

I love how crypto can have so many exchanges accessible simultaneously. Prices all over the place. Chart and price aggregators all over the place. Massive information asymmetries. Better to make your own pricing tools and have better information than others, the bar is quite low so its easy to get an advantage here than in tradfi.

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