Rememeber earlier in the Summer. A faved community ALT coin Terra Luna declared bankruptcy? Exchanges, including one of mine Coinbase, sent emails urging customers to cash out their coins because they were no longer accepting trades on their network. The tides have since turned considerbly and all our wondering: Should you invest in Terra Luna NOW?
Remember when those who were refusing to let go of their LUNA crypto were coined LUNAtics? What happened?! How come Terra Luna is pumping like there’s no tomorrow, with no sign of dumping, at least this week. This is confusing and frustrating as the old Luna loyal are being punished for a reasonable level of caution. So, here is why this is happening and what crypto day traders should do about it.
Terra received approval for a 1.2% tax burn for on-chain transactions of LUNC and USTC on the Terra Classic network. These proposals are being developed to change the tax parameter from its current value of 0 to 0.012 (1.2%).
According to Terra governance, the 1.2% tax will be applicable on all currency denominations currently available on-chain, including LUNC and USTC.
Note: This means that when cashing in your LUNA, you will have to pay that tax fee AND the exchange fee, example: Binance. No biggie if your bot profits are high enough. Here is my LIVE bot as of September, 13th 2022.
Terra’s 1.2% tax burn goes live on September 20 at the Terra Classic block height of 9,475,200 after the proposal is submitted. You can read more about this on LiveMint
I barely understand the above lol, but I do understand THIS: You know how in the United States, a corrupt, bankrupt corporation just needs to close one INC. and the next day launch another with a new name? The Wild West of crypto allows the same bizarre loopholes. These loopholes have permitted Terraform Labs’ co-founder Do Kwon to launch Terra 2.0, under which, the original chain has been rebranded as “Terra Classic”. While a new chain called Luna was created with the existing name Terra and made available for trading.
Basically, old Luna is bankrupt while new Luna with the same name is living its best life lol. Should you buys new Luna? I say wait 3 days to see if the coin creates a double-bottom in the grid lines. At present, it’s hard to tell. I am testing $5,000 of Luna in my demo bot and it’s literally hemorrhaging bot profit, in less than a day. Not just that but the Luna fans are really cult-like-loyal and there are millions. Millons of LUNAtics lol. Their Twitter chants are:
“We are the LUNAtics, We are Strong”
Conclusion: Enter the LUNAtics YES, but with an exit strategy. Don’t go in for a HODL, this one is gonna be FAST n DIRTY. Drop what you can afford to lose into a side-grid-bot like Bitsgap S-Bot, buy some tight order lines like 40-50 (you don’t need more because you will likely be getting out within the month) and whatever step you feel comfortable at (you can use the default Bitsgap or one you learned on your own. I use the ones recommended by The Plan. I am currently doing the bottom feeder strategy, but I am signed to NDA to exactly what that entails… you will have to go to my school to find out!) I can give you a hint though – it’s a mini-strategy designed for the Summer and not for the year…
My trusted crypto resources at a glance:
The Plan – Dan Holling’s Crypto school
Newton – for purchasing crypto from Canada (user friendly, fast and low rates)
Coinbase – As chosen exchange and storage, market watch and my Bitsgap API
Bitsgap – Day Trading AI, side-grid trading. Trades volatility
Find out how my Luna performed over the next 3 days, or ask me anything crypto: Lm AT bestkeptmtl.com
Find out how my other space coin is doing, Voyager Token in this VGX issue.
What's Your Reaction?
Creative Director, brand manager & curator of lavish experiences. Currently curating: everything charming.