ImmortalCrypto, as it is known on social networks, has been trading cryptocurrencies for over 4 years. And at least since 2020, he’s been doing it full-time, as his main activity. This transition, from a job outside of trading to this one full time, was made after I became a consistently profitable trader.
He himself told CriptoNoticias in direct contact with his story, going back to the bear market during 2018. At that time, with bitcoin hovering around $6000, he started trading. He lost a lot, but also managed to win. Now, looking back at the passage of time, he says he’s happy to have entered a bear market. He says it’s better this way.
In this world, we might think that such an experience is enough to not incur a great loss. This is partially true. however, He was one of thousands of people who lost money in the Project Terra . disaster. Although he did not invest in LUNA tokens, he had tens of thousands of dollars in his business stablecoinsTerraUSD (UST).
Via Twitter, comment on it He lost 70% of his capital in the underground reservoirsafter losing a 1:1 draw Between this currency and the US dollar. Equivalence should not be lost in theory. After all, it is a “stable” currency. But the reality was different.
As we have consistently reported on CriptoNoticias during this week, the history of Project Terra, his stablecoinsThe token and its bitcoin reserves ended up in the worst possible way: with billions of dollars in losses and many people affected with devastating results. The case of ImmortalCrypto was not the worst case. As he himself claims, this was thanks to the experience and predictions he made.
A show that turned out to be too good to be true
But … how did the Spanish merchant test it? And more: Why did you enter the Terra ecosystem? He did so in search of greater profitability, primarily. It didn’t get into LUNA, a Terra symbol that had been rising at a phenomenal rate this year, before this week’s disaster. But He entered into the fixed floor cabinets with a capital that, although not too heavy in his wallet, was not minimal either..
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It all started at the beginning of this year, when he decided to switch to mask “A lot of money in the stables he owned.” It is an activity in which the user earns a certain number of tokens and locks them in for rewards. In the case of floor tanks, that bonus was an annual return of 20%.
He says he learned a lot about the process, and spoke with fellow traders, “Very influential people in CryptoTwitter«. They warned him about the dangers of owning all the capital in one stablecoin, and in the end he decided to split his staking portfolio into three parts.: one in floor lockers, one for tether (USDT) and one for USDC or US dollar coins, with which I choose rewards of between 8% and 12%.
The problem is that the currency is starting to lose its dollar rank little by little. He thought about leaving but the floor lockers momentarily regained parity and said “I’ll stay”. But everything went wrong. The next day the floor cabinets were already worth $0.7. He decided to get out of staking at that time, with a 30% loss already. He says something wouldn’t bother him trading, but given that it was in a “stable” currency, it changes perspective.
The problem is that it can’t come out that easy:
…but the exchanges take about 48 hours to get the refund back to you. In those 48 hours, fear passed: the whirlpool of death. It went down to $0.30, and I woke up that day and the first thing I looked at were the floor cabinets. It was at $0.30 and LUNA at $1. At the time, I already had unlocked staking, so I had the choice of taking it out with a 70% loss or risking losing the rest. Given what was happening, it was very unlikely that it would return 1:1. I decided to take a 70% loss. I had nearly $50,000 in floor lockers. 70% are very large numbers. It’s nothing stopping me from moving. I was expecting some to fall off, there might be a problem. It annoys me a lot because it put me in a difficult situation, deciding to sell a stable at $0.30, which under no circumstances should happen in crypto.
ImmortalCrypto, a cryptocurrency dealer.
A disaster that is hard to predict (despite some caveats)
ImmortalCrypto was aware that there are risks when entering Terra USD. Not just because every investment has risks, he repeats. Rather, because in this particular case there were some red flags, which he himself cataloged. “Especially when the stable gives you such a high return, it really is the first red flag. Problem number one.”
A eso, it’s suma The fact that he didn’t have as much travel as the others stablecoins from the market. Especially compared to Tether, which “has gone through some really bad news, through a bear market, and it held up really well. So going in there gives a lot more confidence than going into floor tanks.”
If you are going to own stables or have stables, keep in mind that there are risks. It doesn’t have to be like that, but they all carry risks. And more if you’re going to share it. If you want to remove it, you will have to wait as long as it depends on where you are doing it. But hey, LUNA in general has its own red flags. I think there were warnings but something like what happened… I don’t think something this strong could have been foreseen..
ImmortalCrypto, full time merchant.
Regarding the hypothetical recovery, the merchant considers that there is a lot of controversy, but those responsible for the project got off to a very bad start. Especially with selling your reserves in Bitcoin (BTC). More than 40,000 according to their statements.
He says this, rather than being seen as an attempt to recover, sent a very negative message. This, he adds, has caused more fear than there was already among investors. “I personally do not think there are possibilities,” says the specialist.
Cryptocurrency crisis?
Does ImmortalCrypto think Terra is detrimental to the cryptocurrency ecosystem? His response was very direct: “This definitely has a very bad influence in general […] The loss of stability of its value is appalling because people no longer feel safe. Obviously another constant but that makes you lose a lot of trust, both for the people inside the ‘crypto’ and for the people outside.
In fact, the Terra disaster had a clear impact on the market. Bitcoin and the rest of the major cryptocurrencies, which have already been dropping in recent weeks, have reached lows not seen since last year. This coincided with the fall of LUNA and UST.
But as I write this article, it appears that the market has recovered from this fear. Bitcoin touched $30,000 again, although it didn’t finish consolidating at that mark, and other coins are showing green numbers on Friday, May 13. But ImmortalCrypto believes that this story does not end here:
The mistrust this generated, and which it will also generate, is that many regulators put the magnifying glass on the stabilizing lens. Which is quite a negative because it means there are huge regulations for “crypto”, which we always know isn’t a positive thing. These are things that get out of line..
ImmortalCrypto, Trader Focused on Bitcoin and Cryptocurrencies.
On the positive side, his position is that despite this disaster, other stablecoins will not be affected in the long run. USDT lost its parity with the dollar recentlyalthough as low as $0.95 does not seem typical, when compared to the floor cabinets.
I don’t think infection can happen in USDT or USDC. They are some of the most reliable stablecoins out there. And more tethers that have gone through some pretty bad things and have always held up. For my part, I still have a lot of money in the stables and I have no doubts. It may affect what happened today, but I think there is no possibility of infection.
Immortal Crypto Trader.
Teaching: “The Most Important Thing”
ImmortalCrypto considers what happened with Terra and her stablecoins Leaves a very important lesson. Especially for those who are new to the world of trading, investments and cryptocurrency. As final advice and reflection, we prefer to reproduce his closing words in full:
This is in the end the most important thing that happened. This is something that doesn’t usually happen, but it definitely teaches newcomers, because people who have more time realize it. I have seen altcoins at -95%. I’ve seen markets witness brutal concessions. We’ve seen a lot of scams, and now it’s trading stable at 70%. This teaching he gives is for people who come and believe this is simple: “You invested money and it’s impossible to fall.” The teaching is that even in the stable you will not be without risk. The moment you put your money on a site, it doesn’t matter if it’s a coin, or if it’s a cryptocurrency, a stock, or a stable, it doesn’t matter. Everything will carry a risk. There is no way, less so in the market to make money easily.
About 6 months ago I was talking to someone new to the cryptocurrency world. with money. “I don’t understand why people are complaining so much about a bear market if it seems virtually impossible to lose money in crypto,” Lee told me. And I said to him, “My friend, I don’t know when, but you will realize how wrong you are.” This is the reality of the markets and much more in the field of cryptocurrency. Everything has risks, this is a market, people don’t come here to play. And if you come to play, you will meet people who do not play, who have many millions, who have been playing for many years and know how to do things. I’m not even free, I’ve been locked in floor cabinets with years of experience. Of course: what did the experience allow me to do? Divide the risk and lose, but don’t lose too much. I mean, I can go another day. But for new people, let them know that if they enter the market they are in danger.
Immortal cipher.
We can add that in the end, whether you enter a bullish or bearish market, it will always be risky. Markets don’t go up forever, although there are those who expect it from bitcoin and cryptocurrency. Bear cycles are as long as bull cycles. And you have to know how to overcome it.
