The quest inner code was copied pasted from MSEA and the coins serve no purpose in GMS because the quest requirement was changed from collecting 100 coins to stay logged in for 30 minutes. (they forgot to remove the coins)
Luminous teleport only make you immune from regular touch damage, and any monster with an attack animation or projectile completely bypass it. (does not work on touch damage that inflict %max HP as damage (3rd phase Lotus, the anti-AFK flying monster of doom))
It is not true invincibility because if that a case, they would be extremely top tier for survival.