Lessons
1. Always take profits. I hardly thought of taking profits because I had so much conviction that UST will eventually become the top stablecoin. Why should I take profit now when LUNA is going to be a few hundred dollars by end of the year? After all, those that made huge profits are those that held on for many years right (e.g. Google, Apple, Amazon, BTC, ETH, etc.)? I am just glad that we managed to walk away with some profits at the end of the day.

2. Diversify. As of last month, we had 53% of our net worth in crypto or specifically in 1 coin and we just lost almost all of it. Had I diversified some of them to other coins or off-ramp it, we wouldn't have lost so much.

3. Do not overleverage and ensure that you have the sufficient fund to repay them when necessary. I did not have enough UST to repay my Anchor borrow debt and ended up liquidated.

4. Do not borrow fiat to invest in crypto. At one point in time, I was borrowing 30k USD from SCB and putting that money into Anchor to earn the difference. Eventually, I decided that it is too risky and reversed/repaid everything. I am so glad that I am not in any debt because I lost money in crypto.

5. Algorithmic stablecoin just isn't going to work. Interestingly, this was what I had believed in before I discovered UST/LUNA. You can see my preference for USDC/GUSD in my earlier crypto articles. Eventually, I was convinced that UST will work because the algorithmic stablecoin is built into a network instead of just a dapp. There's so much utility for LUNA and an excellent L1 instead of just a farm and dump coin (e.g. TITAN). If this has failed so miserably, nothing probably will ever work...