tragic case w LUNA

hope y’all managed to get out w minimal loss

personally I loss a fair bit on the depeg as I was holding UST as well

UST played a very threatening role to currencies and it’s natural that many big players behind the scenes want to see it fail

last night‘s depeg felt orchestrated and it led to a death spiral w everyone running but who really knows

regardless, if the peg is unable to be restored, this would go down into the history books of crypto (tbh it already did)

UST back at ~$0.95

please take care everyone

don't invest more than you can afford to lose

https://twitter.com/Awawat_Trades/status/1523892406130671616?s=20&t=xTW9M6rv0qyy7uGoNdEEVw

I think it's clear at this point that the attack on LUNA/UST was planned and admittedly quite smart

decentralized stablecoins pose a huge threat to fiat currencies, because where will the power of banks/government go when they can't control money (or their native currency)?

additionally, with UST being a decentralized currency, regulatory authorities such as the SEC are unable to crackdown on it like they did on tether. They need to find a way to undermine or collapse this rapidly growing billion dollar mcap stablecoin. I bet authorities will be citing the fall of LUNA/UST as reasons against decentralized stablecoins and push their CBDC narratives.

(its speculation on whether the mastermind was the US Govt or SEC etc., but it wouldn't be surprising if it really was. it could just be that Citadel saw a good chance to manipulate the market and cash in big money.)

if we want true decentralization in finance or metaverse, then we must have decentralized stablecoins. imo it'll be a winner takes all market, one decentralized stablecoin for all (which we saw in the case of UST before the collapse).

I hope LUNA will somehow bounce back despite the unlikely chances, because I support the idea of decentralized stablecoins, and LUNA/UST is (or was) the closest to mass adoption.

we're still early in the space, so I hope that we'll see more exciting projects to come and possibly the next decentralized stablecoin (if its not UST)

lastly, I hope you guys are well! please do keep your mental health in mind. do spend some time outside or with family and friends. hope that none of you guys are badly burned by this LUNA/UST situation. we'll bounce back in time for sure 👌🏼

stay healthy and safe everyone!

to the top with you

lesson to note: there is no such thing as a guaranteed investment

one of the strongest projects collapsed in a matter of days just like that. who knows what's next?

CPI printed higher than expected @ 8.3%

real capitulation starts today

I thought May 2021 was bad, but this crash hits diff 🤧

for a quick summary on what happened to LUNA for those that didn't manage to get to the complicated threads

https://twitter.com/IOHK_Charles/status/1524384330088423425?t=-Q8vy0rW2uatmucYXwhGtw&s=08

things are getting interesting

https://twitter.com/tier10k/status/1524407985950367744?s=21&t=95gt983otVOcHX3G5DKU6Q

USDT is at 0.97 rn

it’s beginning to depeg as

1) people are getting out of crypto during the bear market esp after what happened to LUNA

2) whales are selling USDT (link)

3) confidence in tether at a low due to its previous cases of being unable to provide proof of its backings

do what you need to and take care

I've converted all my USDT to USDC at a slight loss just to be safe

BUSD would be an alternative as well

Vitalik's comment on algo stables in 2021 :")

man was right

https://twitter.com/VitalikButerin/status/1433426176593186830?s=20&t=1dKkZNRPvJ42rKyADbgybg

total supply of stablecoins have started to dip for the first time

presumably because people are leaving the crypto market after what has happened over the past few days

confidence in the market is decreasing as bitcoin continues to tank in the bear market coupled LUNA going into a death spiral

reflection time —

https://twitter.com/gardenofmyopia/status/1521218159088394241?s=21&t=EvJ4U2sBACXTGS2vquX7fg

reflecting on the past few unforgiving days that the bear market has inflicted

I am now mainly only confident in btc and eth, as mentioned that I've mainly been only stacking these two assets

quick summary of the past weeks:
FTM cascading liquidations
SOL network halt
LUNA death spiral
Rari exploit
(and more that I can't think of off the top of my head)

I understand that this is due to how nascent the space is, and builders are still figuring their way out and learning from mistakes. However, I'm not so sure if these competitors are able to stay in the long run anymore. Just like how in this cycle so many new competitors pop up and took the stage, it will be the same the next cycle. Most of the previous cycle's top 10 are no longer in the top 10 cryptocurrencies anymore. Nobody really knows which protocols will remain viable.

the only two assets that have never failed (yes there are still flaws ofc) are btc and eth. These are the only two that I can still confidently say that will still be around in the next cycle (I hope)

I'll adjust along the way as time goes by whenever things change

and the last thing for sure is I'll be staying in the space regardless

cheers