One of the things that astonished me seeing all the tales of losses on LUNA was how irresponsible people had been.I am relatively new to Crypto.I got involved in November just at the top.I have lost about half of my investment pot in that time.This was not easy but I am comfortable with that because I learned and listened to the rules.Don’t invest what you cant afford to lose. Be careful understanding what you are investing in.Understand the risks of the various assets etc. I have literally spent the last six months all day learning the rules of the game so that I would hopefully avoid getting wiped out in this risky market. During most of that time,LUNA has been my biggest holding.
source
Today I am hearing stories of people who gambled their entire life savings.Leveraged up.Took out bank loans.Did not pay attention to what was happening in the market and structure your investments accordingly.Keep some cash to buy opportunities. It is clear that they have spent no time at all learning what they are doing and literally gambling on a bubble.It appears to me they have done no more work than watch a coin bureau video and aped in big time.
Two weeks ago I came to the conclusion there was going to be a correction across the market and although it was hard to do, I moved all into cash to wait to buy at cheaper prices. This is how markets work.
When LUNA price went down, I tried to find good points to enter.I lost money on the way down.I lost money trying to buy back in too, but I was sensible and tried to minimise that.This is not easy.I went all into LUNA with my entire pot when it dipped to 25. I lost 3k in minutes and managed to look after myself and get out quickly. I waited to see what would happen.
LUNA kept going down.Eventually it went to 0.0000x and I bought in. I took a huge risk.Sure, my main aim was to invest and grow my small pot.I put a large percentage on UST and on LUNA and part of that was to support the asset. When I did that I knew it was a long shot as everyone said it was dying but I did it. I got 20 million LUNA in the very last seconds before it was stopped on Binance.
Literally the last second as it was falling to zero. I thought this is what investing is. Taking measured risks. Buying when there is blood in the streets. I kinda regretted it because after I thought that I had just thrown away a substantial amount for me. However, owning 20million LUNA with the small dream that it might come back to even 10 cents would have transformed my life.
Now I see the conversation is that people like me are speculators, and the poor victims who went all in with dangerous amounts are the upholders of the project and the Community.
I appreciate how hard it must be to navigate.I have seen the hate that you have recieved from these people who lost their money and understand how hard that must be to hear.You did not lose their money.They did. People need to understand that there are real consequences or else there is a moral hazard. I am here because I thought Crypto had potential to be an efficient market when there is moral hazard elsewhere and bailouts for the irresponsible and nothing for people like me over and over again.
When I bought my 20m LUNA I thought I was buying 20m LUNA whatever that meant.Sure, I knew the supply situation meant that it would certainly not be going back to $100 any time soon and it would be more like pennies if that.But still, that would have transformed my life and that would have been fair.
Now I am hearing the “victims” of the “ponzi scheme” are to be comensated at the expense of the sensible ones, the onese that threw in thousands of dollars when all was lost for the small chance of the investment dream of a great win and to support something everyone else was abandoning.
All day I have enjoyed owning my 20m LUNA dream and while I am pleased it is all stabilising and you are fighting your way through this enormous battle, I fear that I have just had the rug pulled on me, in favour of the irresponsible and lazy.They complain anchor was a ponzi now, but they were happy while they were winning and made no effort to manage their risk.I managed my risk and did not see massive gains or massive losses.Just decent gains and more losses than wins as I learned the ropes.
Over the last few days on the web, these “victims” have poured hate on you and the project for their own mistakes. Sure, the project made mistakes. You made mistakes and the market showed you those mistakes. Others were recognising the obvious that the market had reached a place where it was worthwhile investing again, at the very bottom and they knew it was a big gamble. But your project was helped by those last few. Sure they were speculating.It seemed all but lost to everyone.Isn’t this how a market is supposed to work? I think we need to think carefully about rewarding stupidity here. My losses have been painful but I don’t complain I am a victim. I pick myself up and know that I have learned a thing and I don’t go Aping into things I don’t understand. I think everyone in this space as it is in its current state of evolution needs to taste the losses to really understand the risks for real. If they cant do that, then they should not be operating in a market like this and the market told them. It’s written plainly at every turn that this is RISKY and you need to manage that.
I feel that this plan carries some moral hazard. It appears to reward those who did not really understand what they were doing. I feel whole last six months of hard work and learning I have done to get better and understand how to invest in this market have been cancelled out just at the point where I might have actually reaped the rewards of all that effort.I want my 20m LUNA to be 20m LUNA, whatever that means. Not 20 new luna artificially re-denominated to have no value because somehow, my trade has been invalidated by someone else’s priority to appease the stupid. Thats traditional banking isn’t it?
Good luck navigating your way through this.As a veteran Technologist and entrepreneur still trying to find my thing, I admire what you have done and can relate to what you are going through, but as others have said, don’t add to the mistakes. Lets not reward greed and stupidity at the expense of true functioning product ecosystems with equilibrium and value.