Hi HODLers,
First of all I would like to offer support to my fellow investors and crypto lovers. I know some of you took a big hit to your portfolios and most importantly to your mental state.
I just want to reassure you: "I have been there"! and You will come back and get better. I saw a lot of depressing tweets and even some scary ones. This is a nightmare, financial ruin for some of you but this is NOT THE END FOR YOU!
A few hours ago, it seems Terra (LUNA) found some footage around $1. $LUNA bouced back to $5 and $UST back to $0.5+!
Just the time for me to take a shower and it was... gone.
This death spiral people kept talking about is continuing in full force and I see no hope until this quiet down, probably in days/weeks!
To sum it up for non-technical users:
- People can mint $LUNA by "redeeming" $UST. They will be paid 1$ worth of LUNA even if $UST is <$1.
- They then immediately sell $LUNA and buy more $UST and so on and so forth.
Therefore, I honestly don't know how the LUNA ecosystem will get out of it.
Do Kwon has been MIA
This is what bothers me, Do Kwon went MIA from the start of this shit show!
Finally after 24-36 hours of NOTHING, he wrote a thread that you can find here where he explains why this happened and why LUNA and UST are down but offers NO SOLUTION or hope.
This guys seemed sketchy and cocky and I never trusted him. I guess he lived up to my expectations.
Stay safe out there, you will make it!
