The Bear Market Is Here
TERRA LUNA, UST & CRYPTO WINTER
The bear market is officially here. Yes, we've been fooling ourselves for a minute. It'd been here since December if we're being honest. So, let me officially greet you lot; happy bear market.
So, what shall we do this time round? Last bear market was spent partially in lockdown, so there wasn't much to do anyway. The one before that, I was a crypto noobie, so I didn't have too much invested.
Some of the moon boys have vanished already, in true bear market style. Some of them vanished in January - which itself is a sign we should have exited and waited on the sidelines. LOL.
One man's bear is another man's bull
Of course, in a bear market, it's still possible to make a lot of money. Someone I know personally made a quarter of a million dollars today within a few hours. It was a bit of a gamble but they made an stunning call. They bought in on the $LUNA crash at around the 90 cent mark, then sold at nearly $7! Crazy 7x in a couple of hours. If you look at the trading volume, a lot of people seem to have done something similar. Not me, I was running errands and was away from my computer at the time, so I missed the opportunity. Oh well.
Trading is gambling most of the time. I admit I didn't see this $UST fiasco coming. I was a mega fanboy for Terra Luna and $UST, and I lost a fair bit of money holding $LUNA. This is assuming the project is not going to come back anytime soon. If by some magic they fix the peg and people fomo back in, some people are going to make millions! As it is now, the brand is damaged and people have lost faith in it, so I can't honestly see it coming back to it's former glory.
The funny thing is how many people I had gloating at me, apparently happy that this has happened. I had a look at Twitter and saw thousands of trolls and bots lambasting $UST and $LUNA holders. It's not like it was my project. I don't understand why people act this way in crypto. Do they not realise that this $UST catastrophe has added to the general downturn of the ecosystem? Billions of dollars of Bitcoin have been sold off to try to fix $UST's peg, and that has led to some liquidations in other coins too (due to the market dip).
We are trying to opt out of the existing, terribly rigged, establishment financial system. Having stablecoins pegged to physical dollars is a joke! Algo pegs are the way to go, and backing with Bitcoin was a nice and novel idea. The fact that some people are happy this failed is a sign that they don't really understand what's happening.
I saw a rumour about Justin Sun being involved. It's not substantiated by any actual evidence, but I wouldn't be surprised if it were true. That guy is like a black hole, sucking the life out of crypto projects 馃槀.
Yes, BTC purists, one should just DCA and HODL forever.
Anyway, like I always say, don't invest with money you're not willing to lose. While I'm not very happy about losing money, I most certainly am not "rekt" like some people are. If this is you, my heart goes out to you. Hope you are able to somehow claw some back in the coming months.
By the way, I still harbour a little bit of hope for the $LUNA and $UST platforms. Yes, it did employ a ponzi paradigm, but it was an attempt at a truly decentralised stablecoin that isn't backed by $USD. It failed mainly due to malicious acts by certain parties, and the human emotion of fear.
Right, off to prepare for the crypto winter. Need to gather some firewood.
Peace & Love,
Ade虂