All of us who are linked in one way or another to the cryptographic world know the catastrophic story of TERRA ($ LUNA), a cryptocurrency with such a tragic result for the crypto users who trusted it, as recent.
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Fortunately, I never put my trust in that cryptocurrency, but it is normal that many people (thousands of people) put their money and their trust in that crypto before the crash, because it was one of the most reliable in terms of market capitalization. In fact, if I remember correctly, LUNA was ranked in the top 20-10 by market capitalization.
So, it was not unreasonable for investors and traders to bet on its long-term stability and operation, even more so if we consider the functioning scheme of its ecosystem.
But what happened? The cryptocurrency fell and fell and fell... It is clear that there is no one who wants to take responsibility for such a drop, but all the responsibility for the matter seems to point towards its CEO and creator Do Kwon. Now, is Do Kwon to blame for LUNA's crash or not? We don't know, but for now South Korea has issued an arrest warrant for him, and therefore he cannot set foot on his own land.
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What is very clear with respect to the case of TERRA LUNA, is that the crash was the fault of a great manipulation of the market by powerful hands (call it the founder, or the whales, or institutions), because such a resounding fall was not not even remotely the result of chance, so it would be truly naive to think of such a thing with so many millions of dollars at stake.
The LUNA thing (like so many other cases) reminded all crypto users that we should not take anything for sure in the crypto environment, that is, we cannot, nor should we, totally trust absolutely nothing, no matter how strong it may seem, but instead We must correctly manage our capital, carry out the necessary technical and fundamental analyzes and be very attentive at all times to everything that the market does in order to be able to act in a timely manner in any way. And this applies to Bitcoin, to Ethereum, and to everything.
Now, this does not mean that we should not continue investing and trading, but that we should do it carefully at all times; because we never know for sure everything that is happening in the markets, no matter how promising and solid said crypto project may look look.
We could say that everything about LUNA led to a huge distrust in the crypto market, but it is not like that; since all of us who are immersed in the cryptographic world here know the risks of the environment, but what it did generate was a total mistrust of everything that may be linked to LUNA and its founder Do Kwon.
Therefore, all this distrust (fully justified) that has been generated around the case, makes all crypto users become totally skeptical when seeing that LUNA has increased by 300% in September 2022. Because after the crash due to which it almost reached $0 (and excuse me for the expression), who the hell cares anymore??
I mean, as far as I'm concerned, LUNA can be worth a million dollars if she wants to; but I am not going to get into a cryptocurrency that has already proven to be completely untrustworthy. So there is nothing else to say about the case.
Because trust in life is important, and cryptocurrencies are no exception, therefore, once lost, it can never be regained. And for most crypto investors this is also the case; because pretending that we are going to forget what happened with LUNA, no matter what happens, is naivete of epic proportions.
So, as far as I'm concerned, LUNA, Do Kwon and everything related to them, they can never have my trust, and not because I lost money with said crash (because it wasn't), but because it's not fair; nothing happened and it was clearly seen that everything that happened in this regard was a manipulation of the most heinous and of the worst kind. Because we all know very well that in the crypto field there are usually already enormous inherent risks due to high volatility and market conditions, to have to face such risks on top of that.
What do you think about the topic discussed? Please comment.
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@piensocrates