What do you tell a random person who asks you “Can I become a millionaire in crypto if I start investing in crypto?” My reply was, that is the general hope of every crypto investor, no one knows the total secret and playbook of the crypto market, if it was that easy, I would be a crypto millionaire right now. Everyone is truly trying their best and putting the work hoping they are prepared but are we even prepared? The LUNA investors can tell you better, because that disaster was a vast experience, not just to the Luna investors but to others who have something to learn from their experience.
LUNA proved that just as crypto can make you huge returns, it can also wreck your life, because the returns sometimes look unrealistic. How can you make 200X return on an investment within a short period of time, this is sometimes scary, but thinking about how this period is regarded as the early days of crypto makes me keep the balance. Because I am like, “I am sure the stock and share market was like this before reaching its peak”. Because no matter how exciting it is to be seeing these huge returns and gains right now, there is going to be a time where the market might not be this volatile again. May be in the next 20 - 30 years when a big sustainable amount of people have gotten into crypto.
It’s always advised to consider risk management in making sure you are safe, this also includes protecting your assets. Aside the fact that your asset is vulnerable to volatility and price drop, it is also vulnerable to theft. This means that as long as someone has the keys to your wallet, you asset can be kissed goodbye. You can try your best to protect your asset both in value the best way you can, but when things go south that is when you realized that you can’t control the market and you were never as prepared as you thought you were.
But this doesn’t mean that we are just going to sit there and do nothing, because doing your best put you a step ahead failure, but it’s still not guaranteed. I never invested in LUNA, but the experience was like a wake up call for me. Look at the catastrophe that happened after LUNA crash, Celsius went bankrupt, 3AC declared insolvency, voyager declared insolvency. These are companies we thought had it all together, if only one crypto project can cause so much disaster what happens when 10% of the most used crypto project fails?