Wednesday, 11th May, 2022
The Terra UST and Terra LUNA collapse makes for an interesting read. (If you don’t know UST is meant to be a stablecoin, i.e. pegged to US dollar, but maintains the peg via an algorithm with the LUNA coin). After huge demand saw it rise to top 10 coins/tokens, various manipulation by big boy institutions or owners has made it collapse. I hope it does recover the peg, because I feel that for crypto to be a true decentralised financial system it needs a stable coin that is independent of the traditional system. It does work as a stable coin but when people take advantage of situations to make more money for themselves at the expense of everyone else I wonder what the real problem is. However, if you saw an opportunity to make money via “a clever way” would you not take it? Especially as you don’t see all the people who lose out as their mysterious online entities.
You know it’s bad when reddit starts pinning suicide hotlines.
For anyone who does hold UST, then I’d suggest just sitting tight. You can’t control anything about it and the mechanism to hold it stable is still there. You just have to sit through the fear of everyone else whilst they sell out. LUNA holders…I’m sorry, who knows. Of course, Warren Buffet tells us to be greedy when others are fearful. This could be the greatest money making opportunity this year in crypto. Buy a dollar for 35 cents? Why wouldn’t you 😅.
I think I’ve concluded my endless search for a new blog layout. I just need to make it now.
I need to find something else to do in the evenings. Maybe even do some exercise! No, I should plan out the garage rearrange…I still really want a rowing machine.