Is the moon falling down? Is it time to say goodnight?
My recent posts here on LeoFinance have mostly been about the current situation with Terra Luna. As I see my portfolio diminish to almost zero with LUNA, I remember those advices given to me when I first entered this world of crypto - never invest more than you are affort to lose. Still...
What the FUD happened?
If you just tuned in, here's what has happened so far:
Terra UST started to lose it's peg and it sure doesn't look good. Not even though it's recovering once in a while...
...and here we have LUNAs numbers. Don't click it larger, you don't really want to see this.
Here is a common opinion of why it happened:
Full story here
And another good analysis:
If this is true, it's a hostile and sickening attack not only towards Terra, but towards the whole crypto space. Hopefully this is something that can be learned from and if possible, be prepared when it happens again.
As for my journey with Terra, I am going to experience this unbelievable ride until the end. I am currently buying the dip with UST that I still have left and yes, I know, it has also lost it's value so we are not in the most ideal position right now.
Couple of notes
You guys heard the story about the band on Titanic? Rumor has it that they were playing until the ship sank. I have that same kind of feeling right now. I stopped reading Do Kwon's reassurances and all the other peoples FUD. I could have sold at huge loss and still be able to salvage some.
Instead I backed the ship that has been good to me and didn't look back.
Above you can see a picture of my notes, of how I bought the way down. With $75 I bought cLUNA at 61 and got 1.26 cLUNA. In a day or so I was able to buy 1.99 cLUNA with $20. Really going down here with the moon.
It isn't long ago that two networks, Terra and Fantom, were flying high. Then Fantom would take couple of major hits and Terra would take the big one. Feels kind of unfair that these things happened to the best defi chains out there. Maybe it tells us they were doing something right. Or that i have read too many tweets and getting paranoid.
What happened to Arbie?
This here is Arbie. He is a Telegram bot who used to remind me of arbitrage possibilities between cLUNA and LUNA. Arbie has been a constant companion to me notifying when to buy cLUNA and then start the slow burn process towards LUNA. I had the alarm set to +/-2% which made it possible for me to make small profit now and then.
However, in these couple of crazy days Arbie had so much to say that it almost drove me to a brink of lunacy. So unfortunately Arbie had to be shut down.
Arbie doesn't look happy
Historical moment
This must be the biggest thing happened on my crypto journey since that dreadful day few years ago when BTC really took a dive. Truly a moment which we will refer to as years go by.
Maybe it'll be like when our grandfathers were telling us about the World War II, I will be telling my grandchildren about how we survived the vicious attack on one of the best networks out there. And how little UST we had left and how it's value kept dropping and still we bought that cLUNA with all that we got. We refracted it into yLUNA and pLUNA, staked yLUNA and swapped pLUNA for xPRISM and watched the APR rise in front of our very eyes.
You children... you don't know how it was back then... when LUNA came down 96.8%... I was just trying to hodl on... With diamond hands.
By the way, sorry about the way this article was written, none of this actually funny. I'm definitely not laughing. I just watched 60% of my entire crypto portfolio vanish in couple of days. So if you are on this same boat, I really feel for you.
I really hope that this is just a new dawn for Terra. Think about it this way: if by some miracle the foundation is able to save UST and the whole Terra ecosystem, wouldn't this be a great story to tell someday?
Thank you for reading!
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Thumbnail picture Artapixel Pixabay