Whoops! What a long and bloody week for us the crypto folks as I can't believe it's Friday already. The market dump made it look like we've spent more weeks than it is. The Luna Issue made everything worst I must say.
A lot has really gone down these past days. At least from on my timeline, I have read where suicide cases were reported, angry minds every tweeting, fear, and greed (those shorting).
This is crypto and nothing is really new to me. Dumps and pumps are meant to happen and the market reacts to news faster than we can think. The Luna and Ust crash was a bit similar to that of Usdn and waves. But this time, it's way worst than we experienced. When luna was at $20, I tweeted that waves had more dump than luna. But I was corrected that Usdn/waves were nothing to be compared to this;
https://twitter.com/CryptoDonAlt/status/1524146447981199360?s=20
- CryptoDonAlt
In fact, mistakes are meant to happen. The blockchain isn't perfect yet and we are first-hand users.
Changpeng Zhao's Reaction
Earlier yesterday, the CEO of Binance reacted to how everything Luna & Ust played out between Binance and Luna team since the attack started.
He iterated how Binance priorities user protections which was why Luna trading and withdrawal were suspended earlier. He also stated how he felt users are blindly purchasing the token. That's good, right? Now, here's where things got interesting.
It's very normal for the Binance team to reach out to projects listed on their platform to request updates especially when they are facing issues. This has been their ritual when there are issues somewhere.
They did the same with the Terra team but they never got feedback. Cz stated and I quote;
As seen above, they advised the affected project to burn the extra tokens. Xz was disappointed that they didn't respond to them. I'm sure Cz was a bit paranoid this time which was why broke the rules to publically tweeted the private message.
I honestly don't blame him for expressing how he felt via tweet but same time, we are humans and we are meant to overreact when we lose it.
The Terra team has agreed on a solution that I believe doesn't align with CZ's plan.
What's your take on the Cz's tweet?