It has been an interesting and eventful week in the crypto world. Bitcoin and other crypto assets dropped significantly in price. For some it may be depressing, for others this might be another opportunity. Prices go up, prices go down. But only in crypto prices go up and down too high and too low, all at the same time. Many saw their portfolios decline. But those who were invested in Luna and UST were hurt the most. This may have even provided psychological relief to those who hold bitcoin and other crypto assets but not Luna and UST. So what if bitcoin drops to 25k? At least it didn’t go to zero., were the thoughts going through the minds of non-Luna crowd.
By now the news of the UST de-pegging and Luna going to zero travelled around the globe. Just like news, crypto enthusiasts like traveling as well. The most desired destination of such travels is the Moon. Everybody competing in who can create the best tech that can fly to the Moon. Everybody competing which project to invest in, which ticket to buy, to be part of this journey. Terraform Labs may have been the winner in this race. Luna was one of the best performing crypto assets in 2021 and early 2022, if not the best. UST attracted a lot of attention and interest as an algorithmic stable-coin.
Just the naming of Terra Luna is quite interesting to me. In English it would mean Earth Moon. In a sense, those who were investing in Terra Luna were buying a ticket to a space shuttle to the Moon, the most desired destination for all crypto enthusiasts. The best part is, Luna made it to the Moon, regardless of the passengers realized it or not. What many may have not realized is that this was a round trip ticket. While the technology and the project could take its passengers to the Moon, it wasn’t equipped to start a colony there. That’s why after making the journey to the Moon, the shuttle had to make a U-turn and return to Earth.
What a fun and very expensive journey this was. I do feel sorry for those who lost their money. At least they got to experience such a unique ride. I hope they will find another technology that will not only take them back to the Moon but also let them stay there if they choose to. Who wouldn’t want to stay on the Moon? Earth is boring. Yes, I know humans aren't going to survive on Moon. That place is meant for bots. But the view. The view of the Earth from the Moon is beautiful, I hear.
I was among the ones who didn't buy the Earth - Moon ticket and missed the journey. Instead, like other boring people ended up boarding the Hive space ship, which is really taking its time for take off. Hive engineers are so conservative and protective of this ship, that calculate everything, and keep building equipment to make sure a soft landing on Moon and survival once we get there. This has become obvious after we learned what happened with Terra Luna experiment.
UST is backed by Luna, and UST holder could in the past convert UST to $1 worth of Luna. Similarly, HBD is backed by Hive network and HBD holder can convert their HBD's to $1 worth of Hive at any given time. I haven't been fond of some of HBD's protective features. Among them are small conversion fee, converting at the average price of future 3.5 days, and the haircut rule. It turns out these the brilliant security measures, that are in place to prevent failure of the mission and causing both HBD and Hive getting into a death spiral of the black hole.
While the whole Terra Luna and UST fiasco is a sad story, and we wouldn't wish anybody lose their property and value of their assets, this will serve for many as a great lesson. It will serve as a lesson for Hive network as well and its continuous efforts in offering an algorithmic stable-coin. It has been clear that HBD is a better technology. But arrogance won't help anybody. Being boring and humble will serve better for Hive and HBD in coming years. People will recognize the solution Hive offers when time is right for them to do so.
One of the most interesting stories about Terra Luna and UST I saw was by Coffeezilla on youtube, who focused on arrogant behavior on social media by Do Kwon, co-founder and CEO of Terraform Labs. It appears only few months ago Do Kwon was taunting billionaires on Twitter, challenging them to attack Luna and UST. Such actions even lead to a 10 million dollar bet against Luna, that Luna would fail within a year. Do Kwon seems to have accepted the deal and may have lost it already.
I admire the confidence in something you build and are in charge of. But was it really necessary to make real bets on public forum, especially when your actions can cause market behavior one way or the other? I am not suggesting this bet was the reason that lead to what happened with Luna and UST. I don't know. Nobody seems to know. What we know is there was a flaw in the design, and some have expressed that long before these events took place. Showing arrogance and engaging in serious bets like this may serve as a distraction from building useful things. Perhaps better approach could have been taking constructive criticism presented by everybody as tool for testing the flaws in the design and code. Making bets on Twitter, or even just using Twitter is huge distraction for someone who is on a mission to take their passengers to the Moon.
Maybe it's not Do Know's fault. Maybe it's just Twitter. Another rocket engineer, Elon Musk also lost focus from his core mission to take us to the Mars because of Twitter. Elon didn't make bets on Twitter. He just decide to buy it. In my last post I wrote about Hindenburg Research taking a short position on Twitter and predicting that Elon would try to lower the final price of the Twitter acquisition deal or maybe even walk away from the deal. Elon just recently announced that the deal is on hold until they verify the number of bots on Twitter. lol. What an excuse! Since when Elon doesn't like bots. He created the most sophisticated ones that build other bots.
It has indeed been an interesting week in the world of crypto and space journeys. I think we will all make it, as long as Twitter stops distracting us from things that matter the most.
Posted Using LeoFinance Beta
Funny article and yet very serious. Even as i laughed i couldnt stop feeling for those that where in the space ship as it crushed. I just hope they all hung on. Unfortunatly the bears are here to shake people out of the market and those that will be standing will go to the stella
You had me at the title GG. 😂😂 Superfunny!
It was a great roundtrip from Earth to Moon and then back to Earth. Honestly, it feels shitty down here. 🙈
Posted Using LeoFinance Beta
She's really making a point with the post, but I'm not sure if the of all the things the moon might be better =?
Moon is better than the earth. Not much air to breathe so less pollution would go inside. 😂🙈
Posted Using LeoFinance Beta
I would start selling moonpie on the moon's dark side to fight depression.
To the moon! 😱 lol
Crazy what happened with Tera and as much as people say it's coming back I think it's time lessons are learned and to move on really. It's going to be a long ugly road to get back to those levels again. It does worry me a bit about HBD and Hive. I personally never liked stablecoins really they open up a hole for the SEC to step in and regulate and I feel it takes away from the value of Hive. If all of that money was just added into the price of hive I feel we would be in a better place?
I do like HBD stablecoin since it creates a PayPal-like payment system. Fast, no fees and almost pegged to the USD - much better than paypal.
The real utility comes when it is ACTUALLY implemented and vendors start accepting it as payment. The no-fee feature is what seems to appeal to the normal folk, but for a person in a country under US sanction, the existence of HBD does wonders when it is (again) implemented.
Simply logging into your paypal account from this area's IP results in a ban. No need to mention that Swift isn't available either. So HBD seems to be the only semblance of hope.
But your point stays rock solid cause... where are the vendors utilizing HBD?
I do know the only one that is @tommys.shop's project... we need more!
That is one. There are others. It is important to touch upon them all with HBD.
Posted Using LeoFinance Beta
That is right. Could you point me to some ideas regarding that? or rather what I'd need to search for?😅
I've been thinking about the implementation of bonds into the first layer, and I believe the idea was touched on and presented a couple of times in the past months. The problem is what would be held as collateral... maybe HP...?🤔 Could be interesting, imo.
You cant have an advanced monetary system without some type of "stablecoin". How that is achieve can be debated but the idea of cryptocurrency, as we now see, it acting in so many capacities is not going to happen. This includes HIVE.
Volatility is the enemy for a lot of monetary use cases. That is something that is unavoidable with the speculation based realm that is crypto.
How to build true value in a stablecoin is something worthy of discussing.
Posted Using LeoFinance Beta
There is a good theory that interest in HBD will help the overall value of Hive. Only time will tell if that works in practice. Even if it doesn't, since Hive powers games and apps, having native stable-coin can help create interesting economies within apps and games. So far, most are choosing to go with their own tokens and that's why he haven't seen HBD use much yet.
That was a read with Sunday in mind.
The debacle is a lot for many to swallow.
I like the metaphor of going to the moon and come back to earth. This is really close to reality in crypto sphere.
Hope Hive and HBD have way better algorithm to control such feat to never happen to our blockchain.
After all this is a long journey for crypto.
Sad to see Terra luna/UST have to go through this for future reference.
Crypto will remain strong despite this huge dent.
!BEER
Posted Using LeoFinance Beta
Stable-coins have proven there is a demand for them. That's why I think people will continue experimenting with different ideas. HBD is a good contender in this race.
Maybe next time they will include some seatbelts for the crash landing.
😂😂😂😂 and maybe some parachutes to fly off the rocket and not crash land 😅😂
lol
I am sitting here, with my ticket on the HIVE spaceship and I am so ready for take off. My only question is: WEN moon?
Hopefully SOONtm
I did not lose any money with UST and TErra Luna. Although I bought 500k tickets today just to make sure should the LUNA ship take off again I have a ticket.
Very good read, and I did not know of that bet. If someone would bet 10 million on such an event, maybe they also would do everything in their power to make that event occur...
Just some conspiracy theory here.
!BEER
Posted Using LeoFinance Beta
That's so true! And all the posts.
It has been definitely a crazy week, and as you say, there are opportunities, declined wallets, people who see the glass with water, and people who see it almost empty.
From this moment, I think it's going to be a very interesting time since we don't know how the crypto market is going to react. Wel... we never know, lol
yup, gotta luv the crypto! that's so funny.. musk doesn't like bots, yet he makes the ultimate bots!
You said it perfectly - this was a round trip journey to the moon. Those who bought the ticket were forced to enjoy the ride all the way back to Earth. Unfortunately most people bought the ticket when the rocket was already on the moon.
Posted Using LeoFinance Beta
Greetings @geekgirl I really liked your story very creative and took us to reality in a very creative way. Like you I am waiting for our Hive rocket to advance to visit the moon and reside there with a lot of balance and without arrogance.
See you later, have a great start of the week.
A post worth spending time on, with a well done narrative. For me the news of Luna was a bit strong, I do not want to imagine for those who invested.
Or are still running LUNA based DApps with a whole team of ppl
I also watched this from very far. This was an interesting week and the story seems far from being over. In the meantime:
I discovered Twitter recently and I enjoy that platform when in the metros. This shows me highlights of Hive posts I would have missed otherwise, as far from users I follow or my interests. To this extent, I should say "thank Twitter" :)
Luna seems to have murdered people over the weekend.
That about right
Do kwon is a bigger liablity for terra than UST. You don't need to be an economist from wale to ascertain the consequences of decisions made by him. And the twitter betting isn't the only overconfident thing he has done in his life. History has proved that algorithmic stable coins have descrepencies. But the Do-kwon didn't just refuse to accept and mitigate them but went overboard challenging every critique. And I just hated how rudely he behaved with them, calling outwrightly poor. Not the hallmark of a professional, he need to head to kidengarten again and learn to respond and not react like 5 year olds.
While the technology and the project could take its passengers to the Moon, it wasn’t equipped to start a colony there. — wow! I like what you did with this analysis. In other words, it was capable of being a success, but not capable of handling it !
Instead, like other boring people ended up boarding the Hive space ship, which is really taking its time for take off. — right here we realize and know the fact that it’s a marathon not a sprint race.
What an excuse! Since when Elon doesn't like bots. He created the most sophisticated ones that build other bots. — a typical do as I say not as I do scenario , Lol .
Gosh, this was a brilliant one @geekgirl. The Luna-UST dump had shocked the crypto world and a lot of people around me who weren't even crypto enthusiastic were talking on and on about it. I think, this event shill more light on crypto.
You are right, HBD-HIVE technology might look boring and humbling but we sure are on the right track. Because those in charge are doing their best to make this sustaining instead of trying to get to the moon faster with no provision to stay once we get there.
With the effort that is placed into our HBD to Hive technology, when we finally get to the moon, we'll definitely stay and survive there. By then we will be looking on that beautiful view of earth that you talked about.
I have no idea why Elon musk who had promised us an abode in the moon is now concerned about Twitter. Time will tell.
Do Kwon got arrogant and was shut down, simple as that. Instead of providing value, he went to win the Twitter race.
His stablecoin was not prepared for such market shock and this is the result.
Sometimes I wish Hive would moon, but that just reminds me of when it breached the $3 mark and came crashing down.
I think Hive is valuable, but not valuable enough to moon, yet. That $3 breach happened when nothing had changed in Hive at all and the price was rising rapidly (manipulation or hype). These two, I believe, are the toxins in the crypto world.
Also, I believe such projects as Luna are just a playground for people like Do Kwon to test and play with people's capital.
This vid for more info, if you haven't seen it. I might sound like a conspiracy theorist, but I believe if the dots are connected properly, something will come out...
There were not any safeguards in place when it happened. From what someone mentioned the other day, there was one in place but it was abandoned.
So they did not secure things whatsoever.
Posted Using LeoFinance Beta
The everlasting search for the algo stable coin :D
Ouch! That's gotta hurt... Guess we gotta learn from them and fortify ours as best as we could to prepare for most shocks out there...
I watched that video too. It is a good one and very informative. Thank you.
Lol saw some people posted about P10k to P100k due to the pump. That would only happen if they invested a lot though. Not even familiar with Terra Luna but a lot of people like to get into hypes because of posts like that. Oh well.
A beautifully written and educative post.
I wasn't aware of the public bets until now, I wasn't really necessary. So aside the loss of the crash, there was also a load of that money.
Could it be possible someone tried to prove them wrong?
Posted Using LeoFinance Beta
Probably. But money is a bigger motivator though.
Do Kwon seems to be unrelentingly about the saga though. And he intends bring up a new plan to regrow the reputation. UST seem to be out of sight now and just Luna is being used as A ccompensation plan.
No doubt he also lost, but then I wonder who on the developers side gained in all this.
The fall of Terra rocked the crypto world and sad for those who had their wealth slashed off them because of that fall. But despite of such circumstances, life goes on.
Posted Using LeoFinance Beta
It's the hottest topic of the week. Maybe even in years for CT. But some used opportunity well, when they bought at the bottom. It went 200x up. What do you think, is Luna dead? Or it will burn to live again? How ever that sounds.
Crypto world is crazy. So, I don't have an opinion about the future of Luna.
He is a big crook. I remember the bet of $1 million that Luna won't fall below. Boasting like that should have got the alarm bells ringing !
!PIZZA
Posted using LeoFinance Mobile
I think everyone should take UST/LUNA as a learning experience and that is why people need to consider more than just yield.
As for Elon and Twitter, I feel that things could have been done behind the scenes but I guess making it public means he might consider Twitter too overvalued.
Posted Using LeoFinance Beta
It has been an intense week for every investment, not only crypto but also S&P500, NASDAQ… and so on, but of course, everything in crypto is a lot more dynamic.
Too bad for those who lost huge amounts with LUNA, I have seen some terrible testimonies of this. I do think it can somehow record just a bit, but not in the medium or short term… users are still frightened and doubtful, regarding all the effort Do Know seems to be doing. Let’s just hope that those who trusted LUNA environment can recover at least a bit of what they lost.
And the carnage might not be done.
The markets are jittery for a reason.
Posted Using LeoFinance Beta
Terra give us a perfect example of how some crypto investments works without having proper plan for bearish season and also bullish season. This is why hive is very different and making it for me to choose hive each and everyday
Posted Using LeoFinance Beta
Yeap, the hype was real
@urun
The crazy thing is that still people buy Luna.
It's apparently going to be forked with an airdrop for people who own the old token, so there is a reason to buy it (at some price) if you think the new version has a chance. I guess this isn't finalized, so that's another uncertainty, but still a chance to bet on.
That is the bad thing. Crypto market becomes a big gamble. Maybe except BTC.
These various projects have always been speculative. And the value of BTC is speculative as well, though BTC itself is about as solid as it gets in crypto, independent of its particular dollar value.
that's great inside info. thank you. I might buy some.
Be careful. There is a proposed token distribution, where a lot of it goes to previous UST owners and previous stakers. Understand what you're buying, and also how to make sure you get the airdrop (if any).
sure. thank you. If I do buy any I definitely won't put much into it.
I'm not following it closely. I saw something about a "vote" against the proposal, but I'm not sure if it was a true vote or just a poll on a forum. Anyway, advice remains, understand what you're buying.
thank you smooth.
Good news, but unfortunately I was involved in that case. I also had a little loss in the crypto store market, I was trapped because I bought LUNA coin at a price of $7 USD . But now the price of LUNA is falling and buried by the ground,
I hope that the Luna coin will rise again to reach the month of greetings and thank you
What happened to TERRA I am sorry. I am also worried about HIVE who is a DPOS like TERRA. I hope the two blockchains have few things in common anyway, I'm talking about the technical aspects.
Posted Using LeoFinance Beta
For some it was more than depression. Some people commit suicide in my country.
Beautifully composed, excellent writing, more of this please!
excellent writing😎😘
PIZZA Holders sent $PIZZA tips in this post's comments:
@olympicdragon(1/5) tipped @geekgirl (x1)
Please vote for pizza.witness!
This post has been manually curated by @bhattg from Indiaunited community. Join us on our Discord Server.
Do you know that you can earn a passive income by delegating your Leo power to @india-leo account? We share 100 % of the curation rewards with the delegators.
Please contribute to the community by upvoting this comment and posts made by @indiaunited.
View or trade
BEER.Hey @geekgirl, here is a little bit of
BEERfrom @pouchon for you. Enjoy it!Learn how to earn FREE BEER each day by staking your
BEER.View or trade
BEER.Hey @geekgirl, here is a little bit of
BEERfrom @solymi for you. Enjoy it!Learn how to earn FREE BEER each day by staking your
BEER.Congratulations @geekgirl! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s):
Your next payout target is 40000 HP.
The unit is Hive Power equivalent because post and comment rewards can be split into HP and HBD
You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOPFantastic .
Posted Using LeoFinance Beta
!PGM
Twitter helped me out by deleting my account.
BUY AND STAKE THE PGM TO SEND A LOT OF TOKENS!
The tokens that the command sends are: 0.1 PGM-0.1 LVL-2.5 BUDS-0.01 MOTA-0.05 DEC-15 SBT-1 STARBITS-0.00000001 BTC (SWWAP.BTC)
Discord
Support the curation account @ pgm-curator with a delegation 10 HP - 50 HP - 100 HP - 500 HP - 1000 HP
Get potential votes from @ pgm-curator by paying in PGM, here is a guide
I'm a bot, if you want a hand ask @ zottone444
Ups and downs are everywhere. There is no static in the world of crypto. You will always be thrown forward. This path continues and reaches the goal with the community. A goal that never ends! Nothing matters. Only transformation is important. Bitcoin once fell from 16,000 to 3,000. It went up to 60,000 and where is it now? Where will it be tomorrow ?!