I also have quite a large RUNE bag (my only positions of size outside of BTC, ETH, and HIVE) so it's been quite disheartening to see this. The first thing I'll say is that I absolutely LOVE Thorchain's core product of decentralized, cross-chain swaps. It's a complete game-changer and it's a shame that this incident will probably discourage many people from using it (even though the swap portion is not affected at all and doesn't require any RUNE token exposure - part of why it's so amazing).
When lending was first released I was interested as someone who actively borrows against crypto (one of the most life-changing things I've done), but I spent the time to dig into how it works and how they are basically going short BTC and ETH and long RUNE and I was very skeptical so I did not use it myself (thankfully). That being said, I didn't expect it would go this badly this quickly, and my thinking was that the people developing this stuff understood it a lot better than me and wouldn't do it if it was really that risky. I was clearly wrong on that point.
Either way, what happened happened, and now we have to look at the future. Like you mentioned, Thorchain's core product is amazing (like, actually mind-blowing, in my opinion) and they generate a very significant amount of real revenue, so it's quite possible that this presents an amazing buying opportunity and I'm definitely going to be looking at increasing my position. It seems like a very Buffet-esque move here - buying into a really solid, revenue-generating product when there's blood in the streets and everyone is fearful.
I like your comment:
I think some very smart people, (some), who are very successful in one area, may believe they will be equally competent in other areas without the prerequisite years of experience those areas require. Other times they over depend on their own reasoning and ideas and ignore the history of what they are trying to do, and why others failed.
You were wise to stay away from something you didn't think made financial sense, most of those situations seem to end badly in cryptocurrency.
This comment is beautiful. Thank you for your valuable considerations. I am one of those who are afraid in these situations