If you're ever feeling down or angry at yourself about UST/LUNA, don't beat yourself up too much over it. It was highly sophisticated deception. A lot of brilliant minds fell for it. For example, Three Arrows Capital bought 10.9M locked LUNA for $559.6m - it's now worth $670.45.
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It wasn’t deception… It was an algorithmic stablecoin. There hasn’t been a successful algorithmic stablecoin. It was a HIGHLY speculative asset and one of the best performing crypto assets of the year. If you were buying/not taking profits at those levels it’s your own fault.
You are confusing UST and LUNA. LUNA was highly speculative and performed well. UST was a stablecoin and performed... Well, exactly as it should. $1 = $1. Not speculative at all.
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It is speculative because there has never been a stablecoin of its kind that worked. There was no reason to assume this could not happen to UST. It had already depegged once before—all it took was someone/a group of people with enough funds to exploit a built-in mechanism.
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So it took someone committing investor fraud to depeg a stablecoin? Wow
End of conversation
New conversation -
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The writing was on the walls.
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