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great decision but you should also see the reasoning behind luna downfall as any other altcoin definitely not gonna repeat the same mistake again and again, LUNA is enough example for any other smart contract based altcoins to not underestimate any chance of destruction for their altcoins.
the algorithmic stablecoins was truly a disaster so that other stablecoins that have the same underlying technology should be fixing this to save their asses.
anyone should remember that LUNA is just one of thousands of great altcoins out there, it doesn’t represent the current circumstance of cryptocurrency market.
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this has indeed damaged the reputation of cryptocurrency market but luckily at the same time stocks market are also experiencing the same thing that is basically losing majority of its value
you’ve seen thousand billions of dollars also fleeing from stock market I guess its just like a crisis around the globe.
if the current cryptocurrency market could somehow recover back, atleast bouncing back to 80% of its former price it could still be saved, otherwise it will have quite difficult time having investment flow.
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quite literally non algorithmic stablecoins have solved this medium of exchange things, remember that the algorithmic stablecoins like UST is just outlier, but the traditional ones like USDT, USDC , and etc are the ones that got most of the market shares as of today and they are getting backed up by real money so the inflation more or less following the real money that alone already make them great medium of exchange, this is also the reason so many traders considers them as safe haven for keeping their assets
this kind of thing that you mentioned honestly kinda unnecessary.
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this hands down could be the best chance you can get in case of bagging your investment portfolio, so many discounted great altcoins at really low value.
unfortunately though only very few gonna bag and the rest just gonna succumb into the trend of panic selling like usually.
had I have any asset that i could convert into cryptocurrencies I definitely would but guess what, my portfolio already down so bad as well.
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stablecoin should just getting pegged with real USD I think.
no point in using other instrument if at the end of they day they also have dynamic value, just imagine a bearish market hits and the reserved fund for the stablecoin gots disturbed it’s just not really a great strategy for these stablecoins.
instead these decentralized stablecoins could just also add pegging to other traditional stablecoin just in case, and increase pegging in real dollars.
current strat of decentralized stablecoin is really weak in my opinion.
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if a project has value near to zero I think it’s pretty much done for and gonna gets delisted ASAP.
however there is definitely a chance for making instant gain like the ones you mentioned in the case of LUNA but it’s just some very few people that made gains compared with majority that losing their millions.
if these great projects that you mentioned and proclaimed could somehow keep their market solid and not getting abandoned by the masses surely it’s just matter of time until they get back up again but projects that purely relying in the hype alone could easily vanish into void.
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investing in new project honestly isn’t some trivial matter, just imagine the risk you could literally lose majority of your investment if the project failed to deliver what it really promised.
instead newbie should just stick with an already existing project like ETH and the likes since the worst case scenario is that this investment could go down few percent and could literally go back up again in the future.
meanwhile the new project could literally vanish into thin air
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surely there is always some ulterior motive behind any youtuber’s shill, lets be honest these youtubers doesn’t want you to be rich instead they themselves want to be rich if you think that they are going through all the hard work of editing their youtube content just to make you rich for free then you’re day dreaming, there is nothing like too much money in this world and surely the youtuber definitely gonna make some fortune out of their shills either they already bought first and wants it to increase in terms of price or they are already down in investment and wanna cash out.
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this revival plan just gonna make another shitcoin v2 it’s basically the same thing just different altcoin holders, after all so many people have lost their fortune surely they won’t be bagging these luna v2 again if they truly care with their investment portfolio.
the thing that luna really requires as of today is billions of money for pegging their stablecoin otherwise any other means or effort of reviving their luna gonna be a waste of effort and just doing useless thing at least thats my 2 cents.
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if do kwon have the amount of reserved fund equal to the total supply of UST in 1:1 ration then it’s possible otherwise it’s day dreaming because many of UST holders
has lost confidence they might as well switch over to something like “real” stablecoin like USDT, USDC and the likes staying faithful with UST is just wasting your time
and getting UST back to its $1 value is no easy thing unless do kwon has billions of dollars in his posession that surpass UST total supply.
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It’s just some people are greedy and just bet on their whole life in order to make themselves rich thinking that they are the chosen ones that gonna be making the most out of the market
turns out they exists for simple reason of transferring their wealth to the big capital holders that causes this mess.
I’d say that in every investment instrument there is always these kind of outlier that definitely gonna sell their house for making a bet and as ridiculous as it sounds, it happened in so many people
the basic rules doesn’t really work with these people.
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the total supply of luna already inflated so much, regaining its former price would be such a difficult thing to do unless it could somehow surpass the market capitalization of bitcoin, even their proposal of creating new altcoin based from their luna snapshot could also hardly bring any success since lets be frank, here, how many of you gonna trusts a founder of coin that went literally from hundreds of dollars to zero in just a matter of a day, I bet so many of you gonna be careful in investing into such altcoin coming from the same founder.
I think luna is pretty much done for.
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I think aside from the fact that ETH is burning its coin every day, the growth of market capitalization and its trading volume added with so many quality projects emerging in the platform that quite literally increase the demand for ETH also have big roles.
I do agree with the fact that ETH has become rather less “risky” and is at the same level of BTC and maybe even better investment option for some people based on their preference.
but need to know as well that the market is still pretty much dictated by bitcoin and its market movement.
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I honestly doubt it gonna ever go down below sub 1K honestly that’s just unrealistic considering that so many miners has also shifted to ETH again although PoS just gonna rolls out and it’s already right in front of our face.
regardless the current bottom of the bearish is really hard to see, the most recent massive correction happens so suddenly that most of us only realized losing so much money just really later on or you can say we are late to save our ass.
getting in the market right now could either be a great decision or really bad decision, because sometimes bullish also comes suddenly.
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just buying either BTC or ETH is always the best option, you just couldn’t get wrong with this two major coin because they are already proven to be reliable.
unlike certain coin that gets a massive correction, BTC and ETH have been through so many bearish and bullish that you could almost be certain that these two coin, even if having massive correction, will eventually going back.
the rest of altcoin just sometimes doesn’t have that reassurance, so it’s better be careful specifically in such harsh market like the current market because anything could went wrong and your investment portfolio could become the next thing that gets “corrected”
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this coin has become a new shitcoin for most of traders nowadays, the total supply is even already too much I doubt it could ever recover back, having valuation of $1 alone is already such a feat considering its total supply that is already reaching trillions.
regardless I guess do kwon just gonna starting over again having new altcoin or even rolling back to it past snapshot for luna specifically.
the current state of LUNA is already beyond any help so I wouldn’t expect something great coming out of this coin, anyway it’s already ever reached 0 I see no reason why so many people still holding on to it.
there are many that bought at really low prices but guess what, this coin soon become obsolete.
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current market circumstance has indeed offered massive discount for anyone that trying get into the market but you should also remember that there is many chance of further market correction being told by some veteran analyst.
although thats all after all just speculation but we all know that the current condition of the market is really unstable that any investment could either become massive profits or just gone into oblivion, so you should be a lot more careful in investing.
although i’d just choose second option honestly, looks better than the rest.
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yes even saving our fortunes in stablecoins also requires diversification, sounds ridiculous but that’s just the truth nowadays, algorithmic stablecoin I think will always be more riskier than stablecoins like USDT and the likes.
after all it’s not purely backed by dollar in ratio of 1:1 instead it relies in an asset that has very dynamic valuation and guess what, i’d definitely refrain from stablecoins that are algorithmic I guess.
it’s just that, not many of us tought that a stablecoin like UST could ever become such a disappointment but here we are, so many of us caught off guard and as a result losing quite of our fortune, even though a cryptocurrency that are at least top 10 are always being considered as safe haven.
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Not possible for this time. The bull come and it will possible to happen but the question still remain the same about when? No one knows the answer for this question but yeah that's how market is working right now.
Im sure that you can be patience waiting for recovery to come but if luna keep dumping their bitcoin to the market and the downtrend will still continue. This garbage foundation can't even create a proper stable token.
You must be careful when deciding to buy any altcoins during the bearish market
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