May 11, 2022: $LUNA Eclipse ππΊπΈ
Attack on Terra stirs questions about regulation, conspiracy theories
Thanks to @cryptochamomile for the headline
As $LUNA nears capitulation, a call for humility and compassion.
Those of you who know people who were heavily exposed to the Terra ecosystem, reach out and make sure they are OK. For everybody who got involved for the wrong reasons, plenty of people trusted their friends and didnβt know any better. Poor people feeling wrecked by inflation, desperate for any refuge, are now hurting more. Talented builders who just followed the users are seeing their work erased.
Let the sins of the past remain in the past. For our movement to succeed we need to build a global community. We need to extend a hand up to the displaced members of the Terra community and invite them to bring their talents to benefit the broader movement.
This morning, Terra slid further, with UST depegging as low as $0.30 before recovering to $0.58 at time of publication.
The $LUNA token dropped even harder, down 95% in the past week to $3.82 and 43rd on CoinGecko.
Kwon issued a lengthy statement, most notably conceding that $UST would move towards a collateralized model.
The Terra community will probably survive in some diminished form and begin the rebuilding process. Billions of dollars worth of money has been unimagined from existence. Truly a wild time.
Any of the rumored bailout plans would have inevitably benefited insiders at the expense of outsiders. Instead we ripped off the Band-Aid.
To understand the mechanics of how it happened, this describes it in full detail.
Those of us still standing have to prepare ourselves for the next battle. Make no mistake, the regulatoooooors are coming. They are merciless, indiscriminate executioners. They smell weakness and are ready to act. We must prepare to fight. Todayβs post for paying readers discusses how.
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