Like most people here (power of deduction) I was hurt by the Terra LUNA disaster and lost some cash. I didn't hold any LUNA at the time of the crash but I did have some UST, which is now worth around two beers.
A few days ago, most major crypto exchanges announced they would support the LUNA 2.0 airdrop, including Binance, which is where my UST was being staked.
Binance temporarily suspended all operations regarding LUNA and UST and a few days later (yesterday), I received around half a LUNA (not sure why) and the equivalent of what I had in UST in UST Classic, which is now worth one beer.
So the question is: what now?
No one knows for sure what's gonna happen with LUNA but I agree with all those who predict that investors will simply try and get rid of their LUNA and UST, trying to recoup part of their investment, which will inevitably drive the price down and keep it there for a while. And I agree that faith in the project might be lost forever.
Fortunately, I didn't invest life-changing money in UST, so whether I get my full investment back or not will change my day but not my life.
A few days ago, I argued that Do Kwon will eventually have to do more or less exactly what investors want him to do. Pressure will increase and as investors lose patience, it is going to be increasingly difficult for him to bull*hit his way out of this situation.
The problem is we're now looking at a -45 billion dollars on our collective balance sheet and even if we managed to get some of our money back, which in my opinion we eventually will, it is highly unlikely that we'll ever witness a resurrection of LUNA.
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I think people will just try to sell off their Luna airdrops causing more downwards price.
Posted Using LeoFinance Beta