LUNA 2.0: What's The Prerequisite For Greed & Fear?

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Do Kwon has been the man of the moment for weeks now and this is because of the massive annihilation that happened to LUNA. Sometimes I wonder what went on inside of him and what is still going on inside of him. I mean, I understand that the attack on LUNA wasn't his fault.


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Sincerely for a project to be worth over 60 billion dollars, what does this translates to? It translates to the fact that many investors believed in the project and probably believed in the personnel. But he made some questionable calls swapping Luna for BTC to salvage the attack and this was probably because of the tight spot he found himself.

I mean... Being responsible for the well-being of a project with that much money can make a person prone to making decisions that are not well thought out all in the bid to attain salvation. But, judging the man, I'll say he's quite a loud fellow, and this was how the attackers could even cause more harm.


Losing & How It Affects Trust

However, up until now, a lot of people found Luna to be a very good project, which it is.

The peg was maintained by arbitrage, it's a system that has taken the chain far, I mean, the adoption wasn't in contention, the money was there, however the fact that it was susceptible to attack and later attacked.

The blame games happened a lot. This happened because money was involved. No one likes to lose and when this becomes the case, it's difficult to be calm. Different people with their different theories of what went wrong, most of the time these were from pure sentiments.

But then, there's no certainty or guarantee to any crypto project, the risk is always there, we can only try to reduce the risks and block these loopholes because there are people dedicated to exploiting those loopholes, taking the projects to shit, and making away with the crazy money involved.

Finding New Money Interest

However, LUNA 2.0 in my opinion is just meant to further incentivize people to find more value and interest and this is probably what Kwon is doing with the idea of creating something different and giving the opportunity for the airdrop.

I mean, this is a move to secure Luna. Trust is a major issue in the crypto sphere and this is what he's probably trying to buyback. While many people might see this move as being crazy, I don't think Kwon would just let everything go to shit.

he'd probably not go to jail but then he's given everything and he wouldn't let this major hit take the competition out of him.


On An interesting Note


It's thrilling to understand that many people would still throw in more money to benefit from these drops, however, this isn't totally out of commitment or lately to Kwon, to many it's purely for incentivization to make up for their loss.

Another thing is that many people are attracted to LUNA due to the notoriety, trust me, everything about the collapse isn't all negative. Some people have taken advantage of when it was low to buy deep and sold when it started moving up, earning massive money in the process.

I tend to tend this airdrop is to put a bandaid on the wounds and make the wounds a little less gory than it is, but then since it involves making more money, people would surely buy, however to what end and motive? Most people feel that Luna rebranded is dead before its inception and this is probably a little bit unfair.


Dump Or BUILDL?

However, I do believe that there might be crazy dumping when this airdrop is over, I mean people with the big bags might just take the opportunity to own some sizeable numbers in an attempt to take advantage of the drop.

People are trying to stay safe, but this aiming to get more of this drop by throwing in more money contradicts this concept of safety. Most people are duped, hacked, or have their funds stolen in their aim to make more money and we'd still see this narrative play out in the process of this drop.

It's left to be seen whether LUNA would rise like the phoenix after everything that's happened.




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29 comments
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My main issue here is... What is the use of LUNA now? The main value proposition originally was being able to convert it to UST. Now that's not a thing.

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The way he handled it has shown that he has no care at all. He is only concerned with himself and its shocking.

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Yeah, he's concerned with making himself and the LFG (even though they're supposedly not included in the airdrop) more rich. It's pretty disgusting. Yet somehow people still dump money into his shit projects.

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I think somehow he doesn't want Luna to go to shit and that's why he's making efforts with the airdrop, but it's mainly about more money.

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I think Do's aim is now to revive Luna at least so new money can come in and maybe... Just maybe old investors might recover some of their money.

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The entire Do Kwon/ UST/Luna saga tells us in a way how though UST claims to be algo-stablecoin it still has centralization to it, a point of target. Now with a new chain which am not following developments closely but just feels it is going to be a fail. We all know how airdrops are treated not to talk of a chain that lost everything and got forked. I hope at least investors of the old chain get some money back from the new chain.
Hopefully am wrong about it failing, am not against its success, am after projects that are capable of surviving attacks and decentralized.

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Hahaha well, we all know how airdrops are treated. I've forgotten this chain that gave people airdrop for interacting or trading there. I think UNI, 80% Of people dumped thinking uni would go to shit. It did 10x. So many people just wants to dump and cash out. It's literally free money

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Lol UNI has been one of the airdrop that ended up with best performance price-wise. Some that got and didn't until it peaked would have made a nice profit with it.

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But many dumped it because that's how airdrops are always treated, I'll like to see how people treats this Luna airdrop

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Am here, I will not go chase reading up about it, I will read about it here on LeoFinance lol, my source of news.

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The best source of news if we're to be frank. I think the education here gives is unmatchable.

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It's not like I want to put all the blame on Do Kwon but people have warned him about the possible attack vector but he outright ignored them and called for them to try. I just think Do Kwon is way too arrogant and I haven't seen what he wants to put forward as a roadmap. So what type of value will LUNA 2.0 give compared to other existing blockchains?

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Yeah, I mentioned well enough that he's a cocky and proud guy and he invited the hack. He probably felt the system was infallible and infact he even aided in the hack as well. He's probably learned his lesson.

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I don't really think he learned his lesson because I haven't really seen any reflection on his part. It just seems he is trying to save what is left but I don't see any plan going forward.

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Hahaha subconsciously he's learned. For example, he now knows better that he's not infallible as he thinks. But then he's still not remorseful, we know this.

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Very good article, thank you for providing us with information about Luna.

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LUNA tried to become a phoenix with its fork and airdrop, but instead it turned out to be a pile of shit. One of my most expensive lessons.

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I don’t see Luna going back to what it was before and to me DO has successfully turned it to a ponzi

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Hahaha well, Kwon himself didn't know it would be this worse, he probably invited the hack with his arrogance. I'm not sure he was even affected financially, only investors were.

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