Lessons Learned from Luna Coin and TerraUSD's Collapse that Will Save Your Financial Life
At least if you learn from them, they will
In Investing, Arrogance is an Investment Character Flaw as Bad as Being Overly Emotional. Both Will Cloud Sound Judgement Necessary for Investment Success
What can we learn from the implosion of Luna coin, led by CEO Kwon Do-hyung (in Asian culture, it is customary to write a person’s name with the family name first, so yes, Kwon Do-hyung is the same person referenced in Western media as Do Kwon), when it collapsed from a high of $116 and a market cap of $42 billion at the beginning of this past April to just a fraction of a penny to a market cap of under $200 million by 13 May? A lot. A whole lot.
Let’s begin with Terraform Lab (creator of Luna and TerraUSD cryptocoins) founder Kwon Do-hyung’s arrogance and the willingness of mass media outlets like CNBC and mass media crypto news channels to parade him on their channels like he was the next brilliant mind in crypto, at a time when whispers were already growing quite loud about the unsustainable Ponzi scheme like nature of TerraUSD and TerraLuna. In other words, just like the mass media always does, they performed zero due diligence on TerraUSD and Luna coin, and granted Kwon Do-Hyung an unfettered platform to mislead millions of people about the risk/reward paradigm of Luna and his unstable coin TerraUSD, simply because mass financial media these days is more interested in presenting angles to stories that will attract the most advertising revenue and clicks than in presenting any semblance of truth. So, as I said a million times, listen to all the big talking heads about crypto being paraded before you on mass media crypto and financial outlets, and you will understand little to nothing about real risks of the crypto asset being paraded on these channels. For those that think the most popular cryptocurrency news sites are any better, did any of these cryptocurrency news sites warn you of massive price crashes in March/April of 2021 and in November of 2021 before they happened?
If they did not, case closed. In fact, let me explain to you the lack of realism that is still ongoing about the bitcoin narrative, despite its latest price crash from $69,000 in November 2021 (a price level at which I warned my patreons multiple times in daily videos to divest of bitcoin) to $24,000 just a few days ago.
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