Hi @vlemon
We are going to face heavy regulatory pressure as I tweeted recently.
I fully agree. This is going to bite us all heavily.
Talking about LUNA recent crash - it's indeed such a challenging (and devastating) time for so many investors out there. And for all those people, who decided to store their wealth in UST - people who didn't accept risk of losing their funds (as we do, when we invest in crypto project). All those people hold UST, assuming that they do not take any risk and are just preserving their capital in something which was supposed to be a stable coin.
Many things had happened since LUNA and their UST expolded. In just a couple of days we've already witnessed blame game starting: Blackrock and citadel (together with Gemini) has been accused of market manipulation and they were already blamed for well coordinated attack.
I'm not sure where that rumour came from. Also I dont think that Blackrock or Citadel would ever confirm if they indeed were behind this crash. It seem to be obvious that both would deny. So we may have to wait to know the truth (we may never learn it either way).
It's also hard not to have an impression, that LUNA became a target because they were the first large project which wanted to back up their stable coin reserves with another crypto (BTC). That could anger many powerful people and it would challenge USD as a reserve currency. So perhaps this was the reason why LUNA had to be "an example". So others would not follow ...
PART 2:
I truly wonder if LUNA may find a way to get out of current trouble. They apparently have solid community and many developers building on their blockchain. So perhaps someone new may take over LUNA, get rid of current CEO (Do Kwon), remove UST from their ecosystem (and replace with some traditional stable coin) and try to kick-start this project.
Any thoughts on that? Also: do you hold any LUNA yourself? I bought like 300k during recent dump (spending only small amount of $$$). I accepted that it may be worth ZERO, but having some "skin in the game" is making me research more about this project and follow upcoming news related to it.
Enjoy your weekend buddy,
Yours, Piotr
Hi Piotr, Nice to have a comment from you!
This seems like a conspiracy theory as of now but could definitely be the case!
As I stated, I believe that if I was the head of the FED or a powerful US person, I would try to shot down this initiative as it does not take a real USD as backing!
If there will be stablecoins, I want them to be backed by the USD printing machine aka the US central bank!
I do not know if they will ever make it back. Probably worth a bet but I believe the damage to the project is too high. Also there are regulatory lawsuits coming in South Korea.
The only thing good on LUNA was UST. And this is gone forever imho.
Thank you so much for this great comment!
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