Terra UST and LUNA are not enough to bust Bitcoin
Terra, US Dollar Token, and Luna are destroying the crypto market. We still don't know why yet, but UST which is supposed to be pegged to the the US Dollar became unpegged and provided an opportunity for saavy investors to buy UST below a dollar and then redeem it for LUNA. This created a mass minting of Luna dragging the coin from the $100 range to being delisted and having the Luna Blockchain stopped. Last I checked, you could buy Luna for less than a Penny and you could buy UST for less than a dollar. I am not sure if the arbitrage opportunity is still available.
For those of us who were stupid enough to stake Luna, we just got totally fucked. If you can't unstake your token for 21 days, you can't sell during a big sell off.
What does this all mean to me? It means that it is time to probably focus mostly on Bitcoin for the near future until things become more stable. Ethereum is pretty fucking awesome but it also has an unlimited supply and perhaps can be exploited.
Right now, I only trust Bitcoin. Over the next few weeks, I plan to move as much as I can from other chains and put it all in Bitcoin. Who knows when Smart Chain fails or if Avalanche is legit over the long haul. I really like NFTs and specifically the Bored Ape ecosystem. Its not decentralized. Who am I trusting. I trusted Do Kwon and I might have just taken my money and set it on fire.
I trust CZ and hold some BNB which is staked.
I am really disappointed that Terra blew up. Not only did it lose all the Luna holders billions of dollars, it also forced Bitcoin lower and set crypto back a couple of years.
Maybe its time to have a little more faith in the US Government and a little less faith in the people. Today the people failed and Do Kwons failed idea has caused massive amounts of financial carnage. We expect a formal apology.