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My little trip to the Moon with Terra(Luna)

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Written by   89
1 month ago

I know everyone is talking about Luna and UST and how horrible the status of this project is. Well, there are many people that currently are explaining everything that is wrong with this project. And they do a much better job explaining than I do.

So I am gonna give you a positive story, a story about doing 6X during the worst crypto crash in 4 years. That sounds great right, but this morning when I woke up it was not so great, not yet.

Last couple of months Luna mooned as never before, it was the talk of the crypto town.

It did a 10X over the last year and doubled its value between February and April 2022. It looked like Luna was on a role....and nothing could stop it. Nothing, well only if Bitcoin would take a huge dive but the Do Kwon Man had a plan, or at least that´s what he said during an interview that was published on the 1st of April.

In that interview Do Kwon admitted that bitcoin crashing would be “negative” for TerraUSD (UST) stablecoin, but he was not worried as he expected bitcoin to rise.

Do Kwon is the CEO of Terraform Labs, which planned to purchase $3 billion worth of BTC to back-up their UST stablecoin.

When Kwon was asked Kwon about the short-term implications of holding so much BTC he said:

“the worst case would be if we were buying bitcoin and there was a drop six months later, and it was correlated with a massive drop in demand for UST,” which would be, as he modestly put it, “negative.”

Well, that was the biggest Aprils fools joke of 2022 and the most expensive because Kwon´s long-term expectation that Bitcoin will go up was shattered by this short-term dip. A dip You, me and even Kwon could have seen coming.

Why Did I not see this Dip Coming - This Dip happens every 4 Years

But in his case, he might have had a bit more to lose.

Talking about losing

Back to my story and waking up seeing Terra at $12, remembering I bought about 0.8 Terra at $80. I bought and sold Terra on the way up, but I was Holding about 0.6 as I sold 0.2 the night before as somehow Bitmart reacted late and where Kucoin was don to $18 on Bitmart people were still buying for $26. So I only have 0.6 Terra left and paid $74 for it and now worth $6.

As this dip in the last 2 weeks caused my portfolio to go from $8000 to $5000 this 74 dollars could be written off as just another victim of the 4-year cycle dip.

The positive part

I was watching Luna go down while working 10 dollars, 8 dollars, 4 dollars. I was so curious where this would lead to. Was Luna really going down to zero?

Then my girlfriend entered my home office. She is just getting into crypto and she was talking to some streamer in Discord. He just bought 100 Luna (probably around $4 dollars) and he was imagining what would happen if 18 months from now Luna would be back at $120. So she came in asking if she should do the same. Not 100 but maybe 10 or so.

I was thinking with my bearish hat on about it going to 0 and being a dead coin, and then swapped the hat for my bulls cap. What if I am wrong, what if Terra Labs would be able to solve its huge problems. Terra is a well-known brand, and if they learn they´re lesson and fix their fails....they just might get back above 40 dollars.

What the hack. I lost enough already another $150 dollars is not making that much difference at this stage. So I bought about 100 Luna for an average price of $1.10. And within 30 minutes the tide turned and Luna did a little bounce...the bounce accelerated and Luna was mooning from 0.90 cents to $6 dollars in 2 hours that is a 6X easily.

I was in doubt, what would be wise? Now based on my experience these things do not last for long so I decided to at least break even. I sold 40 Luna for an average price of $4.80 making me a 190 dollars and leaving me with 60,6 Luna. Well 10 are my Girlfriends and 50,6 are mine.

At the same time, I reduced the money I had spent on Luna from $72 to $30. That means even if Luna goes to zero I halved my loss ....and just imagine it not going to 0 50 * ATH = Keep Dreaming.

But it was fun, Crypto has not been as exciting as this last week. First buying $900 BTC in one day and then this 4.5X during a bear market.

Crypto is fun!

Post Scriptum:

Places where I do Liquidity Mining and Staking  

Cake DeFi.  Here you have to invest $50 dollars and you get 30 dollars for free. You can withdraw your 50 dollars at any time or use them for Liquidity Mining, Staking, or lending to earn more DFI rewards. The 30 dollars is locked for 6 months but earning you interest for the 6 months. https://app.cakedefi.com/?ref=197670 

Celsius. Celsius Network provides a platform of curated services with fair interest, zero fees, and lightning-quick transactions. You can store your crypto and get rewards or lend crypto with low fees. Celsius has been around since 2017 and stated to always have the best interest of the community in mind. My experience so far has been good although I will not stake all my crypto with them...NYKNYC

https://celsiusnetwork.app.link/1046126043

Disclaimer

I do not have any connection with any company I am writing about. I am not being paid to write this article.

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Written by   89
1 month ago
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