Join 91,841 users already on read.cash

How I lost $10 to LUNA

8 98
Avatar for nomadghada
Written by   119
6 days ago
Topics: Luna, Token, Crypto, Crash, Market, ...

As you may already know about the Crypto called TerraLuna

It went from being $80 to $0.000157 in a week

Now you'll find this line on the Coin Market Cap and CoinGecko

"Due to the de-pegging of UST, LUNA is experiencing extreme volatility. Please proceed with caution. The Terra blockchain was also halted - https://twitter.com/terra_money/status/1524935730308456448"

If you don't know what happened to Luna

Then I would suggest you search it out as it is quite an interesting case from which we can learn a lot, but in a quick summary:

Basically Luna network had a token called UST which was pegged to the US Dollar that maintained its peg through algorithms and when the market price for Luna started to dramatically fall in the current market crash this broke the $1 peg that UST had and since the technology failed and UST which was supposed to be $1 started to fall resulting in the collapse of the entire project.

Again this is just a genral overview do learn more about this incident on our own

How I lost my $10 to Luna

But first a tanks to my sponsors:

Sponsors of nomadghada
empty

Now some of you might be thinking why is this guy always losing $10!?

The answer to that is:

  1. I am poor

  2. I usually put in $10 into anything new (Which is the minimum by SideShift)

Couple of days ago I posted about an airdrop by LEAP Wallet where you needed to download their wallet and do some activity like token swap to get their token.

I thought ok I'll try it the only problem was that it was on the LUNA network and need Luna to do anything on it. Since I was in a good mood that day I decided to convert $10 worth of my BitcoinCash into Luna through SideShift (Big Mistake)

By the way since the crash SideShift has disabled Luna from through platform

I initially thought that I would convert the Luna back to BCH after doing some transaction but my calculations turned out to be wrong and after doing a swap the Luna fees ate away more than what I hoped and I didn't have enough Luna to met the minimum amount required by SideShift to convert back to BCH

I had the choice I could convert more BCH into Luna and then convert everything back to BCH but then I would have lost more BCH in fees (which isn't that much on SideShift anyway)

Anyways I thought I'll do a few more swaps and get more LEAP tokens than when the price is right I'll do some swaps and make more Luna. (Boy was I wrong)

Then the crash happened

Luckily it was just $10 and most of my Crypto is still in BCH (which has also fallen to $200)

Now my biggest bet is in BitcoinCash and hoping for 10x on it when it reaches $2,000, whenever that happens in a year or a decade who knows, then I'll have $2,000 in Crypto.

(I only have 1 BCH)

Learning from all this

  1. Stay away from trash projects

    I have always said that we only associate ourselves with the projects that have actual use case and stay away from hyped and meme-ed projects.

    I got greedy for that airdrop and since Luna was in the past a good performer I thought what the heck. But the thing is a project with the sole purpose of pegging a stablecoin that to without the collateral assets was doomed to fail.

  2. Only invest what you can afford to lose

    This is the most important, even when everyone was FOMOing into Luna when it first shot up, I held onto my 1 BCH how Gollum would hold on to the One Ring.

    It was only when I had more than $10 above my 1 BCH that I converted it to Luna for that stupid airdrop.

Here we are now

I have some good sense to just put in $10 into Luna which are now gone. It could have been a bigger disaster.

Only hoping that at least BitcoinCash doesn't fall any further and actually return back to being in 1000s

But just a bit scared now.

7
$ 3.58
$ 3.36 from @TheRandomRewarder
$ 0.05 from @Pichi28
$ 0.05 from @HappyBoy
+ 4
Sponsors of nomadghada
empty
Avatar for nomadghada
Written by   119
6 days ago
Topics: Luna, Token, Crypto, Crash, Market, ...
Enjoyed this article?  Earn Bitcoin Cash by sharing it! Explain
...and you will also help the author collect more tips.

Comments

I do not have any LUNA but I feel sad to the people who got depression because of this. Truly there is no assurance in crypto. So just invest the money you can afford to lose.

$ 0.01
5 days ago

So true, hope people learn from it. But knowing people in Crypto I think some are still going to make the same mistakes again, like some are still hoping for LUNA to rise and buying it.

$ 0.00
5 days ago

We can’t learn if we don’t try. Luckily you only invested a small amount, so your lesson wasn’t so painful. These days I just stay away from investing all together. I just earn by creating content and hodl in hope for the better crypto times to come 💙

$ 0.01
6 days ago

Me too, I going slow now a days with less focus on Crypto, except my articles and noise.cash posts.

$ 0.00
6 days ago

Invest what you can loose is our tagline. I read that several investors from LUNA committed suicide. I don't know if its true, but the fact is I felt extremely sad to all LUNA hodlers.

$ 0.01
6 days ago

I hope that's not true, but yeah this is an extremely important to put in what you are willing to lose.

$ 0.00
6 days ago

sorry for that loss and thank you for sharing your experience.. fare thee well LUNA i think though i still saw it fighting or trying to...

$ 0.01
6 days ago

Even if it is re-established I don't think it will be relevant again.

$ 0.00
6 days ago