In all honesty, I really like the TERRA ecosystem. They made it really simple and easy for retail users to use.
For example, Kujira, allows you to bid on liquidated assets. If I have to do the same thing on Ethereum, I need to install and run a bot. Exactly, how do you run a bot? It is too technical for retail people like you and me. Another one of my favorite is Aperture. Delta neutral strategy on Mirrored Stocks or crypto coins. Everything automated by the smart contract.
Like everyone else, I lost money on LUNA. I was luckily that I took profit when LUNA was in the $70-80s range. I sold more than half my holdings at that range. Unfortunately, I also did a bit of averaging down before the whole de-pegging fiasco.
As for my UST holdings, I managed to swapped back to USDC when UST first depegged around 2%. If there is one twitter account to follow, I would say it’s @DegenSpartan. It was his tweets about the Curve wormhole UST-3pool that led me to exit my UST holdings. He may shit post a lot, but if you look hard enough, there are gems in those posts.
So all in all, I lost around USD$5k. I am a lot better off than most of the LUNATICS out there.
I have learnt after the $TIME and $OHM downfall that you should always have a system on how you are going to take profit.
And position sizing is important. I didn’t go all in on LUNA. LUNA was around 25% of my portfolio, still a lot, but at least I didn’t see my entire portfolio go to zero. I know a lot of LUNATICS probably had 100% portfolio on LUNA and the TERRA alts.
And lastly, if there’s only one thing that I can take away from crypto, it is that every coin is a Ponzi until it is not.
So remember, do not invest more than what you can afford to lose. We saw how LUNA went from $70s to almost 0 in a 2 days. It’s all rainbows and sunshine until everyone starts exiting at the same time.
