Terra Luna Crash: My Experience

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There's actually no doubt that you are also aware about the trending news in the crypto market that occurred as a result of the recent depeg of Luna stable coin known as UST and the drastic fall or crash of Luna itself from above $50+ down to $0.003. This is really a great scene most of us never expected and the fact is that some people are saying this is definitely the very first time of it's kind happening in the crypto space.

I am not actually here to write about the causes of Luna crash nor the reason behind the UST loosing it's $1 peg, I'm quite sure you must have been hearing different reasons or causes behind the crash from different sources claiming that Terra Blockchain was attacked while some claimed it was as a result of the BTC borrowed from 100k Blackrok and Citadel.. Anyways that's not my bone of contention today. My content today will majorly be focused on the personal things I experienced as a result of the recent Luna Crash saga and I definitely hope you will learn one or two lessons from this unforgettable experience.

How it All Began

The Terra blockchain has actually been one of the top most developed community with lot of project and ecosystem built on it's blockchain. I had actually been hearing about Terra (Luna) for quite a long period of time but I don't always seem to give the project any attention not until i came across a writing contest on Loop Finance organized by Flipsidecrypto.

The writing contest was about making use of Flipside generated data to analyse your post write up about Terra project and you will be rewarded with Luna tokens if you fortunately have your content shortlisted by the judges or team. You know I love challenges and I decided to take part in the writing contest, fortunately for me my content was amongst the selected contests and I was rewarded with 1.4 free Luna tokens as shown in the below image I generated via terrafinder

This was when my curiousity level about Terra blockchain increased. As a cryptocurrency and blockchain technology enthusiast and my love for crypto research made me did further findings and research about the Terra blockchain and it's ecosystem. I love the fact that the blockchain uses a unique method in generating Luna and maintaining UST value through a process known as Seigniorage. I also love the fact that the community and It's ecosystem is increasing with lot of Projects developed on the Terra blockchain.

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And it wasn't too long after my research that it was announced that Terra (Luna) UST has displaced USDT making it the leading Stable Coin when compared to all other stable coins. On hearing this, I developed a special love for Terra blockchain and it's ecosystem.

Bought 2.4 Luna and transferred into my Binance account 6 months ago. You can check transaction process via

terrafinder

The project prospect and vision led me to buying more Terra tokens such that I had to stake some of my Luna tokens on Terra Station selecting OrionMoney as my staking validator as seen below.

Bought another 2.3 Luna for the purpose of staking via terrastation app using OrionMoney delegator. Check tx process via

terrafinder

Sometimes i kept swapping some of my tokens (Loop) into Luna just to acquire more Luna tokens because I had strong believe that it will definitely be more valuable

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If I keep sharing the screenshot of my swapping transactions here, it will definitely take more of your time. All I know is that i have engaged in numerous swapping transactions via Terrastation to get more Luna tokens.

Expect the Unexpected

I could actually remember there was a general crypto market dip as a result of BTC crashing down to $28000 which happened this month, this also affected the value of other alt coins including Luna loosing it's value down to almost $30 - $20. I was very astonished when I saw Luna at this price but at the same time I had a second thought that it could also be as a result of the drastic Bitcoin crash.

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After several days i decided to go check twitter just to read about some trending news happening around the world and I noticed Luna and UST were also trending. It was then I got to know that UST lost it's peg below $1 but I still didn't believe the news thinking some bloggers fabricated the fake news just to generate traffic on their websites or blog not until when's I decided to check my crypto wallet and I saw UST worth around $0.6 while Luna price was swinging between $1.5 - $6. This really seemed like a dream or nightmare to me seeing our great Luna dropping from $100 down to $1.5.

The Dip Keeps Dipping

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Warren Buffet once said be fearful when others are greedy and be greedy when others are fearful. You know that moment when you think you already have the opportunity or chance to buy the dip thinking Luna was going to rise back or thinking you going to make x2 of your income but unfortunately this isn't the case here.

I initially bought at $1.5 hoping it will rebound or bounce back to at least $10 but unfortunately the dip keeps dipping 😄.

I already knew it's actually a great risk probably a 50:50 betting game. It's either i loose completely or I gain, I decided to fund my Binance account with almost $16 just to buy more Luna tokens since I love taking risk, but this time the risk took me 😄. I saw my $16 dropping down to 14 Naira which is equivalent to $0.035

I guess you know what that means 😄😄. It was actually at the same price point ($1) some of my friends also pumped in lot of money to buy Luna thinking they all bought the dip but it's quite unfortunate that we are in this dip shit together.

Now imagine $1 USDT worthing up to 8000 Luna tokens on my Gate exchange wallet. I felt so devastated seeing my investment going down the drain since I already lost most of my investment on Luna but that won't stop me from investing and loving cryptocurrency. This is really a space i will never want to leave and I have the mentality that we do learn almost everyday.

My Plan and Way Forward

I already stated earlier that cryptocurrency and blockchain technology has been part of me and this is a space i can never give up on because it's what I really love a lot. There are different news and information circulating round the Internet about the Terra team coming up with strategic plans to solve the ongoing problem and I definitely believe the team will work on this.

This hasn't diminished my love for cryptocurrency and blockchain technology, in fact my love for the space increased because I was also able to learn new things during the incident. It is also important to let you know I haven't lost interest in Terra blockchain and it's ecosystem despite the incident. I am definitely optimistic that the project will definitely survive provided the team and Terra community are willing to make this happen.

My Condolence Message

I also use this medium to sympathise with every Terra Luna investor and I definitely hope we will all come out strong. Never take suicide as an option because when there's life, there's definitely hope. Never take your life permanently for a temporary problem which can be resolved with time. I definitely hope We Are all Gonna Make It (WAGMI) and We Are All Gonna Be Okay (WAGBO).

About Me

I am Adebola by name and I'm also a graduate of Agricultural Engineering (BSC). I am someone who cherish self development and being productive is in my DNA, this is why I am always open to learning from anyone and I love making research. I have been in the crypto space for the past five years and my level of enthusiasm for cryptocurrency and blockchain technology keeps increasing day by day. My hobbies are reading, writing, eating, engaging in agricultural operations, travelling, designing and blogging. My skills include Content writing, Graphic Design, UI/UX (Product) Deisgn, Copywriting, Internet Marketing, Blogging, Research and Coding (Novice). Feel free to connect with me via;

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Thank You for your time and I hope you have a great day ahead with love from @hardaeborla
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