Re: Will LUNA's downfall scare away investors from the crypto market?
Well, that's not far off from happening to every alts in the market. One greedy mistake from the developers/founder that mints millions or billions of supply, that would always cause a tragic fall. What happened to Luna might happen to every alts in the market.
Crypto investors has no reason to be afraid of investing in crypto again if they understand the risks lies after they put their money into it. Only those who has no basic understanding how crypto works will get afraid of what happened to Luna.
Crypto investors has no reason to be afraid of investing in crypto again if they understand the risks lies after they put their money into it. Only those who has no basic understanding how crypto works will get afraid of what happened to Luna.
I don't think what happened with Terra/LUNA was a result of greed, but rather bad planning from developers and the founder. They tried to save the UST peg, but increasing LUNA's supply did not help. After things didn't turn out to be as they hoped for, a new chain was proposed aiming to bring a fresh start to the project. The community disagreed with the fork, yet developers (and the founder) continued to carry on with the same. If they would've listened in the first place, perhaps Terra/LUNA would've been sitting among the top ranks in market cap by now.
Something similar might happen with other alts if developers are careless. There's a reason why Bitcoin is still the #1 cryptocurrency in the world. While other coins lack decentralization and are often hyped, Bitcoin provides a sound financial system that delivers as intended. Who knows if 99.99% of cryptocurrencies disappear (LUNA included) within the not-so-distant future? Just my thoughts
