How This Man Just Caused a $45 BILLION Crash [Terra Luna]

Through The Web Podcast episode where we discuss this story: https://www.youtube.com/watch?v=X0NSChiMaEc

20% returns, virtual risk free? The term “too good to be true” is a massive understatement.

My cousin was heavily invested in Luna, he had all his savings there. I had some financial issues two months ago and asked him for help, he was reluctant at first but lent me almost half of what he had there. He called me two days after the crash thanking for needing his help, although he lost the rest of his savings he knew he had some safe with me. I just paid him back two days ago and he called to thank me again this morning.

“The biggest crypto disaster of all”… FTX has entered the chat

To this day, the most valuable lesson anyone has taught me was when my dad told me "If something looks too good to be true, it probably is"

I'm no financial expert, but whenever I hear about such high returns, alarm bells go off in my head. To pay out that much, there has to be some sort of 'robbing Peter to pay Paul' sort of stuff going on

Do Kwan actually saved me thousands of dollars. I was very close to shifting the money I had in Bitcoin to Luna when it was at about $110, so I started to do some research and reviewed his Twitter account. When I saw how he responded to legit concerns about his project with childish insults (calling people poor) I knew right then and there I did not want him managing my money. If he can't defend well thought out and reasonable concerns on Twitter, how could he defend his peg when it was under a brutal attack. So glad I passed.

Kwon: I just destroyed so many life savings. SBF: Amateur. Kwon: What did you say? SBF: AMATEUR!

ColdFusion, your channel must be one of the few absolutely premier channels on YouTube. We are fortunate to be able to watch your content.

“There’s entertainment in watching companies die” There sure is Do Kwon, There sure is.

It feels amazing watching a thorough historical documentary of an event that happened THIS MONTH

Just for lark (because I'm not stupid), I put $100 into Terra Luna, and a few months later it had gone up to $1400 or so. I was pretty pleased with this, and wondered how high it would go from there. And then suddenly it was gone. Oh, well, I've paid $100 for useless crap before, so no big deal. It's nice to finally hear what happened. At the same time I put $100 into Bitcoin just to see what would happen, and of course it's worth about $27 now. Now I'm stacking silver and gold coins. Might not go up insanely, but at least it is likely to preserve wealth and not turn into vapor.

Brilliant documentary about Terra Luna! It's so sad that crypto - which is highly risky and complex - seems to appeal most strongly to the least sophisticated investors who really have no business messing with it in the first place. They are like lambs to the slaughter. From that perspective, the marketing for crypto is next-level genius. It's taking something terrifyingly risky and making it appealing with futuristic slogans and artwork.

1) There's no such thing as a "risk free investment" 2) Never invest and/ or lend money you can't afford to lose

The ego of Do Kwan was massively understated in this video. Multiple tweets to Do explaining exactly how this attack could unfold beforehand were met with Do saying he "dared billionaires to try" and mocked people on twitter saying 'have fun staying poor." He literally invited this attack. And Terra was planning on buying $10b worth of BTC to back UST which would have severely impacted the entire crypto market when he market dumped BTC to try to save UST. He's in a video saying his plan was to acquire that much BTC because if UST failed, the whole crypto market would fail....essentially looping the entire asset class into his ponzi-nomics.

I remember years ago everybody 'Bragging' on Social Media that they were gonna be Rich and we could all 'stay Poor if we wanted to.' I never trusted it. I kind of figured something like this would happen. I like my Money REAL and in my hands. I'm Old Fashioned.

I'm glad I didn't get caught up in the $LUNA hype. Last year, a lot of people were shilling this coin, and I was about to FOMO into it, but the price was too high at the time, so I waited for it to drop, but it didn't, so I couldn't buy it, which I think is a blessing in disguise.

Here's the only financial lesson you will ever need: If a financial instrument gives you the feeling that you finally have this whole money thing figured out, get the hell out of there.

Literally a week before the crash, this dude had the nerve to tell an interviewer that he will have fun watching other cryptos crash.

One of the most informative, well-produced channels in YT-space! Subbed.