How did TerraLuna suck in so many people?

I keep hearing about this coin in the news. I look into it and find out it is run by a 20 year old? Wtf

Why on earth have so many people given their life savings to a 20 year old stranger on the internet?

Is there something special about him or this coin? How did he pull this off? How did he get so many smart people to invest in this?

Is just blind greed? Did they invest knowing this was a scam and thought they could get out before the shit hits the fan?

They made a 20 year old kid a billionaire and I just want to understand what value he created and why was he so trusted that people have invested everything?

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30 thoughts on “How did TerraLuna suck in so many people?”

  1. * It has a lot of interesting DeFi projects which gave the opportunity to take control of your finances (that’s why we are in crypto right)
    * It was quick, stable and fees were low making it easy to manage
    * The communities are all great, full of supportive and creative people
    * USDT is a pending disaster, USDC is US State owned and BUSD is tied to Binance which made UST look like the best bet for breaking the bonds of TradFi (guess why UST was the first to be attacked)

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  2. This isn’t a Ponzi scheme or a rug pull it’s the complete and total collapse of a failed project.

    Many lessons to be learned from this. People will be talking about it for years to come especially in Washington DC while they draft regulation.

    While the APY in anchor is high it’s not why the coin crashed. The coin crashed because the algo stable coin was backed with other highly volatile assets and the internal arbitrage mechanisms of UST.

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  3. Greed. Admittedly I tossed $10k into Terra to get 20% APY. Unfortunately it looks like I’ll never get that money back again. I’m not selling under peg.

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  4. Greed and a lack of scepticism.

    I really don’t like to bash people who lost now, but there are good reasons many didn’t even consider it at that conditions – that was just to good to be sustainable.

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  5. “free money” makes you think differently i guess?

    there was so much positive consensus on luna in general so i personally am not surprised

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  6. imagine what those people who staked Luna feels it was most staked coin vs circulating supply few weeks ago

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  7. I would guess it is because of the system how the stable coin was maintained at level. While in theory the algorithm was working fine, but put to test by the bear market itself it failed. Investing in Luna while there is growing market is nice profit (so greed), because in bullish market algorithm would burn Luna in order to maintain the stable Terra, thus lowering supply and increasing demand for Luna. But when there are extreme conditions like now it failed and migth not recover.

    Not an expert on this, just my thougths.

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  8. I remember 1000 of posts bashing Celsius Network because of their low rates, now you see why Celsius lower rates to keep the system sustainable.

    Go suck a huge one, no pitty for these people.

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  9. Your life is pretty much decided for you at the point of university admission. Not 100% yes but like 98% you are walking the path with your peers. Getting in prestige uni > Form a team > Get angel fund for your project is pretty much how all young billionaires are made.

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  10. People saw high yields, skipped trying to understand how it worked. I read up on it on three separate occasions trying to understand how it worked, and all three times I felt I was either either stupid or it was a system that would work only during a pump or time of high inflation (or I simply was too dumb to understand it).

    Glad about that now 😉

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  11. Maybe this sub has become more of an echo chamber?

    I mean, today alone I just keep reading the same posts.

    I kind of wish this sub had a sticker post people could just farm moons. I mean, how many more times do I need to read the same current events here today?

    I miss this sub before moons. Content is always echo

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  12. Well, Vitalik was 19 when he created ETH. Age is not that important.
    It’s the same with Companies expecting 10 years of experience from 19 yo applicants.

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  13. The age doesn’t count, in tech. Skills, and why people put money in BTC any other coin, stocks, real estate?
    It’s the hope for making some money, and maybe the big hope for a better life.

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  14. Age is just a number.

    Vitalik was 19 when he created ethereum.

    The reason it was so popular is because of the 20% Apr.

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