Luna The Panthera (LUNA)

fading this account now is worse than holding LUNA during Terra stablecoin collapse https://t.co/P7eMHlojEH

oh man, this sentence hits so hard

"everyone knew deep down none of it was real, and the bearer of the cost ultimately fell to the retail investor holding the hot potato till the very end"

in the previous two cycles (2016/2017 and 2020/2021) people still believed in projects. i didn't, but many people around me did. they would meet at a conference and unironically talk about how their smart contract automation would solve a problem. and although i do believe that many founders sincerely tried to build something useful, the inherent uselessness of utility tokens made all their efforts futile bc even if the product was useful, the token didn't capture it's value. but people still believed in previous cycles

in the last cycle, i hardly met a single person who still believed in any crypto projects, including the founders. the majority of conversations i had with founders were about manipulative market making activities, fomo inducing go-to-market strategies and all talk was investment related

no crypto bro spoke about holding ANY project long term. they all just wanted to ride a hype wave and then dump that shit harder the price of luna after the depeg. there are a handful of exceptions but it really is just a handful

i repeat the problem again:

some crypto projects are useful. tokenising assets to be able to use it in defi is useful. dexes are useful. lending protocols are useful. stablecoins are insanely useful. but 99.9% of crypto projects are useless bc they solve a made up problem and, more importantly, their token was just an extraction event to get money from retail into the pockets of founders and vcs