How Luna crashed the crypto market, how Cardano has a real solution to do it correctly
Cardano's solution is also decentralized, unlike Luna. This vid pretty well explains it without getting too much into the Luna details. The whole Luna thing, how it was vulnerable and exploited is explained, and for me, maybe seems to be a bit of a scam for insiders to have their own piggy bank.
I stay away from coins that have too much held by one entity, which is the opposite of decentralized. Oh sure, it was not the FED, but it was basically one guy. This reason was why I never got Luna. It is too easy to run it up, and also back down, for one guys own benefit, but then, he also had some vulnerabilities that it could be exploited, so in this case, somebody else ran it down. There is a rumor it was Justin Sun, the Tron guy, who just so happened to launch his own stable coin a couple of days ago. Hmmmm, we got a motive, but no proof yet.
I like the Cardano approach, all decentralized, lay out what you will do exactly, years in advance with each milestone named, and as you achieve them, move on the next milestones bullets. No surprises, no hidden agendas, etc. , just complete the plan....
This is a shame about Luna really. I think the technology was good, but the way they pegged the stable coin left them totally vulnerable to a takedown. They probably now have Luna so low, they cannot stabilize the stable coin back to a dollar, as they were totally dependent on each other for valuation. So you attack one, you get them both, and maybe bankrupt the project. One thing, they have a huge billionaire, Do Kwon, behind the project, who is trying to gin up enough money to keep it afloat, and I am sure, on the horn with peeps.
Would I buy?
Good question, it is something worth considering. It could head right back to 90-120 and be in the top 10 again if Do gets the money. It could also go to zero. I wonder if it is Justin Sun vs Do Kwon, is a little bit of a Chinese family feud. Sun just the other day released his stable coin, and he has been kind of kicked to the curb for a while,so he may have some malice in his heart.
If I do buy, it will be a small amount, but I doubt it, because just getting more money does not fix the inherent problem. I feel sorry for George, he said it was his largest holding and he will just take the ride tonight.
I like the Cardano guys approach, style, and speaking ability. Here he was just on with Maria.