I was part of the lunatics team until now. And I’m not quitting because 50% of my portfolio value is gone to the depegging. There are way bigger concerns here.
You can point at others, market conditions, shorters, Putin, whoever, but that doesn’t change a thing:
1 UST can NOT be swapped for $1 worth of LUNA.
That mint/burn mechanism was the most important feature of Terra, the first page of whitepaper, the core of everything. And it turned out to be an outright lie.
They could have saved UST and LUNA if and only if they do not deliberately set the spread to somehow prevent sellers. If spread stayed zero, at least UST would be $1 now, and even if LUNA fell, there wouldn’t be that much blood on the streets.
LUNA is going to zero from now on. It could’ve been saved, but with UST having 3x market cap of LUNA, choose who and what to lose. I’m no longer gonna be the sucker here, I quit.
And not because I lost a bunch of money. Because I’ve been lied to.