Cryptocurrencies come and go. A lot of cryptocurrencies have gone out of existence.
What happened to Luna has never happened before.
The cryptocurrencies that have gone out of existence have been small cryptos that failed to gain acceptance.
Some of them had no real use case. The development team for some of them lacked skill or experience. Or perhaps the project could not get backers with deep enough pockets to support it through the difficult early stages that cryptos face.
None of those applies to Luna. Luna made it into the top 10 of the biggest cryptocurrencies. It has highly skilled and experienced developers. It had wealthy backers like Do Kwan.
Luna was more than just a crypto. Luna was an ecosystem or a protocol. There were a lot of projects, applications or other cryptocurrencies that were based on Luna. Luna is a top layer 1 that has layer 2 cryptos running on it
Luna can be compared to Ethereum as a layer 1. There are many Ethereum compatible (EVM compatible) such as all the ERC 20 tokens which includes our BBS token.
It is because the BBS token is an ERC 20 token running on the Ethereum ecosystem that we have to pay such high gas fees that Ethereum is notorious for when we want to withdraw and stake our BBS tokens.
So the collapse of Luna is totally unexpected like say Ethereum collapsing that would mean BBS going down with it.
The collapse of Luna means the collapse of Thether, Anchor and many other projects and layer 2 cryptocurrencies that were based on Luna.
Luna itself was valued at $60 billion and the rest of the ecosystem at $20 billion.
All gone in the space of 36 hours.
What happened to Luna is so significant that the whole cryptocurrency market was dragged lower.
Luna which at one time was priced at more than $70 now is priced at $0.00003
Will you buy Luna at $0.00003? If it can reach a price of just $0.3 (don't dream of $70) you will make a gain of 10,000X
Can such a thing happen?
Very very unlikely. A lot of exchanges has already delisted Luna. If you want to bet on Luna you have to contact those who are still holding their Luna.
They will probably let go and sell to you at a price even lower than than $0.00003.
There are a lot of lessons to be learned from the collapse of Luna.
Ran the leader of the Crypto Banter channel on YouTube (whom some people blame for their losses) and who lost a fortune on Luna covered the lessons to be learned in his video below.
Is anyone here still holding to a lot of Luna and is singing the song "Yesterday"
