Back in January, I provided my brief opinions on various crypto projects including LUNA.
Now, I think LUNA has fallen too far with UST depegging too much. It really seems like it is turning into a Groupon of crypto. I believe Terra’s short term future now solely lies on the overall market condition.
As I have mentioned before, I just didn’t like the way LUNA was running the project. The problems that I have mentioned in January still exist right now.
Chai Pay has turned into a marketing gimmick, while LUNA’s leadership is not investing in tech, but rather running a business by purchasing BTC to back the project. Also, the CEO has a flair of arrogance that makes me feel uncomfortable.
When I try to invest, I try to understand the motivation behind the team wheather it be stocks or cryptos. I think one’s genuine motivation is one of the most important indicators of a company’s success. That is why I have so much faith in BTC and ETH. Satoshi Nakamoto never created BTC for the money. If he had, he would have cashed out a long time ago. The whole ETH team has made significant contributions to the blockchain industry. Also one of the team leaders, Vitalik Buterin, is not persuaded by money while having enough technical capabilities to lead the project. The fact that Vitalik Buterin has donated all those memecoins worth billions of dollars at the time shows that he has a strong internal motivation. It is a lesson that I have learned as I personally couldn’t resist the tempation and invested in Dogelon Mars, which consumed quite a bit of my energy only to make so little out of it. It was an extremely inefficient use of my time and energy in terms of ROI.
I have no idea what will happen to LUNA in a short term, but long term wise, I still do not think it is a promising project, unless the team makes dramatic changes.
In terms of SOL and FTM, though I have less conviction than what I have for BTC & ETH, I believe they will make meaningful contribution to the blockchain world.
The above are just my personal opinions and not financial advice.
