Everything is burning in crypto land right now.

We all heard about the devastation caused by the nuclear fallout of Terra/Luna collapsing.

Billions wiped out in an instant.

Millions of users, with their life-savings, hard-earned cash and hopeful dreams all shattered in an avalanche of deceit and broken promises.

Was it Do Kwon?

Did we, the users, the market, the cult-followers enabled him?

Was it just him?

Were there others?

Was it greed?

Then we started realising that it was just the beginning.

The Terra/Luna collapse had started a contagion.

And that contagion had spreaded like the symbiote creature in Venom, infecting every other company that had links to Do Kwon.

Turns out, Celsius, Voyager Digital, 3 Arrows Capital and so many more were swimming butt-naked in the volcanic lava pools of Terra/Luna all along.

Reminds me of the lava in Mt Doom where the Ring was destroyed.

Volcanic lava pools are basically molten rocks that are swirling in heated cesspools thousands of degrees hot.

You really don’t want to be butt-naked in them.

The contagion will continue spreading till it kills everything that has over-leveraged, over-exposed and overlooked their risk management.

Pains me to see the employees that will be let go.

The lives that will be affected.

The years of rebuilding that will ensue.

The innocent users that were robbed of their money.

I can already hear people yelling “do you own research!”.

Yeah right, like any of you did the research when shilling Luna, touting the greatness of Su Zhu, branding Do Kwon as a literal Nobel Prize-winning savant of mankind.

So was it a case that they really didn’t expect industry titans like Terraform labs and 3AC to collapse?

Was it possible they just got over-exposed and were just doing things as anyone would have done?

Was it possible that the thought the market will not get onto them and that they would get away easily?

Was it case that they got greedy and just didn’t care?

Seems like it was all of the above.

Check out how deep the infection goes.

But I want to remind you that this isn’t the fault of crypto or blockchain.

It is not a new thing.

Time and time again, we see this repeat itself in the traditional finance world.

Wall street players, greedy bankers, risk-loving hedge fund managers and even the auditors, the ones who were supposed to keep them in check!

Don’t blame the technology or the industry.

Blame it on human greed.

As long as greed exists, which it will, humans will always find a way to game the system, make more profits at the expense of others and push the limits of what is legal.

As long as there is money to be made, you can bet that greed will get the better of us.

So, let’s keep our greed in check shall we?

Where is the next thing in another industry that is bound to unwind like Terra/Luna did?

-

Will there be more web3 companies dying soon?

-

#startups #business #startupx #growth #success #socialmedia #culture #entrepreneurship #strategy #eth #bitcoin #cryptocurrency #revolution #web3 #3ac #contagion #blockchain

Everything is burning in crypto land right now.

We all heard about the devastation caused by the nuclear fallout of Terra/Luna collapsing.

Billions wiped out in an instant.

Millions of users, with their life-savings, hard-earned cash and hopeful dreams all shattered in an avalanche of deceit and broken promises.

Was it Do Kwon?

Did we, the users, the market, the cult-followers enabled him?

Was it just him?

Were there others?

Was it greed?

Then we started realising that it was just the beginning.

The Terra/Luna collapse had started a contagion.

And that contagion had spreaded like the symbiote creature in Venom, infecting every other company that had links to Do Kwon.

Turns out, Celsius, Voyager Digital, 3 Arrows Capital and so many more were swimming butt-naked in the volcanic lava pools of Terra/Luna all along.

Reminds me of the lava in Mt Doom where the Ring was destroyed.

Volcanic lava pools are basically molten rocks that are swirling in heated cesspools thousands of degrees hot.

You really don’t want to be butt-naked in them.

The contagion will continue spreading till it kills everything that has over-leveraged, over-exposed and overlooked their risk management.

Pains me to see the employees that will be let go.

The lives that will be affected.

The years of rebuilding that will ensue.

The innocent users that were robbed of their money.

I can already hear people yelling “do you own research!”.

Yeah right, like any of you did the research when shilling Luna, touting the greatness of Su Zhu, branding Do Kwon as a literal Nobel Prize-winning savant of mankind.

So was it a case that they really didn’t expect industry titans like Terraform labs and 3AC to collapse?

Was it possible they just got over-exposed and were just doing things as anyone would have done?

Was it possible that the thought the market will not get onto them and that they would get away easily?

Was it case that they got greedy and just didn’t care?

Seems like it was all of the above.

Check out how deep the infection goes.

But I want to remind you that this isn’t the fault of crypto or blockchain.

It is not a new thing.

Time and time again, we see this repeat itself in the traditional finance world.

Wall street players, greedy bankers, risk-loving hedge fund managers and even the auditors, the ones who were supposed to keep them in check!

Don’t blame the technology or the industry.

Blame it on human greed.

As long as greed exists, which it will, humans will always find a way to game the system, make more profits at the expense of others and push the limits of what is legal.

As long as there is money to be made, you can bet that greed will get the better of us.

So, let’s keep our greed in check shall we?

Where is the next thing in another industry that is bound to unwind like Terra/Luna did?

-

Will there be more web3 companies dying soon?

-

#startups #business #startupx #growth #success #socialmedia #culture #entrepreneurship #strategy #eth #bitcoin #cryptocurrency #revolution #web3 #3ac #contagion #blockchain