-Translated by DeepL

Original thread

https://twitter.com/taorongqi_1/status/1524455911808704512?s=20&t=GO3qwYwBcOJW0TMXKzO3Nw

"Let Luna fend for herself"

and

"Luna does not represent crypto"

Such views are the mainstream today

My view is that if crypto wants to be the financial system of the future world itself, luna now would be a very ideal bailout

"Why bailout"

just like @YeruiZhang As mentioned, the bailout I'm talking about is not to languish, not to take over at high levels, the aim is to save crypto consensus and confidence at low levels with relatively small costs

What kind of market should not be saved?

Typical examples of markets at high levels are China's current real estate, the U.S. stock market at the end of last year, and the luna three days ago

Familiar with me will know that I have always disliked China's real estate, bearish, and even cursing

China's real estate from the price of inventory, the value of its existence will only be left to suck blood, overdraft, the future of young people locked up, the possibility of development will be erased, for the brain full of old men lying flat to collect rent

But

There are two sides to everything

China's real estate is unparalleled in its ability and performance in creating assets and stimulating development

This is the two sides of finance.

On the one hand, finance can motivate people, it can stimulate creation, it can discount the future

On the other hand, finance is a bubble that can collapse and make later takers suffer

There is no such thing as wanting and needing at the same time, right?

Replace the word finance with Ponzi, yes, finance is Ponzi, Ponzi is finance

When we talk about finance, we always think that finance is characterized by cycles and volatility, and the exponential level of the spiral

When we mention Ponzi, we always think that Ponzi will eventually break down to zero

The filter is something magical, just as the girl a boy adores in his head before he matures will not be greatly solved

Growing up we also realize that the world is more gray than black or white, not to mention completely red

Yes, admit it, understand good ponzi, design good ponzi, play good ponzi, is one of the core values of crypto industry, this is the core value that everyone knows are doing but do not want to get on the table to say.

Ponzi does not mean zero after the collapse, these are two different things.

People need positive feedback from the market to confirm the proliferation of perceptions of things. Ponzi is exactly such a positive feedback must go through.

Some people will say, "crypto never need bailout, never is a mountain of blood in the plunge, crypto = social Darwinism, crypto = the left is king"

I partially agree with this statement

But please note that if one acknowledges the importance of the market in crypto (which I believe is self-explanatory), then one will find that there will always be someone to hold the bottom and escape the top.

Of course, you can add some definite words, such as good projects are the only ones that have a bottom, etc.

But

The bottoming out thing itself means believing in something, a project, a coin, the long-term development of a community

Underwriting is a very normal phenomenon, underwriting represents a long-term binding of interests, represents a long-term stable consensus, a typical example is not far away: the 312 in 2020

You can even say that only bottoming out, bailouts, and bottom changing means that someone is genuinely optimistic about you, or wants you to live

Back to the question at the beginning

Why do more people express the view that "luna should be self-perpetuating", "Ponzi should be zeroed out", "luna cannot represent crypto"?

Because the design of luna-ust itself is based on Ponzi and leverage, and most people always have the hidden idea that Ponzi and leverage are wrong and will be liquidated and zeroed out.

People are more willing to participate, but do not want to admit the importance of Ponzi in crypto

Again, Ponzi busting is not the same as going to zero

Even if it goes to zero, it does not mean that there is no value

In the later stages of each cycle, 14-15 years, 18-19 years, 22 years, we will see the Ponzi busting process of each underlying.

The projects that impressed me the most in '18 and the Ponzi busts are.

Gamefi1.0, CryptoKitty, and Fcoin

The evolution of the above corresponds to this cycle is

Gamefi2.0, NFT and Defi

See?

Ponzi is only the ups and downs of the development of the whole industry, and the necessary path of development, the important thing is always the revolutionary and innovative ideas and practitioners.

In this cycle, x2earn aside, I think the most important innovative idea is the algorithmic stable coin.

(The innovative ideas of gamefi, nft and defi came from the last cycle and are not included)

The importance of the algorithm stable coin allows me to skim, the reader you can heart evidence.

And the most important stable subject is undoubtedly luna-ust - whether you like it or not.

So I don't agree with the statement that "luna doesn't represent crypto".

Luna-ust's important, innovative and practical efforts in the implementation of algorithmic stablecoin are undoubtedly one of the targets representing crypto's historical roadmap in this cycle and even in the next cycle.

The next question is.

Should we let luna-ust complete its historical mission in self-perpetuating, or should we bail out the market and prop up the transformation?

This is not a question of what I say and what someone will do. I am just observing and giving possible inferences in the context of some longer term visions.

My extrapolation is this.

There is the possibility of a bailout to prop up the bottom.

Back to the topic at the beginning

What kind of market and underlying should not be bailed out.

It is common sense that high markets should not be rescued.

It is easy to add flowers to the cake, but difficult to send charcoal in the snow

But the real "rescue" is always to send charcoal in the snow, good and recognized, and in the other party at the end of the road when the olive branch or even through the operation of capital to become their own people

To add flowers to the cake is called speculation

The only way to send charcoal in the snow is to know yourself

The Ponzi characteristics of luna-ust are obvious, and its philosophy is also grand and straightforward - why should the dollar be yours, I can also be the dollar, the dollar is also printed, I can also print the dollar

Luna-ust as a fighter to challenge the fiat currency (I respect it), the death spiral in recent days exceeded all expectations, at this time both the market capitalization and its team reserves, have entered the extreme state.

On its behalf, confidence in crypto inside and outside the market, especially the performance of the crypto ponzi part, has encountered a great challenge

This challenge is straightforwardly expressed in the price, but also in the extreme emotions of people: what could be more extreme than a group of people wanting to commit suicide?

If this goes on, crypto will be branded with a name that will be written in the hearts of countless people for a long, long time

The bell needs to be untied

If I had the ability, I would go to the bottom of the rescue and participate in the restructuring of luna-ust (regret)

The good news is that there are now enough people in the industry with the ability, resources, output and money to do more than enough things

This is my deduction: luna, which is already in a death spiral, cannot save itself, while the industry can.

The outcome will soon be known.

I always believe: crypto is going to save the world.