Luna is a classic example of get rich quick mentality where someone without knowledge copies a very simple open source software, adds new features then release it before all of the issues are fixed. Which is exactly how it failed.
Seems like they already fixed the problem, all they have to do now is to burn a large portion of the tokes to reduce supply and the exchange rate can recover. The stupid thing to do is if you went into Luna with the expectation to get rich quick, then panic sold for a fraction of a cent.
Seriously, what do you think would happen to the gold exchange rate if someone successfully managed to wrap bricks into gold foil and successfully convince the market that those worthless bricks where high quality solid gold bars. The gold exchange rate would crash just as bad as Luna and someone would have to buy all those bricks and destroy them for the exchange rate to ever have a chance to recover.
You don't have to take it seriously as a currency. It's just a store of value, no different from stocks, etc.
Look up what happened to railroad stocks in the 1880 or so, or even gold for that matter. Both of those are still around.
https://www.history.com/news/the-black-friday-gold-scandal-145-years-ago
Luna is a classic example of get rich quick mentality where someone without knowledge copies a very simple open source software, adds new features then release it before all of the issues are fixed. Which is exactly how it failed.
Seems like they already fixed the problem, all they have to do now is to burn a large portion of the tokes to reduce supply and the exchange rate can recover. The stupid thing to do is if you went into Luna with the expectation to get rich quick, then panic sold for a fraction of a cent.
Seriously, what do you think would happen to the gold exchange rate if someone successfully managed to wrap bricks into gold foil and successfully convince the market that those worthless bricks where high quality solid gold bars. The gold exchange rate would crash just as bad as Luna and someone would have to buy all those bricks and destroy them for the exchange rate to ever have a chance to recover.
Nobody should have invested more than they could spare speculative investments.