The cryptocurrency world is heaven and hell overnight! ! The biggest black swan in the cryptocurrency world in 2022 took place. The Korean Luna coin, known as the "Moutai of the cryptocurrency world" by global players, fell from $30 to $0.6 like a waterfall, and continued to fall to $0.0035 the next day, and 270 billion wealth instantly returned to zero.

"LUNA coin was born in South Korea and has a great influence in the local area. It is estimated that more than 200,000 Korean people have suffered losses. This incident shows that although the current market value and volume of virtual currencies have reached a certain scale, the essence is that there will never be a pie in the sky, and all the gifts of fate are secretly marked with a price!

Similarly, ICX coin was also born in South Korea and has a great influence in the local area. It is a national public chain in South Korea and has the Ethereum of South Korea. Will it also rise from more than $0.1 to $100, and then fall from $100 to a few cents?

Revisiting the concept of 100x coins, do such coins really exist in the crypto space?

Bro, if such things existed, could you really hold onto a 100x?
Back to the crypto world, it's a market where people eat each other, full of scammers everywhere. Open Weibo, Twitter, Zhihu, and you’ll find black intermediaries everywhere, and scams about 100x coins are rampant; if you take it seriously, you’ll lose.
It's quite unfortunate, it's not easy to save up some money with hard work, and suddenly being uprooted by a 100x coin scam can hurt anyone for years. However, in the crypto space, with its ups and downs, there are indeed quite a few 100x coins. For instance, the Luna coin in 2022 went from $0.1 to $100, but it also dropped from $100 to $0.000001, having once skyrocketed a thousand times to fame, and likewise suffered a drop of ten million times to heartbreak. Therefore, Luna is referred to as the Moutai of the crypto world, and it's also a demon coin in this space. The result is that in 2022, regardless of whether the retail investors could hold on or not, many people were slapping their thighs and regretting deeply at that time!!!

Generally speaking, those who can hold onto a 100x coin fall into three categories: small capital, forgetfulness, and believers.
The first two are basically not what crypto enthusiasts pursue, and the third is even more unlikely. Countless people enter the crypto space, many are in for a quick profit and then run away. If you talk to them about beliefs, they think you’re crazy; they don’t even believe in themselves, let alone a few letters.
Chasing highs and selling lows is the norm for retail investors. With this mindset of chasing highs and selling lows, do you think you can hold onto a 100x? Even Satoshi Nakamoto wouldn’t believe that.

Some people often buy 100x coins, but they are like smoke and clouds, once magical, now disappeared like a bubble. But can you find a 100x coin and truly hold it? Are you worthy? Holding onto it is not a simple matter!
With a capital of 1 million, if it doubles, 80% of people will cash out; if it rises tenfold, 99% will cash out; if it rises a hundredfold, basically no one will.

Don't even mention 100x; just a 10x makes many people write their resignation letters, and some even plan how much to support their mistresses, yes, that’s the reality.

‌ICX is called a national public chain. ‌ICX is called a national public chain mainly because it is a national blockchain project in South Korea and has been supported by the state. ‌ICX is the token of the ICON project, issued by the ICON Foundation in Switzerland. The ICON project aims to connect different blockchains together through ICX to achieve cross-chain transactions and information sharing, thereby building an open ecosystem. This ecosystem not only connects various blockchains, but also aims to link with the real world, so that organizations such as government departments, universities, hospitals and financial institutions can interact with information without intermediaries, saving costs and improving efficiency. ‌ In addition, ICX adopts the upgraded LFT consensus mechanism of the Byzantine fault tolerance mechanism, which has very good scalability and interconnectivity. At present, the ICX network has connected a variety of social organizations belonging to many banks, securities companies, insurance companies, hospitals, universities and e-commerce in South Korea, providing distributed application services such as cross-domain blockchain ID, payment and transaction. ‌ In summary, ICX is not only technologically advanced and innovative, but also widely used and supported by the state in practical applications, so it is called a national public chain.

In 2022, the LUNA (Terra ecosystem) collapse event became one of the most shocking incidents in the cryptocurrency world. LUNA rose from less than $0.1 to over $100 in less than two years, with a growth rate surpassing Bitcoin, earning it the title of a thousandfold coin, and it was known in the community as the 'Maotai of the cryptocurrency world.' Similarly, LUNA's market value plummeted from $200 billion to less than $10 million in just two days, with a drop of 99.9%, just a step away from zero. This financial disaster led to 370,000 people facing liquidation, and LUNA, once hailed as the 'Maotai of the cryptocurrency world,' instantly turned into worthless paper. This collapse not only revealed the fragility of the cryptocurrency market but also sparked widespread reflection.

The Myth of Luna Coin Has Been Shattered, Can It Create a Myth Again?

The Past Myth: Before May 2022, Luna Coin was a star project in the cryptocurrency market, with its price increasing nearly a thousand times over two years, peaking at a market value of over 41 billion USD, ranking fifth in the global cryptocurrency market.

The Crash Incident: However, Luna Coin plummeted in just one week, with its price dropping from nearly 90 USD to 0.00005 USD, leaving countless investors bankrupt. This crash also triggered a decline in the entire cryptocurrency market, with the total market capitalization of cryptocurrencies dropping by 600 billion USD in six days.

Project Restart: After the crash of Luna Coin, a new project called Ethena emerged, claiming to be the Luna 2.0 version, attempting to solve the stablecoin issue with a different approach and creating a stablecoin USDe that does not rely on traditional systems. More importantly, it aims to keep the total supply of Luna constant at 1 billion coins.

Current Situation: As of November 21, 2024, the global market value ranking of Luna Coin has fallen to 279th place, with a 24-hour trading volume of 359 million RMB and a circulating market value of 1.981 billion RMB. The myth of Luna Coin has been shattered, but the story and lessons behind it are still worthy of deep reflection for investors.

The Myth of Luna Coin in the Cryptocurrency World

Origin of the Myth: Luna Coin was once hailed as the 'Moutai of the cryptocurrency world' due to its high market value and investor enthusiasm. Its price soared at one point, becoming a market hotspot.

The Crash Incident: In May 2022, Luna Coin and its sister token UST both crashed to nearly zero in just a few days. This crash was related to the decoupling of the algorithmic stablecoin UST from the US dollar, triggering market panic and a sell-off. Nearly 370,000 investors faced liquidation, resulting in significant losses.

Reconciliation and Penalties: After the crash incident, the cryptocurrency company Terraform Labs and its CEO Do Kwon reached a settlement agreement with the U.S. Securities and Exchange Commission (SEC). Do Kwon is required to pay hefty fines and civil penalties, and faces professional bans among other penalties.

Current Status: As of November 14, 2024, the trading price of Luna Coin has dropped to $0.0000976, with a total market value of $557 million, in stark contrast to its former glory.

The crash of Luna Coin has provided investors with profound lessons and has prompted the cryptocurrency world to strengthen risk management and project evaluation.

The Revival Plan of 'The Moutai of the Cryptocurrency Circle'

LUNA Coin Crash: LUNA Coin, known as 'The Moutai of the Cryptocurrency Circle', experienced a dramatic crash in a short period. From a high of nearly $120, it fell to $87.78 in just one month, and then plummeted to near zero within a week, causing significant losses for investors.

Revival Plan Proposed: To save LUNA and its stablecoin UST, LUNA's founder Do Kwon launched the 'Revival Plan for the Terra Ecosystem' Luna 2.0, with a total cap of 1 billion and decoupling from UST, among other measures.

Effect of the Revival Plan: Despite the proposal of the revival plan, the price of LUNA Coin has not significantly recovered, leading to heavy losses for investors. This serves as a reminder for investors to enhance their risk awareness when participating in cryptocurrency trading and not to invest blindly.

‌Luna and ICX: Two major public chain systems in South Korea‌

‌Luna‌: A public chain system developed based on the Cosmos framework, which aims to solve the defects of the traditional financial system and improve the scalability of blockchain technology. Luna coin is a cryptocurrency launched by Terraform Labs. It is not issued by the South Korean government, but it is supported by the South Korean government. It is the ecosystem where the algorithmic stablecoin UST is located, and it is also the local mortgage asset of the Terra platform, used for stablecoin issuance, price stabilization mechanism and network governance.

‌ICX‌: As a public chain in South Korea, ICX attempts to use the blockchain network to move real communities to the chain, support different governance systems to establish their own networks, and realize cross-chain interaction. The ICX network has connected many social organizations such as banks and securities companies in South Korea, forming a prosperous blockchain ecosystem. Its core competitiveness lies in the ecosystem, and it has reached cooperation with many physical enterprises and government agencies.

In summary, Luna and ICX coins are two major public chain systems in South Korea with different characteristics and applications.

$ICX The ICON Foundation Board unanimously approved its first ICX buyback plan. The new ICX buyback plan authorizes the foundation to repurchase up to $5 million of existing circulating ICX.

The biggest fear in trading cryptocurrencies is encountering coins like Luna that are manipulated by institutions. When they rise, they can soar to the heavens, but when they fall, they can drop to zero instantly, which is something an ordinary person cannot withstand.

In my opinion, even if you make money from these coins, it's actually a loss; because from the perspective of your inner thoughts, your logic of making money is result-oriented.

Making money means it's a good coin, losing money means it's trash; the short-term impact is minimal, but in the long run, there will be many flaws, and even huge losses may occur.

For example, the ICX coin, which is known as "Ethereum" in South Korea. Holding it long-term yields benefits, and the fluctuations do not cause panic. It has established a blockchain alliance in fields such as banking, securities, and insurance in South Korea, providing cross-field blockchain ID, payment, and trading distributed application services.

The rational part is: it has fallen for too long, it should have risen. The irrational part is: the rise has been too short and the amplitude too large.

Why did Luna, one of the two major Korean public chains, collapse, but ICX did not?

‌The main reasons for Luna's collapse include fatal flaws in its algorithmic stablecoin mechanism, imbalance in supply and demand, and investor panic. ‌

Luna is an algorithmic stablecoin whose mechanism is to maintain price stability through the swap of Luna (LUNA) and TerraUSD (UST). However, this mechanism has fatal flaws. When the market price of UST is higher than $1, users can exchange $1 of Luna for 1 UST for arbitrage; conversely, when the price of UST is lower than $1, users can exchange UST for $1 of Luna for arbitrage. This mechanism is prone to price fluctuations when there is an imbalance in market supply and demand, and eventually leads to a collapse. ‌

In contrast, ICX coin (Icon) does not adopt a similar algorithmic stablecoin mechanism, so it avoids similar risks. ‌Technical implementation of ICX coin‌. ‌ICX coin is based on the Interstellar Alliance Chain (or ICON Network), a decentralized blockchain platform designed to solve the interoperability problem between blockchains. The ICON network uses the BFT-DPoS (Delegated Proof of Stake) consensus protocol to ensure the security and stability of the network.

The stability and market performance of ICX coins are relatively good, and there has been no collapse similar to Luna. The mechanism and purpose of ICX coins are different from Luna, so its market performance and risks are also different.

In addition, Luna's collapse is also related to its high annualized yield model. Terra offers an annualized yield of up to 20% through the Anchor Protocol, attracting a large number of users to invest in UST. However, this high-yield model is difficult to sustain, which eventually led to Luna's collapse.

In summary, Luna's collapse is mainly due to the defects of its algorithmic stablecoin mechanism, the imbalance of market supply and demand, and the difficulty of sustaining the high-yield model. Due to its different mechanism, ICX coins have not experienced similar risks, so they are relatively stable.

The fluctuations in the crypto world are terrifying, those with weak hearts should not play!!

Take the classic example of Luna. You have 10,000 Luna, and last night its value was 1 million USD. You wake up and suddenly it has turned into 700,000 USD. You think to yourself, after so many years in crypto, it's only a 30% pullback, UST has only depegged by 10%, I believe in DoKwon, so you confidently go back to sleep.

The next day you wake up, and Luna has dropped to 10,000 USD. At this point, you feel that it has already fallen by 99%, it shouldn't drop any further, right? If you don't buy the dip now, when will you? So you sell everything you have, desperately gathering 200,000 USD, hoping to take advantage of the dip and buy 200,000 Luna. As a result, you can't sleep at all, constantly monitoring it, hoping it will rebound, but you watch helplessly as the price drops from 1 USD to 0.1 USD, then to 0.000001 USD, and finally gets delisted. In just three days, your 1.2 million USD has turned into an amount not even enough for a breakfast.

If you want to play, play with ICX coin, it won't budge for years.

ICX coin, also known as ICON, is referred to as "Ethereum" in South Korea. This project is so good, too many people have joined, and the main force can't pull it up.

1. The project background is excellent: The ICX project was initiated by South Koreans, benchmarking Ethereum, aiming to achieve interconnection and transactions between different blockchains through a "Blockchain Transmission Protocol", making it one of the better cross-chain public chains.

2. The technical characteristics are outstanding: It uses BFT-DPoS consensus protocol and DPoC economic supervision protocol, capable of processing hundreds of transactions per second, with processing speeds far exceeding Ethereum, ensuring the integrity and transparency of data and asset transfers.

3. Applications and implementation are remarkable: It has established blockchain alliances in various fields such as banking, securities, and insurance in South Korea, providing cross-domain blockchain ID, payment, and transaction distributed application services.

4. Market performance: The price and market value of ICX coin fluctuate very little according to market conditions, making it a stable investment suitable for conservatives, while speculators face a high risk. As a national-level blockchain project in South Korea, ICX is supported by the government and has a wide range of application scenarios and decentralized characteristics.

ICX coin holds an important position in South Korea's blockchain field, being hailed as South Korea's Ethereum, but its price fluctuations are not as large as Ethereum.

Currently, the mainstream decentralized storage platforms on the market include Arweave, Filecoin, and Storj, providing a data storage method that does not rely on a single central control point, contrasting with traditional cloud storage services. Arweave focuses on long-term or permanent storage, adopting a one-time payment model; Filecoin and Storj establish a blockchain-based storage market, offering flexible storage solutions. Arweave incentivizes miners through an 'effective data mining' mechanism, while Filecoin ensures data storage through proof of replication and proof of space-time. Arweave's storage operations are simple, while Filecoin and Storj cater to specialized markets and traditional cloud storage users, respectively. The future development prospects of decentralized storage are broad, especially in the areas of data decentralization, anti-censorship, and applications in AI.

Decentralized storage is a method of data storage that does not rely on a single central control point. This method contrasts with traditional centralized storage (such as traditional cloud storage services like Amazon S3 or Google Cloud), which is typically managed by a single enterprise or organization.

Mainstream Decentralized Storage
Currently, the mainstream decentralized storage available on the market includes Arweave, Filecoin, and Storj. They each have unique characteristics and design philosophies:

Arweave focuses on long-term or permanent data storage.

Filecoin provides a decentralized market similar to traditional cloud storage, supporting flexible storage needs.

Storj emphasizes providing decentralized cloud storage services that ensure security and privacy protection.

All three platforms use blockchain technology, but their application scenarios, technical implementations, and payment models differ, making them suitable for different types of storage needs.

ICX and Luna are both star blockchain projects from Korea, but the ICX project is more reliable.

Project Background and Strength: ICX is the flagship project of The Loop, a Korean blockchain giant, issued by the Swiss non-profit ICON Foundation, possessing strong background and strength. In contrast, Luna has less information regarding its project background. Aside from the announcement of the founder's information, there is no relevant information.

Technology and Application: ICX adopts a high-performance, scalable loopchain protocol, supporting smart contracts and cross-chain interaction, with a rich array of application scenarios. Although Luna also supports decentralized financial applications, it may not be as comprehensive in technology and application scenarios as ICX. The total supply of ICX coins is limited, making it a scarce asset.

Luna coins, as Terra's platform token, support the issuance of TerraSDRs stablecoins and the price stabilization mechanism, while also participating in network governance. Users can exchange Luna tokens for TerraSDRs stablecoins to ensure price stability. However, Luna has an unlimited total supply, which can lead to infinite inflation at any time, posing a risk of collapse in a short period: Luna coins performed strongly in the market before May 2022, with prices skyrocketing from a low of $0.12 to $119.5. However, the price subsequently plummeted by over 99%, almost reaching zero, causing a huge shock to the market.

Ecosystem and Partners: ICX has connected with several banks and securities companies in Korea, forming a large ecosystem. This extensive partnership provides a stable development foundation for ICX. In contrast, Luna has relatively less mention in terms of ecosystem construction. Luna coins are the tokens of the Terra platform and were previously used for stablecoin issuance, price stabilization mechanisms, and network governance, but the market confidence was severely impacted after the crash.

Market Performance and Potential: Despite the volatility in the cryptocurrency market, ICX, with its innovative technology and solid community support, demonstrates strong vitality. In contrast, Luna's market performance may be more volatile and uncertain.

Why did Vitalik support OMG?

The main reasons why Vitalik supports OMG are as follows:

First, the technical background and project positioning of OMG attracted Vitalik's attention. OMG, or OmiseGO, is a public financial technology based on Ethereum that can be used in mainstream digital wallets to achieve real-time peer-to-peer value exchange and payment services across jurisdictions and organizational islands. Its goal is to create a decentralized payment network that allows people to transfer and pay without banks, supports transactions of digital currencies and legal currencies, and transfers are almost instant. This decentralized payment solution is innovative and practical in the blockchain field, which is in line with Vitalik's pursuit and recognition of technology.

Secondly, the team strength of OMG and the support of the advisory team are also important reasons for Vitalik's support. Omise, the parent company of OMG, was founded in 2013 and received more than $17 million in Series B financing led by SBI in 2016. In the same year, it was named a "financial technology star" by Forbes magazine. In 2017, Omise and Alipay launched an e-wallet to help local Thai e-commerce merchants accept online payment transactions from Chinese tourists. In addition, the advisory team of OMG Coin includes Joseph Poon, the initiator of the Lightning Network, Gavin Wood, the founder of the Polkadot project, and Vitalik Buterin himself is also an advisor to the project‌12. Such a team background and advisory lineup undoubtedly increase Vitalik Buterin's confidence in OMG Coin.

Finally, Vitalik Buterin's recognition of OMG Coin is also reflected in his detailed analysis and positive evaluation of the project. Vitalik Buterin wrote a special article on Twitter, stating the three reasons for being optimistic about OMG Coin: it is not a medium of exchange, it has a clear valuation model, and it is necessary to run nodes to obtain income rather than passive income. These reasons show that Vitalik Buterin has a deep understanding and recognition of the technology and economic model of OMG Coin‌.

In summary, Vitalik Buterin supports OMG Coin because its technical background, team strength and in-depth understanding of the project are in line with Vitalik Buterin's investment philosophy and technical pursuits.