Today, let's talk about Moutai, which once exceeded 43 billion US dollars in the cryptocurrency circle. In a few days, it fell by 99.99% and then directly delisted. What happened? #luna
In 2018, a Korean scholar invented a currency called LUNA and set up a stable currency anchored to the US dollar, called UST. He designed several rules, one UST = 1 US dollar, but one Luna is needed to exchange for UST.
This genius is not satisfied with the currency, he also set up a bank himself, saying that 20% interest will be given for depositing UST. When everyone heard this, the market environment was so bad, and there was still a 20% guarantee. Isn't this giving money away? So many people want to own UST, which pushed up the price of Luna.
After a series of operations, more and more people want to hold UST, so they exchange Luna for UST, because of the shortage of supply, the price soared. At the beginning of 2021, the price of a Luna coin was less than $1, but by April 2022, in more than a year, its price had soared to $120. Ust also became the third largest stablecoin in one fell swoop, and was called the Moutai of the currency circle.
However, this 20% high interest rate does not come from any investment income, but from the money of new investors. Over time, he could not maintain the 20% interest rate. If ust was just there and not taken out, it would be fine, but once everyone started to run, the price would definitely not hold up.
In fact, he did not hold up for long. Some people realized that this thunder would explode sooner or later. On May 10, 22, nearly $6 billion fled from Luna, and the price plummeted by more than 90% to $10 in a single day. At the same time, many people think Luna can be saved and are still buying at the bottom.
On the second day, Dokwon announced that it could not save the market. Luna fell by more than 90% again. On the third day, Luna continued to plummet by 99%, almost to zero. On the fourth day, many exchanges closed Luna and delisted it.
So a virtual currency Luna plummeted by 99.99% in one day. Now we look back and find that it is actually a Ponzi scheme. When many people think that this concept is included in the blockchain, it is an innovation, but it has not yet left the essence of Ponzi governance.
Economic operation certainly has its own laws. If everything is just built on air, it will be punctured sooner or later.For billionaires, this may be just an ordinary failure, but for thousands of small investors, Allin may make them bankrupt, and they hope that his wealth will always stay the day before the LUNA collapse.
