“Turns out Greed is the root of all evil”

“Turns out Greed is the root of all evil”

Technology
May 20, 2022 by
8
“Turns out Greed is the root of all evil” The worst days in crypto history:The Mt. Gox hack that stole 740,000 BTC (not dollars, actual BTC). The DAO hack on Ethereum that caused the infamous fork.And now, the Terra / Luna crash that caused the Cryptogeddon of 2022. This made even the Time/ Wonderland fiasco, Wormhole and
“Turns out Greed is the root of all evil”

“Turns out Greed is the root of all evil”

The worst days in crypto history:
The Mt. Gox hack that stole 740,000 BTC (not dollars, actual BTC).
The DAO hack on Ethereum that caused the infamous fork.
And now, the Terra / Luna crash that caused the Cryptogeddon of 2022.

This made even the Time/ Wonderland fiasco, Wormhole and Beanstalk hack seemed insignificant.

Many have been affected by this crash and everyone has been caught by this wild haymaker.
My feed has been flooded by scary tales of how people lost their entire networth in Luna.
How life savings were poured into Anchor Protocol only to watch it depeg and wipe out their value.
Suicide hotlines and counselling numbers are plastered everywhere on forums and social media.
The effects of Cryptogeddon is seeping painfully into the real world.
Bluechip crypto like BTC and ETH are tanking hard and bringing down everything with it, like a blackhole.
Even Bluechip NFTs are not spared as BAYC, MAYC and Moonbirds all took a haircut.
Not to mention the Azuki drama that rocked the NFT world silly.
Essentially some of the cofounders of Azuki admitted to rug pulling previous projects and were boasting about it to their audience.
If that were indeed true, it is despicable and very heart breaking for the community.
Naturally, Azuki’s floor price almost halved since its ATH.

But that’s a story for another day.

Could we have seen this coming?
Were there signs written on the walls?
Some critics spoke out long before anyone else did.
They said the tokenomics of Anchor Protocol were unsustainable and unreasonable.
Who cares?
Terra was backed by some of the industry’s heavyweights like 3 Arrows Capital and Jump Capital.
There were literally too big to fail, or so everyone thought.
Could we as a community, have objectively reviewed Terra / Luna for what it is and steered clear away from it?
Possibly, but improbable.
People will be people and we are all greedy and blinded to some extent.
At its peak, everyone was shilling Anchor and how magnificent the 20% interest rate was.
Web3 and DeFi startups sprouted from nowhere and made businesses capitalising on Anchor’s ridiculous interests rates.
Almost daily, there would be a new protocol built on top of Terra/Luna/Anchor to continue sucking people into the ecosystem.
The crypto community hailed Do Kwon, the founder of Terra / Luna as a savant.
The Cult of personality is real.
“These leaders become popular through charisma, strength, and meme mastery.”
And they don’t seem to take fair criticism very well at all, openly mocking and belittling critics with curt Tweets.
I have to admit, some of these are really witty and made me spit my drinks out a few times.
But all these seem to be just a very large crypto experiment gone awry.
VCs, investors, retail markets and speculators knew the risks, but took the dive anyway.

What is the root of all crypto crashes and hacks?

#startups #business #startupx #dokwon #luna #terra #terraformlabs #stablecoin #lunacrash #cryptoland #ust #cryptogeddon #bitcoin #deathspiral #bankrun

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“Turns out Greed is the root of all evil” was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.

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