Moving on from the apocalypse of Terra

In the last weeks, Terra blockchain’s Reddit became a suicide intervention group, and its related discord channels became peer therapy space and a global class action litigation group. I cannot find a proper word to describe the catastrophic level caused by the collapse of Terra. I was not saved from the event either. I held only UST and sold all of my UST and lost 43% of them. Many people I know were impacted. The whole crypto space got impacted, directly or indirectly. Seeing my UST bag dropping to 0.1$ in a few days gave me a new perspective on living. The loss is lost. For every mistake I make, I make an audit and reflect on it. I liberated myself to fully feel the pains this time because such feelings should be conserved in my memory. Next time, before I make an investment decision, I will revive the recollections to defend the robust principle of security. We make decisions based on emotions, not rational thinking.

The vision of decentralized stablecoins fascinates me. I follow this topic closely and even wrote about it. Through the research, I understand the potential death spiral risk of LUNA-UST. Still, I kept holding a significant portion of my stablecoins in UST, taking the calculated risk and engaging with defi in Terra. To understand why I suffered a significant loss despite being aware of the risks, I’ll need a therapy session to process my psyche during those turbulent moments — is it because I was too greedy? Can’t I make a stop loss at the first sign of depeg? Did I give too much credibility to Do Kown? Maybe a mix of them. I…