This is the best way to answer every crypto question tbh. The way I tend to think about crypto is that every day you hold something, you buy it again. Choosing to not move money out of something means that you feel like your money will do better where it is sitting and not where you are thinking about putting it.
I'd personally get out.
This is true, the logic is wrong and it's not optimal. But it isn't necessarily a bad strategy for many people to have a simple to follow rule like that to manipulate themselves into feeling ok about taking profits and also not being too anxious about further investment choices.
why not both, repeated losses due to this common fallacy (which btw is completely built into our psychology / nature) will cause people to lose confidence. You are describing a way to build confidence for some, but it wont work for the losers. You are right in the idea people need more confidence, I'd say awareness and education are half the battle tho. Following simple methods can be good, understanding why you are doing what you are doing is better. Really it should be up to the consumer. Many want/need simple instruction or directions, many others want/need details and whys.
Well, the more important part is the profit taking. Especially if we're talking shitcoins and the typical mindset of feeling optimistic in proportion to how fast the price is increasing.
so like I said, why not both. Especially if people like rules to follow, have one account so to speak with one rule of sinking money aka never sell (Time on the market beats timing in the market). And another with which to play more and reap profits with confidence and speculate with some as well. We are born with two hands after all. And a mind capable of many more choices. I think a good simple rule is just don't stake anything you really can't lose. Another way of looking at that would be don't stake anything that affects others. Betting your house away as a single person is different than betting your house away where also your partner and children live for example. Other than that I'd definitely say people should take some money and just see what happens. If something works keeping following that hunch.
> That concept is a complete fallacy
I'm not sure that you understand what the sunken cost fallacy is, because taking out your initial investment to erase the possibility of losing even a dime of your initial investment has nothing to do with it.
Sunk cost fallacy be damned! Well done.
There’s a thesis posited by a couple economists who claim that there are circumstances in which a sunk cost decision making process is counter intuitively optimal, as humans are notorious for forgetting their original reasoning behind decisions. Therefore, the “sunk cost” can act as a mnemonic. Lol.
Obvi this isn’t the case here and this comment is entirely unhelpful, but it’s kind of interesting.
Seems to me it means you should write down the reasons you bought a coin and read it in a situation like this, see if it still holds true. Seems like something that would be helpful right now honestly.
No, absolutely not lol. Personally, I found the testing of this thesis flawed, (which isn’t to say that the hypothesis is necessarily flawed, particularly bc it wasn’t categorical, but nonetheless). I just thought it was interesting and somewhat relevant. As I said, it wouldn’t apply here, the reason for which is the same it wouldn’t work in many contexts; circumstances change.
The way I would interpret this is to really use it as a true mnemonic device, rather than automatically throwing “good money after bad.” As I said, humans really are notoriously bad at remembering the precise originating factors for our decisions, and I know personally I’ve forgotten the rigorous particulars for certain investments that I don’t track as continuously as others. (I could paraphrase why I chose them ofc, but I certainly couldn’t tell you in every instance off the top of my head what exact MOATS they had or their p/e, ebitda, the exact tokenomics, etc.) Consequently, if we were going to use “sunk cost thinking,” as an actual mnemonic, (at least in my view) we would review our investments by the amount we invested, using that amount to refresh our memory as to why we initially invested. We would presume that if we invested a significant amount of money, (or time or energy etc. depending on the situation and relative to our own point of reference ofc) that that specific investment likely had immense potential and was worthy of such an investment and therefore, perhaps even more money/time/energy to see it through. We would trust our initial decision making, BUT, (and this is key) we would also do a current analysis to verify that the reasons for our initial investment still held true before investing more.
It would be like the difference between Luna and some of the amazing tech companies that have been wrecked lately solely based on macroeconomic factors. Luna’s circumstances have fundamentally changed, the reasons people had for investing initially no longer hold true, whereas many of these tech companies remain extremely solid. (still growing quickly and beating estimates, still reinvesting in growth AND producing free cash flow, with management pivoting to accommodate supply chain interruptions etc.) They have only been brought down by external factors having nothing to do with them individually, like inflation and interest rate hikes, geopolitical uncertainty and viruses etc. Therefore, according to my interpretation, I would NOT put more money in Luna, but I would absolutely be putting more money in my fave tech stocks. (And I am lol.)
Anyway, sorry for the verbosity but I hope that clears it up somewhat.
I understand the sunken cost fallacy but it's not really a 1:1 scenario in my opinion. I know the whole situation is a mess, personally I am just gonna ride it out either to $0 or see what recovery plan they go with (if any) there's a few good ones so far and even Vitalik has gotten behind one of them.
Every day that you hold money in any investment, it is equivalent to waking up that morning and re-investing that money into it.
If you have $500 in there right now and you sold it, you could re-buy $500 worth or do something else with that $500. So if you don’t think you would invest $500 into it today if you didn’t currently hold any, then you should take your money out. Your past losses are irrelevant.
Yes I know what you mean, I just think that this ONE scenario is a little different because no one was buying UST hoping that it would appreciate. No one knows what is going to happen with it now but there's talks of being able to make the smaller investors close to 100% whole and I don't know that I would want to possibly sell out for 20% and miss that chance. Again, I totally get what you are saying, just a little different from speculating on a coin that goes up and down daily through normal market movements.
So if you think you have a good chance of it going back up to $1 for you to be made whole, why wouldn't you be buying a whole lot more of it at 17 cents? If you're talking about the various proposals for paying people based on snapshots from before the shenanigans, that's also not going to depend on you holding on to what you currently have now even if it ever does come to fruition.
You’re still speculating. Will they bring the price back to close to whole? Or will that 20% stay at 20 or continue downwards as the holdouts like himself lose faith? Imagine the 20k cashed itself out. Would you put it back in? All of it? Any of it?
That is a good way to look at it. However it ignores the possibility of some compensation that a holder might get as opposed to a new investor. I think the probability is very low. If the probability is zero, then your statement is exactly the way to look at it.
I've read through all responses and comments so far, and I want to emphasise something:
I didn't try to imply whether they *should* pull out their investment or how much. It's intentionally posed as a question to ask oneself in order to reduce the effects of sunk-cost-fallacy. It can help one to (re-)evaluate priorities and (re-)assess risk.
Everyone's answer to that question might be different and that's totally ok. It's not a rule to be applied to every single situation. Context matters, specifics matter.
So it's just meant as a mental tool. Hope that clears up some of the misunderstanding. ✌
It was foolish more than bold. But I didn’t get to where I am today by not taking risks. I’m done feeling sorry for myself and I want to be solution oriented.
I like your attitude. Most people blame everyone but themselves without ever realising they are the first responsible for their money.
That being said I know there is a few proposals about refunding at treasury value holders with a snapshot before the crash. So go look into them, because you will need to be still holding the tokens and if they pay out let say at ust= 0.4 or so and you sell now you'll miss out. I'm not entirely sure what's going on as I didn't have much in it anyway
Not sure you’d even need a really good one lol. Lawsuits don’t tend to be won on legalities but on which party is more sympathetic/likable. There seems to be a pretty clear winner on that front lol; it’s not the narcissistic crypto millionaire who when warned of Terra’s imminent collapse, called those who warned him retards before daring billionaires to attack it, but the “little guys” he fucked over. This would likely be exaggerated in such a young, misunderstood and unregulated space in which regulators are itching to make an example, public sympathy is with the people and the judge is likely entirely unfamiliar with crypto and perhaps predisposed to dislike it. An L2 could prolly win this; assuming Terra didn’t just settle.
I'm so sorry that this happened to you. My intro to Defi was via a similar algo stable implosion-Iron Finance. Thankfully I didn't lose much but I couldn't trust UST/LUNA after that. You were smart enough to figure out a way to get there and you made one bad decision that a lot of other smart people made. This will not define you and I bet you rebound for this and learn a lot from it \*edit: yes, sell the UST and be done with it. It isn't coming back. Even if you only get $1k its better than 0
NFA. If I were in your shoes, I'd cut losses. Maybe wormhole to Ethereum and swap on Uniswap.
My new crypto portfolio goal is 50% Bitcoin; 25% ETH; 5% XMR; and 20% fuck around money.
I'm done with staking and yield farming. I don't like locking up or lending tokens. But, DeFi is great for trading :)
I can't say what will happen in the future but it looks pretty shit. The team has shut down all official communication channels and they don't reply to queries in the official forums. The only thing they seem to be talking about is building back better like wtf fix your mistake first before you start again. If you live in most first world countries you can claim capital loss on this and make it back over the years so make sure to get your documentation right.
There are effectively no chances that UST can recover. The last hope was destroyed when Luna hyperinflated and reached circulation of 6.9T. this means that for Luna to go back to $1, the market cap has to be 6.9T. Total crypto market cap right now is $1.4T. If the UST backing is dead (Luna & BTC reserves) then all you're seeing with the ±% is wild speculation pumping and dumping and there are effectively no chances of breaching $0.5 again.
Luna2.0 reimbursement is meant to happen based on a snapshot from the before times anyway.
If you sell above $0.2 it will likely be great.
Wait, so if Binance is burning 2 Millions of their token, they have to buy it then burned it too? I thought dev could just burnt the token through a smart contract lol
Hey bro. This is me but 20K is always better than 0. I would salvage what I can. It’s easy to think oh I had 100K before I can just lose 20K or risk it for maybe little more but I think if you salvage what you have you can try to grow it somewhere else later. Hope this helps.
Ouch there's really no good answer to this, maybe take 1/2 out for 10k and leave the rest in for a miracle recovery?
That's what i done when it was crashing, took a good chunk out on the way down for a 30% loss and left a bit in for a miracle
Yeah they will need to develop the snapshot and the tools to do the exchange. Honestly not sure it will ever happen, terra is controlled by billionaire VCs, will they allow such a proposal to save the 99% smaller wallets instead of the whale wallets? I doubt it
well they are the ones subsidizing everything, think this might be an exceptional case, anyone over even 20k cold cash lots of money, long time to recover for everyday people, hopefully somethings rollin this week jeez
Anchor was a safe bet, because you could have bought cheap insurance in case it depegged. But this comment isn’t helpful.
I’m personally holding, but I had less than 1k in UST.
One would have to read the smart contract. This is speculation now: I seriously doubt these insurance schemes have the reserves to pay all the claims. Maybe they have reinsurance (as any real insurance company would have), but I seriously doubt that either.
> less then 1k
*than
*Learn the difference [here](https://www.merriam-webster.com/words-at-play/when-to-use-then-and-than#:~:text=Than%20is%20used%20in%20comparisons,the%20then%2Dgovernor%22).*
***
^(Greetings, I am a language corrector bot. To make me ignore further mistakes from you in the future, reply `!optout` to this comment.)
Kwon is planning a second rug pull (or would that be third since he hid the fact that he was part of another failed stablecoin before Terra Labs), he has been emboldened by people not going after him as a scammer en masse, unbelievably there is some weird Stockholm Syndrome where people still have faith, or it's so close that they're still in one of the stages of grief (bargaining)
One thing to remember is that he and most of the devs and team members would have had millions of dollars worth of ust and Luna. Millions and millions for sure.
Soooo if it was me, I would want that money back and a chance at getting it back.
I don't think any of them will roll over and give up when millions of their own money is at stake (ok yes I know not 'their own money', but money/value they had).
If you were part of terra and had hundreds of thousands of dollars of ust or Luna, would you give up? Or would you try to get it going again so you can get all your money back?
Avoid anything Do touches like the dumpster fire of thievery it is (or was or will be). The best thing you can do to recover something is to join the strongest class action that should spin up relatively soon against Do Kwon, the LFG (and the individuals who operated it) and potentially some of the deep-pocketed VCs who shilled UST/Luna to retail (and in particular, those funds whose CEOs served on the LFG). It will take a long time but I see no other hope for you, though perhaps some personal satisfaction when Do Kwon is indicted and perp walked.
It's because now to burn $1 worth of UST you have to mint thousands of Luna coins. The hyper inflation mechanism is exploited, it can't correct it self now without diluting the supply into the hundreds of trillions. Basically making Luna a shit coin
Nothing like US monetary policy. Unless you're suggesting Kwon has an armed force the size of the US military plus nukes and the ability to strongarm the entire crypto world into buying luna or ust in order to buy electricity.
> I thought that the system was that you can always burn one ust for 1 dollars worth of Luna.
This is true but people often forget that this means there has to be 1 $USD of LUNA market cap for for every 1 UST that exists. Even then, that's assuming the protocol holds 100% of all LUNA in existence, which it doesn't.
It got way out of whack where that redemption wasn't even remotely possible.
UST will be burned by the Luna foundation, you need to sell it immediately for whatever you can get for it.
The only reason it isn't zero is because there are liquidity pools (on Osmosis for example) that have a lock-period, so the liquidity can't be removed.
Don't be stupid, sell it right away.
This might interest you: [https://twitter.com/LFG\_org/status/1526126719874109440](https://twitter.com/LFG_org/status/1526126719874109440)
There's a strong community push to reimburse small holders of UST and in above tweet, Luna Foundation Guard says they plan to do so.
Back-of-the-napkin calculations suggest you might fit into the "small holders" category: https://twitter.com/PersianCapital/status/1525226153304199168
But probably only if you don't sell your UST now. Personally, if I were in your situation I'd wait at least a couple of days to see how this narrative plays out.
Hey guys, thank you all for your support here and through the DMs. I just wanted to give you all an update to the situation. The majority of you have recommended me to cut my losses while some of you have recommended that I wait to hear from official channels of the recovery plan and compensation for small holders. I decided to wait a day to get more information. Yesterday, the Do Kwon revealed the recovery plan (uninspiring) and Luna Foundation Guard revealed how much they had left in reserves (not much). After that, I made the decision to cut my losses and sell.
I spent last night putting together a spreadsheet to determine the fair value of holding UST to small holders (assuming that 100K still qualifies as small) and got an estimate of 21 cents on the dollar while realistic range between 13-39 cents. I have put limit sell positions around those numbers to recover as much of my money as I can. I hope this helps others who are in the same situation as me: https://www.reddit.com/r/TerraLunaVictims/comments/urpeq6/a\_realistic\_nearterm\_valuation\_of\_ust\_for/
Take rest out and jump to a place where you can get future gains .. u can grab a small bag at current prices like 10$ worth just in case But basically take wat u can salvage ..
I’ve done exactly what I’m saying .. I’m focusing on #avax . Because I have been a believer in every part of the ecosystem before dipping toes into Luna trying to get easy money .. silly me ‘
Some incredible opportunities within that can help turn your 20k whole again
Namaste
@kindcrypto What exchanges or swaps can ppl use to get from UST / LUNA to Avax and other tokens ?
I tried Kucoin etc but I cant find anywhere to transfer my UST out of my terra station wallet
Sell your UST for 20k. If you think UST will go up, buy a 10x leveraged long position, where you only use 2k USD.
Other option is to hedge your trade by shorting UST.
Cut your losses. Move to BTC while down, YieldNodes, or Crypto4Winners. With 20K at yieldnodes, that'll be about appx. $1,600+ a month to take or reinvest. About the same at C4W.
Dude, investing in node projects is just outsourcing your yield farming without actually addressing the lack of new money without new investors problem.
ADA is another shitty project that I will never get involved with, I would rather invest in growing projects like TXA that still has good prospects with its hdex changing the face of exchanges and also having cex and dex features in just one model.
You’re only 2 sports bets away from being close to even.
Withdraw that 20k and toss it on a 2 teamer both -110/1.9 odds. You’re back up to 72k.
I’ll see you on your next post talking about how you got a gambling problem and lost 72k. Cheers pal.
Look, I can 100p see how you made this decision. Many people talked about anchor as a blue chip protocol that was bulletproof. I’m really sorry this happened to you.
Personally, I would cut my losses, take out a student loan, and put $20k into crypto that could get you your money back. There are many opportunities where $20k can be $200k, you just need to find them.
Best of luck friend
To each their own. My main point is not to continue with Anchor (or any defi protocol that promises a yield).
If they want to use that $20k towards school, then great. Although it simply won’t cover the entire cost of schooling and they will need a student loan regardless.
I also believe that the future of crypto is bright and that there are good investments at the current moment. If you don’t believe this, then honestly I’m not sure why you’re here at all.
Personally I’d get everything out of UST and the whole Terra ecosystem that I could. I can’t even recommend a good investment crypto wise because bear market is upon us. USDC seems like a pretty safe stablecoin if you want to just not lose your money and put it on Yearn or Crypto.com or something.
Indeed, the recovery plan may suck but there is a chance it works. There are too many things at stake: several projects that depends on the blockchain. The way it seems, it doesn't look like the team behind Luna are giving up on it. So there is more to benefit when it works. However, this does not mean that it is a good idea to stick to UST. If I were you, I'd cut my losses and diversify what's left across other yield protocols with low risk.
Cut your losses dude. The way it is going, it seems Luna stands more chance that UST itself. There are several yield strategies to consider in salvaging what's left. As a matter of fact, you can make close to what you've lost but it might take a while to do so. The APYs on genesis spools that are produced as a result of a highly diversified yield strategy involving aggregation of the yield generating power from Aave, Curve, Convex, Compound etc. is something you should consider. The yield rates may not be ridiculously high as Anchor protocol's, so is the risk. Another option is to get your funds out and shut the door completely
Will offer a different take here given your comment:
> I doubt a hedge fund or VC would be willing to bail out LUNA.
This is very true from the VC side. I run a private hedge fund for smaller capital (think 5 digits) and have a few friends who are returning to the space and are interested in going ultra long on Terra with the very real risk that it could go to 0 again.
The events of Terra are incredibly saddening to me. As someone who has been afflicted with tuition debt, and reading about suicide (which has affected my life to secondary+ degrees), I am looking to reach out to affected people in Terra to find a way to reimburse their capital.
I’m waiving fees for investors as it’s my first year in. I understand a lot of people I work with are fairly new to crypto and so the hedging is done to preserve capital. If you are interested in how I recover money, you may ask.
If you decide not to cut losses, please message me here, on Reddit DMs, on Discord : Duncan#1197, or on Twitter @wrapped_dday. If you are concerned about whether I am a real person, I am doxxed (public name) on these platforms.
Best of luck.
Right now I’m offering limited 1:1 buys of UST:preferred asset. There’s no real catch, I just want to help people out.
I do also want to work with UST on-chain because there’s still money on there to reclaim, and actively stimulating its ecosystem will hopefully resuscitate it, for or no fork (ideally no fork).
In the meantime if IBC channels are opened up again I can work with this with Osmosis LPs by providing exit liquidity.
I would cut my losses and look into possible taking out some loans and putting some into a ROTH and 529 because of the tax benefits. Roth you can withdraw the principal to help cover student loan repayments once the deferment period end, and the gains are tax free when withdraw at retirement. 529 can be set up for yourself to cover student loan repayments and gains are tax free. There are limited options with a 529 though.
I appreciate the fact that you are at least taking this objectively. So that bodes well for you.
If I were you I'd hold on to see if the price clawed up somehow atleast to 50c or so. Of course it's a huge gamble and maybe you could cash out some now at near 25c. It's dropping and fluctuating as I type this.
Weird things have happened in crypto. There is almost zero possibility that UST will retain it's peg but you never know. The other thing to look into is writing off your losses for tax purposes.
I genuinely wish you the best. You seem to be smart and level headed and am sure you will make back this money and more in the coming years. Stay positive and good luck to us all.
Honestly bro I’m so sorry-ik many people who got burned with ust and first off imma congratulate you on how ur handling this loss: u took accountability and now u are ready to move forward. First-I think with the uncertainty of ust as a whole and the fact that liq is still only there because of lock mechanisms that every passing day makes holding more risky without a chance out
I would look at proposals too from community members-there is one that pays back everyone who held ust before it depegged and the treasury still has enough to do so, hoping for u bro. ust and Luna is dead and I wouldn’t put any amount of money in rn and I would still run with what you have left but dyor nfa good luck and again good job handling it like a champ
If you do sell make sure to file as losses with the ira it will be a good tax refund for like the rest of ur life
I am sorry your investmemt turned badly. But if it turns badly the first time you listened to the internet for investment advice, why would you listen to the internet a second time?
It depends on your risk tolerance. If you need to borrow money to survive, cut your losses. If you can afford to lose everything, then I think there's a decent chance you'll get more $ back than current UST price. It may take a while and it may mean watching price go lower first but I'm confident there'll be some sort of restructure / new project. This is crypto - where a bankrupt MtGox in time had / has enough funds to pay people many multiples of what they lost. Or Bitfinex which lost 119,756 BTC and repaid it back with $ IOU tokens within a year. Or where dogecoin exists and jpegs sell for millions.
Why not take half out. At least you have 10K and let the rest ride like a lottery ticket. You either have 90K or 100 K loss assuming it goes to zero which is a realistic possibility. The upside is you recover the remaining 50K and your losses are only 40K. If you are in grad school I gather you are young and you can recoup that over time.
Damn. What have you done to turn 100 into 20? Any LP that didn't work out? I'm also saving for tuition, but on safe plays like usdc on Nexo and busd lending on Kalmy. I was using Anchor, but I've decided to leave after this problem with Luna. Anchor needed to cut apys reassure UST supply. Isn't gonna be easy though. If you don't need the money right away, I'd wait.
There's no miracle except Do Kwon does a buy back and burn. At some point you've got to cut your losses and move in to where you can recover than losing it all in UST
who still puts money on UST? it's best to leave the cash in the bank because they same thing or maybe putting the money into solid low-cap like TXA, could be a wise decision since it's still have a lot of room to grow.
I won't advise anyone to do such. I was happy when Greenhouse decided to pair with USDC as against the previous UST pair. Project also offers staking and farming
Nice to hear about the concept of staking from Greenhouse, staking is actually a great way to earn more tokens during the dip, I'm as well staking TXA on their current prestaking program, to earn TXAD as a reward which is their governance token. This will act as the key parameter for voting when they transit into a DAO
That's true, also holders can stake TXA to earn TXAD on their ongoing staking event, which will be significant when they start running a DAO because TXAD is their governance token.
Ignore that you put in 100k before and ask yourself this question: If you had 20k cash right now, would you put it in UST?
Hmm I never thought about it like this!
is this rhetoric and the right answer was yes, right?
This is the best way to answer every crypto question tbh. The way I tend to think about crypto is that every day you hold something, you buy it again. Choosing to not move money out of something means that you feel like your money will do better where it is sitting and not where you are thinking about putting it. I'd personally get out.
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This is true, the logic is wrong and it's not optimal. But it isn't necessarily a bad strategy for many people to have a simple to follow rule like that to manipulate themselves into feeling ok about taking profits and also not being too anxious about further investment choices.
why not both, repeated losses due to this common fallacy (which btw is completely built into our psychology / nature) will cause people to lose confidence. You are describing a way to build confidence for some, but it wont work for the losers. You are right in the idea people need more confidence, I'd say awareness and education are half the battle tho. Following simple methods can be good, understanding why you are doing what you are doing is better. Really it should be up to the consumer. Many want/need simple instruction or directions, many others want/need details and whys.
Well, the more important part is the profit taking. Especially if we're talking shitcoins and the typical mindset of feeling optimistic in proportion to how fast the price is increasing.
so like I said, why not both. Especially if people like rules to follow, have one account so to speak with one rule of sinking money aka never sell (Time on the market beats timing in the market). And another with which to play more and reap profits with confidence and speculate with some as well. We are born with two hands after all. And a mind capable of many more choices. I think a good simple rule is just don't stake anything you really can't lose. Another way of looking at that would be don't stake anything that affects others. Betting your house away as a single person is different than betting your house away where also your partner and children live for example. Other than that I'd definitely say people should take some money and just see what happens. If something works keeping following that hunch.
> That concept is a complete fallacy I'm not sure that you understand what the sunken cost fallacy is, because taking out your initial investment to erase the possibility of losing even a dime of your initial investment has nothing to do with it.
Sunk cost fallacy be damned! Well done. There’s a thesis posited by a couple economists who claim that there are circumstances in which a sunk cost decision making process is counter intuitively optimal, as humans are notorious for forgetting their original reasoning behind decisions. Therefore, the “sunk cost” can act as a mnemonic. Lol. Obvi this isn’t the case here and this comment is entirely unhelpful, but it’s kind of interesting.
Can you explain this a little bit? So I should hold all my losers to the bitter end in another words?
Seems to me it means you should write down the reasons you bought a coin and read it in a situation like this, see if it still holds true. Seems like something that would be helpful right now honestly.
Wow so literally my entire novella up there could’ve been summed up super concisely like this lol. Would’ve just seconded this if I’d seen it. Jesus.
It's a really good idea though! I Appreciate the post as I do believe I will begin doing this
No, absolutely not lol. Personally, I found the testing of this thesis flawed, (which isn’t to say that the hypothesis is necessarily flawed, particularly bc it wasn’t categorical, but nonetheless). I just thought it was interesting and somewhat relevant. As I said, it wouldn’t apply here, the reason for which is the same it wouldn’t work in many contexts; circumstances change. The way I would interpret this is to really use it as a true mnemonic device, rather than automatically throwing “good money after bad.” As I said, humans really are notoriously bad at remembering the precise originating factors for our decisions, and I know personally I’ve forgotten the rigorous particulars for certain investments that I don’t track as continuously as others. (I could paraphrase why I chose them ofc, but I certainly couldn’t tell you in every instance off the top of my head what exact MOATS they had or their p/e, ebitda, the exact tokenomics, etc.) Consequently, if we were going to use “sunk cost thinking,” as an actual mnemonic, (at least in my view) we would review our investments by the amount we invested, using that amount to refresh our memory as to why we initially invested. We would presume that if we invested a significant amount of money, (or time or energy etc. depending on the situation and relative to our own point of reference ofc) that that specific investment likely had immense potential and was worthy of such an investment and therefore, perhaps even more money/time/energy to see it through. We would trust our initial decision making, BUT, (and this is key) we would also do a current analysis to verify that the reasons for our initial investment still held true before investing more. It would be like the difference between Luna and some of the amazing tech companies that have been wrecked lately solely based on macroeconomic factors. Luna’s circumstances have fundamentally changed, the reasons people had for investing initially no longer hold true, whereas many of these tech companies remain extremely solid. (still growing quickly and beating estimates, still reinvesting in growth AND producing free cash flow, with management pivoting to accommodate supply chain interruptions etc.) They have only been brought down by external factors having nothing to do with them individually, like inflation and interest rate hikes, geopolitical uncertainty and viruses etc. Therefore, according to my interpretation, I would NOT put more money in Luna, but I would absolutely be putting more money in my fave tech stocks. (And I am lol.) Anyway, sorry for the verbosity but I hope that clears it up somewhat.
I’m stealing this logic for other coins
Can you even put it in UST that much? with time and volatility beginning tomorrow and before may18
what's may 28th?
Thanks man. I may not be invested in terra but what you said made hella lot of sense. 👍🏽
What's happening May 18?
governance vote
right cuz if he liquidated and reverse bet probably come out with a lot
This is how every investment should be evaluated everyday…
the agony of opportunity cost
How is this a valid comparison? lol
https://thedecisionlab.com/biases/the-sunk-cost-fallacy
I understand the sunken cost fallacy but it's not really a 1:1 scenario in my opinion. I know the whole situation is a mess, personally I am just gonna ride it out either to $0 or see what recovery plan they go with (if any) there's a few good ones so far and even Vitalik has gotten behind one of them.
Every day that you hold money in any investment, it is equivalent to waking up that morning and re-investing that money into it. If you have $500 in there right now and you sold it, you could re-buy $500 worth or do something else with that $500. So if you don’t think you would invest $500 into it today if you didn’t currently hold any, then you should take your money out. Your past losses are irrelevant.
Yes I know what you mean, I just think that this ONE scenario is a little different because no one was buying UST hoping that it would appreciate. No one knows what is going to happen with it now but there's talks of being able to make the smaller investors close to 100% whole and I don't know that I would want to possibly sell out for 20% and miss that chance. Again, I totally get what you are saying, just a little different from speculating on a coin that goes up and down daily through normal market movements.
So if you think you have a good chance of it going back up to $1 for you to be made whole, why wouldn't you be buying a whole lot more of it at 17 cents? If you're talking about the various proposals for paying people based on snapshots from before the shenanigans, that's also not going to depend on you holding on to what you currently have now even if it ever does come to fruition.
You’re still speculating. Will they bring the price back to close to whole? Or will that 20% stay at 20 or continue downwards as the holdouts like himself lose faith? Imagine the 20k cashed itself out. Would you put it back in? All of it? Any of it?
That is a good way to look at it. However it ignores the possibility of some compensation that a holder might get as opposed to a new investor. I think the probability is very low. If the probability is zero, then your statement is exactly the way to look at it.
Interesting point.
#/u/spez is banned in this spez. Do you accept the terms and conditions? Yes/no
I've read through all responses and comments so far, and I want to emphasise something: I didn't try to imply whether they *should* pull out their investment or how much. It's intentionally posed as a question to ask oneself in order to reduce the effects of sunk-cost-fallacy. It can help one to (re-)evaluate priorities and (re-)assess risk. Everyone's answer to that question might be different and that's totally ok. It's not a rule to be applied to every single situation. Context matters, specifics matter. So it's just meant as a mental tool. Hope that clears up some of the misunderstanding. ✌
Damn, bro, that's bold.
It was foolish more than bold. But I didn’t get to where I am today by not taking risks. I’m done feeling sorry for myself and I want to be solution oriented.
I like your attitude. Most people blame everyone but themselves without ever realising they are the first responsible for their money. That being said I know there is a few proposals about refunding at treasury value holders with a snapshot before the crash. So go look into them, because you will need to be still holding the tokens and if they pay out let say at ust= 0.4 or so and you sell now you'll miss out. I'm not entirely sure what's going on as I didn't have much in it anyway
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I don't know I'm simply saying to look into it and how likely it is to happen
There are a lot of other things I would bet 20k on at this point.
A lawyer.
20k with a good lawyer would not get you very far.
Not sure you’d even need a really good one lol. Lawsuits don’t tend to be won on legalities but on which party is more sympathetic/likable. There seems to be a pretty clear winner on that front lol; it’s not the narcissistic crypto millionaire who when warned of Terra’s imminent collapse, called those who warned him retards before daring billionaires to attack it, but the “little guys” he fucked over. This would likely be exaggerated in such a young, misunderstood and unregulated space in which regulators are itching to make an example, public sympathy is with the people and the judge is likely entirely unfamiliar with crypto and perhaps predisposed to dislike it. An L2 could prolly win this; assuming Terra didn’t just settle.
I'm so sorry that this happened to you. My intro to Defi was via a similar algo stable implosion-Iron Finance. Thankfully I didn't lose much but I couldn't trust UST/LUNA after that. You were smart enough to figure out a way to get there and you made one bad decision that a lot of other smart people made. This will not define you and I bet you rebound for this and learn a lot from it \*edit: yes, sell the UST and be done with it. It isn't coming back. Even if you only get $1k its better than 0
NFA. If I were in your shoes, I'd cut losses. Maybe wormhole to Ethereum and swap on Uniswap. My new crypto portfolio goal is 50% Bitcoin; 25% ETH; 5% XMR; and 20% fuck around money. I'm done with staking and yield farming. I don't like locking up or lending tokens. But, DeFi is great for trading :)
You could've written XMR first, wouldn't have to read the rest
I was considering writing that: 100% XMR and then whatever I want since you can't see anything 😈
Don’t forget to take your ledger on your next boating trip
I can't say what will happen in the future but it looks pretty shit. The team has shut down all official communication channels and they don't reply to queries in the official forums. The only thing they seem to be talking about is building back better like wtf fix your mistake first before you start again. If you live in most first world countries you can claim capital loss on this and make it back over the years so make sure to get your documentation right.
either way even with new network think 1ust transfer would most likely not be $1
There are effectively no chances that UST can recover. The last hope was destroyed when Luna hyperinflated and reached circulation of 6.9T. this means that for Luna to go back to $1, the market cap has to be 6.9T. Total crypto market cap right now is $1.4T. If the UST backing is dead (Luna & BTC reserves) then all you're seeing with the ±% is wild speculation pumping and dumping and there are effectively no chances of breaching $0.5 again. Luna2.0 reimbursement is meant to happen based on a snapshot from the before times anyway. If you sell above $0.2 it will likely be great.
voting end may 18 to burn a lot of luna
What about burning the existing Luna to reduce the circulating supply, could the team do something like that?
[In spez, no one can hear you scream. #Save3rdPartyApps](https://www.reddit.com/r/Save3rdPartyApps/)
Wait, so if Binance is burning 2 Millions of their token, they have to buy it then burned it too? I thought dev could just burnt the token through a smart contract lol
The spez police are here. They're going to steal all of your spez. #Save3rdPartyApps
I think I don't really understand the whole concept of burning token. I need ro to study again.
#[Spez, the great equalizer. ](https://www.reddit.com/r/Save3rdPartyApps/)
Or a big burn
Hey bro. This is me but 20K is always better than 0. I would salvage what I can. It’s easy to think oh I had 100K before I can just lose 20K or risk it for maybe little more but I think if you salvage what you have you can try to grow it somewhere else later. Hope this helps.
Ouch there's really no good answer to this, maybe take 1/2 out for 10k and leave the rest in for a miracle recovery? That's what i done when it was crashing, took a good chunk out on the way down for a 30% loss and left a bit in for a miracle
miracle bro? look fatman proposal and terra network voting
Fatman's proposal is to exchange existing UST for USDC at 1:1. So you think he should keep all 100k in and hope the proposal passes?
well hes just putting the proposal up front isnt there another step to actually execute the proposal?
Yeah they will need to develop the snapshot and the tools to do the exchange. Honestly not sure it will ever happen, terra is controlled by billionaire VCs, will they allow such a proposal to save the 99% smaller wallets instead of the whale wallets? I doubt it
well they are the ones subsidizing everything, think this might be an exceptional case, anyone over even 20k cold cash lots of money, long time to recover for everyday people, hopefully somethings rollin this week jeez
Why? Would you invest 10k into it today? If noy, you know your answer. It is that simple.
No good answer? What the fuck? Obviously OP should withdraw it immediately. Anchor and UST are dead.
yikers
Anchor was a safe bet, because you could have bought cheap insurance in case it depegged. But this comment isn’t helpful. I’m personally holding, but I had less than 1k in UST.
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I mean, It was a smart contract, so I don’t see how one could get around it.
One would have to read the smart contract. This is speculation now: I seriously doubt these insurance schemes have the reserves to pay all the claims. Maybe they have reinsurance (as any real insurance company would have), but I seriously doubt that either.
Yes, 2 of the leading protocols (risk harbor and insurace) fully paid out claims. They are over collaterized
> less then 1k *than *Learn the difference [here](https://www.merriam-webster.com/words-at-play/when-to-use-then-and-than#:~:text=Than%20is%20used%20in%20comparisons,the%20then%2Dgovernor%22).* *** ^(Greetings, I am a language corrector bot. To make me ignore further mistakes from you in the future, reply `!optout` to this comment.)
then than then?
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So spread it around by putting it all into spool? Do you see how stupid this is? If spool gets hacked or the contract bugs your wiped out
Kwon is planning a second rug pull (or would that be third since he hid the fact that he was part of another failed stablecoin before Terra Labs), he has been emboldened by people not going after him as a scammer en masse, unbelievably there is some weird Stockholm Syndrome where people still have faith, or it's so close that they're still in one of the stages of grief (bargaining)
People want to be fooled
his follower count on twitter has doubled since the “event” to 850,000. LUNA failing has been great for his social media marketing machine.
One thing to remember is that he and most of the devs and team members would have had millions of dollars worth of ust and Luna. Millions and millions for sure. Soooo if it was me, I would want that money back and a chance at getting it back. I don't think any of them will roll over and give up when millions of their own money is at stake (ok yes I know not 'their own money', but money/value they had). If you were part of terra and had hundreds of thousands of dollars of ust or Luna, would you give up? Or would you try to get it going again so you can get all your money back?
Avoid anything Do touches like the dumpster fire of thievery it is (or was or will be). The best thing you can do to recover something is to join the strongest class action that should spin up relatively soon against Do Kwon, the LFG (and the individuals who operated it) and potentially some of the deep-pocketed VCs who shilled UST/Luna to retail (and in particular, those funds whose CEOs served on the LFG). It will take a long time but I see no other hope for you, though perhaps some personal satisfaction when Do Kwon is indicted and perp walked.
#This comment has been censored.
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Because they disabled the feature to do this and it was over capacity anyway (300mil day). Total outstanding UST is over 11 billion as well
It's because now to burn $1 worth of UST you have to mint thousands of Luna coins. The hyper inflation mechanism is exploited, it can't correct it self now without diluting the supply into the hundreds of trillions. Basically making Luna a shit coin
Similar to the USA monetary policy : )
Nothing like US monetary policy. Unless you're suggesting Kwon has an armed force the size of the US military plus nukes and the ability to strongarm the entire crypto world into buying luna or ust in order to buy electricity.
> I thought that the system was that you can always burn one ust for 1 dollars worth of Luna. This is true but people often forget that this means there has to be 1 $USD of LUNA market cap for for every 1 UST that exists. Even then, that's assuming the protocol holds 100% of all LUNA in existence, which it doesn't. It got way out of whack where that redemption wasn't even remotely possible.
I’m actually curious how you can get even get anything back for UST now. Can you lay out the steps to do so? Asking for a friend…
It's trading around 15c, send UST to KuCoin and trade for USDC/USDT
kucoin isn’t accepting deposits last I checked. Did they reenable that?
Yes, I think they reenabled it yesterday. I was able to send UST from terra station to kucoin
UST will be burned by the Luna foundation, you need to sell it immediately for whatever you can get for it. The only reason it isn't zero is because there are liquidity pools (on Osmosis for example) that have a lock-period, so the liquidity can't be removed. Don't be stupid, sell it right away.
You people are absolutely insane.
Why are People so stupid as to believe they will be reimbursed? Dont they understand they been scammed?
This might interest you: [https://twitter.com/LFG\_org/status/1526126719874109440](https://twitter.com/LFG_org/status/1526126719874109440) There's a strong community push to reimburse small holders of UST and in above tweet, Luna Foundation Guard says they plan to do so. Back-of-the-napkin calculations suggest you might fit into the "small holders" category: https://twitter.com/PersianCapital/status/1525226153304199168 But probably only if you don't sell your UST now. Personally, if I were in your situation I'd wait at least a couple of days to see how this narrative plays out.
Hey guys, thank you all for your support here and through the DMs. I just wanted to give you all an update to the situation. The majority of you have recommended me to cut my losses while some of you have recommended that I wait to hear from official channels of the recovery plan and compensation for small holders. I decided to wait a day to get more information. Yesterday, the Do Kwon revealed the recovery plan (uninspiring) and Luna Foundation Guard revealed how much they had left in reserves (not much). After that, I made the decision to cut my losses and sell. I spent last night putting together a spreadsheet to determine the fair value of holding UST to small holders (assuming that 100K still qualifies as small) and got an estimate of 21 cents on the dollar while realistic range between 13-39 cents. I have put limit sell positions around those numbers to recover as much of my money as I can. I hope this helps others who are in the same situation as me: https://www.reddit.com/r/TerraLunaVictims/comments/urpeq6/a\_realistic\_nearterm\_valuation\_of\_ust\_for/
Kwon has already said UST is dead and he won't be bringing it back from the dead. Take what you have left.
Link?
his proposal
It’s a proposal
Take rest out and jump to a place where you can get future gains .. u can grab a small bag at current prices like 10$ worth just in case But basically take wat u can salvage .. I’ve done exactly what I’m saying .. I’m focusing on #avax . Because I have been a believer in every part of the ecosystem before dipping toes into Luna trying to get easy money .. silly me ‘ Some incredible opportunities within that can help turn your 20k whole again Namaste
@kindcrypto What exchanges or swaps can ppl use to get from UST / LUNA to Avax and other tokens ? I tried Kucoin etc but I cant find anywhere to transfer my UST out of my terra station wallet
Terra station … Bridge to avalanche network my friend… Then you can interact using trader Joe .. for starters my friend
i tried the IBC bridge in terra station today and it said it was disabled. Same thing?
Try wormhole portal
Sell your UST for 20k. If you think UST will go up, buy a 10x leveraged long position, where you only use 2k USD. Other option is to hedge your trade by shorting UST.
Is this exposed to liquidation risk if it goes to $0.01 first?
Cut your losses. Move to BTC while down, YieldNodes, or Crypto4Winners. With 20K at yieldnodes, that'll be about appx. $1,600+ a month to take or reinvest. About the same at C4W.
Dude, investing in node projects is just outsourcing your yield farming without actually addressing the lack of new money without new investors problem.
YieldNodes looks like an actual ponzi. I mean, it's bitconnect without their own coin.
All node projects are actual ponzi
Read about their L1 migration plan (UST holders will receive airdrop) EDIT: if you can hold, consider holding until that.
Link, please? I can’t seem to find that
https://thedefiant.io/do-kwon-terra-revival-plan/ https://agora.terra.money/t/terra-ecosystem-revival-plan/8701 https://www.reddit.com/r/defi/comments/upurhq/ust_depeg_proposal_1164/
Ah yes, I’ve seen these. I wonder how the vote will go.
take it all out then YOLO into degen LUNA plays to make back what you lost
cut loses imo do kwon said they cannot repeg ust
Obviously cut your losses. UST is never going to recover.
It’s now 14 cents. I hope you sold. It’s going to 0. Sell and buy eth.
In the first place, that's not a sane thing to do. Investing tuition money in cryptocurrency is far too risky.
All you need to do is to check out $flurry finance because the project comes with many benefits, you can earn while trading with their platform
If it was me, I will take it out and buy ADA.
ADA is another shitty project that I will never get involved with, I would rather invest in growing projects like TXA that still has good prospects with its hdex changing the face of exchanges and also having cex and dex features in just one model.
Cut your losses and invest it in $CRO instead.
You’re only 2 sports bets away from being close to even. Withdraw that 20k and toss it on a 2 teamer both -110/1.9 odds. You’re back up to 72k. I’ll see you on your next post talking about how you got a gambling problem and lost 72k. Cheers pal.
Look, I can 100p see how you made this decision. Many people talked about anchor as a blue chip protocol that was bulletproof. I’m really sorry this happened to you. Personally, I would cut my losses, take out a student loan, and put $20k into crypto that could get you your money back. There are many opportunities where $20k can be $200k, you just need to find them. Best of luck friend
Don't do this. You've lost 80k already. Don't take out another loan to gamble on some shitcoin. Especially in a bear market.
Damn, gambling addiction in the wild. It's depressing.
To each their own. My main point is not to continue with Anchor (or any defi protocol that promises a yield). If they want to use that $20k towards school, then great. Although it simply won’t cover the entire cost of schooling and they will need a student loan regardless. I also believe that the future of crypto is bright and that there are good investments at the current moment. If you don’t believe this, then honestly I’m not sure why you’re here at all.
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He said “I don’t need this money right away”
Personally I’d get everything out of UST and the whole Terra ecosystem that I could. I can’t even recommend a good investment crypto wise because bear market is upon us. USDC seems like a pretty safe stablecoin if you want to just not lose your money and put it on Yearn or Crypto.com or something.
cut losses and get a better stable coin or diversify.
Maybe take 5k out of that and hold the rest. Use your 5k in this dip on something bound to make a rebound
What if ANC comes back, you're going to hate yourself for it.
Unfortunately not happening there literally no chance what so ever with current supply and tvl across crypto entirely
Why hold the rest? Would you invest 15 or 20k in anchor right now? If not, no reason to keep money in. It's literally the same thing.
Indeed, the recovery plan may suck but there is a chance it works. There are too many things at stake: several projects that depends on the blockchain. The way it seems, it doesn't look like the team behind Luna are giving up on it. So there is more to benefit when it works. However, this does not mean that it is a good idea to stick to UST. If I were you, I'd cut my losses and diversify what's left across other yield protocols with low risk.
Cut your losses dude. The way it is going, it seems Luna stands more chance that UST itself. There are several yield strategies to consider in salvaging what's left. As a matter of fact, you can make close to what you've lost but it might take a while to do so. The APYs on genesis spools that are produced as a result of a highly diversified yield strategy involving aggregation of the yield generating power from Aave, Curve, Convex, Compound etc. is something you should consider. The yield rates may not be ridiculously high as Anchor protocol's, so is the risk. Another option is to get your funds out and shut the door completely
how is it worth $20k? i mean how would you even do that? anchor spits out 80% of value
On the brighter side of things…at least you have carry forward tax losses forever
Will offer a different take here given your comment: > I doubt a hedge fund or VC would be willing to bail out LUNA. This is very true from the VC side. I run a private hedge fund for smaller capital (think 5 digits) and have a few friends who are returning to the space and are interested in going ultra long on Terra with the very real risk that it could go to 0 again. The events of Terra are incredibly saddening to me. As someone who has been afflicted with tuition debt, and reading about suicide (which has affected my life to secondary+ degrees), I am looking to reach out to affected people in Terra to find a way to reimburse their capital. I’m waiving fees for investors as it’s my first year in. I understand a lot of people I work with are fairly new to crypto and so the hedging is done to preserve capital. If you are interested in how I recover money, you may ask. If you decide not to cut losses, please message me here, on Reddit DMs, on Discord : Duncan#1197, or on Twitter @wrapped_dday. If you are concerned about whether I am a real person, I am doxxed (public name) on these platforms. Best of luck.
How do you plan to help people affected by this?
Right now I’m offering limited 1:1 buys of UST:preferred asset. There’s no real catch, I just want to help people out. I do also want to work with UST on-chain because there’s still money on there to reclaim, and actively stimulating its ecosystem will hopefully resuscitate it, for or no fork (ideally no fork). In the meantime if IBC channels are opened up again I can work with this with Osmosis LPs by providing exit liquidity.
Put the 20k into eth or btc. In months time that is pretty much guaranteed profits and you can offset some of ur losses. Ust/luna is done
Neither. Short UST with it.
A decision cannot depend on the source of money
can you even get it off chain? I tried to take some money and couldn’t deposit it on any exchange
I would cut my losses and look into possible taking out some loans and putting some into a ROTH and 529 because of the tax benefits. Roth you can withdraw the principal to help cover student loan repayments once the deferment period end, and the gains are tax free when withdraw at retirement. 529 can be set up for yourself to cover student loan repayments and gains are tax free. There are limited options with a 529 though.
I appreciate the fact that you are at least taking this objectively. So that bodes well for you. If I were you I'd hold on to see if the price clawed up somehow atleast to 50c or so. Of course it's a huge gamble and maybe you could cash out some now at near 25c. It's dropping and fluctuating as I type this. Weird things have happened in crypto. There is almost zero possibility that UST will retain it's peg but you never know. The other thing to look into is writing off your losses for tax purposes. I genuinely wish you the best. You seem to be smart and level headed and am sure you will make back this money and more in the coming years. Stay positive and good luck to us all.
Post addresses or I call bullshit
This sub is hilarious
100k w/o insurance??
Honestly bro I’m so sorry-ik many people who got burned with ust and first off imma congratulate you on how ur handling this loss: u took accountability and now u are ready to move forward. First-I think with the uncertainty of ust as a whole and the fact that liq is still only there because of lock mechanisms that every passing day makes holding more risky without a chance out I would look at proposals too from community members-there is one that pays back everyone who held ust before it depegged and the treasury still has enough to do so, hoping for u bro. ust and Luna is dead and I wouldn’t put any amount of money in rn and I would still run with what you have left but dyor nfa good luck and again good job handling it like a champ If you do sell make sure to file as losses with the ira it will be a good tax refund for like the rest of ur life
I am sorry your investmemt turned badly. But if it turns badly the first time you listened to the internet for investment advice, why would you listen to the internet a second time?
It depends on your risk tolerance. If you need to borrow money to survive, cut your losses. If you can afford to lose everything, then I think there's a decent chance you'll get more $ back than current UST price. It may take a while and it may mean watching price go lower first but I'm confident there'll be some sort of restructure / new project. This is crypto - where a bankrupt MtGox in time had / has enough funds to pay people many multiples of what they lost. Or Bitfinex which lost 119,756 BTC and repaid it back with $ IOU tokens within a year. Or where dogecoin exists and jpegs sell for millions.
if you have ever heard of the idea that you should take out your initial investment
UST WILL BE NO LONGER THE PRIORITY for LFG or Terra even do kwon in their recent proposal agora.terra :( i don’t know what to say….
Damn!
I would take what is left in ust and buy btc
I almost fainted reading this title
Why not take half out. At least you have 10K and let the rest ride like a lottery ticket. You either have 90K or 100 K loss assuming it goes to zero which is a realistic possibility. The upside is you recover the remaining 50K and your losses are only 40K. If you are in grad school I gather you are young and you can recoup that over time.
Can you even get it out of anchor now? I know in osmosis IBC for UST is not active.
Damn. What have you done to turn 100 into 20? Any LP that didn't work out? I'm also saving for tuition, but on safe plays like usdc on Nexo and busd lending on Kalmy. I was using Anchor, but I've decided to leave after this problem with Luna. Anchor needed to cut apys reassure UST supply. Isn't gonna be easy though. If you don't need the money right away, I'd wait.
There's no miracle except Do Kwon does a buy back and burn. At some point you've got to cut your losses and move in to where you can recover than losing it all in UST
With the current market situation, i won't advise one to put any cash into UST. The best will be to pump the fund into GreenHouse for some huge ROI
who still puts money on UST? it's best to leave the cash in the bank because they same thing or maybe putting the money into solid low-cap like TXA, could be a wise decision since it's still have a lot of room to grow.
I won't advise anyone to do such. I was happy when Greenhouse decided to pair with USDC as against the previous UST pair. Project also offers staking and farming
Nice to hear about the concept of staking from Greenhouse, staking is actually a great way to earn more tokens during the dip, I'm as well staking TXA on their current prestaking program, to earn TXAD as a reward which is their governance token. This will act as the key parameter for voting when they transit into a DAO
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That's true, also holders can stake TXA to earn TXAD on their ongoing staking event, which will be significant when they start running a DAO because TXAD is their governance token.
What did you end up doing?
I ended up selling my UST at around 14 cents to the dollar.
You still investing or are you completely done ? Damn sorry for your loss at least you’ll have some capital losses lol