Not all trading happens on centralized exchanges which can be closed. I myself never bought even one LUNA on a CEX. DEXes only! Permissionless! A DEX cannot be closed, although market makers and LPs can withdraw of their own accord.
Fall on the knife? Indeed. With the scant resources I had available, I just kept buying LUNA on the way down. More LUNA! By the time LUNA fell below a penny, I was flat broke. My friends weren’t, and they poured in much more money than I had available.
And I sent my USDT and USDC to UST holders directly. I didn’t do it from altruism: I found that I could get a little extra discount on LUNA by swapping USDT or USDC to UST, then dumping the UST onto the people dumping LUNA. The result was that I was bidding up UST, and getting my LUNAs even cheaper. Win-win!
When LUNA bottomed far below a penny, I borrowed money that I could not afford to lose, and spent hours painstakingly gathering up precious LUNAs from dysfunctional DEX LPs that had extreme volatility from bots trying to scalp each other, and such a wild price curve that a $10 order could make a 10% price impact. At that point, the LUNA markets were so dead that the only way I could buy was with UST; the LUNA/USDT and LUNA/USDC pairs had no liquidity. Thus, I was still sending my USDT and USDC straight to UST holders.
I continued even after the Terra network was halted. That’s called permissionless decentralization. I stopped after the news raised prices 20x. My original “must do on principle” buy had been in the $8–9 range, but I made a good DCA!
This was, for me, financial lunacy. I knew full well that LUNA may go to zero. But if it doesn’t, I damn well expect for it to be the time when I seized a rare opportunity—a “crypto visionary” moment, like when [Binance founder] CZ sold his apartment to buy early Bitcoin.
What I did not expect was a proposal to make my beloved little LUNAs non-fungible—unequal to other LUNAs.
It’s also a great way to divide STH from LTH.
If @dokwon were to offer me $1 million right now for my equal, fungible LUNAs in a block purchase, I would refuse. Instead, I would take the risk that they may go to zero, and I may get nothing. If they don’t go to zero, then I expect to be rich enough that $1 million will be chump change. That’s LTH. That’s believing in the future of the network.
Just call me a Lunatic.
Most people who got in at my lowest buy prices would be thrilled to sell for orders of magnitude less than that! It’s economically rational for them to give up their LUNAs easily for a buy-and-burn. Easy come, easy go!