May 12, 2022
LUNA and Terra(UST) — My Story: What you probably didn’t know
Dearly Beloved Anon,
I dont want any misunderstandings, I am reaching out with hope, please spare a couple of minutes and read to the end if you can — you might relate or be luna struck.
While I know everyones riding through a bear crash at the moment, and all of us have lost a lot, I have lost everything I owned to $LUNA and $ANC — and this is me coping. I hope that this expression provides me some strength & support, or simply serves the purpose of offering some solace to you; in that you are not alone.
As an intro, I am a 29 year old, from the beautiful island nation Sri Lanka (which is suffering from a heavy economic and political crisis, only to get worse before it gets better).
https://www.aljazeera.com/news/2022/4/7/infographic-sri-lankas-economic-crisis-and-political-turmoil (1 month old article)
My dad sent me overseas for a better life in 2012 where I studied and worked for 4 years (which was a big deal considering he chose to fund my two year total education investment of $95,000 USD through loans). However, my dad’s business balance sheet was filled with debt and he was ageing, with insufficient assets to cover. So naturally, I moved back home and took it upon myself to help. While working on the business, I got into crypto in 2021 with 90% of my savings from overseas of $10,000 USD.
Fast forward to 2022, my crypto knowledge and investment grew to $99,000 and dad’s long term debt was down 30% through challenging COVID-19 economic conditions — We were gonna make it.
However, market conditions for an import reliant Sri Lanka got worse. The Sri Lankan Rupee depreciated from Rs. 200 – Rs.400 against the USD in the span of weeks, with banks having no liquid dollars to provide for import payments. The investment for one month’s supplies only buys half, with the market demand down. Business was bad for a debt-ridden business.
I had to do something to meet expenses and pay my dad’s debt. With the option to borrow some funds at zero interest I decided to be bold (or stupid) and purchased $45,000 USDT to buy the dip (without my dads knowledge) knowing that I had $90,000 in profit to cover my risk. My entire stack of $143,000 was in $LUNA and $ANC Anchor Protocol. My short term plan was to sell at the BTC bounce and long term plan was to grow and settle my dad’s debt. With limited knowledge of the workings of $UST, I was scared, but as a chart trader, with trust in the adoption of the ecosystem, my intuition and conviction said to go for it with an upwards sell order instead of a downwards stop loss. Seeing how the ecosystem was holding up against the rest of the market I was confident (my mistake placing all my eggs in one basket).
I couldn’t get my self to sell when my balance was down to $40,000. Believed in the number 4/5 ecosystem with a trusted team and waited for a positive response from the team following Do Kwon’s hopeful tweets to decide on my position. In the span of the next few hours $LUNA and $ANC went to nought, and history was re-written.
Check the link here to see my buy/sell orders and current wallet balances down to $4,728 from ~$140,000 in 2 days. (Images hosted on ibb.co)
I always played it ‘safe’ with my coin picks (with all trading activity on Binance), but my lack of stop loss and over leveraged behavior screwed me over in 2 days. Now I need to hope for a 10x 20x situation with no room for losses for me to come back from this. With such a low capital base and debt repayment lurking, I have nothing but hope and proactive action to get me through.
From having some sense of financial security, and financially supporting three needy families with their monthly expenses, I have lost everything, and I can’t lift my head up right now with a current fiat earning capacity of ~$290 and no valuable assets to my name.
I am trying to stay strong and positive in thinking that with the current climate in my country, crypto is my only way of coming back and repaying this debt. Despite everything I’m feeling, its not that I have nothing, I have a roof over my head, a family and a wife who are supportive, and that’s a good start compared to those who are battling with daily essentials through this tough time in Sri Lanka.
If you have been through something similar and would like to talk, please reach out at:
Twitter — @etchpea
Telegram — https://t.me/etchsea
Thank you very much for your time, upwards and onwards, hopefully. Please say a prayer for me and share this to your network if you think its relevant.
Etchsea
