You had probably thought that the author of this is a kid who got rich in crypto or a 15 year old…

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Just as a heads up , this blog is about the perspective of a teen and beginner on the Terra situation so it will mostly contain elementary things and you most likely won’t be able to extract much from this blog because the purpose of this blog is to convey my thoughts and opinions as a young novice in defi. It is mostly for me to look back at and reflect upon my opinions and decisions.

Let me introduce myself , I’m a teen who just got into the world of crypto and defi a few months ago and I have learnt many painful and crucial lessons after only being in the space for a very short time period .I got into the Terra ecosystem right as I joined when I learnt about anchor protocol through a friend . I had a lot of conviction in this project and thought it would revolutionize finance as a whole , but I was also aware of some of the risks it had held at that time. While I didn’t lose as much as many others had , it was humbling to be proven wrong after I had been so confident about this project and I had never imagined that it would go down this path . In this blog I will be writing about 3 important things that I have learnt from the whole Terra fiasco and that many defi beginners should understand.

One important thing that I have learnt is to always accept criticism from other parties and to never dive into an echo chamber. I have learnt this first hand from the recent demise of Terra with its stablecoin and its main asset luna . Many “lunatics” on crypto twitter were arrogant and were quick to destroy and criticize any threads opposing their narrative , which in turn discouraged users to post any constructive criticism and any posts that were written on this subject were labeled as “FUD”.

Another point is that it’s always ok to admit that you were wrong about something instead of constantly denying facts which leads to further losses in this wild space . One example is also from the recent downfall of Terra Luna where some “ lunatics” on twitter kept on buying Luna for “cheap” while billions of Luna were being minted every day . What I thought was a community of people who wanted to change the way finance work turned out to be a bunch of tide pod munching retards.

Lastly , the most important thing in all of crypto is to not put all your eggs in one basket. While this is always being talked on , a lot of people still don’t listen to this advice and when something bad happens it’s always sad to see some people who decided to take their own lives just because of such a simple mistake. I feel for the many dozens of Lunatics who took their own lives because they were overexposed and took high amounts of leverage on something that they couldn’t risk . Crypto should always be a small chunk of your portfolio that you are willing to lose because scenarios such as these can and will always happen . Diversifying within crypto itself is also very crucial to ones ability to stay alive in this space where a project can have smart contract risks that’ll make you lose all your funds .

I hope that everyone who has read this will take everything to heart and not make the same mistakes that a lot of lunatics had made . Stay safe everyone.