An English streamer successfully demonstrated last week how to completely burn through a fortune in just two days.
Cryptocurrencies are not an easy and especially not a safe investment. Every other day you read about a new currency that is discontinued and goes bust, now it has hit Terra Luna. YouTuber and rapper KSI has gambled himself away with it.
KSI certainly had imagined things differently: The YouTuber has lost 2.6 million euros. After the cryptocurrency Terra Luna fell in price, he thought it would be a good opportunity to invest. His idea: buy when the market is down to profit from the hopefully soon recovering prices. Not a bad idea in itself, and one that is regularly applied in the stock market. If there hadn’t been a small problem – the hoped-for high after the low never came. After the production of the blockchain was then completely stopped on Friday the 13th, what an irony, the value of the cryptocurrency fell by 99.98% in one day and was thus practically worthless.
The Terra blockchain has officially halted at block 7607789.
Terra Validators have halted the network to come up with a plan to reconstitute it.
More updates to come.
– Terra (UST) 🌍 Powered by LUNA 🌕 (@terra_money) May 13, 2022
Of his former investment of €2.6 million, €960 was left in the end. Terra Luna was not the only cryptocurrency to crash on Friday, though many recovered after a short time and returned to their former value. Anyway, KSI probably thought there was no reason to be sad and first posted a tweet laughing about the whole incident.
My 2.8 million dollars is literally worth $1000
HAHAHAHAAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA. Yeah I’m packing this in 😂😂😂😂 pic.twitter.com/qeiVN5yG2w
– KSICRYPTO (@ksicrypto) May 12, 2022
Criticism from his fans
After the Terra Luna exchange rate crashed for the first time on Thursday, leaving his €2.6 million worth €50,000, KSI explained his relationship with money in a tweet, drawing criticism from his fans, some of whom have also lost money in the cryptocurrency crash
Before crypto, money was a driving force in my mindset. During my time, I made a lot of money and lost a lot of money. I went from euphoric to depressed. But soon I became numb and realised that money just isn’t everything.
Many of his fans react to his statement with approval, but also note that such views are often held by people who don’t have to worry about money. Twitter user ArabDiamondHand notes, “I agree that money isn’t everything, but for some of us money is needed to live a decent life and we can’t put 2.9 million in a coin. […]”. Accordingly, few could laugh at their loss as exuberantly as KSI.
Before crypto, money was a driving force in my mindset. During my time, I made a lot of money, and lost a lot of money. I went from euphoric to depressed. But soon I became numb to it all and realised that money simply isn’t everything.
– KSICRYPTO (@ksicrypto) May 12, 2022
