This week’s crash had to happen for the betterment of the crypto space

We’ve all have seen or have become aware of what had happen with Luna this week. It’s frightening. A top 10 asset, stablecoin at that, has crumbled to zero. People have lost millions in this. Imagine going for a week-long vacation and you’ve come back, your life savings disappeared. I’m really sorry for anyone who’s lost money in this. The last safe haven in crypto, stablecoin, is just as much of a quicksand as the rest of crypto.

Having said that, what happened this week needed to happen. And needed to happen now. The Luna crash is still reverberating in the markets and people are still anxious to put money back into crypto. If a stablecoin could fail, what else would your average person put money into? It’s a scary thought.

But Luna had to crash. Because imagine, if Luna didn’t crash. It was already on a meteoric rise this year. And when the depressed crypto market came back alive, Luna would shoot back up to $100, if not go beyond that. Luna was supposed to be the future of crypto. One of the market leaders.

If Luna didn’t crash now, but instead crashed when it’s gotten as big as Ethereum, at $500 billion, with the fundamental design problems that it has, I don’t know what would happen to crypto. Imagine if Ethereum went to zero tonight. That could potentially kill crypto for a few years, if not set it back a decade in terms of mass adoption. If the crypto market leaders fail, the entire crypto space becomes tainted and shunned.

Now that Luna has failed, other algo stablecoins can learn from these mistakes. Create a better project, addressing these fundamental design issues. These are the growing pains that the crypto market needs while it’s still very young. Because ten years from now, these mistakes won’t be as tolerated.