本文来自微信公众号：凤凰WEEKLY财经 （ID：fhzkzk），作者：刘思洁，编辑：雪梨王，原文标题：《我，35岁程序员，卷入币圈死亡螺旋，千万资产3天归零》，头图来自：《大空头》剧照
账户里最多时近一千万元的资产，在短短3天之内几乎归零。 Assets in the 今年35岁的程序员郭瑞度过了自己人生中最灰暗的一周。他向公司请了一周假，每天无法入睡，只有在妻子的逼迫下才能吃上一点食物。他时刻盯着手机里的消息，妄图在纷繁的消息中看到一丝他所购入的Luna代币可能涨起来的消息，但是数据却一次次跌破他的预期——50美元、20美元、1美元、0.00000112美元…… A 35-year-old programmer, Guo Ri, spent the darkest week of his life. He took a week off, couldn't sleep every day, and could only eat a little food if he was forced to do so by his wife. He looked at the news on his cell phone and tried to see in a lot of news that the money he bought for Luna might rise, but the data fell through his expectations at one time — $50, $20, $1, 0.000112. 这个在加密货币市场市值排名最高一度达到第四的明星数字货币，曾经在2021年以上百倍的涨幅成就了无数人的财富梦想，又在短短的几天之内，让无数账户上的数字蒸发。当然，巨大的危机之中也孕育着希望，也有人在这次暴跌中，通过加杠杆做空、在各个交易所和链上搬砖、又或是成功抄底而挣得巨款。 This star-digital currency, which was ranked fourth in the market’s highest ranking in crypto-currency market, once achieved the dreams of millions of people’s wealth by a 100-fold increase in 2021, evaporating figures on countless accounts in just a few days. Of course, there was hope in the huge crisis, and there were people who made huge sums of money during the crash, either by leveraging the void, moving bricks across exchanges and chains, or by successfully cutting the bottom. 伴随着Luna一起暴跌的还有与其相伴相生的算法稳定币UST。正是Luna和UST相互嵌套的模式来保证二者的供需平衡，从而使没有任何资产作为抵押的UST稳定在1美元的价格。 Along with Luna is its accompanying algorithm to stabilize the currency UST. It is the model of the mutual mosaic between Luna and UST that ensures a balance between supply and demand, thereby stabilizing the UST, which has no assets to encumber at a dollar price. 5月8日，大量UST被有预谋地抛售，平衡被打破，UST与美元脱钩，许多人用UST兑换Luna又使得Luna暴跌。在恐慌情绪的作用下，人们纷纷抛售手上的Luna和UST，死亡螺旋产生。锚定1美元的稳定币UST价格最低时曾达到了0.03美元，Luna的最低价格则到了0.00000112美元。 On 8 May, a large number of USTs were deliberately sold, the balance was broken, USTs were delinked from the dollar, and many people used USTs to convert them to Luna, causing Luna to fall again. 5月25日晚间，Luna和UST背后的Terra区块链生态系统在推特宣布，开发者已经投票支持新建一个区块链，并发行新的Luna币。新币将于5月27日分配给原有Luna币和UST的持有者。5月28日，Luna 2.0正式上线，但人们对其信心再难重建。 On the evening of 25 May, the Terra block chain ecosystem behind Luna and UST announced on Twitter that developers had voted for the creation of a new block chain and the issuance of a new Luna currency. The new currency would be distributed to the original Lunan and UST holders on 27 May. On 28 May, Luna 2.0 officially went online, but confidence in it would be difficult to rebuild. 一、“完美”的项目 这是一个创新，币圈内的人几乎都不会去反驳这一观点。UST和Luna都是Terra公链上发行的一种代币，但Terra又不仅仅是一条公链，围绕着这条公链，衍生出了许多产品，Terra是一个区块链，一个银行，一个支付处理机构等。这个由30岁的韩国人Do Kwon作为联合创始人创办的区块链项目，曾被一些圈内人士评价为“将改变主流金融业”。 This is an innovation, and almost none of the people in the currency circle would dispute this view. UST and Luna are a token issued on the Terra public chain, but Terra is not just a public chain around which many products are derived, Terra is a block chain, a bank, a payment processor, and so on. This block chain project, founded by 30-year-old Korean Do Kwon as a co-founder, was evaluated by some insiders as “will change the mainstream financial sector”. 精通计算机算法，曾经为某区块链项目做过系统搭建和维护的郭瑞，便折服于Terra生态的各个项目。他最早接触到Terra是在2020年底。彼时Terra生态中一个名叫mirror的做美股合成资产的项目上线。 He was the first to reach Terra at the end of 2020. At the same time, he was connected to a project called Mirror. “无论是经济模型的设计、项目的各种激励方式还是社区治理，这个项目都十分完美。”虽然经历了资产归零，聊起Terra的项目，郭瑞的言语中仍然流露着由衷的佩服。 “The project is perfect, whether it is the design of the economic model, the incentives of the project or the governance of the community.” Guo Rui’s words continue to be highly admired, despite the fact that he has experienced zero assets and talks about Terra’s project. Terra的生态里，每个项目环环相扣——mirror中铸造美股合成资产需要用到它发行的稳定币UST，mirror发展得越好，要用到的UST就越多。算法稳定币UST正是Terra生态里的基石，Terra生态欣欣向荣，有许多优秀的开发者在Terra公链上搭建自己的区块链项目。郭瑞就是Terra生态的拥趸之一。 In Terra’s ecology, each project is surrounded by pieces – the more solid UST is needed in Mirror, the better it needs to develop, the more UST is needed. The algorithmic UST is precisely the cornerstone of Terra’s ecology, which is booming, and there are many excellent developers who build their own block chains on Terra’s public chain. Guerre is one of the strains of Terra’s ecology. UST和Luna是一个共生的关系。在创始人Do Kwon设计的规则之下，UST始终可以兑换价值1美元的Luna，而UST和Luna保持着双向销毁和铸造的关系。郭瑞敏锐地觉察到，因为Terra生态稳中向好地发展，人们对于UST的需求增加，Luna的价格也会越来越高。 在项目mirror上，郭瑞挣了三倍的钱。他把这笔钱取出，全部投入到Luna投资上。彼时是2021年2月，Luna的价格大约是2美元一个。出于对于Terra的信任，郭瑞会一直加仓20美元之下的Luna。 In Project Mirror, Guo Rui earned three times the money. He took it out and invested it all in Luna. In February 2021, Luna had a price of about $2. 郭瑞的判断似乎没错——Luna的价格在今年最高时达到了119美元，市值高达410亿美金。按照5月27日的数据显示，我国著名互联网公司百度的市值也只为470亿美金。 Guo's judgment seems to be correct — Luna's price peaked this year at $119, with a market value of $41 billion. According to the data of May 27, our famous Internet company has a market value of only $47 billion. 而另一个吸引了无数投资者的项目，便是Terra项目方推出的一个名为Anchor的项目，这个项目相当于一个提供UST存贷款业务的银行。它会为存款者提供高达20%的年化利率，吸引了众多投资者购入UST存入Anchor项目，吃高额的利息。 Another project that attracts numerous investors is a project launched by the Terra project, known as Ancor, which is equivalent to a bank that provides loans on UST deposits. It will provide depositors with up to 20% annual interest rates, attracting a large number of investors to buy into the UST deposit on the Ancor project, at high interest rates. 今年25岁的赏金猎人便是其中之一。2021年底，加密货币市场转熊，他存入了8万美元的UST，为的是赚取高额利润。在他看来，把钱存入Anchor是在熊市还能挣钱的不多的方式之一。 This year’s 25-year-old bounty hunter was one of them. At the end of 2021, an encrypted currency market, he deposited $80,000 in the UST to earn high profits. In his view, depositing money in Ancor was one of the few ways in which he could make money in Bear City. anchor的收益变化 实际上，最初他就察觉出了这个项目“旁氏资金盘”的味道。他曾在存入UST时告诉自己，后面如果出现任何风吹草动，一定立马把钱撤出。 In fact, he initially sensed the smell of the project's Ponsche. He told himself at the time of depositing it in the UST that if anything happened back there, he would withdraw the money immediately. 看似稳定的高利润之下，是经不起推敲的高风险。大量的UST在Anchor项目中做理财，并没有在市场上流动，而因为熊市的到来，Anchor项目借贷业务的收益并不佳，所以其没办法通过自身的造血来实现承诺的20%的利率回报。为了维持Anchor的运转，Terra项目的基金会只能拿备用金来填补利息的空缺。可庞大的利息缺口是一个填不满的大窟窿，有消息称，到今年六月，备用金就会被消耗殆尽。 而此次崩盘，正是从Anchor项目蔓延开来。熊市来临，人们觉察到Anchor没办法再支撑起高利率——首先是大的机构大规模地抛售了UST，引起了散户们恐慌，人们开始纷纷把UST兑换成Luna，又使得市场上Luna激增，Luna的价格暴跌。 And the crash spread from Project Anchor. With the arrival of the Bear City, it became clear that it was no longer possible to sustain high interest rates — first of all, large-scale selling of UST by large institutions, causing fear in the diaspora, beginning to convert the UST into Luna, and causing a surge in Luna in the market and a sharp fall in Luna's prices. 二、致命的“缺陷” 5月7日，赏金猎人就收到了预警，此时UST的价格是0.997美金，看链上的信息，已经有很多人在抛售UST了。但是他并没有如当时计划的一样，立刻把自己的UST从Anchor项目撤出。同样是5月7日清晨6点多，郭瑞也接到了朋友的电话，电话那头朋友告诉郭瑞，UST脱锚了。郭瑞看了一眼，发现只脱锚了千分之五。在他的印象中，UST与美元脱钩的事情在他的记忆中曾发生过四次，但最后都平稳度过。 The bounty hunter received early warning on 7 May, when the price of UST was US$ 0.997, and the information on the chain was already being sold by a lot of people. But he did not immediately withdraw his UST from Project Ancor, as had been planned at the time. Also on 7 May, at around 6 a.m., Guore received a call from a friend who told Guore that UST had broken down. 最严重的一次是2021年5月19日币圈的大暴跌。比特币在这一天内跌去了34%，更多的山寨币更跌得惨不忍睹，UST的价格在当天最低跌落到0.96美元。彼时，郭瑞有过恐慌，但因为对于Terra生态的相信，他甚至在恐慌情绪蔓延之时去抄底了一些UST，然后用这些“打折”的UST去购买加仓Luna。这次危机很快度过，UST也恢复了锚定美元。 The worst was the fall in the currency circle on May 19, 2021. Bitcoin fell by 34% in the same day, and more bounties fell worse, and UST prices fell at a minimum of 0.96 dollars in the same day. At the same time, Guore had a panic, but because of his belief in Terra ecology, he even took down some USTs when panic spreads, and then used these “closing” USTs to buy Luna. 事后，赏金猎人复盘过自己为什么没有在察觉到危险时行动，“我就是把UST看作了稳定币，觉得它是和美元一样的，而没有把它看做风险资产。” Later on, the bounty hunter repeated why he didn't act when he was aware of the danger, and : 但实际上，UST和区块链内的其它稳定币不一样，它的背后没有任何资产锚定来维持它的价格稳定在1美元。而是通过UST与波动极大的Luna的挂钩，用一套机制来实现UST和Luna的平衡，从而实现UST价格的稳定。 In reality, however, unlike the UST and other stable currencies in the block chain, has no asset anchoring behind it to keep its price stable at $1. Instead, it uses a mechanism to balance UST and Luna by linking it to a highly volatile Luna. 在这套机制的设计之下，1UST始终可以兑换价值1美元的Luna，也就是说，如果1UST价格不足1美元时，1UST能换取更多的Luna；而1UST的价格高于1美元时，同样价格的Luna就能换取更多的UST。 Under the design of the mechanism, 1UST would always be convertible to Luna, which is to say, if the 1UST price was less than $1, 1UST would be in exchange for more Luna; and 1UST would be in exchange for more UST when the same price was higher than $1. 借助于这样的机制，有无数人在1UST不等于1美元时去换取Luna，实现套利。而又因为UST和Luna是双向铸造双向销毁的关系，用1UST去兑换1美元Luna时，去兑换的1UST就会消失，反之亦然。也正是通过人们的套利行为，维持着Luna和UST数量的平衡，让UST的价格能维持在1美元。 With such a mechanism, numerous people have arbitrage in exchange for Luna at a time when 1UST is not equal to $1. And, because UST and Luna are two-way two-way destruction relationships, when 1UST is exchanged for $1 Luna, the convertible 1UST disappears, and vice versa. It is through people’s arbitrage that the balance between Luna and UST is maintained, and the prices of UST are kept at $1. 但这个机制有个致命的“缺陷”——不可避免地会陷入死亡螺旋。让郭瑞印象深刻的2021年的“519”脱钩事件 ，Luna就因UST的下跌受到了打击，价格跌至 4.10 美元，比一周前的交易价格下降了75%。 But there's a fatal “defect” of this mechanism – 死亡螺旋一直都存在，只是市场的信心在前几次脱钩事件中并没有完全被击垮。 The death spiral had always existed, except that market confidence had not been completely destroyed in previous decoupling events. 赏金猎人觉得，算法稳定币本身就是一个左脚踩右脚的游戏，吹了一个大泡泡，这个泡泡一碰就破。当投资者对Luna失去信心时，对UST的需求也回落。这导致UST的价格跌破1美元，促使持有人将他们的UST换成Luna。此时，套利机制发生作用，UST持有者在对Luna的需求枯竭时有效地铸造了更多Luna，这导致Luna的价格进一步下跌。 The bounty hunters feel that the `strong' algorithm stabilizes the currency itself as a game with a left foot on the right, blowing a bubble, which breaks down. also falls in demand for UST when investors lose faith in Luna. This leads UST prices to fall by $1, prompting the holders to replace their UST with Luna. At this point, the arbitrage mechanism worked, and UST holders effectively forged more Luna when their demand for Luna dried up, leading to a further decline in Luna’s prices. 对于UST来说，它的价格能够维持稳定，正是因为Terra的各个生态中，对于UST有着稳定且巨大的需求。换句话说，和其它波动巨大的加密货币一样，是市场的流动性撑起了UST的价格。 For UST, its price is stable precisely because of the stable and huge demand for UST in the various ecologies of Terra. In other words, like other volatile encrypted currencies, market liquidity sustains the UST price. 经济环境下行，熊市到来，投资市场的资金量变少，流动性下降，而如果有一点风吹草动，人们恐慌性抛售Luna或者UST，那势必会陷入无可挽救的死亡螺旋。赏金猎人觉得，暴跌的速度如此迅速，也是因为区块链的公开透明。链上所有流动都是透明的，当有风险发生时，所有人都能看见，便会加速挤兑。 In the economic environment, the city of Bears comes with less money and lower liquidity in the investment market, and if there's a bit of a rush and people panic about selling Luna or UST, it's bound to fall into an irreversible death spiral. The bounty hunters think that the collapse is so fast that it is also because of the transparency of the block chain. All the flows in the `strang' chain are transparent, and when there's a risk, everyone sees it, they accelerate the run-off. 5月8日，Terra因新计划从资金池里抽出了1.5亿个UST，导致UST流动性短暂下降。就在这个时机，大机构们开始了大规模的UST抛售计划，当天就有20亿美元的UST从Anchor流出。如此一来，市场上突然出现了大量UST，供需平衡被打破，造成UST的价格开始与美元脱锚。 On 8 May, Terra drew 150 million USTs out of the pool of funds, which led to a brief decline in UST liquidity. At this time, large agencies began a large-scale UST selling program, with $2 billion of UST flowing out of Ancor that day. 直到UST脱锚到0.8，郭瑞才意识到问题的严重性。当时Terra项目方在推特上发文，说基金会已经在准备recovery plan（恢复计划）。推特上显示，项目方正在谈一笔十几亿美元的融资，准备用这个钱来恢复UST锚定。但后来，这笔融资并未谈妥。而此前项目方动用的7.5亿美元来帮助UST实现稳定也并没达到效果。 It was only when UST broke down to 0.8 that Guo Rei realized the seriousness of the problem. At that time, the Terra project party posted on Twitter that the Foundation was already preparing the entire plan . 5月11日，Do Kwon发布公告表示无法救市，只能依赖套利机制帮助UST恢复价格。郭瑞这才意识到，这个项目完了。彼时，他的精神状态已经十分恍惚。在整个下跌过程中，郭瑞其实有机会逃跑，但他始终相信Terra可以渡过这一关。作为Terra生态的拥趸，他甚至还参与到了一场拯救Terra生态的运动。 On May 11, Do Kwon issued an announcement that it was impossible to save the city, relying on a arbitrage mechanism to help UST recover prices. Quire realized that the project was over. At the time of the fall, his mental state was already stunned. During the fall, Guo Ri actually had a chance to escape, but he always believed that Terra could get through it. As a conundrum of Terra Ecology, he even participated in a campaign to save Terra Ecology. 网上有一拨叫做Lunatics的人，他们算是Luna的死忠粉，会用自己手中的UST买下大量的被清算的BLuna（Luna的抵押衍生品），拿在手中并不卖出，从而减缓Luna的抛压，妄图阻止死亡螺旋的发生。郭瑞的手上还有3万UST，他全部拿出来参与了这项运动。 On the Internet, there is a bunch of people called Lunatics, who are some of Luna's dead powders, and who buy a lot of liquidated BLuna 但这样的操作是杯水车薪，没有激起半点水花。5月13日，众多交易所下架Luna并暂停交易，Terra公链停机。 But the operation was a water truck, without sparking a little water. On May 13, a number of exchanges took a break in Luna, and Terra’s public chain stopped. 三、火中取栗者 Luna暴跌的那几天，郭瑞几近崩溃的同时也怀抱幻想。他会去过度解读很多消息，总觉得会有一个外部力量，或潜在的方案来解决这次危机。 During the days of Luna’s collapse, Guo Rui had the illusion of near collapse. He overreaded a lot of news and felt that there would be an outside force or a potential solution to the crisis. 看着账户里的资产一点点缩水，为了挽回自己的损失，他拿出了本来已经出逃的十几万元去做了波段，但Luna的下跌速度太快了，好不容易逃出来的十几万元也全部亏了进去。 Watching the assets in the account shrink slightly, and in order to recover his losses, he took out the hundreds of thousands of dollars that he had already fled to do the waves, but Luna fell too fast, and all the hundreds of thousands that he had been able to escape were lost. 赏金猎人也在情绪的主导之下做了波段，甚至加杠杆做了合约。第一天做波段挣了2.5万美金，第二天做合约又爆掉了1.6万美金。当看清楚了死亡螺旋的本质后，他选择了做空，加了五倍的杠杆。但是此时的Luna波动性很高，一个20%的波动，就让他爆仓了。 The bounty hunters also made waves under emotional control, and even leveraged contracts. The first day they made $25,000, and the next day they blew $16,000. When it became clear about the nature of the death spiral, he opted for a five-fold leverage. But at this point, Luna was highly volatile, with a 20-per-cent fluctuation, and he blew it. 他回忆，进入币圈这几年，每次心态的炸裂和亏钱，都是因为加杠杆做了合约，而每次又会在情绪上头的时候想去做合约，从而陷入死循环。5月10日，他又花了1万元去抄底Luna，5月11日割肉卖掉，亏损80%。 He remembers that every time he broke his mind and lost his money in the currency for a few years, he made a contract with leverage, and every time he tried to make a contract with his emotions, he got into a death cycle. On May 10, he spent another $10,000 to copy Luna, and on May 11, he sold his meat, at a loss of 80%. 当Luna的暴跌已经成为大趋势，投机客们纷纷涌入，进行短线操作，想要在这大趋势下分得一杯羹。 When Luna's crash has become a big trend, with speculators pouring in, doing short-line operations, trying to get a piece of this big trend. 鹏鹏也是加杠杆做合约大军中的一员。他在一家区块链媒体工作，对圈内的消息很灵通。5月11日，看到Luna暴跌，他以20美元每个Luna的价格买下了2万美金的Luna。 On May 11, he saw Luna fall, and he bought 20,000 dollars per Luna at a $20 price. 决定做空，是看到创始团队给出的提案是通过增发Luna来保住UST后，他判断在大量增发之下，Luna的价格肯定会一路下跌，便一直挂着空单。Luna跌到0.2美元时，他判断应该会迎来一波价格的反弹，便又开了多单，但Luna并没有如他所预期的反弹，反而继续暴跌。鹏鹏爆仓了。 The decision to do nothing was to see the proposal made by the founding team to save UST by increasing Luna, and he judged that Luna's price was bound to fall all the way down under a massive increase. When Luna fell to $0.2, he judged that he should have returned to a wave of price rebounds, and then he opened up more, but Luna did not respond as he expected. continued to crash. 再次回忆起自己加杠杆操作时，鹏鹏说自己当时的情绪十分恐慌，在整个操作过程中，他会时常关注各种消息，幻想着有一个外部力量力挽狂澜，救下Luna。可是这个力量始终没有出现，最低时，Luna跌到了0.00000112美元，几乎归零。 Recalling his leverage again, he said that he was in a state of panic and that, throughout the operation, he was constantly following the news, fantasizing that there was an external force that was holding back and saving Luna. But that power never showed up, and at the very least, Luna fell to US$0.000112, almost zero. “这可能是今年币圈最大的赚钱机会。”赏金猎人说，财富是守恒的，当有人亏钱，就有人赚钱。加杠杆做合约本就是赚的对手盘的钱，此时此刻做空的人亏钱了，相应的做多的人就会赚钱。“二八定律”在币圈仍然适用，亏钱的是“八”，挣钱的是“二”。 "This may be the biggest opportunity to earn money in this year's currency circle." The bounty hunters say that wealth is constant, and when someone loses money, someone earns money. Levering the contract is the money of a rival. 今年27岁的大空翼是在这次暴跌中挣到钱的人。大空翼在广州的十三行档口做着批发女装的生意，5月10日，他看朋友圈，得知了UST脱锚的消息。 This year's 27-year-old Sky Wing was the one who made money in this crash. The Air Wing was running a wholesale women's business in Guangzhou's 13th row. On May 10, he looked at the circle of friends and learned that the UST had broken down. 他迅速去链上看了一下Luna的发行情况，看到Luna一直在增发，他认定Luna一定会暴跌。他拿钱去做空，挂了两倍的空单，一直采取的是滚仓模式，最后赚了4万美金。 He took a quick look at Luna's distribution on the chain, saw that Luna was on the increase, and he decided that Luna was going to fall. He took the money to go empty, hung up twice the empty list, followed a rollout pattern, and made $40,000. 大空翼进行合约操作最主要的参考标准就是链上的信息，并不太关注消息面。 The most important reference for contract operations on the 5月12日，他又发现两个交易所的Luna价格存在溢价，便果断冲入购买Luna，希望挣这十倍的差价。可是链上的充值已经到位了，交易所的账户里却迟迟不显示充值到账。他在找朋友帮忙后苦苦等到了三个小时，才充值到交易所账户，但此时溢价已经消失。 On May 12, he discovered that two exchanges’ Luna price premium had been premiumed, and he was determined to buy Luna in the hope of earning the ten-fold difference. But the chain charge was in place, and the exchange’s account was delayed. He waited three hours after seeking the help of his friends to reach the exchange’s account, but the premium disappeared. 5月13日，两个交易所的溢价仍然存在，最高时达到了千倍。当天，一家的价格最低为0.0000012美金，而另一家的价格为0.0079美金，因为有着前一天被交易所卡住的经历，大空翼没再参与搬砖。但正因为这巨大的差价，大空翼有不少朋友在这一天挣了钱，他认识的一个朋友通过搬砖挣了200万。而在社群里还流传着一人用2000美金挣得2500万人民币的交易截图。 On May 13, the price premium on the two exchanges was still in place, a thousand times the highest. On that day, the price for one was at a minimum of US$0.000112, while the price for the other was US$0.0079, because of the experience of being stuck in the exchange the day before. But because of this huge difference, many of his friends earned money on the other day, and one of his friends earned $2 million by moving bricks. 5月14日，Do Kwon发推特表示自己没有出售任何Luna，团队正在梳理储备与使用情况，准备新提案帮助Luna重建。Luna从底部暴涨1000多倍。大空翼也在市场情绪高涨时，成功抄底，赚了三倍现货。 On May 14, Do Kwon tweeted that he had not sold any Luna and that the team was collating stocks and usages and preparing new proposals to help Luna rebuild. Luna jumped more than 1,000 times from the bottom. Large air wings also made three times as much money as they did when market moods rose. 做空的，抄底的，在各个交易所搬砖赚差价的，造富的神话又一次在币圈流传开来。“我错失了六百倍。”大空翼后悔自己5月13日因偷懒没有参与搬砖挣差价。 The myth of wealth spreads once again in the currency circles as empty, bottom-cooked, building bricks on various exchanges. “I missed 600 times.” The wings regret that they were not involved in moving bricks on May 13 because they were lazy. 四、信心能重建吗？ 5月24日，由Terra builder Alliance发布的关于“建议将现有网络重命名为Terra Classic 并重建没有算法稳定币的新链Terra”的提案通过。这预示着Luna将分配出一条新链，而旧的Luna将被项目方抛弃。 On May 24, a proposal issued by Terra Builder Alliance to rename the existing network as Terra Classic and to re-establish the new chain that has no algorithm to stabilize the currency, Terra, was adopted. This suggests that Luna will allocate a new chain, while the old Luna will be abandoned by the project party. 原先持有Luna的用户，将被空投新的代币Luna。在郭瑞看来，Terra2.0的快速重启是必然的，因为需要照顾老股东利益，以及通过债转股偿还负债。在他看来，从Do Kwon用完储备金，决定使用流动性解决负债，就注定是这个结果。 In Guo Rui’s view, Terra 2.0’s quick reboot is inevitable because of the need to accommodate the interests of older shareholders and to pay the debt through debt swaps. In his view, the decision to use liquidity to settle the debt was bound to be the result of the use of reserves from Do Kwon. 5月28日，新的Luna上线。在一个老Luna持有者的五百人社群中，人们开始讨论着等分到了新Luna的空投，将迅速卖出新的Luna。人们对于Terra生态的信心已经丧失了。 On May 28, the new Luna came online. In an old Luna holder’s 500-member community, people began to discuss an air drop equal to the new Luna, which would quickly sell the new Luna. People’s confidence in Terra’s ecology has been lost. 据 SBS News 报道，韩国金融证券犯罪联合调查组正式对Terra启动调查，调查对象包括Terra联合创始人Do Kwon等Terra团队核心成员。而据韩联社的相关报道，韩国检方正在研究是否以“庞氏骗局”相关控罪起诉Do Kwon。韩国已有Luna投资者联合入禀法院指控Do Kwon涉嫌诈欺与非法筹集资金，要求法院扣押其资产。 SBS News reports that the Korean Financial Securities Crimes Joint Investigation Team 郭瑞对这次投资失败进行了一次复盘。他觉得自己低估了系统性风险，缺失了一些交易员所具备的对于消息和市场情绪的敏锐察觉。也因为太信任Terra生态，所以没能及时逃跑。 Guo Rui made a review of the failure of the investment. He felt that he underestimated the systemic risks, missing some of the traders’ keen knowledge of news and market sentiment. He was also unable to escape in time because of his trust in Terra ecology. 资产归零之后，郭瑞对于Terra项目背后的基金会LFG和创始人Do Kwon的表现失望了，但他并不认为创始团队有意造成这次崩盘，“创始人和团队并没有卷款跑路，也在积极救市，只是项目失败了。”崩盘之前，Terra生态的一切都欣欣向荣，原本在五月，Terra的支付项目也将上线。 After zero assets, Guo Rui was disappointed with the performance of the foundation LFG behind the Terra project and its founder, Do Kwon, but he did not believe that the founding team intended to cause the crash: “The founder and the team did not roll the money, they were also active in saving the market, but the project failed.” Before the collapse, everything about Terra Economism had flourished, and Terra’s payment project would have been on the line in May. 某交易所CEO评价，如果项目方有充足的预案，Terra也许能渡过这一劫。但赏金猎人认为，或许算法稳定币本身就是一个伪命题，之前有许多算法稳定币的项目都失败了，而在传统金融领域，死亡螺旋的问题都还没有找到好的解决方案。 An exchange CEO evaluates that Terra may be able to survive this if the project has sufficient plans. But, according to bounty hunters, perhaps the algorithms stabilize the currency itself as a pseudo-problem, many of the previous algorithms stabilize the currency have failed, and in the traditional financial sphere, the death spiral problem has not yet found a good solution. 这次失败让郭瑞更深刻地理解了“旁氏骗局”的含义。他认为区块链项目大多使用了庞氏设计，庞氏只能短暂用作增长工具，最终需要找到一个非庞氏的稳定盈利模式。而Terra没能找到。 This failure gave Guore a deeper understanding of the meaning of the Ponzi scheme. He argued that most of the block chain projects used Ponzi design, that Ponzi could only be used as a growth tool for a short period of time, and that eventually he needed to find a stable, non-Ponzi profit model. 在Luna下跌的过程中，区块链媒体从业者龚晓雨身边有不少的朋友花了少量的资金购买了Luna，“花几百美金图个乐呵”。曾经在加密货币市场达到前十的明星币崩盘，在一些圈内人看来是一件值得被铭记的大事件。 In the course of Luna’s fall, a lot of friends around the block chain media operator Gon Xiaoyu spent a small amount of money to buy Luna, “a few hundred dollars for fun.” The top ten star currency crashes in the crypto-money market were seen as a big event worth remembering in some circles. 也正是因为暴跌，Luna出圈了，从底部上涨到最高点近千倍，无数抄底成功的人又挣得了一大笔，微博上有许多币圈外投资者开始询问Luna如何购买。币圈小白李诗札在朋友影响下，花80美元以0.00037美元一个的价格在高点总共购买了20多万个Luna。买下之后，她也开始幻想，“要是这币涨回120美金一个，这得是多少钱啊？” And it's because of the crash, Luna's out of the circle, rising from the bottom to nearly a thousand times the top, millions of successful people making a lot of money, and a lot of foreign investors on Twitter have started asking Luna how to buy it. With the influence of their friends, Li Xiaoza has spent $80 on buying more than 200,000 Lunas at a high price of US$ 0.00037. After buying it, she also starts to wonder, "How much would it be if this currency were to rise back to US$ 120?" 当最新的提案通过社区公投之后，曾经的Luna将更名为Lunc，交给社区管理。看到这个消息时，李诗札突然意识到，旧Luna再无上涨的可能了，“怎么可能再涨呢？就算是庄家想要控盘割韭菜，也不会选这种上方套了这么多人的币种了，盘拉起来一点就会有人抛，价格拉都拉不上来啊。”此时，李诗札所购买的Luna的价格已经拦腰斩断。 When the latest proposal was passed by the community referendum, Luna changed its name to Lunc, and it was left to the community administration. When Lee suddenly realized that there was no chance that the old Luna would rise, “couldn’t have gone up again? Even if the bank wanted to control the plate cutting, it would not have chosen the currency of so many people, so the plate would have been thrown up and the price would have been flat.” at this point, the price of Luna purchased by Li Sizza had been cut off. 当理性回归，造富的泡泡被瞬间戳破了。 When reason returns, the bubbles that make the wealth are pierced. （除了Do Kwon外，文中人物均为化名） . 本文来自微信公众号：凤凰WEEKLY财经 （ID：fhzkzk），作者：刘思洁，编辑：雪梨王
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