Do Kwon has always thought that there won’t be any bad times for his LUNA token and TerraUSD (UST) stablecoin. He didn’t think twice to put a wager when reliable traders like Sensei Algod and Gigantic Rebirth foretold their demise. The winning bid was for $11 million. You’re aware of the rest, for sure.
Do Kwon, who is truly careless?
According to the Larousse dictionary, a reckless person is one who is “bold to the point of undertaking harmful actions.” And this is what Do Kwon’s actions—both before and after Terra’s collapse—show us.
He undoubtedly acknowledged taking the lead in this disaster in the video that Zack Guzman recently posted, but it seems impossible to get rid of the memories associated with this shocking incident. There were thousands of victims and 45 billion dollars lost, which is still a lot.
It appears tough to save him from this disaster, even if there is a mole in his team.
He already makes insane bets. In fact, according to Crypto Briefing, he took a $1 million wager against Algod, swearing that LUNA will be worth more than $88 by March 2023. The token is now trading at 1.70 dollars (Source: CoinGecko ). To find the missing $85.30, we’ll need to add an NITRO supercharged system (hint for Need for Speed enthusiasts).
Do Kwon thus suffered a $1 million loss.
But don’t forget that he also placed a $10 million wager with Gigantic Rebirth under the identical conditions, according to Be In Crypto. Madly hurled money out the window. While doing so would have compensated TerraUSD’s de-peg victims.
Kwon was then so confident in his project that a straightforward tweet like this roused him from his sleep.
- “ Who wants to bet $1,000,000 that the price of LUNA will be lower in a year than it is today? “
Interested in same bet for 10 million dollars [considered offering 50 million, but escrow becomes tricky]
— GCR (@GiganticRebirth) March 14, 2022
Would donate half to charity
Expect price to pump short term, but in 1 year, supremely confident the current narrative is lost@stablekwon https://t.co/2SJAvZh4Yp
What did Algod do with his additional $1 million?
Naturally, he exploited it to increase his income. He tweeted this yesterday:
- “ Officially doubled @jimcramer reverse account, for those not in the know, I started the account with 50k. “
Officially doubled the inverse @jimcramer account, for those who are not aware i started the account with 50k
— Algod🫐 (@AlgodTrading) August 22, 2022
honestly mind blowing how wrong one man can be pic.twitter.com/mH3DhEdJFs
In other words, since opening the account, his profits have doubled. His possessions currently have a net worth of $101,440.71.
Ironically, Do Kwon and Cramer once had a deep affinity for gold before they mutated into bitcoiners. Additionally, to demonstrate that “countertrading” or “reverse trading” appears to be successful in the cryptocurrency area. Remember that this strategy, which involves betting against another market participant’s calls, is the inverse of “copy trading.” The latter is typically the sort to make a poor decision.
Jim Cramer is well-known for his stock calls in the trading world, most of which have led the public astray. In fact, he did not think twice to describe ether as ” fantastic ” when he first classified it as a ” asset endowed with no actual value ” in April.
Despite these challenging conditions, the trader Algod managed to turn a profit of roughly $25,000. Reverse trading is responsible for this.
In conclusion, we hope that by sharing this strategy with you, it will benefit your practice of trading cryptocurrencies. Algod may be like a swimmer going against the current, yet occasionally unconventional approaches are successful. Otherwise, you will be able to position yourself as soon as the carnage is done thanks to all these lessons learnt, especially on Algod, Cramer, and Kwon.
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