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+# Culture of Crypto
+
+# Notes
+
+## Following the Leader + Line Goes Up - 2022-05-10
+
+https://twitter.com/polka_ether_up/status/1524052691692908544
+
+> Not sure if UST gonna be the only and the last algo stable coin to survive or not, I respect Do's leadership.. His one tweet saves so many ppls ass who are longing on Luna or holding their entire net worth in UST. Maybe it's human nature to follow a powerful leader..
+
+During the [terra-crash-may-2022](terra-crash-may-2022.md).
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+# Examples of Ordinary People Speculating in Crypto
+
+## 2022-05-10 - panic selling in [terra-crash-may-2022](terra-crash-may-2022.md)
+
+In this thread:
+
+https://twitter.com/stablekwon/status/1524049689510694916
+
+https://twitter.com/Crypto__Otter/status/1524054417594593280
+
+> @stablekwon I panic sold cause i was using it as a savings account. Literally needed it for my tax and rent. I’m guessing no recovery plan for the 20% of my savings that just vanished? Serious question I’m an adult with accountability so can’t be mad at anyone but it hurts…….
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diff --git a/notes/terra-crash-may-2022.md b/notes/terra-crash-may-2022.md
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@@ -17,3 +17,22 @@ https://blazetrends.com/terra-price-collapses-after-attempt-to-rescue-stablecoin
 > The Luna Foundation Guard did say that they have not sold all Bitcoin and promised to update the community on the current situation.
 
 https://twitter.com/vhranger/status/1523835842573357057
+
+
+# Background
+
+https://www.bloomberg.com/news/features/2022-04-19/terraform-s-do-kwon-s-huge-bitcoin-buys-catch-crypto-billionaires-attention [@shen-regan-2022-king-lunatics-becomes]
+
+> Back in Miami, Novogratz sized up Kwon’s pivot to Bitcoin as a reserve asset to back up UST.
+>
+> “It’s not without risk, right?” he told the audience in his keynote address at the conference. “He’s in this transition right now. The plan is to buy $10 billion worth of Bitcoin. And as that ecosystem grows, that number will grow. **That’s all good as long as there’s not a run on the bank.**”
+
+# Tweets
+
+https://twitter.com/hasufl/status/1523803732173103107
+
+> No matter how this ends, I don't want people to call UST decentralized again. Even the little collateral backing it has is intransparent and controlled by a single party. Used to perform discretionary open market operations. This is like 10x worse than the Fed.
+
+https://twitter.com/lawmaster/status/1523844709319327744
+
+> There is a rumor spreading about Jump, Alameda, etc. providing another $2B to “bail out” UST. Whether this rumor is true or not, it makes perfect sense for them to spread. The biggest question here is, even if they can get it to $1 by some miracle, the trust is irreversibly gone
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