Be advised: This story contains mention of suicidal thoughts and ideations. If you are in danger because of similar thoughts, you can call the National Suicide Prevention Lifeline for free at 800-273-8255.
Posts on a Reddit forum dedicated to cryptocurrency token LUNA have skyrocketed as the coin has fallen into crisis over the past day — and gotten very dark in tone, once again illustrating the risk of blockchain tech to less-experienced investors.
The so-called “stablecoin,” which is supposed to mirror the actual value of the US dollar, lost around 98 percent of its market value in a massive nosedive overnight, according to a Forbes report published earlier today. The coin is now worth about $0.43.
Because of the devastating news, people who’ve invested thousands of dollars or bet money against their physical assets with crypto are feeling the loss the most. Some have even said they’ve lost so much that life may not be worth living, and at least one user said they would lose their house over the financial disaster. One crypto follower on Twitter posted a collection of these posts and worried over the impact on people’s mental health.
“The Luna reddit forum is full of suicidal posts,” the user said online today. “Reminder that the crypto space may be zero sum in financial terms, but not human terms.”
The Luna reddit forum is full of suicidal posts. Reminder that the crypto space may be zero sum (dollars in = dollars out) in financial terms, but not human terms. pic.twitter.com/iWmEqQbXdk
— John Brownlow (@JohnBrownlow) May 11, 2022
As of this writing, three out of five of the top posts on the subreddit are related to suicide.
Contrary to popular belief, even the great market crash on Black Friday in 1929 didn’t cause a rash of self harm attempts. According to History.com, Winston Churchill — bizarrely — was a journalist at the time and reported witnessing a single death on the day the market crash happened. The myth about stock brokers leaping from windows took off from there. (There were some additional suicides reported as months passed after that market crash.)
We sincerely hope current crypto prices crashes don’t cause a mass panic or the life of even a single individual. LUNA isn’t the only coin that may not rebound from historical lows. Perhaps sharing these stories publicly will prevent others from experiencing the same thing.
More on crypto news: They’ve Now Mined Almost All the Bitcoin That Will Ever Exist