If something as completely benign as a bunch of transactions showing up the mempool is enough to make someone panic and sell their bitcoin, then I have absolutely no qualms buying all that up at a discount. This space probably isn't for them.
It is not just about a bunch of transactions, but also the timing in which they happened - especially if all these transactions come from a certain Chinese crypto company that chose a very strange moment to make such a move.
If you want to say that most people who are involved in Bitcoin in some way do not understand the basics, then you are right - but I wonder how moral it is to get rich on the ignorance and panic of others?
To be fair, regardless of the collapse of Luna, Do Kwon will still come out of this a millionaire and continue to lead a very comfortable life. Minting an infinite supply of Luna to keep UST pegged to the dollar was obviously never going to work, and I'm certain he knew this. It is all the people who blindly threw their money at this scam on the promises of 20% APY or whatever else obvious bullshit they were being sold who are to blame here. Do Kwon might be unethical and immoral, but he's not stupid - he knew exactly what he was doing and has made himself a nice profit doing it.
People like him will certainly never become poor, as long as there are millions in the world to whom you can sell such nonsense as he sold. Besides, he is a man who publicly says with enthusiasm that 95% of all cryptocurrencies will fail anyway, and that he enjoys watching them fail. I hope that someone will react and accuse him of fraud, although such liars like him usually get minimal penalties, and instead of being a warning to others, they are even more encouraged to do just such things.
