It's time to buy market is in a condition to grew back
Have you heard the story of Kevin
Kevin Day was a 1990s geek from Nebraska.
A video game developer, he worked on classics like Mortal Kombat 4, NBA Showtime, and NFL Blitz.
He bought 260,000 #Bitcoin for $0.01 each
His exchange ERASED the trade
The TRAGIC STORY of Kevin Day, who lost $16 billion in the biggest crypto rollback in history
In June 2011, Bitcoin prices surged from $0.30 to $17. Kevin joined the hype, diving into mining and trading. Then, on June 19, 2011, disaster struck.
In just 20 minutes, Bitcoin’s price plummeted from $17 to $0.01 due to a major hack on the Mt. Gox exchange. While most panicked, Kevin seized the moment.
He bought 260,000 BTC at a jaw-dropping $0.0101, investing only $3,000.
When Bitcoin’s price rebounded, his $3,000 turned into a staggering $27 billion. But his joy was short-lived.
The crash wasn’t a random event. A hacker had infiltrated Mt. Gox, stealing tokens and intentionally crashing the market. The exchange declared all trades during the incident invalid, leaving Kevin’s newfound fortune in jeopardy.
However, before the reversal of trades, Kevin managed to withdraw 643 BTC, exceeding the exchange’s limits. Though it was only a fraction of his holdings, this move became a point of contention in the Bitcoin community.
Mt. Gox nullified all transactions during the crash, costing Kevin 259,360 #BTC . It was a devastating blow, but the incident left a lasting legacy.
Kevin’s story became a cornerstone in Bitcoin’s history—a cautionary tale of both opportunity and risk in the volatile world of cryptocurrency.
Remember this
1. Centralized exchanges, like Mt. Gox, often prioritize their interests over users. DONT TRUST THEM
2. Always store crypto in private wallets where you control the keys.
3. Even a moment of brilliance, like Kevin’s quick action, can be overshadowed by the shortcomings of centralized systems.