Today, when I woke up, I was flooded with messages about Mentougou. Many friends asked me, "Brother Nan, the Mentougou incident is so scary. Are you scared?"
Guess how Brother Nan answered?
I said: I'm not afraid of anything.
Before talking about the Mentougou wallet transfer today, let me first explain the Mentougou incident to those who don’t know much about it.
Mt.Gox began operations on July 18, 2010 (at that time, 1 BTC = 0.07 USD).
On June 19, 2011, Mt. Gox was hacked and approximately 850,000 $BTC were stolen.
This hacking incident is called the "Mt.Gox incident."
The "Mentougou" mentioned here is actually called Mt.Gox. Mentougou is a transliteration, and it is easy to pronounce, so everyone calls it that.
The event made headlines around the world at a time when cryptocurrencies were in their infancy and helped popularize cryptocurrencies in Japan, where the company is based.
Where is my money?
In November 2013, user withdrawals were often delayed by weeks or even months.
On February 7, 2014, Mentougou suspended all Bitcoin withdrawal services.
On February 10, "Mentougou" issued an announcement stating that withdrawals were unable to take place due to issues with Bitcoin.
On February 24, Mentougou suspended all transactions. A few hours later, the website went offline, leaving only a blank page.
On February 28, Mentougou formally submitted a bankruptcy application to the Japanese court and applied for the bankruptcy procedure of the Civil Rehabilitation Law.
Mentougou’s application stated that the platform had lost a total of 850,000 bitcoins, of which 750,000 belonged to users and the remaining 100,000 belonged to the company.
Based on the average price of the day, Mentougou lost approximately US$475 million due to Bitcoin theft.
Based on today's current price, Mentougou lost approximately US$57.8 billion due to Bitcoin theft.
On March 20, 2019, the Tokyo District Court of Japan sentenced the CEO Mark Karpeles (a Frenchman who was nicknamed "French Fat" because of his fat body) in the case of a large amount of Bitcoin being stolen from the Mentougou exchange and business embezzlement.
The court sentenced him to 2.5 years in prison, suspended for four years, and declared him not guilty on part of the indictment.
The asset liquidation of Mentougou has also yielded results, with 142,000 bitcoins and 142,000 bitcoin cashes.
This also means that at some point in the future, 142,000 Bitcoins and 142,000 Bitcoin Cashs will be sold out of thin air.
The Sword of Damocles
The Mentougou incident is like a sword of Damocles hanging over the heads of retail investors. No matter how prosperous BTC and its altcoins are, there are always people saying, just wait, wait for the Mentougou sword to fall and stab everyone to death, and the black swan is coming.
So, is this statement right or wrong?
Directly speaking, Nan Ge’s point of view:
Mentougou has to come out every year to scare retail investors. It started from the year I entered the industry. For so many years, this sword has been hanging over the heads of retail investors. Sooner or later, this hanging sword will be stabbed, but as the market becomes larger and larger, the lethality is also discounted every year. Before 2020, this sword could stab retail investors from head to buttocks, but now it can only cut half of the head. If it is delayed any longer, it will be just a tickle sooner or later.
Why did Brother Nan say that? It's simple. Let me do the math for you.
142,000 Bitcoin (BTC) and 142,000 Bitcoin Cash (BCH)
Even if all the money is invested in the exchange today
The total value of BTC is 9641800000,96418 million
The total value of BCH is 66172000,66172000
The total is still some distance away from 10 billion
Can it compare to LUNA’s sudden collapse?
The answer is no
Can it compare to the more than 300,000 BTC sold by Grayscale from January to April?
The answer is no
As the saying goes, ghosts scare people to death; people scare people to death.
If you are a newbie, panic is normal, but remember one thing, the entire cryptocurrency market can fully absorb these BTC shares. If I’m not afraid of being laughed at, I even think that these 14.2W pie is not much at all, so where are they?
LUNA crashed, Nan Ge was there, witnessed it with his own eyes
FTX went bankrupt due to a run, SOL fell to around 10U, Nan Ge was there and witnessed it with his own eyes
Grayscale sold more than 300,000 BTC this year. Nan Ge was there and witnessed it with his own eyes.
What impact has it had on the cryptocurrency world? The cryptocurrency world is still here. It was here before, it is here now, and it will still be here in the future.
Don’t panic, new leeks, the old leeks have become desensitized.
The Mentougou incident happens every year. Last year, I have experienced many similar incidents. From the perspective of the market, before the price falls below the 66,400 area, wait patiently and do not panic in advance. First, treat this as a retracement and observe whether there will be an effective rebound after it is in place.
The transfer of coins in Mentougou is not just a simple collection. The market crash is coming sooner or later. Today's decline is an expectation of the market crash, but there is no need to panic. We don't know when it will happen. ETFs are bought every day, so it is difficult for the market to give a big drop. As ETFs gradually digest more than 600,000 Bitcoins of Grayscale and 140,000 Bitcoins of Mentougou, the supply and demand relationship of Bitcoin will be tilted, and the price of the currency will enter the next round of main rising waves. Just continue to watch the box shock.
You can say that Brother Nan is crazy and doesn't take Mentougou seriously.
But in fact, I often say that bad news is good news. Now you mention Mentougou and market crash.
So imagine that when the 142,000 BTC in Mentougou are completely absorbed by the market, and when Fidelity becomes the largest ETF institution.
How great is the future prospect of BTC? How high will the BTC in your hands rise?
The future is bright, but the road is tortuous. Whether you are an old investor or a new investor, the most urgent thing is to hold all the valuable coins and application coins in your hands firmly, hold them firmly, and hold them firmly!
Do you know whether this news was spread by the dealer in order to reap the benefits from you?
Do you know how much effort they put in to clean up the mess and get you off the bus?
I like this sentence for everyone: When a man dies, the bird flies to the sky, and he will live forever. Just do it firmly and it will be done!
Brother Nan is talking about this article today to tell you not to be affected by the rumors in the market. There is no rumor, it is all your panic. Hold on to your precious BTC, it will reward you!
That’s it, meeting adjourned!
