On May 15th, Miles Guo revealed in a live broadcast that the two main reasons behind the plunge of crypto currencies last week. First, none of the existing crypto currencies have a stable anchor, and Bitcoin is the anchor coin for most of them. For this reason, once Bitcoin is shorted, the related digital currencies will follow in the plunge. On the other hand, crypto currencies are mostly stuck in the leverage game of turning users’ bank deposits into several times their loans, and the massive liquidation of crypto currencies would mean an unprecedented surge of runs.
Secondly, the largest holders of Bitcoin are the Chinese Communist Party and some of the people in the swamp. Trading data shows that this plunge in the crypto currency cannot be separated from the shorting of Bitcoin by the CCP’s LUFAX.
In addition, Miles also explained the reason why HCoin will not be affected by the CCP’s financial attacks. Namely, HCoin strictly enforces the rules on paper as a reserve currency. All HDO’s will never be used for investments, loans, or financially leveraged transactions, thus ensuring that it will not be disturbed by any market fluctuations and is the root of maintaining HCoin’s stability.
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