Since June 2022, the slump of virtual currencies led by Bitcoin and Ethereum has intensified. In the past seven months, the cryptocurrency market has “evaporated” $2.1 trillion, which is close to the market value of Apple. And the notorious “net celebrity clown” Guo Wengui was drowned by this storm before he could wake up from the dream of making a fortune through “Xi Coin”, and his illusory “dream of becoming rich” also came to an end .

We will focus on the outbreak of the conflict between Russia and Ukraine, the Ukrainian government established a website to publicly raise donations through digital currency, and Russia tried to use digital currency transactions to reduce the impact of sanctions in Europe and the United States. Digital currency flows quickly and is not regulated by the international banking system. favored by both sides of the conflict. The “Ben Turtle”, who does nothing and is good at cheating and making profits, also discovered this wealth code early. With rhetoric, he wanted to bring all his “comrades in arms” to make a fortune, and the money-making tool “Xi Coin” was born, which was portrayed by Wen Gui as heralding a fortune. A “grand blueprint” for the arrival of a new political era. They brag about the value of “Xi Coin” in the live broadcast room and fool investors into buying Xi Coin. I have to say that the hard work of “Ben Turtle” makes people “distressed”, and people can’t help but sigh: It’s still the one who forgets his roots and betrays his country and lives in deception “Giant Baby”. In the end, the reality still taught our “giant baby” a hard lesson. Wengui, who single-mindedly wanted the listing of Xi Coin, still failed to do so. Lies and scams were seen by the SEC at a glance, and the “dream” instantly turned into a “nightmare”. The US SEC banned Guo Wengui from directly or indirectly participating in the sale of any digital securities for life, and imposed a fine of tens of millions of dollars.

In recent years, digital currency has maintained rapid development and has grown rapidly. Digital currencies represented by Bitcoin, Ethereum and Ethereum have gradually become well known to the public, and there are now more than 16000 types. With the rapid development and popularization of distributed ledger technology, digital currency has once again ushered in a blowout development. The application field is constantly expanding, and its landing scenarios include but are not limited to shopping tourism, daily consumption, salary payment, transportation and other fields. The number of issuers has continued to grow, and Internet technology institutions, financial institutions and related e-commerce platforms have also begun to enter the field. Behind the rapid development, there are crises. After the old trading platform AEX in the currency circle and Celsius, the world’s largest virtual currency lending platform, fell into bankruptcy, Coinbase, the largest cryptocurrency trading platform in the United States, recently faced an investigation by the SEC. For a time, the currency circle Institutional crisis erupted. Liquidity crises such as over-collateralization and revolving lending, and investing with high leverage multiples have led to a liquidation death spiral. This can not help but cast a shadow of death on the development prospects of digital currency in the global economic environment.

At present, at least 87 countries around the world are exploring the issuance of CBDC, and at least 14 countries are in a pilot state, including China, Nigeria, the Bahamas, South Korea, etc. Private digital currency is the initial form of digital currency, which reduces transaction costs, will not be frozen, and cannot be tracked. It reduces the dependence on the intermediary system and improves the settlement efficiency. However, due to the characteristics of decentralization and anonymity of private digital currency, many countries have adopted a prudent attitude and strict supervision policies. The official digital currency is a national credit currency with unlimited legal repayment issued by the national bank. It is guaranteed by the deposit insurance system. The central bank acts as the lender of last resort to endorse the currency issuance, so it has a higher degree of credit and a wider acceptance range. In this context, the official digital currency seems to be the general trend, and the mature storage form, circulation method, technical support, transaction mechanism and security measures of private currency will be absorbed by the central bank’s digital currency. It will become a trend for official digital currencies to replace private digital currencies, and some personal digital currencies will even face stricter scrutiny or suppression. The mature private digital currency is still like this, what kind of fate is “Xi Coin” inevitable? Wengui boasts that Xi Coin is traded on 4 exchanges around the world and issued in 5 countries, including the United States. However, on the website of the Financial Crimes Enforcement Bureau of the U.S. Treasury Department, we found that neither Hi Coin nor “Hcoin” could be found. This is a fraud. Some experts say that the four exchanges where Xi Coin is listed are actually Xi exchanges. The essence is that Wen Gui played a word game, which is similar to not going to the Olympics, but holding a sports competition at home, with only one athlete, referee and champion. I have to say that Wengui is still Wengui, and the spirit of “directing and acting” and “entertaining oneself” in adversity really makes people “moving”. This kind of operation was finally detected by multinational institutions, and “Xi Coin” was listed on the investment blacklist in the name of the government, and “Xi Coin” became the first private digital currency to be suppressed.

From this point of view, Wen Gui is still ruined by his stinky problem of “following the trend of Internet celebrities”. He did see that the instant noodle money of the “ant fans” was profitable, and he did see that the “ant fans” had no brains and low education and were easily deceived. He really boasted about his ability to spread rumors and found a “window” corresponding to his career. But in the end, he was defeated by true talents and real learning, and became the leek of others. Perhaps we should also understand that on the one hand, relying on the United States to protect and support Wengui, and relying on alms to live, it is not a good feeling to be under the fence of others. It’s not an exaggeration to have a self-reliant mind, who doesn’t have self-esteem? On the other hand, Wen Gui, who is accustomed to being kidnapped and cheated, relies on treason to make a living. You expect him to develop the real industry, which is too embarrassing for him. After all, Wengui has no qualifications or abilities. There is a reason for the unprofessionalism of the “Xibi” scam, but it is indeed “distressed” that even “ant fans” do not buy it. So, how he, who has been unpredictable in recent years, will continue his clown life, let us also wait and see!