When I first saw this article, I was deeply touched. I think the first time I came into contact with Virtual Money was in 2014. At that time, I was just a small traditional business owner, living a stable life. Because my family took a course, I began to connect with the outside world and also met many outside friends, gaining a lot of new insights and losing a lot of money, as well as experiencing many things. Today, this article has stirred up many memories for me, so I'm sharing it to help friends like me who have no foundation understand a little bit of its benefits.

2014 Mengtougou Incident: The Awakening Year of Digital Assets
Mt.Gox exchange's $7 billion worth of bitcoins being stolen caused an industry earthquake, and the price of bitcoin plummeted by 80% to the $200 range. This security crisis unexpectedly led to the establishment of a global regulatory framework, and it was later proven that $200 was the most perfect long-term accumulation point in the history of bitcoin.
▋2017 9.4 Policy Storm: Compliance Accelerator
The People's Bank of China and six other departments jointly rectified ICOs, and the global market value of cryptocurrencies evaporated by more than $50 billion in a single day. At the time when the price of Ethereum was halved to $400, the mainstream exchange's ETH reserves increased by 200% against the trend, laying the groundwork for the subsequent DeFi explosion. (Data source: CoinMarketCap)
▋Black Swan on 3.12, 2020: Institutional Entry Turning Point
COVID-19 triggered a global liquidity crisis, with Bitcoin plunging 38% in a single day to hit a new low for the year. Panic selling led to a large-scale shutdown of mining machines. At this time, the spot ETF premium rate for buying Bitcoin reached 300%. The price doubled three months later, laying the foundation for a bull market. (Technical analysis: Check the weekly MACD golden cross signal at that time)
▋Regulatory heavy hammer on May 19, 2021: Nightmare for contract traders
The three major exchanges collectively suspended contract trading, and Bitcoin plummeted from $62,000 to $33,000. In extreme market conditions, the basis of ETH perpetual contracts has surged by more than 500%, creating a rare risk-free arbitrage opportunity for the spot market. (Case Study: A certain whale account profited by eight figures in 3 days)
▋2022 LUNA Crash: Algorithmic Stablecoin Apocalypse
The collapse of the Terra ecosystem led to the UST/USDT exchange rate dropping to zero, causing a $40 billion evaporation in the cryptocurrency market. At the darkest moment of a 60% plunge in DeFi locked positions, the governance token of the high-quality lending protocol AAVE surged against the trend by 300%, verifying the investment principle of 'crisis filtering high-quality assets.' (On-chain data: DeFi TVL change curve)
FTX's Collapse in 2022: Dusk of Centralized Exchanges
FTX bankruptcy liquidation has caused the market value of cryptocurrencies to evaporate by $600 billion, and the market panic index has reached a record high. At this time, the net outflow of Bitcoin spot ETF has reached $28 billion, but it has created an excellent configuration space for the subsequent spot ETF scale to exceed $100 billion. (Comparison chart: Changes in ETF fund flows)
▋2025 Deep Web Revolution: The New Era of AI Computing Power
DeepSeek open source triggers computing power competition, fundamentally changing the cost structure of Bitcoin miners. At this time, laying out the Layer2 network with a mixed consensus of PoW and PoS is expected to capture the next generation of Internet infrastructure dividends. (Technical Outlook: A comparison of ASIC mining machine power consumption curve and PoS staking ratio)
【Investment Philosophy Insights】
1. Reverse thinking: The market often overreacts after the panic sentiment is released
2. Capital Efficiency: Allocate 10%-20% of total capital to hedge against extreme market conditions
3. Timing Focus: The best observation window is 72 hours after a major event
4. Risk control: always keep 30% of the cash to deal with the second impact of the black swan
As a practitioner who has experienced the complete cycle of Bitcoin from $1 to $100,000, I have always believed: history will not repeat itself, but human nature will cycle. When the market falls into collective panic, true value investors are drawing the map of future wealth.