One month ago the CEO of NexTech issued a statement saying they were selling all $4 Million worth of their bitcoins because media FUD said there had been a doublespend on the network.
While most smart people would've looked into the issue and figured out that this was all BS and that nothing bad had actually happened, they instead made the genius decision to just straight up panic and sell all their bitcoins. The CEO issued a press release that said:
“This sale reflects our awareness that something potentially has changed with Bitcoin… If the system is built on scarcity and faith in the system, then a ‘double spend’ would eliminate both—essentially destroying the store of value it was meant to be. In light of this potential outcome, I have decided to move to cash as this story is still unfolding.”
Well, its only been a month and I want to have a short moment of silence for the money they put to death because those $4 million worth of bitcoin would be worth about $7 million today. Selling was a $3,000,000 kneejerk mistake which is especially stupid considering that their total revenue for the entire last 12 months was about $3.5 million and their gross profit was only $1.2 million.