There is only a cryptocurrency between humans and gods

In the cryptocurrency world, there is often only a cryptocurrency between ordinary people and great people; it may only take a month or even a few days to go from ordinary people to great people, from a few thousand to tens of millions. However, sudden wealth and sudden loss always coexist. Some people make tens of millions a month, while others lose everything overnight, or even become heavily in debt.

Since the release of the Bitcoin white paper 15 years ago, each story represents a unique history. Bitcoin has gone from the computer geek circle to the general public, and the price of Bitcoin has risen to a maximum of US$69,000. At the same time, the accumulation of wealth by cryptocurrency holders also means that the encryption industry is moving towards success step by step.

Down and Out Internet Celebrities

On October 30, Liang Xi, a former cryptocurrency celebrity, was once exposed for explosive news. How glorious she was in the past is how miserable she is now.

"A lot of things happened during this period. I was just discharged from the hospital a few days ago. After being forced to drink medicine by Ah Chao, I worked on the construction site every day. In the middle of the month, my leg was cut and the nerve was severed. The medical expenses were nearly 100,000 yuan. The nerve surgery cost 60,000 yuan. After the nerve was reconnected and I was discharged from the hospital, I stepped on a nail again."

This is a post that Liang Xi published on social media. His current situation is really sad. Judging from the recent news, Liang Xi has become deserted by his friends and is pessimistic and depressed.

He said he was disappointed with the Internet. They put all kinds of labels on me no matter what I did. I lost 20 pounds by taking medicine, and I thought working on the construction site was losing weight. The doctor said I needed to exercise more to recover my respiratory tract. "Since I was injured, Ah Chao mocked me for working on the construction site and didn't believe me. A bunch of netizens also didn't believe me and said I was making fun of them. I'm numb to you."

Last month, Liang Xi live-streamed himself drinking pesticide to commit suicide, saying that he was forced into a desperate situation and was later sent to the hospital for emergency treatment.

However, two years ago, Liang Xi was called a "genius boy" and "the chosen one" by the media. He achieved financial freedom by speculating in cryptocurrencies in just one month.

On May 19, 2021, affected by the US government's plan to impose taxes on those holding cryptocurrencies worth more than 10,000 US dollars and the expected tightening of monetary policies of various countries, cryptocurrencies that had continued to rise in the bull market suddenly plummeted, with Bitcoin falling by more than 30%.

Liang Xi, who was only 19 years old, seized this wave of plunge and relied on high leverage to short sell. Starting from 1,000 U, he earned more than 40 million U (nearly 300 million RMB) in one month.

Liang Xi shot to fame overnight and quickly became a top internet celebrity in the cryptocurrency circle. He was sought after by many and accumulated hundreds of thousands of fans.

In the second half of 2021, cryptocurrencies rebounded and rose again. Liang Xi misjudged the direction and suffered a liquidation, and owed a large amount of debt. However, Liang Xi did not learn his lesson, but continued to borrow money and open orders with high leverage, and his debts increased.

Liang Xi once said on Weibo that his debt had reached 130 million yuan.

Industry analysts said that Liang Xi's sudden wealth was due to luck, but also hard work. According to the trading records Liang Xi showed, he traded more than 1,500 times a week on average, basically one transaction every 5 minutes. In order to increase trading profits, he used 60 times leverage.

Liang Xi also said that although he had been trading for less than a year, he only slept four hours a day. However, hard work does not equal strength. The sudden wealth in a short period of time made Liang Xi overconfident and became a "gambler."

In 2022, when Liang Xi borrowed money from various cryptocurrency giants, Justin Sun unconditionally provided Liang Xi with $50,000 in trading funds, allowing him to open an order on the Huobi Live contract, which attracted a lot of popularity for a while, but due to a lack of risk awareness, his assets returned to zero soon after.

Liang Xi's "gambler" character is related to his birth and family background.

Liang Xi was born in 2002 in a single-parent family. She has a bad relationship with her father and often quarrels with him and even has violent conflicts. Liang Xi was a young swimmer in Jinan and won good results. Later, she was sent to a school to treat Internet addiction because of her addiction to games. She was also detained by Jinan police many times for fighting and gambling.

Currently, Liang Xi’s Douyin profile is: "No. 1 on the national list, top three in Liu Bei’s peak competition, No. 1 in the national list in s18, and champion in four provinces of King of Glory.”

A few days before the "519 crash" in 2021, Liang Xi posted a screenshot of the game on Douyin and said: "Even if it's a professional, it's useless in front of Liu Bei in our country."

Some industry analysts said that Liang Xi is not bad, and is better than most KOLs in the cryptocurrency circle in terms of morality. He does not cut leeks at the opening of the market, and sometimes he will pay compensation out of his own pocket when his fans lose money. His character of daring to love and hate, daring to speak out, and even exposing his own privacy has won the recognition of many fans to a certain extent.

Winner Takes All

There has never been a shortage of myths in the cryptocurrency world, and KOLs like Liang Xi have come in waves.

The great river flows eastward, and the waves wash away all the great men of the ages. Some of the former great men in the cryptocurrency circle are now free, and some have quit the Internet. Not many people can remember them: Prince Gong of the Runaway, Captain Wang, Chang Jian, Shen Tu Qingchun, Bitcoin Harvester, Earth Center Murphy, Shuai Chu, Martian Corleone, Jiu Shen, Old Cat...

The cryptocurrency world never requires academic qualifications or a glamorous background, and “winner takes all” is the winner.

Huang Zhengjie, the "coin master" who was involved in the Hong Kong JPEX case in September, also had a similar "loser counterattack" experience as Liang Xi, but his morals were much worse.

In 2018, the blockchain industry in China and Hong Kong issued a joint condemnation statement against Huang Zhengjie, saying that Huang Zhengjie's actions in recent years have brought shame to the industry. His behavior has ignored laws and disciplines, and he has lied continuously. He has misled the public by claiming to be the number one blockchain person in Hong Kong. He has maliciously disguised himself as blockchain technology and deceived citizens into falling into financial scams, casting a shadow over the Hong Kong blockchain industry.

Huang Zhengjie purchased mining machines at normal prices, lied about insider information and promised profits, and then sold them at three times the market price. Huang Zhengjie used fraudulent means to issue highly controlled air coins and induced the public to buy them. He also scattered cash from high altitudes in downtown areas for publicity to attract attention and spread wrong values.

Due to his various behaviors, Huang Zhengjie was denounced by the industry as "unfaithful, unfilial, unkind and unjust."

Born into poverty, Wong Chung Kit experienced the disparity between the rich and the poor and the harsh living environment in Hong Kong from an early age. Wong Chung Kit once said, "I am not afraid of hardship, but I am afraid of poverty."

According to media reports, Huang Zhengjie was a former swimming coach and was sentenced to 160 hours of community service for stealing a mobile phone. Later, he made eight figures by buying Bitcoin around 2015 and called himself "Hong Kong's No. 1 Blockchain Person". Huang Zhengjie's outrageous behavior led to his arrest at least twice, once for throwing cash in 2018 and again for selling virtual currency mining machines for fraud in 2019.

The deeds of "Master Bao" Guo Hongcai also influenced a group of people in the cryptocurrency circle.

In 2013, Guo Hongcai, who made a living by selling Pingyao beef, met Li Xiaolai and started to go all in on the cryptocurrency circle. In just five years, Guo Hongcai accumulated a fortune of over 10 billion yuan and became a well-known "Second Master Bao" in the cryptocurrency circle.

Guo Hongcai made money mainly by advertising for others and charging a 1% commission. At the height of the ICO boom, Guo Hongcai made 200 million yuan by advertising for more than 100 altcoins.

However, behind ICO is the blood and tears of countless people. In 2017, China defined ICO as illegal fundraising, and Guo Hongcai moved to the United States with his family.

Stories and Industry

Since the publication of the Bitcoin white paper, cryptocurrency has been developing for 15 years. Each story represents a piece of history, and behind every sudden wealth is the continuous development of the industry.

In addition to the birth of Bitcoin, 10,000 Bitcoins can be exchanged for two pizzas, and Bitcoin has skyrocketed 100,000 times because it found its first excellent application scenario - the dark web "Silk Road", which shows that the development of cryptocurrency has not been smooth .

Did the lucky few who got rich by seizing the early opportunities also promote the development of cryptocurrencies by promoting them? The answer is of course yes.

However, the promoters are not all Liang Xi and Bi Shaoye, there are also many down-to-earth and low-key pioneers who BUIDL the industry.

What is the standard attire for the cryptocurrency community? Most people would probably say: T-shirt, shorts, and slippers (or sneakers).

An industry insider said that when he first entered the industry, he attended a mining circle conference in Sichuan. Most of the people who came were mining tycoons with a net worth of over 10 million yuan. They were not dressed luxuriously, carried bags of unknown brands, and sat quietly in the audience. If you didn't ask, you would have no idea.

The crypto bear market has lasted for a year and a half since last year. Many practitioners in the crypto industry have chosen to withdraw, but some BUIDL are still holding on.

For BUIDL, which is committed to building Web3, the bear market is not a reason to give up dreams, but a driving force to continue exploring and innovating. They may also have a common vision: to create a fairer, more transparent and more open online world.