Contemporary cryptocurrency circle youth life factual record

Before entering the “cryptocurrency circle”, TAN Ning had many fantasies: a bold bet, her family became rich overnight, and from then on those enviable brand-name cosmetics and bags were no distance for her; her parents, who always did not support her investments and only told her to study hard and live in peace, were impressed by her – just like the little girl selling matches who crossed the only hope left in her hands.

Contemporary cryptocurrency circle youth life factual record

In mid-May, she talked about crypto-digital currencies to a Times reporter in a gushing manner. Tan Ning’s fantasy was once Liang Ming’s reality. Luck and sanity, overlaid with his parents’ financial support, had allowed him to reap a good harvest in the crypto-digital currency market. However, as he looked at the rising numbers on his account, an inner turmoil came over him, and Zweig’s famous words kept haunting him –

“All the gifts of fate are marked with a price in secret.”

Tan Ning and Liang Ming are just a microcosm of the “cryptocurrency youth”. From the official birth of Bitcoin in 2009, to the explosion of various “animal coins” such as dog coin, Shib coin and turtle coin in 2021, they have been fascinated by the myth of getting rich.

The extremely low investment threshold allows college students with limited funds to quickly enter the game.

Behind the “coin” fever, digital currency development is in full swing, and a broader consensus is forming to strengthen the effective regulation of virtual currency transactions, and this year, several national financial regulators have issued the strictest regulatory signals to crypto digital assets. At present, there are no approved crypto-digital currency platforms in China, but some college students are still running the risk of loss to the “coin circle”.

A day in the cryptocurrency world is a lifetime on earth. After retiring from the circle, when Tan Ning and Liang Ming talked about the time in the “cryptocurrency circle” again, what was left was more of a “bubble” and a “shadow”.

“You don’t know when the money you make will be returned, everyone is a leek, whether you are gaining or losing at this time.” Liang Ming lamented to the Times.

  1. “Buying coins is distracting every day”

Thinking back to the days when he invested in crypto-digital currencies two years ago, Tan Ning, a junior student studying in a university in Guangzhou, is always extra glad that he decided to get out of the pit.

At that time, the ever-changing crypto-digital currency market kept her awake at night. She had a dream that she woke up and the cryptocurrencies she had purchased had become “scrap paper”, a nightmare that still sticks with her.

Tanning, who comes from an average family, did not have a lot of money to live on each month. She tried to work part-time around the university city, but the busy club activities in her freshman year and the huge pressure of studying near the exam week made her give up the attempt soon.

Desperate to get out of her “financial rut,” Tanning focused her attention on the investment field. Before that, she had no investment experience, and there were few investment options in front of her.

“The cost of stock speculation is too high.” Tan Ning told the Times. For college students without investment support from their parents, the barrier of entry to the stock market is quite high, and since the volume of companies they are familiar with is often huge, the share prices are relatively high, often a handful (100 shares) is their living expenses for nearly a month.

Compared to stocks, the cost of investing in crypto-digital currencies is extremely low. “You can buy a few thousand coins for the money of one meal.” So says Tannen.

During a conversation with her senior, Tanning happened to learn that the other person was making thousands of dollars a month from coin speculation. This made her interested in the “cryptocurrency circle”, and her confidence was strengthened by the real-life cases of her acquaintances. She made up her mind and decided to spend 1/4 of her monthly living expenses (about 400 yuan) to follow her senior in “coin speculation”.

“He has been trying to invest for a long time and has a flexible mind, so following him will be much better than making my own judgment.” This blindly follow the trend of the investment method at first did not show any drawbacks, Tan Ning also led a “good life” of tens of dollars a day.

But the good times didn’t last long. The price of EOS, a crypto-digital currency that they were optimistic about, took a sharp turn for the worse.

EOS, known as Enterprise Operating System, is a hot star project in 2018, and it has issued 1 billion tokens through a crowdfunding mechanism under the banner of “innovative blockchain”, with free transactions, a unique consensus mechanism of BFT+DPOS and a perfect Its free transaction, unique BFT+DPOS consensus mechanism and perfect account system make it have many fans. As the developer of EOS, the halo effect of blockchain wizard Daniel Larimer has made many investors follow the trend to buy.

Tannen’s senior is also very bullish on EOS, and under his guidance, Tannen has replaced all her cryptocurrency holdings with EOS, but in fact, she and her senior have completely different investment structures. She and her senior’s investment structure is completely different. Her main position is in Ether and Bitcoin, and the purchase of EOS is only used to adjust and enrich the entire position structure and share part of the risk. The loss on EOS didn’t affect him much. But for Tannen, EOS meant everything, and the plunge almost wiped out her initial speculative gains.

In desperation, Tanning chose to sell and eventually got back more than $100.

The loss of her investment in EOS made Tanning lose confidence in crypto-digital currencies. She suddenly realized that investing in the “cryptocurrency world” was not easier than a part-time job. Because of her thin capital, it was difficult for her to diversify her investment structure, and she often had to “pike” in the same crypto-digital currency. Because she bets too much on the same crypto-digital currency, she has to spend a lot of time every day to pay attention to the various trading information on the coin-buying platform, and every second of the rise and fall makes her scared.

“It’s better to work honestly.” During the two months of investing in crypto-digital currencies, Tanning’s sleep quality dropped rapidly, and “I was distracted every day when I bought coins.”

The night he closed his trading account, Tanning finally had a good, dreamless sleep.

  1. “After losing 100,000 to get started!”

“My parents and I said, investing in this kind of thing, only after a loss of 100,000 is considered entry.” Liang Ming said to the Times.

And Tan Ning is “investment white” different, Liang Ming’s parents business, from childhood, the influence of his early awareness of investment, more favorable family also created the conditions for him to practice in the field.

In 2017, Liang Ming, a freshman finance major, received an investment “grant” of 100,000 yuan from his parents.

“There were no clear rules about how I was to spend it, I was just asked to take the money and make investments, and then send them a good account every month.” For Liang Ming, the monthly living expenses of 1,000 yuan in high school was already a “huge amount” among his classmates, and when three more zeros were added to this figure, he didn’t know how to manage it for a while.

Due to inexperience, Liang Ming’s initial investment seemed particularly daunting. He looked at the stock market and first held a stock on a short term basis, but sold it off after a week, citing a 2% drop in the stock price in one day.

“I did a good job of keeping track of the money after I lost it and wanted to transfer it back to Mom and Dad.” He rubbed his forehead and laughed bitterly, saying he was “stressed out” by the sudden arrival of the investment “appropriation.

Liang Ming’s parents, however, were not impressed with their son’s “first defeat”. The idea of “losing 100,000 before you get started” emboldened Liang Ming, and he began to take the initiative to learn about various investment paths, and it was at this point that crypto-digital currencies came to his attention.

Liang Ming’s interest in cryptocurrencies is related to his deep interest in Internet technology since he was young. When choosing his college major, his parents’ disapproval made him give up his computer science major, and investing in cryptocurrencies might be another shortcut to his passion field.

In the process, the growth of Vitalik Buterin, the founder of Ethereum, wowed him and became his idol.

Because of the “idol” effect, Liang Ming’s first investment in cryptocurrency was ethereum. “In 2017, he bought 50 Ether coins.” Talking about this investment experience, Liang Ming’s eyes shone with light, investing in ethereum made him the first bucket of money in his life.

“It was nearly 1,000 yuan a (Ether) when he bought it.” It was the first time in his life that he made such a bold “bet”. He made up his mind to change the wrong strategy of selling immediately after losing a little in the stock market, and he would not let go of the 50 Ether coins until their value had completely gone to zero.

He told his parents about the deal, and to his surprise, they didn’t have any objections after listening to his brief analysis of the concept of crypto-digital currency. “They were both very supportive, they just told me not to put all my bets on one side.” Liang Ming said.

The parents’ attitude was like a “shot in the arm”, and Liang Ming completely let go and invested all of his 100,000 yuan in the crypto-digital currency market, buying GXD, TRX and XRP coins. The 50 Ether coins he originally held also started to rise high after a short shock.

“I thought I was living in a dream every day watching the market.” By the time Liang Ming struck out, the value of one bitcoin was close to $3,000, and not only did he not lose all $100,000, he earned the next $100,000 of his life.

The experience of investing in ethereum gave Liang Ming confidence in the future of crypto-digital currencies, and he has since purchased popular coins such as bitcoin, maintaining a small overall profit without loss.

By definition, such a gratifying investment return should have allowed Liang Ming to become thoroughly entrenched in this market, but he decided to quit completely in 2019.

“That’s when OTCBTC exited.” OTCBTC was the hottest crypto digital currency trading platform in China at the time and the one Liang Ming had been using, and in 2019, OTCBTC stopped operating in China, which gave Liang a bad sign.

“At that time, I started to think that crypto-digital currencies were too bubbly.” Liang Ming’s parents’ education since childhood made him not overly obsessed with “getting rich”, and he usually invests in popular coins like bitcoin and ethereum that are easy to liquidate and not easy to “die” instantly.

In this market for nearly two years, Liang Ming has seen too many cryptocurrency “veterans” in various forums who have lost everything due to greed, and some have even lost their families and wives because of investing in “cryptocurrency”. The high speculative behavior of crypto digital currency makes Liang Ming feel more and more like a gambling game with an unknown dealer, no matter the profit or loss is deeply fantastic.

“After the excitement is often a deep fear, you do not know if you hold the coin will be because of a ‘big brother’ with goods and soar to the sky, of course, do not know it will not be worthless overnight.” Liang Ming said.

  1. When a gym manager becomes a cryptocurrency “big brother”

The cryptocurrency circle is like a siege, some people want to get out, some want to get in.

On the morning of May 7, in a college fitness group, the gym manager Xu sent a message: “I have been in contact with the cryptocurrency circle for many years, and in 2013, I dried out 700 bitcoins through mining, successfully cashing out 15 million! Come fitness students can find me to understand the situation, we make money together!”

Subsequently, Shopkeeper Xu posted several pictures, which showed that he held various crypto digital currencies worth 200 million yuan. The fitness group exploded at once, “The shopkeeper invites dinner!” “The shopkeeper took me to achieve wealth freedom.” And other voices abounded.

The Times reporter’s friend application was quickly approved by the store manager. At the beginning, the shopkeeper acted extremely enthusiastic. He claimed to have been speculating in coins for over 10 years and was one of the first bitcoin players in China.

After learning that the reporter was a “rookie” in the cryptocurrency world, he invited the reporter to come to the store in the evening to talk more about it. However, he did not appear in front of the reporter as promised. After that, the reporter again consulted the cryptocurrency market, but he always excused himself by saying “I’m busy now, I’ll be free to talk to you later” and other reasons.

The actual “busy” Xu is still in the fitness group every now and then to show his “speculation” income. The company’s “big brother” persona is becoming more and more fleshed out under the rendering of screenshots such as “daily income of 10,000”.

In the face of the reporter’s “open-mindedness”, Xu sent a QR code to invite the reporter into the group, and said he would open his trading operations and insights in the group every day.

The group named “xx gym coin deposit 1 group” has only 25 people, except for the “welcome” sent by the store manager when entering the group, then no one has made a sound.

Shortly after entering the group, the store manager Xu quickly contacted the reporter and asked if he knew about “Chia” and “FIL”, and after receiving a negative answer, he immediately sent an advertisement for “Guangzhou Star Storage Mining” and invited the reporter to buy a mining machine. After receiving a negative answer, he immediately sent an advertisement for “Guangzhou Star Storage Mining” and invited the reporter to buy a mining machine.

In this advertisement, “Guangzhou Star Storage Mining” claims to be the largest IDC (Internet Data Center) room in Guangdong, and the mining machines are priced at USDT (TEDA coin), calculated according to 1 USDT = 6.5 yuan, with the cheapest mining machine selling for only 80 USDT (about 500 yuan), and the expected daily coin yield is 0.6USDT (about $3.3), with a total return of 181.54USDT (about $1,180), while the most expensive miner is a 50T arithmetic miner with a price of 48,000USDT (about $312,000), with a daily coin yield of 409USDT (about $2,658) and a total return of 437,760USDT (about $2,840,000), with a return on investment ratio of up to 9.12 times.

However, when confronted with the question of how to guarantee the income, the store manager Xu began to be vague and would only mechanically repeat phrases such as “the income is as advertised” and “the mining machine is more stable than direct purchase”.

At 10:30 p.m., the “xx Gym Coin Deposit 1 Group”, which was originally cold and quiet, suddenly became lively, with people sharing their stable earnings records after buying mining machines, and others hanging their heads because their capital was not enough to buy the highest level of mining machines. Lin Jun, who just graduated from school a year ago, complained in the group, “The earnings of the miner are decreasing every day.” Previously, he had purchased three XCH 1T miners through an advertisement sent by Store Manager Xu.

In Lin Jun’s eyes, Shopkeeper Xu is quite a reliable person, and it was out of trust in Shopkeeper Xu that he purchased the mining machines without hesitation. “Now the mining revenue is decreasing every day, because the total amount of coins is constant, and the capacity will be less when more people are mining.” Lin Jun said.

This is also the explanation of Shopkeeper Xu to his doubts. At the same time, Store Manager Xu also gave him a shot of reassurance: although the mining machine capacity has decreased, the decrease in capacity just means that the number of people who pay attention to a certain crypto digital currency is rising, and as long as the coins can be produced steadily, the future revenue will definitely be guaranteed.

Lin Jun was so convinced of this rhetoric that he even warned the Times as a “veteran” that he would “rather buy one high-capacity miner than multiple low-capacity ones.” According to him, this is because the high-capacity miners have a strong “mining” ability.

However, as of now, Lin Jun has not withdrawn a single penny from his investment in the mining project, but he is not worried about it.

“It’s still early, it will get better and better, as long as the mining machine is still producing coins normally, I think everything is promising.” Lin Jun said.

(At the request of the interviewer, Tan Ning, Liang Ming and Lin Jun are all pseudonyms)

Posted by:CoinYuppie,Reprinted with attribution to:
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