Due to the recent market downturn, today we are analyzing a person - Liangxi. Many may find him unlikable, believing he will die playing contracts one day, while many others admire him for his authenticity. In fact, there is no absolute right or wrong in any matter; right and wrong only exist in the evaluation of this person. There is no inherent right or wrong in an event or a person; if you look at it from a higher dimension, events happen as they do, and people are just animals.
So I won't easily judge what kind of person Liangxi is; rather, what can we learn from what he has done?
1. Early Experiences and Personality Traits
Liangxi, whose real name is Geng Zhiyu, was born in 2002 in Jinan, Shandong (currently 23 years old), and grew up in a single-parent family. He has an extreme and rebellious personality. He was obsessed with gaming in his early years (reportedly winning the provincial championship in Honor of Kings at 15), was sent to a school for Internet addiction, and later, due to family conflicts, was sent to a psychiatric hospital by his father, where he was diagnosed with schizophrenia. He has been detained multiple times by the police for fighting and gambling issues. These experiences shaped his high-risk preference and laid the groundwork for his later trading style.
2. The Rise of a Cryptocurrency Legend
During the 2021 '5.19' Bitcoin crash, Liangxi short-sold with a capital of 1,000 yuan using high leverage, earning over 10 million yuan in a single day, quickly becoming the 'Contract God' in the cryptocurrency circle. His trading frequency was extremely high (averaging 8.65 times per hour) and relied on leverage above 60 times. With his sharp sensitivity to market fluctuations and aggressive operations, he once accumulated assets exceeding 40 million yuan.
He was thus dubbed 'The Young Buffett' and 'The God of Gambling,' attracting a large following. In 2021, his Weibo followers surged, peaking at 104,000, with single advertisement promotion costs reaching hundreds of thousands of yuan; for example, a tweet advertisement was quoted at 200,000 to 500,000 yuan, but later due to debt issues, he sold the account.
3. Trading Strategies and Methods
- High-Frequency Short-Term Trading and High Leverage: Liangxi primarily focuses on extremely high-frequency short-term trading, leveraging the extreme volatility of cryptocurrencies like Bitcoin to amplify returns through high leverage. For instance, in a volatile market, he employed 'double killing' strategies, rapidly reversing positions, and even heavily betting on market turning points.
- Rolling Position Strategy: Continuously increasing positions after making profits in an attempt to expand returns through compounding effects, but this also leads to risk accumulation exponentially.
4. Fall and Controversy
Liangxi's extreme strategies have repeatedly failed in subsequent trades.
- Liquidation and Debt Crisis: In the second half of 2021, during Bitcoin's rebound, he suffered a liquidation due to a wrong directional judgment, losing over 50 million yuan, and fell into debt disputes due to leveraged trading, facing multiple creditors' rights protection.
The following image is an introduction to his homepage, which reportedly states he is 200 million in debt; a person with 200 million in debt is not likely to die easily, as creditors want him to repay.
Mental Breakdown and Extreme Behavior: In 2023, he exhibited mental abnormalities during multiple live streams, including taking pesticides, selling personal items (like original flavor shoes) to repay debts, and was even rumored to be working at a construction site moving cement to survive.
Legal Issues: In 2024, he was sentenced to two years in prison for fraud after failing to fulfill a contract after selling his Weibo account, although some information was questioned as a publicity stunt.
5. Recent Developments
According to recent reports, Liangxi profited tens of millions of dollars again through high-leverage short-selling during the cryptocurrency crash in early 2025, referred to by the media as 'Liangxi's Bull Market.'
The following image shows his content on X, manipulating investors and his own accounts, operating multiple accounts back and forth, profiting 40 million dollars, but I estimate that most of the money is actually from investors; his own money has reportedly been used to repay creditors.
Insights Gained from Liangxi's Case
1. In fact, from the above cases, we can see that Liangxi made 10 million from 1,000 yuan, first by leveraging investors' money and secondly using high leverage. Therefore, he can add leverage on top of leverage. This kind of ultra-high leverage and ultra-high frequency is essentially 'gambling,' which ordinary people cannot replicate because HY is inherently a zero-sum game, and it doesn't even qualify as a zero-sum game due to the high transaction fees. Even if your win rate is 50%, the more trades you make, the worse your losses become, as the fees are pocketed by the exchanges.
Moreover, the mental pressure for an average person playing like this is enormous; just look at his mental state after the liquidation, and you'll understand. Therefore, ordinary people should not attempt it if they don't want such experiences. He is only in his early twenties, and having such experiences isn't a bad thing. Losing everything at such a young age is not a huge deal; after all, he is only 20, and there is plenty of time to make money in the future. Losing 200 million is not easy to die from; many creditors don't want him dead, so these experiences may actually strengthen him. Moreover, having seen a lot of money at a young age, if he truly earns more money in his thirties or forties, he might be able to handle it.
2. He understands internet traffic quite well; what he does is actually to attract traffic, first to become rich quickly. Making 1,000 to earn 10 million is a traffic event, including live-streaming while drinking pesticides. If you really wanted to commit suicide, you wouldn't be live-streaming; you'd do it quietly. There are also appeals for donations to those with serious illnesses on X, so he understands traffic and will leverage it for monetization.
3. Balancing Long-Term Value and Short-Term Speculation
Liangxi's short-term strategy relies on severe market fluctuations and lacks long-term attention to fundamentals. The market crash in 2021 and the recent downturn were Liangxi's brief moments of glory; once the market stabilized, his activity, returns, and attention immediately declined. In contrast, strategies like diversified investment and value digging are more sustainable, allowing for a more comfortable sleep and a better mental state.
Summary
From the above, it is clear that everything Liangxi does ultimately revolves around traffic; as long as people can understand it, it doesn't matter how impressive his operations are. His operations can only function in a specific market condition, which is why he has been dormant for 2-3 years and recently become popular again. His trading strategies are certainly not recommended; if you only want to live an ordinary life and achieve ordinary returns, you need to build a scientific risk management system and maintain a respectful attitude toward the market.
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