The divine fish earned 1000 U to 100 million U in the cryptocurrency circle, directly advancing to the ranks of billionaires.
Ordinary people yearn to become rich overnight in the cryptocurrency circle, but the reality is often particularly cruel. Every day, someone is protesting at the entrance of the OKEx company. Every day, someone starts a comeback and achieves financial freedom.
The longer I stay in this field, the more I feel that the entire cryptocurrency circle is deep water, which ordinary people cannot navigate. What ordinary people need to do is to work steadily.
Now let's get to know this legendary figure whose story is like a myth.
The divine fish dropped out of school and became a mining machine tycoon.
The divine fish, whose real name is Mao Shihang, is known in the circle as 'Seven Color Fairy Fish,' born in the 90s.
Entered the digital currency field in 2011.
Time returned to 2011, 21-year-old Mao Shihang was in his sophomore year at Beijing University of Chemical Technology, studying communication engineering; two years earlier, he was selected by Beijing University of Chemical Technology as a candidate from Henan.
One afternoon, with nothing to do, Mao Shihang went to the library to go online to pass the time. He saw a piece of news that Bitcoin's price had broken $1. At first, he didn't pay special attention; it seemed that God intended to knock on the door. Less than half an hour later, Mao Shihang saw another news article about Bitcoin's rise.
What exactly is Bitcoin? Mao Shihang's interest was immediately sparked when he learned that Bitcoin is a decentralized digital currency that can solve the double-spending problem in the value transfer process through cryptographic technology. It was as if he had discovered a whole new world.
From that day on, Mao Shihang spent all day in the dormitory, skipping classes, even having his meals packed by classmates, immersing himself day and night in the earliest Bitcoin forums abroad.
In that forum, he saw Satoshi Nakamoto and his team interacting with members in the 763 community.
Mao Shihang seemed enchanted, spending three months in the dormitory. His classmates thought he was obsessed, shaking their heads, believing he had no future, but a genius's thoughts are different. Mao Shihang felt that this was a technology that could change the future landscape, and his life might be reshuffled as a result.
That year, the price of Bitcoin rose to $30. To obtain Bitcoin, there are only two ways: either buy it on the market or mine it. As a science and engineering student, lacking sensitivity to price trends, Mao Shihang thought he was not suitable for trading and mining became his only option. After choosing the right direction, Mao Shihang immersed himself in studying various Bitcoin mining technologies and deeply learning about mining hardware technologies.
In early 2012, Mao Shihang bought several graphic card mining machines and officially started mining. By the end of the year, he bought a large number of 5870 graphic cards and deployed more than 20 mining machines at home, working day and night. Soon, Mao Shihang sold the mined coins and realized over 1 million.
In 2013 (23 years old), dropped out of graduate school.
In 2013, Mao Shihang, who had just started his first year of graduate school, still wanted to devote himself entirely to mining work.
So, he spent several months explaining Bitcoin's technology and future to his father and obtaining his parents' consent. After that, Mao Shihang dropped out of school and officially founded China's first Bitcoin mining pool—F2Pool, known as 'the fish pool' in the cryptocurrency community.
This gave rise to China's vast mining army, transferring a hashing power battle from the United States to China.
2013 is known as the year of Bitcoin, and the rising prices brought a large number of people into the mining circle.
At that time, there was no stable mining pool in the country, and most miners were scattered soldiers. This was a once-in-a-lifetime opportunity for Mao Shihang. At that time, most foreign mining pools used the PPLNS mining revenue distribution model, where pools distribute coins based on the actual contributions of miners. This involved too many uncertainties for miners; luck, network stability, and pool technology could all affect miner earnings. Worse, this was a black box, and miners had no way of calculating how much they contributed; everything was dictated by the pool.
At the beginning of establishing the mining pool, Mao Shihang adopted an innovative PPS distribution model, where miners are allocated rewards according to theoretical difficulty, and all other factors are borne by the fish pool. If the Bitcoin output is lower than the theoretical output due to unstable networks or outdated technology, the fish pool will fill the deficit.
This distribution model is undoubtedly very friendly to miners, as everyone can calculate their own earnings. What impressed miners even more was that the fish pool distributed rewards 24 hours a day, eliminating miners' concerns about the pool running away.
Even if the fish pool runs away, it would only mean losing one day's earnings, and the risk is controllable. Initially, the mining pool lost several thousand Bitcoins, investors chose to withdraw, and Mao Shihang had to temporarily shut down the mining pool.
On July 16, 2013, Mao Shihang issued a notice to miners: due to insufficient Bitcoin reserves, miners were to be halted, and they were asked to withdraw from the pool by 16:00 on the 16th and transfer to other pools.
At the predetermined time, many miners still stayed in the fish pool unwilling to leave. Their reason was: I have mined in many pools, and only the divine fish is the most credible pool owner. Mao Shihang was very touched, and in order not to disappoint the miners who trusted him, he gritted his teeth and paid over 3,000 Bitcoins himself, getting through that most difficult time.
That year, the price of Bitcoin rose to over $700, and every day Mao Shihang's account had millions more RMB.
One day, he suddenly realized that his wealth had reached 100 million, so he called the richest classmate from before.
Born in the 90s, the divine fish described feeling envious of people born in the 80s. They were lucky to have caught the early days of the internet, creating the glorious era of the internet we see today. Fortunately, when he was still young, Bitcoin gave him this opportunity.
Entering this industry was actually very coincidental; if I hadn't seen reports about Bitcoin twice that afternoon, I would have missed this industry.
Then the divine fish said: I read the Bitcoin white paper, and in those two hours, I was profoundly shocked.
In the early days as a hobby, the divine fish attempted to invest in Bitcoin and graphic card mining, writing numerous mining tutorials, leading many of the early domestic miners to participate in Bitcoin and Litecoin mining.
In addition, in 2014.
Bitcoin entered a bear market, and the mining circle fell into a mining difficulty period. On May 8 of that year, Mao Shihang married his girlfriend, whom he met in a Bitcoin QQ group.
On the day of marriage registration at noon, Mao Shihang did not buy a diamond ring, but instead gave his wife a block of 25 bitcoins mined from the mining machine.
He specifically prepared a wallet address starting with 'ILoveYou' and left a message in the transaction information of this block: 'One hand, with you for life.'
Message from 'Divine Fish to Dongdong'.
This information is forever written into the block, and no one can change it. As long as there is Bitcoin, the network is still there, and human civilization exists, this vow will also last forever. This is a unique romance of a blockchain technology man.
The Bitcoin mining difficulty did not end with the happy event of Mao Shihang's marriage; instead, a wrong decision brought them a devastating blow.
In 2015, Bitcoin experienced a prolonged bear market.
This brought Mao Shihang to the brink of collapse; many familiar friends around him, those who once inflated to an invincible state, some committed suicide by jumping off buildings, and others quietly disappeared, never to be seen again.
Mao Shihang could no longer hold on and had to shut down the company, pulling a large number of mining machines back to his hometown.
This was Mao Shihang's first zeroing out. After a big rise, he immediately entered a big fall, and an average person might never recover.
Mao Shihang also tried to adapt to life outside the cryptocurrency circle. During his time resting at home, he read a lot of books. Many people advised him to study for a few more years. He also tried to participate in jobs developing games, but after less than a month, he couldn't continue. In 2016, Bitcoin's market began to warm up slowly, and Mao Shihang heard the call from within.
That year, he returned to Beijing again, continuing to manage his mining pool.
At the beginning of 2016, Ethereum had just entered people's sight, and Mao Shihang's fish pool launched the Ethereum mining pool.
Mao Shihang has accumulated nearly 100,000 Ethereum, which now looks like it is worth tens of billions.
From the mining pool number one to the wallet big shot's brilliant transformation.
Perhaps many people still have the impression of the divine fish as 'the number one in the mining pool.'
Little did he know, the divine fish had already gone into making digital wallets.
In 2017, the well-known 'Ethereum Valentine's Day Attack' incident made the divine fish realize that blockchain had indeed been targeted by hackers. Later, data showed that about 300,000 hackers were attacking the blockchain, posing a significant threat to the industry's security.
At that time, most digital currency wallets on the market did not lower the usage threshold to the minimum, such as needing to manage a lot of complex private keys, which was not only difficult to manage but also prone to security attacks.
It was in 2017 that we did some commercial thinking.
We want to create a business model based on our native mining ecosystem that can bring a win-win situation for users and ourselves. If we make wallets, our team has the technical capabilities and historical accumulation, which would also allow many novice users to have better experiences and usage. So we formed a team and moved in the direction of wallets.
The divine fish believed that running a mining pool was a simple software and hardware service. He had previously focused on the mining field, and now he was already skilled in this area, making it a natural fit.
However, the approach to making wallets is very different from running a mining pool. Making wallets requires a focus on security, which poses great challenges. Therefore, the company must first position itself as a security company that integrates the underlying logic of blockchain.
We developed a set of encryption solutions, basically reconstructing every public chain, and then deconstructing the wallet part. All core private keys and some user private keys are stored in our customized encrypted machines. Our entire internal risk control system development, IT infrastructure, and network environment have undergone extensive security optimization and audits.
We have invested a lot of effort into security and made many upgrades at both the software and hardware levels. In fact, this is the biggest difference from previous wallet companies.
In November 2017, Cobo was officially established and simultaneously completed seed round financing.
In December 2017, Cobo completed millions of dollars in pre-A round financing, with investors including Linear Capital and Fengrui Capital.
In July 2018, Cobo announced the completion of a $13 million Series A financing round, led by Danhua Capital, Shuanghu Capital, and other well-known institutions in the industry.
According to the divine fish, Cobo wallet currently has millions of users, and having such daily active users during the winter period is actually a good number.
The divine fish's investment advice for earning 1 billion U from 1000 U.
The divine fish not only became a billionaire at the age of 23 but also made a rapid profit of 100 million U from 1000 U in the cryptocurrency circle, equivalent to about 720 million RMB.
Previously, Weibo exploded; let me share the advice I gave to newcomers on Weibo years ago: How to earn $100,000 from a $1,000 principal in the blockchain industry?
Under $100,000
Learn more, take more action.
Brush core track DeFi project airdrops, brush popular NFT project whitelists Mint, this stage requires spending a lot of time obtaining information, analyzing, researching, and judging potential projects, and executing strongly to persistently exploit the opportunities.
$100,000 - $1 million.
Do not use leverage to trade cryptocurrencies, do not play contracts.
On new public chains and L2, use the time machine principle to find potential projects and acquire chips at low prices; find your tenfold coin.
$1 million - $10 million.
Choose your coin-based assets like BTC or ETH, and study them deeply; trade appropriately, do not short, do not short, do not short!
Flexibly use low-leverage DeFi lending protocols to improve capital utilization. You can use platforms like dydx to trade while earning token rewards.
Observe more, arbitrage more, adhere to the coin-based approach, pursue growth in coin-based assets; do not be greedy for participating in every hotspot, earning every penny, obtain stable cash flow through arbitrage, staking, etc., maintain a stable mindset, and treat it calmly; whether wealth levels can break through, the rest is left to time and industry development.
$10 million - $100 million.
Once assets exceed a small target, improve family life, read more, exercise more, change personal cognition and social circles, hold core assets, and pursue low-risk stable appreciation and good cash flow without stepping into big pits.
Do not play contracts, do not start a business, avoid pitfalls.
Maintain a certain amount of coin-based assets without falling into a vacuum.
Maintain a certain amount of stablecoin assets to obtain stable cash flow. At the same time, respond to unexpected situations in life, and during price drops, you can also have bullets to buy at the bottom.
Invest 10-15% of assets in the sectors you are optimistic about, keep yourself busy, and also prevent yourself from being impulsive.
The divine fish's investment advice is to adopt different strategies based on different asset scales and risk preferences. His advice can be summarized as follows:
1, Under $100,000:
Learn more, take more action, brush airdrops, brush whitelists, find potential projects, and improve capital utilization.
2, $100,000 - $1,000,000:
Do not use leverage to trade cryptocurrencies, do not play contracts, find your coin-based assets, acquire chips at low prices, and find your tenfold coin.
3, $1 million - $10 million:
Do not short, flexibly use low-leverage DeFi lending protocols, observe more, arbitrage more, adhere to the coin-based approach, pursue growth in coin-based assets, and obtain stable cash flow through arbitrage, staking, etc.
4, $10 million - $100 million:
Improve life, read more, exercise more, change cognition and social circles, hold core assets, avoid major pitfalls, pursue low-risk stable appreciation and good cash flow, do not play contracts, do not start a business, avoid pitfalls, and maintain a certain amount of coin-based assets and stablecoin assets. Invest a portion of assets in sectors you are optimistic about.
Summarize the divine fish's life trajectory in the blockchain industry.
1, For a period of time, every day when I opened my eyes, there were several million more in my account, I checked on Zhihu what to do with a hundred million, feeling very confused, not knowing how to deal with love, that year I was 23 years old.
2, Narrate the yearly fluctuations of Bitcoin over the past few years, price ranges, friends jumping off buildings, friends eating steamed buns to buy Bitcoin, and some stories from within the industry.
3, At the beginning of 2016, I sold 100,000 Ethereum at 20 yuan, earning over 2 million, which was very exciting, and my family was also very excited. But later, Ethereum rose to 12,000. So theoretically, I lost about 2 billion.
4, In 2011, the sophomore divine fish came into contact with Bitcoin for the first time, very excited, skipping classes, staying in the dormitory. In 2011, Bitcoin rose from one dollar to thirty dollars, and the divine fish earned a million in a year. In 2013, the divine fish dropped out of school to establish China's first Bitcoin mining pool—f2pool.
5, During the first withdrawal, his family had misunderstandings and confusion about what the divine fish was doing. Even the soon-to-be graduate himself had already made full arrangements at home.
At that time, the divine fish did not know that this would become his career and an important part of his life.
6, In 2013, many friends in the group made a lot of money; everyone wanted to buy buildings in Guomao, demolish hotels, and do various crazy things. Still in 2013, Bitcoin plummeted, and the industry entered a long winter period. The cost of mining was not enough. A typical case was 'Kao Mao,' a top student from University of Science and Technology of China, who created one of China's early mining chip companies. The company virtually IPOed on forums, with scales of about several million Bitcoins, but by 2015, 'Kao Mao' disappeared. Suddenly evaporated.
7, In 2015, the divine fish was forced to liquidate the company, returned home, and on the last day of liquidation, called all shareholders, bearing most of the losses and deficits, returned the machines to his hometown, and he also had doubts, tried to play games for a month, but still returned to the cryptocurrency world, once again preparing his own mining farm, and established China's earliest Ethereum mining pool, which once owned one-third of the global Ethereum hashing power.
In 2017, the divine fish's company suffered a hacker attack, losing 100 million RMB. In December 2017, Bitcoin broke through $20,000, accumulating a 21-fold increase over the year.
Short-term fluctuations may seem like big waves at the time, but from a higher, longer time perspective, they are just small ripples.
9, In 2014, when the divine fish married his girlfriend, he did not buy a diamond ring but instead mined two new blocks embedding the wedding vows, 'I love you.'
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