The Birth of the Myth of Liangxi: From Internet Café Boy to Contract Reaper, Extreme Samples and Market Revelations Under the Leverage Frenzy
1. In the late autumn of 2017, 16-year-old Geng Zhiyu curled up in a corner of an Internet cafe in Xi'an. He used the 8,000 yuan he earned from selling a second-hand graphics card to start cryptocurrency trading. At that time, he would never have thought that this almost self-destructive bet would push him to the most extreme legend in the crypto world, his first death show. In the bear market of 2018, he shorted Bitcoin with a 5x leverage, but owed the platform 230,000 yuan due to a liquidation within 3 days. He was called the worst leek in history by the currency circle. Magical resurrection, DeFi in 2020 During the summer, he used a borrowed principal of 100,000 yuan to engage in crazy lending and arbitrage on the Compound protocol, with a single-day yield of 580% and an account balance of over 6 million yuan. During the 519 crash in 2021, he used 300 times leverage to short Ethereum and completed 473 transactions within 18 hours, turning a principal of 500,000 yuan into 230 million yuan, setting a single-day yield myth in the currency circle. According to cold data, his trading records show that the average holding time of profitable transactions is only 6 minutes and 17 seconds, while the liquidation speed of loss-making transactions is 5.1 times faster than that of profitable transactions. This "blitzkrieg" mode compresses human greed into a bloody poem on the candlestick chart.