In yesterday's article, I mentioned 'Bit Wu' attending a high-end conference in the crypto circle and encountering the 'master of antiques and coins,' who deceived him out of 80 bitcoins.
Today, I will share with you the personal experience written by Bit Wu. The original text is a bit long (7000 words), so I condensed it into just over 1000 words for everyone to quickly understand this story.
The following is the main text
Today, I will talk about the incident a few years ago when I was deceived out of 80 bitcoins. The person who deceived me will be referred to as Master M. At that time, the 80 BTC was valued at 3.5 million yuan, and now it exceeds 50 million yuan. Master M took it all away.
Afterwards, I was busy with other affairs and almost lost contact with him, thinking there would be no intersection again. But recently, he became active again, flourishing in his social circle and frequently liking and commenting. I thought, is this guy going to 'cause trouble' again? Sure enough, a week later he invited me to dinner. I generally dislike ineffective socializing, but I decided to go: firstly, to see if his deception had upgraded, and secondly, to let him treat me to a meal, considering it a chance to reclaim a 'dinner worth 80 BTC.'
Someone asked why not recover the 80 BTC? More on that later.
1. Master M in the Chaos of the Times
The story goes back to 2017 when the blockchain circle was a battlefield with various leaders, and ICO myths were frequently emerging; some became rich overnight while others went bankrupt. I refer to this stage as 'the chaos of the times.' It was at this time that I met Master M. He attended the summit as the project head of an art chain, charming and familiar with big shots like G and Er Ye, mysterious yet scholarly, fluent in both blockchain and traditional Chinese studies. He had a set of underlying logic that was captivating. At that time, I was full of curiosity about him, thinking he was a 'top network player.'
2. The Mist of Divine-level Predictions
In the first half of 2017, I made a fortune through ICOs, accumulating a nine-digit fortune in half a year. But the 94 policy caught me off guard, my assets shrank, my team disbanded, and my mindset collapsed. Just when I was at a loss, Master M found me, calmly analyzing: through blockchain knowledge, policy insights, and 'Qimen Dunjia,' he asserted that the industry was only in a temporary trough and would soon rebound sharply.
Sure enough, in November, BTC and ETH welcomed a crazy bull market. I once thought he was a 'god,' but later upon reflection, his words were actually ambiguous, deeply understanding human nature: people need support in low times, he guided me according to my mindset, and when the prediction was correct, I regarded him as a 'god,' and when wrong, he could always find a way to turn it back. Isn't that just the trick of stock analysts? But back then, I believed it wholeheartedly.
3. The Harvesting of 80 BTC
In 2018, Master M began his harvesting. He invited me to Beijing's 'Treasure Pavilion' to showcase so-called priceless cultural relics: genuine works from the Ming dynasty by Zhang Juzheng, the slender gold script of the Song dynasty, and even double-handed swords from the era of King Goujian of Yue. Accompanying us were two big shots from the crypto circle, and Master M had military vehicles to escort him, exuding an air of 'leadership.'
He threw out a project: using blockchain to authenticate artworks, splitting rights and then 'binding sales.' Simply put, an artwork is given to a capable person A, when A sells to B, half the rights are shared, and B sells to C, passing it layer by layer, the price can soar from 100,000 to over 100 million, with participants able to share profits. He claims, based on the 'six degrees of separation' theory, he can sell to big shots like Musk.
Looking back now, this logic has many flaws: six degrees of separation is just a theory; how can the price of artworks soar just by word of mouth? Authenticity and rights confirmation are even bigger problems. But at that time, the bear market was full of sorrows, I held BTC but found no direction, eager for quick success, and coupled with my admiration for 'authority,' I actually believed his nonsense.
Master M is well-versed in marketing; he first showcases his network and collections, then discusses vision, yet does not actively sell. I was anxious and took the initiative to propose investing 80 BTC. He pretended to be dissatisfied with the amount, thought it over, and accepted it on the basis of 'fate,' giving me 'genuine works from Song Huizong' and 'divine-level Tianhuang' on the spot. I didn’t sign a contract or leave evidence; 3.5 million was transferred in an instant, and I felt I had reached the 'pinnacle of life.'
4. The result of having no result
The project made no progress. Master M initially said he would develop a platform for authenticating artworks with dedicated funds, similar to today’s NFT fragmentation. But six months later, he claimed the project was paused, and after that, there was no news. The 80 BTC naturally disappeared, and the antiques and paintings he gifted were all identified as fakes, including that 'genuine work from Song Huizong.'
Why not recover?
First, big players care about their reputation; when deceived, they would rather swallow their anger than publicly admit they are 'fools.'
Second, no contract, no evidence; BTC transactions cannot trace his connections, and suing him for fraud lacks sufficient evidence, at most counting as an economic dispute, making recovery hopeless.
5. Lessons and Insights
Not being able to recover the 80 BTC, I felt relieved instead. Although this matter is embarrassing, I don’t care about others' opinions, so I decided to tell it publicly, considering it a display of my intellectual limits. Those 'genuine works from Song Huizong' are still displayed at my home; whenever guests come, I must say: this thing cost me eight digits, fake, isn’t that silly?
Why was Master M able to succeed? Here are a few insights:
**First, people are obsessed with authority. Many lack confidence and easily idolize 'strong people.' Master M is well-versed in the art of 'creating gods,' using the halo of authority to make people sacrifice their rationality.
**Second, super persona. Master M mingles in the Beijing circle, using relationships to acquire high-end resources, then packaging himself with those resources, creating the image of a 'financial artist,' breaking through human defenses.
**Third, information asymmetry. Don't think that in the internet era information is symmetrical. In cognitive blind spots, people panic, driven by animal instincts to seek a 'backer.' The 'leaning' culture in China is severe; not relying on oneself makes one easy to be harvested by 'authority.'
**Fourth, precise layout. Master M only targets big players, avoiding the risks of retail investors. He carefully planned and deeply explored my needs: in a bear market lacking direction, he would throw out projects; when I wanted to lean on military and political resources, he would showcase his background. Step by step, he led me to close the deal with myself.
6. The Last Supper
During the meal, I quietly watched Master M perform. He passionately promoted the digital collectibles project, claiming to have connections with the National Museum and the National Library, and could offer top-level collections. But I am no longer the person I was five years ago; my gaze is calm, and my questions are sharp. He sweated nervously, and the atmosphere became awkward. As I was leaving, I casually mentioned: the BTC price is rising again. He was stunned and didn’t respond.
When it came time to settle the bill, the waiter said the private room cost 2500 yuan. I smiled: 2500, what a nice number. Only a fool would let someone deceive them out of eight digits, ten times the 250. I asked Master M to pay, and by the way, to pack two bottles of sake, considering it his treat.
