BCH only maintained a price of $4,000 for one day, and then quickly fell to $2,500. In the following half a month, BCH saw and saw repeatedly, with an amplitude of up to 15%, and finally stabilized at $2,700. As a result, the market value of my holdings dropped from $3.88 million to $2.6 million. Although my wealth has shrunk by $1.28 million, this is not the most painful thing for me. What makes me most sad is that ETH is still soaring.
From December 21, 2017 to January 11, 2018, ETH soared from $820 to $1,300 despite the overall downward trend of the market, which was beyond the expectations of most people. The catalyst behind this was the ICO that emerged in early 2017. Although the 94 policy has expressly prohibited anyone from initiating or participating in ICO, this does not pose a problem for smart project owners. After the 94 policy, in order to continue to raise funds, project owners have moved their company registration addresses to overseas countries, led by the Cayman Islands. However, even so, the main target of their financing is still Chinese. As the universal currency of ICO, the market demand for ETH has skyrocketed as ICO has become increasingly fierce, and the price of the currency has therefore been rising all the way.
Seeing the ETH price as high as $1,300, I quickly took out my phone and recalculated the wealth I missed. After deducting the current market value of my holdings, the result was $41.3 million, equivalent to RMB 276 million. I have no idea about 276 million, but I know that a person with this huge fortune is also a person of some importance, and the wealth I have now is at most a small rich man, and no one would associate me with a person of some importance. After calculating this account, I clearly felt that a seed had been planted in my heart, a seed of desire for fame.
It is not a glorious thing to miss out on 276 million, but I always like to show it off as my glorious deed, because I can get an inexhaustible sense of superiority from the audience's admiring eyes or words. Everyone who heard about this called me a big boss. I was intoxicated by the respectful calls of big boss, and I felt so happy. But in order to show my humility, I had to try my best to restrain my inner activities and make excuses by saying things like "There are many people who are worse than me." Seeing this, they would add some words like "Not only rich, but also humble, there is no real big boss like this." In this way, my sense of superiority can be satisfied even more. It can be said that I have fully satisfied the addiction of "being a big boss."
Although I missed the crazy ETH, I can't say I missed it completely, after all, I still invested in the Ethereum ICO. If it weren't for investing in the Ethereum ICO, I wouldn't have the trading capital later, and I wouldn't have the 2.6 million today. What I am most grateful for is Zhao and many friends in the community who preached Ethereum to me in 2014. Under their guidance, I learned about and eventually participated in the Ethereum ICO. In my eyes, they are great. Their preaching changed the fate of many people, including me. Although they may not have expected Ethereum to achieve what it has today, or their remarks at the time were simply based on their own opinions, in any case, their preaching has really made many people rich.
Zhao was the first person I knew to participate in Bitcoin trading. His first transaction was completed on Taobao, which shows that the cryptocurrency circle was in an extremely wild era at that time. Although he participated in the Ethereum ICO, he sold all of it when ETH was only a few dollars. Like me, the wealth he missed out on was also calculated in billions. Even more unfortunately, he suffered a devastating blow, and $3 million was wiped out in just 8 days. Later, he returned to the spot market with $9,000 borrowed from a friend and made a comeback by betting on Ethereum and Ripple.
In a bull market, there is a common phenomenon that the more frequent transactions people make, the fewer coins they will have. Zhao is the opposite. He started to build positions in Ethereum ($40) and Ripple ($0.007) in March 2017. A few months later, they had their first surge, with the former rising 10 times and the latter rising 58 times. After the first surge, the market began to fall generally, and Zhao exchanged all Ethereum and Ripple for USDT. At that time, I was puzzled as to why he did this, because even if the market was in a downward trend, the bull market atmosphere was still strong. He said I was right, the bull market was still there, but it did not prevent the market from falling in the short term. The reason he did this was that he wanted to increase his holdings through swing trading. He emphasized that it was the holdings, not the market value of the holdings. He said this was a coin-based trading strategy, which was the first time I heard this term, or concept. In his eyes, the price of coins is getting higher and higher, and holding positions alone is not enough to maximize profits. To this end, he had to find ways to increase his holdings, and swing trading was the best way to achieve this.
After the end of this round of bull market and the beginning of a long bear market, the currency-based thinking quickly became popular, and it is often used by people as a "spiritual opium" to encourage themselves to hold positions firmly. However, there are very few people who can really increase their holdings through swing trading, and things that go against one's wishes do happen from time to time. And Zhao is one of those rare cases. Through months of swing trading, Zhao increased his holdings of Ethereum and Ripple by 1.5 times and 3 times respectively. This successful transaction is inseparable from his trading experience accumulated over the years. Of course, I believe that there must be a lot of luck involved, but after all, mature trading experience is still needed to guide it, otherwise it would be difficult to achieve such an excellent trading result.
In the initial position allocation, Zhao took Ripple as the main position, and this decision led to his rise. On January 4, 2018, Ripple, a currency with a total volume of 100 billion, rose to an extremely exaggerated $3.6. Calculated on a fully diluted market value, the market value is as high as $360 billion. This huge market value not only exceeds ETH, but also exceeds industry giants such as Intel, JPMorgan Chase and Toyota Motor. Its circulating market value accounts for 46% of Bitcoin's circulating market value. In the following three years, Ripple's record of "closest to Bitcoin's market value" has not been broken. When Ripple broke through $2, Zhao quickly sold all his Ripple coins, along with Ethereum, cashing out a total of $5.3 million, which allowed him to surpass his former glory in one fell swoop.
In addition to Zhao, many of the coin friends I know have made millions of dollars in this bull market. There is Li who bought all NEO at an average price of $0.15, Duan who holds 850 million DOGE, and Qin who holds a large position in LTC at $3.8. I and these people held a simple offline party in September 2016. At that time, we preached to each other about the currencies we held. Everyone was passionate and had a strong interest in the blockchain industry. We firmly believe that buying cryptocurrencies can bring us huge returns on investment. Among the seven people who participated in this party, more than half of them have become super-rich in the general sense. This success is inseparable from personal choice and the preaching of others, but the core is only one point, that is, the early dividends given to us by the blockchain industry.
