In the cryptocurrency world, there are many myths of becoming rich overnight, and there are also tragedies of falling back into poverty overnight. If you can become rich overnight and fall back into poverty overnight, you will definitely become a big shot in the cryptocurrency world if you can turn around and become rich again.
Mao Shixing, known as the "divine fish" in the cryptocurrency circle, ten years in the cryptocurrency circle is like a hundred years in the human world
At the age of 21, he first learned about Bitcoin. At the age of 23, he made 100 million yuan. At the age of 25, he lost everything overnight. At the age of 26, he started over again, but missed an opportunity to make a huge profit of 2.6 billion yuan. Now he has reached the peak again and reached the starting point of his life again.
These ten years seemed like a lifetime for him.
In this life, he deeply saw the greed and fear in human nature. He experienced sudden wealth and was at a loss. He saw people return to poverty overnight and some people committed suicide by jumping off a building.
Mao Shixing has always shown a maturity that is not commensurate with his age. This cryptocurrency tycoon is still a post-90s.
So, what kind of legendary experience did Mao Shixing have? How did he make huge profits and losses, and how did he survive several times?
In 2011, 21-year-old Mao Shixing was a sophomore majoring in communications engineering at Beijing University of Chemical Technology. Two years ago, Mao Shixing was admitted to Beijing University of Chemical Technology as an independent candidate from Henan.
One afternoon, Mao Shixing, who had nothing to do, went to the library to surf the Internet to kill time.
He saw a news report that the price of Bitcoin exceeded $1, but he didn't pay much attention to it at the time; it seemed that God was knocking on his door on purpose. Within half an hour, Mao Shixing saw another report about Bitcoin.
What exactly is Bitcoin? Mao Shihang's interest was immediately piqued
When Mao Shixing learned that Bitcoin is a decentralized digital currency that can solve the double payment problem in the process of value transfer through encryption technology, he seemed to have discovered a whole new world.
From that day on, Mao Shixing stayed in the dormitory all day, skipped classes, asked his classmates to pack his meals to take home, and spent day and night on the earliest Bitcoin forum abroad.
On that forum, he saw Satoshi and his team interacting with community members.
Mao Shixing stayed in the dormitory for three months, like he was possessed. His classmates all thought Mao Shixing was possessed, shook their heads, and thought he had no future.
Mao Shixing feels that this is a technology that will change the face of the future and his life will be reshuffled as a result.
That year, the price of Bitcoin rose all the way to $30. If you want to get Bitcoin, there are only two ways, either buy it on the market or mine it.
As a science and engineering student who lacks sensitivity to price trends, Mao Shixing believes that he is not suitable for cryptocurrency speculation, and mining becomes his only option.
After choosing the right direction, Mao Shixing devoted himself to studying various Bitcoin mining technologies and in-depth study of mining hardware technology.
In early 2012, Mao Shixing bought several graphics card mining machines and officially started mining. By the end of the year, he had purchased a large number of 5870 graphics cards, deployed more than 20 mining machines at home, and worked day and night.
Soon, Mao Shixing sold the coins he mined and cashed in more than 1 million
In 2013, Mao Shixing, who had just entered his first year of graduate school, still wanted to engage in mining work.
So he spent several months explaining to his father the technology and future of Bitcoin and what he wanted to do.
After obtaining his parents' consent, Mao Shixing took a leave of absence from school and formally established China's first Bitcoin mining pool - F2Pool, which is known as F2Pool in the currency circle.
China’s huge army of mining machines was born in this way, and a major transfer of computing power from the United States to China officially began.
2013 is known as the first year of Bitcoin. The rising price led to a large influx of people into the mining industry.
At that time, there was no stable mining pool in China, and most miners were scattered and guerrillas. This was a once-in-a-lifetime opportunity for Mao Shixing.
At that time, most foreign mining pools adopted the PPLNS mining profit distribution model. The mining pool distributed the mined coins according to the actual contribution of the miners.
There are too many uncertainties for miners. Luck, network stability, and mining pool technology all affect miners’ earnings. What’s worse is that it’s a black box and miners have no way to calculate how much they have contributed. Everything is determined by the mining pool.
When establishing the mining pool, Mao Shixing adopted an innovative PPS distribution model. Miners are allocated profits according to the theoretical difficulty, and all other factors are borne by FTP.
If the Bitcoin output is lower than the theoretical output due to network instability, backward technology, etc., F2Pool will fill the gap.
This is undoubtedly a very friendly distribution model for miners, and everyone can clearly calculate their own profits.
What impressed the miners even more was that the fish pool distributed profits 24 hours a day, eliminating the miners' concerns about the risk of the mining pool running away. Even if Yuchi ran away, it would only lose one day's profit, and the risk is controllable.
Initially, the mining pool lost thousands of bitcoins, and investors chose to withdraw their funds. Mao Shihang had to temporarily close the mining pool.
On July 16, 2013, Mao Shixing issued a notice to miners: Due to insufficient Bitcoin reserves, mining services had to be stopped. At 16:00 on the 16th, miners were required to exit the mining pool and move to other mining pools.
At present, there are still many miners who stay in the fish pond and are unwilling to leave. Their reason is: I have mined in many mining pools, and only Shenyu is the most reputable miner.
Mao Shixing was very moved. In order not to disappoint the miner who trusted him, he gritted his teeth and paid more than 3,000 bitcoins to get through the most difficult time.
That year, the price of Bitcoin rose to more than 700 US dollars, and Mao Shihang's account added millions of RMB every day.
One day, he suddenly found that his wealth had reached 100 million.
So he called his former richest classmate and asked him: I have 100 million now, and I don't know what to do with this wealth. What would you do if you had so much money?
The rich classmate answered him: I was born with 100 million. I don't have to do anything.
There are people who are as confused as Mao Shihang, and there are also people who bought Bitcoin as early as he did.
When friends around them saw their wealth expand, they also became more excited. Stimulated by the sudden wealth, everyone became excited.
Some friends said they wanted to buy the China World Trade Center and put the Bitcoin logo on the building; some said they wanted to go to the hotel and smash it up, some had money to compensate; some friends actually held a party in the hotel. I was so excited that I destroyed the hotel.
The wealth effect of Bitcoin continues to attract newcomers to the market. They have no faith in technology and just want to make quick money.
In 2014, Bitcoin entered a bear market and the mining industry entered a period of mining difficulties.
On May 8 of that year, Mao Shixing married his girlfriend whom he met in a Bitcoin QQ group.
At noon on the day of the marriage registration, Mao Shixing did not buy a diamond ring. Instead, he gave his wife 25 bitcoins from the blocks mined by the mining machine.
He specially prepared a wallet address starting with "ILoveYou" and left a message in the transaction information of the block: "Hold your hand and grow old with me. Shenyu to Dongdong"
This information is permanently written into the block and cannot be changed by anyone. As long as Bitcoin exists, the network exists, and human civilization exists, this oath will exist forever. This is a unique romance for a man with blockchain technology.
The Bitcoin mining disaster did not end with Mao Shixing's wedding. On the contrary, a wrong decision brought them a devastating blow.
In 2015, Bitcoin’s prolonged bear market brought Mao Shibo Bank to the brink of collapse.
There are many familiar friends around me, those who were once arrogant. Some of them committed suicide by jumping off the building, and some of them disappeared quietly and never appeared again.
Mao Shixing could no longer hold on and had to close the company and drag a large number of mining machines back to his hometown.
This was the first time Mao Shixing had clarified that after the big rise, there was an immediate big fall. Perhaps most people will never be able to stand up again.
Mao Shixing also tried to adapt to life outside the cryptocurrency world. During his rest time at home, he read a lot of books.
Many people suggested that he continue studying for a few more years, and he also tried to find a job developing games, but within less than a month, he was unable to continue working.
In 2016, the Bitcoin market began to slowly pick up, and Mao Shixing heard the call of his heart. That year, he returned to Beijing and continued to run his own mining pool.
In early 2016, when Ethereum had just come into people’s attention, Mao Shixing F2Pool launched the Ethereum mining pool.
In one day, Mao Shixing had accumulated nearly 100,000 Ethereums. When each piece was 20 yuan, he sold them all and made about 2 million yuan.
He excitedly told his wife about it and she was very happy to hear it.
However, looking back now, the Ethereum that Mao Shixing sold is now worth 2 billion
This 26-year-old boss missed the opportunity to make a huge profit of 2 billion
