In the cryptocurrency world, there is no shortage of myths of getting rich overnight, nor of tragedies of falling back into poverty overnight. After becoming rich overnight, falling back into poverty overnight, if one can turn things around and become rich again, then he or she will surely become a big shot in the cryptocurrency world.
Mao Shixing, known as the "divine fish" in the cryptocurrency circle, has been in the cryptocurrency circle for ten years, which is like a hundred years in the human world.
He first learned about Bitcoin at the age of 21, made 100 million at the age of 23, lost everything at the age of 25, started over at the age of 26, but missed a chance to make 2.6 billion. Now he has reached the top again and is back to the peak of his life.
In these ten years, he seemed to have lived a lifetime.
In this life, he deeply saw the greed and fear in human nature, he experienced sudden wealth and was overwhelmed, he saw others fall into poverty overnight and commit suicide by jumping off a building.
Mao Shixing has always shown a maturity that is not commensurate with his age. This big shot in the cryptocurrency circle is still a post-90s
So, what kind of legendary experience did Mao Shixing have? How did he make huge profits and losses and survive several setbacks?
In 2011, 21-year-old Mao Shihang was a sophomore at Beijing University of Chemical Technology, majoring in communications engineering. Two years ago, Mao Shihang was selected and admitted by Beijing University of Chemical Technology as a candidate from Henan Province.
One afternoon, Mao Shihang, who had nothing to do, went to the library to surf the Internet to kill time.
He saw a piece of news that the price of Bitcoin broke through $1, but he didn't pay much attention to it at the time; it seemed like God was knocking on the door intentionally, and within half an hour, Mao Shixing saw another report about Bitcoin.
What exactly is Bitcoin? Mao Shihang's interest was immediately aroused.
When he learned that Bitcoin is a decentralized digital currency that can solve the double payment problem in the process of value transfer through encryption technology, Mao Shixing seemed to have discovered a whole new world.
From that day on, Mao Shixing stayed in the dormitory all day, did not go to classes, asked his classmates to pack his meals and bring them back, and spent day and night in the earliest Bitcoin forum abroad.
In that forum, he saw Satoshi Nakamoto and his team interacting with members in the community.
Mao Shixing stayed in the dormitory for three months like a possessed man. His classmates all thought that Mao Shixing was possessed by a demon and shook their heads, thinking that he had no future.
Mao Shixing, however, felt that this was a technology that would change the future and that his life would be reshuffled.
That year, the price of Bitcoin rose to $30. There are only two ways to get Bitcoin: either buy it on the market or mine it.
As a science and engineering student, Mao Shixing lacked sensitivity to price trends and believed that he was not suitable for cryptocurrency speculation. Mining became his only option.
After choosing the right direction, Mao Shixing devoted himself to studying various Bitcoin mining technologies and deeply learned the mining hardware technology.
In early 2012, Mao Shixing bought several graphics card mining machines and started mining. By the end of the year, he bought a large number of 5870 graphics cards and deployed more than 20 mining machines at home, working day and night.
Soon, Mao Shixing sold the mined coins and cashed in more than 1 million
In 2013, Mao Shihang, who was just in his first year of graduate school, still wanted to devote himself to mining.
So he spent several months explaining to his father the technology and future of Bitcoin, as well as the job he wanted to do.
After obtaining his parents' consent, Mao Shixing took a leave of absence from school and officially founded China's first Bitcoin mining pool - F2Pool, also known as FishPool in the cryptocurrency circle.
China's vast mining army was born, 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 has attracted a large number of people to join the mining circle.
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 Shihang.
At that time, most foreign mining pools adopted the PPLNS mining revenue distribution model, where the mining pool distributed the mined coins based on the actual contributions of the miners.
There are too many uncertainties for miners. Luck, network stability, and mining pool technology will all affect miners’ earnings. What’s worse is that this is a black box. Miners have no way of calculating how much they have contributed. Everything is decided by the mining pool.
When Mao Shixing first established the mining pool, he adopted an innovative PPS distribution model, where miners were allocated profits based on theoretical difficulty, and all other factors were borne by F2Pool.
If the output of Bitcoin is lower than the theoretical output due to network instability or backward technology, the shortfall will be filled by F2Pool.
This is undoubtedly a very friendly distribution model for miners, and everyone can calculate their own income clearly.
What impresses miners even more is that the fish pool distributes profits within 24 hours, eliminating the risk that miners worry about the pool running away. Even if the fish pool runs away, it will only lose one day's profit, and the risk is controllable.
At first, the mining pool lost thousands of bitcoins, and investors chose to withdraw their capital, so Mao Shixing had to temporarily shut down 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. Miners were asked to withdraw from the mining pool at 16:00 on the 16th and move to other mining pools.
When the appointed time comes, there are still many miners who stay in the fish pool 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 himself, and got through the most difficult time.
That year, the price of Bitcoin rose to more than 700 US dollars, and several million RMB were added to Mao Shihang's account every day.
One day, he suddenly realized that his wealth had reached 100 million.
So he called his former richest classmate and asked him: I now have 100 million yuan and I don’t know what to do with this wealth. If you had so much money, what would you do?
The rich classmate replied: I was born with 100 million, so I don't have to do anything.
Mao Shixing is as confused as others who bought Bitcoin early like him.
His friends around him also became excited as they watched their wealth grow. Stimulated by the sudden wealth, everyone became excited.
Some friends said they wanted to buy the China World Trade Center and put a Bitcoin logo on the building. Some said they wanted to go to the hotel and destroy it. Some people said they would pay for it. Some friends even had a party in the hotel and destroyed it because they were so excited.
The wealth effect of Bitcoin continues to attract new people who have no faith in technology and just want to make a quick buck.
In 2014, Bitcoin entered a bear market and the mining industry entered a period of mining disasters.
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 marriage registration, Mao Shixing did not buy a diamond ring, but gave his wife 25 bitcoins from a block mined by a mining machine.
He specially prepared a wallet address starting with "ILoveYou" and left a message in the transaction information of this block: "Hold your hand and grow old with you. Shenyu to Dongdong"
This information is forever written into the block, and no one can change it. As long as Bitcoin, the Internet, and human civilization exist, this oath will last forever. This is the unique romance of 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, the long bear market of Bitcoin pushed Mao Shixing to the brink of collapse.
Many familiar friends around me, those who were once so arrogant, some committed suicide by jumping off buildings, and some disappeared quietly and never appeared again.
Mao Shixing could no longer hold on and had to close the company and return to his hometown with a large number of mining machines.
This was the first time that Mao's world bank had reset to zero. After a big rise, it immediately entered a big fall. It is possible that ordinary people will never be able to get 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 advised him to continue studying for a few more years. He also tried to work on developing games, but within a month, he couldn't do it anymore.
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 mining pool.
In early 2016, when Ethereum had just come into people’s attention, Mao Shixing’s F2Pool launched an Ethereum mining pool.
One day, Mao Shixing had accumulated nearly 100,000 Ethereums. When each Ethereum was 20 yuan, he sold them all and made more than 2 million yuan.
He excitedly told his wife about this, and his wife was also very happy to hear it.
However, looking back now, the Ethereum that Mao Shixing sold at that time is now worth 2 billion.
This 26-year-old boss missed a chance to make 2 billion
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