This is our fourth instalment of the Hodlr’s Digest and we are doing things a little differently. Instead of a Q&A, we have asked CKB Holder YouXun to tell us about his experience through greed and fear in different bull and bear markets through the lens of CKB.
Over to YouXun!
Foreword
“Over the past few months, the FOMO atmosphere in crypto space has been very strong. With the impact of various institutions and the richest billionaires investing in Bitcoin, the coin has successfully broken through $60,000, and is constantly pushing for higher prices.”
“This kind of feeling is really complicated. With four years of experience in crypto space, although I didn’t quite achieve the goal of full financial freedom, it is still very worth getting in on the value of a blockchain that is heading for the future.”
“I hope that my story can give you some new ideas and thoughts. I hope you could find your own position in this new market round, capture the values of the blockchain industry developments, and achieve your own goals!”
Value of Majors in University
“After university entrance examinations, I came to the first crossroads of my life, I faced the choice of school and majoring in a subject. Computer Science was not very popular at that time, but I chose it for the vision of becoming a hacker and having freedom. I wanted to make money freely in the future, instead of paying for house loans for the rest of my life.”
I entered university, majoring in Network and Engineering. I chose popular technology and industry hot spots each year — Cisco’s network engineers, Red Hat’s systems engineers, Alibaba Cloud’s cloud computing, BAT’s online to offline business war, DiDi’s sharing economy, etc. Although I was at the top of my class, I explored the opportunity to combine my major with the sharing economy on my local campus. My first bucket of gold comes from this, too.”
“In that sharing economy, sharing cars, sharing bikes, sharing power banks, and so on, it seems that nothing couldn’t be shared. In the field of network engineering, I also found network resources that could be shared.”
“Routers in every home are network nodes that have storage, computers, and bandwidth resources, and they are just used for a period of time in a day. So when these resources in routers are idle, they can be shared to gain some profit.”
“Youku router is the tool that makes these idle network resources cash out. At that time, I used the zero-interest loans financial product of Alipay and JD.com to buy Youku router, and I freely let my classmates use it in exchange for idle bandwidth, and used school cost-free electricity, so I could obtain additional living expenses through sharing of idle network resources.”
“Later, Youku was acquired by Alibaba, and the router project was slowly pulled out. But there will always be opportunities in the market, the next cash cow is there.”
The dream of making easy money
“Youku was acquired and the router project was closed, but it does not mean shared network resources have no market prospect.”.
“The company Thunder is the forerunner of the peer-to-peer network, Thunder was born to need this kind of shared network resources. Thunder’s previous incentive mechanism was common and did not attract many participants. But it changed since Thunder added blockchain elements, Thunder started to sell dedicated mining equipment. Since then, I have also entered the crypto space.”
“But my life was changed in the 2017 ICO market. Suddenly, the rush of money made Thunder’s dedicated mining equipment scrambled from 200 RMB to 2000 RMB, and the token price was increased from 0.6 to 6 RMB. The original steady life was broken by this irrational prosperity, my desire for money was also increasing step by step.”
The Instant Millionaire
“When the effect of the Chinese government’s banned ICO announcement dissipated, the large bull market came. I met a few double price tokens and ten times price tokens.”
“At that time, I had a few millionaire feelings, and was fully confident that these cryptocurrencies I chose had a bright future. When at the highest price, these tokens could be exchanged for more than a dozen bitcoins. But they all came back to zero in the end.”
“The floating account balance made me live a financially free life very briefly. But the cycle of the pendulum also quickly came to the other side, the cryptocurrencies market turned bearish suddenly, and many Internet peer-to-peer lending companies crashed.”
“I also faced graduation pressure at that time, although I was powerless, I believe the booming market would come back one day.”
The Escape of the bear market
“When the market became bearish, I turned a blind eye to it and had no sense of stop-loss, the fantasy profit would come back. Until the lowest market point in 2019, I sold everything in a panic, just to be able to get the principal back. In the end, I got some back that could support my next two years of living expenses”
“When I was facing employment and life pressure, I chose to become a postgraduate student to escape. Because I did not accumulate relatively strong professional skills in past years, and can’t meet the requirements of the job.”
“Having postgraduate education is also partly to be able to wait until the next bull market comes. Finally, when I passed the postgraduate entrance examination, I also waited for the bull market.”
“The escape of the bear market will also come back one day”
Return of the bull market
“Bihu.com let me enter the crypto space again. I saw lots of people made money through various ways, the airdrop of Ethereum ecosystem, the airdrop of Binance Smart Chain ecosystem, money come so easy.”
“I got the airdrop, farming on DeFi, and enjoyed a token price increase. I was dominated by FOMO emotion, as time passed, I didn’t earn any profit in the end, but precious time was wasted.”
“I don’t want to repeat the mistakes of 2017, so I need to change my thinking logic. I think I could follow a trustworthy project and grow with the project.”
“Fortunately, I got my lost money back in the bull market. Without the burden of history, I am more relaxed to participate in this round of bull market, to find a worthy long-term companionship valuable project. I am looking forward to improving my cognitive ability in this round, and then wealth would come with it.”
“I chose to return to the market and hope to pursue the value of the future.”
“I choose CKB for a value investment.”
“In today’s bull market atmosphere, ten times and hundred times price tokens can be seen everywhere. Perhaps token price returns to its value, or there is someone manipulating the token market. The key to looking at other people’s high profits is to think about how I can make more money, the process of thinking is more valuable than the result of profit.”
“I chose CKB as a value investment that still has many emotional factors, not so rational. I prefer Puma to Adidas, I prefer Jaguars to BMW and Audi, and I prefer CKB to Bitcoin and Ethereum. I can’t say the reason, but I just like it. Perhaps I identify the layered architecture very much, or because of a fondness of the team’s technical style. No matter how many possible reasons, I can not resist the desire to hold CKB, and want to always invest more in CKB.”
“Even though there are many temptations to make money in the bull market, I still want to hold CKB steadily.”
Summary
“I experienced the transformation of the bull and bear market and tasted the feelings of greed and fear.”
“From the perspective of the Kondratiev wave, with China’s reform and opening up as the starting point, to today’s blockchain industry development, It is just across the 40-50-year Kondratievwave cycle, we are ushering in a new cycle of opportunity to erupt. In terms of a small cycle, Bitcoin completed its third mining reward halved, bringing expectations of a bull market in the crypto space and letting more money go into the blockchain industry, helping the industry to grow rapidly.”
“In the Kondratievwave big cycle, I had the privilege of witnessing blockchain development, and in the small cycle, I am lucky to encounter CKB.”
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