The development of the Internet has also brought about some new things. Bitcoin was priced at $0 in 2009, but it climbed to $60,000 a coin more than a decade later, then plummeted, triggering many media ridicules that the currency circle is a pure scam and a scam. However, with the circulation of cryptocurrencies, some countries and regions have begun to recognize the investment effect of Bitcoin.
However, Li Xiaolai, the richest man in Bitcoin in China, who once owned 100,000 Bitcoins, said that Bitcoin is a scam after successfully cashing out. Li Xiaolai, the first person in the cryptocurrency circle at that time, said that Bitcoin is a scam. What's the matter?
Most people in the cryptocurrency circle know a legendary figure, Li Xiaolai, who is an unavoidable figure in the Bitcoin craze.
He was once the most popular gold medal lecturer at New Oriental, and later was known as the richest Bitcoin man in China. At one time, he owned hundreds of thousands of Bitcoins (only he himself knew the exact number). Around 2017, Li Xiaolai sold all the Bitcoins he had, cashing out 13.5 billion yuan, and then cursed Bitcoin as a scam!
Let's take a look today. What made him, a former gold medal lecturer, get involved in the mysterious cryptocurrency world? What made Li Xiaolai dare to gamble and directly bet on Bitcoin, which was unknown 10 years ago? Why did he later curse Bitcoin as a scam? Why did he suddenly keep a low profile later?
1. Li Xiaolai’s road to success in the cryptocurrency world
Li Xiaolai is actually a fellow student of Luo Yonghao. He became an English teacher at New Oriental under Luo Yonghao's recommendation. He is well-liked by students because of his humorous lectures. But this is not what Li Xiaolai pursues. He thinks he should have more room to grow and even surpass his boss. After Luo Yonghao resigned to start his own business, he also resolutely resigned and started his own business.
But not everyone is suitable for starting a business. Li Xiaolai's first business venture was not smooth and failed. What should he do? He even began to doubt his life.
But we can imagine that this kind of person is definitely not willing to be lonely and must do something!
2. Coming into contact with Bitcoin by chance
In 2011, he came into contact with Bitcoin. Even now it is still a novelty, after all, it is just a string of virtual digital currency. At that time, no one would have thought that it would have any room for appreciation, and you would not dare to take the risk.
Why did they dare to do that? Because Li Xiaolai had acquired a lot of information about Bitcoin with his connections and strong English skills. After half a year of investigation and analysis, Li Xiaolai believed that Bitcoin was the future. Because Bitcoin had been appreciating, he saw unlimited money prospects.
In 2011, Bitcoin was not valuable, but Li Xiaolai had no money. Even though he was optimistic about the future of Bitcoin, Li Xiaolai only bought 2,100 Bitcoins worth $13,100, or about $6 per Bitcoin. This was the starting point for his subsequent large-scale purchases of Bitcoin.
The return was generous. The following year, this investment allowed Li Xiaolai to get twice the return, but this money was still too little, and the secondary market was expensive. What should he do? Li Xiaolai sold his assets and configured 46 computers to start mining.
At this time, Li Xiaolai was not satisfied with buying bitcoins in the secondary market, so he sold his assets and bought 46 computers for online mining. But the effect was not obvious. After several months of hard work, he only mined more than 100 bitcoins. The cost was not as good as buying in the secondary market.
What to do? Otherwise, opportunities come when you wait! For many people, it was a bear market, but Li Xiaolai saw an opportunity. Bitcoin plummeted later, a short-term bear market. Bitcoin quickly fell from more than 20 US dollars to around 1 US dollar. Many people said that the collapse of Bitcoin was just a game.
However, Li Xiaolai began to buy a lot of Bitcoin when the price of Bitcoin plummeted, purchasing Bitcoin at the bottom. Most of his Bitcoins were purchased during this period, which is why he later claimed that he had 100,000 Bitcoins.
"When others are greedy, I am fearful; when others are fearful, I am greedy." This sentence is not so easy to use and it definitely tests one's vision.
3. Start Evangelizing Bitcoin
What's the point of having so many currencies that are not recognized by people? Don't worry, Li Xiaolai has his own methods and steps. He knows that it is impossible to increase the price of Bitcoin by his own efforts. If he wants to make a lot of money, everyone has to buy it, forming a market scramble, causing scarcity and circulation, so that the value of Bitcoin can be higher. Vigorously promoting the value and appreciation space of Bitcoin is Li Xiaolai's second step. He began to give lectures and set up the Bitcoin Foundation. In various activities in the currency circle, he promoted the value of Bitcoin everywhere as the first person in the Chinese currency circle. In 2013, Lushan County, Sichuan suffered an earthquake. Someone donated 200 bitcoins to a charity organization. This event quickly brought Bitcoin into the public eye. Later, Li Xiaolai participated in the CCTV financial program "Economic Half Hour" as a person in the currency circle. Li Xiaolai revealed in the conversation that his bitcoin holdings exceeded 100,000.
4. Leek Harvesting Tour
At this time, Li Xiaolai has become a celebrity in the cryptocurrency circle. He was hailed as the richest man in Bitcoin and was sought after by many people. So what is the use of this? Of course, it is to cash in!
Li Xiaolai began to participate in activities everywhere, give speeches, and vigorously promote and hype Bitcoin. He also connected the upstream and downstream of the currency circle and established a currency exchange and a Bitcoin fund.
① Harvesting retail investors:
Li Xiaolai used his traffic and fame to brainwash retail investors, making them believe that Bitcoin would inevitably bring wealth. He then used retail investors' funds to drive up the price of Bitcoin, and made profits for himself by selling various wealth-related courses and books. He made a lot of money in the wave of knowledge payment and further enhanced his own fame.
②For high net worth individuals:
Li Xiaolai created a blockchain private equity club with a very high threshold. One needs to hold more than 600 coins to enter. After joining the group, he established a similar investment system by guiding investment and other methods, allowing them to develop downlines to buy and sell Bitcoin.
Times make heroes. The bull market of Bitcoin created Li Xiaolai's glory. At the peak, he directly sold 100,000 bitcoins he held at US$20,000 per coin, with a value of 13.5 billion yuan, and his net worth skyrocketed.
In addition, Li Xiaolai also has his own exchange and issued air coins, and he also collects a lot of money.
Unfortunately, the action to rectify the cryptocurrency circle came that year, forcing Li Xiaolai to withdraw from the mainland market for a short period of time and also withdraw from some previous projects, resulting in heavy losses for a time.
Did he just give up the money he had seen inside? How is that possible!
In 2018, after the token fundraising storm was over, Li Xiaolai began to make a comeback and started to promote his new token project. He also began to make efforts in the field of knowledge payment and published a series of books, intending to establish himself as an investment master and build his own cryptocurrency kingdom.
5. Mixed praise and criticism
On July 4, 2018, a 50-minute recording of a conversation between Li Xiaolai and others was exposed on the Internet. In the recording, Li Xiaolai shared his past experience of using his fame to reap the benefits of others. As a result, his reputation was ruined and he was called the "King of Leeks" by the media.
In the recording, Li Xiaolai called retail investors in the cryptocurrency circle "idiots" and ridiculed many celebrities in the cryptocurrency circle: who is making air coins, who has bad character, who has a dark history, etc., and said that Bitcoin is a scam.
Looking at the timeline later, this should be a major turning point.
On July 6, 2018, Li Xiaolai responded to the recording scandal: I didn’t call the user an idiot, the person who recorded the video really had a problem.
On July 9, 2018, Li Xiaolai posted on Weibo that "due to Chen Weixing's continued slander and defamation, I announce my resignation as the managing partner of Xiong'an Fund.
On July 17, 2018, Li Xiaolai exclusively [Responded to Everything] on Jiemian News.
In September 2018, Li Xiaolai published "The Self-cultivation of Leeks".
On July 3, 2019, Li Xiaolai created the "73 Leek Festival" to commemorate the recording scandal, and simultaneously founded the investment education community [Fixed Investment Life Classroom].
In 2020, Li Xiaolai published "Let Time Accompany You to Get Rich Slowly-Fixed Investment Changes Your Destiny" and "WeChat Internet Common People's Entrepreneurship".
In 2021, Li Xiaolai launched the "lesson within a course" "The Most Important Lesson in Life" in the [Fixed Investment Life Classroom].
In 2022, Li Xiaolai founded the family education community [Family Growth Community] and the accompanying course "Good Family Education".
It seems that education is Li Xiaolai's main business, and now he has started to pursue the path of investment master. How many Li Xiaolais can there be? If you have time, you can search online. Li Xiaolai's speech at that time revealed the truth and falsehood of the cryptocurrency circle in just a few dozen minutes.
What you care about is other people's profits, while what they care about is your capital. So don't waste your small body on this.
