Legendary figure in the cryptocurrency circle: Fried Cat

In January 2015, Fried Cat suddenly disappeared and there is still no news. This is not only a personal tragedy of a cryptocurrency tycoon, but also a great mystery in the history of the cryptocurrency circle.

Fried Cat, whose real name is Jiang Xinyu, is from Shaoyang, Hunan. He is a typical science and engineering man who is casual and often wears slippers, black casual shorts and T-shirts.

Fried Cat: The Rise of a Young Genius

In 2001, Fried Cat, who was only 15 years old, was admitted to the junior class of USTC with the 11th place in the country. In 2009, he successfully graduated with a master's degree from USTC. In 2011, Fried Cat went to Yale University to pursue a doctorate in computer systems. At Yale, he first heard about Bitcoin from his USTC classmate David and began to study Satoshi Nakamoto's Bitcoin paper in depth. Soon, Fried Cat became a firm believer in Bitcoin and decided to drop out of Yale.

The legend of the mining machine of the baked cat

In June 2012, the American Butterfly Lab announced that it would manufacture ASIC mining machines, which triggered a wave of discussion on ASIC mining machines. In July of the same year, the baked cat posted on the official Bitcoin forum, claiming that he could also manufacture ASIC mining machines, but he was short of funds and hoped to raise funds through crowdfunding.

On August 7, 2012, the baked cat and others successfully conducted an IPO on the GLBSE exchange, and the stock name was Asicminer. This fundraising was very successful, raising a total of about 1 million US dollars. This IPO can actually be regarded as the current ICO, so their project is also regarded as the first ICO. Among those who participated in this ICO was the current mining machine overlord Wu Jihan, who also gained more than a thousand times the profit. And the baked cat himself made 200 million in just two months after the crowdfunding.

The glory and decline of the baked cat

On May 15, 2013, the dividend per share of the baked cat company reached an all-time high of 0.036222 bitcoins. However, by October 2013, due to the failure of the company to launch the second generation of chips, the computing power of its mining machines had dropped to 4% of the entire network. At the same time, the old rival Avalon and Wu Jihan, who founded Antminer after leaving the company, joined the mining machine market, which directly shook the dominant position of the company and caused its currency price to plummet.