In the cryptocurrency circle full of variables and opportunities, some eye-catching "mythical" stories are heard from time to time. These stories either inspire countless people to join in, or become a profound warning for the development of the industry.
The legendary experience of the magic fish can be regarded as one of the classic myths in the early days of the currency circle. In 2011, Mao Shixing, who was still a sophomore at Beijing University of Chemical Technology, saw the news that the price of Bitcoin broke through 1 US dollar by chance, and plunged into this mysterious digital currency field. He studied Bitcoin technology fascinatedly and finally chose the path of mining. In early 2012, Mao Shixing purchased mining machines and started mining. At the end of the year, he deployed a large number of mining machines to work day and night, and successfully cashed in more than 1 million. In 2013, he resolutely dropped out of graduate school and founded China's first Bitcoin mining pool-f2pool. As the price of Bitcoin soared to more than 700 US dollars, the 23-year-old quickly accumulated wealth to 100 million, realizing a gorgeous transformation from a student to a billionaire, and became the well-known "magic fish" in the currency circle.
In 2024, the emergence of Book of Meme (BOME) has set off a frenzy in the cryptocurrency circle. BOME, which was announced on March 10 and disclosed the concept of the project on March 12, is a permanent storage library for memes and has multi-functional creation tools. When the pre-sale started on March 13, it raised more than 10,000 sols in 24 hours, far exceeding expectations. Then the token price rose more than 20 times within three hours of going online, and the market value soared to more than 300 million US dollars. In 10 hours, the market value exceeded 100 million US dollars.
It became the second-tier project in the market value of Solana Meme at that time, creating an astonishing myth of short-term wealth appreciation.
However, the cryptocurrency world is not only about these enviable success stories. There are also some "myths" that went from glory to collapse, which dealt a heavy blow to investors.
K-coin was once regarded as a miracle in the cryptocurrency circle. Its founder, Wang Liqing, relied on its unique technical architecture and market strategy to make K-coin soar to billions of dollars in just a few years. He himself was also hailed as the "cryptocurrency legend". But later, Wang Liqing misappropriated a huge amount of investor funds, which led to a break in the capital chain. In the promotion process, he also engaged in fraudulent activities such as exaggerating returns and concealing risks. With the strengthening of global supervision and the intensification of market volatility, the price of K-coin plummeted, and he himself was caught in a legal whirlpool, causing huge losses to many investors.
Similarly, LUNA, known as the "Moutai of the cryptocurrency world", also had its glorious moments. Its symbiotic stablecoin mechanism with UST seems innovative, but lacks substantial collateral. Once the market loses trust, it will collapse like a domino. LUNA attracted investors through concept speculation, high interest temptation, and traps within traps. Its price was close to $90, but it fell to almost zero overnight. The wealth of $40 billion evaporated in an instant, leaving countless investors penniless, which became another painful lesson in the history of the cryptocurrency world.
In the face of these myths in the cryptocurrency world, we must clearly realize that there are huge risks hidden behind them. The cryptocurrency market is extremely unstable, and price fluctuations are like a roller coaster. It is common for mainstream digital currencies such as Bitcoin to rise and fall several times or even dozens of times in a short period of time, and this is even more true for niche currencies. Investors can easily suffer heavy losses in such large fluctuations. At the same time, the regulatory policies of countries around the world on digital currencies are constantly tightening and improving. Cryptocurrency projects and trading behaviors face many compliance risks. Once the policy changes, the project may be stopped, trading is restricted, and investors' rights and interests are difficult to protect. In addition, the blockchain technology that the cryptocurrency projects rely on is still under development and improvement. Technical problems such as smart contract loopholes and consensus mechanism defects may lead to project failure and damage to investors' assets at any time. Moreover, it is difficult to distinguish the true and false information in the cryptocurrency circle. Project parties and large investors often use information advantages to manipulate speculation. Ordinary investors are very likely to make wrong decisions due to information asymmetry.
Although there are myths of getting rich overnight in the cryptocurrency world, there are more painful lessons for countless investors. For ordinary people, we should not be confused by these myths and blindly want to become the protagonist of the next cryptocurrency myth. In this field full of uncertainty and high risks, we should remain rational and calm, fully aware of the huge risks behind it, treat cryptocurrency investments with caution, and avoid falling into traps that may cause wealth to evaporate in an instant. After all, the accumulation of wealth needs to be achieved through stable, legal and sustainable means, rather than pinning hopes on cryptocurrency myths full of bubbles and risks.
The myths of the cryptocurrency world are both happy and sad. They are footnotes in the development of this emerging financial field. Investors need to learn lessons from these stories and make more wise and cautious choices in the pursuit of wealth appreciation.
