Recently, the cryptocurrency circle has been dominated by a post-90s person. Shenyu earned 100 million U from 1,000 U in the cryptocurrency circle, which is equivalent to more than 700 million RMB, and directly joined the list of billionaires.

Mao Shixing, known as the "magic fish" in the cryptocurrency circle, was born in the 1990s. Ten years in the cryptocurrency circle is like a hundred years in the human world. At the age of 21, he first learned about Bitcoin. At the age of 23, he made 100 million yuan. At the age of 25, he lost everything overnight. At the age of 26, he started again, but missed an opportunity to make a huge profit of 2.6 billion yuan.

Now he has reached the top again! So, what kind of legendary experience does the "divine fish" have? How did he make huge profits and losses, and how did he survive several times?

Back in 2021, the 21-year-old "Shenyu" was a sophomore majoring in communications engineering at Beijing University of Chemical Technology. One afternoon, Mao Shihang, who had nothing to do, ran to the library to surf the Internet to kill time. He saw a news report that the price of Bitcoin exceeded $1, but he didn't pay much attention at the time; it seemed that God was knocking on the door on purpose. Within half an hour, Mao Shihang saw another report about Bitcoin.

What exactly is Bitcoin? Mao Shihang's interest was immediately piqued

When Mao Shixing learned that Bitcoin is a decentralized digital currency that can solve the double payment problem in the process of value transfer through encryption technology, it was as if he had discovered a whole new world.

From that day on, Mao Shixing stayed in the dormitory all day, skipped classes, asked his classmates to pack his meals and take them home, and spent day and night on the earliest Bitcoin forum abroad. On that forum, he saw Satoshi Nakamoto and his team interacting with community members.

Mao Shixing stayed in the dormitory for three months, like he was possessed. His classmates all thought Mao Shixing was possessed, shook their heads, and thought he had no future. Mao Shixing felt that this was a technology that would change the face of the future, and his life would be reshuffled because of it.

That year, the price of Bitcoin rose all the way to $30. If you want to get Bitcoin, there are only two ways, either buy it on the market or mine it. As a science and engineering student who lacks sensitivity to price trends, Mao Shixing believes that he is not suitable for currency speculation, and mining has become his only choice. After choosing the right direction, Mao Shixing devoted himself to studying various Bitcoin mining technologies and deeply studying mining hardware technology.

In early 2012, Mao Shixing bought several graphics card mining machines and started mining officially. By the end of the year, he purchased 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 Shixing dropped out of graduate school at the age of 23

2013 is known as the first year of Bitcoin. The price increase led to a large influx of people into the mining industry. At that time, there was no stable mining pool in the country, and most miners were scattered. This was a once-in-a-lifetime opportunity for Mao Shixing.

At that time, most foreign mining pools adopted the PPLNS mining revenue distribution model. The mining pool distributes the mined coins according to the actual contribution of the miners. For miners, there are too many uncertainties. Luck, network stability, and mining pool technology can all affect the miners' revenue. What's worse is that it is a black box, and miners have no way to calculate how much they have contributed.

Everything is determined by the mining pool. When establishing the mining pool, Mao Shihang adopted an innovative PPS distribution model. Miners are allocated profits according to the theoretical difficulty, and all other factors are borne by FTP. If the Bitcoin output is lower than the theoretical output due to network instability, backward technology, etc., F2Pool will fill the gap.

This is undoubtedly a very friendly distribution model for miners, and everyone can clearly calculate their own profits. What impressed the miners even more was that the fish pool distributed profits 24 hours a day, eliminating the miners' concerns about the risk of the mining pool running away. Even if Yuchi ran away, it would only lose one day's profit, and the risk is controllable.

Initially, the mining pool lost thousands of bitcoins, and investors chose to withdraw their investment. Mao Shihang had to temporarily close the mining pool. On July 16, 2013, Mao Shihang issued a notice to the miners: Due to insufficient bitcoin reserves, the miners must not be stopped, and asked the miners to withdraw from the mining pool at 16:00 on the 16th and move to other mining pools.

When the appointed time came, there were still many miners who stayed in the fish pond and were unwilling to leave. Their reason was: 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 miners who trusted him, he gritted his teeth and paid more than 3,000 bitcoins himself to get through the most difficult time.

That year, the price of Bitcoin rose to more than 700 US dollars, and millions of RMB were added to Mao Shihang's account every day.

One day, he suddenly found that his wealth had reached 100 million.

So he called his former richest classmate and asked him: I have 100 million now, and I don't know what to do with this wealth. What would you do if you had so much money? The rich classmate answered him: I was born with 100 million. I don't have to do anything.

There are people who are as confused as Mao Shixing, and there are also people who bought Bitcoin early like him. Friends around him saw their wealth expand, and they also expanded. Stimulated by the sudden wealth, everyone became excited. Some friends said they wanted to buy the China World Trade Center and hang the Bitcoin logo on the building; some said they would go to the hotel to smash the hotel, and some people had money to compensate; some friends actually held parties in the hotel.

The wealth effect of Bitcoin continues to attract newcomers to the market. They have no faith in technology and just want to make quick money. In 2014, Bitcoin entered a bear market and the mining industry entered a period of mining difficulties.

On May 8 of that year, Mao Shixing married his girlfriend whom he met in a Bitcoin group. At noon on the day of the marriage registration, Mao Shixing did not buy a diamond ring. Instead, he gave his wife 25 Bitcoins from the blocks mined by the mining machine.

He specially prepared a wallet address starting with "TLoveYou" and left a message in the transaction information of the block: "Hold your hand, grow old with me. The divine fish is for Dongdong". This information is permanently written into the block and cannot be changed by anyone. As long as Bitcoin exists, the network exists, and human civilization exists, this oath will exist forever. This is a unique romance for 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 brought Mao Shihang to the brink of collapse. There are many familiar friends around me, those who were once arrogant. Some jumped off the building to commit suicide, and some disappeared quietly and never appeared again. Mao Shihang could no longer hold on, so he had to close the company and drag a large number of mining machines back to his hometown.

This is the first time Mao Shihang has made a clarification. After the big rise, there was an immediate big fall. Perhaps most people will never be able to stand up again. Mao Shihang also tried to adapt to life outside the cryptocurrency circle. During the time he was resting at home, he read a lot of books. Many people suggested that he study for a few more years. He also tried to find a job developing games, but within a month, he could no longer work.

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 own mining pool. In early 2016, when Ethereum had just entered people's sight, Mao Shixing F2Pool launched the Ethereum mining pool.

One day, Mao Shixing had accumulated nearly 100,000 Ethereum. When each piece was 20 yuan, he sold them all and made about 2 million yuan. He excitedly told his wife about it, and she was very happy to hear it.

However, looking back now, the Ethereum that Mao Shixing sold is now worth 2 billion

The 26-year-old boss missed the opportunity to make a huge profit of 2 billion.

That year, Mao Shixing built F2Pool into the world's largest Bitcoin mining pool; it was also at this time that the global Bitcoin computing power moved from the United States to China.

In 2017, Bitcoin ushered in a big bull market, and Ethereum also began to rise and attracted more attention. At the end of that year, an accidental technical factor caused Mao Shihang's fish pool to lose more than 8,000 Ethereums. At the peak, the market value of this part of Ethereum reached 100 million.

Mao Shixing decided that Yuchi would bear this part of the loss, thus protecting the interests of the miners. This move once again proved to the world that he is the most reputable mine owner. In the mining industry, which is characterized by barbaric growth, lack of supervision, and imperfect laws, many people take advantage of this to escape and reap profits. However, it is difficult for a person who sticks to his reputation to fail.

After this loss, Mao Shixing found another opportunity. He believed that digital currency wallets would be a traffic entrance for the blockchain in the future. So he decided to make a truly safe and reliable wallet.

However, the idea of ​​making a wallet is very different from that of making a mining pool. Making a wallet requires focusing on security, which is extremely challenging, so the company must first be positioned as a security company that combines the underlying logic of blockchain.

"We have developed a set of encryption solutions, basically reconstructing each public chain, and then deconstructing the wallet part. All core private keys and some user private keys are stored in our customized encryption machine. We have done a lot of security optimization and security audits in the development of our entire internal risk control system, IT infrastructure architecture, and network environment. We have devoted a lot of effort to security and have done a lot of software and hardware upgrades. In fact, this is the biggest difference from the previous wallet company."

In November 2017, Cobo was officially established and completed its seed round of financing at the same time;

In December 2017, Cobo completed a pre-A round of financing of tens of millions of US dollars, with investors including Linear Capital and Frees Capital.

In July 2018, Cobo announced the completion of a US$13 million Series A financing round led by Danhua Capital, Lake Capital and others, with participation from a number of well-known industry institutions.

According to Shenyu, Cobo Wallet currently has several million users, and such daily activity during the cold winter is actually a good figure.

Investment advice on how to earn 100 million U from 1000 U of Shenyu

For funds under $100,000, you need to learn more, get more hands-on time on the airdrops of core DeFi projects, and whitelist Mint of popular NFT projects. This stage requires a lot of time to obtain information, analyze and research potential projects, and have strong execution capabilities and persist in making the most of the opportunities.

Don’t use leverage to speculate in cryptocurrencies between $100,000 and $1,000,000. Don’t play with contracts. On new public chains and L2, follow the rules of the time machine to find potential projects and acquire chips at low prices. Find the ten-fold coin that belongs to you.

Choose your currency standard BTC or ETH, etc. from $1 million to $10 million, and do in-depth research; trade appropriately, don’t short, don’t short, don’t short! Flexibly use low-leverage DeFi lending protocols to improve capital utilization. You can use platforms like dydx to get token rewards while trading. Observe more, arbitrage more, adhere to the currency standard, and pursue the growth of the currency standard; don’t be greedy to participate in every hot spot and make every penny. Get a stable cash flow through arbitrage, Staking, etc., keep a stable mentality, and treat it calmly. Whether the wealth level can be broken through, the rest is left to time and industry development.

10 million to 100 million dollars. Once the assets exceed a small goal, improve the lives of your family, read more, exercise more, change your personal cognition and circle, hold the core assets, and pursue low-risk stable appreciation and good cash flow without stepping into big pits. Don't play contracts, don't start a business, and be careful to avoid falling into pits. Maintain a certain amount of currency-based assets to avoid being left empty-handed. Maintain a certain amount of stable currency assets to obtain a stable cash flow. At the same time, deal with emergencies in life, and you can also have bullets to buy at the bottom when the market plummets. Take 10-15% of your assets to invest in the track you are optimistic about, so that you have something to do, and it can also prevent yourself from being greedy.

In short, Mao Shixing is an admirable and worthy figure to learn from. His story shows us the future prospects and risks of Bitcoin and blockchain technology, conveys the spirit of pursuit and persistence, and also shows the innovation and fighting spirit of Chinese technology companies and entrepreneurs.

We should draw nourishment from Mao Shixing’s story, continue to learn and explore, and create greater value and opportunities for our own investments and careers.

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