A Middle-School Dropout Hodls 3,900 Bitcoins Starting With 2,800 CNY
A user named “老水手” (literally Veteran sailor) on 8btc forum, China’s first and largest bitcoin community, has recently made a post to “show off” his bitcoin holdings surpassing 3,900, which roughly worth $30 million at the current price of $8,345 per coin. The amount could easily send him to the place of “top 300 bitcoin rich”, according to bitinfocharts.
While the holder of these great amount of bitcoins is actually a middle-school dropout, according to himself. After dropping out of school, he served an apprenticeship as a car mechanic for two years and then a real mechanic for another two years but made no money, then he turned to bitcoin. Having been all in bitcoin for nearly 4 years, he’s now a billionaire in this nascent but catchy game.
As a long term bitcoin holder, he has been somewhat of a celebrity on the forum. His legendary bitcoin career, starting with only 2,800 Chinese yuan (roughly $400) and now holding millions of dollar-worth bitcoins, wins him a lot of followers.
When asked about the rules of bitcoin investment, he answered that
- hodling coins is much more profitable than pump-and-dump games;
- hold bitcoin, and dump all those altcoins and scamcoins, including EOS, ETH…
He also made a post on the forum when he had 700 bitcoins, and after that bitcoin slumped all the way, but he seized the chance to increase his holding up to 1,300 during that period. Later he invested two million on the mining monopoly’s forked coin (refer to Bitcoin cash. Some Chinese bitcoiners call Jihan Wu – owner of btc.com and Bitmain founder – mining monopoly “矿霸”), which brought him 3.3-fold returns. And his 1,300 bitcoins back then appreciated and now it is 3,900. He jokingly added that some bitcoins were spent on picking up girls.
Always active on the forum, his posts about bitcoin investments are always popular with thousands of views and trigger great discussions.
A user playfully commented that “if I were you, I would send everyone who leaves comment below one BTC, only in this way can we buy your story.” A plurality of comments asked him to post evidence of his claimed holdings, and some said they believed him as they saw what he did along the way.
While it seems to be a tacit consensus among these bitcoin believers – they rarely keep their personal information public, just like Satoshi, the father of bitcoin, but only preach it.
“To hold, or not, no one could help you. Everyone has the chance to find their bonanza, even today, as big players will continue to make chaos and bearish news. Every time bitcoin price goes low, it is a buying opportunity. Take the buy-the-dip and sell-the-rip strategy, get back your cost in cash and leave the profit there. In this way, your bitcoin holding will greatly increase.” He added.
While it’s easier said than done, few investors will hold on there but dump out of panic when the bear market lasts.
Above all, good timing is of great importance. “You only live once…if you do it right, once is enough” – Mae West