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Chinese Bitcoin Superrich Li Xiaolai’s Foul Words Roil Crypto World

Li Xiaolai, a bitcoin whale who is allegedly to hold the most bitcoins in China, has recently been dogged in a recording scandal. His arrogant comment on the Chinese crypto field in a private conversation was secretly recorded and leaked. Full of foul words, the recording astonished the crypto community and topped the Baidu hot search soon in hours.

“Very embarrassing,” says Li himself. “I swear a lot when speaking privately. I also like studying how to curse in various languages, for example, Americans can utter a sentence with all fuck words in a row: FUCK FUCKING FUCKER. I’d like to avoid those dirty words in public speaking, but in private, I don’t have to bother to please others.”


What this bitcoin super-rich say

In the recording, Li not only offended individual crypto investors calling them “idiots”, but also a plurality of crypto projects and his “buddies”, including Lao Mao, CEO of crypto exchange, Binance founder Zhao Changpeng, Qtum, NEO, Ripple…

“Lao Mao was actually nobody, it is me who help him to be somebody in the crypto world.

Patrick Shuai’s Qtum is an “air coin”, it is me who helped him promote Qtum for 6 months. Because his scamming mode is simple. If he decided to develop DAPP first, I might have given no care.

Blockchain founders should be at least Internet Celebrity, fans-flow is the core competition, and other factors are all bullshit. As long as those idiots believe in you, there will be consensus and what you need to do is to continue cheating them.

NEO is a stupid project, worthless; if you were Wang Lijie (famous angel investor who has invested in NEO), you would have sold them at 1.5 RMB as he did. Later some big venture capital participated and hyped its price. Even Da Hongfei (NEO founder) himself is holding very little NEO.

I opened my own blog in 2015, and Luo Zhenyu (senior media man in China) helped me sell my book and promote my blog. I made no money back then for the bear, but accumulated lots of fans.

Those stupid investors are panic about government’s policy, while actually they are our umbrella. if not for that, we have no qualification to carry out crypto business. At that time, QQ coin (virtual currency issued by Tencent) was the largest “cryptocurrency” and Shenzhen Stock Exchange was the largest “exchange”, they dominated everything then, without regulator policy, how could we make it in the market.

It is of utmost importance for a project to building community and looking for hype point.

After you have already achieved financial freedom, what keeps you moving on is you’re unwilling to let the No.1 feeling go. For example, there is a fraud exchange called Binance and a scammer called Justin Sun (Founder of TRON), how could you allow yourself to lag behind them! So I have to work harder and faster.

Zhao Changpeng (founder of Binance) is not a good guy, he used to have dirty deals with Xu MingXing (founder of OKEX). He knows very little about technical issues. Binance made its name because all the crypto exchanges had to shut down upon the crypto ban last September in China, but he insisted on keeping Binance operating only for his Canadian nationality.

Establish your own crypto exchange


What the crypto community say

Though Li is worshiped as a crypto mentor by some people as a crypto multi-millionaire of early days, some find him disgusting for his active shilling for scam coins. As previously reported by 8btc, Li Xiaolai was accused of taking high promotion fees to tout ICOs.

Most retail investors become losers in these crypto games, they are brutally exploited by big whales in the way of “cutting leeks”(割韭菜in Chinese), and now they are verbally insulted. Li’s words have irritated them, particularly in the sustained bearish sentiment.

Some investors said “Time for you to get out of this field”.

Upon Li’s mean words, Binance co-founder He Yi responded

“In a scammer’s eye, all others are scammers; in an idiot’s eye, all are idiots. Binance made its name by virtue of solid technology, products and users. We surely have a lot to be improved, but the claim that CZ is not a good guy is too far and lacking in evidence. The emergence of such incident indicates that the industry has entered a period of stagnation, and someone’s out there using this to get attentions.”

Justin Sun, founder of TRON, jokingly said

“Why I was again innocently hit by a scandal” While comments upon it was quite brutal saying “everyone know you are a scammer, Li’s right on it.”

Patrick Shuai, founder of Qtum, took it more seriously

arguing that Qtum is not an “air coin”, its mainnet has been launched in 2017 with more than 7,000 POS nodes across 56 countries.

Lao Mao, CEO, is more tolerant,

saying don’t take it too seriously as a private conversation, and there are indeed useful points in it if dirty words are removed, after all, Li is an investor.

News related to the scandal has been recent headlines in the crypto world in the country. The Chinese crypto market is further roiled, and crypto community in the country are shocked by Li’s brutal comment, considering Qtum, NEO and Binance are all big names in the sector.

Local investors who have little confidence in their native projects might get more frustrated at Chinese projects and those crypto celebrities. What will they react against it? Leave your comment below.


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