10 years ago, what happened to the people who entered the market at the same time as Zhao Changpeng when he first heard about Bitcoin?

What Became of Those Who Entered the Market at the Same Time as Zhao Changpeng When He First Discovered Bitcoin 10 Years Ago?

Author: Wood, Plain Language Blockchain

At the end of 2013, the bull market of Bitcoin was in full swing, which is exactly ten years ago from now. Many people heard about Bitcoin for the first time, including Zhao Changpeng. The history of encrypted assets is short, spanning only ten years. 2013 can be considered a very early stage. So, how are the people who entered the market early, like Zhao Changpeng, doing now? And what would happen if we were given another ten years?

Surprisingly, many people who had a profound impact on the progress of the cryptocurrency industry entered the market in that year, and the gears of some people’s destinies began to turn…

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In 2013, CZ heard about Bitcoin for the first time (from a friend, Li Qi Yuan).

In 2013, He Yi transitioned from being a host to becoming the CMO of a cryptocurrency platform (later, He Yi would bring CZ into the company).

In 2013, Li Lin and Du Jun started a business together.

In 2013, Wu Jihan had just started mining and later introduced it to Zhan Ketuan.

In 2013, Zhan Ketuan created the first mining device, Antminer S1.

In 2013, V God completed a white paper.

In 2013, at the age of 33, Gavin Wood read Vitalik’s white paper and decided to help this 19-year-old young man realize the great vision of Ethereum.

In 2013, ADA founder Charles Hoskinson and EOS founder BM jointly established Innovations.

In 2013, Sun Yuchen joined Ripple Labs after graduating from university.

In 2013, Zhao Dong, Lao Mao, Jiang Zhuo’er, Guo Hongcai… (Over time, information has been collected from recent reports. Feel free to correct any mistakes or omissions.) By now, most of you probably know what happened to these people.

After hearing many “legendary” stories of early contributors, many envy the early entry opportunities, thinking that the early OGs must have made big profits. In reality, only those who have achieved certain accomplishments in their respective fields will be widely known. For example, the author of this article is also an “old leek” who entered the market in 2013. Compared to them, my experience is insignificant, but I have also witnessed the different situations of many early investors. Now, I will explain from several different perspectives, hoping to provide some insights…

01 2 Industries: IT and Finance

Satoshi Nakamoto named the Bitcoin white paper “Bitcoin: A Peer-to-Peer Electronic Cash System.” From the name itself, it is evident that this project combines IT technology and finance. Therefore, people from the IT and finance industries were the first to understand. Those who came from the IT internet, software, and hardware technology background often became the founders and pillars of important cryptocurrency platforms, project teams, and communities. Those from the financial industry, such as investment banks and traders, were often attracted by the wealth effects brought by new technologies and brought many financial methods into the cryptocurrency field.

02 2 Ways to Participate: Spot and Contract

Recently, I read an article by OG that shared stories about the experiences of some crypto old-timers, which were similar to what I have seen around me. Contracts are very tempting to people. It’s in our nature – the age-old saying, “you win some, you lose some,” applies everywhere. Most people who go the contract route have experienced huge successes and failures. Even if they make some profits and exit midway, most people end up returning the principal and interest, very few are able to walk away with everything.

Holding spot positions is not easy, one could say that contracts are human-friendly while holding spot positions goes against human nature. It requires resistance to temptation and not being swayed by various FUD news or making mistakes. As for those who still hold on to Bitcoin, their experiences are self-explanatory, such people have faced ups and downs.

03 Multiple Mindsets of Participation

There are those who take it seriously and understand the white paper. They believe it is a disruptive innovation and truly invest themselves in the innovation and development of the crypto project. CZ and other founders and community members who contribute to the crypto industry are representative figures. Their rewards are not just money, but also a sense of achievement in realizing the dream of the crypto industry.

There are those who read the white paper, but may not necessarily agree with its vision. They think it’s just a game of passing the parcel (so-called: even a fool’s consensus is still consensus). These people are very smart, or at least they consider themselves smart. They often appear very rational and are able to exit when emotions run high. Many of them have made substantial gains. However, there are also quite a few who are overly confident and aggressive, leading to unfavorable outcomes, such as “genius trader” SBF, and Suzhu, the founder of Three Arrows Capital.

Then there are those who have never heard of any white paper and are simply pulled (conned) in by friends to try their luck with a quick investment. They have a cautious and curious mindset towards new things, but not too much curiosity. Usually, they make some profits at the beginning of a bull market, then increase their investment at high levels and end up trapped or cut their losses. Afterwards, they swear to never enter the market again, but end up being one of the members who “slap their thighs” a few years later…

04 Conclusion

To be honest, for those of you present, how many have really and seriously read and understood the Bitcoin white paper? Very few people can say they “don’t invest if they don’t understand” and take responsibility for every penny they have. When it comes to new things, early adopters may seem to have encountered a good opportunity, but they also face more uncertainties. Different ways of participation and mindsets influence the final outcome.

Which gears of fate will start turning for individuals in the next 10 years?

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