My Story: Working for My Each Coin Worths Two Millions RMB in the Market

Facing the present winter time in marketing, many fans would be very curious about how the early users participate in the blockchain? And what motivation cause them to join? How they went through the bear market? Also, how they become that rich from this field?

This public social media account which named “ CCHAIN” will update some “The Story of the Export in the Cryptocurrency Community”. Let us see how they express their own experience like how they passed through the pasted winter time in this community, the tragic, lonely, excited, lost and etc.

This is the fifth article named “LTC’s Cryptocurrency’s Pool Zhuoyue Jiang”. He wrote it in November 2015.

1. Learning about Bitcoin

The time that I learned about bitcoin is from developing the assistant part for the gaming system, which is developed based on the pressing Elf for the visual account to operate on the mouse and keyboard, which can help the user to finish the daily task for the daily repeated work). In the beginning, we sell it within China. Afterward, we sell them to Taiwan, Hong Kong and Singapore. However, the across border payment is very diﬃcult and complicated at that time. This is, therefore, letting us keep finding the more convenient tool in cross-border payment over time. That is how that we found the bitcoin in the end and nothing can stop us with it.

2. Start joining coin mining

At the very early stage, I only play with it with some spending on the assistant or buying some coins as saving. The real starting with bitcoin is mining coin for earnings. At the end of 2013, as the bitcoin’s price is up and down very rapidly, the Shan Zhai’s coin market, which innovated the cryptocurrency, which can be defined as fake bitcoin is very active in the market. At the same time, I found the gold mining pool.

After all, one the goal is set, my reaction and action are very fast (Please allow me to appreciate myself here). On December 3 in 2013, I am the fresher for the coin mining which hasn’t touched it before.

On December 10th, I bought two 7950 with five graphics card’s mining machine. At that moment, I always work reversely with the market. On November 19th, the price of bitcoin as the bubble which is as high as 8000 RMB in the market, when the LTC also reached up 380 RMB on November 28th. Afterward, it crushed in the very high speed so that most of the people preferred to quit from this market. Therefore, I bought the very large mine from other people and rented several other mines with some large miners.

3. Building Mining Pool

On the other hand, I realized that the key for mining the Shan Zhai’s coin, which is the fake coin, is the mining pool. I should own my own mining pool, which is the most important I need to do right now. So as in December, the team is built up for constructing the mining pool. On January 1st in 2014, the domain’s name, LTC’s mining pool is signed up on the website. And the first payment is finished on January 4th. There are only 17 miners at that time. LTC’s mining pool is defined as the machine gun’s pool, which is diﬀerent from the common mining pool that can only mine one coin at one. The machine gun’s pool can calculate the diﬃculty, the amount of each coin, market price, market’s deepness, mature timing and the other indexes, with comparing with the return of ten other coins in the same algorithm, and using the second by unite, to auto switch to another part of algorithm to mine the coin in the mining pool which has the highest eﬃciency in mining. At the same time, combing with the other approach in mining to improve the return as well. Machine gun’s pool is the most complicated with the highest level in technology in the mining pool/ Fortunately, our team has this technological ability. This is the picture at the end of 2014 in Shenzhen’s conference: one Pro-Doctors + two doctors + three masters.

LTC’s mining pool depends on Shanzhai’s coin to oﬀer the output which is more than the theoretical return so that it develops very fast in the market. Meanwhile, the algorithm of LTC and X11 was at the leading place in the world once at that time.

Thus, due to the BTC doesn’t have the resource like Shan Zhai’ coins to mine, the algorithm is controlled by the mining factory, the small algorithm with high risk in mining and the other reasons, LTC’s mining pool is hard to get into the BTC mining pool’s field. Therefore, LTC algorithm and X11algorithm can only live inside this field and be the leader.

4. Gambling

Mining pool brought the stable income from the mining pool’s fee even though I still think earning from trading coins is the fastest, especially the pre-mine the Shan Zhai’s coin, which is also called Gambling.

The condition of the coin mining is the published stock price for automatically switching when mining. Furthermore, the strategic of it is sold after mining. The income from it is technically stable. It is hard to earn profiteering from it.

If a kind of cryptocurrency is published, the initial output would be higher so that it is better to sell it when it published but mining it before it published. At the same time, the risk for return is higher when there is possible that the kind of cryptocurrency isn’t able to run well in the financial market and the price is approached none after publishing in the trading market over the time. The other possible conditions won’t explain more specifically here.

Based on this diﬃculty, we built a Shanzhai’s evaluation model. According to the reply amount of Ann’s post, replied id, the new feature of cryptocurrency, UI surface, developers. the content of Ann’s post and others, we can evaluate the final score for the Shan Zhai’s coin. And the coin we would like to mine is the cryptocurrency with the high evaluation, high score and the longer existence time.

At the same time, for the establishing the Shan Zhai’s coin, the exchanges need to operate as quickly as possible. For the higher eﬃciency in trading, we posted a series of Ann’s post about the monitor mechanism for the new cryptocurrency in several exchanges, high-eﬃciency mining pool construction mechanism. If the innovators of Shan Zhai’s coin post the trail notice about the publishing time, we can prepare to start mining after two or three mining when he or she publishes it. These several minutes are very important because the coin mining starts with zero diﬃculties and it would explore by power after several hours, which the grid for the first several minutes are the same as the grid after several hours.

Under the completed model and the fully supported technology, the return is much high that the big algorithm mining pool from the mining fees when our algorithm is very small. There is a pity that the Shan Zhai’s coin is only prosperous in a very short time. As the benefit is paid for the developers and gained by the investors who buy low and sell high in the large amount, the trading market is hard to continue under this situation. As the diﬃculty of mining and trading is extremely high in the end, we have up gambling from this cryptocurrency in the end.

In general, mining still very popular with high return in the industry compare to others, especially for some big mining with the advantage in the costs of electricity. For example, some mining places are able to contain 5000 kw, with the cost of electricity is 30 cents. Their daily cost of electricity is 24 thousand RMB and yearly cost is 8.76 million RMB, which worth 5840 coins.

Assume that the mining place doesn’t earn any profit (in reality most of them have a positive return in 2015), the mining place can earn ten thousand coins every two years. Some of the miners who hold more than ten thousand coins are come from here.

For us, we only a very small and pure technology team, even the members are not at the same place, which is unable to compete with them.

5. Keeping coins

I am the person who before that the price of bitcoin can be equaled to the gold one day. Clearly:

One coin worths two million RMB :)

even though it is support by the theory. If you are very interested in it, place read the fundamental post I wrote. The link is as below:

http://www.zhihu.com/question/22076666/answer/69638270

As the result, I don’t want to join any crowd-funding and IPO. And therefore, there is no failure that I experience from it. I saw someone like Starry Sky who lost several thousand coins every time in the market which made me feel very upset and sympathetic for him.

The only time that I lost my coins by accident is when I download the QT blockchain database again after it crashed. At that time, I used the BT to download blockchain data for saving time. However, when the syne doesn’t complete as the latest blockchain version, I transfer the coins into the wallet. It caused the coins are gone because this blockchain database is complemented with wallet.dat which is encrypted. In the end, my 2.3 LTC are flying into the winds. I was very sad about it for about three days. At the very beginning, the spending on the graphics card is not as expensive as these.

Sad story tx:

ae0f7ae139288537b0778aa82e1efc634730b8c2615378ba2f56abc67b6d

da16

When the price of coins is crushed for below 2000, I grudged to sell them anymore. It raised another problem for me that I need to use RMB. I pledged some BTC to borrow some RMB at last and with some debts afterward.

Apparently, 8R borrowed RMB with the yearly interest rate is 8% is not very high. When the coins are held on the other people’s hand, which make me so painful to keep my daily routine.

Since 2015 to now, another round of BTC as the bull markets will with the half. I really hope everyone can earn from it. I will hold my several thousand bitcoin (attention, it is four-digit integers here) for my two million RMB for each coin.

This is the graph that other people experiences as the bear market for bitcoin: starting from the end of 2013, every bitcoin’s price broke its record by 1,147 US dollars. Afterward, it plunged in 2014 and it only worths 220 US dollars in 2015 with the changed rate of 354%.

At present, we are experiencing the bear market: since November 19 in 2018, Bitcoin’s price level tends to be decreased over time, which is from 5,600 US dollar decreases to 3,500 US dollar with the decreased rate achieved 38%. It broke the lowest record level during that time. Compare to the bitcoin’s price reached up to 18,674 US dollar on December 8th, 2017, it is only less than one year. And the decreased rate is over 81%.

After reading the story from the experts, compared to the market today, do you have any ideas?

Welcome to leave a message to discuss with us!

Thank you!