Churchill once said, Never waste a good crisis.
Every crisis is a stress test, a hidden opportunity.
At the beginning of 2020, the “new crown” was hit halfway, 312 shattered the myth of Bitcoin “digital gold”.
Prices are halved, mining disasters, DeFi thunderstorms… the virus crisis has spread to the digital world. Some people have fallen on this point, and some have boldly hunted down and firmly believe in it.
Crisis means turning point. Today, Bitcoin has broken through $19,400, which is only one step away from a new high. The bargain hunter earns as little as several times and returns as much as 100 times.
On October 16, OKEx suspended withdrawals, and panic spread. Some people cut their flesh and went out of the game.
Xia Xueyi, an early Bitcoin miner, took chestnuts from the fire and made 30 million profit in two weeks; cryptocurrency KOL CryptoApprentice only relied on OKU to make more than 5 million profit; the founder of Bitcoin Academy Zhang Xiaodao led all community members to buy OKB, and earned more than 40% in a single week…
“Don’t waste a crisis”, we recorded the people who bucked the trend and made money in this crisis.
Shock
October 16, 10 am.
Xia Xueyi just opened her eyes. He was lying on the bed, drinking coffee and reading new news on his mobile phone. Clicking on WeChat, an announcement from the OKEx VIP group swept the screen, and the content of the announcement instantly affected his lethargic nerves:
“Some of the company’s private key persons are cooperating with the investigation by the public security organs, and they are currently in a state of disconnection, which makes it impossible to complete authorization and suspend user withdrawals.”
Xia Xueyi couldn’t believe her eyes. He and the investors in the group do not know how many times have @OKEx key account manager, but the other party said that they are not clear about the situation and are verifying.
Xia Xueyi is an early Bitcoin miner and a senior investor in cryptocurrency. At the same time, as a major customer of the three major exchanges, he has a soft spot for OKEx: “OKEx’s operating experience is indeed the best. This is not what I said, it is generally accepted.”
What happened to OKEx? Yesterday was still able to trade, is the announcement false?
Xia Xueyi came back to his senses and carefully checked the announcement link: “Authentic link, not fake.” He suddenly felt that something was wrong, and he was about to initiate a withdrawal immediately.
However, OKEx did not give him the opportunity to withdraw coins.
At this time, there was also the US cryptocurrency KOL CryptoApprentice, who “feeled very dazed and couldn’t believe my eyes”. There were millions of dollars in assets in its OKEx account.
Not only the two of them, but hundreds of thousands of OKEx users also shared this moment of panic. But also panicked. Due to differences in cognition and decision-making, the fortunes of different people diverge at this moment.
Bargaining “Happy Beans”
After OKEx suspended withdrawals, OTC became the key to withdrawals.
However, as the investment ran out of gold, the USDT price (OKU for short) on OKEx instantly dropped to RMB 6, which was a 7% discount to the normal price. Subsequently, OTC trading was announced by OKEx to shut down.
In panic, many users choose to withdraw funds through over-the-counter transactions, which often require discounted sales. OKU is also nicknamed Happy Bean by investors.
Sell ”Happy Beans” at a discount, or boldly buy the bottom? this is a problem.
The black swan branched off at a crossroads. The people who bought and sold Happy Beans came and went, passing by, confirming their eyes, and saying a silly X in their hearts, then turned and left.
Among the crowd, Xia Xueyi and CryptoApprentice made the same choice—reverse bargain hunting OKU, and started over-the-counter transactions to become middlemen.
“I always believe in one sentence, the height of thinking determines the thickness of wealth! “
As a continuous entrepreneur, Xia Xueyi claims to maintain a consistent business sense, “It is not to create pain points or solve pain points. I will ask myself first, combining my own advantages and resources, what do I do in this matter? What do I get? What do I pay for? Is it cost-effective?”
After understanding, Xia Xueyi resolutely started OKU’s off-site business. Less than half an hour after the announcement, he received the first OKU at a price of 96% off. Unexpectedly, he immediately lost money and then continued to bet.
“I made 1 million USDT on the first day, and 2 million USDT on the second day. On the third day, my income plummeted, and more and more people were doing…” Xia Xueyi became the largest OTC market maker of “Happy Bean” .
In order to dominate over-the-counter prices and make transactions more in line with their own interests, Xia Xueyi said that they would even take the initiative to influence market prices, agitate the market, and encourage others.
“Some of the so-called gossip, in fact, a lot of it is deliberately made and released. We release bad news when we want to buy, and good news when we want to sell.”
In Xia Xueyi’s view, this is a very normal business method, “I pretend to be a grandson, and everyone else is a real grandson! I have no taboos to say what others dare not say and do what others can’t think of!”
In the end, Xia Xueyi handled about 500 million USDT and benefited more than 30 million yuan.
CryptoApprentice also made a lot of money, “not counting the bottom bargaining OKB and BTC, only relying on OKU, making about 5 million.”
After a brief panic, CryptoApprentice keenly sensed that this might be an opportunity to make a fortune, and his trust in OKEx supported his belief in bargaining.
“As the earliest exchange established among the three major exchanges, OKEx stocks a large amount of low-priced bitcoins. There will be no problems with assets, no shortfalls, no redemption risk, and trading means OKEx itself has no risk. “
In the process of trading OKU, CryptoApprentice found that “big players are not very panicked. Leeks (retail investors) are particularly panicked.”
The founder and trader Zhang Xiaodao of Bintou Academy aimed at OKB. When OKB fell sharply, the community called on all members to buy OKB, and the price was only $4.3 at that time.
“‘312’ is a historic bargain-hunting opportunity for Bitcoin. This is OKEx’s ‘312’, which is a good time for bargaining at OKB.”
Subsequently, the peak turned around. On November 19, OKEx announced that it would resume withdrawals before November 27.
OKB rose from the lowest of 4 US dollars to the highest of 6.6 US dollars, staged a Jedi counterattack, the highest increase in a week reached 45%.
“After this turmoil, OKEx has turned into a safe exchange. It has not only passed regulatory stress tests, but also helped to improve the risk control system. OKT has not yet released it. Various factors have supported OKB’s strong rebound.” Analyst Mike thinks so.
Some people are happy, some are worried, some are bargaining for OKU and OKB, earning a lot of money, and some people stop their losses and go out, regretting not.
“I was killed by gossip.”
Industry practitioner Zhang Quan said that he heard some sensational “grass” about OKEx during the Shanghai Blockchain Week, and there is the possibility of returning assets to zero. Under the trade-off, the assets should be sold at very low prices. Liquidation, the loss exceeded 100,000 yuan.
“Never do such silly things again, stay away from the gossip.” Zhang Quan was very regretful.
The successful bargain hunting, CryptoApprentice believes that there are both courage and cognitive factors, as well as luck. Xia Xueyi believes that his success cannot be copied.
The minimum threshold for trading with Xia Xueyi is 100,000 USDT. His customer base is mainly the big customers of the three major exchanges and the “big guys” of the Aisi community.
“I am a major customer of the three major institutes at the same time, and an old Leek, a member of the Aisi community. I have a certain degree of popularity and credit in the industry… What I make is poor resources. At the same time I meet so many conditions to make this money. Do you think too much?”
After the black swan flew away
“From then on, there will be no three big ones.”
During the period when OKEx banned withdrawals, such voices continued.
For OKEx, the end of one crisis heralds the beginning of another crisis.
Centralized exchanges are fighting fiercely, decentralized exchanges are gearing up to set off a DeFi revolution and cannibalize the centralized exchange market.
After the OKEx trading platform announced that it would resume withdrawing coins before November 27, Wang Dong, the founder of the decentralized trading protocol Loopring (Loopring Protocol), said in Moments that he would launch a “centralized trading platform cash withdrawal and mining” activity.
Later, Wang Dong said in an interview with the media that this event was not aimed at any platform.
According to data from Cryptoquant, since July 2020, despite the gradual increase in the price of Bitcoin, the number of Bitcoins in centralized exchanges has fallen sharply. The impact of decentralized exchanges is evident.
“Jiumei (OKEx key account manager) told me that after this incident, OKEx has become the safest exchange in the world. What I am afraid of is that people will lose their hearts.”
Xia Xueyi said that he will continue to stay in OKEx and hope that OKEx will fight back to restore its reputation and popularity.
“The free airdrop of OKT to OKB holders must be the biggest highlight! OKB directly rushed to $10.”
Zhang Xiaodao said that he continues to be optimistic about the future development of OKEx: “This is a catastrophe of OKEx. OKEx has already died once, and now it is a rebirth of Nirvana. OKEx executives will definitely evaluate all risks from all aspects and prepare a plan. B, I believe OKEx will develop better in the future.”
In his opinion, OKEx will definitely consume more time and energy, including money, to maintain customers and improve service quality, which also means more benefits for investors.
On November 24th, OKEx officially announced the user compensation and reward program. It plans to launch three major activities before and after the opening of withdrawals: “Happy Friday Encouragement Payment,” “Customer Handling Fee Refund”, and “Financial Currency Loss User Deposit Compensation.
There are surprises and disappointments. The largest airdrop can be obtained with a position of 10,000 US dollars and a trading volume of 30,000 US dollars, which is more conducive to retail investors . Large investors are more looking forward to the OKT distribution plan.
CryptoApprentice said that it believes OKEx will develop better, and hopes OKEx can well compensate loyal users.
If nothing else, OKEx will restart the withdrawal on November 27, the black swan flew away, and the new test has officially come.
OKEx needs a nirvana rebirth. Time will give the answer.
