#Gate用户突破6000万

Little Fortune Nano Novels

Those Years—My Days Trading Crypto on Gate: 2013

Gate has surpassed 60 million users—60 million users, 60 million stories. Each of us thought we were once-in-a-century genius traders, but after calming down and taking a look, we were merely ordinary people, one in 60 million. Even so, I decided to write down my years of crypto trading on Gate, for no other reason than to give myself something to do and avoid trading crypto just to send money to the 🐶 market makers.

Litecoin Tripled Overnight and 彩币 Went Tenfold

My story began in October 2013, which was also when many Chinese people first heard about Bitcoin—the first year of the crypto bull market. Bitcoin rose from 1,200 RMB to 8,000 RMB, and I entered at 5,800 RMB. When choosing an exchange, I searched Baidu for a long time and ultimately chose Gate, which was still called Bter at the time. The main reason was that it offered many coins, basically covering all the tokens in the top 20 by market capitalization at the time.

The first cryptocurrency I bought was not Bitcoin either, because at the time, its price of nearly 6,000 RMB already seemed very high. I turned my attention to Litecoin. The reason sounds funny now: its name differed from Bitcoin by only one character, while its price was just 80!

Back then, the thing I looked forward to most every day was finding a spare moment to check the prices of Bitcoin and Litecoin. A week passed like this. One morning, after getting up, I opened my laptop as usual to check the market, and that one glance nearly made me jump. Litecoin’s price had tripled overnight, rising to 240 RMB. The other altcoins on Gate had also risen tenfold. An altcoin called 彩币 (TIX), which I had bought with over 600 RMB from my account balance, had already grown to more than 5,000 RMB. I calculated that my “income after sleeping” that night was about 30,000-plus😀. For a student like me, that was already a substantial income.

The Origin of “Central Bank Mom”—Eight Ministries and Commissions Jointly Issued a Notice, and the Central Bank Became Bitcoin’s Strictest Mom

After that, I had inexplicably gained more than 30,000 RMB in windfall money and felt as if I were living in the clouds every day. It felt unreal, but I was also hoping Litecoin would double again and 彩币 would have another tenfold run. At the time, all the major social groups were filled with rumors that Litecoin would rise to 500, but strangely, Litecoin seemed to have taken sleeping pills, fluctuating between 198 and over 200. Later, it moved only by 1 RMB each day, as if it had fallen asleep. Looking back now, the main players had already been distributing their holdings, but at the time I still could not see through their trading tactics (though fortunately, I still cannot see through the tactics of the 🐶 market makers today, which proves I am not a fickle man). I was even thinking about whether to sell high and buy low, scalping the swings every day (there were no trading fees back then).

However, nightmares usually arrive when you least expect them. On the afternoon of December 5, I had no classes and was still staring at Litecoin’s market chart in the dormitory when QQ suddenly popped up with breaking news. The headline read: “The Central Bank and Seven Other Ministries and Commissions Issue the Notice on Preventing Bitcoin Risks” (back then, QQ would pop up major news alerts almost instantly with zero delay; those features seem to be gone now. Maybe social networking really is less profitable than making games). At the same time, Litecoin began a high-level plunge. I watched helplessly as the price fell from 200 to 180, then 150, then 120. Along with it, my heartbeat began to accelerate and my hands started shaking. Watching my account rapidly shrink, I had no time to think and liquidated all my Litecoin at 120, then sold all my 彩币 at market price.

In the end, when the price stabilized, Bitcoin settled at just over 3,000 RMB and Litecoin at around 80 RMB. I also felt as if I had suddenly awakened from a great dream; my life instantly fell from the clouds back to reality.

To be continued......