"My friends around me often express their regrets about being born at the wrong time, having missed out on Taobao in 2008, WeChat in 2013, and TikTok in 2018. However, a broader world is unfolding before us. Web3 offers unlimited opportunities for young people: whether it’s top figures like SBF or ordinary individuals like us, we should bravely dive in and embrace the tide of the times."
On September 27, a piece of news about "a student from Shenzhen University donating 50 million yuan to give back to his alma mater" sparked heated discussions on social media, leading to endless speculation. Comments that seemed credible, such as "the son of Tencent CTO Zhang Zhidong," "founder of Singapore's ABD Capital," and "CEO of a certain company," attempted to portray this young celebrity as a so-called rich second generation. This article will delve into the true story of this self-made genius—Zhang Yufeng. Zhang Yufeng is known by the handle @octopusfeng, hereinafter referred to as oct.
Chapter 1: A Glimpse into the Path—Engaging in Trading, Deep Learning#
Despite the various opinions surrounding oct's true identity and industry background, there is one consensus: he graduated from the International Trade program at Shenzhen University in 2018. In the current harsh economic and employment situation, the stark contrast between "just two years after graduation" and "donating 50 million" stimulates the nerves of every internet user. It’s not hard to understand why many no longer believe in contemporary self-made legends, opting instead to accept a narrative tailored to him as a rich second generation or a second-generation entrepreneur. However, those familiar with oct and the web3 field know that this speculation is unfounded, as his true identity is that of a legendary crypto trader who once worked at the well-known crypto exchange FTX.
Rewinding to 2018, when oct first entered Shenzhen University, he, like most people, lacked a clear plan for the future. Reflecting on this period, oct feels a surge of emotions, as he had a deeply rooted aversion to trading, especially crypto trading. Perhaps influenced by certain media's biased reports on asset trading in China, oct once believed that all traders, including Buffett, were engaging in high-risk speculation, and that some hedge funds profited solely due to their capital scale. "Pure speculation" left a negative initial impression of trading on young oct.
Fast forward to the end of 2020, news like "#Bitcoin skyrocketed 300% this year, once nearing $30,000" began to enter mainstream view. Unlike most people's dismissive attitudes, oct chose to abandon his prejudices and began to study and attempt to invest in #crypto. At this moment, the gears of fate quietly began to turn.
If traders can be divided into doers and thinkers, oct undoubtedly belongs to the former. Although he earned his first "six-figure" sum through investments in U.S. stocks like Bilibili and Hong Kong stocks like Xiaomi, oct ultimately decided to go all-in on crypto. As is well known, the financial market follows the law of the jungle, and crypto is a thorny forest fraught with dangers, while oct is like a cheetah holding its breath and lurking. After months of observation, he locked onto his first target—$sol. With a habit of in-depth research cultivated during his internship in the primary market, oct conducted a comprehensive analysis of the crypto track and sol, and after confirming his findings, he put all his funds into it.
It is worth mentioning oct's investment research approach: similar to primary market analysis, he started from the macro crypto market. He believes that the Ethereum smart contract system is a great achievement of blockchain, but the high gas fees have become a significant obstacle to its development. "Like New York, bustling yet congested." Therefore, a public chain that can run smart contracts with low gas fees became oct's target. After narrowing down the options, there were still many candidates, and oct filtered them from two perspectives:
(1) He believes that the "strong backing" of crypto targets is crucial, as the token concept is independent of price trends, and sol has the strong support of FTX behind it. Additionally, oct believes that "sol will become FTX's sharpest spear," as a controllable and excellent public chain is highly beneficial to exchanges, just as BNBChain is to Binance and OKChain is to OKX (then known as OKEX), and FTX had every reason to strongly support sol.
(2) Builders have a keener sense than traders and can perceive the development of public chains in real-time. Every entrepreneurial builder is fully committed, and any misstep could lead to failure, so they will strive to choose the best public chain. The hackathons for sol, whether formal or informal, are of the highest quality among many public chains.
At this point, oct's actions had not yet made him stand out. Anyone who has experienced buy and hold knows that the real difficulty is not the buying process, but maintaining a position that is increasingly devalued during the long hodl. Oct also faced this choice: after buying sol with all his funds at the beginning of 2021, sol continued to decline, repeatedly dropping below $1. Reflecting on this experience, oct admitted that the significant drawdown severely affected his work and life, leading to a long struggle with the impulse to "cut losses." Ultimately, fate favored oct, as sol soared after a long consolidation, skyrocketing from the buying point of $3 to over $200, at which point oct chose to gradually take profits. After this battle, his assets grew to the tens of millions.
Although today, with oct's success, this all-in trading method with an element of luck may not impress every person with a similar experience, especially those diamond hands who believe "going all-in is wisdom" but endure significant drawdowns. However, it is undeniable that, looking back through the rearview mirror, oct always manages to see through the fog and steadily advance in the dangerous yet perfectly timed rapids...
(Continued)
[To be continued] Source of the story: 0xbeyondlee.eth
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