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 Dogecoin, which was born as a joke, is now more like a realistic version of the absurd "blind box". Among the investors, some became rich overnight, while others lost everything. Even those who got rich by accident seemed like they were dreaming and kept saying "unexpected". Written by/Egg Editor/Yiran Recently, the “upstart” virtual currency Dogecoin can be said to be the most popular in the currency circle. On May 4, the price of Dogecoin, which was blown up by Musk, skyrocketed again, with the highest value exceeding US$0.6 per coin. If calculated from the beginning of the year, the price of Dogecoin has soared more than a hundred times this year. As a result, the total market value of Dogecoin exceeds 80 billion US dollars, becoming the fourth largest digital currency after Bitcoin, Ethereum and Binance Coin. Even Marcus, the co-founder of Dogecoin, is puzzled by this surge. Marcus was not a beneficiary of the surge in Dogecoin. He sold all his Dogecoin holdings as early as 2015 and bought a second-hand Honda Civic. Dogecoin, which was born as a joke, is now more like a realistic version of the absurd "blind box". Among the investors who got into it, some people got rich overnight, while others lost everything. And even those who got rich suddenly felt like they were dreaming and kept saying "unexpected". "Financial Stories" interviewed several investors who bought Dogecoin in the early stage: Zhang Qi, a post-85s generation, ran away from the exchange, and Dogecoin worth millions disappeared into thin air.； Liu Tong, who was born in the 1990s, lost trust in Dogecoin because he was targeted by a pyramid scheme group, and was eager to take action. In the end, he gained nothing. ； Zhang Wei, born in 1985, doubled his income by buying Dogecoin, but he only regretted that he bought too little at the time: Mr. Snake, a professional, helped his friends achieve financial freedom, but he regretted not buying Dogecoin earlier: he became unexpectedly rich by buying Dogecoin, and workers in major Internet companies no longer worry about future pensions. one The exchange ran away, and Dogecoin worth millions disappeared into thin air. “The Dogecoin avatar is so cute, I knew it would be popular back then." Zhang Qi, an employee of a major Internet company born in 1985, has a very cute Shiba Inu. This Shiba Inu has been with him for more than 6 years, and he purchased Dogecoin because of this pet named "Fanta". In 2016, digital currency was very popular, the Bitcoin market was booming, and the entire network was immersed in the joy of mining, but Zhang Qi did not have much interest in digital currency. One day, while teasing Fanta, he was scrolling through his mobile phone, and suddenly the Doge coin logo came into view. “Who stamped my dog? ”  Out of curiosity and fun, and thinking about saving some pension money for Fanta, he decided to buy some Dogecoin. At that time, Dogecoin had just become popular and there were few related platforms. Zhang Qi searched for an afternoon and finally found a website called baobis (https://www.baobis.com/) on a social forum. With some doubts, Zhang Qi tried to log in to the website and succeeded. He decisively purchased Dogecoin worth 3,600 yuan. At first, Zhang Qi would check the market every few months, but the market value did not change significantly. As a migrant worker who works overtime every day, he soon forgot about the existence of this asset. Until this year, the market has soared! Zhang Qi suddenly remembered that there was still a pension fund for the dog. The value of Dogecoin in 2016 was 3,600 yuan. According to the current market situation, it is worth millions! Zhang Qi's heartbeat accelerated, and he opened the website with trembling hands. As a result, the trading website was completely blank! After asking around, I found out that the exchange had run away. There was clearly a chance to get rich overnight, but the result was nothing. Zhang Qi felt uncomfortable for several days. Fortunately, Zhang Qi didn't have much money to invest. He said that he did not want to take on "this kind of 24-hour rising and falling things that have no logic. The risk is too great." He also reminded everyone that if you want to invest in digital currencies, you must choose a reliable exchange. Otherwise, even if it skyrockets a thousand times, your wealth will still be fragile and easily scattered. two Dogecoin was targeted by MLM groups, and they were worried about being trapped, but now they hate that it was too early to "untie the trap" Liu Tong, born in the 1990s, is responsible for market and business operations in the financial self-media industry. Ten years ago, he was still a young college student. “Bitcoin is a virtual asset and may appreciate in value if left for a few months. If you are interested, please study it.” In class, the computer teacher's seemingly casual words caused ripples in Liu Tong's heart. After searching a lot of information, he decided it was an asset worth investing in. Liu Tong decided to invest half of his living expenses in Bitcoin, but ended up failing to find a trading platform. In 2018, after working, Liu Tong took more than two months' salary of more than 30,000 yuan, plus more than 10,000 yuan prepared by his friends. With an extreme desire for wealth, he rushed into the digital currency market. I bought more than 10,000 yuan of the most popular Bitcoin at the time, more than 10,000 air coins, and the remaining 10,000 yuan or so bought 1.2 million dogecoins (currently worth 0.007 yuan per coin). Unexpectedly, in less than a month, the price of Dogecoin dropped to 0.0042 yuan, and other coins purchased during the same period were also falling. Liu Tong felt regretful at the time, thinking that "virtual currency is a game of beating drums and passing flowers around, but he never expected that he would become the taker!" ” I feel unwilling to do so, so I can only bear the pain and cut my flesh. After selling 1 million Dogecoins, Liu Tong looked at the remaining 200,000 Dogecoins and thought they were worthless, so he just put them in his account and never bothered with them again. Just when Liu Tong had slowly forgotten about Dogecoin, a piece of news suddenly came into view. “Revealing the truth about Dogecoin's sudden profit of 500 million, it is actually the 'Zhengyu' MLM team that is hyping it up", "The MLM team's scam, the truth about Dogecoin's sudden profit of 500 million".  From August 31 to September 1, 2018, in just one day, Dogecoin increased by as much as 262%, which was a major event that shocked everyone in the currency circle that month. The initiator of this surge is a pyramid selling company "Zhengyu International Holding Group". This group uses brainwashing and other methods to induce members to buy Dogecoin. Liu Tong was shocked. He did not expect that the virtual currency he bought was related to a pyramid scheme. But then I thought, this is a once-in-a-lifetime opportunity to go ashore! I sold all the remaining 200,000 Dogecoins that day. It was thanks to the rise of this wave of MLM groups that Liu Tong partially made up for the losses of himself and his friends. Dogecoin has surged recently, and this time he feels even more regretful, "If I hadn't sold the 1 million Dogecoin back then, I would have become rich and free." Reluctant, Liu Tong bought another 6,000 yuan of Dogecoin, and this time he planned to hold it for a long time. After experiencing high-level buying, cutting, and MLM groups pushing up prices and selling to stop losses, Liu Tong now does not dare to have high expectations for Dogecoin, and treats it as a blind box for his future self. three I made more than 200,000 yuan in one go, but I only regretted that I didn’t buy much at that time. In 2017, big names in the currency circle came out one after another to "bring goods", and the myth of sudden wealth was staged one after another. Wang Wei, born in the 1980s, had the dream of "getting rich", so he opened a virtual currency forum and started to enter the currency circle. But the price of Bitcoin was too high at that time, and Wang Wei noticed that Ethereum was only 1,000 yuan per coin. He bought 2 Ethereums and deleted the trading platform APP with the idea of long-term holding. In February this year, a rare digital currency bull market came. One Ethereum worth 1,000 yuan has soared to 10,000 yuan. Just two Ethereums brought Wang Wei tens of thousands of yuan in income. It turns out that speculating on currencies is so exciting! Wang Wei regrets that he only bought 2 Ethereums. If he had bought more, wouldn’t he be able to achieve financial freedom as soon as possible? At that time, news about the surge in Dogecoin flooded the currency circle, and Wang Wei, who had tasted the benefits of virtual currency, decided to buy Dogecoin. On February 3, the price of Dogecoin was only 0.03 cents. Wang Wei decisively opened a position, bought a small amount of Dogecoin, and continued to buy a little every day. As he continued to buy, the price of Dogecoin rose from 0.03 cents to 0.04 cents, and then to 0.07 cents. This continued until February 28, when he purchased a total of 70,000 Dogecoins. In April, the price of Dogecoin rose from 0.03 cents to 0.3 cents! In just 2 months, it achieved a 10-fold growth, exceeding Wang Wei's expected income. He quickly sold 50,000 Dogecoins and made a profit of more than 200,000. There are 20,000 Dogecoins left, and Wang Wei plans to hold them for a long time. Wang Wei said that investors in the currency circle expect to make big money. If the price of the currency they buy rises by less than 50%-100%, no one is willing to sell it. This is an exciting battlefield where “everyone wants to get rich overnight”. Wang Wei also summarized some experiences of successful currency speculation: Virtual currencies are suitable for long-term investment. It is best to hold them for half a year or even three or five years, so that you can maintain a calm attitude towards short-term violent price fluctuations.； Pay attention to the positions of Grayscale Funds and the position dynamics of institutional investors. They are the dynamics of the future market. ； Pay attention to the amount of discussion on domestic and foreign websites. The more discussion there is, the more likely this coin will rise. Four Amway friends achieved financial freedom, but they cashed out too early and only earned 10,000 Mr. Snake (Meng Xiao She) is a well-known Internet KOL, senior community operation expert, and the leader of Huobi Global Community. He was one of the first people to come into contact with virtual currencies. I first learned about Dogecoin in 2014 when a fan left a message on Mr. Snake’s official account and wanted to give him some Dogecoin. Mr. Snake was very surprised. This was the first time he was "rewarded" with Dogecoin by a fan, and he was a Chinese programmer working in the Netherlands. In 2019, Mr. Snake joined the Dogecoin Chinese community and purchased one million Dogecoins. Different from Wang Wei's idea, Mr. Snake believes that low-value virtual currencies such as Dogecoin are particularly volatile and more suitable for short-term investment. You can earn the difference through short-term buying and selling. Many people in the currency circle think the same as him, adhering to the concept of short-term investment in Dogecoin. Soon, the value of Dogecoin doubled. Mr. Snake believed that he had reached his expected profit, so he decisively sold it and cashed out, earning 10,000 yuan. When the value of Dogecoin was low, Mr. Snake often promoted Dogecoin to his friends and asked them to buy Dogecoin. If the price rises in the future, they can earn a hundredfold or a thousandfold profit. However, friends around me have very limited understanding of Dogecoin and even other virtual currencies, and very few people are willing to buy it. However, there are always friends who are favored by the goddess of luck. There is a friend who bought a lot of Dogecoin through his Amway and has achieved financial freedom. Mr. Snake is very sorry. If he had bought Dogecoin earlier, he could have retired early now. When it comes to the prospects of virtual currencies, Mr. She believes that the issuance of traditional currencies is not public, and there will inevitably be over-issuance, which has led to a decrease in the trust of many young people in traditional currencies. Millennials are more willing to accept cryptocurrency because they have been exposed to the Internet since childhood, including the concept of virtual currency (such as Q coins, gold coins in games, etc.). However, Snake believes that Dogecoin’s issuance mechanism will prevent it from becoming a mainstream asset, but it is a great social experiment. He had been deeply involved in this experiment and felt its strong and relatively stable consensus basis. Musk’s raising the flag makes the prospect of Dogecoin more imaginative. No matter how rebellious and maverick Musk is on social media, he is still an excellent representative of mainstream capital. Mr. Snake therefore questioned whether a virtual currency born out of irony should become a toy of mainstream capital? !  five The founder of Dogecoin is still working, but I don’t have to worry about retirement for the time being. In Diudiu’s circle of friends, many people rumored that she achieved financial freedom by investing in Dogecoin. But Diudiu was tight-lipped and unwilling to reveal how much she had profited. As for financial freedom, what are the standards? Recently, Diudiu saw a screenshot of a screenshot that showed a Tencent employee who claimed to have 10 million Shenzhen real estate, 10 million Tencent stocks, and 3 million in cash, and was preparing to retire early. Diudiu thought it was funny and sent the screenshot to a senior executive of Tencent. The executive took one look and smiled, "Is this considered freedom of wealth? ! What can I do with this little money in Shenzhen, and how dare I retire? ! ” As early as 2013, Diudiu came into contact with Dogecoin. At that time, she was still working in the media and often appeared on Zhongguancun Entrepreneurship Street. Many big names in the currency circle, such as Li Xiaolai, Bao Erye, etc., would also appear here, and some entrepreneurs around her would also play with coins. Under the influence, Diudiu became interested in digital currency. In fact, before this, she was a novice in financial management. Her parents, who were intellectuals, once invested in stock funds and suffered heavy losses. Therefore, Diudiu was not interested in short-term high-risk investments in the past, but she tentatively bought some digital currencies and made a lot of money. First, she bought Dogecoin because it was cheap. At that time, Diudiu's income was meager and she only spent more than 1,000 yuan to buy 100,000 Dogecoin. Secondly, she thought Dogecoin was very cute and adorable. She is also a dog lover and had raised a pet dog. Thirdly, she felt that although she did not understand technology, she had faith in it. Dogecoin has soared more than 100 times this year, but Diudiu remains calm, "If it increases ten times or a hundred times, I may be happy and cash out a little to improve my life. At the end of the day, it is still a bunch of numbers." That string of numbers may also be cut in half or cleared to zero. ” Seeing the news that the founder of Dogecoin only earned a car and was still working part-time, Diudiu found it a bit absurd.  After the sharp rise, Diudiu has no plans to cash out for the time being. Firstly, she always feels that since digital currency is the consensus, there is a high probability that it will still rise. Secondly, there are risks in withdrawing currency now. Frequent operations may cause the account to be frozen, so she is more cautious. Personal assets have increased a lot, but Diudiu's desire to consume has declined. "In the past, when I had money, I wanted to buy bags and clothes, and spend time for pleasure. Now I feel more secure, have more hope in life, and have more confidence. I can now look forward to things that I didn't dare to think about before, such as going to the moon?" ! ” However, she spent a lot of money on her family. She had lived in her parents' old house for more than 30 years, with mottled walls and old windows. For this reason, she spent some money to renovate the house for her parents and also bought a bunch of digital products for her family. Many colleagues and friends around me heard about Diudiu’s investment case and came to learn from it. In April this year, many colleagues got on the bus after Diudiu, and now they have made a lot of money. However, Diudiu said that she will not take the initiative to benefit from digital currency. "Instead, I will remind them that you will not enjoy the low-price dividends before, and the marginal cost of investing now is getting higher and higher." In addition to Dogecoin, Diudiu also bought SHIB, another digital currency commonly known as "Shit Coin." "There is a high possibility that this coin will be cleared, and you may lose everything after buying it. But only with such a very low-priced coin can it be possible for Leek to reap the benefits." Of course, this does not mean that Diudiu does not have risk control concepts. For example, her mainstream digital currency assets will be stored in large exchanges, because the latter are safer and prevent losing coins. In addition, in terms of currency selection, "I want to hold some mainstream coins that have consensus." Today, Diudiu is still living a life as an Internet worker, but at least, with the Dogecoin in his hand, Diudiu no longer has to worry about retirement issues. In the past, as an unmarried woman, Diudiu would always fall into anxiety. Involvement was everywhere around her. She even jokingly discussed with her parents, "When I am old and unemployed, I will work in a supermarket, right?" ”As a result, her mother rolled her eyes and said, "Supermarkets also prefer to recruit young girls." Conclusion The wave of digital currency is surging, but not everyone can successfully get on the bandwagon. Some people get rich unexpectedly, while others are bleeding profusely. Digital currencies that lack the support of a national credit system are destined to be accompanied by high returns and high risks. Dogecoin is large in size but has a low value per coin. On the one hand, it is suitable for ordinary people to invest and has a low investment threshold.； On the other hand, it is easy for people who hold large amounts of currency to manipulate currency value. Finally, I would like to remind everyone that "there are risks in the currency circle, so be cautious when investing"! (At the request of the interviewees, Zhang Qi, Liu Tong, and Wang Wei are all pseudonyms. ) END With a loss of 1.2 billion in three years, is Shuidi worth it? 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