"My friends often complain to me about being born at the wrong time, missing out on Taobao in 2008, WeChat in 2013, and TikTok in 2018, but a bigger world is right in front of us. Web3 has given young people all the opportunities: from SBF to us, we should leap into the sea and embrace the giant waves."
On September 27, a piece of news about "a student from Shenzhen University donating 50 million yuan to give back to his alma mater" exploded on social media, sparking various speculations. Comments like "son of Tencent CTO Zhang Zhidong," "founder of Singapore's ABD Capital," and "CEO of a certain company" seemed to be trying hard to shape this young celebrity into a so-called second-generation rich. Today, this article will delve into the story behind this self-made genius—Zhang Yufeng, known in the circle as @octopusfeng, hereafter abbreviated as oct.
Chapter One: A Glimpse into the Path—Contact with Trading, Deep Learning#
Although the internet onlookers have various opinions about oct's true identity and the industry he is involved in, one thing can be agreed upon: oct graduated from Shenzhen University in the 2018 International Trade program. In the current pessimistic economic and employment situation, the stark contrast between "donating 50 million" and "just two years after graduation" stimulates the nerves of every internet spectator. It is understandable that, perhaps due to a loss of faith in contemporary self-made stories, many choose to believe in the so-called second-generation rich or second-generation entrepreneurs tailored for oct. However, those familiar with oct and web3 know that such speculation is unfounded, as his true identity is that of a legendary crypto trader who once worked at the well-known crypto exchange FTX.
Back in 2018, when oct just entered Shenzhen University, like most people, he did not have a clear plan for the future. Whenever he recalls this past, oct feels quite emotional, as he initially had a strong 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 a high-risk speculative game, and that some hedge funds could profit merely due to their capital size advantage. "Pure speculation" left a terrible first impression of trading on young oct.
Fast forward to the end of 2020, news like "#Bitcoin up 300% for the year, once nearing $30,000" began to gradually enter the mainstream public's view. However, unlike the dismissive attitude of most people, oct chose to discard his previous prejudices and began to study and attempt to invest in #crypto. The wheels of fate began to turn silently.
If traders can be divided into doers and thinkers, oct certainly belongs to the former. Even though he made his first "six-figure" profit by investing in U.S. stocks like Bilibili and Hong Kong stocks like Xiaomi, he still chose to go all-in on crypto after weighing his options. It is well known that the financial market has always adhered to the principle of the survival of the fittest, and crypto is the most perilous thicket among them, but coincidentally, oct is like a cheetah that can hold its breath for a long time. After months of sniffing around, oct caught sight of his first prey—$sol. Relying on the deep research habits developed during his internship in the primary market, oct conducted comprehensive research and analysis on the crypto track and sol, and after obtaining a positive answer, he invested all his funds into it.
It is worth mentioning oct's investment research approach: similar to primary market analysis, oct also chose to start from the macro crypto market. He believes that the Ethereum smart contract system is one of the greatest achievements of blockchain, but the high gas fees are a huge obstacle to its development. "Like New York traffic, bustling yet congested." Therefore, a public chain that can also run smart contract systems and has low gas fees became oct's target. The search range narrowed, but there were still many candidates, and oct chose to think from these two perspectives:
(1) He believes that whether crypto has a "strong player" will lead to completely different trajectories for the target, as the philosophy upheld by the token and the price trend of the token are two independent dimensions, and sol has the powerful backing of FTX. In addition, oct believes that "sol will become FTX's sharpest spear," as a controllable high-quality public chain is highly beneficial for exchanges, such as BNBChain for Binance and OKChain for OKX (which was still called OKEX at the time), so FTX had no reason not to strongly support sol.
(2) Builders are more sensitive than traders and can better sense the development trends of public chains in real-time. Every entrepreneurial builder is risking everything to enter the game, and a slight misstep can lead to total failure, so they will desperately choose the most excellent and promising public chains. The hackathons for sol, whether formal or informal, are among the highest quality in the public chain space.
At this point, oct's actions still did not make him stand out. Anyone who has experienced buy and hold knows that the real difficulty is not in the buying process, but in whether one can hold onto a depreciating position during the long hodl process. Oct faced such a choice as well; after buying sol with all his funds at the beginning of 2021, sol continued to decline, touching below $1 multiple times. When recalling this past, oct is quite candid, admitting that the significant drawdown indeed had a major impact on his work and life, and for a long time, he struggled with the urge to "cut losses." Ultimately, Lady Luck smiled upon oct, as sol, after a long period of consolidation, skyrocketed from the buying point of $3 to over $200, at which point oct, having already made a substantial profit, chose to gradually cash out. After this battle, oct's assets grew to the tens of millions.
Although oct has long since achieved success, this somewhat luck-based all-in trading method may not impress everyone with similar experiences, especially those diamond hands who believe that "going all-in is a form of wisdom" but have suffered significant drawdowns. However, it cannot be denied that looking back through the rearview mirror, oct has always been able to penetrate the fog, navigating through dangerous yet perfectly timed rapids and rocks...
(Continued)
[To be continued] Source: 0xbeyondlee.eth
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