The cryptocurrency world is a rollercoaster—full of life-changing gains, devastating losses, and hard-earned wisdom. In this candid conversation, three seasoned young professionals from the crypto space reflect on their early journeys: how they made their first major gains, the costly mistakes they made along the way, and how those experiences shaped their current investment strategies.
From DeFi breakthroughs to NFT pitfalls and high-risk altcoin bets, their stories reveal the emotional and financial turbulence of navigating one of the most volatile markets in the world. Whether you're new to crypto or looking to refine your strategy, these insights offer valuable lessons grounded in real-world experience.
Entering the World of Crypto: How They Got Started
From Wall Street Dreams to Web3 Reality
Shang, formerly a BitMEX analyst and now host of a crypto-focused English podcast, entered the space in 2018 with a finance background. Initially drawn to traditional finance, he quickly realized that breaking into Wall Street was an uphill battle—especially without elite connections.
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That changed when he discovered Bitcoin. During the prolonged bear market from 2018 to 2020, he didn’t trade—he studied. By 2021, while pursuing graduate studies, he dove into DeFi and identified early potential in Solana (SOL), allocating a significant portion of his portfolio at low prices. He also began writing about crypto, which eventually led to a full-time role in Singapore.
Despite early wins, Shang faced major setbacks: watching SOL drop from $200 to $30, losing value on Luna (UST) before its collapse, and being caught in the FTX implosion. Today, his focus has shifted toward low-risk strategies like airdrop hunting and analyzing market sentiment.
A Missed Start and a Late Entry
Xiao Guo, a chain analyst known for deep on-chain research, first encountered Bitcoin in 2017 while working in Fuzhou. With housing prices rising and salary growth stagnant, he sought alternative investments. But hesitation almost kept him out entirely.
He attempted to register on Huobi but paused at KYC verification—uncomfortable sharing ID and selfies with an unknown platform. Just days later, China announced stricter crypto regulations. Relieved he hadn’t invested, he assumed Bitcoin might fade away.
By December 2017, however, he saw headlines: BTC had surged nearly tenfold. That wake-up call pushed him to re-engage. He joined exchanges and jumped into popular projects like EOS—officially entering the crypto ecosystem.
For Xiao Guo, there was no single "first bucket of gold." Instead, his journey has been defined by continuous learning and reinvestment across cycles.
The Pandemic That Sparked a Career
Xiao Liu, now a lead analyst at Wushuo, entered crypto during the chaotic crash of March 12, 2020—triggered by global pandemic fears. Originally exploring shorting gold, he stumbled upon Bitcoin instead.
His early days were marked by volatility: short-term contract trading on Bitget brought a 17x return in two days—only to lose it all back shortly after. It wasn’t until Christmas 2020 that clarity emerged.
After deep reflection, he committed fully to decentralized exchanges (DEXs) as the future of finance. At 3 AM on December 25, he invested his entire savings—around ¥5,000—into Uniswap (UNI). Within two months, it grew tenfold.
Buoyed by success, he replicated the strategy with Filecoin (FIL), again achieving 10x returns. His net worth ballooned to ¥500,000. Later, investing all remaining funds into Mobox, a gaming platform during the Axie Infinity boom, pushed his peak holdings past ¥3 million.
But overconfidence led to overexposure—and painful reversals followed.
The Painful Lessons: What Went Wrong?
Selling Too Early vs. Holding Too Long
When asked how they knew when to sell after achieving 10x gains, perspectives varied.
Xiao Liu emphasized conviction through research: “I only go all-in if I believe a project has 10x potential.” For him, timing isn’t about charts—it’s about narrative strength and utility.
Xiao Guo quoted the old adage: “Buying is for apprentices; selling is for masters.” He highlighted a common blind spot: focusing on market cap instead of fully diluted valuation (FDV). For instance, he once shorted Chainlink (LINK) due to its high FDV—only to see it rise despite his logic.
Shang takes a behavioral approach: “Who’s buying?” He watches social momentum—if few people are talking about a promising project, it may be undervalued. Conversely, when luxury car websites start tempting him (like Porsche), it’s time to consider exiting.
The Crashes That Changed Everything
All three cited Terra/Luna as a defining moment.
Shang lost not money but faith. Though overall profitable, witnessing the collapse of a seemingly robust ecosystem backed by institutions like 3AC and Delphi Digital shattered his trust in narratives—even compelling ones.
For Xiao Guo, Luna was personal. He didn’t invest early—he tried to buy the dip after it crashed from $100 to $5. But unfamiliar with tokenomics and using leveraged contracts, his position vanished overnight.
“That taught me: price is an illusion. On-chain data tells the real story.”
He now prioritizes understanding protocol mechanics and supply dynamics over price action alone.
Xiao Liu’s downfall came later—in 2022’s bear market. After success with UNI and FIL, he doubled down on aggressive plays: Stepn clones and mid-tier NFT platform tokens. All failed.
His takeaway? Stick to leaders in each sector. In bull markets, everything rises; in bear markets, only dominant assets survive with relative resilience.
Today’s Strategies: Discipline Over Hype
Building Resilience Through Structure
Xiao Liu now follows strict principles:
- Invest only in sector-leading assets (e.g., Pendle in LRT/LST)
- Allocate core positions early in perceived bull phases
- Maintain exposure to high-conviction plays like Ordinals (ORDI), which he’s been dollar-cost averaging since mid-2023
- Explore low-risk airdrop farming opportunities
He believes we’re in the early stages of a new bull market, beginning around late 2023.
Xiao Guo focuses on on-chain fundamentals. One of his key indicators? Gas consumption on Ethereum.
He discovered Blur not as a user—but as an analyst. Despite never trading NFTs on it, he noticed its growing network activity and disproportionate user engagement compared to its FDV (~$1B at entry). With trading volume rivaling OpenSea, he saw asymmetric upside.
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But his most important rule? Hold Bitcoin—ideally 50% of any portfolio.
“Bitcoin is psychological armor. It keeps you calm when everything else swings.”
He argues that BTC remains the most “politically correct” holding—not because it always outperforms, but because it anchors discipline.
The Rise of Bitcoin-Based Assets: Beyond BRC-20
When discussing Ordinals and inscriptions, Xiao Guo offered a contrarian take: BRC-20 isn’t the breakthrough—it’s Bitcoin becoming an asset layer.
Historically, nearly all tokens lived on Ethereum (ERC-20). Bitcoin was seen as just digital gold—until now.
With inscriptions enabling asset creation on Bitcoin’s base layer, network activity has surged. New addresses, higher fees, increased miner revenue—all signs of organic demand.
“Does it matter what core developers think? Bitcoin belongs to its users.”
If users want assets on Bitcoin—and they’re willing to pay for block space—then adoption will follow regardless of ideological resistance.
Shang agrees: innovation often emerges bottom-up. While meme coins dominate headlines today, structural shifts like RWA (real-world assets) and regulated ETFs are quietly bringing institutional capital into crypto.
FAQ: Real Questions from Real Investors
Q: Is it too late to get into Bitcoin or Ethereum?
A: No. While early adopters saw exponential gains, both remain foundational assets. Dollar-cost averaging into BTC/ETH provides long-term exposure with lower risk than chasing altcoins.
Q: How do you avoid getting rekt in bear markets?
A: Focus on sector leaders, avoid leverage, and never invest more than you can afford to lose. Diversify across asset types but keep core holdings simple.
Q: Are airdrops still worth farming?
A: Yes—especially for protocols needing user adoption. Projects like Blur showed that early participation can yield high-reward, low-risk returns.
Q: Should I trust projects promoted by big influencers?
A: Do your own research (DYOR). Influencer hype often peaks near tops. Use social sentiment as a contrary indicator rather than a signal.
Q: Can you really make life-changing money in crypto anymore?
A: Possible—but unlikely without deep knowledge or extreme luck. Sustainable growth comes from consistent learning and disciplined execution.
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Final Thoughts: Wisdom From the Trenches
Crypto rewards patience, punishes greed, and humbles even the smartest. These three investors—each with multi-year track records—show that lasting success isn’t about hitting home runs; it’s about staying in the game.
Whether through early DeFi wins, painful Luna lessons, or strategic bets on emerging trends like inscriptions and LRTs, their journeys underscore one truth:
In crypto, your biggest gains—and losses—are often separated by a single decision.
Stay informed. Stay cautious. And above all—stay curious.