Don't speculate in cryptocurrencies, only do business in the crypto circle, the business experience of post-95s

24-06-21 14:26
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Written by: Jaleel, BlockBeats
Edited by: Zhang Wen, BlockBeats

The four-year development history of the coin circle's wool industry is also the four years when cryptocurrencies are growing most wildly.

In 2020, due to the money-making effect of new stocks of star companies such as Nongfu Spring, Smoore, and Kuaishou, Hong Kong stocks were once popular and became a hot spot for many investors. Although the Hong Kong Stock Exchange requires KYC, the regulatory approach of turning a blind eye has given investors the opportunity to exploit loopholes.

During that time, many investors known as "hundred households" appeared in the Hong Kong stock market. They opened multiple brokerage accounts to increase their chances of winning new stocks, and some even had hundreds of accounts. It is not a problem for a family, relatives and friends to open thousands of accounts together, and this method can increase the probability of winning the new lottery.

2020 Hong Kong stock new lottery income, source: Futu

Behind the feast of Hong Kong stock new lottery is actually the art of account management. Through the operation of a large number of accounts, the winning rate can be increased, thereby obtaining a higher return on investment. This operation mode allows many ordinary investors to feel a simple and effective arbitrage opportunity. As the saying goes: "Learn three or two more tricks, and the leek will become a sickle." In that wave of Hong Kong stock new lottery, account management and arbitrage were one of the two or three tricks.

And the same gameplay has been copied in the currency circle and iterated to the extreme. Here, this operation is called "rubbing the hair".

Unlike the fixed platform for participating in new stock issuance, in Crypto, if you want to obtain new cryptocurrencies, you need to interact with the products of each project party. Obtaining the token airdrops from the project party is the only goal of the rubbish. To give an inappropriate and unrealistic example, it is like buying and selling things on Pinduoduo when it was just established, in order to obtain the stocks that Pinduoduo will issue later. The tokens airdropped by the project party can be circulated and exchanged for money, and the rubbish people will have actual benefits.

This is not the native industry of cryptocurrency. Compared with investment institutions and retail investors, the history of rubbish people started in 2020, only 4 years. Unlike investment or speculation, rubbish is more like doing business. Basically, there is no need to understand the so-called new concepts of Crypto. Just focus on costs and benefits.

In the past four years, the scale and voice of the business of Lumao have been growing. From individual iteration to studio and even company, it has become an extremely important part of the cryptocurrency industry. Of course, crowded tracks mean considerable profits. There are many examples of Lumao getting rich just like speculating in cryptocurrencies, and the returns are even more amazing than those from speculating in cryptocurrencies.

But the cryptocurrency cycle is four years, and the Lumao industry, which has already experienced a cycle, is facing its own dilemma: the returns given by the project parties to Lumao people are no longer as generous as in the early days, and there are more and more conditions, and the costs and benefits are not growing in direct proportion.

Especially in recent times, the benefits brought to Lumao people by several superstar projects have reached the extreme, and the time and money costs are completely disproportionate to the benefits. I don’t know if the four-year development of Lumao will go downhill this year. BlockBeats wants to use this article to record the development of Lumao. These may be the four years when cryptocurrency has grown the most.

Uniswap airdrop, the luma industry has its roots in the Uniswap airdrop in 2020.

As the world's largest decentralized exchange, Uniswap's addresses that interacted with the platform before September 1, 2020 are eligible, and each address received at least 400 UNI tokens. By the beginning of 2021, the value of these 400 UNI tokens had climbed to about $12,000.

"Money is not earned, it is blown by the wind." Because of the UNI airdrop, such voices have increased.

The vast majority of addresses airdropped that year had 400 UNI tokens, data source: DUNE

This airdrop by Uniswap made everyone realize the importance of multiple numbers and batch addresses, which is also the essence of wool pulling.There is no KYC (identity verification) in the world of the currency circle chain. A person can have countless addresses, and use these addresses to earn more income. It is this point that makes wool pulling a relatively stable and high-yield way, which is more certain than speculating in coins.

It was also from Uniswap that the wool pulling trend began. In those years, everyone was a "wool pulling party", and everyone had dozens or even hundreds of wallet addresses, wanting to replicate the next "wool wool getting rich" like UNI.

Studio equipment, source: Internet

2021 and 2022 are the sweet period for coin flippers, and the wave of crypto airdrops continues to push up a group of newly rich people. dYdX and Ethereum Domain Name System (ENS) carried out large-scale airdrops in September and November 2021, respectively. The success of these projects has created many legendary stories of getting rich overnight. For example, a college student directly received 46,000 ENS tokens for his contribution to ENS, which was equivalent to more than 620,000 US dollars at the price of $13.63 per coin at the time.

The most common "origins" of the past few batches of free coin flippers are Uniswap, dYdX and ENS.

However, with the advent of the crypto bear market, the number and scale of airdrops began to decrease. During the bear market, many wool studios could only rely on the monthly unlocked token shares to barely make ends meet, but most studios were not so lucky and disappeared from the currency circle.

It was not until 2023 that some studios survived the "winter" and ushered in a brief recovery with the issuance of several major projects Arbitrum (ARB), Celestia (TIA) and Blur.

With the development of these years, wool studios have also gone through many tests and survival of the fittest. Those who remain have been tempered and reached unprecedented maturity.

And this year may be the most glorious year for wool studios after 2020.

With the passage of the Bitcoin ETF, Bitcoin broke through $72,000, setting a record high. The arrival of the bull market has led to the issuance of more projects and has also brought new vitality to the LuMao Studio. In recent months, well-known projects such as Merlin, Unisat, ionet and ZKsync have successively issued coins. Although the market value is slightly inferior to the airdrop grand occasion in previous years, these airdrop projects still attracted widespread attention.

Unlike the past, the LuMao industry has also experienced many evolutions and new challenges. Today, the LuMao business is more competitive, professional and commercial than ever before. The threshold for newcomers to enter this industry is getting higher and higher, and the competition is becoming more and more fierce. "LuMao" used to be a place where every grassroots hero could venture into, but now it is more like a high-threshold commercial game.

Grassroots heroes play commercial games

A typical swiping studio, in addition to daily operating costs, such as water and electricity bills, rent and other expenses, also needs to pay the salaries of executive employees. "These have to be settled every month, about hundreds of thousands. So basically all the studios are in second- and third-tier cities to reduce staff consumption and venue rental costs." Xiao Zhi (@shut_nice1) is in a swiping studio team, he revealed to BlockBeats.

In order to obtain more resource support and liquidity support, some studios will also register business licenses and apply for some government subsidies and subsidies.

With the development of the currency circle, swiping, a once free and undisciplined grassroots industry, has gradually become industrialized, networked and corporatized. Now it has been operated like a small startup company. It is no longer a grassroots hero era where a few people get together, but a professional system. These studios have a clear organizational structure and division of labor. Through refined management and operation, they can maximize the use of resources and steadily increase their profits.

Startup company configuration

"In the configuration of the studio, different teams have different genes, but there is no doubt that the most critical parts of the team are investment research and execution" Damon (@Damon_btc) is the manager of SohaDao Studio. Their current focus is mostly on the Bitcoin ecosystem.

As the think tank behind the investment studio, investment research colleagues are responsible for analyzing market trends and project data, finding the most promising projects, and formulating the best investment plan. Investment research also needs to do cost control and strategy optimization.

In strategy formulation, Damon's team usually starts from the results and reverses the steps needed in the middle. "Suppose we have a project with the goal of acquiring 1% to 10% of the market share. We will first study the token model, predict the number of addresses in the market, and then work backwards to calculate how much money and resources are needed to achieve this goal." Damon said that such backward calculations can help the team determine the cost of initial investment and make adjustments every month to ensure a balance between investment costs and output benefits.

"But I think the role of investment research will gradually weaken in the future. First of all, the information gap in the entire market will become less and less. The content transferred between KOLs or paid groups is now very homogeneous. So execution is a way to make differentiation. It may have been 70% investment research and 30% execution, but in the future, execution will gradually be greater than investment research, forming a 50-50 split." Damon said.

Let's look at the execution section. The execution team is divided into two parts: program development and manual operation.

The program development team is a technical support, similar to the technical development team in a startup company. They are responsible for developing and maintaining the tools for making money, such as automated scripts and data crawling programs, to ensure the stable operation of the system and improve the efficiency of making money. Programmers must not only be proficient in code, but also understand the relevant technologies of blockchain and cryptocurrency, quickly develop tools that meet market needs, and enhance the competitiveness of the studio.

The manual operation members are like frontline fighters, who specifically implement the strategy of making money, ensuring that each airdrop project can participate in time and maximize the benefits. They are responsible for the daily operation and maintenance of various accounts, and handle transactions and transfers. The execution team needs a high degree of execution and responsibility to ensure that every step of the operation is accurate and correct, and maximize the benefits of making money. Qi Fite is currently a self-employed person, but he also knows many studio friends. After communicating with them, he has some insights: "The standard for recruiting manual execution members is not to recruit too smart, nor to recruit not smart at all."

Like startups, some mature studios also accept investment from investors. "Profit sharing is a common cooperation model. The studio is responsible for execution, and the investor provides funds. After the airdrop, the profit sharing is divided according to the proportion."The specific profit sharing ratio depends on the negotiation between the two parties. If the execution is difficult or fundraising is difficult, the profit sharing ratio will increase. The profit sharing ratio must also consider the risks that both parties can bear. The party with higher risks may share more, Qi Fite mentioned.

In addition to investment research and execution, the CEO of this "small startup" is generally called the "manager",who coordinates the overall situation, is responsible for the overall operation and strategic planning of the team, decision-making and execution, and ensures the achievement of team goals and long-term development planning.

According to BlockBeats, the current LuMao studio still needs KOLs as external spokespersons to expand the influence of the studio through social media and community activities, establish connections with other project parties, investors and media, increase their voice, and also get more "insider information" opportunities.

In the currency circle, the role of KOLs is similar to that of Internet celebrities or reviewers in traditional industries. They can use their influence to help promote projects.

"The influence can be bigger, but the team should not be bigger. This is one of my demands." Damon said that he hopes to improve efficiency and professionalism by streamlining the team. At present, his studio is in its infancy, and social media such as Twitter have just started operating, and the influence needs to be further improved.

"I think a proper executive team of 10 people is enough, because a large team may not necessarily make money." Damon explained that his experience working in a large company made him realize that a too large team would lead to internal circulation and reduced efficiency. However, he emphasized the importance of influence, believing that expanding the influence of the studio is more valuable than expanding the size of the team. By increasing influence, more resources and information can be obtained, thereby enhancing the competitiveness of the studio.

The sideline business derived from rubbing hair, the road to industrialization of the studio

The industrial structure of the rubbing hair studio is no longer limited to a single rubbing hair business. In order to reduce costs and increase profits, they have explored and opened up more channels and paths, thereby deriving multiple profit models.

Damon explained that due to his work experience in Web2 Internet, "reducing costs and increasing efficiency" is like a gene engraved in his bones. People with a financial background, especially actuarial background, can calculate and control costs more accurately.

"The three-piece suit" can be said to be the "jargon" of the coin circle coiners, referring to three basic tools: virtual private network, multi-account management tool, virtual machine/fingerprint browser (there is also a three-piece suit saying Twitter, DC and Gmail account).

Account multi-opening tool, source: coin diary

Multi-account management tools can help coiners manage multiple accounts, including batch registration, login, automated operations, etc. Common tools include browser extensions, scripts, etc., to reduce the time and error rate of manual operations. Fingerprint browsers can simulate different browser environments to prevent the platform from detecting that the same device is operating multiple accounts. Virtual machines can create independent operating system environments to further isolate operations of different accounts.

When choosing these coin tools, studios usually "shop around" in terms of price and function. Damon mentioned: "Although investing more money can also make money, through careful calculations, costs can be greatly reduced." This means that through actuarial calculations, half of the costs can be saved, and the odds will be completely different.

In order to ensure the lowest cost in every link, some studios will try to find the "source of goods" at the front end. "For example, when buying a Twitter account, someone may pay two dollars, but we may only pay 20 cents. These trivial accounts are actually very important in the long run."

After finding the cheapest purchase channel in the market, it also means that another profit model has been opened up - selling sources. In this way, they have derived scalper resources on multiple channels, such as selling Google accounts, selling hardware, selling cloud servers, etc., forming a complete industrial chain.

In terms of revenue channels, the wool-pulling studio will also earn some "recommendation rewards". In this case, the role of KOL can be reflected. When KOL has a greater influence when doing recommendation tasks, he can get more points and cashback.

In addition, some studios may also get involved in OTC over-the-counter trading business. Xiaozhi is a typical example. Everyone in his team also has his own responsibilities, and his focus is on over-the-counter business.

Because of the need for these channel resources, in the wool-pulling world, scalpers are like people "born in Rome" and have a unique advantage in running a studio. "My boss started out as a scalper, and he uses scalper thinking to operate Web3, which can be said to be a master at it." Xiao Zhi told BlockBeats.

Capital preservation and payback period

Like all traditional businesses, "capital preservation" is very important for studios.

For studios, the most important thing is to keep the funds safe and try not to let the invested funds suffer losses. "Every step of our studio is taken step by step. It is not easy to accumulate funds, but a wrong decision may make all the wealth disappear." Xiao Zhi went on to explain their strategy: "In the cryptocurrency circle, the most important thing is to protect the principal. We only need to play the role of a porter and ensure the basic docking of the project. We do not pursue subsequent profits. It is also a good result if there is no profit withdrawal or capital loss."

Coin circle payback picture, source: Internet

In the process of communicating with the LuMao studio in the cryptocurrency circle, BlockBeats found that "payback period" is a frequently mentioned keyword.

After leaving the big company, Whale (@yuanch0914) also has his own studio. In the past two months, he has continued to follow up on ionet and prepared 273 macmini M2s. While many people lost money, he still made hundreds of thousands of dollars. This review article about ionet has received nearly 300,000 views.

In Whale's review, he also mentioned that long-term projects such as ZKsync have potential, but the time nodes are uncertain and it may take several years to bear fruit. Short-term projects, such as ionet and Merlin, have a cycle of only one or two months, with fast capital recovery and rapid profit realization. "My preference is for short-term, flat and fast projects, which means that the expected returns, coin issuance time and realization time are relatively clear. After the capital is invested, it can be recovered quickly, and then invested in the next project. In this way, the income will be more stable and the mentality will be easier to maintain a stable state of mind."

It's like tossing a coin. The result of tossing it once or twice may not be one head and one tail, but if you toss it 1,000 times in a row, it is likely to be 500 heads and 500 tails. "So when the winning rate is relatively high, the more projects you do, the more stable your income will be." Whale continued to explain to us.

Damon also mentioned their selection of projects, which is somewhat similar to Whale, "We don't choose projects based solely on long-term standards, but choose the projects that can get results the fastest."

For a studio, the winning rate is the key to promoting its healthy development. Many studios may still exist two years ago, but because they only focus on long-term projects like ZKsync, they dragged on for two years and the entire studio only does this one thing, which is obviously not feasible. Therefore, the studio needs to accumulate income in the short term, and then slowly do some long-term projects.

Behind the million-dollar annual income of post-95s: the doorway of Lumao Studio

In the currency circle, the threshold of Lumao's business is low and the return is high, which attracts a large number of young people to participate. BlockBeats found that most of the members of Lumao Studio were born after 1995, and there are even many born after 2000, and they have basically achieved an annual income of one million this year.

Although there are top players (called A8 in the jargon of the currency circle) with incomes of tens of millions, this situation is relatively rare. These people often choose not to continue to make money, but to sell their studios and become shareholders or investor consultants to enjoy more stable returns.

With flexible strategies and high execution capabilities, young people have risen rapidly in this emerging market and achieved incomes that ordinary white-collar workers can hardly achieve in traditional industries. And what are the secrets to wealth for these young people who are thriving in the money-making business?

"If I were the project owner"

"Thinking from the perspective of the project owner" is a phrase that many studios know, but only a few can really do it.

When the project owner formulates rules, they must not only ensure the rationality of these rules, but also consider how to send more tokens to their own hands, which is the so-called "rat warehouse". However, they must ensure that these rules appear fair and reasonable on the surface, and cannot be easily found by community members. Whale said: "The project owner will not throw money to everyone casually, they will design some rules to screen out the best users."

"For example, why ZKsync was criticized so much this time, because some addresses were found to have obvious signs of witches, and the same amount of money was deposited, but in the end all these addresses were airdropped. I think this kind of rule-making is a failure, because it cannot convince the public, and then it will affect the consensus of tokens, and no one is willing to take over." Whale cited the example of ZKsync being criticized recently.

It is the position of most project owners to make money and not be criticized. To achieve this goal, they must be extremely cautious and outstanding in formulating airdrop rules and strategies to prevent witch attacks. The project party needs to select 100,000 high-quality addresses from 1 million addresses, just like screening for admission to top universities in prestigious schools. In this case, they must carefully design rules to ensure that only truly valuable users can get airdrops while avoiding large-scale arbitrage by the Mao Mao Party.

"This actually involves a lot of so-called resources or information gaps. In Web3, information gaps are everywhere," Xiao Zhi explained: "This information gap allows some people to get relatively first-hand information, thereby gaining an absolute advantage in the competition."

Just like wanting to enter top universities such as Peking University or Tsinghua University, if there is an information gap, you will know that there are many ways, which is much easier than the thousands of troops in the college entrance examination, but the key to the problem is how you get this information gap. In the currency circle, having connections and resources is sometimes even more useful than in traditional industries.

Xiao Zhi also pointed out that in projects represented by ZKsync, account balance and pledge requirements have become new screening criteria: "The balance requirement of ZKsync is 50 US dollars. For those bulk accounts, 10 US dollars in one account is already a lot. If one account has to put 100 US dollars, then 10,000 accounts have to put 1 million US dollars, which is very risky for them."

The wooling industry is shifting from POW (proof of work) to POS (proof of stake). This fund retention requirement makes batch operations more difficult and raises the threshold for wooling work. Although there are many bulk accounts, they cannot bear the risk of large amounts of funds, especially in an environment where hacker attacks are frequent. The pledge and retention of high amounts of funds have become a "barrier" for the studio.

ZKsync airdrop rules diagram, source: Yiwuyu

Many people hate rat trading and think that all good projects should be distributed to real users, but Whale believes that the reason why coin flipping has excess profits is because of the existence of rat trading. If there is no rat trading, it is absolutely impossible for the project party and even the investors behind it to distribute such lucrative profits in the form of airdrops. "Objectively speaking, it is actually the investment institutions and project parties who are eating meat, and the coin flippers are drinking soup in the back, but there are often some meat scraps falling into the soup." Whale's view on the coin flipping industry is clearer than most people. In order to deal with the screening rules of the project party, users also need to think in reverse.

While the wool industry is becoming more and more professional, the studio must also find its own position in this process. The tutorials on the market are all teaching TX and large-scale interactions. Either you roll more than others, or you do differentiated things and make full use of one of your own advantages, so as to increase the chance of getting airdrops.

Qifite said: "Airdrops are like dividing cakes. How to get more shares? You have to keep adding numbers and expand the number of addresses. Of course, the standard for adding numbers must comply with the airdrop rules of the project party. If the rules are unclear, you can only think about how the project party may draw the line. If there is a rat warehouse, how can your address "mix into" the rat warehouse standard. "

The wool industry has also begun to pay attention to the "craftsman spirit"

Worms are like fishing. The waiting time is always the longest. What is needed in the wool process is not only technology, but also patience and determination. "The most suitable person for wool is actually a person who can keep calm in character. Such people can go further." Damon said.

Last year, when she just resigned from Web2, Qi Fite was indeed a little anxious.When she was doing it by herself, her life and work schedule were very irregular, and she often went to bed late and got up late. But fortunately, she and her friends got the Sui project, and the shares unlocked and sold every month were equivalent to the "monthly salary", which greatly alleviated her anxiety. "But I can't just live on this salary. After all, the token is unlocked once a month, and it will be gone after a year. I have to find a way to make a living."

So in that year, in addition to doing it, Qi Fite kept calm and studied hard. For example, she learned option trading, and also gained a deep understanding of the Bitcoin ecosystem and seized some opportunities in the second half of the year.

Three years later, the "craftsman spirit" was gradually polished out by the wool-pulling people, and the operation strategy was adjusted. From the early days of casual interaction to get airdrops, to now running a code group studio, the wool-pulling industry has gradually developed a more delicate and sophisticated operation method while pursuing efficiency, emphasizing that "the best quality account is the best", and the address of the quality account is regarded as a "gold mine" and "mine".

Qifite told BlockBeats: "I don't agree with everyone using a synchronizer when using a fingerprint browser, although the synchronizer is indeed very convenient and can operate multiple addresses at the same time, doubling the efficiency, but it is easy to make the behavior track of the address the same, increasing the risk of being identified as a witch."

Damon also emphasized the importance of manual operation: "Now many studios have lazy thinking, and they are smart enough to use scripts or automation. From the perspective of ZKsync, the probability of being "killed" is very high. So we need to leave some room for error tolerance, for example, 20% of the work depends on code and synchronizers, and the remaining 80% depends on pure manual operation. ”

Whale’s point of view is similar. For example, on ZKsync and Starknet, the machine brushing is basically annihilated, because Starknet uses AI to find witch clusters with similar behaviors (including withdrawal time, amount, interaction path, interaction order, etc.). ZKsync uses the amount retention. If you run it in batches with scripts, you will instinctively ignore the above two points in pursuit of efficiency. Therefore, due to the randomness of manual operation (not efficient enough) and the consideration of operation cost (no frequent movement of LP funds), there are almost no witches on these two projects.

In addition to manual operation becoming mainstream again, refined data analysis has also become the core competitiveness of many successful studios. Whale emphasized that in the currency circle, the market value and distribution of tokens of each project need to be estimated in detail. Although this kind of estimation seems simple, it is actually very complicated and time-consuming to operate. "There are too many projects, and it is very tiring to calculate the cost, income and input-output ratio of each one. But I have always adhered to this habit to ensure that the input and income of each project have a rough estimate," Whale explained.

Example of multi-dimensional tables that Whale is good at

In order to ensure the accuracy of the estimate, Whale not only relies on public information, but also digs deep into non-public data, such as the TVL of the protocol, the number of interactions, and the number of independent addresses. "Many people only look at public information, but I will go further for analysis, such as checking the data of the contract address through the block browser to estimate the expected return of the project."

For example, the expected market value of a project invested by Binance is usually not less than 1 billion. Whale explained: "If a project is invested by Binance, and the amount is not small, then the probability of listing on Binance is very high." Then, Whale will further analyze the project's activities, such as the token distribution ratio and the number of participating addresses, and use these data to estimate the potential benefits of each user.

The philosophy of rubbing: The art of surviving and thriving in the currency circle

In the process of rubbing, Whale slowly formed his own "subtraction" philosophy. He believes that "choosing what not to do" is more important than "choosing what to do", "so that I can guarantee my winning rate."

Whale wrote in his Twitter signature: "For learning, day by day, for the way, day by day." He explained that this means that the acquisition of knowledge and information should continue to increase, and the pursuit of things should be less and less. Reducing useless information and unnecessary pursuits is the key to success. For him, a project must have a clear reason to do it, rather than just doing it because there is no reason not to do it.

Mao is also an industry that becomes more popular as time goes by. "Everything can be reused", this is Xiaozhi's belief. By reusing successful strategies and experiences in different projects, the cost of trial and error can be reduced and the execution efficiency can be improved.

The hardware that Xiaozhi’s team used to mine CHIA three years ago

“We worked on the CHIA project in 2021, and we also needed to install the machine and configure the network ourselves. We had a lot of trial and error experience, which was well reused when mining ionet, so we got started quickly.”

The rise of CHIA coins that year attracted many “miners” and studios to buy large-capacity hard drives to mine coins and get rewards. This caused many people to speculate on hard drives and hoard goods, causing large-capacity mechanical hard drives and solid-state drives to be out of stock and increase in price for a while.

Ionet machine configuration of Xiaozhi's team

Xiaozhi also mentioned that before entering Web3, his team had also participated in the new listing of Hong Kong stocks. As mentioned at the beginning of the article, Xiaozhi's team is one of the Hong Kong stock hundred households. "We decide whether to invest in new stocks mainly based on the situation of the investment institutions and their winning rate. These logics can also be well reused in Web3."

"At that time, the cost of subscribing to new Hong Kong stocks was 10,000 to 20,000 Hong Kong dollars, which is a bit like the gas fee on the chain now." Xiaozhi remembered that in the most glorious week, their income from new stock subscription could reach between 700,000 and 800,000.

In the process of making money, everyone's strategy is different. Xiaozhi explained: "Each project has different strategic dimensions, such as which protocols you interact with, what state your monthly, weekly and daily active users can maintain, how much your account funds and on-chain funds can reach, your mortgage and loan amount, etc. These are all uncertain factors."

Strategy formulation needs to be based on experience, which boils down to the management of multiple accounts. Xiaozhi said: "If an account transfers money to 100 accounts, it can be easily detected and banned."

Although it is impossible to hit the target every time, it is very important to formulate a reasonable strategy, and the most important thing is to ensure the strict implementation of the strategy, and the strategy is unchanged. It's like playing Texas Hold'em. You strictly follow the strategy. Even if you lose a certain game and fail to reach the local optimum, it is the overall optimum from the overall and long-term perspective.

In the process of contacting the studio, we also found some interesting observations. The cryptocurrency circle has always been an industry with a very serious polarization. Those who do projects are usually elites from the world's top universities, while most of the people who speculate in cryptocurrencies and make money are more like talented people doing market business in the market. English is just one of the extreme points of this polarization.

After making money, talented people from grassroots backgrounds want respect the most, not to be called "nouveau riche". Learning English has become a kind of "respectability", and its symbolic meaning is stronger than its practical meaning. Just like the businessmen who came out of the "small county" in 2000 began to wear suits to do business overseas, they are using language and behavior to shape their new identity and seek higher social recognition and respect.

Today, like KOLs, the hair-pulling studios are also experiencing generational changes. After making a big profit, some people choose to leave, and new studios take over the old ones and continue to pursue wealth in this market.

"My friend has become financially independent after this wave of hair-pulling, and is ready to close the studio and retire. I am discussing with him that I will take over, so that the price is the most suitable for both of us."This inheritance after getting rich has also added some special continuity to the hair-pulling industry.

As time goes by, studios have begun to form a "brotherly" relationship, forming a hair-pulling alliance and a hair-pulling matrix.

The voice of the Lumao Studio has been continuously improved with this organization and alliance. From the beginning, the Lumao Party was sometimes despised by the project party and the community, and even self-deprecatingly called "black slave losers". Nowadays, the project party actively cooperates with the Lumao Studio, and sometimes the studio even gives suggestions to the project party in return.

These changes are not just superficial. The "voice" of the Lumao Party can now have a huge impact on the entire industry. Their opinions can change the attitude of venture capital (VC), affect the price of the currency, and even influence whether the trading platform will list the currency. This influence comes not only from their number and funds, but also from their gradually accumulated professional knowledge and operational experience in the industry. It can be said that the Lumao Studio has evolved from a simple business model to a highly organized and influential currency industry force today.

For the future of the Lumao industry, many people will also speculate whether it will disappear like the "Hong Kong stock IPO" business because IPOs are no longer profitable.

In fact, as more and more projects fail to meet expectations after issuing coins, the income from airdrops has gradually decreased, and the winning rate of studios has begun to decline. The previous article mentioned many profitable studios, but in fact, many studios have long disappeared in the torrent of competition.

The survival time of the wool-pulling industry depends on market trends. The bear market is more like a season of cultivation, and the bull market is a time of harvest. The coin circle industry is still in its early stages, which means that the entire wool-pulling industry may have a longer vitality. However, as competition intensifies, whether or not the "art of wool-pulling" can be found will become the key to success or failure.

The coin circle wool-pulling industry is gradually moving towards the "28 rule", and only 20% of people make money. How to become the 20% that make money is a huge challenge that all wool-pulling people are facing now. For them, this is not just a game about technology and strategy, but also a business field about wisdom and patience.

This article thanks the interviewees: Whale, Xiaozhi, Xianyu, Damon, Qifite, Lambert Lin.

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