The journey of Bitcoin over the past decade is more than just a financial phenomenon—it’s a profound social experiment. In this comprehensive recap of a landmark live discussion, four early adopters and influential figures in the blockchain space share their firsthand experiences, evolving perspectives, and forward-looking insights on Bitcoin’s role in reshaping economics, technology, and society.
The conversation features Wang Ruixi, CEO of Hoo.com; Wang Binsheng, financial advisor and former guest lecturer at the Graduate School of the Chinese Academy of Social Sciences; Li Kuang (Li Mine), co-founder of Matrixport and early Bitcoin miner; and is moderated by Mandy from Planet Daily, an industry media outlet incubated by 36Kr.
The Early Days: How Pioneers Discovered Bitcoin
A Technological Epiphany
For many, the first encounter with Bitcoin was less about profit and more about intellectual curiosity.
Li Kuang recalls stumbling upon Bitcoin in 2012 through a news article. “I read the whitepaper and was immediately fascinated,” he said. “It felt like a digital utopia—a decentralized currency powered by math and consensus.” With a high-performance PC at hand, he began mining, marking the start of his deep involvement in the ecosystem.
By 2013, he joined Bitmain, where he led marketing and sales for Antminer products—playing a pivotal role during one of the most formative periods in Bitcoin’s history.
👉 Discover how early mining pioneers shaped today's crypto landscape.
From Programmer to Crypto Entrepreneur
Wang Ruixi, now leading Hoo.com, was also drawn in by technical intrigue. As a programmer exploring big data, he was introduced to Bitcoin by a hardware engineer friend. “Reading the whitepaper changed my worldview,” he shared. “Money didn’t have to rely on governments—it could be built on algorithms and trustless systems.”
He launched BTCMINI, one of the earliest Chinese crypto media platforms, and later took part in selling ASIC miners for the legendary "Kao Cai" (Burnt Cat) project—an early mining venture that disappeared mysteriously but left a lasting legacy.
An Economist’s Paradigm Shift
Wang Binsheng, with an academic background in economics, had a different entry point. Initially skeptical, he became intrigued after seeing Bitcoin mentioned by a senior official at China’s securities regulator. “If someone in power is talking about it, maybe there’s something real here,” he thought.
His journey began with purchasing BTC on Bitcoin China—the only exchange available at the time—and quickly evolved into a complete reevaluation of economic theory. “Everything I learned in graduate school was challenged,” he admitted. “Bitcoin exposed the fragility of centralized systems and opened my eyes to decentralized alternatives.”
The Human Side of Crypto: Regrets, Lessons, and Lost Fortunes
Even the most seasoned veterans made missteps.
Wang Ruixi recounted losing access to Ripple (XRP) purchased via a platform he later couldn’t log into due to forgotten credentials. “It was worth a fortune by 2017,” he said with a laugh. “Now it’s likely unrecoverable.”
Li Kuang shared stories from the early community:
- Nangua Zhang, creator of ASIC miners, sold 20,000 BTC to buy a Toyota Prius.
- Shen Yu, an early ETH miner, sold 200,000 Ether at $20 each—long before its explosive rise.
- Many early adopters treated crypto like stocks: selling after short rallies, only to watch prices soar.
“Bitcoin doesn’t behave like traditional assets,” Li Kuang noted. “A 10% daily gain isn’t a signal to sell—it might just be the beginning.”
Wang Binsheng reflected on emotional decisions: during the DAO fork, he doubled down on Ethereum Classic out of ideological loyalty—only to suffer significant losses. “Markets don’t care about your beliefs,” he said. “We’re all students when it comes to price action.”
Beyond Bitcoin: Exploring Alternative Projects
While Bitcoin remains central, panelists acknowledged participation in other ecosystems:
- Li Kuang mines and holds ETH, LTC, and DASH but emphasizes that Bitcoin still dominates as a store of value and exchange medium.
- Wang Ruixi participated in EOS RAM investments and briefly earned the nickname “richest man” before market corrections hit hard.
- Wang Binsheng engaged in numerous ICOs during 2017–2018, calling them “the first global collaboration experiment enabled by low-cost information transfer.”
Despite diversification, all agreed: Bitcoin retains unmatched consensus.
“Even if newer blockchains offer better scalability or features,” Li Kuang explained, “none match Bitcoin’s network effect. It’s still the default on-ramp and off-ramp for nearly every digital asset.”
Staying Through the Storm: Why They Never Left
When asked if they ever considered leaving the industry—especially during bear markets—responses revealed resilience born of both conviction and circumstance.
Li Kuang: “After 2014–2015’s crash, most events vanished. No one was talking. I stayed not because I was brave—but because I had nowhere else to go. My entire social circle was crypto.”
Wang Binsheng saw generational momentum: “I looked around at garage cafes filled with young developers building the future. Traditional finance felt stagnant. This was where innovation lived.”
Wang Ruixi added: “Our sunk cost is enormous—not just financially, but emotionally and professionally. We’re not leaving unless the entire paradigm fails. And given blockchain’s transformative potential, that’s unlikely.”
Bitcoin Halving: What It Means for the Future
The recent halving event sparked debate on its real impact.
Market Supply vs. Investor Psychology
While Bitcoin’s daily issuance dropped from 900 to 450 BTC post-halving, experts agree: the psychological effect outweighs immediate supply shock.
“The network has already released over 80% of its total supply,” Li Kuang pointed out. “Each halving has less mechanical impact than before—but more symbolic weight.”
He likened it to urban development: “Imagine Beijing stops building new housing. If demand grows, prices rise—not because of sudden scarcity, but due to long-term imbalance.”
Macroeconomic Tailwinds
All panelists highlighted macro trends favoring Bitcoin:
- Global quantitative easing (the Fed injected $2.6 trillion during the pandemic)
- Currency devaluation fears
- Institutional interest growing despite volatility
Wang Ruixi boldly predicted: “Bitcoin could reach $100,000 by 2025.”
Wang Binsheng took a broader view: “We’re witnessing a shift from tangible to intangible wealth. People wake up and check their phones first—that’s where value lives now. Bitcoin is part of that transformation.”
Is the Bull Run Over? No—It May Not Have Started Yet
Despite claims that Bitcoin’s golden era has passed, the consensus remains bullish.
Key arguments:
- Bitcoin’s market cap (~$200B at the time) is tiny compared to traditional assets (e.g., Lehman Brothers peaked at ~$60B; Tesla now exceeds $500B).
- Global liquidity expansion creates ideal conditions for alternative stores of value.
- Adoption is still in its infancy—especially outside tech-savvy circles.
“Whoever says Bitcoin won’t go higher hasn’t studied history,” Wang Binsheng said. “This isn’t speculation—it’s participation in a once-in-a-generation financial shift.”
Li Kuang concluded: “The bear market is over. Whether the next phase unfolds gradually or explosively, we’re moving into uncharted territory.”
👉 See how market cycles repeat—and how smart investors position themselves ahead of time.
Frequently Asked Questions (FAQ)
Q: Was Bitcoin just luck for early adopters?
A: While timing played a role, most pioneers emphasized deep research and belief in decentralization—not mere speculation. Their success stemmed from understanding technological fundamentals long before mainstream recognition.
Q: Can any other cryptocurrency replace Bitcoin?
A: Panelists agree that while competitors offer technical improvements (speed, scalability), none match Bitcoin’s security, decentralization, or global trust. Bitcoin remains the “digital gold” standard.
Q: Should I invest in altcoins or stick with Bitcoin?
A: For beginners, focus on Bitcoin first. As Li Kuang noted: historically, all altcoin trades required BTC as an intermediary. Even with stablecoins rising, BTC remains foundational.
Q: Is mining still profitable after the halving?
A: Yes—but scale matters. Small miners face challenges; large operations with efficient infrastructure thrive. The halving accelerates industry consolidation, pushing out weaker players.
Q: How does regulation affect Bitcoin’s future?
A: While local bans create short-term friction (e.g., China’s exchange restrictions), global accessibility ensures resilience. Platforms operating internationally—like Hoo.com—can serve users regardless of regional policies.
Q: Can Bitcoin be used for everyday payments?
A: Currently limited by speed and fees, but layer-two solutions (e.g., Lightning Network) aim to fix this. Long-term, its primary role may remain as a settlement layer or reserve asset rather than daily spending.
Final Thoughts: A Movement Greater Than Money
What began as a niche experiment has evolved into a global movement—one challenging traditional notions of money, trust, and power.
As Wang Ruixi put it: “We’re not just building companies. We’re rebuilding systems.”
Whether through mining, investing, or building infrastructure, these pioneers continue shaping a decentralized future—not for quick gains, but for lasting change.
👉 Join the next wave of innovation—start your journey with confidence today.