Crypto OG Discus Fish's Advice for Beginners: How to Turn $1,000 into $100 Million

Shixing Mao, known in the crypto community as “Discus Fish,” first encountered Bitcoin in 2011. At the age of 21, he earned his first hundred million, experienced a loss of all his wealth at 25, restarted at 26, and is still considered one of the top figures in the industry.

Discus Fish is one of China's earliest pioneers and evangelists in the field of digital currency. He founded F2Pool, the first digital currency mining pool in China. In 2015, F2Pool briefly became the world's largest Bitcoin mining pool, possessing over one-third of Bitcoin's hash rate and half of Litecoin's hash rate. Despite facing challenges in development due to regulatory reasons, F2Pool still maintains the fourth-largest BTC hash rate.

His achievements go beyond the mining pool sector, extending into other industries. Mao Shixing's venture, the digital asset security service company Cobo, has achieved notable success in the field of digital asset management. His diverse initiatives and successful experiences in various domains make him one of the prominent leaders in the blockchain industry.

Discus Fish categorizes the process of making money into four stages based on the volume of funds held and provides advice:

• Under $100,000:

• Focus on learning and hands-on experience.

• Engage in airdrops from core DeFi projects and participate in whitelist mints of popular NFT projects.

• Invest a significant amount of time in gathering information, analyzing, researching, and identifying potential projects. Strong execution is essential, and persistence is key.

• $100,000-$1 million:

• Avoid leveraged trading and futures contracts.

• Explore new blockchains and Layer 2 solutions, identifying potential projects at low prices according to the “time machine” principle.

• Find your own ten-bagger.

• $1 million-$10 million:

• Choose a coin-based standard like BTC or ETH and conduct in-depth research.

• Engage in trading but avoid shorting. Utilize low-leverage DeFi lending protocols to increase capital efficiency.

• Be flexible, observe and arbitrage. Stick to a coin-based strategy and pursue growth in that base. Avoid chasing every hype and focus on stable cash flow through arbitrage, staking, etc. Maintain a stable mindset, stay calm, and let time and industry development work.

• $10 million-$100 million:

• Once assets surpass a small target, improve the lives of family members, focus on self-improvement through reading and fitness, and change personal perceptions and circles.

• Hold onto core assets, avoiding major pitfalls, and seek low-risk stable appreciation and good cash flow.

• Avoid futures trading and entrepreneurship. Be cautious to avoid falling into pitfalls.

• Maintain a certain amount of coin-based assets and stablecoin assets to secure stable cash flow. Prepare for unexpected situations and have the ability to buy the dip during market downturns.

• Allocate 10-15% of assets to invest in promising sectors to stay engaged and prevent impulsive decisions.