How I Made My First Million in Crypto

binancevip (37)in #web3 • last month

1. The Opportunity Emerges

As a newcomer with less than a month in crypto, I witnessed history's strongest regulatory blow. On September 4, 2017, seven Chinese agencies jointly banned ICOs and domestic exchange operations. Panic engulfed the market, causing coins to plummet domestically. With retail investors hit hardest, prices on Chinese exchanges like Bter fell 10% below Coinbase's U.S. listings—creating a prime arbitrage window from September 4-13.

The 2017 Bitcoin "9/4 Incident"

Few noticed this gap since Coinbase was obscure then, and U.S. identity barriers blocked most from capitalizing on it.

2. Early Profits

My breakthrough came through a U.S.-based programmer friend with a work visa. Our strategy:

Buy discounted ETH/LTC on Bter using RMB
Transfer coins to Coinbase
Sell for USD (pre-stablecoin era)
Convert USD to RMB via foreign trade contacts

Each 2-day cycle amplified our initial 500,000 RMB to 750,000 RMB over five rounds. We even built a Python tracker for real-time China-U.S. exchange price gaps.

3. Market Panic Intensifies

On September 14, OKEx, Huobi, and BTC China announced full operational shutdowns. This shattered residual hope, triggering mass panic selling. Investors dumped coins fearing total devaluation, convinced crypto was doomed.

4. The Ultimate Arbitrage

Chaos birthed unprecedented opportunities. Within hours:

Litecoin's China-U.S. spread hit 38%
We pooled 2 million RMB (750,000 + 1.25M new funds)
Bought ETH/LTC at trough prices
Sold during blockchain-delayed rebound
Profit: 1 million RMB (50% ROI in one trade)

5. The Dust Settles

As panic ebbed, whales absorbed discounted coins, narrowing spreads. Our total profit reached 1.25 million RMB from this 10-day arbitrage wave.

6. Reflections and Next Steps

The 9/4 incident remains seared in my memory—a day when 95% of Chinese retail investors surrendered "blood-stained chips." That $2,800 BTC bottom and 38% LTC spread taught a brutal lesson: majority despair fuels minority wealth.

Though I held discounted coins, limited understanding confined me to arbitrage. By October, coins doubled from September lows, revealing trading's greater potential. Reinvesting 500,000 RMB, I rode the ICO wave and 2018 bull run to 12 million RMB—but that's another story.

7. Conclusion

The 9/4 incident reshaped crypto globally:

Exiles (Huobi, OKEx, Binance) relocated overseas
OTC/offshore platforms became mainstream for Chinese investors

As an arbitrage beneficiary, my perspective differs from those who liquidated at losses. Veterans—share your insights below!

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