Holders Have Something to Say | Why do I purchase more and more ELF?
'Pang' began to pay attention to crypto currency field in 2017, witnessing dozens of times of market price rise and many times of slump. He began to buy ELF at the end of 2017, thinking of realizing the dream of ‘Spending Money Carefree’ through ELF. However, as ELF has been falling, he keeps buying, and now he is deeply covered by ELF, but he has become a famous holder in the community. This article is written based on the interview with Pang.
2017 is not a good year for traditional industry investors. Blue-chip stocks are out of structural bull, while small and medium-sized enterprises are down to the bottom. At the same time, ‘housing is not speculation’ also released a new signal to the property market in China, housing prices began to slow down.
It was also this year that Pang, who was engaged in E-Commerce, entered the crypto currency for various reasons. 'No matter what I buy, the price will go up' is the saying of Pang. What impresses him most is IC0 and Wanke coin miner. One day's profit is equivalent to his one month's salary, and one month's profit is more than two or three years' hard work. This also makes Pang appear illusion to the evaluation and value system of blockchain.
After the bull market in 2017, Pang also went back to zero because of the Wanke coin abandoned by Xunlei and the IC0 project was escaping with money.
Now, Pang is more and more bought because of being locked up by the aelf project, and has become a famous holder in the community.
Assets Fluctuate between Four and Seven Figures in the US Dollar
In 2017, Pang heard about blockchain for the first time, with BTC's price has increased tens of thousands of times in 8 years, ETH's price has increased thousands of times in 4 years, and IOTA's price has increased 6000 times in two years, so Pang has entered the industry.
Pang invested more than 10000 dollars and bought six or seven Altcoins. In less than a month, Pang's funds have successfully reached more than 100000 US dollars.
Such a dreamlike start made Pang, a computer student, resolutely shut down his Taobao store, which had been operating for many years, and began his full-time career of speculation.
But what he didn't expect was that shortly after his full-time speculation, China has banned IC0s. At that time, all crypto man was shock and upset, but for Pang who just tasted the sweetness, he thought that the blockchain itself was ‘decentralized’ and ‘unable to be regulated’, and the decline was only temporary. He took out his savings from years of work to do bottom fishing.
At the time, Pang said, he made bitcoin contracts at BitMEX in small amounts. He added more deposits after the price fell. But for much of late 2017, prices were on the upswing, and he finally made it through.
By the end of 2017 year, Pang's assets in cryptocurrency had reached eight figures.
Pang thought that the price of bitcoin was too high at this time, so he turned his attention to the project just launched or preparing for IC0, trying to find the next ‘Bitcoin’.
Pang has thought about taking some of his money out to buy a house or a car, but the market has been buoyant and he feels he needs to hold on to it for a while.
aelf was one of the projects selected by Pang at that time, and it was also a rare public-chain project with technology as a gimmick at that time.
When the ELF token of the aelf project was launched on okex, on the first day of trading, the price of the token ELF was 0.1 US dollars, up to 5 US dollars, a total increase of nearly 50 times, pang keep to buy it, average holding costs in 1 US dollar.
As with many projects, the highest price on the launch day has become the highest price in history, and ELF is no exception.
Pang's assets have also fallen from $10 millions to $ 1 million. Pang once had the chance to sell ELF for $1, but Pang still believed that it was a excellent project, and the increase in the future must be a hundred times and a thousand times.
Since he entered the cryptocurrency business in 2017, he has read books about investing, such as Nassim Taleb Fooled by Randomness and Antifragile, which he says with a chuckle, although reading doesn't help his investments significantly, but people can't stop learning.
Asked about today's investment allocation, he said that most of assets are now invested in BTC and ELF, and a few are in index funds such as Shanghai Stock Exchange 50. Because on the one hand, he is unwilling to leave in such a tragic way. On the other hand, he is becoming more and more conservative, while he still has expectations for ELF.
ELF have now lost nearly 98.5% from the peak price, while Pang have lost nearly 90% of his assets. Now, we review his investment history, the biggest mistake in its investment history is not to sell token/coin at a profit. But his investment style also determined that he would make such a mistake. Bad asset allocation, too many risky assets, and a lack of understanding of stop-gains and stop-losses are the sum of this investment history.
He has read so many books and learned so much, but he still can not overcome the human weakness of "being stubborn" , "going against the trend" and "selling for profit, buying for loss" .
It's a three-year-old public-chain project, but the mainnet still not on live
Since 2017, there have been a number of entrepreneurs in China, competing to enter the blockchain industry to conduct research and development of the public chain in order to seize the opportunity, but few of them can be regarded as a reliable public-chain project, aelf is one of them.
At that time, Ma Haobo often scolded on social media, he said ‘CSW was a liar, sun Yuchen plagiarized, Yuhong's Xmx fraud, etc.’ Haobo's behavior also caused some users' antipathy, and spread to his projects. So in a certain period of time, we can always see someone picking up trouble on the aelf.
Of course, fans of CSW and tron will also blame Ma Haobo, saying that he alway studies and blame the weaknesses of competing products on the Internet every day. People really don't know how he has the time to develop. It's just a long way from the mainnet launch. And Pang has a different perspective: Almost all the features of the public chain have been blamed by Haobo, so the aelf can't do what the founders hated. And it's more difficult for aelf team to develop, the expectations that come with this are going to go up.
Of course, we can only blame on the Internet, because the aelf mainnet is still not launch.
Pang also said that it is worth mentioning that the code update of aelf is very frequent, the number of code updates occupies the top three of the blockchain project code tracking website cryptomiso all the year round, and the number of stars on GitHub has reached 687.
At the time of bear market in 2019, Ma Haobo, who is active on the social media, was suddenly be quiet anymore: the community admin announced the dissolution of all the Chinese community of aelf. For a while, the rumors of ‘Haobo has escape with money’ was spread.
But what made it strange was that Ma Haobo, from beginning to end, did not publicly make any response. Instead, aelf posted an official announcement to defeat the rumors, while he himself quietly delete all thing on social media.
At first, Pang also received this message from his internet friends. He recalled that when he started to open his wechat, his smart phone was directly stuck. Dozens of groups and hundreds of messages were asking about the news about the aelf founder status. Subsequently, the comments about the project needs to be given back to the community can be seen everywhere, which made Pang start to think about the significance of the blockchain and the investment of aelf. He even couldn't tell whether he was reluctant to sell his ELF, because he really liked aelf or just can’t.
Pang thinks that Ma Haobo, like him, is an introverted person with his own beliefs. Introverts want to prove themselves and win acclaim for themselves through product achievements. He thinks that anyone who has read Haobo's article will agree that he does not like to simply blame others, but just dislikes or regrets some unsatisfactory aspects of the industry. The token unlocked in advance may be due to the lack of money in the project. Although it is inconsistent with what is said in the whitepaper, still can be understood.
After careful consideration, Pang feels that these things Haobo has done will not have a great impact on the project itself, or even have some beneficial effects. In the blockchain industry, it has always been "the left is the king". Only if we ‘survive’ will we have a chance to realize the ideals written in the whitepaper.
At the beginning of 2020, Haobo returned to the public's eyes with an internal employee letter. Pang was quite satisfied that he didn't sell ELF in this period of time, but continued to buy more ELF during this time. Now the cost of ELF for Pang has been reduced to about 1 yuan (CNY). The cost is still more than double the aelf market price, but the opportunity is much bigger than before.
aelf introduced a decentralized governance model, ‘aelf DAO’, and Pang joined saelf governed community to participate in discussions on the aelf DAO draft. He considers the aelf Management Committee will be the driving force for aelf's ecosystem governance and future development. And for the Token holders, seeking membership in the management committee is the best way to reap the benefits of an average dividend of 5 percent of the pool.
In the blockchain industry, there are also different trends stages, such as IC0 and DAPP in 2017-2018, IEO and cross-chain in 2019 and defi in 2020. Every time a new trend appears, there will be a chance of moon, and the public-chain speculation space involving related trend will be larger.
For the outside world, it seems that only the mainnet launch can be the biggest advantage and benefit. But in the words of Pang, ‘the mainnet launch is just a good start", and more importantly, "the number of developers involved in the ecosystem and supporting DApp’s popularity is the future of the project.
At present, the direction of the domestic blockchain project can be roughly divided into several categories: one is Tron, which is committed to internationalization and decentralization, expands the cover rage of the public-chain by acquiring established Internet applications, to lead the ecosystem development. The other is accompanied with government policy, to find a breakthrough. The rest of the project is just waiting, as long as the team is still alive, sooner or later it will moon.