How_I_Made_My_First_Million_in_Crypto
1. The Opportunity Emerges
At that time, I had been involved in cryptocurrency for less than a month when the most stringent regulatory measures in history were implemented. On September 4, 2017, seven government departments jointly issued a statement prohibiting ICOs and halting domestic exchange operations. This triggered widespread panic across the domestic market, leading to sharp declines in various cryptocurrencies. Since domestic retail investors were disproportionately affected, coin prices on Chinese exchanges fell significantly below those on U.S.-based Coinbase. From September 4 to September 13, mainstream cryptocurrencies presented an arbitrage opportunity of approximately 10%.
The 2017 Bitcoin "9/4 Incident"
During this period, Coinbase remained relatively obscure, and only a small group recognized the 10% arbitrage gap. However, the inability to establish U.S. identities prevented them from efficiently transferring low-priced coins to Coinbase for conversion to dollars at higher rates.
2. Early Profits
Coincidentally, a close associate working as a programmer in the U.S. with a valid work visa offered assistance in cashing out through Coinbase.
We formed a partnership. I purchased ETH and LTC at discounted prices on Bter using RMB, withdrew the coins to Coinbase, and my associate sold them for USD (at that time, stablecoins like USDT were unavailable, so sales involved conversion to fiat currency). I then coordinated with foreign trade contacts to convert USD back to RMB and transfer it to me. Each full arbitrage cycle took approximately two days. We executed five rounds by September 13, compounding our initial principal of 500,000 RMB to around 750,000 RMB.
To enhance tracking of arbitrage opportunities between Chinese and U.S. exchanges, my associate developed a Python program that displayed price differentials for mainstream cryptocurrencies across both markets.
3. Market Panic Again
On September 14, the three largest domestic exchanges—OKEx, Huobi, and BTC China—simultaneously announced the cessation of new user registrations and a complete operational shutdown. While the initial 9/4 policy had prompted cautious optimism among retail investors, the exchange announcements led to widespread despair and panic selling.
Investors liquidated holdings indiscriminately, driving prices downward. The prevailing belief was that failure to sell Bitcoin immediately would render holdings worthless due to the lack of trading venues. The cryptocurrency market appeared doomed, with near-universal expectations of BTC plummeting to zero. This constituted a severe panic fueled by explicit negative developments.
4. The Ultimate Arbitrage
Within hours, coin prices halved, and arbitrage spreads peaked. Litecoin's price differential between Bter and Coinbase reached an astonishing 38%, reflecting the extreme fear among domestic retail investors that day.
With 750,000 RMB available, we pooled an additional 1.2 million RMB, totaling 2 million RMB. We deployed nearly all funds to acquire Ethereum and Litecoin at their lowest points and transferred them to Coinbase. Due to blockchain network congestion, the coins arrived as prices began rebounding, prompting immediate sales. This single arbitrage yielded approximately 50% profit, equivalent to about 1 million RMB.
5. The Dust Settles
As the final wave of panic subsided, large-scale buyers emerged to absorb discounted coins, rapidly narrowing price gaps. This over-10-day arbitrage movement concluded, resulting in a total profit of 1.25 million RMB.
6. Reflections and What Came Next
Although considerable time has passed, I will always remember the 9/4 incident as a pivotal moment in my cryptocurrency journey.
On that day, 95% of Chinese retail investors relinquished their holdings at significant losses. Reviewing historical data, it captures BTC's bottom price of $2,800 during the 9/4 incident and the 38% Litecoin spread between China and the U.S., serving as a stark lesson—in cryptocurrency, widespread despair often creates opportunities for a select few.
Since retail investors surrendered their positions (similar to the 3/12 event), a super bull market emerged, driving Bitcoin to $20,000 by year-end. Upon entering cryptocurrency, I acquired low-cost assets but lacked conviction and insight, limiting gains to arbitrage. By October, mainstream coins had nearly doubled since September 14, revealing the potential for larger trading profits.
In mid-October, I reinvested 500,000 RMB to re-enter the market. Subsequent events included participation in the ICO boom with multi-fold returns and the early 2018 bull market, growing my principal to 12 million RMB—my first life milestone of 10 million. This narrative warrants a separate discussion for future sharing.
7. Conclusion
The "9/4 Incident" represents a watershed in cryptocurrency history. It precipitated the mass migration of exchanges overseas (e.g., Huobi, OKEx, Binance) and fundamentally reshaped global market dynamics and domestic investor participation (shifting to OTC and international platforms).
Admittedly, my understanding of 9/4 may be limited, as I was a newcomer profiting from arbitrage. Those who incurred losses through panic selling likely have deeper insights. Experienced participants are encouraged to share perspectives in the comments.
🎁 Limited-Time Bonus — New Users Receive a Bitcoin Mystery Box Worth 20+ USDT, Guaranteed!
Register with leading cryptocurrency exchanges such as OKX, Binance, Huobi, Bitget, Bybit, Gate, Backpack, and others—all accessible through a single platform!
👉🏻 Bookmark the latest official backup domains to ensure uninterrupted access: https://linktr.ee
🔥 Recommended Reading
🔥 How to Solve Access Issues to OKX Exchange
Access problems for exchange domains often arise from overseas server blocks or slow connections, leading users to suspect platform downtime. Typically, this stems from network issues rather than exchange failures. To mitigate this, exchanges like OKX and Binance regularly update backup domains for reliable access.
- OKX backup domains OKX Overseas - requires VPN or Alternate link
- Binance backup domain Binance
- Bitget backup domain Bitget
- Bybit backup domain Bybit/Bybitglobal
- Huobi HTX backup domain Huobi (HTX)
- Gate.io backup domain Gate.io
🔥 Alpha “Gold Dog” Tools for Sniping
1️⃣ Axiom Sniping Tool https://axiom.trade
2️⃣ Gmgn Sniping Tool https://gmgn.ai
3️⃣ dbot Sniping Tool https://app.debot.ai
4️⃣ Morelogin Multi-account Fingerprint Browser www.morelogin.com
Popular Searches
How to purchase Trump coin, WeChat Trump coin acquisition, Domestic Trump coin buying, Bitcoin purchase with RMB, Trump coin exchange tutorials, Presidential coin acquisition methods, Bitcoin acquisition, Bitcoin, Presidential coin, Trump coin, Domestic Bitcoin purchase, Cryptocurrency exchanges, OKX download and registration, OKX RMB deposit, Binance app registration, Binance app download, Binance platform coin purchase guide, Binance registration, Binance airdrop registration, Binance iPhone download, Presidential coin purchase guide, Dogecoin acquisition methods, Bitcoin purchase with RMB, OKX download procedures, Web3 sniping techniques, Web3 zero-cost sniping strategies, Bitget mainland download and registration, OKX passport registration, OKX download, Binance download, Cryptocurrency side hustles, OKX futures trading, OKX RMB deposit methods, OKX deposit procedures, NFT wallet setup, Huobi RMB deposit methods, Beginner cryptocurrency guide, btc8848.com, Contract trading mindset by Tony, Contract leverage insights by Bit Langlang, Defi mining strategies, Cryptocurrency sniping techniques, Viable crypto airdrops, Post-contract liquidation actions, Presidential coin purchase on OKX & Binance, Ethereum purchase on OKX & Binance, Defi staking mining participation, NFT market viability, Web3 airdrop sniping methods, Zero-cost crypto sniping approaches, Inscription creation methods, Rune production techniques, Beginner crypto guide, Cryptocurrency trading methods, Profitability in crypto trading, Beginner crypto tutorials btc8848.com, Profitable trading strategies, Contract leverage explanation, Defi mining, Crypto sniping participation, OKX airdrops, Node staking processes, Liquidation events, Financial freedom pathways, Heiye Investment heiyetouzi.xyz