Declassifying Sun Yuchens Family History of Dining with Buffett: The First Barrel of Gold 300 million US Dollars

 Declassifying Sun Yuchens Family History of Dining with Buffett: The First Barrel of Gold 300 million US Dollars

Recently, a news in the currency circle has blown up the whole network. Sun Yuchen, founder of the encrypted digital currency wave field, filmed Warren Buffetts 20th Anniversary Charity luncheon for $4567,888 (about 31 million yuan).

For a time, there was a lot of public opinion. Who is Sun Yuchen? What is the wave field? Why is he so rich? Where did his first barrel of gold come from?

Photo Source: Photograph Network

Recently, a news in the currency circle has blown up the whole network. Sun Yuchen, founder of the encrypted digital currency wave field, filmed Warren Buffetts 20th Anniversary Charity luncheon for $4567,888 (about 31 million yuan). As we all know, Buffett, the worlds investment guru, has repeatedly said in public that he does not like Bitcoin. Bitcoin is a rat drug and it is a gambling tool...

A stone stirs up a thousand waves. This is not the end. Faced with the doubts of cheaters from all sides, Sun Yuchen retaliated against Wang Xiaochuan is a part-time worker and bombarded Wang Sicong. Daddy dares to scold himself, and the post-80s dares to scold the post-90s, who dares to start a business if they go bankrupt on live broadcasting?

Screenshot of Sun Yuchens Weibo

For a time, there was a lot of public opinion. Who is Sun Yuchen? What is the wave field? Why is he so rich? Where did his first barrel of gold come from?

Sun Yuchens first barrel of gold is 300 million US dollars

What is the wave field? According to public information, the main body of wave field registration is the wave field foundation established in Singapore in July 2017. The encrypted currency website shows that TRON is dedicated to building infrastructure for decentralized Internet in order to promote the decentralization of the Internet. TRON protocol is one of the de-centralized application operating system protocols based on block chain. It provides high throughput, high scalability and high reliability for the de-centralized application running on the protocol. TRX is the official currency of the wave field, which can be used to pay transaction costs and motivate participants.

Since the second half of 2017, ICOs in the currency circle have become popular, and counterfeit currencies are prevalent. Under the banner of block chains, countless money can be recycled by copying and pasting codes and rough white papers. Thats when Sun Yuchen, the post-90s generation, graduate of Peking University, master of Pennsylvania, apprentice Ma Yun, former chief representative of Ripple Greater China and startup star, made a grand appearance. Of course, in addition to Sun Yuchens own identity, Sun Yuchens timely private placement list before the wave field ICO also added a dry wood to its ICO boom. This list includes not only BitContinental CEO Wu Jihan, FBG founding partner Zhou Shuoji, Feng Ruis founding partner Li Feng, the founder of Quantum Chain Shuai Chu, but also OFO founder Dai Wei. It is under the illumination of countless big Cafe platforms and halos that the wave field TRON is fired by relying on a white paper.

Non-trumpet information shows that its ICO started on August 1, 2017 and ended on August 15, 2017, with circulation of 100 billion units and opening price of $0.0015/TRX (about 0.01 RMB), with an overall valuation of about 1 billion. The allocation scheme is 40% for public sale, 35% for TRON Foundation Foundation and Ecosystem, 15% for private sale, and 10% for early support to accompany me Happy (Beijing) Technology Co., Ltd. (Sun Yuchens company). In just half a month, the wave-field crowdsourcing was completed, raising $58 million.

However, the world is hard to predict. On September 4, 2017, the Central Bank of China and other seven ministries jointly issued the Notice on Preventing the Risks of Token Issuance Financing, calling for a complete suspension of token financing. Sun Yuchen was very reluctant, but eventually dismissed the public financing and issued a statement saying that he should abide by the law and comply with the rules legally.

Even if the domestic currency had been cleared, the wave market landed overseas in October 2017 and began trading publicly. From the previous allocation proportion, we can know that at this time, except for 15% of the early private equity, 85% of the wave field is left, that is, 85 billion tokens are all in Sun Yuchen and the wave field foundation. No one expected the result, Sun Yuchen unexpectedly was forced to return to TRX because of misfortune.

In October 2017, although the state has issued the Announcement on Preventing the Risks of Token Issuance and Financing, the ICO upsurge of China and even the global block chain companies has entered a white-hot stage, and the whole industry is flooding with hot money. Beginning at the end of November 2017, as the price of Bitcoin continues to rise, the temperature of the whole market has risen rapidly.

As there is no public sale, TRX coins are mostly in Sun Yuchens hands (including the wave field foundation, accompanying me technology), and the proportion of circulation discs outside is very low. In fact, a highly controlled currency has been formed, with the degree of control reaching more than 80%. In addition, early private investors can be associated with a concerted actor, that is, the agreed buying and selling time. This has formed a huge advantage of the wave field currency, the ability to control the disk is strong, and the cost of pulling up is very low.

It has to be admitted that the wave field started with a very strong market operation, good marketing, high visibility, landing exchanges are also increasing. More importantly, the Bitcoin was beginning to go crazy. Non-trumpet prices show that Bitcoin quoted $7219 on November 16, 2017, and $16512 on December 15, with a monthly surge of 129%.

Bit price trend chart non-trumpet screenshot

The explosion of Bitcoin has led to the carnival of encrypted digital currency in the world. At this time, the wave field currency with high control panel has begun to perform tens of times of the surge.

Non-trumpet market shows that from 0.014 yuan on Dec. 5, 2017 to 0.33 yuan on Dec. 24, 2017, only 20 days, the Bochang currency surged 23 times. At this time, the circulation market value of wave field reached 20 billion yuan ($3.188 billion). With the increasing temperature of the encrypted money market and the extremely high control ratio, the wave field currency began to hit 100 times after 10 days of crossing from December 20, 2017 to January 1, 2018.

On January 1, 2018, Bochang currency quoted 0.29 yuan. Then there was a straight line up. On January 5th, the wave field currency price reached 1.38 yuan, and it soared about 375% in five days. Compared with the initial issuance price of 0.01 yuan, it surged 138 times.

Bochang Currency Price Trend Chart Non-trumpet Price Screenshot

After pulling to a high level, Sun Yuchen set aside about $300 million (unit price is about 0.35 yuan) of 6 billion TRX through the accounts of Yanan and LIQUI. According to the total of 100 billion wave field currencies, 6 billion wave field currencies account for only 6% of the total. At that time, it also attracted widespread media attention, wave field manipulation of the market, high delivery.

Sun Yu-chen responded on Weibo: This is not our account, but the account of our partner market makers, who are trying to increase the mobility of wave TRON, not for sale. Of course, using a commercial account to open cryptokitties is very unprofessional.

In any case, from 0.014 yuan on December 5, 2017 to 1.38 yuan on January 5, 2018, the Bochang currency has increased 100 times in a month. In the meantime, Sun Yuchen completed a cash arbitrage of 6 billion pieces worth 300 million US dollars. At this time, the currency circle is completely crazy, and Sun Yuchen has also completely completed the transformation, worth more than 100 million yuan.

Acquisition of BitTorrent and Cooperation with oBike

The wave field was set up in July 2017. In fact, it was still regarded as a hoax by many people until the middle of 2018. But in the second half of 2018, at least in terms of topic, the wave field began to catch up with other projects. In June 2018, Wavefield bought a company called BitTorrent for $140 million, which gave birth to the BitTorrent agreement. According to reports, BitTorrent protocol was born in 2001. It is a communication protocol based on P2P network file sharing, and is the first decentralized Internet protocol to be widely used in the world. The change of wave field at this time seems to be related to the acquisition.

The director of an investment organization told the daily economic news reporter: although the wave field technology is not good, but as long as the bubble is big enough, before the bubble burst, we will buy a company with a little strength by blowing bubbles.

It is worth noting that Sun Yuchen spent $140 million on BitTorrent in June last year, but less than a year after the acquisition, BitTorrent launched the Launchpad project on the online exchange. According to non-trumpet market data, the market value of online currency on BTT once reached $305 million, which is higher than the $140 million spent on its acquisition, and its current circulation is only the total amount of issuance. 17.21%.

Through a series of events, we can see that Yuanyan is indeed the lucky star of Bochang coin. As early as 2017, the project to land on top exchanges, often cost tens of millions of dollars, and in this case, the wave field currency in August 2017, the first public raised in the currency. Earlier this year, Bittorrent, acquired by Bochang, also logged on to the platform of Yuanan. Sun Yuchen also paid for the care of Yuan An. Recently, public information showed that Sun Yuchen, who has a family of over 100 million, has donated 20 million yuan to the Yuan An Charity Foundation.

Earlier this year, Bochang partnered with Singapores bicycle brand oBike and launched its own encrypted currency, OCN. Non-trumpet market shows that OCN raised $47.6 million in public in just 10 days, with a market value of $7.62 million at one time, but up to now, OCN has plunged 79% compared with the public price.

OCN market trend chart

On June 4, Sun Yuchens microblog announced that Buffetts lunch was sold at a sky-high price of $4.6 million, which caused great controversy not only at home but also internationally. According to AMBCrypto, Charles Hoskinson, founder of Cardano, said Sun Yuchen spent $4.6 million for lunch with Buffett, a Bitcoin sceptic, and that he was running out of money and that they had to do something to keep the hype going. Hoskinsons point is that if people get caught up in trying to please investors, its doomed to failure.

Daily Economic News reporter noted that according to the non-trumpet market, the current market value of wave circulation still reached 2 billion US dollars, about 14 billion RMB.

Source: Daily Economic News Responsible Editor: Li Wan_B11284