The journey of Bitcoin over the past decade has been nothing short of revolutionary. What began as a niche digital experiment has evolved into a global financial phenomenon, challenging traditional systems and reshaping how we think about money, value, and trust. In this in-depth recap of the first episode in a three-part live series titled Bitcoin – A Social Experiment, we explore Bitcoin’s evolution through the eyes of early adopters who have witnessed its rise firsthand.
Featuring insights from Wang Ruixi (CEO of Hoo), Wang Binsheng (visiting finance mentor at the Chinese Academy of Social Sciences), and Li Kuang (co-founder of Matrixport), this discussion dives into the origins, challenges, and future potential of Bitcoin—not just as a currency, but as a transformative social movement.
The Early Days: How Pioneers Discovered Bitcoin
Wang Ruixi: From Programmer to Blockchain Entrepreneur
Wang Ruixi first encountered Bitcoin in 2013 while exploring big data technologies. Introduced by a hardware engineer friend, he was fascinated by the idea that money could be created and secured through mathematics and consensus rather than government authority.
“I realized money doesn’t have to rely on state violence—it can be based on algorithms and decentralized agreement.”
He began with BTCMini, a media platform, eventually transitioning into sales for early ASIC mining machines like those from K.O.C. (aka “Burnt Cat”). His journey reflects the broader ecosystem’s evolution—from media and mining to full-scale blockchain infrastructure.
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Li Kuang: Mining Since Day One
Li Kuang’s story starts even earlier—in 2012—when he stumbled upon Bitcoin via an online article. After reading the whitepaper, he was captivated by the technical idealism behind it. With a high-performance PC, he started mining immediately.
By 2013, he joined Bitmain, leading market and sales for Antminer products. Today, he drives institutional strategy at Matrixport, helping miners and investors navigate complex financial tools.
His nickname “Li Kuang” (literally “Li the Miner”) stuck so firmly that he jokes, “When people call me by my real name, I don’t even respond.”
Wang Binsheng: An Economist Reimagined
As an economics scholar trained in classical theory, Wang Binsheng entered the space in 2013 after a casual mention from a regulator at China’s CSRC. Initially skeptical, he became deeply intrigued after researching Bitcoin’s implications for monetary policy and decentralization.
His experience led him to write The Road to Future Wealth, a personal reflection on how Bitcoin dismantled his academic understanding of finance. For him, it wasn’t just investment—it was ideological transformation.
Bitcoin’s Psychological Impact: Faith, Loss, and Resilience
Many early adopters didn’t just invest capital—they invested identity.
Regrets and Near-Misses
Wang Ruixi shared several cautionary tales:
- He helped break up the infamous GBL exchange scam in 2013 and later invested in Ripple with proceeds—only to lose access due to forgotten credentials.
- In 2018–2019, he heavily invested in EOS RAM, earning the ironic label of “richest man” despite significant losses.
Li Kuang recalled miners selling ETH to cover electricity bills at $80 each—missing out on exponential gains. He admitted:
“We all used stock market logic. But Bitcoin isn’t a stock—it’s a paradigm shift.”
Wang Binsheng took a different path—he never sold. However, his conviction led him astray during the Ethereum Classic split. Believing in ideological purity, he bought ETC during the crash—only to suffer heavy losses.
“In the market, everyone is a student. Even strong beliefs get tested.”
Why They Stayed
Despite volatility and setbacks, all three remained committed—not out of blind faith, but because they saw something deeper.
For Li Kuang, leaving wasn’t an option:
“After 2013, my entire social circle was crypto. Outside, people thought we were running scams.”
Wang Binsheng pointed to generational energy:
“Traditional finance is stagnant. Here, everyone is young, building something new.”
Wang Ruixi emphasized sunk cost and mission:
“We’re not just chasing profits—we’re building the future of finance.”
Core Keywords & Their Role in Bitcoin's Narrative
Through their stories, several core keywords emerge naturally:
- Bitcoin
- social experiment
- blockchain adoption
- decentralized finance
- cryptocurrency investment
- mining evolution
- market cycles
- digital asset security
These terms aren’t just SEO hooks—they reflect real themes shaping Bitcoin’s trajectory.
FAQ: Addressing Common Questions from Newcomers
Q: Was Bitcoin really used to buy pizza?
A: Yes. In 2010, Laszlo Hanyecz famously paid 10,000 BTC for two pizzas. This event is now celebrated annually as Bitcoin Pizza Day, symbolizing early use cases before widespread value recognition.
Q: Can Bitcoin still grow significantly?
A: Absolutely. With a current market cap around $500 billion (as of recent cycles), Bitcoin remains tiny compared to gold (~$12 trillion) or global equities. Even capturing 1% of global wealth would represent massive upside.
Q: Is mining still profitable today?
A: Yes—but it requires scale. Unlike 2012’s GPU mining era, today’s operations demand specialized ASICs, low-cost energy, and professional management. Large pools and hosted services dominate.
Q: Why do people call Bitcoin a 'social experiment'?
A: Because it tests whether trustless, decentralized systems can replace centralized institutions. It challenges assumptions about money, governance, and human cooperation.
Q: Did early investors really sell coins for trivial things?
A: Many did. Stories abound of people selling BTC for iPhones or cars—decisions that seem unthinkable today but made sense when BTC had little perceived value.
Q: Will another cryptocurrency replace Bitcoin?
A: While altcoins offer innovation (e.g., smart contracts via Ethereum), none match Bitcoin’s network effect, security, or global recognition. Most experts view Bitcoin as digital gold—store of value first.
Beyond Bitcoin: Exploring Other Projects
While all guests remain bullish on Bitcoin, they’ve explored other ecosystems:
- Wang Binsheng participated in numerous ICOs during 2017–2018, viewing them as humanity’s first large-scale decentralized collaboration—even if many failed.
- Li Kuang mines and holds ETH, LTC, and DASH but sees Bitcoin as the foundational layer.
- Wang Ruixi invested across dozens of projects but now keeps over 90% of holdings in BTC.
“Other chains innovate,” says Li Kuang. “But Bitcoin remains the consensus backbone.”
The Halving Effect: What It Means for the Future
Bitcoin’s block reward halving—occurring roughly every four years—reduces new supply issuance. The most recent halving cut miner rewards from 6.25 to 3.125 BTC per block.
Wang Ruixi believes the psychological impact outweighs immediate market effects:
“Miners are more resilient now. The real power of halving is confidence—it signals scarcity.”
Li Kuang uses a housing analogy:
“Imagine Beijing stops building 50% of new homes. If demand stays constant, prices rise. Same with Bitcoin—less new supply means greater pressure on existing holders.”
Wang Binsheng takes a long-term view:
“We’re in a 10–15 year cycle. This isn’t speculation—it’s structural change.”
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Is the Bull Run Over?
After March 2020’s crash (when BTC briefly dropped below $4,000), many declared the end of Bitcoin’s golden age. But our guests disagree.
- Market cap is still small: At under $1 trillion at peak cycles, Bitcoin is dwarfed by single tech giants like Apple or Microsoft.
- Institutional adoption is growing: From MicroStrategy to Tesla (in prior years), corporations are treating BTC as treasury reserve.
- Global liquidity surges: With central banks printing trillions, inflation-hedging demand for scarce assets grows stronger.
Li Kuang concludes:
“The bear market is over. Whether price doubles or triples next year isn’t the point—the system has proven resilient.”
Final Thoughts: A Movement Greater Than Money
Bitcoin is more than code or currency—it's a rethinking of trust itself.
It began with programmers and economists asking radical questions:
- Can money exist without control?
- Can value be transferred globally without intermediaries?
- Can consensus replace coercion?
Over eleven years, these ideas have survived crashes, bans, skepticism, and hype cycles—emerging stronger each time.
As Wang Ruixi puts it:
“We’re not just building companies—we’re building the next financial era.”
And as long as there are believers willing to hold through uncertainty, innovate through adversity, and educate through confusion—Bitcoin will not only survive but evolve.
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This isn’t the end of the story. It’s only the beginning.