The Crypto Telegram Group in Hong Kong – 1

This is a series of stories about some interesting observations I have made from the biggest Crypto Telegram Group primarily packed with Hong Kong cryptocurrency traders. These stories itself is not only about trading strategies, but also want to share the situations and some of their common logical issues and my thought on them.

Before going further, let us talk about Hong Kong, and then near the end on Crypto in Hong Kong.

Hong Kong – a City of Stock Trading

Hong Kong, a city that has its own nation level government, is a top business centric city in Asia. The city is primarily powered by its financial sector. Most, if not all, top corporations in the world has its Asia headquarters in Hong Kong.

While most of the people in the city need a job to survive, the wealth of Hong Kong people is primarily not accumulated from their full-time jobs, but rather from investment. Investment opportunities such as stock trading is not limited to the rich, for example, you do not need to be a qualified investor with wealth of more than a certain amount to be able to invest in the stock market in Hong Kong. The tax code in Hong Kong is also simple, especially to investment in the local financial market – there are no capital gain tax on trading stocks. When you placed your order, the tax is deducted from your account immediately. Most people in the city also have their bank accounts. To get into stock trading, you just need to ask your bank to get you a stock trading account; alternatively, you can get stock trading account from smaller brokers. If you are from Hong Kong and reading this story, people in some developed countries might not have bank account, might not meet the minimum wealth to buy stocks, and need to pay their self-calculated capital gain tax in the year end.

Why I need to talk about the stock market in this cryptocurrency story series? I want to give you the impression about how popular and easy Hong Kong people can participate in stock trading, and extend from this point to cryptocurrency trading.

Popularity of Cryptocurrency

It is hot, just recently, when Bitcoin broke upwards beyond $10000.

Precisely, it is hot on cryptocurrency trading since November 2017.

Before the Bitcoin $10000 milestone, the city was silently transforming itself towards crypto. The largest computer shopping mall in Hong Kong has been taken over by GPU Mining Rig. While previously GPU Mining Rig is a niche market of highly technology literate individual to self-assemble their own rigs, people started to sell pre-assembled rigs at high price, such as a 6 card rig at HK$30000-HK$40000, about US$3800 – US$5000.

Since November 2017, printed media coverages are everywhere. I remember one reports from a top local language magazine that portrait a wealthy young gain 30% overnight with XRP.

Cryptocurrency Telegram Group

I do not want to mention the group name simply because you will not know what they are saying. They are typing in Cantonese, your google translate will hardly get a proper translation. I also intended to keep it a bit low profile.

The group is largest in Hong Kong from what I know, but only with 2035 members at the moment. It was only an 800-people group at the time I joined. The demographic structure is simple: primarily young from 18 to 39, mostly male, majority of them are not come from tech sector, education level highest with PhD, at least 1 quietly member is top 10 crypto whale. For female, I can hardly notice any, less than 10 I think, while 1 of them is a professional house wife – well, I am not the admin and I don’t pay attention to this anyway. This description helps you to understand more about the stories in this series.

What you will learn about?

Pretty much everything crypto-related, be it crypto related knowledge or human behavior. I write because I found myself did not post for a month, and my life is now more focus on crypto. Why not write about topics I pay attention to on a daily basis?

Specifically, there are a lot topics newbies need to know, and the group give me some chances to think in depth on topics that I did not pay attention to previously. I appreciates them for all the input they gave, and I hope I can give them some decent responses with take away as well.

I believe there will be a lot of fun from reading this story series. I hope you will enjoy.