Programmer Maasler's Bitcoin Marseille Le is a programmer who has been writing code in the community for half of his life. The salary is not high or low, enough to buy groceries and pay property fees. Until one day he believed in one thing: Bitcoin would rise to the sky. He spent almost all of his salary on buying coins. The salary alone cannot buy a few. He wants more. So he started borrowing money. It's not like looking for the bank first - well, he borrowed the money from the bank and signed a formal contract, agreeing to pay off the principal and interest in a certain year and month. What's amazing is that the interest rate on this loan is unbelievably low, with only a little money in a year, and he can hardly feel it. Pit in the back: on that repayment date, he had to repay a large amount of principal in cash at once. We'll talk about this later. The neighbors are the ones who really make it difficult for him to sleep well every month. Marseille went door-to-door to borrow money. The condition is: you lend me money, and I will pay you interest every month; As long as I am still panting, this breath keeps coming. As for the principal, I don't plan to repay it anymore. Just deposit it with me and earn interest. Lend to his neighbors, each with their own temperament. Zhang San is the most vicious. The interest rate must be high (10% per year), in black and white, in cash, and on time. The contract also contained harsh words: If you dare to delay by one day, the interest will jump to 18% for me, and I will have to come into your house to check the account books. Zhang San was at the forefront of all the neighbors - on the day of the settlement, he was the first to be held tight. Li Si is the one who borrows the most and also the one that Marseille cares about the most. Li Si's promissory note, Maasai Le wants it to be "valuable" in the community - preferably anyone holding it can exchange it for its face value and transfer it to someone else. To achieve this, he adjusts the interest paid to Li Si once a month: if the promissory note depreciates a bit, he raises the interest to stabilize people's minds. Wang Wu is flexible. His promissory note has a special clause: one day when the value of Marseille's currency goes crazy, Wang Wu can exchange the promissory note for a share of the currency. As for the interest, Marseille can provide cash and also issue a promissory note to offset it. Zhao Liu is the most honest and also the most disadvantaged. He promised a deadly thing: if Marseille doesn't give a breath for any month, even if he jumps over this month, he will never make up, and Zhao Liu can't make a fuss. Zhao Liu ranks last among all his neighbors. There is also Qian Qi who moved from abroad and borrowed euros. The rules are similar to Zhang San's, and he insists on cash. Marseille pooled up the money and bought a bunch of coins. It is rumored in the community that Maasai Le has hoarded a wall of Bitcoin. For four years, this machine has been running beautifully. His salary is not enough to pay interest to this group of neighbors. But he has a trick: borrow new to repay old. Knock on a new neighbor's door every month to borrow money, with a portion used to pay interest to the old neighbor and another portion used to buy coins. As long as there are people outside the door who want to lend him money, this matter can continue to turn around. And the more people transfer it, the more likely they are - everyone sees his loan slip in high demand in the community, and even resells it at a premium, thinking that lending it to Maasai Le will make a steady profit and competing to come to his door. He would say to everyone: I will never sell a single coin in my life. This year, the machine got stuck. First is the currency price. The batch of coins he bought later was too expensive - the current market price is lower than his average cost. On paper, he is losing money. Even worse is the human heart. Li Si's promissory note, which should have been exchanged one piece for another, suddenly became only worth 80 cents in the community. Marseille became anxious and raised the interest he gave to Li Si seven times, reaching over 11% per year. The more it was mentioned, the more anxious the neighbors became - everyone didn't think it was worth it if the interest rate was too high, but rather thought it might be too late, so no one accepted the loan. The chain that borrowed new and returned old just broke like this. The new neighbor refused to borrow at face value. In May, he couldn't gather enough interest for Li Si and did something he had never done before in four years: he sold a few coins, just a few, and exchanged some cash for emergency. You can see it in the entire community. The person who shouts' never sell coins' every day has sold coins. For that little interest, he took his life. Now Marseille is standing in this situation: He did indeed hoard a wall of coins, looking like a millionaire. But most of the wall coins are owed to neighbors and banks - strictly speaking, not all of them are his. He wants to just lie flat and do nothing, holding the coin and waiting for the next bull market. Lying still: The bank has a repayment date, and on that day, he has to pay a large amount of cash, but he has no cash and can only sell coins; Neighbors need to be fed every month. He has an emergency canister in his pocket and has saved some cash specifically for interest payments - but that money is only enough to last for about a year. His only small calculation is: if Zhao Liu's pen really can't hold up, he can hold off on sending it for now, anyway Zhao Liu can't sue him. But this trick can only be used once - once he skips the ticket, the whole community knows he has no money left, and no one dares to lend him again in the future. So now he wakes up every day with only one thing in his mind. It's not about 'how much can the coin increase', But rather: can the currency price rise back before the bank's repayment date falls. Rising back, everything is alive: neighbors are eager to renew loans, even the dead debt from the bank can be converted into a neighbor's IOU that doesn't need to be repaid. He can really lie flat with money in his arms. If it doesn't rise back, he will have to cut his own wall coins one by one on the repayment date. He never gambled on whether the currency would return to zero. He is betting on whether he can endure until the day when the coin price returns - before creditors lose patience.