I’ve revamped the perks for DHK dao newsletter subscribers. Paid members— our “Daoers” and “Daoists”— now enjoy even more benefits, including access to an exclusive Signal group, a free book on their birthday, monthly DHK airdrops, and participation in special events through exclusive NFTs. Subscribe today to support DHK dao and unlock these perks.
The fourth episode of our Cantonese podcast, GM FM, titled ‘Is Ethereum Dead?’, is now live— don’t miss it!
In the web3 space, it’s common to ask someone how they "fell down the rabbit hole"— like how long ago they got their first Bitcoin. During a recent interview, I was asked a similar question. I mentioned that I first bought Bitcoin in September 2017, which prompted the host to call me humble for considering that “not too long ago”.
But honestly, I wasn’t being humble— though I do strive to remain grounded. I genuinely don’t think 2017 was that long ago. After all, Bitcoin's whitepaper was published on October 31, 2008, and the genesis block was mined on January 3, 2009. By the time I entered the space, Bitcoin had already been around for more than eight years. Many early adopters had long since gained deep insights into Bitcoin, and the core group of cypherpunks had already been working on it for years. Even now, seven years since I started, the time before I joined is still significantly longer than the time I've been involved.
Seven Years Down the Rabbit Hole
The first cryptocurrency exchange I used was the U.S.-based Kraken. I just logged in to check my history, and it turns out my first transaction was exactly seven years ago. On September 15, 2017, I purchased 0.788 BTC for 2,489 USD, when Bitcoin was trading at $3,158.95 per USD.
Looking back, some might think that deciding to buy Bitcoin back then was an easy choice. They may even believe that if they had known about Bitcoin at the time, they would have definitely made the same decision— perhaps even bought more. But the reality is often quite the opposite. It’s not about knowing first and then buying; it’s about buying first and then getting to know. Whether through mining or exchanges, it’s only after owning Bitcoin that you gradually start to understand it. Let’s not forget that in January of that same year, just eight months before my purchase, Bitcoin was still trading in three digits, below 1,000 USD. In other words, Bitcoin had more than tripled in value during the eight months leading up to my buy. If I had focused solely on price, I might have been unable to overcome the psychological hurdle of buying something that had tripled in value.
Some might point out, “but just three months after your purchase, Bitcoin shot up to 19,423 USD!” Sure, but how could I have known that when I bought in? And let’s not forget, after hitting that peak, Bitcoin’s price steadily fell, reaching a low of 3,217 USD by the end of 2018. It stayed around the 3K USD range for several months and didn’t enter another bull market until almost two years later.
All these numbers are just hindsight. What I really want to emphasize is still the same message: For those who haven't gotten into crypto yet, the best time to buy Bitcoin is today. If you dollar-cost average and invest a fixed amount daily, weekly, or monthly—using money you can afford without impacting your daily life—it won’t matter if, in retrospect, today turns out to be a cycle high. The earlier you step into the space, the sooner you’ll start to understand, and the sooner you’ll be free from hesitation. By comparison, those who endlessly overthink and delay their entry will still be on the sidelines, lamenting missed opportunities by the next cycle.
To this day, I still consider Kraken a solid and reliable exchange. However, I have to say: DYOR— do your own research. I can't outright recommend it here because Kraken hasn't applied for a license in Hong Kong. Using it means trusting in the U.S. regulatory system. Plus, full disclosure: I’ve invested in Kraken and hold an extremely small number of shares. If you’re looking for a regulated exchange, Hong Kong residents could consider Hashkey, which I've written about previously. For Taiwan, I had wanted to recommend XREX, but since I don't have a proof of address, I haven't been able to open an account (who even gets paper bills anymore?). One of my core principles is that I only recommend services I’ve personally used.
A Meaningful 0.0001 BTC
Interestingly, the first Bitcoin I owned wasn’t from my Kraken purchase. Ten days prior, on September 5, 2017, my mentor J wanted me to experience Bitcoin firsthand. He told me to set up a wallet and, without hesitation, sent me 0.0001 BTC.
At the time, 0.0001 BTC was worth about $0.40 USD (as seen in the screenshot from 2019, where it’s converted to $1.09 based on the updated BTC price). What’s more fascinating is that after checking the transaction records, I found that J paid a transaction fee of 0.001236 BTC— roughly 5 USD— to send me that tiny amount.
Paying 5 USD in transaction fees to transfer 0.40 USD—what kind of game is this? Where exactly is my money?! Back then, I felt like Neo in The Matrix, with Morpheus offering me two pills: the blue pill promised comfort and security, letting me believe my mentor J was a fool, and I could retreat to my cozy world, safe in the arms of HSBC. But of course, I had to pick the red pill. The consequence? Nearly ten sleepless nights devouring the Bitcoin whitepaper and every related material I could find. Ten days later, I bought my first Bitcoin. From that point on, my life's trajectory took a drastic turn— and if you’ve read my work before, you probably know how the rest of the story goes.
Pay it Forward
It’s not hard to imagine how grateful I am to my mentor, J. But I believe the best way to repay him isn't by giving back tenfold, or even sending a Mid-Autumn Festival greeting. The true way to honor his gesture is by using web3 technologies to make the world a better place and paying forward the inspiration he gave me; pay it forward.
For those who clicked because of the headline— thanks for waiting! Now we’ve arrived at the perks. If you’re a paying subscriber to this newsletter and don’t yet own any Bitcoin, here’s your chance: simply set up a Bitcoin wallet, and I’ll send you 0.0001 BTC as a Mid-Autumn Festival gift. The current market value is... irrelevant. If you're thinking about how much 0.0001 BTC could be worth, how high it could go, or how much it might crash— you’ve missed the point.
So what is the point? If you're still asking that instead of taking action, you're missing it again. The point is to open a wallet right now, take the first step, and start learning through action.
To claim your 0.0001 BTC gift, follow these three simple steps:
1. As long as you’re an active paid subscriber on Substack or Paragraph, you’re eligible. If you haven’t subscribed yet, you can do so now on Paragraph by choosing the "Daoist" or "Daoer" paid plan to support DHK dao’s web3 civic education initiatives and enjoy the associated benefits.
2. Install either Muun Wallet or Proton Wallet. Muun is a well-designed mobile app supporting the Lightning Network, and it’s been my go-to recommendation for a hot Bitcoin wallet. As it’s post Mid-Autumn Festival, it’s the perfect time to use Muun. Proton Wallet, developed by Proton’s Taiwan team, also offers both web and mobile app versions. I’ll provide a detailed introduction later. Proton Wallet is not yet publicly available, but I have five invite codes— leave a comment or reply to this email if you’re interested (first come, first served).
3. Muun users: In your wallet, select "Receive", then "Lightning", and use "Copy" to copy your address (which starts with lnbc1); Proton Wallet users: Select "Receive", and use "Copy Bitcoin address" to copy your address (which starts with bc1).
This is just a little token of my appreciation— whether you take advantage of it is entirely up to you. I’m happy to spend time every week explaining web3 concepts, connecting them to societal contexts, and exploring the idea of freedom. But I can’t help someone who’s unwilling to take the first step.
Wishing you have had all a peaceful Mid-Autumn Festival and an early reunion with your loved ones!
P.S. Although I have zero interest in shopping, I still need to eat, so I frequently visit the local market to buy groceries. I’m not particularly price-sensitive when it comes to food staples, but I am meticulous about portions, resisting the urge to stockpile. I always buy rice one catty at a time and love visiting old-school grocery shops. Nine dollars for a catty of new Golden Phoenix rice, six dollars for four eggs, ten dollars for a slice of salted fish, and four dollars for two ounces of ginkgo nuts— never once have the shopkeepers looked down on me for buying such small amounts, nor have they ever given me an attitude. Sadly, the elderly owner recently had health issues and announced the closure of his shop. Just like the swallows building nests under the canvas canopy, or Uncle Chi’s cautionary “Don’t get used to it,” another familiar scene has quietly slipped away.
