Blossoms Revelation: The 1990s A-shares and Crypto Market Are So Similar
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Blossoms Revelation: The 1990s A-shares and Crypto Market Are So Similar
Fortunes change, speculators change, stocks change, but Wall Street never changes—because human nature never changes.
Navigating Web3 tides with focused insightsAuthor: Psyduck Fomo
(Vitalik recently said not to use more than 2x leverage. Boss Bao also collapsed after using 2x leveraged financing. Vitalik’s remarks two days ago already hinted at yesterday's outcome for Boss Bao.)
Excerpt from *Reminiscences of a Stock Operator*:
“What happens in the stock market today has happened before and will happen again. Wall Street never changes. Pockets change, speculators change, stocks change—but Wall Street never changes, because human nature never changes.”
—— Jesse Livermore
Main Storyline 1:
Shenzhen-based Boss Qiang goes to Shanghai and manipulates the market by acquiring concept stocks tied to stock code 601. Boss Bao follows suit—using funds raised illegally plus insider information (exchanged with Li Li)—riding on Shenzhen’s momentum to profit.
1. Before confirming his bet on 601, Boss Bao first identifies three stocks under the "no-national-share, no-corporate-share, no-foreign-share" theme—a sector characterized by small caps with fully circulating shares, making it easy for major players to accumulate positions in the secondary market. Isn’t this exactly like meme coins? Why are both retail and institutional investors so obsessed with such “three-no” sectors? The recent explosion of inscriptions is an extreme manifestation of unequal chip distribution between individuals and institutions. If everyone is just telling stories anyway, while institutions quietly offload their bags behind technical jargon and data narratives—why don’t we go one step further and simply pump an air coin?
2. Boss Qiang, who studied in Japan, introduces the concept of corporate acquisitions—an unfamiliar idea during A-shares’ early days (mirroring the real-life Baoyan battle)—and uses it to inflate stock prices through geographic arbitrage. In crypto history, early BTC traders exploited price differences between China and the U.S., while later innovators transplanted CeFi models refined over 200 years into DeFi within five years, fueling Ethereum’s ecosystem boom (reaching $29B TVL). Similarly, English teacher Li Xiaolai and Jack Ma both succeeded via geographic arbitrage. This reaffirms that language isn’t merely communication—it’s a gateway to understanding another world’s operating mechanisms.
3. Illegal fundraising combined with insider trading—how similar this is to early-stage crypto! Once-in-a-lifetime wealth comes like a storm. While you're still debating legality, smarter people have already charged in. Crypto’s rise was a victory for grassroots participants. Early development phases are always rough and gray; if you don't join now, will you wait until high-quality development begins—then show up as an employee?
Main Storyline 2:
Boss Bao, initially a garment company underwriter with 120 million yuan in capital, gets outmaneuvered by Boss Qiang. Qiang plans to dump shares at high prices to trigger Bao’s margin collapse, then buy back cheaply—the same way Bao once cleaned up after Mr. A. But unexpectedly, Kirin Club wires 30 million to Western Investment, taking over Bao’s 30-million position. In the end, Bao loses all his cash, left only with a piece of land in Chuansha (later sold to Disney’s Chuansha fox,玲娜贝儿/Nina Belle). Qiang fails to buy low due to a 30-million loss on the short side and ends up imprisoned.
1. Kirin Club emerges as the biggest winner. Doctor Wu says: “In this market, nothing is untradeable—even a coffin lid has its price.” Initially denied listing underwriting rights, Boss Qiang tried to force a self-led market manipulation but was ultimately taught a lesson by the hidden whale, Kirin Club. One whale falls, myriad creatures thrive. Isn’t this just like when the entire market rushed to pick up the scraps after Mr. A’s downfall? In crypto, too, events like Three Arrows Capital’s bankruptcy and FTX’s collapse keep reshuffling the market. In the end, only the mad remember there was once a Boss Bao on Huanghe Road. Indeed, nothing is untradeable—BTC ETF approvals play out like dramas involving the SEC, Matrixport, and other institutions.
2. Vitalik recently warned against using more than 2x leverage. Boss Bao also blew up using 2x leveraged financing (effectively liquidated, handing chips to Kirin Club). Vitalik’s comments two days prior subtly foreshadowed Boss Bao’s fate yesterday.
The ending of *Blossoms Shanghai* truly carries the flavor of *Dream of the Red Chamber*. Once filled with dazzling lights, fine wine, and clinking glasses, countless fates rose and fell along Huanghe Road and across Greater Shanghai. In the end, guests depart, music fades, revelry dissolves—leaving only vast silence and loneliness behind.
Some other interesting points:
1. When Boss Bao first arrives at Foreign Trade Building No. 27, crowds line up outside, yet inside staff leisurely sip tea and stick stamps.
2. So-called stock analysts promote 601 as a sure big gainer. Retail investors like Xiao Jiangxi believe them, pouring their life savings of 200,000 yuan into the market—only to get rekt. What’s the difference between these analysts and today’s bank wealth management centers, securities research institutes, or crypto KOLs? They issue reports full of jargon—do users actually make money following them?
3. Miss Wang raises her cost price to win Boss Bao’s Walmart export order, expecting a loss—but ends up profiting slightly when exchange rates shift. Why did she dare speculate on FX? Because her mentor at Building 27, Section Chief Jin, gave her a hint. Those with connections use insider info to profit, while ordinary people like Xiao Jiangxi and Mei Ping lament unfair fate. Chasing Miss Wang as your idol makes for a satisfying drama—mentor is Section Chief Jin, business partner is Boss Bao of Huanghe Road, suitor is Mr. Wei from Wenzhou Leather Factory—she thrives. Yet viewers eventually realize—they’re Mei Ping.
4. If *Blossoms* has a Season 2, Boss Bao will do foreign trade (real estate), trade A-shares (crypto trading).
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