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Ten years ago,
Ten years ago, overseas online shopping and consumption were just beginning to flourish. Back then, many banks were promoting cashback on overseas consumption, with each card offering 600 dollars in rewards per month.
A friend of mine got more than twenty people to apply for credit cards for him to use and swipe. He did this solely to earn bank cashback rewards.
The bank would give him 600 US dollars, and he'd give each of them 500 yuan per month.
The pitch was simple: "Get a credit card and let me swipe it. I'll handle the payments. I'll give you 500 yuan each month."
He mostly recruited former classmates and people he knew from online.
This friend made 60,000 yuan per month from this scheme, earning 700,000 yuan a year.
The promotion lasted over a year, then no activities that lucrative ever happened again.
Today a former classmate said he wanted to repay him, and this memory came back to me.
Every industry has a dividend period. Once that period passes, there's no more room for excess profits.
Not only is there no room for excess profits, it even becomes illegal with the risk of imprisonment.
The dividend period for crypto is long gone. Now it's just extreme PvP. If you're not a trading genius, don't expect to make money.🤡🤡🤡