I am 30 years old this year. Due to recent family changes, I have reflected on my first half of life, flipping through photo albums and organizing my journey in the cryptocurrency world over the past few years.#
This is a true story about how I accumulated zero assets to 11 million, only to fall into the abyss of debt.
(This story is purely true; any resemblance to real persons or events is purely coincidental.)
At that time, I was still a sunny and cheerful young person 🫡
In June 2019, a friend I hadn't contacted in years asked me if I knew about Bitcoin and sent me a bunch of introductions from CCTV news. At that time, I thought Bitcoin was a revolutionary good thing: decentralized, emerging asset, and long-term holding would definitely yield profits.
Then, he recommended a software called Plus Token, explaining that simply holding coins had limited profits, but through its "electronic dog" feature, one could arbitrage by taking advantage of exchange price differences. Initially, I suspected it was a scam, but out of a sense of luck, I bought 3 Ethereum from Huobi, spending 5,000 RMB to invest. Soon, I noticed something was off.
The sense of abnormality came from several aspects: the group chat atmosphere was extremely enthusiastic, only allowing praise and not questioning; the invitation structure was similar to a pyramid scheme; withdrawing funds required paying high fees, equivalent to a month's interest, as if the other party was eyeing the principal. The most suspicious part was that the electronic dog arbitrage address showed no activity—at that time, I didn't understand hash values, but after checking posts from experts, I confirmed that user deposits were not used for arbitrage; this was clearly a scam.
Sure enough, about a month later, the software crashed, and I thought it had run away, resigned to the fact that my 5,000 RMB was gone. Surprisingly, it later recovered, and I immediately withdrew the 3 Ethereum back to Huobi. From then on, I began to study the cryptocurrency world and learned how to trade cryptocurrencies. Previously, I bought Ethereum directly with RMB, not knowing what USDT was, marking my official entry into the cryptocurrency career.
At that time, I didn't understand Ethereum deeply; due to my personal tendencies, I pursued faith more, firmly believing in the decentralized value of Bitcoin. So, I exchanged all 3 Ethereum for Bitcoin and added more investment: I cut losses to buy in at 50,000, with stocks that had already dropped to 30,000, plus my salary to average down. At that time, I was making about 20,000 a month from new media; I would average down whenever it dropped, with a total investment of about 50,000, holding 0.62 Bitcoin. Unexpectedly, after buying, it continued to drop...
After that, I uninstalled the software until March 12, 2020, during the pandemic, when the news reported that Bitcoin had crashed. I logged into Huobi and found my balance was less than 10,000—50,000 had shrunk to 10,000, and my mindset completely collapsed. Fortunately, I had my salary to support me, so I didn't pay too much attention and turned to short video creation.
Prosperity must decline, and decline must lead to victory.
2020 was the lowest point for Bitcoin, but also the year it took off, and my life began to soar as well, like a young eagle spreading its wings, a spark igniting a prairie fire.
At the beginning of 2020, during the most severe pandemic, the short video trend exploded. My account gained over 200,000 followers in just a few days, with considerable income. Every day, besides making videos, I indulged in food and drink, my weight soared to nearly 150 pounds, and I almost forgot about Bitcoin. Until the news reported that Musk was crazily promoting Bitcoin, I re-downloaded Huobi to check my account and was shocked into numbness—10,000 had turned into 200,000! This thing was so profitable! The blockchain revolution!
By the end of 2020 to the beginning of 2021, Bitcoin was valued at 200,000, and with my short video savings, my total assets reached 300,000 to 400,000. Subsequently, Bitcoin continued to rise, and short videos kept generating profits, with assets breaking through 500,000. I considered myself a child of the era, with high awareness, accurately seizing the short video and blockchain trends, feeling like a god! Born with a rich physique! I vowed to trample on those who looked down on me, and my inflated mindset began to sprout, lasting until May...
On May 8, 2021, while riding the subway and scrolling through Douyin, I saw Musk promoting SHIB. Having missed Dogecoin, I was determined not to miss SHIB again, and that night SHIB was listed on Huobi. At that time, after trading Bitcoin, I had increased to 0.87. As SHIB rose, I passionately went all in, earning over 100,000 in one night, and within three days, my 300,000 principal doubled to 600,000. I went all in on a meme coin for the first time and went completely crazy...
After making this money, I no longer looked at short videos—despite earning a few thousand a day, trading coins could fluctuate tens of thousands in one night, making Douyin income seem trivial. Having tasted the thrill of quick money, I looked down on all laborers, considering myself a child of the dimension, an avant-garde human! SHIB became my faith, and my mind was filled with nothing but going all in!
Joy turned to sorrow: when V God donated SHIB, it triggered a crash, and then the "519 incident" broke out, causing my 600,000 assets to shrink to 300,000, bringing me back to reality. At that time, I watched the market every night, not losing too badly, but it felt like a high position paralysis. However, SHIB introduced me to my second benefactor in the crypto world... (The first was the friend who taught me to use Plus Token.)
With nowhere to vent my SHIB faith, I joined a brainwashing QQ group to find resonance and met an older brother—my benefactor. He recommended a more powerful dog coin called LEASH, which needed to be purchased with a TP wallet. I began to study wallet operations, withdrawing from exchanges, and using Uniswap, laying the groundwork for future wealth.
This benefactor was active in many groups collecting information, and I learned that early buyers of SHIB, PIG, and others had all made money. Following his recommendation, I began buying meme coins, teaching him how to use TP wallet on Uniswap, but I basically incurred losses. I also bought BSC chain's Baby Doge, PEPE, and joined faith groups, even buying into an unsellable "Pixiu plate." The gears of fate began to turn violently until July...
July 3, 2021, a memorable day. My benefactor recommended a meme coin called STARL, operated by the LEASH developer Wolf. Based on my previous experience, I skillfully opened the TP wallet, entered the contract on Uniswap, and exchanged for 0.3E of STARL. The gears of fate shook violently.
I have a black-and-white mentality: if I believe in something, I go all in; otherwise, I won't touch it. But the philosopher Camille from the Piero-Watt family awakened me with a famous saying: "The world is not black and white, but a delicate gray." At this point, I realized that the wallet was the true blockchain, transferring all my assets into the wallet and increasing my position in STARL. I developed a habit of checking the TP wallet, not looking at K-lines; the fluctuations in numbers were incredibly stimulating, and I felt uneasy if I didn't check.
Then, the coins developed by Wolf began to drop; the more they fell, the more I averaged down, competing with group friends for holdings. Eventually, I sold SHIB and LEASH, going all in on STARL. Being fully invested was both satisfying and anxious—if I failed, it would be over... I started cutting losses, buying in, and cutting losses again, ending up with 30 billion STARL, and my assets shrank from 400,000 to 200,000, enduring a month of torment... Looking back still hurts. Until July 25.
On the evening of July 5, 2021, I found a little cat and named it "Fortune"—because I had become wealthy! Opening the TP wallet showed 800,000, and my hands trembled uncontrollably. After refreshing, it turned into 1 million! My first million in life, I went crazy, feeling like a child of the dimension! My ancestors' graves were smoking! How many people can earn a million so quickly? But this was just the beginning, as the coin rode the coattails of the metaverse concept.
In the following days, I hardly slept, checking the TP wallet was too stimulating: 1 million doubled in an instant! 2 million, 3 million, 3.66 million... Fluctuating tens of thousands in casual conversation, money became just a number. Besides checking the wallet, I boasted and brainwashed in the faith group, strengthening consensus. I created a tutorial for purchasing STARL with the TP wallet, listened to group friends sing "Starlink Song," compared myself to the white-haired character in "Ready Player One," and felt the metaverse was my home, grasping the pulse of the era! During this extreme madness, a reversal arrived...
Yes, the crash began. The day before, my mind was filled with "Who else! The metaverse is the future," which instantly turned into "The metaverse is a scam! The blockchain is a scam! The metaverse game is hard to produce!" Seeing no signs of stopping the decline, I panicked. When it fell to 1.2 million, I cleared my position—this was the bottom line; I needed to protect my 600,000 principal with at least double the profit.
After clearing my position, I felt secure but still unwilling. I withdrew 600,000 to my bank card, planning to buy a car, torn between an Audi S4 or a BMW 330i, ultimately choosing the latter. On the way to pick up the car, a change occurred...
My brother advised me that Ethereum could still rise, and buying a car now would be a loss; it was better to buy ETH. I followed his advice and, before entering the 4S store, went to the bank to handle the U shield (needed for large transfers), transferring 600,000 to the U merchant to exchange for chips and buying ETH to fight again. In the short term, it seemed like a wise decision, but in the long term, it became the source of losses...
[To be continued] Source of the story: Wang Duan Niao 🐦
OKX Activities This Month#
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