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 assets from zero 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, an emerging asset, and long-term holding would surely be profitable.
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 required paying high fees, equivalent to a month's interest, as if the other party was coveting the principal. Most suspiciously, the electronic dog arbitrage address showed no activity—at that time, I didn't understand hash values, but after checking expert posts, I confirmed that user deposits were not used for arbitrage; this was clearly a scam.
Sure enough, about a month later, the software crashed. I thought it had run away and resigned myself to the fact that the 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 about coin-to-coin trading. 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 have a deep understanding of Ethereum, and 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 made additional investments: cutting 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 earning about 20,000 a month from new media; when it dropped, I would average down, 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 plummeted. 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.
What goes up must come down, and what goes down must rise.
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. The account I operated 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, shocked to numbness—10,000 had turned into 200,000! This thing was so profitable! The blockchain revolution!
By the end of 2020 to early 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 surpassing 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 those who looked down on me underfoot, and an inflated mindset began to sprout, continuing until May...
On May 8, 2021, while riding the subway and scrolling through Douyin, I saw Musk promoting SHIB. Having missed out on 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 my holdings to 0.87. As SHIB rose, I passionately went all in, making over 100,000 in one night, and within three days, my 300,000 principal turned into 600,000. I went completely crazy, daring to go all in on a meme coin for the first time...
After making this money, I no longer cared about short videos—despite earning a few thousand a day, trading coins could fluctuate tens of thousands in one night, making Douyin income seem insignificant. Having tasted the thrill of quick money, I looked down on all laborers, considering myself a child of the dimension, a cutting-edge human! SHIB became my faith, and my mind was filled only with going all in!
Joy turned to sorrow: when V God donated SHIB, it triggered a crash, and then the "519 incident" occurred, causing my 600,000 assets to shrink to 300,000, bringing me back to reality. At that time, I was watching the market every night, not losing too badly, but it felt like a high position paralysis. However, SHIB led me to meet my second benefactor in the cryptocurrency world... (The first was the friend who taught me to use Plus Token.)
With nowhere to vent my faith in SHIB, I joined brainwashing QQ groups 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 brother mingled in many groups to collect information, and I learned that early buyers of SHIB, PIG, etc., had all made money. Following his recommendation, I started buying meme coins, teaching him how to use the TP wallet on Uniswap, but I was basically losing. I also bought treasures like Baby Doge and PEPE on the BSC chain, joined faith groups, and even bought into an untradeable "Pixiu 盘." The wheels of fate began to turn violently until July...
July 3, 2021, a memorable day. The benefactor brother 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 wheels of fate shook violently.
I have a black-and-white mentality: if I see potential, I go all in; otherwise, I won't touch it. But the philosopher Camille's famous saying awakened me: "The world is not black and white, but a delicate gray." At this point, I believed that wallets were the true blockchain, transferring all my assets into the wallet and increasing my holdings in STARL. I developed a habit of checking the TP wallet, not looking at K-lines; the fluctuations of numbers were incredibly stimulating, and not checking felt uncomfortable.
Then, the coins developed by Wolf began to decline. 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. Holding a full position 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... Reflecting on it still brings pain. Until July 25.
On the night 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 this coin latched onto the metaverse concept.
In the following days, I hardly slept, checking the TP wallet was too exciting: 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 faith groups, 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 came...
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 struggling to be born!" Seeing no signs of stopping the decline, I panicked. When it dropped to 1.2 million, I cleared my position—this was the bottom line; I needed to protect my principal of 600,000 and ensure a profit.
After clearing my position, I felt secure but unsatisfied. 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, 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 🐦
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