In the crazy cryptocurrency circle, players compete for time, some people’s principal doubled a hundred times, while others experienced an instant zero of wealth.
If you win, you get rich; if you lose, you go to zero. This is the belief of many players. However, the riches are always out of reach, and the white people who entered the fire were soon hit by the storm.
Stud entry, but the opening is the end
This week, the cryptocurrency world has experienced a “bloodbath”. According to CoinGecko, cryptocurrencies shrunk by more than $600 billion in the previous week. The thrilling drama unfolded every night, with many people waking up to zero accounts.
“When I got up in the morning and saw that I was forced to close my position, all the tears of so many years were shed.” Wang, who graduated this year, took the 40,000 yuan he borrowed and the 60,000 yuan his parents gave him to save, and invested it all in Ether. Soon after entering the market, he encountered a burst position, and 100,000 yuan was cleared instantly.
Under heavy pressure, he did not tell his family, but chose to borrow online loans to fill the hole. “Because now the family can’t even get 50,000 yuan, my mother used to cry for a long time because of 5,000 yuan, now even loans do not want my mother to know.”
No coincidence, another young man, Xiao Chen, used 30,000 yuan he had saved, plus 50,000 yuan he borrowed from his family, and 20,000 yuan from a loan, and put it all into Dogcoin and Ether.
”Because I made money at the beginning and couldn’t control the stupid impulse, I kept shorting and blew my position afterwards.” In just half a month of exposure to the cryptocurrency world, Xiao Chen lost all of his 100,000 yuan in principal. He recalls that he made some money one after another at first, and then contacted the contract and gradually increased the leverage.
“I’ve been gambling against the odds.” Chen admitted that he was in a “gambling” mindset, just 15 days ago, he was a white guy who didn’t know anything about the cryptocurrency world, “didn’t know anything, bought indiscriminately, 5 times leverage at the beginning, and 20 times leverage directly behind.”
For the newcomers who just entered, after a brief surge and plunge, leaving only a chicken feather, and pending repayment of online loans. After suffering a blowout, Xiao Wang’s girlfriend immediately transferred 2,000 yuan to comfort him. Seeing this money, his heart is more unpleasant. Xiao Wang told reporters that he borrowed 100,000 yuan of online loans, interviewed several factories during the day, and intends to go to work tomorrow to pay back the money.
Xiao Chen said that he now just want to study well, and then the money owed to pay off first. In order to make money, he went to work part-time after class until 10 p.m.
1 hour to double, 5 minutes to clear
Challenge 100 into 1 million, challenge 300 yuan into 30,000, 15,000 challenge 100,000 …… about how crazy the imagination of getting rich?
Such “small to big” posts flooded a social media, players played ultra-short term trading, a blogger even live the whole process: the first single, buy 100 yuan dog coin, earn 1 teda coin (a value anchor dollar tokens); 10 minutes later, and buy a second single, soon earned 10 teda coins ……
Image source: Baidu Post
However, the dramatic thing is that despite the fact that this blogger achieved a near doubling in one hour by relying on ultra-high leverage and 1-minute ultra-short trades, he eventually couldn’t escape the fate of going back to zero: he experienced a blowout in one of the high-leverage trades without noticing, and lost his capital instantly.
Such small trading live on social media is invariably ended up with a burst position. A blogger reluctantly said: will come back! 1000 yuan of capital, 50 times the leverage to open 25% of the position, each single gain of 20% to close the position, every day to do 10 single, a day 500 yuan earnings is not difficult!
However, more people who failed the challenge said, never dare to play like this again. Some people lament: do not play the contract, 1 hour to turn 1 times, the results after 5 minutes, directly and zeroed out, which is clearly gambling.
Missed millions of wealth, he said no regrets
Mr. Tan, from Guangdong, was one of the first people in China to come into contact with cryptocurrencies. However, recently, he also said he could not see the frenzied play of the cryptocurrency circle.
In 2014, he bought a heavy position of 150,000 RMB, which quickly rose to 450,000 RMB. Since then, dogcoin has fallen all the way while Mr. Tan has added to his position several times, holding about 69.89 million dogcoins at the most. Eventually, because he felt that dogcoin was empty of marketing concepts, Mr. Tan liquidated his position in dogcoin in 2015, losing the principal invested of RMB 280,000 to only RMB 70,000, a loss of 75%.
Image source: provided by the interviewee
Since this year, dogcoin has skyrocketed, once hitting a new price high of $0.74. These tens of millions of dogcoins have long been worth over a hundred million dollars. But, like many sobering stories, Mr. Tan also had a brush with “riches”.
“I don’t regret it, I never have. The investment seemed bleak at the time, and I couldn’t see any hope.” The company’s main business is to provide a wide range of products and services to the market. But this kind of extremely small probability may happen to dogcoin or anywhere. Since one does not recognize the technical concept of this coin, even if one did not sell it at that time due to losses, one may not get it now. What’s more, so many exchanges have run away during the 7 years.”
After selling dogcoin, Mr. Tan invested in Ether and other coins one after another in 2015. Immersed in the cryptocurrency circle for more than 7 years, as a professional player, he believes that those who can make money will always be a minority, “Now many new entrants, most of whom have not done their homework and are involved with a gambling mentality, will definitely fail. Now the cryptocurrency bubble is too crazy, too magical.”
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