Quoting my uncle's story, I would like to advise everyone not to touch contracts or small currencies.

In February 2021, my assets exceeded eight figures after hoarding coins for several years. My uncle knew about this. My uncle is a person who likes to think about things. He is an electrician. Although he has a low degree, he has a good way of thinking about things. People around him also think that he is a smart person and often makes money in various strange ways.

My uncle learned from my mother that my assets had skyrocketed exponentially, and he immediately felt that the cryptocurrency world was profitable. One morning, after my uncle briefly talked to me about the cryptocurrency world, I suggested that he wait and see and not rush to buy coins, and even if he entered the market, he must not touch leverage and junk coins. However, after more than an hour of thinking, he started buying coins in the afternoon (without any technical knowledge). He said that his goal was to help his son earn money for a car of about 100,000 yuan, and he would leave the market immediately after earning money.

Double your assets in 2 weeks by playing contracts

He deposited 20,000 RMB, and then started to play in the contract market with a 10x leverage. After two weeks, his assets successfully reached 40,000 RMB. During this period, he told me his research experience and views on investing in the cryptocurrency circle almost every day, and also urged me to play with contracts.

Assets increased 7 times in 1.5 months

After a month and a half (April 2021), he told me that his assets reached 140,000, and he had already started to play with 50x leverage. Naturally, he was inflated, because I basically only bought mainstream coins such as BTC and ETH, and I didn't touch them for several years after buying them, but he achieved a 7-fold return in just over a month, so he thought that there was something wrong with my investment philosophy, and that in just a few months, his investment return rate would reach the multiples of my hoarding coins for several years, or even exceed mine.

The profit in the third month exceeded 12 times

By the third month (May 2021), he not only used 50x leverage, but also started speculating in junk coins (various unknown small currencies). At that time, his assets were around 250,000. At this time, he had begun to expand infinitely, and he stopped communicating with me because he thought I was too green.

40% profit loss in the 8th month

My uncle contacted me again 5 months later (October 2021). He said that he lost a lot of money because of the liquidation, and several unknown currencies he bought also plummeted. Now he has less than 150,000 left. He feels useless and still thinks that my idea of ​​hoarding coins is better. I said that you are already very good, and the purpose of buying a 100,000 yuan car has been achieved. In fact, you can stop, and wait for the big bear market to come back and buy Bitcoin and Ethereum at the bottom. He said okay, and then we lost contact again.

Lost everything in the 15th month

The next time we spoke was 7 months later, when Luna crashed in May 2022. My uncle took the only 60,000 yuan he had left and rushed into Luna, hoping to get rich overnight, but ended up burying himself. Luna's death spiral directly reduced his assets to zero in one day.

After his assets became zero, my uncle said that he had made up his mind to start regular investments in the bear market this time, hoarding Ethereum to make himself rich slowly. Now that the market is not good, he will not deposit money, and will start playing again after a few crashes.

Deposit again in the 18th month and double the profit

Three months later (August 2022), my uncle told me that he had deposited another 20,000 yuan and had doubled his money by buying xx coin (I forgot what it was), and now he has 40,000 yuan.

This time I say, good luck to you, just be happy.

Summarize

When a person decides to play a contract, the end he can reach is bound to be a dead end. In the heart of a crazy gambler, the unwillingness after losing the principal, everything will force you to slowly move towards a dead end.

My uncle is not a stupid person. From his record in playing contracts, we can see that he is smarter than many people. But in the end, he still lost his principal. So do you think most people in the cryptocurrency circle are suitable for playing contracts?