Quoting my relative'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. This was known by a relative, who is a person who likes to think about things. He is an electrician. Although he has a low degree, he is good at thinking about things. People around him also think that he is a smart person and often makes money in various strange ways.

After learning from my family that my assets had skyrocketed exponentially, he immediately felt that the cryptocurrency world was profitable. After briefly chatting with me about the cryptocurrency world one morning, I suggested that he wait and see and not rush to buy coins, and even if he entered the market, he should never 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 his goal was to help his son earn money to buy a 100,000 yuan car, and he would leave the market immediately after earning it. He doubled his assets by playing contracts in two weeks and deposited 20,000 yuan. Then he started to use 10 times leverage in the contract market. After two weeks, his assets successfully reached 40,000 yuan. During this period, he told me his research experience and his views on investing in the cryptocurrency circle almost every day, and also urged me to play contracts.

Assets increased 7 times in 1 and a half 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 50 times 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. In the third month (2021.5), he not only played with 50 times leverage, but also started to speculate 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, because he thought I was too green and no longer communicated with me.

In the 8th month, the profit was lost by 40%. When my uncle contacted me again, it was 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 to buy the bottom of Bitcoin and Ethereum. He said okay, and then we lost contact again.

In the 15th month, he lost everything. The next time he spoke was 7 months later, in May 2022, when Luna collapsed. His relative rushed into Luna with the only 60,000 yuan he had left, 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 were reduced to zero, he decided to start regular investment in the bear market and hoard Ethereum to make himself rich slowly. Now that the market is not good, he will not deposit money, and will wait for a few crashes before starting to play again. In the 18th month, he deposited money again and the income doubled. After 3 months (August 2022), my relative told me that he deposited another 20,000 yuan and had doubled his money by buying xx coins (I forgot what it was), and now he has 40,000 yuan.