I will be returning to China today, so I will continue writing an article. This article will talk about the new coolness in the cryptocurrency world - the story of the monk.
A few days ago, the monk revealed that he had lost more than 40 million yuan, and listed in detail who he owed money to and how much money he owed, and whether he has confessed yet.
This includes 30 million yuan in profits from the previous bull market, 6 million yuan in principal from himself and his parents, and various debts.
According to his own account, more than 25 million of the total loss of more than 40 million was lost in the last six months.
These numbers are really heartbreaking to look at, after all, many people will never earn that much money in their entire lifetime.
Ju Zuo took a look at his profile and found that he actually entered the circle quite early.
Judging from the amount of money he lost, it was comparable to Liang Xi's, or even higher.
Therefore, Ju Zuo is willing to call it: the new version of Liang Xi in the currency circle.
I would like to add here that it is really important to give nicknames to the cryptocurrency circle. A name is a spell, a spell from the void to reality. We were all the same people, but the spell of name makes us unique.
Liang Xi - it's cold.
Monk—The four elements are empty.
A name also carries values. The name your parents gave you when you were born cannot be changed because it reflects their expectations.
But your own online name and nickname are all chosen by you, which is actually a reflection of your values.
Back to the monk, Ju Zuo took a quick look at his Twitter and found something.
His account doesn't post much, with only 170 posts so far, most of which are written on Shudong.
The first tweet was written on April 5 this year, and the account has lost 2.5 million.
According to his own account, he has been liquidated five times.
From 2017 to February 2018, the profit increased from 200,000 to 6 million, and then dropped to -2 million at the end of 2018.
From March 2019 to February 2020, I made 7 million from 100,000, and lost it all in 312, -4.5 million.
I took a break for half a year and then started again.
From August 2020 to May 2021, I made 26 million from 200,000 yuan, but it collapsed on 519, with a loss of 2 million yuan.
From August 2022 to early 2023, the fund went from 500,000 to 12 million, but then it plummeted on June 10 and was wiped out, at -2 million.
From August to November last year, we achieved 7 million from 600,000, and then it was gone from April, -2 million.
It is difficult for others to experience ups and downs once or twice, but he has experienced ups and downs five times.
In order to raise money, he started to deal with some of his assets, selling watches and wine.
Ju Zuo took a look at his trading style and found that he was particularly good at copycat contracts.
Unlike Liang Xi, Heshang basically does not touch mainstream currencies. All of them are high-multiple contracts of counterfeit goods.
His style of play is obviously a double-edged sword. When the trend comes, everything takes off in one wave, because the volatility of the copycat is greater than the mainstream, and he is playing with large multi-currency positions in the copycat series, so the take-off is particularly fast, such as the market situation in the past two days.
But the problem is that he is particularly afraid of a sharp drop, especially the volatility of mainstream currencies. According to his own account, his positions were basically liquidated when the mainstream currencies plummeted and the altcoins collapsed.
Once the direction is wrong, the whole market will fall, which is very scary. There is basically no room for rescue. Moreover, people like him will never open a hedge order.
Looking at his operations, can you imagine what it is like to open more than 60 high-multiple contracts at once?
It felt like my CPU was fried all of a sudden.
It took less than a week from the time I sold watches and wine and borrowed money to raise the principal in early April to the next margin call.
After the 413 margin call, I gathered another 20,000 U to start again.
His recent strategy is to go long on altcoins in batches, betting on the altcoin season after the mainstream stabilizes.
But unfortunately, mainstream coins have been fluctuating widely this year, while altcoins have been sluggish, so he has been having a hard time from last year to this year - because past experience and strategies have failed.
Then, by May 1st, these tens of thousands of people were finished again.
The next time I tweeted was on May 18th, and I had changed to a Malibu. Maybe I sold the car?
There are very few updates in between, and the next update will be in August.
What is different from before is that the position is only 2000u, and I have started to play with mainstream currencies.
The only thing that remains unchanged is the 100x leverage.
It’s been another month since I last updated. The last update was 3 days ago, on September 24th.
It looks like there has been another margin call.
Then there was the scene at the beginning of the article, where he sorted out his balance sheet.
And the conclusion is: the poor play with Ethereum, the rich play with cakes, and those who play with copycats are fools.
In fact, this is also consistent with Ju Zuo’s proposition: stick to the mainstream, avoid copycats, and don’t play with contracts.
The difference is that the monk understood it after spending 40 million, while Ju Zuo understood it without spending that much money.
I hope you can understand this truth even if you spend as little money as possible.
Finally, let’s summarize and evaluate.
Personally, I really admire the monk's skills and mentality.
If it were me, I wouldn't be able to hold on and there's no way I would have lasted until now.
His technical capabilities have been proven time and time again in the market, so I don't need to say more.
But the monk's problems are as obvious as his advantages:
He can only play in a favorable situation and take advantage of the rising market, and his playing style is very risky. He plays on the logic of rising tide lifting all boats. The mass production of altcoins and high leverage are the death warrants he has given himself.
In addition, he is too superstitious about the copycat market and always wants to replicate past successful experiences, but he doesn't know that times have changed. The copycat season may come, but it will definitely not come in the way he imagined.
In short, a person who has benefited from the dividends of the times in the past wants to win again with the old strategy after the times change. This is essentially no different from trying to find a sword by carving a mark on the boat.
The monk's story also perfectly illustrates the truth that if a ruler rises by this, he will also fall by this.
He started out with contracts and earned 26 million before 519. So he would not be interested in spot profits, thinking that such things did not fit his technical tone.
Moreover, apart from contracts, it is really difficult for a pure trader to do other things. So many things are really fate, you choose them, there is nothing you can do about it.
Just like me, I started out as a self-media person, but after many twists and turns, I finally came back to being a self-media person. Maybe this is my fate.
I sympathize with monks and understand monks, but I hope I will not become a monk.
I am Ju Zuo, a man who focuses on recovering cryptocurrency assets and helping you get rich.
Two years ago, we made a web3 terminology dictionary for paying students, named the Little Red Book, which includes hundreds of definitions and application scenarios of professional terms. Now I give it to you for free.
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