“One day in the cryptocurrency world is like ten years in the real world”
After three years of experience, when a cryptocurrency trader is promoted to an "old investor", have they developed unique insights into the cryptocurrency circle? On May 19, the cryptocurrency market was shaken, and some people lost millions of dollars in an instant, but why did they remain calm? Musk raised his arm, the supervision was in a state of panic, and new investors came one after another... In 2021, black swans frequently appeared in the cryptocurrency circle. For young people, is it a wealth outlet or a bottomless black hole? The answer varies from person to person. This time, we interviewed several cryptocurrency traders, listened to their stories about their cryptocurrency trading experiences, and issued a warning to those who are interested in entering the market: in the face of this emerging field, it is advisable to be in awe and maintain rational skepticism.
The profit from cryptocurrency trading is nearly 10 million, but 10 yuan noodles are still too expensive
——DaYu, Chengdu, 27 years old, highest floating profit 1000w
“Blockchain technology is spiraling upwards, and digital currency is just its appearance. What we believe in is blockchain.”
In 2019, Dayu entered the cryptocurrency circle with 30,000 yuan in capital. Her husband entered the circle two years earlier than her and was already a KOL in the circle. He was good at technical analysis and had financial literacy, and was not a pure speculator. Although the two had a total capital of only 30,000 yuan, their highest return soared to 10 million yuan since 2017. However, a day in the cryptocurrency circle is like a decade in the world. Their assets shrank to hundreds of thousands in an instant, and they experienced more than ten roller coaster-like ups and downs in a few years. On May 19, the two's profits retreated by about 2 million yuan, and they were accustomed to it: "The money in the cryptocurrency circle is like a whirlwind, coming and going without a fixed time."
In 2019, the couple returned to Chengdu and bought their first house. At that time, they had not yet cashed out from the cryptocurrency circle. The purchase price was all scraped together. They were indifferent and only wanted a low price. Later, they cashed out 3 million yuan and bought an apartment and a house. At this time, the focus turned to the house quality and community environment. Compared with their peers who were worried about the down payment, the two owned three properties in second-tier cities before they were 30 years old. They lived a leisurely life. This was not only a lucky factor, but also inseparable from their persistence in blockchain.
In the early days, the couple focused on hoarding coins and mining on the platform app. In the bull market, small amounts of capital can be recovered in a short period of time. As the big guys poured in with huge amounts of money, the mining ecology became unbalanced and gradually became monopolized. In recent years, the cryptocurrency circle has developed rapidly. The financial gameplay accumulated by Wall Street for decades has taken root here in a short period of time. In addition, with the intervention of supervision, the circle has gradually entered the right track, and speculative behavior is expected to decrease.
“The financial market is like a purgatory for human nature, especially for new players who are new to the game. When the value of their currency rises, they regard it as an economic revolution, and when it falls, they denounce it as a Ponzi scheme.”
The couple's daily life revolves around work, cryptocurrency trading, strategy research and project book reading. Even if they make billions, they will not leave the industry and are willing to grow with the blockchain. But at the same time, they emphasize that work is a source of stable income and should not be given up easily.
A warning to new players: do not borrow money to speculate in cryptocurrencies, and avoid going all-in. It is better to make a small loss first to practice your mentality and skills, recognize speculative behavior, and do not become a speculator. "If you regard this as a gamble, the final battle will be people's hearts."
The elder brother who led me into the circle asked a fortune teller to predict the rise and fall of the market during the bear market
——Zuo Zuo, Beijing, 30 years old, highest floating profit 500,000 yuan
“The cryptocurrency world is like a magnifying glass of human nature, running wildly all year round. As long as there are casinos open, there will be gamblers coming to the party, and the carnival will never stop.”
In 2017, Tao first mentioned digital currency to us at a drinking party. At that time, the concept was still new, but now it sounds nothing new. On September 4 of the same year, seven ministries and commissions jointly cracked down on the blockchain bubble, and the currency market suffered a devastating disaster, and the currency speculators suffered heavy losses. However, shortly after the storm, digital currency started to soar again. By December, Tao had earned tens of millions, bid farewell to the traditional Internet, and devoted himself to blockchain companies. Zuo Zuo was deeply touched and determined to explore digital currency in depth. Although he believed that it was very likely a tulip scam, the biggest economic bubble of this century, even if the bubble burst, it would be recorded in the annals of financial history.
As a young man working in a technology company, Zuo Zuo was determined to become a trend-setter of the times, so he invested 50,000 yuan and officially entered the cryptocurrency circle.
Recently, Dogecoin has been in the spotlight and has been on the hot search list. In fact, the currency appeared four years ago. Zuo Zuo has studied its white paper and background, and agrees with the founder of Dogecoin that it is a joke. "At that time, one coin was only worth one or two cents, and most people did not buy it, but it was given by the platform when mining. Now that doge has skyrocketed, many people remember that they have it, but have forgotten the password of their wallet."
The cryptocurrency world is full of fun. Zuo Zuo once bought a public chain coin, and the highest return was ten times, but the team still believed that it could reach a thousand times, and boasted that "the sky is the limit". Unlike the stock market, the cryptocurrency market lacks rational analysis of stock prices based on indicators such as PB and PE, and cryptocurrency speculation mainly relies on consensus. "If thousands of people say that roses symbolize love, roses and love will be related. What is consensus? Sometimes it is just air." In the bear market where consensus broke down, Zuo Zuo's 500,000 yuan income was once reduced to less than 10,000 yuan.
Tao Ge encountered a bear market, we went to Cambodia to ride motorcycles to relax
Recently, a new round of cryptocurrency speculation has emerged. The cryptocurrency speculation group of Zuo Zuo's company has grown from 300 to 2,000 people in just a few days. The group includes technical experts and many newcomers. Many newcomers opened contracts as soon as they joined the group, hoping to get rich overnight. As a result, they both lost money and called for the group name to be changed to "virtual currency rights protection group", and put forward many strange rights protection claims. In Zuo Zuo's eyes, this group of people are immature and have a serious speculative mentality, and they regard the cryptocurrency circle as a black hole that swallows everything.
The currency circle is full of different kinds of things. Brother Tao, who led Zuozuo into the industry in the past, was very proud of the bull market, making investments everywhere and traveling around the world. The bear market failed to recover, and huge profits disappeared, so they turned to fortune tellers to predict the direction of the currency market; some people chased the rise and the fall, but did not know how to advance or retreat, and remained stubborn until they lost all their money; what's more, just a few orders can cause a shock in the currency market. Zuo Zuo lamented: "This is a jungle where ferocious beasts are rampant, and those with a fragile mentality will never become the king."
To the new cryptocurrency traders
——He Wen, Shenzhen, 26 years old, highest floating profit of one million
"Musk is an intruder in the cryptocurrency circle. This round of bull market is closely related to the COVID-19 pandemic last year."
When He Wen first entered the cryptocurrency circle, he was just a speculator. In December 2017, the price of Bitcoin exceeded 20,000 US dollars, and its charm made He Wen irresistible. However, he really started to speculate in cryptocurrencies in March 2018, with an initial investment of about 50,000. Given that the price of Bitcoin is too high and the fluctuations are relatively stable, it is difficult for small retail investors to satisfy them, so he mainly focuses on altcoins.
In the second half of 2018, He Wen encountered a big bear market. The three altcoins in his hands were all cut in half, and some fell by as much as 90%. The principal of 50,000 yuan shrank to 4,000 yuan. After joining a blockchain media company, he gradually mastered the operation after communicating with colleagues. So far this year, the highest floating profit has reached one million. When the 5.19 coin market was bloodbathed, the floating loss in a single day was 200,000, which made him feel bitter.
This is the first time in 2018 that BTC has risen by 10 points
"Crypto trading is a laborious business. The cryptocurrency market fluctuates violently, and people can't help but check the platform frequently, keep a close eye on the price and K-line, and try to figure out whether the operation direction is wrong and when to stop loss and take profit. Even when sleeping at night, a fluctuation can lead to a liquidation."
"When I was working in the past, I woke up twice every night, at 3am and 5am, without an alarm clock. This was a physiological emergency response. Over the years, I have noticeably noticed an increase in gray hair and severe hair loss."
Crypto traders make fun of themselves
Last year, the pandemic raged, and countries around the world loosened their monetary policies. To combat inflation, a large number of investors flocked to the cryptocurrency market. Coupled with Musk’s instigation and the market maker’s public opinion war, market sentiment became increasingly volatile. As an “old investor”, He Wen has something to say to new entrants:
“Investment is about making money from the boundaries of cognition.”
If you make a lot of money in your first entry, don't mistake it for your own strength. You need to have a deep understanding of the industry, the editor recommends rules, and improve your cognitive level. Otherwise, the money you have made will eventually be lost, just like He Wen's painful experience in 2018.
“I hope every cryptocurrency trader can safely survive a bull-bear cycle.”
Don't panic when a bear market comes, it is a great time to buy.
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