Wealth in the currency circle always comes and goes quickly. After months of rapid growth, virtual currencies have collapsed across the board in recent days, and the price of Bitcoin has also been on a roller coaster. It once fell to around US$30,000, then returned to US$40,000, and plunged again on the evening of May 21.
At the same time, a number of virtual currency exchanges were once again revealed to be unable to conduct trading operations. 590,000 investors were forced to liquidate their positions, and 44.2 billion yuan was wiped out in one day. In this darkest moment of "massacre", the risks brought about by leveraged funds participating in currency speculation are fully exposed. Under the huge market fluctuations, long positions suffered heavy losses, and short positions also suffered liquidation.
The dream of wealth of novice speculators has been shattered, and there are many people crying, defending their rights, and claiming compensation. Various rights protection groups that "huddle together for warmth" are extremely active. After all, in the currency circle, traders have a hundred ways to harvest "leeks". Bankers manipulate currency prices, server downtime restricts trading... Investors will fall into this pit or that pit.
Senior speculators are more calm in comparison. They have become accustomed to sudden rises and falls. They have brushed against the "god of death" time and time again, playing with their heartbeats and competing with their speed. They enjoy escaping from the trader's hundreds of "death ways", enjoying dancing on the tightrope, and enjoying dodging the bullet in Russian roulette. At the end, they do not forget to sigh, "This is more addictive than drugs." .
If you are still shocked by the liquidation, it only means that you have not seen the essence of virtual currency clearly.
"I have lingering fears." The big V of virtual currency Weibo said while reviewing the trading. On the night of the 19th, many virtual currency exchanges collectively "unplugged the network cable", and 44.2 billion yuan evaporated in 24 hours.
Unplugging the network cable is the currency circle’s nickname for the “ghost-like” operation of virtual currency exchanges that prevents buying and selling. In the eyes of traders in the currency circle, a “dog village” is always a “dog village” and the leeks cannot play it. Banker's.
"I actually lost 1 million US dollars. Binance only bought a little bit of the bottom and made a little profit. Otherwise, I would have recovered my capital by now." The big V said with fear but a trace of regret. He had already done a good job in risk control. Very good, I also expected the liquidation market, but I didn't expect it to come so quickly. It came on the night of the 19th, and the momentum was beyond imagination.
"Fortunately, I didn't increase my position when it fell. Otherwise, I would have been knocked down by the contract at 28,000~30,000. Huobi lost 12 million yuan and only had 5.5 million yuan left. If I stop losing money, I might lose nothing." In his opinion, , saving 5.5 million yuan is already a great blessing among misfortunes.
On the 19th, the virtual currency market plummeted, and bulls liquidated their positions, causing a further selling stampede, and the futures contract market was bleeding. According to Coin data, about 590,000 people liquidated their positions within 24 hours, with the liquidation amount reaching 44.2 billion yuan. The largest liquidation order occurred in Huobi-BTC worth 430 million yuan.
Liquidations often happen in the secondary market of the currency circle. This kind of thing has become commonplace. If you are still shocked by this kind of thing, it only means that you have not seen the nature of virtual currency exchanges or bookmakers clearly. Those videos circulating on the Internet of people crying because of liquidation may have existed a long time ago.
Investor Xiao Li said this. Although liquidations happen from time to time, Xiao Li has also tasted the benefits of being in the currency circle. On the first day he entered the currency circle, he successfully raised US$100 to US$978 through short selling. His one-night return was close to the sum of his returns in the stock market in the six years from 2015 to 2020.
"No wonder the currency circle is so attractive to young people. The trading volume in one day is more than the stock account in several years. At the same time, you can experience 10 to 100 times leverage and liquidate your position in one minute." Xiao Li said, in the ten times leverage Under the premise that when the market is unfavorable, as long as the price rises or falls by 10%, the position will be liquidated. Retail investors who use 50 to 100 times capital leverage to chase Bitcoin will be liquidated as long as Bitcoin slightly corrects 1% to 2% during the rise. Trigger liquidation.
The reporter learned that leverage trading is actually a gambling behavior that magnifies the principal several times and makes large investments with small funds. If investors are bullish on a certain currency, they can borrow money from a virtual currency exchange (referring to currencies such as USDT that are considered stable currencies) by the amount of funds in hand * leverage multiple, and buy the bullish currency, regardless of whether the currency will be in the future Whether it goes up or down, the borrowed money must be returned to the exchange. Before borrowing money, investors need to pay a certain margin on the exchange to prevent investors from losing money and having no money to repay the debt.
If an investor is bearish on a certain currency, he can borrow the currency from a virtual currency exchange based on the amount of funds in hand * the leverage ratio, and then sell it. Regardless of whether the borrowed currency will rise or fall in the future, investors must inject money before borrowing the currency. A security deposit to avoid running out of money to repay the debt.
It is understood that different exchanges and different currencies have different leverage ratios that investors can achieve, and the "interest" stipulated in lending is also different. In addition, investors can choose full position or isolated position trading. Cross position trading means that investors can conduct leveraged trading in multiple currencies in one account. If one currency is liquidated, other currencies will also be liquidated; As investors divide their funds into several parts for leveraged trading, liquidation will not affect each other. At the same time, different virtual currency exchanges also have different margin requirements.
Taking Huobi Exchange as an example, cross-margin traders can operate BTC/USDT with 3x leverage, and ETH/USDT can also operate with 3x leverage; isolated traders can operate with 5x leverage.
"Although most of the people who liquidated their positions were bullish, some people bought short contracts with 10 times small leverage on Binance and also liquidated their positions." Xiao Li lamented that in the sharp rise and fall of the market, regardless of whether he was long or short, There is a risk of being liquidated.
"Yesterday (19th), when many currencies fell by more than 20%, low leverage still could not escape the fate of being affected." As a senior Leek, Xiao Li has a deep understanding of this. He told "Daily Economics" News reporter, from the communication situation, many speculators around have suffered heavy losses. In terms of contracts, during this round of market collapse, many currency positions with 2 times leverage were also liquidated. Some speculators’ DeFi loans have also been liquidated, but these cannot be fully counted.
DeFi is a decentralized application automatically executed by smart contracts. Maker, Compound, and Aave rank among the top DeFi lending platforms, and their main businesses are mortgage loans. In order to prevent risks, DeFi lending platforms will set mortgage rates and liquidation thresholds.
For example: on Compound and Aave, the maximum mortgage rate of ETH is 75%, that is, if you mortgage ETH worth 100 US dollars on Compound or Aave, you can lend other virtual currency assets worth up to 75 US dollars; once the liquidation threshold is reached, the system The mortgaged assets will be sold to repay the debt.
This is similar to going to a bank for a loan in real life. Xiao Li told reporters that if you cannot repay the bank loan, the bank will auction your collateral, such as your house, car, etc., and use the auction money to repay your debt. . The same goes for DeFi lending platforms. If you cannot repay, the platform will sell your mortgaged virtual currency assets to repay the debt.
The above-mentioned market participants pointed out that the price of virtual currency assets fluctuates violently, and many people simply do not have time to increase asset mortgages to continue "gaming", and the only result they face is to be liquidated.
The futures market is bleak, but what about the spot market? During this round of virtual currency slump, investor Zhang Ning (pseudonym), who claimed that he did not play with contracts, said that he lost hundreds of thousands of dollars in spot money. Although he was eliminated from the game, compared to investors who often lost millions of dollars, he can really be regarded as a survivor in this round of "massacre".
The sharp drop did not make Zhang Ning feel anxious about fighting in the currency circle. On the contrary, in his opinion, Bitcoin is currently in a bull market. He laughed and said that it is not surprising for "leeks" to chase the rise and fall and be harvested by institutions. Looking at the market rationally, this wave of short-selling and profit-making does indeed exist.
But compared to the stock market, Zhang Ning still advises "newbies" to avoid entering the currency circle. There are hundreds of "ways to die" in it, which are more addictive than drugs.
As we all know, drugs are addictive because of dopamine. The excitement that the currency circle enjoys from skyrocketing rises and falls is not due to this substance. In fact, for speculators who are wandering between "instant wealth" and "instant loss" in the currency circle, currency speculation is more like a kind of gambling, and dopamine, a neurotransmitter, is the key to making people "obsessed" and addicted.
When gambling and investment activities similar to gambling, a large amount of dopamine is secreted in the human brain. It is these neuronal substances that make gamblers such as speculators very fascinated by the process of winning and losing, and also make them feel excited and happy at that time. Feeling soared.
According to a big data survey, ordinary jokes can cause dopamine secretion by 30%, delicious food can cause dopamine secretion by 70%, and smoking methamphetamine can instantly cause dopamine secretion by more than 500%, up to 1000%. Gambling and gambling-like investment activities can easily cause the secretion of dopamine. Breaking through 500% and 1000%. It can be seen that gambling is no less addictive and exciting than taking drugs.
After this round of slump, many people in the industry reminded ordinary consumers to pay attention to risk avoidance and avoid eventual financial losses due to luck.
Han Haiting, a researcher at the Electronic Market Center of the University of Copenhagen, publicly stated that as a type of immature asset, it is normal for virtual currencies to fluctuate in price; in particular, virtual currencies are not anchored by actual value, and their price fluctuations are entirely dependent on speculation by market speculators and investors. Confidence around. It is easy to understand the malicious operations of large Vs in the current market, the heightened risks of regulatory policies, and the sudden rise and fall in prices.
However, in Han Haiting’s view, in the face of strong supervision, the short-term popularity may decline, but when a new speculative tool is not produced, the virtual currency market will create new false prosperity again and again.
Claiming to be guaranteed to make money without losing money, ICO projects took advantage of the plummeting to attract people
While the secondary market is experiencing liquidation and countless investors have lost all their money, project developers in the primary market are having a carnival.
"Participating in the primary market to purchase new coins is the best way out now." Xiao Wang, a virtual currency project manager, enthusiastically described his envisioned project blueprint to a reporter who was an investor. According to his explanation, the project in his hands has great potential for development. The offline market is blooming across the country, and major teams are grabbing stalls.
"The entire market is falling, and there are fewer people buying the bottom. Are you feeling panicked? You can just come to me. Participating in new currency subscriptions in the primary market is the most stable thing." If it weren't for the screen. , Xiao Wang was so sincere that he even wanted to shake hands with investors.
It was also an accident for Xiao Wang to enter the virtual currency market. When he was a stock speculator, his path "went astray" under the guidance of a stock recommendation teacher. The stock trading group turned into a currency speculating group. After Xiao Wang, who was just starting out, was defrauded of hundreds of thousands, he "Learning from the pain" decided to delve into the virtual currency industry.
"I was playing leveraged contracts at that time, and my teacher taught me very seriously. Spot trading, leveraged contracts, and hedging transactions were all leftover from my playing. People who have experienced them tell you not to touch them. Only by coming to the primary market can you make money."
"Teacher" Xiao Wang gave reporters six major investment strategies: don't play with contracts; hold the leading currency in the sector for the long term; dare to buy early high-quality projects; do not operate frequently; do not invest money that affects your life; keep the principal and let profits run. .
According to Xiao Wang, if you want to subscribe for new coins for his project, you need to obtain membership first, and he introduced the reporter to the method of becoming a member.
The reporter noticed that the ultimate goal of this method is for the project party to exchange the virtual currency with no consensus in the hands of investors for the virtual currency with consensus in the hands of investors.
Take Xiao Wang’s project as an example:
Investors need to transfer a certain amount of USDT (a currency called "stable currency" in virtual currencies) at one time to become a member and obtain new coins. After the transfer, if the total subscription amount exceeds 12 million USDT, new coins will be given as a unit of "total USDT/16 million"; if the total subscription amount is less than 12 million USDT, new coins will be given as a unit of "0.75 USDT". That is to say, it is based on a certain amount. If the amount is lower than the amount, new coins will be given in units of "0.75USDT". If the amount is higher than the amount, the more you subscribe, the more you will get.
Xiao Wang told reporters that there are currently close to 900 people participating in this project, and the total subscription volume exceeds 4 million USDT.
So, is the primary market really as beautiful as Xiao Wang described? The reporter’s investigation revealed that virtual currency ICO projects have long been banned in China. Many projects ran away after making a lot of money, and their existence was very short. The project team achieved the purpose of promoting and attracting traffic by designing high-end white papers and finding celebrity platforms that did not exist.
When investors exchange their consensus-based virtual coins for these non-consensus virtual coins, the price trend of new coins will first rise slightly, then decline sharply and then plummet. At this time, the new coins in the hands of investors will Become a "zero coin".
How does virtual currency trading bypass foreign exchange regulations? Replace USD with USDT
A senior person from a virtual currency exchange told reporters that among virtual currencies, the main players in the virtual currency industry are those born in the 1990s or even the post-2000s generation. They are young and some are already worth over 100 million, but most of them have given up their dreams. Here, even though he was abused and cheated, he was still unwilling to become cannon fodder and continued to fight.
Generally speaking, people who enter the currency circle are attracted by the wealth-making myths that flood the Internet. Brother Zheng is one of them. He came into contact with Bitcoin in 2014. He had always wanted to find a part-time job. He heard that mining can make money, so he came into contact with Bitcoin through mining.
After 2017, Bitcoin’s rise by dozens of times has inspired more people’s imagination, and many highly educated people are also ready to take action. In the eyes of "April Facebook", Bitcoin was just a legend before. What really stimulated me was when I learned that a top student who graduated from the computer department of a 985 school had a monthly salary of tens of thousands, and all the money left for food delivery was After buying Bitcoin and Ethereum, under the influence of the "inspirational brother" around him, he was "not to be outdone" and ran into the market.
Even the “big guys” in people’s eyes simply jumped onto the ship of the currency circle. A Hong Kong person who is engaged in global shipping has been involved in the currency circle for several years when the reporter contacted him again. He no longer misses the past because he came into contact with the blockchain.
After entering the currency circle, most people think that this is a world completely different from daily society. A senior person from the above-mentioned virtual currency exchange told the reporter of "Daily Economic News": In the past ten years, the currency circle has blinked in the blink of an eye.
Many people's lives changed from the moment they downloaded the virtual currency exchange APP. Apps such as Huobi, Binance, OKEx, etc., after downloading, fill in the information step by step according to the requirements. The real name is not necessarily tied directly to the bank card. Similar to shopping platforms, you can choose Alipay or WeChat payment.
The problem is that virtual currencies are all denominated in US dollars. Can they be traded in US dollars? Contrary to common perception, to enter a virtual currency exchange for trading, you do not exchange for U.S. dollars, but for a token called USDT. The implication is that it can replace the U.S. dollar as the international currency in the exchange. You can use USDT to buy various virtual currencies, or you can sell virtual currencies to get USDT, which can then be converted into any kind of legal currency.
Why go to all the trouble? At its core, traders avoid regulatory controls for exchanging U.S. dollars.
Industry insiders told reporters that the currency circle has completely established an independent ecosystem.
In this ecosystem, USDT plays an important role. So what is USDT? USDT, also called Tether, is in principle exchangeable with the U.S. dollar on a 1:1 basis. Tether has gained wide recognition in the virtual currency market and is therefore able to circulate. In the eyes of virtual currency traders, it is a stable currency against the US dollar.
Domestic lawyers have analyzed that exchanging legal tender for U.S. dollars will be subject to foreign exchange supervision, but exchanging USDT will not constitute the crime of illegal foreign exchange trading.
When doing virtual currency transactions, the first key step after entering the exchange is to exchange USDT. At this point, it is not considered a virtual currency investment, it is just an exchange for general currency for investment.
Only when you use USDT to buy virtual currencies such as Bitcoin and Dogecoin can you officially enter the investment transaction stage. The subsequent transactions are somewhat similar in mechanism to stock transactions.
For Bitcoins, you don’t just have to buy them one by one. The starting quantity can be 0.001, and some exchanges even split them into smaller pieces.
According to the above logic, after selling virtual currencies such as Bitcoin, you will also get USDT, which can be exchanged for legal currency to withdraw cash.
Virtual currency trading can be either spot trading or futures contract trading. The latter is leveraged trading, but there is a risk of forced liquidation, that is, the margin is forced to be withdrawn by the system, so the risk of capital loss is greater. This is also A place where many traders have learned bloody lessons.
It is difficult to monetize virtual currency transactions under the high pressure of the card-breaking operation
A senior person in the currency circle told reporters that the current "coin withdrawal" (that is, the sale of virtual currency into legal currency) on major exchanges is mainly realized through the C2C method, that is, the currency buyer directly transfers money to the receiving bank account of the currency seller. Transfer, and once there is a problem with the source of the buyer's funds, such as suspected fraud, money laundering, etc., the seller's receiving bank account will be frozen. Once this happens, the exchange will not assume any responsibility, and all risks must be borne by the participants. .
According to the above-mentioned senior people in the currency circle, this has truly become a "faith recharge" game. Once you spend money to buy virtual currency and participate in currency speculation, it is actually difficult to convert it into legal currency unless you lose all money.
Many people in the currency circle interviewed believe that the high pressure of the "Card Disconnection Operation" combined with the risk warnings of the three major associations may become the "last straw" that crushes this Bitcoin bull market.
"Whether it is a small exchange or a large exchange, there is a risk of running away." Some investors told reporters that when buying and selling in the secondary market, they have heard that account funds are restricted, accounts are frozen, Assets disappear.
In December 2020, the Supreme People's Court, the Supreme People's Procuratorate, the Ministry of Public Security, the Ministry of Industry and Information Technology, and the People's Bank of China jointly issued the "Notice on Strictly Cracking Down, Punishing, and Controlling the Illegal Trading of Phone Cards and Bank Cards in accordance with the Law" to "zero tolerance" "Strictly crack down on illegal and criminal activities of illegal buying and selling of "two cards", further strengthen industry supervision, punish those involved in "two card" illegal crimes nationwide, further promote the "cut off cards" operation, and make every effort to cut off illegal transactions." "Two cards" black and gray industrial chain.
On May 18, in order to further implement the "Notice on Preventing Bitcoin Risks" and "Announcement on Preventing Financing Risks of Token Issuance" issued by the central bank and other departments, and prevent the risk of speculation in virtual currency transactions, the China Internet Finance Association, China The Banking Association and the China Payment and Clearing Association jointly issued an announcement on relevant matters: Financial institutions, payment institutions and other member units are not allowed to use virtual currency to price products and services, and are not allowed to underwrite insurance business related to virtual currency or include virtual currency in the scope of insurance liability. , shall not directly or indirectly provide customers with other virtual currency-related services.
In addition to difficulty in cashing out, currency speculators often face exchange "downtime". That is to say, once the price of virtual currency rises and falls sharply, due to the surge in the number of people participating in transactions, the servers of major exchanges cannot operate normally, and currency speculators will not be able to log in to their accounts to operate transactions. Among the people speculating on virtual currencies, there are many who use leveraged trading contracts. Once they encounter a big market situation and the exchange goes down, they often have no time to close their positions and replenish their margins, and many people lose all their money.
The reporter noticed that on May 19, many virtual currency exchanges went down, causing investors to liquidate their positions. This phenomenon has actually happened frequently in the past, although virtual currency exchanges often use "surge in users and visits" and "technical "Fault", "system delay", etc. are explained, but the market is still full of voices of malicious liquidation of virtual currency exchanges and bookmakers taking all.
On the day of the big market on the 19th that just passed, Coinbase, the largest digital virtual currency exchange in the United States, experienced an outage. In response, Coinbase said in a statement: "We have discovered some issues with Coinbase and Coinbase Pro, and some features may not be fully functional. We are currently investigating these issues and will provide an update as soon as possible."
Some users expressed their frustration on social networks regarding the downtime of the Coinbase website and APP, because they wanted to take the opportunity to buy when the price of digital virtual currencies was plummeting. Affected by this, Coinbase's stock price fell by about 11% in early trading on the 19th, and still recorded a drop of 5.94% as of the close.
In addition to Coinbase, another virtual currency trading platform, Binance, also announced on the morning of the 19th that it would suspend the withdrawal of some virtual currencies. Its announcement stated that it has suspended the trading of all leveraged tokens except BTCUP, BTCDOWN, ETHUP, ETHDOWN, BNBUP, and BNBDOWN, and suspended the subscription and redemption functions of all leveraged tokens.
Su Xiaorui, a senior commentator on financial technology, said in an interview with reporters that in the current virtual currency trading model, virtual currency exchanges established overseas bypass supervision through the C2C model, and banks and payment institutions inadvertently provide payment channels, which is difficult to Identify the true source and flow of funds in personal accounts. After the supervision further subdivided the prohibited items, the platform was put forward with higher control requirements. Various illegal activities that have emerged based on the hot market of virtual currencies will also have no way to hide.
"In the currency circle, I have a hundred ways to harvest you."
"A day in the currency world is a year in the world" is a very popular saying. It describes that the funds in the currency world can double several times in one day, and all the funds can be reduced to nothing in one day. In a short time, you can experience "heaven and earth" back and forth. ".
As for how big the risk is, this can be seen from the "Three members of a family jumping off the Xinghai Bay Bridge" incident that caused a sensation across the country in June 2020. The parties involved had lost more than 20 million yuan by early June of that year precisely because they used leveraged funds to participate in the hype. The wealth accumulated over the years quickly disappeared into thin air.
A trader wrote a record of Bitcoin’s pitfalls, which mentioned: “I just want to remind my friends that Bitcoin is a thing where a few people make money and the majority of people run with it. Your illusion of wealth is a beautiful rise. The curve blinds the eyes.”
The more naked reality is that in this area that is not protected by supervision, chaos abounds, and phenomena such as "cutting leeks" by dealers appear from time to time, and new entrants are targets waiting to be harvested in the eyes of traders.
As people in the industry say, "In the currency circle, I have a hundred ways to harvest you." Pulling the market and smashing the market are common trading techniques.
"Puyin Coin" once harvested a large number of ambitious "leeks" alive. The "Puyin Coin" was actually operated by Puyin Company using investors' investment funds, which once raised the price of the Puyin Coin from 0.5 yuan to 10 yuan that year. In order to attract more investors, the company promised at the press conference to split the common silver coins held by investors twice (one into ten), expanding the common silver coins held by investors by 100 times, and claimed to add 10 billion Yuan's Tibetan tea as a support. In fact, only more than 50 million yuan of investment funds were used to replenish Tibetan tea.
When a large number of investors entered the market, the company maliciously manipulated the price trend of common silver coins and continued to cash out, resulting in the common silver coins in the hands of investors becoming worthless and causing heavy losses.
Harvesting techniques do not end at the trading level. There are also many scammers who directly start pyramid schemes under the banners of "blockchain" and "virtual currency". In June 2019, the Plustoken wallet, known as the “No. 1 Fund Market in the Currency Circle”, was unable to withdraw coins, and the official website in China was closed. Initially, users could exchange and trade virtual currencies such as Bitcoin, Ethereum, Litecoin, and Dogecoin through exchanges.
In April 2021, CCTV Financial Channel reported with the title "Exposed: 40 Billion 'Coin Circle Scam'", saying that Plus Token, a virtual currency wallet, has swept more than 100 countries and regions around the world in just over a year. The number of participants exceeds 2 million, and there are more than 3,000 levels of MLM.
Using USDT to bypass foreign exchange regulation, competition in the primary and secondary markets to attract customers, and bankers in the industry "knowingly"... Industry insiders told reporters that the currency circle follows the law of the jungle because the system is free from national supervision. Besides, what a messy word.
Fortunately, regulators are aware of such risks and have taken relevant actions. On May 21, the Financial Stability and Development Committee of the State Council (hereinafter referred to as the "Financial Committee") held its 51st meeting to study and deploy key tasks in the financial field for the next stage. The meeting called for resolute prevention and control of financial risks. Adhere to bottom-line thinking, strengthen all-round scanning and early warning of financial risks, promote the reform of small and medium-sized financial institutions and reduce risks, focus on reducing credit risks, strengthen the supervision of financial activities of platform companies, crack down on Bitcoin mining and trading activities, and resolutely prevent individual risks from being transmitted to the social sector.
In addition, today, the Financial Services and the Treasury Bureau of the Hong Kong Special Administrative Region Government also released the "Legislative Proposal on Strengthening Regulation of Combating Money Laundering and Counter-Terrorist Financing in Hong Kong", which recommends referring to similar empowering provisions in the Securities and Futures Ordinance. Give the Securities and Futures Commission the power to intervene to restrict or prohibit the operations of licensed virtual asset service providers and their associated entities when necessary. It is also recommended that any person who conducts regulated virtual asset activities without a license shall commit a criminal offense and be liable to a fine of NT$5 million and seven years' imprisonment upon conviction under public prosecution procedures.
Under strong supervision, on the evening of May 21, virtual currencies once again plunged, with BTC, ETH, BNB, DOGE and other currencies all falling by more than 10% in 24 hours.
Reporter’s Notes: When will the false prosperity of virtual currencies be exposed?
Since the birth of Bitcoin in 2008, virtual currencies represented by Bitcoin have begun to appear frequently in the public eye. After more than ten years of development, virtual currency has gradually established its own ecosystem. However, the virtual currency ecosystem is not healthy, it is abnormal and unfair. Whether it is bookmakers, exchanges, institutional investors, retail investors, or the primary market or the secondary market, all participants are playing games. Each participant knows that they are playing a game with a "script", whether it is virtual The downtime of currency exchanges, or the fact that bookmakers secretly manipulate currency prices, or even investors buy new coins from ICO projects, all parties involved are actually "well aware" of this.
Many investors even admitted that "liquidation" is a common occurrence and is expected, and exchange downtime is a common practice. If anyone is still surprised by this, it can only be said that they are too new to the industry.
Chaos, chaos, chaos! How can the virtual currency ecosystem be so messed up? Everyone feels that the development of things is under their own control, trying to win in the chaos and obtain high profits. However, each participant is still "slapped in the face" time and time again and re-enters the market again and again. When will the bubble of false prosperity in the virtual currency market burst?
