"At one point, my unrealized gains were equivalent to 60 years' salary!" Is the crypto world a heaven or a hell? A gain of 2.43 million times in 15 years, who truly received the wealth?
A day in the crypto world is equivalent to a year in human life.
7x24 global non-stop trading, with no limits on price fluctuations, wild swings of thousands of dollars, and a rich variety of futures and options as leverage tools, with participants having varying trading skills. Since BTC's inception, the coin price has risen from 3 cents to currently over 70,000 dollars, accompanied by denial, controversy, and suppression, creating a staggering 2.43 million times increase.
The other side of the story is the endlessly magnified risks under the decentralized trading model. On the night of March 12, 2020, Bitcoin plummeted from 7900 dollars to 3600 dollars, a drop of over 50%, with contract liquidations exceeding 14 billion yuan. And this was just the tip of the iceberg in wealth destruction.
Even in a bull market, large-scale liquidations happen all the time. On January 9, after BTC fell below 40,000 dollars, there were frequent wild swings, and on the evening of the 10th, it experienced a cliff-like drop, plummeting nearly a thousand dollars multiple times, followed by several sharp recoveries. On January 11, Bitcoin's price fell again by over 12%, reaching a low of 33,447 dollars, equivalent to a drop of nearly 6,000 dollars in a single day, with over 200,000 people liquidated, amounting to 13.7 billion.
After more than three years of fluctuating around the 10,000 dollar mark, BTC began a grand bull market at the end of 2020. At that time, the price of 40,000 dollars was already more than double the last peak. The bulls raised the flag of "to the moon," while the bears also didn't give up their resistance, pulling and rubbing all the way, with BTC experiencing fluctuations and reaching new highs.
However, in various groups, the once bustling "retail investors" are now "quietly" silent, and the atmosphere hasn't heated up yet. A contract trader described it this way: BTC was sold early, and now they don't dare to buy. Those holding a handful of altcoins aren't rising, and the people missing out continue to miss out.
This is an insomniac battlefield, with giants like "Grayscale" holding billions swaying the market, and also small retail investors with hundred-yuan stakes eager to try their luck; there are many who code and trade high-frequency all day long, as well as those who invest against the trend to recharge their faith; some become rich overnight, others wait in vain to break even, and some gamble away their fortunes and lives.
They meet in this market, spar with each other, and then write completely different endings.
Amin | At one point, my unrealized gains were equivalent to 60 years' salary
35 years old, maintenance worker, trading coins for 7 years
I started trading coins at the end of 2013. At that time, I saw a report saying BTC had already risen to 400 yuan, so I went to research it. The first purchase was a very famous domestic altcoin at that time. I was hesitant to buy, only recharged 100 yuan and bought 10 yuan worth, and it surged tenfold within three days, so I withdrew cash via Alipay. I continued to trade small amounts until Bitcoin first broke through 7000 yuan.
That time, I recharged 10,000 yuan and invested all of it. This was about three months' salary for me. I bought RXP at 0.4 yuan, but it eventually fell hard, dropping to a level I couldn't bear to look at. At its lowest, it was just a few hundred yuan, but I never cut my losses because I couldn't bear to. 10,000 yuan turned into a few hundred, selling would have been meaningless, so I held on until 2017.
2017 was a massive bull market, and between May and July, XRP rose to 2 yuan. I sold a total of 30,000 yuan, and it was my wife who strongly urged me to sell. If I had waited until December that year to sell, I could have sold for over 500,000. This experience of selling too early also laid the groundwork for not cashing out at future peaks.
During that market peak in 2013, the central bank issued restrictive policies, leading to a sharp decline in BTC, which I remember vividly. So during the extremely hot market in June and July 2017, I felt that if BTC reached a new high, there would definitely be policies to suppress it. So this time I kept waiting, wanting to buy after the price dropped.
Looking back now, my thinking was correct, but the awkward thing is that on September 3, I finally couldn't hold back and bought a portion. Then on September 4, the central bank and seven ministries issued a document that cut off ICOs, causing the coin price to plummet.
At that time, I didn't have much money, but in September and October, I bought about 20,000 yuan worth of coins, specifically EOS and Loopring. In mid-October, I managed to convince my wife, and she finally agreed to let me invest some more money, giving me 100,000 yuan, and my mom also gave me 30,000. After September 2017, ICOs became popular, and I invested 130,000 in seven ICO projects, then caught a wave of a massive bull market, peaking in December with unrealized gains of 1.8 million.
I was overly confident at the time, feeling like I was the main character, just like in a stand-up comedy, thinking that heaven had chosen me, experiencing a sense of disorientation. At that time, my salary was only 3,000 yuan per month, and 1.8 million was equivalent to 60 years of income. But looking back now, I feel really foolish for not cashing out. By February 2018, Bitcoin plummeted, but I thought it could go up more. I was greedy and didn't cash out.
Throughout February, BTC kept falling; my assets were around 400,000 to 600,000 yuan, and I had no cash left, feeling very anxious. Suddenly, one of the ICO projects surged against the trend, so I quickly seized the opportunity to sell for about 170,000. Later, I invested another 100,000 in WICC's ICO, and with the remaining 70,000, I added another 30,000, totaling 100,000 for a project that eventually failed, and that 100,000 went down the drain.
Later, during Bitcoin's second surge, WICC brought me nearly tenfold returns. Ultimately, I insisted on selling for 300,000, of which 200,000 was converted to cash and another 100,000 was converted to Bitcoin. Actually, I initially wanted to sell half for 500,000 or sell everything. But my wife didn't allow it, and I wavered, thinking it could go higher. Looking back now, I realize I was greedy at that time.
The 200,000 I cashed out was used for the down payment on a house, and I randomly invested a few tens of thousands in ICOs. This was in 2018, and looking back now, it seems like a whirlwind in the crypto world where I gained nothing, but it gave me courage. I had never thought about buying a house before, but when I had money, I just bought one.
By early 2019, BTC had reached historical lows, as did my altcoins. In May 2019, BTC started to rise significantly, and I sold all my coins for USDT, totaling around 350,000 yuan.
I think the events of 2013 will definitely repeat, where Bitcoin will plummet under policy suppression. So I've been waiting with no positions, making some small trades in between, winning and losing. By October, 350,000 turned into 300,000. At the end of October that year, when news broke that the Central Political Bureau collectively studied blockchain, Bitcoin surged significantly, which also changed my beliefs. So I fully invested at the price of 10,000 dollars, holding onto 300,000, and at the lowest point, it dropped to only 180,000. Later, when Bitcoin reached 8,250 dollars in January 2020, I sold it all for a total of 220,000.
During that time, I had a strange habit of frantically listening to various investment advice courses and got exposed to leverage. There was a new concept at that time: "Triple leverage coins never get liquidated," and I was tempted. At that time, the price of Bitcoin was around ten thousand dollars, and I didn't dare to buy, thinking I would wait until it dropped before buying. So, I invested all my funds into a triple leverage coin. But later, the platform surprisingly delisted that leverage coin, and all leverage coins were forcibly settled at market price before delisting, resulting in a settlement of 700 dollars.
I'm not reconciled, so I secretly recharged 35,000 yuan to go short, but I lost it down to just 20,000 yuan. After exiting, I was completely calm for half a year. This month I started again, and I just managed to grow 20,000 yuan to 35,000-40,000 yuan.
Since March 12, 2020, my beliefs have changed. I used to be a pure bull, but now I also have a bearish view. But I guess I will still be educated.
Additionally, there's a surprise: the Loopring I bought in 2017 participated in a long-term lock-up plan, and I just withdrew it on January 4, selling for 90,000 yuan. I didn't expect that if I sold it now, I could sell for 150,000, which is incredibly frustrating. Now, I'm once again at a crossroads, wondering whether to continue playing with this money or take it out to support my household. Because now my total funds have exceeded 100,000, while I still have a monthly salary of 3,000.
Over the years, it feels like the crypto market is too volatile, making a significant impact on faith. Objectively speaking, I've had relatively good luck, but my strength is relatively weak. The money earned through luck was lost through strength. But I still want to give it a try to see if I can get rich once. Of course, it must be under the premise of not going into debt and not affecting my life, as living is the most important.
Now my mind is too divided; today I think about making 1 million, but by tomorrow, I just hope not to lose money. I used to feel a bit inferior, but now I don't. I'm willing to self-deprecate. I should learn more; I'm just an ordinary person, only occasionally lucky.
