Author of this article: Bit Big Pig
Disclaimer: This article only represents my personal thoughts and does not constitute any investment advice.
This time, by sharing my uncle’s story, I will learn whether you can get rich by playing with contracts and speculating on altcoins.
0x00 When the dark room meets the light, set sail
In February 2021, my assets exceeded 8 figures by hoarding cryptocurrencies for several years. This matter was passed down from my mother to my uncle. My uncle is a person who likes to think hard. He is an electrician. Although he is not highly educated, he has a good way of thinking about things. People around him also think that he is a smarter person. , often making money in various strange ways.
My uncle learned from my mother that my assets had grown from hundreds of thousands to eight figures, and my overall assets had skyrocketed exponentially. He immediately felt that the currency circle was profitable. One morning in February, my uncle briefly chatted with me about the currency industry for a while and then decided to enter the market. However, I strongly suggested that he wait and see first and not rush to buy coins. Even if he enters the market, he must not touch leverage or junk coins. . But after he thought about it for more than an hour, he told me in the afternoon that he was going to start buying coins (he didn't understand scientific Internet technology at all at the time). He said that his goal was to help his son earn a car worth about 100,000 yuan, and he would leave immediately as soon as he earned 100,000 yuan.
0x02 Just starting out, doubling assets in two weeks
The uncle deposited a total of 20,000 yuan, and after a very short period of research, he began to perform 10 times leverage operations in the contract market. After 2 weeks, his assets successfully doubled to 40,000 yuan. During this period, he told me almost every day about his research experience, views on the investment currency circle, his investment worldview, etc., and he kept calling me You should also use some of your assets to play with contracts.
0x03 Started to expand, assets increased 7 times in 45 days
One and a half months later (2021.4), my uncle's assets increased 7 times to 140,000. The scary thing is that he has already started playing with 50 times leverage. He received high returns not long after he entered the market, and it was natural for him to expand. Because I basically only buy the spot of mainstream currencies such as BTC and ETH, and only occasionally allocate funds to second-tier currencies, and I basically don’t do anything for several years after buying them. And he has achieved 7 times the return in just over a month, so he thinks there is something wrong with my investment philosophy. He thinks that in just a few months, his investment return rate will be able to reach the rate I have been hoarding coins for several years, or even More than me.
0x04 Go to the altar and earn more than 12 times in 90 days
In the third month (2021.5), he not only played with 50 times leverage, but also began to speculate in junk coins and altcoins (various unknown small currencies). At that time, his assets peaked at 250,000 yuan, and his investment income was as high as 12 times. , by this time he had become extremely inflated and felt that his investment ability and level had surpassed Buffett. Because I don’t touch contracts or junk altcoins, he feels that my level and knowledge are too low and he is no longer willing to communicate with me.
0x05 Initial failure, 40% profit taking in the 8th month
My uncle came to me again 5 months later (2021.10). He lost a lot of money due to liquidation, and several unknown currencies he bought also plummeted. His total profit was 40% back, and his current assets are still about 150,000. . He felt useless and thought it would be better for me to hoard mainstream currencies. I said you are already very good, and you have achieved your original goal of earning 100,000 yuan to buy a car. In fact, there is no problem in closing the page now. You can just come back to buy Bitcoin and Ethereum at the bottom after the big bear market. He said yes and then there was no contact.
0x05 The Waterloo of life, losing everything in the 15th month
We spoke again seven months later, on the day of the Luna thunderstorm in May 2022. After Luna plummeted by 90% for the first time, because he didn’t fully understand Luna’s operating mechanism and logic, my uncle took all the 60,000 that was left and bought Luna coins. He believed that this operation would make him incredibly rich. The final result But he buried himself. Luna's death spiral directly caused his assets to return to zero in one day.
After the assets returned to zero, my uncle said that he was determined to start investing in the bear market this time. He wanted to hoard Ethereum and slowly make himself rich. However, the market is not good now, so he will not deposit money, and will start playing again after it plummets for a few waves.
0x06 Comeback, addicted to gambling
Another 3 months later (2022.8), my uncle told me that he deposited another 20,000 yuan and made twice as much money by buying xx coins (forgot the specifics). Now his assets are 40,000 yuan. He thinks that BTC and ETH The price is expensive and cannot rise, so there is no point in investing in BTC and ETH.
I said, good luck to you and just be happy.
0x07 Summary, cherish life, stay away from contracts, and stay away from altcoins
The moment he decides to play with the contract, the end he can reach is death. In the heart of a crazy gambler, the reluctance to lose your principal and everything will force you to slowly go to a dead end.
My uncle is not stupid. It can be seen from his early record of playing contracts that he is even smarter than many people, but in the end he still lost his principal. My uncle's story is just one of the many contract players. Some contract players even took various loans and leveraged them, eventually driving their wives and daughters to a dead end. The guy in the picture below is another story of failed contract play.
Finally, I would like to suggest that friends who are investing in the currency circle or preparing to invest in the currency circle should never dream of getting rich through virtual currency contracts, nor should they fantasize about achieving financial freedom by buying altcoins promoted by others. Investment is a very professional field. We ordinary people should do operations with high winning rates and high returns, instead of speculative things like contracts or altcoins. The income gained from contracts and altcoins are pathological income, which will Continuously amplify your gambling nature and your desires, causing you to fall into the abyss step by step. During the big bear market, continue to invest in high-value currencies such as BTC and hold them for 2 to 3 years. When the bull market comes, your assets will definitely make a qualitative leap. This kind of asset appreciation is healthy income, and it is also the right way to have a high winning rate and high income. operate.
