The Most Expensive Lesson in the Crypto World: 90% of Losses Begin with 'I Can Be the Exception'

Last year, an experiment gave me chills:

I recommended the five major exchanges to 100 newcomers simultaneously, and followed up three months later —

87 people switched to a lesser-known exchange that ranked in the top 28 on 'Non-Small Number', for reasons including but not limited to:

"A friend said there are insider news coins here" (resulting in a series of losses)

"Leverage can be set to 200 times" (now in a rights protection group)

"Initial public offering returns 300%" (lost everything in just 18 hours)

"80% transaction fee rebate" (various pinning and liquidation events)

This confirms the most paradoxical cognitive loop in the crypto world:

The more inexperienced, the more they believe they can crack the dealer's code; the more they are greenhorns, the more they indulge in the thrill of gambling against the odds.