A cryptocurrency mogul's confession of losing millions: Three super safe rules learned from a loss of millions

At 3 AM, I stared at the liquidation message, my hands trembling so much that I couldn't hold my phone steady—this was my 17th contract liquidation, and it would be my last. 1.2 million in principal went to zero in 30 seconds, the metallic taste of blood in my stomach made me experience what it means to be 'desperate to the point of vomiting blood' for the first time.

Disrupting cognition

All tutorials teach you how to open contracts, but no one tells you: the big shots in the crypto world privately refer to contracts as 'legal casinos', and the house always wins with a 100% success rate. I have personally seen backend data from a certain exchange: out of every 100 contract traders, 95 do not survive beyond 30 days.

Blood and tears lessons

1. Fatal illusion: 'Earn a month's salary in 5 minutes'

(Real case) In the massive crash on March 12 last year, my colleague leveraged Bitcoin 20 times and made 80,000 in 5 minutes. A week later, using the same method, he lost two years of savings in 3 hours. Exchange data shows: the average lifespan of contract traders is only 23 days.

2. A secret the house will never tell

(Industry dark secret) A former employee of a mainstream exchange revealed: when the long-short ratio reaches 7:3, the system automatically triggers 'point-based explosion', which is why the market suddenly reverses right after your stop-loss point.

3. The most terrifying 'survivorship bias'

Looking back, the total amount of contract liquidations across the network in 2023 reached 143.2 billion USD, equivalent to Tesla's annual revenue. But on social media, you can only see 'get-rich myths', as those who lost everything can no longer speak.

Soul-searching question

Do you know why all exchanges place the contract button in the most conspicuous position? Because the trading fee for spot trading is only 0.1%, while contracts can go up to 0.7%—every time you trade, you pay a 7-fold 'IQ tax'.

Ultimate advice #BTC

Right now, do three things immediately:

1. Uninstall all contract-related apps

2. Transfer funds to a cold wallet

3. Remember this formula: Contract = 100% principal risk + 300% mental breakdown + 1000% family crisis

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