The truth of wealth in the crypto world: The survivor bias and risk warnings behind the glamour — an observation note from an old investor. I. The 'wealthy life' beautified by camera filters. In crypto communities, you can always see such slices:
3 AM moments on social media: In a suite at the Burj Al Arab, holding Moutai in the left hand and a peace sign with the right, captioned 'Thanks for ETH breaking 3000';
Afternoon tea photo shoot: an Hermès Birkin bag on top of a cold wallet, with the background being the pool of the Addisson Hotel in Sanya;
The 'unintentional' Versailles: 'I just bought my girlfriend a Porsche, but she thinks the pink is too tacky' — the comment section is full of 'Big boss, take me with you' messages.
These images constitute the 'success template' of the crypto world: driving a supercar at 25, achieving financial freedom at 30, traveling around the world anytime, anywhere. But very few people tell you:
Those accounts flaunting millions in assets are likely 90% part of the exchange's 'atmosphere group';
A 'big boss' staying in a five-star hotel may have a suitcase full of imitation trendy brands;
Those who claim to 'spend 1 million a year' may have just mortgaged their house for 3 million to chase contract prices.
II. The other side of the wealth myth: The truth that 99% of people have not seen.
As an old player who has witnessed three rounds of bull and bear markets, I have seen too many 'shooting star-style wealth accumulation':
Case 1: A post-00 who made 80 million relying on SHIB in 2021 ended up with a total loss during the LUNA crash in 2022, owing the exchange 12 million;
Case 2: A 'crypto goddess' who shares socialite afternoon tea every day actually relies on 'commission sharing' to cut new investors, and was criminally detained last year for suspected fraud;
Case 3: Mr. Zhang, who does real business, sold his factory to trade cryptocurrencies in 2020, with assets exceeding 100 million at his peak, now delivering takeout in Shenzhen to repay debts.
The essence of wealth in the crypto world:
It is a very small probability combination of 'era bonus + luck + cognition', rather than a necessary result of hard work;
95% of 'rich people' have extremely volatile wealth; today's millionaire may be heavily in debt tomorrow.
Those who can truly control wealth never flaunt their consumption; instead, they lay out compliant assets like an 'invisible man'.
III. Wealth in the crypto world vs. traditional entrepreneurship: Two different forms of 'hardship'
Some say 'the crypto world is more comfortable than the real economy', but that's actually a misunderstanding of the form of 'hardship':
Dimension Crypto speculation Traditional entrepreneurship Risk types Principal can instantly drop to zero (e.g., contract liquidation, project running away) Long-term operational risks (e.g., supply chain disruption, policy changes) Psychological pressure 24-hour monitoring of the market with tense nerves, emotions fluctuate wildly with market trends Continuous consumption of team management and customer maintenance Time freedom Looks like 'traveling anytime', but in reality, it's being kidnapped by the market and unable to disconnect from the internet Plannable work rhythm, can periodically detach from business Wealth certainty Dependent on market cycles, individuals find it hard to control Can enhance risk resistance ability through accumulating industry barriers
The days I spent chasing hot products in e-commerce were indeed hard, but at least I knew 'how much effort I put in, how much return I could get'. The wealth in the crypto world is more like 'luck realization' in the eye of the storm — when the wind stops, those who fell the hardest are often the ones who flew the highest.
IV. A wake-up call for young people: More important than getting rich quickly is 'staying alive'
Beware of survivor bias: The 'easy big money' you see may be the result of someone using 10 liquidations and 5 years of dormant efforts to achieve a very small probability event. More people capsize on hidden reefs without even the chance to 'show their failures'.
35 is not a 'deadline': True financial freedom has never been a function of age. Accumulating resources and enhancing cognition in traditional industries before 35 can actually help reduce the 'IQ tax' in the crypto world — most rational investors I know are 'cross-borderers' who entered the market with real-world experience.
More important than making money is the ability to:
Risk pricing ability: Knowing how much fluctuation 1 million principal can withstand in the crypto world;
Wealth carrying capacity: Even if you suddenly earn 5 million, you can hold on without losing it back;
Value anchor point: Understanding that 'money is a tool' rather than 'life goals', and will not be consumed by consumerism.
V. In conclusion: Why I no longer advise people to 'enter the crypto world'
Once I was also a spreader of the 'get rich quickly dream', but after experiencing too many stories of 'falling from heaven to hell', I want to say to you:
If you want excitement, you might as well play a murder mystery game;
If you want to make quick money, be prepared to 'lose it all quickly' first;
If you really believe in blockchain, you might as well learn technical development, compliance consulting, and other 'practical skills' — this is the 'real ability' that can traverse cycles.
Indeed, some people in the crypto world live 'comfortably', but that is prepared for those who are 'well-prepared to lose everything'. Ordinary people's lives should never be defined by 'gambling'.
