Cryptocurrency Myths: The Truth and Risks Behind Wealth Stories
Some say the crypto world is a 'wealth creation machine': a programmer who bought pizza with 10,000 bitcoins in 2010 would have over a billion in assets if he held on to them; a certain altcoin skyrocketed 1000 times in just 3 months, making early investors of 1000U millionaires... These stories are like stimulants, attracting countless people to rush in.
But the other side of the myth is a harsh reality: in 2022, LUNA coin plummeted from 119 USD to 0.0001 USD, leaving countless all-in players with nothing; in contract trading, 99% of liquidated traders didn't even understand the K-line. Those tales of 'turning 1000U into a million' often omit the truth of '99% of people losing and leaving the market'.
The truth is: the myth of cryptocurrency is essentially a 'survivorship bias'; under high volatility, there is indeed a tiny probability of wealth explosion, but more people become stepping stones when the bubble bursts. Our country explicitly prohibits speculative trading of virtual currencies; blindly chasing 'myths' may mean you can't even preserve your principal. Rationally viewing virtual currencies and staying away from speculative trading is the most basic respect for wealth.
