You think you are trading, but in fact, you just pulled the lever of the old machine.
The crypto market, especially contract trading, operates 24/7 without rest, with leverage up to a hundred times, liquidation with no warning, and there is no need to wear a suit, place bets, or sign contracts, even emotions can circulate in the form of emojis. It can be said to be one of the most hidden yet efficient addiction machines in the crypto world.
The most dangerous thing is not losing money, but the 'machine maze' itself — that state of mind where you know you are sinking but still can’t stop.
In this seemingly technology-driven, free-gambling land, we see more and more gamblers falling into the abyss. Their identities, experiences, and intellects vary, but their fates are astonishingly consistent: in front of the huge slot machine of contract trading, they are repeatedly fed and devoured by themselves.
Their story is the story of how we are designed to be addicted.
'Rebirth Brother': From life winner to 'runaway driver'
Once: Deputy director of a coal washing plant in a state-owned enterprise in Hebei! Deputy section chief! Monthly income nearly 10,000! Owns a house and car, wife and children, warm bed, a definitive model of a well-off life winner.
Getting into the pit: Entering the circle in 2020, starting with spot trading, tasting some sweet fruits (earning tens of thousands a day), the worldview completely collapses — turns out 'working is foolish, contracts are the way to go'?!
Obsessed: Principal lost? No fear! Borrow money, online loans, use credit cards, and start trading contracts! 10 times? 50 times? 100 times! The bigger the play, the crazier the losses. What happened to the stop-loss? When it hits the stop-loss point, he impulsively cancels it, 'afraid of missing the rebound'... A typical 'dull knife cutting meat', today he lost 20,000, tomorrow he comes back for another 20,000, mainstream coins lose to altcoins, garbage coins... Collapse: four liquidations, four rescues: the first time 220,000 (filled by parents and relatives), the second time 300,000 (filled by relatives), the third time 650,000 (sold his sister's wedding house and filled in 500,000), the fourth time... completely finished, in debt by a million!
Cool Xi: Turning liquidation into the madness of a 'top-tier variety show' gambling god
Magical Reality Show: But this guy has never come down since then. He turned himself into a 24-hour live-streaming 'emotional liquidation machine'! Subsequent operations? High leverage, random positions, reportedly in debt by over a hundred million! No income? Relying on borrowing! Mental breakdown, self-harm, family estrangement, relationships turned sour? All live-streamed! Social media is his 'second casino':
Show real trading profit and loss charts? Absolutely! 'Turned around'? Scatter red envelopes across the internet! Create a carnival!
Fighting with other KOLs, challenging each other? Traffic is full!
Private life soap opera? Real-time updates!
What is the essence? He no longer pursues 'making money and leaving'; he is addicted to that 'gambling' state, relying on the market's drastic fluctuations and extreme emotions to maintain his 'top-tier' status. His 'cool army' is like a crowd of spectators watching gladiators, seeing him knocked down by the market time and again, getting back up, and even feeling it’s particularly tragic, with some even actively sending him money for 'support'! Do you think he’s crazy? No, he deeply understands the 'crazy person's traffic code', welding himself into the 'machine maze', using his life to live broadcast 'the self-cultivation of a gambling dog'. I find it magical, it’s even more absurd than a TV drama!
3. James Wynn: The 70-day myth of the on-chain 'Gambling God' and its 5-day collapse
Myth Born: This guy is even more incredible! Playing contracts on Hyperliquid, in 70 days, turning 0 capital into 87 million dollars in profit! On-chain operations, the whole network is watching, live streaming in real time! Instant fame, hundreds of thousands of fans, even fluctuations in his account can influence market sentiment! Amazing, right?
Fallen from Grace: However! 87 million dollars in profit, in just 5 days! It's almost all gone! He himself admits: "I just wanted to recover some profits, I didn’t want to be like a fool who earned a hundred million and then lost it all... I became greedy and didn’t treat that as money." His mentality completely collapsed.
Crazy Sequel: Changing to a 'McDonald's clown' avatar to self-mock as 'hitting the bottom'? Tweeting to say he wants to stop? But then opening a position again, claiming to 'fight against the evil market makers'! The most outrageous operation comes: just before liquidation, he publicly shared his on-chain address to 'crowdfund' margin! Under the guise of 'maintaining position, successfully 1:1 back', he actually raised nearly 40,000 U to extend his life! He was criticized for 'high-end begging'... and what happened? After a brief recovery, he ultimately still suffered huge losses, showing nearly 22 million in principal losses on-chain.
Misty: Now a lot of people question him as 'the actor', possibly using hidden accounts to hedge, and some say he has PY transactions with the exchange. On-chain detectives have exposed everything, but this 'on-chain gambling god reality show' vividly presents the craziness, greed, drama, and possible dark side of contracts. Looking at the roller coaster-like numbers in his account, I can only say, this script, even Hollywood wouldn’t dare to write it!
So, wake up! Don’t be fooled by those few 'survivor bias' myths of getting rich. Look at the broken home of 'Rebirth Brother', look at the uncontrollable madness of Cool Xi, look at James Wynn’s myth collapsing like a roller coaster. When your finger is on the high-leverage opening button, ask yourself: Am I investing, or am I feeding a carefully designed 'addiction slot machine' with coins?
Hit follow, next time let's talk about: how to recognize if you have fallen into the 'contract addiction' pit? What early warning signs are there? Don’t wait until you regret selling your house and car, or when your family falls apart! We need to play in the crypto world with a clear mind, don’t let the slot machine chew us up!