Brothers, I am San Ma Ge. Today I want to share the true experience of a loyal fan, a nightmare in the cryptocurrency world from a state-owned enterprise's golden bowl to bearing 5 million in debt. His story is a microcosm of countless people who have gone astray, and it deepens my understanding of how difficult it is to survive and understand in this Shura field of cryptocurrency. I hope his blood and tears can illuminate your path ahead.
I. The Chosen One Falls into the Abyss
This brother, let's call him Xiao A. After graduating from a prestigious university in 2018, he directly entered a state-owned enterprise at the bureau level, holding a job that everyone envies, earning over 20,000 a month, with a bright future. At that time, Bitcoin was reaching historical highs, and the news was everywhere, as if gold were everywhere. Xiao A was tempted, took 20,000 in capital, and dove into the cryptocurrency world. He thought he had found the secret to wealth, but little did he know that this was the beginning of a nightmare.
Tasting sweetness, addicted to leverage: At first, luck was on his side, with 20,000 capital earning over a thousand a day, feeling that money came too easily. Greed grew like wild grass, and he began to wildly increase leverage. 100,000! The numbers in his account made him feel elated.
First margin call, blaming luck: Is there really a cryptocurrency market that only goes up? A fierce correction turned 100,000 into ashes in an instant. He was stunned but didn’t wake up, only feeling it was 'bad luck.'
All-in with his life savings, entering the cycle again: He was not willing to give up. He pooled together salary, provident fund, and borrowed money, totaling 100,000, and went all in again. This time it was even more intense, with a maximum floating profit of 300,000! But greed locked him into not taking profits. Ultimately, the script was repeated, and the account returned to zero.
Four years of decline, debt snowballing: For four years, he seemed possessed. Borrowing, investing, margin calling, then borrowing again... a vicious cycle. The contract, a money-eating slot machine, ultimately consumed nearly 2 million of his hard-earned money and loans.
II. Desperate Measures Lead to the 'Guaranteed Profits' Trap Again
Afraid of losing in contracts, he sought a 'safe' path. As a result, he jumped into the pit of 'low risk and high returns' again.
Graphic card mining, policy + bear market double whammy: Invested 500,000 in graphic card mining, thinking it would finally be 'easy money'? In the end, due to national bans, a long bear market, and Ethereum's transition to POS, he only managed to cash out over 200,000, losing everything.
Chia mining machine, missed out on the initial mining capital: Not willing to give up, he invested another 500,000 in Chia. As a result, unscrupulous vendors delayed him with reasons like 'equipment delays', perfectly missing the most profitable 'initial mining' dividend period. The machine turned into scrap metal, and his money was gone.
Blood and Tears Insights: He later told me, 'San Ma Ge, I understand now, those claiming 'guaranteed profits' in the cryptocurrency world are 99.9% scamming! From then on, I vowed that if I was going to lose, I would lose at my own hands; I would never entrust my fate to others!'
III. The Abyss of Debt, Dignity Lost
The hole gets bigger and bigger, he has taken a more dangerous path—borrowing.
Online loan quagmire: Borrowing from various platforms... Moving money from one place to another, accumulating 500,000 in high-interest online loans. Using loans to pay off loans, until all platforms closed their doors to him.
The darkest moment: He will always remember that rainy day when he didn't even have money to buy an umbrella. To scrape together a payment, he secretly sold the wine he had stored at home and even painfully pawned the watch he bought during his engagement. Dignity shattered all over.
Credit loan gamble, ultimately crashing down: In the final step, he used his identity as a state-owned enterprise employee to apply for a bank credit loan of up to 3 million! Thinking of replacing 500,000 in high-interest online loans with low-interest ones, and using the remaining 2.5 million to fight back into the cryptocurrency world... What happened? The remaining 2.5 million was also lost in the market’s merciless fluctuations and his hasty wrong operations! Thus, the 5 million debt mountain weighed down on him, making it hard for him to breathe.
IV. Blood and Tears Revelation: San Ma Ge's Heartfelt Words
When Xiao A found me, he was on the verge of collapse. His experience had almost trampled through all the traps of the cryptocurrency world: leveraged margin calls, mining being scammed, wallets being stolen (not mentioned in the text but such stories are common), losing everything in meme coins, falling for private placement scams... He is like a living encyclopedia of the blood and tears of the unwary.
I talked to him for a long time, reviewing each of his mistakes. Combining my own experience of climbing out of the bloody storm of the cryptocurrency world and surviving to this day, we summarized several profound lessons that I hope all brothers will remember:
Leverage = gambling, and it's hellishly difficult: The core of Xiao A's tragedy lies in leverage. Did you think you were investing? No, with high leverage, you are betting against the unpredictable market and becoming the enemy of time. The difficulty of contracts far exceeds gambling! Those 'geniuses' who became rich through leverage often meet a tragic end (Livermore is an example). If you really want to use leverage, choose tools that won't lead to margin calls (such as certain structured products, options buying strategies) and strictly control your positions. But San Ma Ge's advice is: novices and those with unstable mindsets should stay away from leverage!
Beware of 'low risk, high return': This is the biggest lie! There are no free lunches in the cryptocurrency world, and no guaranteed profits. All the projects, mining machines, and strategies that are packaged beautifully are 99.99% scamming tools. Remember: high returns are always accompanied by high risks!
Borrowing money to invest is a path to death: Especially borrowing high-interest online loans! That is a bottomless abyss that will devour everything you have. If you absolutely need funds for turnover (not for investment!), prioritize low-interest bank credit loans, but always act within your means and make a repayment plan.
Enhance cognition, take control: Xiao A finally said, 'If I must lose, I should lose at my own hands.' This statement is half correct. The key is to 'understand why I lost.' If you earn by luck, you will eventually lose it back through your own ability. Only by continuously learning, understanding the underlying logic, mastering technical analysis and risk management can you take control of your fate and reduce unnecessary losses. This is also the key to my survival through countless crises over the years and seizing opportunities.
Revere the market, maintain clarity: The cryptocurrency world is indeed wild, bloody, and violent. Bull markets attract countless novices like Xiao A, who ultimately become fodder for scamming. Most people leave after losing everything. I never actively recommend that people around me enter the cryptocurrency world; when asked, I only say: the risks here are enormous; it’s a purgatory; don’t come unless you are well prepared. Those who can continue to make money in this market have experienced countless despairs, lost everything (or were close to losing everything), but survived based on solid skills, strict risk control, strong mindset, and a bit of luck, seizing opportunities in the next cycle. Those who are reborn are rare.
V. Meeting San Ma Ge: Lighting a Lamp in the Darkness
Xiao A is unfortunate, but he is also lucky. At his lowest and most desperate point in life, he found me. We not only analyzed K-lines and predicted key points (for example, I warned about risks at position XXXX and accurately captured rebound opportunities at position XXXX), but more importantly, I helped him rebuild his cognitive system, understand the essence of the market, and learn position management and risk control.
The cryptocurrency world is not a casino; it requires strategy, discipline, and wisdom. Over the years, I've seen too many people come and go, and the reason I can be called a 'living fossil' is that I treat every crisis as a learning opportunity, breaking down complex market logic to form my own survival philosophy. Following my brothers, they not only profit in trading but, more importantly, learn the mindset to face market fluctuations, the logic to analyze problems, and the philosophy of life—reverence, patience, and integration of knowledge and action.
Learn to be grateful and cherish good teachers: Xiao A is still on the difficult path to recovery, but his mindset has completely changed. He often says, 'San Ma Ge, meeting you was my turning point; not only did you teach me how to analyze the market, but you also taught me how to 'see' myself.' On the journey of life, encountering a willing mentor who shares their wisdom and enlightens you is a great blessing.
Brothers, the road in the cryptocurrency world is not easy, filled with thorns and traps. Xiao A's story is a cruel warning, but it also tells us that as long as the methods are right, the mindset is stable, and there is a good teacher to guide you, even in dire straits, there may still be hope for a turnaround.
Follow San Ma Ge, next time we'll discuss Xiao A's '5 million debt turnaround plan' and see how to devise strategies step by step to climb out of the abyss in dire straits. This road is difficult, but not impossible.
I am San Ma Ge, a veteran who survived in the waves of the cryptocurrency world. May my experiences and lessons help you take fewer detours and move forward steadily.