In 2020, I was a formal employee of a state-owned enterprise with a stable salary of over 20,000/month. However, I stepped into the crypto world due to the news of Bitcoin breaking its historical high. Four years later, I am burdened with 3 million in debt, having fallen from elite to debtor; every moment of this nightmare is filled with warnings—


1. Leverage meat grinder: From earning thousands daily to a cycle of zero assets.
- First taste of sweetness: With 20,000 in capital, I made daily profits of thousands through short-term trading. Driven by greed, I added 10 times leverage and rolled it to 100,000 in half a month.
- First margin call: A 5% pullback wiped out my account, but I attributed it to 'bad luck.'
- All-in abyss: I emptied my salary, public fund, and borrowed 30,000 to gather 100,000 in capital. I had a maximum floating profit of 300,000, but ultimately returned to zero amid contract fluctuations.
- Four-year death cycle: Borrowing from online loans, using credit cards, and mortgaging assets led to nearly 2 million in cumulative losses from four years of contract trading.


2. Mining scams: Wealth harvesting packaged as 'low risk'.
- Graphics card mining pit: Invested 500,000 in mining machines, but faced a national ban and the Ethereum transition to POS mechanism, ultimately realizing only 200,000.
- Chia mining machine trap: I was delayed by the merchant under the pretext of 'equipment delay,' missing the initial mining bonus period, resulting in a total loss of 500,000.
- Bloody awakening: All projects that claim 'guaranteed profits' are essentially carefully designed slaughterhouses.


3. Debt avalanche: From 500,000 in online loans to the dead end of 3 million in credit loans.
- Borrowing to repay debt: Accumulated 500,000 in borrowing from Bei, 360, and JD Finance, with interest piling up until I couldn't borrow anymore. During heavy rain, I relied on selling liquor and pawning my wedding ring to make repayments.
- Fatal swap: Applied for a 3 million bank credit loan due to my state-owned enterprise status, used 500,000 to fill the online loan gap, and the remaining 2.5 million was put back into the market, resulting in further losses, leading the debt snowball to grow to 3 million.


💥 Five bloody lessons (each word cries out in pain)
1. Leverage is poison: Contract trading is essentially gambling; 99% of those who leverage end up being liquidated by the market, even genius traders struggle to survive.
2. Beware of high-yield rhetoric: Any 'low risk, high return' scheme is a scam, including mining, private placements, and meme coins.
3. Stay away from the abyss of online loans: High-interest online loans are the starting point of a debt avalanche; prioritize bank credit loans (though it may be too late to regret).
4. Wallet security comes first: I have walked through all the pitfalls of losing private keys, phishing links, and worthless altcoins.
5. The crypto world is not an ATM: Retail investors entering during a bull market are destined to be cannon fodder; 90% of people end up losing everything. I have never advised anyone to enter the market.


Those who survive in this circle are all resurrected survivors after losing everything, but more people are failures like me. Follow Sister Fei, and in the next episode, I will talk about how to attempt to get back on track after accumulating 3 million in debt.

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