Here is his experience:

In 2023, he lost 500,000, all borrowed money, with 300,000 from online loans. He spent the entire year feeling gloomy.

He entered the crypto world during the Spring Festival of 2021, initially investing a few thousand. He happened to encounter the bull market of Doge and FIL, earning several tens of thousands, which made him a bit euphoric and he didn't take profits. Then he encountered a nearly halving in May, but he was also a bit lucky and kept buying as it fell, unknowingly investing tens of thousands. Of course, luck was on his side again when he saw SHIB skyrocket in November, making over 100,000. Then he became even more euphoric, thinking he was good at picking coins, not knowing that disaster was about to strike.

In December 2021, Huobi had a clean-up. At that time, I thought the market was good, and everyone was saying Bitcoin would reach 100,000. Greed and luck took over, and I foolishly ran to OK to continue playing (which also took a lot of effort). At that time, I saw 'Grandpa Bao' saying the bear market was coming, but I didn’t know what he was doing because everyone online said he was a scammer who cuts leeks. So I didn't take it seriously.

This is a time node. When he was on Huobi, he was always trading spot. After switching to OK, he came across staking and borrowing coins. At that time, he was amazed to see borrowing interest so low, only 1% a year. It felt like a treasure, so he staked all his BTC, ETH, FIL, etc., and exchanged them for USDT to continue buying. This was my first encounter with leverage.

In the first half of 2022, he kept losing and replenishing his capital. If he didn't, the staked coins would be forcibly liquidated. He then began borrowing online loans to make up the difference, thinking there would surely be a rebound even in a bear market. He kept replenishing until May 19, when the staked coins were forcibly liquidated, leaving only BTC and ETH, with just a few tens of thousands left in the account. At that time, he was completely stunned. After deducting the over 100,000 he made in 2021, he also lost over 100,000 in capital and felt quite depressed for a while.

Later, eager to recover his losses, he started to engage in contracts. I was also amazed by him, daring to jump into contracts without understanding anything and continuously borrowing online loans, asking friends to lend him money. By August, he miraculously made back over 100,000 and was close to breaking even. He felt quite pleased, thinking contracts were indeed a good thing, but he didn't know about taking profits. By late August, it started to fall continuously until October. During that time, he borrowed money to replenish his position again. By October, he had lost about 300,000 in capital. Those few months were quite depressing; he became very reclusive and lost interest in everything. Although he lost a lot during this time, he kept replenishing his positions, and his contract orders were always active. (He played long-term contracts like spot with 20x and 30x leverage...)

By the end of October, the market took a turn and ushered in a small rebound. With the leverage from contracts, he made back over 200,000 in two weeks. At that time, he felt alive again, with losses down to less than 100,000. He felt that recovering his capital was within reach, but he also learned from previous lessons and started to take profits slowly. Unfortunately, it was still too slow, and just as he sold 100,000, he encountered the 119ftx crash. It goes without saying that he was liquidated. He lost over 200,000 in two days and woke up to find only 60,000 to 70,000 left in his account, feeling utterly desperate and wanting to cry but without tears. Then he still had to go to work like usual, suppressing the panic inside.

Unwilling to accept it, he slowly reinvested the 100,000 he had previously taken profits on and borrowed money again to go long on contracts. By December, he encountered the FIL crash again and was liquidated again, with his account once more down to a few tens of thousands. Just as the pandemic was severe, he took a week off to reflect, feeling numb from the liquidations. He began to doubt himself, wondering whether he should continue. He initially wanted to earn a down payment in the crypto world but ended up losing a down payment instead.

At that time, the bear market had not yet ended, and he had already lost 500,000, all borrowed money, with interest. He truly didn't know what to do.

By today, he had already felt utterly desperate after losing 500,000, but at this point, he had lost over 2 million. Yes, I didn’t make a mistake; it’s over 2 million, not including the interest on the loans. Currently, his loans amount to about 1 million, and he hasn’t slept well for half a year. Aside from work, he has been in a completely closed state. He has collapsed countless times and cannot describe it in words, often thinking that his life is probably over. This is the outcome of a gambler.

Now that he's found me, I can only advise him to take it step by step, manage his positions well. From the initial 3,000 USDT, he has grown it to 6,600 USDT and achieved a turnaround.

Life is beautiful, the future is promising, keep it up.

Lastly, I want to give everyone a piece of advice: Do not borrow money to trade cryptocurrencies! Do not borrow money to trade cryptocurrencies! Do not borrow money to trade cryptocurrencies!

Important things should be said three times.