Why do some people lose everything by speculating in cryptocurrencies?

In my opinion, the root cause of many people losing money is fake effort, inefficiency, meaninglessness and self-deception.

Many people seem to be serious about speculating in cryptocurrencies, more serious than anyone else, trading 16 hours a day, and professional traders are not as diligent as you. Like a full-time trader.

But they just refuse to calm down and study or read a few books, and they watch the market ineffectively every day.

To put it nicely, it is called watching the market, to put it bluntly, it is just staring at the K-line in a daze, and you don’t know what you are staring at. As long as you spend time staring, you work hard, but it is meaningless except for moving yourself.