For me, 2024 was a year of ups and downs in the cryptocurrency world, filled with frustrating moments.
At the beginning of the year, Bitcoin's price soared, and the market was thriving. Watching many people around me sharing their profit screenshots, I was also tempted and rushed into the crypto world with dreams of getting rich overnight. I first took out a portion of my savings and invested in some popular cryptocurrencies. At first, everything seemed to go smoothly, and the numbers in my account kept increasing, making me taste the sweetness and feel like I had found the key to wealth.
However, the good times didn't last long. In March, I was persuaded by a so-called 'big shot' in the crypto world to invest in a project called VT. This big shot hyped the project in the community, claiming it would definitely skyrocket after launch. Without much thought, I invested most of my funds. As a result, the project team played tricks after raising funds, the money was inexplicably transferred, and they concocted various excuses to deceive investors. My money was like throwing a stone into the water, and the wealth I had hoped for turned into total loss. This was the first big pitfall I encountered in the crypto world in 2024.
August 5th is a date I will never forget. Bitcoin started to decline from its peak on July 9, and by August 5, it had dropped significantly. While trading options, I misjudged the market and failed to timely buy out-of-the-money put options for protection, and lacking backup funds led to a skyrocketing margin ratio, putting my account at risk of liquidation. That day, I watched helplessly as my account assets shrank drastically, plunging me into panic and anxiety.
Later, I heard many similar horror stories. For instance, there was a gambling platform called zkasino, where investors were lured into believing they could recover their investment within 30 days, only to find it was a scam. Over 30 million dollars invested by global victims went down the drain. There were also people who were cheated by exchanges, making money but unable to withdraw it, with the platform playing various tricks to evade responsibility.
Looking back on my experiences in the crypto world in 2024, I have a deep understanding of the risks and uncertainties in this field. It is filled with various temptations and traps, and without sufficient knowledge and experience, it is easy to crash. I hope my experiences can serve as a warning to others who wish to enter the crypto world: investment must be cautious, do not blindly follow trends, and do not let the so-called myths of getting rich quick cloud your judgment.