Confused Entry - The Temptation of the 'Get Rich Quick' Myth**
Time: End of 2020
At that time, Bitcoin broke through $20,000, and stories of 'financial freedom' flooded my social circle and social media. Holding the mindset of 'if I don't enter now, it will be too late', I downloaded my first exchange app and tried out with 5,000 yuan.
Initial Experience:
- Blindly Following Trends: Bought 'Dogecoin' following community recommendations, solely because of a tweet from Musk;
- FOMO (Fear of Missing Out): Seeing a certain altcoin rise 300% in a day and immediately going all in, only to see it halve the next day;
- Technical Superstition: Studying K-lines and MACD until dawn, thinking I've mastered the 'wealth code', only to be repeatedly slapped by the market.
Lesson: Emotion-driven investments are destined to become losses.
A Bloody Lesson - My First Experience of a Crash**
Time: May 2021
Bitcoin plummeted from $64,000 to $30,000, and the market was filled with wails. My assets shrank by 60%, and I experienced 'fear of going to zero' for the first time.
Key Events:
- Leverage Liquidation: Tried contract trading; with 10x leverage, a single fluctuation directly cleared my position;
- Rug Pull Scam: Participated in a DeFi project recommended by a '10,000-member community', the team absconded with the funds, and the token went to zero;
- Mental Collapse: Insomnia, anxiety, and even thoughts of borrowing money to average down my losses.
Systematic Learning - From Speculation to Investment**
Time: From 2021 to present
After experiencing the transition between bull and bear markets, I began to focus on studying the underlying logic of blockchain and building my own investment framework.
Cognitive Upgrade:
- Understanding Cycles: The Bitcoin halving cycle and the deep impact of macroeconomic factors (interest rate hikes/cuts) on coin prices;
- Value Screening: Shifting from chasing hot trends to focusing on public chain ecosystems (like ETH, SOL) and infrastructure (Layer 2, storage protocols);
- Position Management: Dividing funds into 'Core Positions' (BTC/ETH) + 'Potential Tracks' (AI + Blockchain, RWA) + 'Very Small Proportion Speculation'.
