Ten consecutive pits in the crypto world
●1. Don't trust consensus; the stronger the consensus, the sharper the scythe.
●2. Don't trust friends; in the crypto world, there is no loyalty in giving away wealth, only loyalty in giving away your wealth.
●3. Don't trust technology; the more revolutionary the technology, the easier it is to overthrow your fate. Don't have faith in technology; believe that any technology is just a wave of hype; once the hype passes, it will drop so much that even your mother won't recognize it, like inscriptions.
●4. Don't trust the big shots; otherwise, you'll gain their knowledge while they gain your Bitcoin. Like Big Brother B.
●5. Don't trust that there is a bottom; when you start calculating 'after a 50% drop, it's time to buy the dip,' the operators are calculating your remaining position. The best entry position is a 90% drop, then another 90%. Like strong operators such as OM.
●6. Don't trust yourself; what you think is 'faith recharge' is actually 'self-immolation of positions.' In the crypto world, faith in coins other than Bitcoin and Ethereum is the biggest taboo.
●7. Don't trust forever; the only constant in this circle is various forms of zeroing out, becoming air coins.
●8. You must firmly believe that the crypto world is a scam, not a high-value land; it's a battle royale game with 500 million players worldwide, but only a few will make it to the end. However, the crypto world, especially Bitcoin's consensus, indeed has a certain wealth effect.
1. EOS (2018)
●This prehistoric deep pit is something everyone who traded coins in 2017 and 2018 should have stepped into, right? If people are half-believing that SOL will surpass ETH now, then back then, many believed that EOS would surpass ETH right after its mainnet launch.
●People entering the crypto world may initially be drawn in by BTC and ETH, but within a week, they'll definitely be led onto the EOS pirate ship. I remember many exaggerated things happened back then, such as an old farmer from Wenzhou holding meetings everywhere, directly giving away coins at every meeting, handing out 1,000 to 800 EOS coins to everyone. I casually wrote an article about attending the meeting and was given coins worth over 10,000, and he even chatted with me about wanting help finding a rock band to sing exclusively for EOS and only accepting EOS at coffee shops and barbershops.
●Back then, the old farmers felt that the top-notch technical knowledge group thought EOS was incredibly impressive. In short, it was rare to hear opposing voices. After the mainnet launch, the sentiment peaked, and the price kept rising, with everyone's slogan being to look to 100 first. Celebration feasts were held every day; I heard a hotel near People's Square in Shanghai even booked a whole floor for EOS buyers to eat freely.
●As a novice, I initially invested over 200,000, buying all the way from 10 to over 20 at the peak, only to turn around and drop, all the way down to below 20, below 10, below 5, below 1... I recently heard they're changing their name?
2. FIL Mining machine (2021)
●Filecoin, as a blockchain infrastructure, is something everyone has become accustomed to, but at that time it was a novel concept. Especially with the skyrocketing price of SFIL, the earnings from mining machines were frighteningly high; early investors described it as making money every day, which is no exaggeration.
●Coincidentally, I have a friend who is in the mining machine business. So, I intermittently bought around 1 million worth of FIL mining machines near the peak of 2021. I remember one brainwashing line he told me was, 'Buying FIL mining machines at a young age is not good; if you're not careful, you'll retire.'
●At that time, my thought was simple: now $FIL is $240, and my 1 million mining machine can at least mine out 5 million; even if the price drops by half, I would still make a profit, so why worry? Moreover, what if it goes up? Hmm, now $FIL is $3, down 99%.
●Now that I think about it, the most frustrating thing is that when I bought the mining machine, I even invited him to relax in the hot springs; I bought a regular one, and he spent 2000 on an irregular one. In the end, I still footed the bill; it feels like being sold out and still helping count the money.
3. A certain platform coin (2022)
●This probably belongs to the most frustrating one, but since the project is still ongoing, I won't be so specific.
●Because I hadn't worked for a while back then, I went to work part-time in a friend's project team, earning over 300,000 in a year. With a mindset of loving the work I did, I was very passionate about my project coin, so I bought over 1 million at a relatively high point.
●A year later, the project scaled down, and they fired me from the Chinese division. I sold my coins and calculated that I lost 800,000. So, I worked for a year, and my salary equaled nothing earned, instead losing 500,000, extremely frustrating.
4. ICP (2023) && 5. WLD (2024)
●The reason I mention these two coins together is that they were both recommended by a big brother. I still respect this big brother today and think he is among the top in the Chinese blockchain tech circle. He previously recommended several coins that made me a profit.
●The characteristics of these two coins are that they both have beautiful stories. ICP has excellent technology, WLD has an impressive founder, AI is incredible, and their vision is impressive (to pay salaries to everyone on Earth). The big brother is the type who prioritizes technology and has a grand vision, so he is particularly fond of this approach, including his big brother G, who is also very optimistic. (G is a true OG in this circle, having brought Vitalik to find Shen Bo for financing and being a master translator of Ethereum's whitepaper.) As a result, when I later bought ICP, I comforted myself by saying that G bought in at $40 to $50, and now it's only $30, isn't it a good deal to follow G's lead?
●I also remember an anonymous doctor telling me that if ICP's price could reach $15, it would be great. I scoffed at it, thinking how could that be possible, and later ICP fell to as low as $3. By the way, ICP launched at over $400, which means it dropped more than 99%.
●As for WLD, what struck me was this line from the big brother: 'Ultraman OpenAI received trillions in investment, just a bit of WD and it skyrocketed!' These two coins have definitely cost me nearly a million combined.
6. Devt (2021) && 7. BitDN (2024)
●These two are mentioned together because it's a story even sadder than sadness itself; both projects were recommended by the same friend who is deeply involved in them. A saint warrior would not fall in the same place twice, but I am not a saint warrior, so I fell twice.
●I still remember that after he caused me to lose a million on the first project: two years later, he came to me and said, 'I feel bad for making you lose on the last project. For this new project, I thought of you first, consider it repayment.' At the time, I felt it was very righteous, and my eyes even got a little watery.
●Not many people may have heard of these two projects. In summary, one was a game that was hyped just as the GameFi craze was ending, which confidently assured me it would definitely be on Binance, but the game turned out to be a mess and was swiftly abandoned by Binance. The other was during the inscription craze, which assured me it would be the first Launchpad project, with the project team signing agreements to pump it, certainly going to KuCoin, and even to some X, just buy it casually.
●After everything turned out far less than expected, his classic line was, 'There's nothing we can do; the market has changed, and the project team can't give away money for free. Besides, I also lost a lot.' Honestly, I don't hate him; I hate myself for being foolish. Moreover, he is still active in the circle, and I'm thinking when he'll come back to recommend me a third project.
8. Luce (January 2025)
●Luce is the coin I earned the most on paper in this wave of memes, and it is also my personal favorite coin, but ultimately it retreated the most in profit.
●Born in the hottest phase of the Meme wave, the 2025 holy year's mascot: in Italian, it means 'light,' with a fresh and cute appearance, very popular among girls (cue a certain female boss from a leading exchange). A child of a certain version, Kol, is working hard to build it, and the community is particularly lively with many creations, especially with Christmas and New Year approaching. A bunch of buffs, but it doesn't matter; it fell from a high of over 300 million to now 9 million, down 97%.
9. Trump (January 19, 2025)
●Let's not say anything else; I curse him and his family like Kennedy, getting shot in the head. fxck yxu, Trump!!!!
10. Al-Agent (March 2025)
●Tsk tsk, this is the story of recently being slapped in the face. 'AI-Agent is the endgame.' This line came from his mouth: 'It has already been cut in half; can it drop more?' This line also came from his mouth. 'It has already dropped 70%; cutting it now is foolish.' This line still came from his mouth.
●The fact is, the several AI coins I heavily invested in originally had a total profit of 5x+, but then almost all retreated to a loss level, with profits retreating by millions.
●How to say, one is blaming myself for being fooled, and the other is that I had family matters and didn't pay attention to the market, leading to numbness from the drop. This is a fresh wound; forgive me for not wanting to elaborate.
