The Most Expensive Lesson in the Crypto World: 90% of Losses Start with 'I Can Make an Exception'
Last year, an experiment made my spine tingle:
I recommended the five major exchanges to 100 newcomers simultaneously, and after three months, I followed up —
87 people switched to a smaller exchange ranked in the 'top 28' on 'Non-Small Number', for reasons including but not limited to:
"A friend said there are insider information coins here" (resulting in being continuously harvested)
"Leverage can be opened up to 200 times" (now in a rights protection group)
"The first issue has a new profit rate of 300%" (went to zero in just 18 hours)
"Transaction fee rebate of 80%" (various price manipulation)
This confirms the most paradoxical cognitive loop in the crypto world:
The more of a rookie you are, the more you believe you can crack the dealer's code; the more you are a 'leek', the more you indulge in the thrill of gambling against probabilities.