I got into cryptocurrency in January 2021, introduced by a colleague, and started to learn about virtual currencies.

I downloaded trading apps like OKX, Huobi, and Binance, as well as the TP e-wallet. I remember I first invested 5,000 to try it out, and at that time, I only knew how to buy spot.

I remember in March and April when Musk promoted Dogecoin. Tesla began supporting BTC payments, which created a wave. Then he posted a tweet (with a Doge image), and Dogecoin surged more than ten times. I bought Dogecoin spot at the end of March and remember making 30% profit just two days after buying.

I became excited and started fantasizing that if I had bought 50,000, I could have made 15,000. So, I added a few thousand to my April salary and invested 20,000 more, buying SHIB and Doge. After that, there were ups and downs, and some profits were given back.

Overall, I was making money. During this time, I joined many groups via Huobi, and many people added me privately. After getting familiar, they began recommending contracts, which can leverage several times, dozens of times, or even hundreds of times.

Betting small to gain big, I initially only dared to use a few dozen USDT to test the waters, opening 5x, 10x, and 20x positions. Later, I gradually enjoyed the thrill and profits brought by leverage. By the end of April, I had already doubled my 25,000 capital, making over 30,000 in floating profits from both spot and contracts. At that time, I told my wife about making money with cryptocurrencies.

My wife reminded me to take profits and be low-key, but my mind was already clouded, and I couldn't listen at all. I even slightly looked down on my wife, thinking she wasn't a computer expert, didn't understand new things at all, and didn't try to get involved. At that time, the country hadn't banned cryptocurrencies yet.

Many platforms like Sina and Douyin were promoting heavily, saying BTC would hit $100,000 and Dogecoin would reach $1. Many dynamic images like the classic line 'Rise, Rise, Rise' from the drama 'The Rise of the Great Era' and 'Doge to the Moon (Musk is launching a rocket to take Doge to the moon)' were everywhere.

The impact on me was immense. I genuinely thought making money in cryptocurrencies was too easy. The money I earned from hard work at my job didn’t give me the same thrill and sense of achievement. It validated the saying, 'If heaven wants to destroy someone, it will first make them crazy!'

In May, the government implemented a series of policies, which I didn’t take seriously. Suddenly, it was May 19th, a day I can never forget. At noon, the government announced a series of regulatory measures on virtual currencies, prohibiting trading in mainland China. Huobi and Binance withdrew from mainland China.

Immediately, a catastrophic plunge occurred. BTC dropped from $57,000 to $28,000 in just a few minutes, and altcoins were 'halved or went to zero.' The profits from Doge and SHIB spots were given back, and I lost 30% of my capital. My 800 USDT contract was directly liquidated. During this period, I also cleared my spot positions and opened short contracts, seeing profits but unable to close them. Huobi and Binance's network lines were cut off, and when I refreshed to enter, I saw the contracts being forced liquidated. After 7 PM, my account was left with 500 USDT, and my mind was foggy.

Afterwards, I saw other cryptocurrency friends chatting in the group, and they shared screenshots of their liquidations, some losing tens of thousands, even hundreds of thousands of USDT.

I instantly felt relieved about a lot of things. After May 19th, if I had been able to stop in time, I might have just learned a lesson, but afterwards, I started to feel dissatisfied with spot trading and wanted to go straight into contracts to quickly recover my losses. I began investing 10,000 at a time, experiencing both gains and losses. I noticed there would be one major trend direction every month, but my trading strategy always led to small gains and big losses.

I would take a little profit and run, but if I lost, I would hold the position. Sometimes I could hold on and recover, but other times I would be liquidated directly. By the end of 2022, I got a year-end bonus of 130,000 and directly invested 100,000, hoping to use 5x contracts to buy the dip, thinking more margin would allow for a safer bet. However, BTC kept cutting losses and slowly declined, and it kept falling for a month without any rise.

Unable to bear the psychological pressure, I cut my losses and lost another 40,000. Afterwards, I changed my strategy to high leverage with a few hundred USDT at a time. Sometimes I was still opening positions at one or two in the morning, not sleeping well at night, and during the day, I was weighed down by worries. After consecutive liquidations, I lost all 100,000 in two months.

I can only be honest with my wife and ask for forgiveness. I am very grateful to my wife; after understanding the situation, she only asked me not to buy anymore and to work and live well. If I lost money, then I lost it. She has always been understanding and very considerate.

Afterwards, I calculated that I lost a total of 180,000 RMB in the cryptocurrency market. The cryptocurrency market is illusory; even if there is a short-term profit, as long as you don't withdraw, in the end, you will lose everything.