I. Entering the cryptocurrency space: The fate fork of a 100,000 yuan principal. In 2017, Bitcoin broke through the 10,000 yuan barrier, and I entered the cryptocurrency space with a principal of 100,000 yuan. At the Bit Era exchange, 90,000 yuan was bet on the overseas god project BTS, and 10,000 yuan was used to test the waters with domestic NEO.
Magical start: NEO skyrocketed from 8 yuan to 1,000 yuan, turning a 10,000 principal into a hundred-fold instantly, only to drop back to 30 yuan in the bear market; BTS remained mediocre throughout, missing the first hundred-fold coin bonus in life.
Key insight: Newcomers should not blindly trust 'international teams'; local projects are not necessarily inferior; failing to cash out at high points will ultimately result in empty profits.
II. Bull market madness: The illusory prosperity of tens of millions of wealth
(I) All-in bottom buying and leverage myths
94 policy bottom operation: During the 2017 '9.4' regulatory storm, firmly believing in Bitcoin's underlying logic, I went all in with 1 million to buy BTC at the bottom, then transitioned to Binance, going all in on 35,000 BNB (costing 8 yuan), with the highest book value nearing 100 million.
Leverage frenzy: A principal of 50,000 yuan with 2x leverage rolling ETH, rolling to 1 million in the early stages of the bull market; betting on FIL with 10x leverage, gaining 5 million assets in a single wave.
(II) Self-loss in the bubble
Investment becomes consumption: 2 million invested in chain game projects, spending 300,000 for 'guild honor', leaving only 200,000; NEO went from 10x returns to zero, merely due to misallocation to the game account.
The price of greed: Anticipated the peak before Coinbase went public, but due to attachment to the last wave of increases, faced a '5.19' crash with 10x leverage, causing 5 million assets to shrink to 500,000 in 2 days, nearly being liquidated.
III. Bear market tempering: Cognitive awakening from zero to rebirth
(I) The 312 tragedy and leverage withdrawal
Missed the epic bottom-buying opportunity: In March 2020, Bitcoin plummeted to 3,000 USD, but I missed the chance due to being busy with social e-commerce. I realized that investing requires sensitivity but should not succumb to obsessively watching the market.
Leverage destruction effect: In the later stages of the bull market, using 1.5x leverage to chase rebounds on BNB witnessed a 75% drop, with the exchange almost going to zero, leading to a vow of 'eternal farewell to contracts'.
(II) The survival philosophy of position management
Ladder bottom-buying strategy: After the FTX crash, 15,000 USD was used to buy BTC/ETH/BNB in batches; when Wemix fell from 0.6 to 0.15, I built positions in a laddered manner, and began to sell in batches after it rebounded to 2, achieving a tenfold return on a single project.
Risk hedging principle: In the early stages of the bull market, 80% of the position is allocated to mainstream coins for a passive approach, while 20% is invested in the chain game track; set the rule of 'withdraw 30% for every 1 million profit', forcibly interrupting the greed cycle.
IV. Ultimate reflection after three rounds of bull and bear markets
(I) Investment anti-common sense laws
The rule of seeking stability for progress: In the last bull market, with a principal of 250,000, I dared to go all in on BNB; this round, with a principal of 2 million, I played 'conservatively', yet due to a stable mindset, captured 10x coins like AXS/SAND.
Familiarity with the rules of the field: The chain game track combines interest and expertise, transforming from a pay-to-win player to community operations, connecting the dual paths of 'investment + entrepreneurship', and enhancing risk controllability by 80%.
(III) Survival guide for newcomers
Small-scale trial and error period: Practicing with a principal of 1,000-10,000 yuan, focusing on learning 'stop-loss' rather than 'making money';
Anti-consensus strategy: When 90% of the community is shouting for a certain coin, there is a 90% chance it is a selling trap;
Identity transformation technique: Transitioning from 'speculator' to 'builder', participating in DeFi mining, NFT creation, and other practical scenarios, rather than purely gambling on K-lines;
Respect for cycles: The money made in bull markets is merely 'borrowed from the market'; being able to preserve the principal in a bear market is true skill.
V. Next bull market strategy: Evolution from 'gambler' to 'hunter'
Core positions: 60% BTC/ETH (anti-dip anchor) + 30% leading chain games (AXS/WEMIX, etc.) + 10% stablecoins (USDT for risk aversion)
Action checklist:
After Bitcoin broke through 50,000 USD, withdraw 10% of profits every time it rises by 10,000 and convert to fiat currency;
Establish 'liquidation circuit breaker mechanism': Daily losses exceeding 15% of total assets will automatically lock positions for 3 days;
Deeply involved in the operations of chain game guilds, hedging risks with 'investment + labor' dual returns.
Conclusion: The cryptocurrency space is not an ATM, but a battlefield of human nature.
After six years of ups and downs, I have validated a truth with tens of millions of assets: In the cryptocurrency space, making money in the short term relies on luck, while long-term survival depends on going against human nature. If you want to enter the market, first ask yourself three questions:
Can you accept the reality of '90% probability of loss'?
Do you have the mindset of 'being able to eat and sleep well even after an 80% drop'?
Can one maintain a 'principal first' clarity after becoming wealthy?
If the answer to all is 'yes', then enter with 'spare money + learning + patience'. Remember: True wealth freedom is never achieved through a single bull market, but is maintained through countless crashes while you remain alive and retain capital to start over.
