Many new friends are following me now, and quite a few have subscribed to me as well. Let me give a brief introduction about myself: as a six-year veteran who has stepped on many pits in the crypto world, this year marks my ninth year. I am also considered an old-timer who has experienced nearly three cycles of the crypto market.

When I first entered the scene, I was afraid of a暴雷 (explosion) holding U, afraid of black swan events on exchanges, worried about private key theft in hot wallets, and concerned about losing private keys in cold wallets.
        I’ve had my cards frozen when buying coins, and also frozen when selling coins.
Then I heard that mining in the crypto world could make money, but as soon as I started DeFi mining, the miners ran away, and the safe annualized yield was not enough to cover impermanent loss. Finally caught a good mining opportunity, but the next day it halved, and the mining collapsed.
Then I crossed chains, but in the process, my coins disappeared. Transferring funds, I found I sent to the wrong chain, and after researching projects, I discovered backdoors in the code. High-yield mining projects either planned to run away or lasted only 5 minutes before collapsing.
Later I heard that physical mining could make money. I bought mining machines, but after three months, they arrived just as the bear market hit. I looked for water and electricity to start mining, but then mining was banned.
Playing in the secondary market, I listened to big V’s faith in blindly betting on certain coins. After they sold out, I got caught in the trap. Listening to those big V’s talk about Bitcoin’s faith today, then Ethereum’s strength tomorrow, then DeFi, then GameFi, NFT, ABCDEFG—always chasing hot topics but never catching up. I couldn’t even keep up with the hype, and my principal was almost gone.
Then I started accumulating coins. But right after buying spot, the market started to fall. I promised myself not to look at the charts, just watch the 15-minute candles every day. But I couldn’t take it anymore and sold. Just after I sold, the market surged again, and I kept watching and waiting.
Then I heard big shots say that quantitative trading makes money. Backtesting trend trading looked perfect, but once I started real trading, it was just oscillation for 8 months. I tried leverage arbitrage, risking liquidation to make some small profits, but accidentally two years went by in vain. Without leverage, the returns were worse than bank savings.
Then I went to trade contracts. As soon as I opened a contract, I was pinched up and down—losing on both sides. After losing, I reversed my position. I finally turned 1,000 into 1 million, but in a moment of impulsiveness, I went all-in with 10x leverage, aiming for 10 million. When the market dropped, I thought I could hold without stop-loss, but I was hit with a 60% drop in 15 minutes, wiping out all my hard-earned money in just 15 minutes.
That’s when I realized that making money in the crypto world isn’t that easy. That’s when I truly understood the essence of the crypto scene.
Initially, exchange founders were just siphoning off trading fees and earning passively.
Those selling mining machines and computing power, setting up mining pools, had already made money for the next three years.
Project creators and hackers completed wealth transfers.
Big V’s spreading anxiety and hype, claiming faith, attracted traffic.
They tell stories, paint big pictures, and depict the future, with capitalists leading the K-line. Except for a few lucky ones, countless people go bankrupt, have irreparable lives, and are brainwashed into a hopelessly self-deceptive future.
The essence of the crypto scene is just zero-sum and a game—law of 2-8. Miners want to make money, project teams want to make money, and retail investors also want to make money. But where does the money come from? It’s always at the expense of the retail investors.
There are countless pits in the crypto world. I’ve stepped into almost all of them. Follow me, and you’ll avoid a few more pits and maybe even make some profit.