I am 30 years old this year. Recently, some changes have occurred in my family, prompting me to reflect on the first half of my life. While flipping through photo albums, I organized my journey in the cryptocurrency world over the past few years.
This is a story about how I went from zero to 11 million, and then into debt.
(This story is purely true; any resemblance to real events is coincidental.)
At that time, I was still a sunny and cheerful young person. 🫡
In June 2019, a friend I hadn't contacted in years asked me if I knew about Bitcoin and forwarded a bunch of reports from CCTV news. At that time, I felt this was a good thing: decentralized, an emerging phenomenon, and surely profitable in the long run.
Then, he recommended a software called PlusToken, explaining that simply holding coins had limited profits, but through PlusToken's "electronic dog" feature, one could take advantage of price differences on exchanges for arbitrage. Initially, I thought it sounded like a scam, but with a sense of luck, I bought 3 Ethereum from Huobi, spending 5,000 RMB to invest. But soon, I noticed something was off.
Why did I feel something was wrong? First, the atmosphere in the group was extremely abnormal; members seemed brainwashed, only able to speak positively and not question anything. The invitation structure resembled a pyramid scheme, and there were high withdrawal fees (about a month's interest), giving a feeling of "I want interest, he wants principal." The most suspicious part was that the address for the electronic dog arbitrage had not changed. At that time, I didn't understand hash values, but I had seen posts from experts confirming that user deposits were not being used for arbitrage—this was clearly a scam.
Sure enough, about a month later, the software crashed. I thought it had run away, felt disheartened, and assumed my 5,000 RMB was gone. Unexpectedly, it recovered, and I quickly withdrew the 3 Ethereum back to Huobi. From then on, I began to study the cryptocurrency world and learned how to trade cryptocurrencies. Previously, I bought Ethereum directly with RMB, not knowing what USDT was. This marked the beginning of my cryptocurrency career.
At that time, I didn't know much about Ethereum; I was somewhat naive, pursuing faith, believing in the value of decentralization, and thinking Bitcoin was the true core asset. So, I exchanged my 3 Ethereum for Bitcoin and added to my position: cutting losses on a stock I bought for 50,000, which had dropped to 30,000, and using my salary to add to my position (at that time, I was working in new media, earning over 20,000 a month). I invested a total of about 50,000 and bought 0.62 Bitcoin. However, after buying, the price continued to fall.
Later, I uninstalled the software until March 12, 2020, during the pandemic, when I saw news saying Bitcoin had plummeted. I logged into the Huobi website and found my balance was less than 10,000 RMB—50,000 turned into 10,000, and I collapsed instantly. Fortunately, I had a salary income and didn't pay much attention to this money, turning instead to making short videos.
What goes up must come down; what goes down must rise.
2020 was the lowest point for Bitcoin, but also the year it took off, and I rose in that year, like a fledgling eagle spreading its wings, a spark igniting a prairie fire.
At the beginning of 2020, when the pandemic was at its worst, the short video trend exploded. My account gained over 200,000 followers just a few days after registration, and the income was considerable. Every day was spent making videos and enjoying life, and my weight soared to nearly 150 pounds, completely forgetting about Bitcoin. It wasn't until I heard news of Musk promoting Bitcoin that I re-downloaded Huobi to check my account—astonished! 10,000 turned into 200,000! This thing was so profitable! The blockchain revolution!
It was winter 2020 or early 2021. Bitcoin was valued at 200,000, and with my short video savings, my total assets were about 300,000 to 400,000. After that, Bitcoin continued to rise, and short videos were still profitable! My assets reached over 500,000, and I felt like a child of the era, with high awareness, having hit the trends of short videos and blockchain. I felt invincible! Born with a rich constitution! I wanted to trample on those who looked down on me. An inflated mindset began to sprout, lasting until May.
On May 8, 2021, while riding the subway and scrolling through Douyin, I saw Musk promoting SHIB. I had missed Dogecoin and didn't want to miss SHIB. That night, SHIB went live on Huobi, and my Bitcoin increased to 0.87 through swing trading. As SHIB rose, I passionately went all in, making over 100,000 in one night. Within three days, my 300,000 principal turned into 600,000. I was going crazy! The first time I played with altcoins, I dared to go all in on a meme coin! From that moment on, I completely changed.
After making this money, I no longer looked at short videos—despite being able to earn a few thousand a day selling books. Trading coins could fluctuate 100,000 in one night; who cared about that small money? After tasting the thrill of quick money, I despised everyone who earned money through labor, considering myself a child of the dimension, a cutting-edge human! SHIB became my faith! Go all in! Go all in! Go all in!
Joy turned to sorrow. When Vitalik donated SHIB, it caused a crash, followed by the 519 incident. My 600,000 shrank to 300,000, and I was stunned. Fortunately, I had been monitoring the market every night, so I didn't lose too badly, but I was paralyzed at a high position. This experience led me to meet the second benefactor in the cryptocurrency world (the first was the friend who taught me to use PlusToken).
At that time, there was nowhere to vent my SHIB faith, so I joined some brainwashing QQ groups to find resonance and met an older brother (benefactor). He mentioned LEASH (the dog leash), which was better than SHIB and had more potential, but needed to be bought with the TP wallet. I began researching wallets, withdrawing from exchanges, and operating on Uniswap, laying the groundwork for future wealth.
This older brother was active in multiple groups collecting information, and I learned that early buyers of coins like SHIB and PIG had made a fortune. On his recommendation, I started buying meme coins and taught him how to use the TP wallet on Uniswap. But I basically lost money and also bought BSC chain coins like Baby Doge and PEPE, joining faith groups. Some coins I bought couldn't be sold, and later I learned they were scams. The gears of fate began to turn violently until that day in July.
July 3, 2021, is a memorable day. The benefactor recommended STARL meme coin, claiming it was developed by WOLF (the developer of LEASH). I believed him, and with my early experience, I skillfully opened the TP wallet, entered the contract on Uniswap, and exchanged 0.3E for STARL. The gears of fate shook violently.
I have a habit: if I believe in something, I go all in; if I don't, I resolutely avoid it, seeing things in black and white. But this is wrong—philosopher Camille Pirot once said: "The world is neither black nor white, but a delicate gray." At this point, I felt the wallet was the true blockchain, transferring all assets into the wallet and adding to my STARL position. From then on, I developed the habit of refreshing the TP wallet, not looking at K-lines; the fluctuations in numbers were incredibly stimulating, and I felt uncomfortable if I didn't refresh for a while.
Later, the coins developed by WOLF began to fall, and the more they fell, the more I added to my position, competing with group friends on who bought more. Eventually, I sold SHIB and LEASH, going all in on STARL. At that moment of going all in, I felt both satisfied and anxious—if I lost, it would be over. I started cutting losses, selling and buying, buying and selling, and after all the turmoil, I was left with 30 billion, turning from profit to loss, shrinking from 400,000 to 200,000. This month was torturous until July 25.
On the night of July 5, 2021, I picked up a kitten and named it "Fortune"—because I had become wealthy! Opening the TP wallet showed 800,000, and my hands trembled. I refreshed desperately: 1 million! My first million! I was going crazy, feeling like a child of the dimension! My ancestors' graves were smoking! How many people could make a million so quickly? But this was just the beginning; this coin was riding the wave of the metaverse concept.
In the following days, I hardly slept, refreshing the TP wallet was too exciting: 1 million doubled to 2 million, 3 million, 3.66 million! Fluctuating tens of thousands in a conversation, money became just a number. Besides refreshing the wallet, I was boasting in faith groups, brainwashing, and strengthening consensus. I created a tutorial for buying STARL with the TP wallet, listening to my group friends' "Starlink Song," feeling like the white-haired protagonist of a top player, the metaverse was home, grasping the pulse of the era! Wealth was right in front of me! In extreme madness, the reversal came.
Yes, it started to crash. The day before, I was still shouting, "Who else! The metaverse is the future," and in the blink of an eye, it turned into "The metaverse is a scam, blockchain is a scam, the metaverse game can't be made!" Watching the continuous decline, I panicked. When it dropped to 1.2 million (my bottom line, needing to protect a double profit on 600,000 principal), I liquidated everything.
After liquidating, I felt at ease, though unwilling. I withdrew 600,000 to my bank card, preparing to buy a car, torn between an Audi S4 and a BMW 330i, ultimately choosing the latter. On the way to pick up the car, something happened.
A friend traveling with me to the 4S shop said Ethereum could still rise, and buying a car now would be a loss; it was better to buy ETH. I took his advice, and after leaving the shop, I went to the bank to handle the U shield (needed for large transfers), transferring 600,000 to a U trader to buy ETH and continue. In the short term, it seemed wise, but in the long term, it became the source of my losses.
[To be continued] Source of the story: Wang Duan Niao 🐦
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