Collected hundreds of stories of entry into the coin circle, selected 10 stories to narrate the various lives in the coin circle. As the saying goes: 'All dealers are the same, but each “leek” has their own experiences.'
1. Buy high and sell low like stocks.
I am a full-time stock trader. By chance, I was invited to set up a micro fund on a certain micro fund platform. At that time, the platform had just launched two altcoins, and they went online on a trading platform in December. Initially, I was very resistant to cryptocurrencies, viewing them as a gamble, but later seeing those two coins rise several times shortly after their launch, I could no longer resist human greed and spent 5,000 to buy in at a high point, and then there was no turning back. Now, I have almost lost everything.
Since then, I began to formally engage with cryptocurrencies, joining various groups and communicating with fellow coin enthusiasts, and finally realized that trading coins also requires a strategy; it's not as simple as randomly grabbing a scam coin or worthless coin to make money. I began navigating various trading platforms and researching the different coins I encountered, ultimately deciding to invest in the coin Chat. On the morning of January 31, I started accumulating and buying in. That night coincided with Chat's launch on Binance, and in just one day, it doubled in value. However, I ultimately didn’t sell, mainly because I held a long-term optimistic view, thinking there would be greater returns. This experience also made me deeply realize that even coins I am optimistic about must be traded with a buy low and sell high strategy in the long-term holding process, so as not to miss out on periodic returns.
Everyone who trades coins should research whether it is worth holding long-term, whether there is any practical application value, rather than casually buying a worthless coin or a scam coin, otherwise, one will turn into a small leek.
——@Star
2. Holding coins is holding wealth.
Time flies, and in the blink of an eye, I have been in the coin circle for over nine months. Everyone knows that a day in the coin circle is like a year in the human world. Thinking back on this time, so many things have happened that only I can truly experience the bitterness and sweetness of it all. Fear is the first hurdle for new leeks entering the coin circle. I couldn’t bear to sleep for 24 hours a day; what was I doing instead of sleeping? Watching the market! Researching news, but neglecting blockchain technology itself, leading to mental and physical exhaustion and a bit of an imbalanced mindset. At that time, chasing highs and cutting losses, buying high and selling low was common; I was afraid to hold coins overnight, fearing they would drop overnight. With the help of brothers in the coin circle, I broke out of the vicious circle of chasing highs and cutting losses, developed keen insight to avoid worthless coins, found undervalued assets, and made true value investments. With a goal and direction, my heart calmed down, and I was no longer afraid. Now, when I occasionally open my IM wallet and see fluctuations of hundreds or even thousands in a second, my heart remains calm. Because I believe that blockchain is the future, and digital currency is the future. Holding coins is holding wealth. We need to study blockchain technology seriously as we did in school and hold coins with a monk-like detachment, so as to maintain our mindset amidst the ups and downs and seek victory steadily.
——@Entertainment Unlimited
3. Ride your dream and do not waste your youth.
I still remember that during August and September of last year, I encountered a similar phenomenon in every virtual currency exchange group I touched: people started sharing their hidden tenfold and hundredfold coins; group members began to form their own factions, such as fundamentalists, trend followers, and technical analysts; they began to refute and ridicule each other, determining victory not by reason but by who’s assets appreciated more in the coin market. Those who lost money in that wave of feasting were called fools, and there were even remarks that if you didn’t ride a tenfold coin in a bull market, you simply shouldn’t stay in the coin circle. During that feast, it seemed that anyone could jump out and talk grandly about the future of Bitcoin and blockchain as a 'true big shot' in the coin circle.
I learned about Bitcoin in 2015 and later sporadically followed the development of blockchain technology. Although I was optimistic about blockchain, various negative news about the coin circle made me hesitant, and it continued until last year when I finally decided to take action (the reason being I heard a friend entered the market with 30,000 yuan and made enough for a house in just two to three months). Like many friends who entered the coin circle at that time, I came with a 'American Dream' version of altcoins, hoping to make my mark in the coin circle.
I won’t say much about the growth and learning process when I first entered the circle and the various setbacks, typical leek replication. It is worth mentioning that during the aforementioned feast, a altcoin I heavily invested in increased nearly 20 times! I instantly gained the identity of a 'big shot' in the group. Some were envious, some idolized me, and some shouted for the big shot to take them along. I didn’t hold back, starting to share 'value coins' under the guise of technical analysis. No one asked me how I found and ambushed that altcoin that increased my assets nearly 20 times, or what made me confident it would appreciate. In fact, even if they asked, I couldn’t answer; buying that altcoin was just a spur-of-the-moment decision, believing in the saying 'it’s all in or nothing, if you win you get to be with the pretty girls, if you lose you go back to work'. To put it bluntly, I made that money by sheer luck.
I participated in this feast, thinking I was a person with utensils, but unexpectedly became food on someone else's plate, the reason being that the money I earned without thinking dulled my mind.
This feast peaked in November and then came to an end, followed by the Bitcoin crash, with altcoins halving across the board, leaving the market in a state of panic. At that time, my profits were also cut in half, with Bitcoin hovering between 12,000 and 13,000. I thought it was an opportunity, so that night I rushed to buy the dip, anticipating a rebound the next day. But this was just the beginning of the crash. The next morning, when I opened my computer, I was met with glaring red candles; I was truly panicked, disappearing from the group. Seeing my profits evaporate, the gambler’s mentality within me began to take over. I gradually consolidated other assets in the coin market to one exchange and leveraged to trade BTC. Although leverage magnified my appreciation space, it also brought high risk, and my pressure and panic continued to rise. Due to my inexperience, I couldn’t see the overall trend; amidst the short-term fluctuations, various counter-trading operations caused me to lose all my chips. I felt like a down-on-luck gambler, putting all my hopes on the last bet, which was shorting BTC. I told myself to look at the market again the next day. The subsequent story is that after Bitcoin fell continuously, there was a small rebound, but it was enough to bring my short position close to the liquidation point. I finally realized that I was just a normal small leek, actively closing my position and no longer paying attention to the competition between long and short. Even if I could have endured for two more days, this short could have helped me recoup my capital along with considerable profit. I remembered the saying: 'What is not yours will be lost, even if gained by luck, it will eventually be lost in another way.'
I wish the friends in the coin circle who are striving on the front lines, ride your dream and do not waste your youth.
——@Zhao Zhenwei
4. Do not be elated by gain or saddened by loss.
In October 2017, when I successfully set up my first mining rig, I officially stepped into the coin circle. 'One day in the coin circle is like a year in the human world' is not an exaggeration at all. After entering the coin circle, aside from eating and sleeping, all my time was spent watching the prices of various coins, analyzing trends, and calculating profits and losses. Although I didn’t experience the 94 incident, I did witness Bitcoin’s drop from nearly $20,000 to $6,000. From the time I entered the coin circle until now, my main coin BCD has dropped from 160 yuan to less than 40 yuan due to inexperience and other reasons, leading to a mental breakdown, and the hardships are known only to me. But to be honest, as I increased my knowledge and adjusted my mindset, I have grown from a 'small leek' to a 'little leek'. The road ahead is still long, but I do not regret entering the coin circle. I sincerely tell those about to enter the coin circle: it is not as simple as you think, so learn about blockchain and other knowledge well before entering. Once you have a certain amount of knowledge, then come to battle. 'Do not be elated by gain or saddened by loss,' only then can you navigate the coin circle with ease. Finally, I wish all coin friends a Happy New Year, make big money, and good health!
——@Seveni
5. Be an old leek who never sells.
In 2014, just before the New Year, a repairman was hired at the construction site to handle emergency repairs, and Litecoin entered my world. As a novice, I was eager to get quick profits and learned to play with leverage like others. On July 9, 2015, my funds were perfectly wiped out in a crash, leading to despair. With my meager funds, I ventured into the stock market, and after a year of ups and downs, I managed to break even with a complete account, perhaps feeling it was no longer interesting. In the summer of 2016, I mustered the courage to enter again, but due to shortsightedness and poor mindset, I missed opportunities like Litecoin at 11 yuan, ETH at 70 yuan, sold 23 million SC at 0.00175 (with a peak price of 2.8 HKD), and sold 50,000 VEN at 0.3 (with a maximum price of 51 RMB in January 2018). Due to bad luck and shortsightedness, I have now become a 'leek' who refuses to sell even when the market is down! The bear market in the coin circle, I am waiting for you not to be late!! If heaven gives me another chance, I would like to hold on, not sell, and get my tokens back.
——@Dun Er Wa
6. Uh... don’t come to be a leek.
As the saying goes, 'One day in the coin circle is like a year in the human world.' Trading coins is like experiencing a financial crisis every ten years in three cycles. I personally feel that trading coins is not much different from trading stocks, but trading coins doesn’t have the extreme surges and crashes as frequently as BTC. I got involved in the coin circle in 2015, bought 20 ETH but didn’t hold, cut losses at 16, bought LTC at 50 but didn’t hold... Every coin has been like this, I lost a lot of money, probably around a million. The most frustrating experience of trading coins made me very distressed; I was originally in a comfortable financial situation, but now I am heavily in debt, having once lost 180,000 in a single day; I woke up to see my 210,000 reduced to just 7,000! So I advise everyone to avoid trading coins, do not seek shortcuts, and instead focus on holding one or two stable coins, like AE or EOS. I am now slowly on the path to recovering my capital, holding EOS long-term for financial freedom by the end of the year.
——@Amin
7. Avoid the detours we took over the years.
Since entering the coin circle, it has been over three months. Looking back, it really feels like a lifetime ago—'A day in the coin circle is a year in the stock market'—is not an exaggeration at all. In this brand-new financial world, the only limit is imagination; the market operates 24/7, and one must have a strong heart and nerves that are always on edge because even a slight movement can make everyone in the coin circle experience what it’s like to ride a rollercoaster, from the bloodshed on September 4 when the seven ministries jointly clamped down, to the unstoppable surge after the 11th National Congress, making the coin circle soar. Now, due to various global rumors, Bitcoin has fallen to about 45,000 yuan, making me feel like a seasoned driver; my mindset and resilience are no longer what they used to be.
The process of trading coins is a process of collecting various information, and if you don't understand the coin you need to buy, acting rashly may lead to total loss, just like when I bought a Bitcoin fork coin BCX earlier this year. I didn't understand when I bought it, thinking that buying coins was like doing business, buying low and selling high, there would always be periods of increase. As a result, I am still at a loss now, and at that time, I lost money due to a serious lack of understanding of issuance, price ratio, and information.
Not to mention looking at any cryptocurrency financial news. Recently, many old friends who, just like before, didn’t understand the market and information have probably panicked again. If everyone had read the news early, they should not have been surprised by this drop. If you didn’t know: friends can follow Mars Finance’s news on February 6 to understand. Trading coins boils down to mindset and information volume; the better your mindset, the more information you have, the more money you can make. Follow Mars Finance, and all traders in the coin market will see their investments rise.
——@Tianya Suifeng
8. Carefully observe, operate meticulously, chase the highs, and cut losses; guard your coins.
I accidentally entered the coin circle. Long ago, I knew about Bitcoin, and I watched its crazy rise in 2017. Although I was envious, I never planned to enter the coin circle. Until a boss of a near-bankrupt fund appeared, he shamelessly told us investors that as long as we followed him to buy UBTC on the ZB platform, we could achieve 30 times investment returns before the New Year. Looking back now, I realize how naive I was. Perhaps it was my eagerness to break even that made me invest 20,000 yuan… And thus, I entered the coin circle. In my first month in the coin circle, I learned what worthless coins and ICOs were, and through the communication platform Beechat, I gained a lot of knowledge about virtual currencies. However, this did not change my essence as a new leek at all. During this period, I seriously observed, carefully operated, chased highs and cut losses… Coupled with several major negative events recently, I successfully turned my 20,000 yuan account into 15,000 yuan. Thinking about it makes me tear up… I think I should understand the meaning of 'guarding coins is like guarding a widow'. However, even so, I did not get discouraged; the coin circle opened a whole new door for me… revealing a different world, and I will persist! I believe that as long as I work hard, there will be a day of harvest!
——@Qingkong
9. Strong-willed.
In today’s world, many people have made a fortune through the wild growth of the early coin circle. I entered the coin circle in such an environment, becoming a new leek on a certain day in August 2017. At first, things were fine; I made money after buying in, and the increase was not small, so I slowly increased my investment. I dreamed every day, thinking that personal financial freedom was just around the corner. But reality gave me a hard slap; one day in September 2017, everyone was frantically selling coins, and I watched my money quickly disappear, so I sold all the coins I had, and just like that, I was cut as a leek. What I regret the most is that just over a month later, the spring of the coin circle returned. I can only sigh; once you enter the coin circle, it’s deep as the sea, and I can only blame my lack of determination.
——@Li Tao
10. Cryptocurrency is an economic bubble.
The first time I heard about cryptocurrency was in February 2017. At that time, I was still someone who was just trying to earn easy money, and the first cryptocurrency I encountered was GEC. Back then, I didn’t understand anything about cryptocurrencies, let alone blockchain, so I quickly sold all my GEC. In November 2017, I encountered many cryptocurrencies, but they didn't have much value, which sparked my interest in understanding what cryptocurrencies and blockchain really meant. By December 2017, I took real action to understand blockchain and cryptocurrencies. Previously, I equated cryptocurrencies with blockchain, but after learning more, I realized that cryptocurrencies are just a product of blockchain, which encompasses a much broader concept. As a newbie in the coin world, I initially entered hoping to get rich overnight. However, after entering the coin circle, that thought faded because I believe cryptocurrencies themselves have no intrinsic value; they are merely inflated by speculation, and too many people equate blockchain with cryptocurrencies, which is why cryptocurrencies have been hyped up to appear highly valuable. Personally, I believe cryptocurrencies are an economic bubble.
