$BTC Reviewing my inner journey, I hope everyone can learn from my experience.
I got into this circle during the bull market of 2017, which everyone calls the 'crypto circle'. Later, I realized that it was actually the end of the 2017 bull market. Initially, I just wanted to understand it simply and try investing. I remember that in March or April of 2018, I bought my first coin, Ontology (ONT). It started to rise the next day, and I saw on Huobi's K-line that it reached 11 dollars. I clearly remember investing 30,000 yuan; I tasted the sweetness from the start and felt like an investment genius, as money came too quickly. I even felt a bit guilty for only investing 30,000 at the time. Around this period, trading mining became popular. After hearing about FCOIN trading mining, many people made money, and FOMO spread. I remember entering at 4 dollars, which was a bit late, and it quickly rose to six or seven dollars before starting to fall. I got scared and ran, earning a little bit. Looking back, I realize that leaving was the right decision. Many imitation platforms emerged afterward, and I vividly remember a project from CP where CP Exchange launched trading mining. Many people rushed in to crazily grind trading fees, earning tokens based on the fees they generated. I grinded until around 2 AM, got too tired, and went home to sleep. The next day, it opened directly with dozens of times returns. New investors had never seen so much money before and immediately sold. Later, it seemed to break new highs again! Then another project came along; I can't recall the name, but it was also about trading mining, and I also generated a lot of fees while waiting for the opening. The difference was that the opening multiple wasn't very high, just a few times. I prepared to learn from my previous lesson and take a little profit. Fortunately, a friend advised me to sell some to recoup my cost, and I was glad I did, as the price kept dropping, eventually going to zero. The last project I fell for seemed to be BP, and the same scenario played out, but the difference was that the project team never opened. There were some OTC trades, and I got brainwashed in a big investor group, and OTC I lost quite a bit of money. The final outcome was direct depreciation, rapidly falling. Blockchain scams made me exit the market, and I basically didn't make any money. The summarized experience is: when a new trend emerges, over time, the bubble will burst faster and faster, from continuous new highs to direct depreciation at the opening. This round of games is the same! Also, one must do good risk control, not believe in empty promises, sell during rapid rises, and avoid FOMO; recoup your costs at the first opportunity.
Time has flown to the year 2020, decentralized trading is very popular. Since I learned about pearls, I kept recharging to enter the market. After following a few projects, my assets rapidly appreciated in just about a month. Seeing this trend, based on my past stock investment experience, I realized that to achieve higher returns in a limited time, I had to increase my capital. The quickest way I could think of was to take out a loan. Later, seeing some projects start to cut people off, I decisively exited. At this point, mainstream cryptocurrencies began to rise sharply. I felt it was too expensive and, not being particularly fond of this mainstream coin, I just watched it soar! It was quite uncomfortable, but I knew the bubble would eventually burst. Until May 19 came, Bitcoin at 33,000 and Ethereum at 1,900, I bottomed out. Then, following my previous investment principles, I ran when it accelerated upward. When Bitcoin reached 66,000 and Ethereum around 4,500, I sold 80% of my position.
In the second half of 2021, the gaming trend also emerged. I recognized it as a capital game, similar to previous trading mining, but that doesn't stop it from being profitable. Just put any game on and that's it. Eventually, I started to notice people being cut off and ran! Value investing does not exist. Relying on past experiences, I made about two million in total, though I still missed many opportunities in between. But nobody is perfect; money can't just be earned by me alone, right?
The summarized experience is: 1. Mainstream coins should still be allocated at the right time, with consistent investments during bear markets; otherwise, it can be really uncomfortable when they rise.
2. When the trend arrives, just get in; you need eyes to spot the trend.
3. Surviving in the crypto space means finding your own way to make money; someday, you will be able to earn money.
The market is brutal; think about how to survive because only by surviving can you have a chance. Initially, big losses, then small losses, then small profits, and finally big profits. That is the correct process. Don't get scared off at the start; otherwise, you'll truly become fodder.
