A few days ago in the community chat about "the pitfalls beginners are most likely to fall into", a friend said, "I turned 2,000 principal into 15 times in three days", and a crowd below shouted, "Please take me with you". I directly shared Ahao's story, and the group instantly fell silent; all the free revelry in this world had long been marked with a price behind the scenes.
As a veteran who has been immersed in the crypto space for 8 years, I have seen too many "Ahao-style" tragedies. It's not that I'm pouring cold water, but those who shout "contracts change fate" are 99% not understanding a core logic: leverage is an amplifier, which can amplify both profits and your greed and stupidity.
Ahao is a junior of my former colleague, and back then he was just a college student. The first time he encountered contracts, he had 2,000 yuan of living expenses and, with the fearless energy of a newcomer, opened a 20x leverage position. Looking back now, those three days were purely a stroke of luck, perfectly coinciding with a small market movement of a certain cryptocurrency, turning 2,000 yuan into 30,000.
How can young people withstand such temptation? That night, Ahao treated the entire dorm to an all-night session at the internet café, blowing up Coke like champagne, walking as if floating. From then on, classes became his "background", and the K-line chart on the computer screen became his "main battlefield." In his words at the time: "How much can I earn in class? Watching the market for an hour is enough for someone else's monthly living expenses." At his most extreme, he even had to hold his phone while using the restroom to adjust leverage, fearing he would miss any slight fluctuation.
Here comes a piece of advice that I have emphasized countless times during my live broadcasts: Newbies should never touch high leverage, and definitely shouldn't treat living expenses as capital. The market will never go easy on you just because you "want to make money"; those seemingly easy gains are actually poison wrapped in a sugar coat. If Ahao had listened to this advice back then, he wouldn't have suffered so badly later.
The turning point came unexpectedly. One early morning, the cryptocurrency he heavily invested in suddenly encountered a black swan event, and the price plummeted. By the time Ahao woke up and opened the app, his 30,000 capital had shrunk to just 300. He later told me that at that moment, his mind went blank, staring at the "liquidation" alert on the screen, his hands were shaking.
If it were a normal person, they should have cut losses in time, right? But Ahao was already blinded by greed; with red eyes, he poured in his remaining living expenses again, stubbornly sticking to 20 times leverage. The result is predictable: 300 quickly turned into 30, and he couldn't even afford a decent meal, relying only on instant noodles with tap water to get by.
It’s not over yet. The phrase "Just one more time and I'll break even" became Ahao's obsession. He started borrowing money from classmates, secretly using credit cards, and even took out online loans, pouring every cent he could gather into contracts. At his craziest, he switched between more than ten cryptocurrencies in a day, leveraged up to 100 times, with bloodshot eyes, looking as thin as a bamboo pole.
His girlfriend advised him to stop, saying, "Isn't it better for us to live well?" But he shouted back like a cat whose tail has been stepped on: "What do you understand? I'm changing my destiny! Once I make a lot of money, I'll let you live well!" Looking back now, how ridiculous this is; he couldn't even ensure a basic standard of living, yet he talked about changing his destiny.
The bubble will eventually burst. When the collection calls reached his dorm and home, Ahao truly panicked. He scoured all the apps and calculated that in just a few months, his debt had ballooned to 50,000. For a college student who hasn't even graduated, this was undoubtedly astronomical.
On the day he deleted the app, Ahao's hands were shaking uncontrollably, but after deleting it, he let out a long sigh of relief: "Finally, I don't have to let every K-line decide my life and death." I still remember this phrase very clearly, filled with regret and liberation.
Now Ahao has found a proper job, working from 9 to 6, with a monthly salary of 6,000. The last time we had dinner together, he ordered a table full of dishes and remarked while eating: "I used to think about making quick money, and I couldn't sleep well. Now, although I earn slowly, at least I can sleep soundly at night." He also told me that every month when he gets paid, besides living expenses, he is paying off debts, and he probably has to pay for another three years.
After finishing Ahao's story, let me say a heartfelt word to everyone: The crypto world has never been a "get-rich-quick" playground, but rather a practice of "slow work produces fine products." Those who can survive in the market for a long time and still make money have never been reckless gamblers relying on luck, but wise individuals who know how to control risks and move forward steadily.
If you are also experiencing the same difficulties Ahao once faced, or have questions about contracts or the crypto market, feel free to follow.
