Bn网格交易员YG
High-Frequency Trader
4.6 Years
BN网格交易员YG
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Silent Harvest in Exchanges: When Staking and Trading Become the Prey of Platforms (Part 1)
FCoin Explosion: A Ponzi Scheme of a 'Compliant' Exchange
In the world of cryptocurrency, the most dangerous thing is often not the extreme volatility of the market, but the 'harbor' you thought was safe—the exchange— itself. The collapse of FCoin, once the world's largest exchange by trading volume, from 2019 to 2020, provided a bloody lesson for all users. This was not a hacker attack, but a meticulously designed 'slow-motion' disaster that ultimately swept away all user assets from within.
The Glamorous Facade of 'Trading is Mining'
FCoin rose rapidly through the 'trading is mining' model. User trading fees would be returned 100% in the form of the platform token FT, and by holding FT, users could also share 80% of the daily trading fee income of the exchange. This created a deadly temptation loop: users traded frantically to obtain more FT, driving up trading volume and FT prices, creating an illusion of prosperity.
Internal Collapse and Truth Revelation
However, this was essentially a Ponzi structure. The platform needed to continuously issue more FT to pay early users, while the value of FT relied entirely on new funds flowing in. When the influx of new users slowed and the bubble could not be maintained, FCoin had long been insolvent.
In February 2020, FCoin founder Zhang Jian announced that the platform's capital reserves could not meet user withdrawal requests, with a shortfall of up to 7000-13000 BTC. He admitted that early data errors led to a 'capital allocation problem' that snowballed, ultimately causing the collapse. This meant that the account assets users saw were just numbers; the corresponding real assets such as Bitcoin and Ethereum had long been consumed in the chaos and misappropriation of the internal capital pool.
Core Lesson: The Transfer of Control
The core warning of the FCoin incident is that when you deposit assets into an exchange or participate in its financial management or staking, you completely transfer the control of your assets to this centralized entity. No matter how glamorous the platform appears or how large the trading volume, once internal management is out of control or has malicious intent, your assets may become the 'fuel' for maintaining the status quo. This perfectly confirms the core maxim of the cryptocurrency world: Not your keys, not your coins.
FCoin Explosion: A Ponzi Scheme of a 'Compliant' Exchange
In the world of cryptocurrency, the most dangerous thing is often not the extreme volatility of the market, but the 'harbor' you thought was safe—the exchange— itself. The collapse of FCoin, once the world's largest exchange by trading volume, from 2019 to 2020, provided a bloody lesson for all users. This was not a hacker attack, but a meticulously designed 'slow-motion' disaster that ultimately swept away all user assets from within.
The Glamorous Facade of 'Trading is Mining'
FCoin rose rapidly through the 'trading is mining' model. User trading fees would be returned 100% in the form of the platform token FT, and by holding FT, users could also share 80% of the daily trading fee income of the exchange. This created a deadly temptation loop: users traded frantically to obtain more FT, driving up trading volume and FT prices, creating an illusion of prosperity.
Internal Collapse and Truth Revelation
However, this was essentially a Ponzi structure. The platform needed to continuously issue more FT to pay early users, while the value of FT relied entirely on new funds flowing in. When the influx of new users slowed and the bubble could not be maintained, FCoin had long been insolvent.
In February 2020, FCoin founder Zhang Jian announced that the platform's capital reserves could not meet user withdrawal requests, with a shortfall of up to 7000-13000 BTC. He admitted that early data errors led to a 'capital allocation problem' that snowballed, ultimately causing the collapse. This meant that the account assets users saw were just numbers; the corresponding real assets such as Bitcoin and Ethereum had long been consumed in the chaos and misappropriation of the internal capital pool.
Core Lesson: The Transfer of Control
The core warning of the FCoin incident is that when you deposit assets into an exchange or participate in its financial management or staking, you completely transfer the control of your assets to this centralized entity. No matter how glamorous the platform appears or how large the trading volume, once internal management is out of control or has malicious intent, your assets may become the 'fuel' for maintaining the status quo. This perfectly confirms the core maxim of the cryptocurrency world: Not your keys, not your coins.
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Chapter 5: MEME Coins - The Ultimate Testing Ground of Cognition and Risk
MEME coins have taken the speculation of cryptocurrency and community culture to the extreme. They were born from jokes, grew through social dissemination, and their prices are purely a measure of attention economy and collective sentiment. Participating in MEME coins is essentially trading in memes and consensus, which itself is a large-scale performance art and social experiment.
However, the risk level here is increasing exponentially:
1. The risk of going to zero is the norm, not an accident. The vast majority of MEME coins lack fundamental support and have a very short lifecycle. Once the hype fades, prices can plummet dramatically, ultimately leading to liquidity drying up and becoming worthless. This is truly a game of 'passing the parcel', and many people end up with the last stick.
However, the risk level here is increasing exponentially:
1. The risk of going to zero is the norm, not an accident. The vast majority of MEME coins lack fundamental support and have a very short lifecycle. Once the hype fades, prices can plummet dramatically, ultimately leading to liquidity drying up and becoming worthless. This is truly a game of 'passing the parcel', and many people end up with the last stick.
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Chapter 4: Cycles, Leverage, and Black Swans - Understanding Volatility, Respecting the Market
The price discovery process of Bitcoin is a grand social experiment, and its volatility is rooted in the superimposed resonance of multiple risk factors.
1. Embedded cyclical risk: While the halving mechanism is a positive for tightening supply, its impact has been fully anticipated and speculated by the market. Historical patterns do not simply repeat; when all investors attempt to position themselves 'before the halving,' it may precisely brew the risk of a sharp decline where 'good news is fully priced in, turning into bad news.'
2. High leverage driven risk of a wipeout. The cryptocurrency market allows extremely high leverage trading (such as 100 times). This accelerates the bubble during an uptrend, and once the price retraces, it triggers a chain of forced liquidations, leading to an instant depletion of liquidity and a free-fall in prices, commonly referred to as a 'pin drop.' Many investors do not misjudge the direction but rather fall victim to excessively high leverage.
1. Embedded cyclical risk: While the halving mechanism is a positive for tightening supply, its impact has been fully anticipated and speculated by the market. Historical patterns do not simply repeat; when all investors attempt to position themselves 'before the halving,' it may precisely brew the risk of a sharp decline where 'good news is fully priced in, turning into bad news.'
2. High leverage driven risk of a wipeout. The cryptocurrency market allows extremely high leverage trading (such as 100 times). This accelerates the bubble during an uptrend, and once the price retraces, it triggers a chain of forced liquidations, leading to an instant depletion of liquidity and a free-fall in prices, commonly referred to as a 'pin drop.' Many investors do not misjudge the direction but rather fall victim to excessively high leverage.
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Chapter 3: Private Keys, Wallets, and Exchanges - Are Your Assets Really Safe?
Truly 'owning' bitcoin means you alone control a string of 64-bit private keys. This is a tremendous empowerment, but also a heavy burden. This self-custody model liberates you from the banking system, but it also makes you the sole responsible party for the safety of your assets.
The huge risks of self-custody concentrate on two points: loss and theft. Once the private key or mnemonic phrase is forgotten or damaged, the corresponding assets will be permanently locked on the chain, and no one can help you retrieve them. It is estimated that millions of bitcoins have permanently disappeared as a result. At the same time, the device storing the private key may be infected with viruses, subjected to hacking, or fail due to physical damage.
The huge risks of self-custody concentrate on two points: loss and theft. Once the private key or mnemonic phrase is forgotten or damaged, the corresponding assets will be permanently locked on the chain, and no one can help you retrieve them. It is estimated that millions of bitcoins have permanently disappeared as a result. At the same time, the device storing the private key may be infected with viruses, subjected to hacking, or fail due to physical damage.
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Chapter 2: Blockchain - Great Technology and the Old Problems It Cannot Automatically Solve
Blockchain, as a machine for creating trust, has undeniable potential. It achieves verifiability without relying on intermediaries in the digital world for the first time through distributed ledger technology, cryptography, and consensus mechanisms. This not only provides a cornerstone for Bitcoin but also demonstrates transformative possibilities in areas such as supply chain finance, digital identity, and property registration. Smart contracts code the terms of contracts, enabling automatic execution and opening up a vast realm for decentralized finance (DeFi) and applications (DApp).
However, this technology is not万能, and carries risks. The primary issue is the trade-off between 'decentralization' and efficiency, cost. Public chains like Bitcoin and Ethereum sacrifice transaction speed and raise fees for the sake of security and decentralization. During congestion, a transaction may take tens of minutes and cost up to tens of dollars, severely limiting its original intention of inclusive finance.
However, this technology is not万能, and carries risks. The primary issue is the trade-off between 'decentralization' and efficiency, cost. Public chains like Bitcoin and Ethereum sacrifice transaction speed and raise fees for the sake of security and decentralization. During congestion, a transaction may take tens of minutes and cost up to tens of dollars, severely limiting its original intention of inclusive finance.
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Chapter One: Bitcoin - The Promise and Real Dilemmas of Digital Gold
From the gold standard perspective, Bitcoin is designed as a perfect digital scarce asset, but its real-world path is far more complex than the ideal. Bitcoin mimics gold's scarcity by algorithmically capping its total supply at 21 million coins, forming the core narrative of its 'digital hardness.' Its decentralized network ensures that no single entity can control its issuance, theoretically making it an ideal fortress against fiat currency devaluation.
However, gold took thousands of years to establish its value consensus, while Bitcoin has only been around for fifteen years. Its first major dilemma lies in the 'store of value' paradox: in order to be widely recognized as a robust store of value, its price needs to be relatively stable; yet, due to its market capitalization being relatively small compared to traditional assets and the market being driven by speculation, its volatility is extremely high. This intense fluctuation, in turn, hinders it from becoming a universally accepted medium of exchange or unit of account, creating a cyclical dilemma.
However, gold took thousands of years to establish its value consensus, while Bitcoin has only been around for fifteen years. Its first major dilemma lies in the 'store of value' paradox: in order to be widely recognized as a robust store of value, its price needs to be relatively stable; yet, due to its market capitalization being relatively small compared to traditional assets and the market being driven by speculation, its volatility is extremely high. This intense fluctuation, in turn, hinders it from becoming a universally accepted medium of exchange or unit of account, creating a cyclical dilemma.
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Bitcoin Grid Trading Practice: Making a 34% Profit with a 3,000 Investment
🔥 Low-risk stable profit in the crypto world? You can snowball even in a bear market!
A quantitative strategy you might not know: grid trading.
📅 Suppose you short BTC with 5x leverage during the Bitcoin bull run on September 2:
Price range: 95,000–110,000 USD
Initial investment: 3,000 USDT
Set up the grid: 120 grids, about 126 USDT per grid
⚡ Subsequently, BTC rose to 126,000 (+14.7%), but due to the leverage of only 5x, the risk rate only increased to 73.5%, requiring no additional margin (if you add 1000U, the risk can be reduced to 55%).
📉 Starting from October 10, the market plummeted, the grid restarted, continuously buying low and selling high, automatically arbitraging. By November 14, approximately 9,100 transactions were completed.
A quantitative strategy you might not know: grid trading.
📅 Suppose you short BTC with 5x leverage during the Bitcoin bull run on September 2:
Price range: 95,000–110,000 USD
Initial investment: 3,000 USDT
Set up the grid: 120 grids, about 126 USDT per grid
⚡ Subsequently, BTC rose to 126,000 (+14.7%), but due to the leverage of only 5x, the risk rate only increased to 73.5%, requiring no additional margin (if you add 1000U, the risk can be reduced to 55%).
📉 Starting from October 10, the market plummeted, the grid restarted, continuously buying low and selling high, automatically arbitraging. By November 14, approximately 9,100 transactions were completed.
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🎯 Investment Tips | Stay away from "gambler" thinking and grasp the market steadily
👋My dears, let's talk about investment today😎. In the investment industry, we often see many articles analyzing the current market🧐. But I think that many times they are like "gamblers", and the focus is not on real market analysis.
🙋♀As for me, I will not be blind when trading. I usually bet heavily, but this is not impulsive💪. Every time I analyze market transactions, I am not pursuing immediate "profit". My trading experience tells me that only by analyzing market trends in the long term, extending the "profit cycle" and reducing risks, can we get close to the correct way of investment👏.
✨At present, I have my own views on several coins in the market. BTC is bearish to $40,000, DOGE is bearish to $0.075, and LTC is bullish to $138. I am a long-term trader, and usually this kind of analysis is for the market trend of 3-12 months.
⚠But remember that trading is risky, and everyone must be cautious when investing. 😉 Let us use rational investment thinking and move forward steadily in the ocean of investment. 💖
$BTC $DOGE $LTC
👋My dears, let's talk about investment today😎. In the investment industry, we often see many articles analyzing the current market🧐. But I think that many times they are like "gamblers", and the focus is not on real market analysis.
🙋♀As for me, I will not be blind when trading. I usually bet heavily, but this is not impulsive💪. Every time I analyze market transactions, I am not pursuing immediate "profit". My trading experience tells me that only by analyzing market trends in the long term, extending the "profit cycle" and reducing risks, can we get close to the correct way of investment👏.
✨At present, I have my own views on several coins in the market. BTC is bearish to $40,000, DOGE is bearish to $0.075, and LTC is bullish to $138. I am a long-term trader, and usually this kind of analysis is for the market trend of 3-12 months.
⚠But remember that trading is risky, and everyone must be cautious when investing. 😉 Let us use rational investment thinking and move forward steadily in the ocean of investment. 💖
$BTC $DOGE $LTC
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The company's business is too busy these days and I don't have time to update the position. My Dogecoin short selling grid is at a high of 0.22 and a low of 0.12. As long as it is on the grid and the downside is profitable, it should take more than a week to be available. Go update everyone $BTC $ETH $DOGE
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😊😊Data cleared in the last 24 hours
Cryptocurrency contracts across the entire network were liquidated for long positions: $61.13 million, and $104 million for short positions.
SOL shorts were liquidated up to US$8.57 million, and Dogecoin shorts were liquidated up to US$3.31 million. It seems that there are still many short positions in Dogecoin. Everyone should lower the leverage and trade cautiously! 😁😁$BTC $DOGE $SOL
Cryptocurrency contracts across the entire network were liquidated for long positions: $61.13 million, and $104 million for short positions.
SOL shorts were liquidated up to US$8.57 million, and Dogecoin shorts were liquidated up to US$3.31 million. It seems that there are still many short positions in Dogecoin. Everyone should lower the leverage and trade cautiously! 😁😁$BTC $DOGE $SOL
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🤯🤯🤯March 25, 2024
Transaction volume in the last 24 hours
Bitcoin is still between 8 billion and 9 billion US dollars, but the trading volume of Dogecoin and other cryptocurrencies such as ETFs has declined $BTC $DOGE $SOL👻
Transaction volume in the last 24 hours
Bitcoin is still between 8 billion and 9 billion US dollars, but the trading volume of Dogecoin and other cryptocurrencies such as ETFs has declined $BTC $DOGE $SOL👻
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😁😁😁
March 25, 2024
Professional traders + AI trading position status
Shorting DOGE---there is not much profit today, and the amplitude is not large, only 2% of the total profit. $BTC $DOGE $SOL
March 25, 2024
Professional traders + AI trading position status
Shorting DOGE---there is not much profit today, and the amplitude is not large, only 2% of the total profit. $BTC $DOGE $SOL
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Cobes said he was preparing to possibly list Dogecoin futures, and then there was a lot of money speculating on Dogecoin.
It is worth noting that if futures are very good news, Binance has already launched Dogecoin futures. Think about it carefully, but is it really good news? $BTC $SOL $DOGE
It is worth noting that if futures are very good news, Binance has already launched Dogecoin futures. Think about it carefully, but is it really good news? $BTC $SOL $DOGE
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😁😁The data cleared on the entire network in the last 24 hours
Long position liquidated: $48.33 million
Short selling liquidated: $60.41 million
Among them, Dogecoin was shorted and liquidated for US$4.08 million 😂😂 SOL was liquidated for US$1.69 million 😂 Dogecoin is very unique!
My current safety line is above 0.22🤑Do you think Dogecoin will rise to 0.22? $BTC $SOL $DOGE
Long position liquidated: $48.33 million
Short selling liquidated: $60.41 million
Among them, Dogecoin was shorted and liquidated for US$4.08 million 😂😂 SOL was liquidated for US$1.69 million 😂 Dogecoin is very unique!
My current safety line is above 0.22🤑Do you think Dogecoin will rise to 0.22? $BTC $SOL $DOGE
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March 24, 2024
The fourth day of position announcement 😂 A blessing in disguise
Yesterday, I checked the robot as usual and found that there was a 0.5 second delay in pending orders, so I closed the position and stopped the robot. It took me a whole day to fix it, and I opened the position at night.
I don’t know if it’s a blessing in disguise😅😅😅
However, I see that the price of Dogecoin is around 0.22, and the position will not be liquidated. If the position is still in the position normally, the floating loss today will be about 30%. But grid trading likes this kind of large fluctuations. 😁😁😁
Let us witness it again. The current high of Dogecoin is 0.22, and short positions have been opened. AI automatically covers short positions and buys long positions. $BTC $DOGE $SOL 😁
The fourth day of position announcement 😂 A blessing in disguise
Yesterday, I checked the robot as usual and found that there was a 0.5 second delay in pending orders, so I closed the position and stopped the robot. It took me a whole day to fix it, and I opened the position at night.
I don’t know if it’s a blessing in disguise😅😅😅
However, I see that the price of Dogecoin is around 0.22, and the position will not be liquidated. If the position is still in the position normally, the floating loss today will be about 30%. But grid trading likes this kind of large fluctuations. 😁😁😁
Let us witness it again. The current high of Dogecoin is 0.22, and short positions have been opened. AI automatically covers short positions and buys long positions. $BTC $DOGE $SOL 😁
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😁Ranking of transaction volume in the last 24 hours on March 24, 2024
🙄BTC transaction volume was US$8.4 billion. The entire digital currency transaction volume dropped a lot year-on-year. Only DOGE maintained a transaction volume of US$2 billion!
Is it because there are fewer people selling in the market? Or are there fewer people buying? 😀$BTC $DOGE $ETH
🙄BTC transaction volume was US$8.4 billion. The entire digital currency transaction volume dropped a lot year-on-year. Only DOGE maintained a transaction volume of US$2 billion!
Is it because there are fewer people selling in the market? Or are there fewer people buying? 😀$BTC $DOGE $ETH
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🥶Number of liquidated contracts across the entire network in the last 24 hours
Total long contracts liquidated: $158 million
Total short contracts liquidated: $82.47 million
It seems that there are too many temptations? Do you think my guess is right? 😅😅😅$BTC $ETH $DOGE
Total long contracts liquidated: $158 million
Total short contracts liquidated: $82.47 million
It seems that there are too many temptations? Do you think my guess is right? 😅😅😅$BTC $ETH $DOGE
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😁Digital currency transaction volume in the last 24 hours on March 23, 2024
🤑Bitcoin’s transaction volume is US$11.8 billion, which has declined. Previously, Bitcoin’s transaction volume was hovering at US$15 billion. Ethereum’s trading volume is relatively stable.
🥶The trading volume of Dogecoin SOL is also average. For other digital currencies, click on the breakthrough to view the trading volume $BTC $DOGE $SOL
🤑Bitcoin’s transaction volume is US$11.8 billion, which has declined. Previously, Bitcoin’s transaction volume was hovering at US$15 billion. Ethereum’s trading volume is relatively stable.
🥶The trading volume of Dogecoin SOL is also average. For other digital currencies, click on the breakthrough to view the trading volume $BTC $DOGE $SOL
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