A million evaporated overnight! Dcard Investigation Bureau Leo's 8-year-old sucker memoir, is Bitcoin worth investing in?

Internet celebrity Leo, who is also an editor for Dcard Video, recently shared his experiences in the crypto world on his personal channel. He also shared his insights as an old sucker throughout his journey. He advised newbies that they don't necessarily have to buy Bitcoin, but they must understand Crypto Assets. Because Crypto Assets have become a trend, an undeniable financial product. If you want to buy Crypto Assets, start with Spot. He also used his experience of getting liquidated for 1 million in one night as an example, advising against opening high-leverage contracts.

Entered the crypto world in 2017, Leo is a seasoned sucker.

He stated that he first entered the crypto world around 2017, when his salary working in Taipei was about 18,000 to 20,000 TWD. At that time, life was already quite frugal, so he began to think about how to increase his income. It was then that he unexpectedly discovered a group on FB called the Mining Group, which had a title stating that one could earn money by mining with a graphics card. As he was an editor, his computer's graphics card was quite good. So he tried to start researching mining. Later, he learned that what he was mining was called Bitcoin.

In 2017, there may have been less than 100 types of crypto assets. When he was mining, the price of Bitcoin was only 30,000 TWD, which is about 1,000 USD. However, LEO did not become a millionaire from mining. At that time, he did not have such a long-term vision and could not foresee that Bitcoin could rise to 100,000 USD later. Back then, it was the standard practice of mining, withdrawing, and selling. He also learned that one can never earn wealth beyond their understanding.

Bitcoin volatility is unmatched by traditional finance.

He recalled that as Bitcoin's price surged, the demand for graphics cards also increased significantly. It was impossible to get graphics cards at computer specialty stores, and their prices had doubled. Having stayed in the crypto world for a long time, he also learned that this space is not just about Bitcoin; there are also Ethereum, Ripple, Litecoin, and many other altcoins and tokens.

I also experienced my first bull market. At that time, I had about 20,000 TWD worth of Bitcoin, which multiplied five to six times in just a week or two, turning 20,000 into 100,000 directly. Back then, I felt that with stocks, you might have to wait half a year to a year to earn 20~30%, but in the crypto world, you can see fluctuations of about 10% in a single day, which is something traditional finance simply cannot compare to. But as the saying goes, wealth is sought in danger; the greater your reward, the higher the risk.

Soon, under this craze, the first bear market arrived. Then came the 519 crash, which halved assets in just a few days. At that time, I still thought that it would definitely rise back up. But in reality, it started to decline all the way down, and he lamented that wealth comes quickly and goes quickly.

After getting liquidated for 1 million overnight, Leo's strategy has turned conservative.

After a period of the bear market, we welcomed the Bitcoin halving cycle that occurs every four years. This was his second bull market, during which he had registered on almost all major exchanges, such as Binance, Huobi, Bitfinex, etc. At that time, he also got involved in derivative trading. His first time getting liquidated resulted in a loss of hundreds of thousands in funds. He stated that apart from being dumbfounded, he also felt a sense of emptiness from these numbers. Watching the market created fear and a gambler's mentality, feeling that if he lost this time, he needed to open a larger position to make it back.

At that time, he spent a month or two turning his assets from hundreds of thousands to two or three million. At that time, my colleagues knew best that their mood at work every day was affected by the fluctuation of the price of Bitcoin. Until one night more than 1 million funds evaporated, he thought how good it would be if 1 million could be saved. Living in that remorse every day, I realized the famous saying in the currency circle: cherish life and stay away from contracts. After that, his investments and operations became more conservative. Do not open contracts with large rods, only buy spot and grid trades.

FTX's collapse has ushered in the second bear market, and no exchange is 100% safe.

He suggests that newbies should first buy Spot to familiarize themselves before considering what contracts are. The second bull market he encountered was also a new explosion in the crypto world, such as GameFi and NFTs. He has a deep impression of it. Many celebrities, stars, and companies want to get into NFTs, like Brother Mai Chi and Sheng Jie Shi, even parking lots have launched NFTs. This includes the famous Shi Yuan Salt Fried Chicken in Taiwan. NFTs have been hyped up and are very rampant. But with the collapse of the world's second-largest exchange FTX, he also迎來 his second bear market.

At that time, when FTX collapsed, no one thought that such a large exchange could also go down. This story tells the public: no exchange is 100% safe. Be sure to spread your eggs across different baskets.

You don't have to play with Crypto Assets, but you must understand them.

After discussing so much about the experiences of old suckers, everyone must be asking: who still dares to play? How do you continue to stay in this crypto world? He believes that Bitcoin and crypto assets have already lasted for 10 years. They have also been stigmatized and associated with scams, money laundering, and so on.

In his eyes, the knowledge conditions for the currency circle to get started are not low, just to know what is a smart contract and what is Bitcoin, you need to do a lot of homework. But he feels that cryptocurrencies are now a financial product that cannot be ignored, and there is a trend. Many countries have also begun to strengthen their policies towards Bitcoin, whether it is open or regulated. He felt that he didn't have to buy it, but he had to understand, just like the AI industry.

This article evaporated a million overnight! Dcard Investigation Bureau Leo's 8-year-old sucker memoir, is Bitcoin worth investing in? First appeared in Chain News ABMedia.