In the summer of 2021, 22-year-old Xiaobai Ajie quit his job to go all in on cryptocurrency. In May, he used all his savings plus 800,000 borrowed to buy BTC at 42,000 dollars, and went all in on ETH at 3,100 dollars, firmly believing that "the bull market is not over." Friends advised him to take profits, but he replied, "A tweet from Musk can get me back my money."
In June, regulatory crackdowns caused mining machines to shut down, and Bitcoin plummeted to 29,000 dollars. Ajie was skeptical and leveraged to bottom-fish LUNA—"a pegged coin with an annualized return of a thousand times." In May 2022, UST lost its peg, and LUNA went from 119 dollars to zero; in just 72 hours, 800,000 turned into less than 100 dollars.
He ran to the rooftop overnight, but was stopped by security. At that moment, he realized: there is no savior in the crypto world, only harvesters.
In 2023, he returned to his hometown to deliver food, using his first month's salary to buy 1,000 dollars worth of Bitcoin and put it in a cold wallet, telling himself, "Only invest what you can afford to lose."
The warning is just one sentence:
You think you are getting in, but in reality, you are the chives under someone else's scythe when they offload. Always remember: a bull market turns friends into millionaires, while a bear market turns millionaires back into friends—provided he is still alive to see you again.
