On November 10, 2021, Bitcoin reached an all-time high of $69,000. At that moment, the entire crypto community felt like a carnival: in groups and on Telegram, screenshots of "Thank you, thank you" and "We made it, brothers" were everywhere. Countless newcomers borrowed money, took out loans, and sold their homes to enter the market, firmly believing that "this time it's different." They chased Luna's 30,000% annual return, Axie's "play-to-earn," UST's 20% stable yield, and the founder of Three Arrows Capital, Su Zhu, who called himself the "wolf of Wall Street reincarnated."
Six months later, everything collapsed.
In May 2022, Luna went from $119 to zero, evaporating $40 billion in 90 seconds; UST lost its peg, turning millions of people's "stablecoins" into worthless paper; Three Arrows Capital went bankrupt with $15 billion in losses, and its founder fled on a private jet; Celsius, BlockFi, and FTX all faced crises, and SBF went from "crypto's Jesus" to a fraudster. Those who once showed off Lamborghinis in groups quietly opened "loan assistance" groups.
Today, in 2025, Bitcoin has once again reached $100,000, but 90% of the people who "made it" in 2021 have never returned. They did not lose to the bear market but to greed and ignorance.
Remember:
There are no new stories in the crypto world, only new victims.
Never borrow money to trade cryptocurrencies, never take "stable returns" seriously,
never trust anyone who flaunts luxury cars on Twitter and promises high returns as an "influencer."
History does not repeat itself, but it always rhymes.
This time, do you still want to be that person who makes rhymes?
