Two friends jointly held the secret key to a Bitcoin account. One of them died unexpectedly, and the other was unable to open his account, and watched his chance to get rich slip by.
There are two close friends who are international students. Let's call them A and B. A and B first came into contact with Bitcoin when they were studying abroad. They both recognized the commercial value of Bitcoin, and then they hit it off and decided to work together and invest all their assets in Bitcoin. At that time, Bitcoin had just become popular, and they both had at least thousands of Bitcoins in their accounts.
Because the bitcoins were purchased with the joint funds of A and B, the bitcoins were placed in a joint account. The original intention of both of them was to wait for the appreciation of bitcoins in the future. In order to prevent the other party from being tempted to sell bitcoins behind the other's back, the account key was divided into two parts. A and B each held half of the key information. Only when the two of them worked together could they open the Bitcoin account.
Later, A and B returned to China to develop their careers, and their lives had less and less intersections, but they still maintained a close friendship. Seeing that Bitcoin continued to appreciate in value, they kept the Bitcoin in their joint account and did not sell it, thinking that the room for appreciation in the future would definitely increase.
Until an accident happened. A was suddenly killed in a car accident while traveling, and he had no time to arrange his funeral. Although B was sad to know that his friend had passed away, he was also concerned about the whereabouts of the other half of the secret key of the Bitcoin account. However, A's family had no idea about this. They searched through A's belongings but could not find any trace of the other half of the secret key. The biggest feature of a Bitcoin account is security. B could not open the account on his own. With the death of A, their joint account became a dead account.
In recent years, the price of Bitcoin has been rising, almost to the sky. B can only watch the price of Bitcoin soar, but he cannot open the account that once belonged to the two of them and sell his portion of Bitcoin to cash it out. B suffered from severe depression amid negative emotions such as resentment, anxiety and unwillingness, and had to rely on drugs and psychotherapy to face this sad reality. In fact, this is not difficult to understand. Someone else might be as depressed as B, or even worse than B. This is the most tragic story I have ever heard about the cryptocurrency circle.
In November last year, a friend of mine played contracts and increased his 500,000 yuan capital by 5 times. The peak value of his account was 4.3 million yuan. After deducting the fees and handling charges as well as the part hedging with spot transactions, the profit was a full 851%.
If it were you, what would you do? Most people would have stopped long ago, but he didn't. His wife told him that there was a small drop in the middle, but he didn't stop loss, and then it rebounded. At that time, the contract account had made a profit of more than 900%. There should be too many short sellers, so he didn't care. Later, it dropped a little, and he didn't choose to stop loss. When his wife said 430, he stopped her with a trembling voice to tell her about the situation. He was not particularly excited, and then stared at the screen, slowly calming down. Because of the contract, he made less than 3 million yuan at the peak before, and then lost it again. After experiencing big storms, he will be very calm when encountering such a situation.
He firmly believed that it would reach 500, and wanted to wait until it exceeded 500 before stopping. As a result... Without hedging the contract position, a needle was ruthlessly inserted... In an instant, there was only more than 80 but less than 90 left in the account. It was obviously too late to close the position... You all should know the ending, bomb.
The rest was that he held his head with his hands for two minutes. His wife vaguely felt something was wrong and was about to ask him what was wrong when he rushed to the window sill and jumped down. . . . Fortunately, his house was on the third floor and he survived.
But the legs are broken forever.
I have been speculating in cryptocurrencies for seven years, starting from a primary market project. I made a lot of money by investing in private equity. My principal increased from more than 30,000 to 200,000, and then slowly increased to 800,000 during the bull market. I still invest in projects and build mining farms, and my funds have reached more than 20 million.
However, since this person had never possessed so much wealth before, when he became rich, he wanted to buy luxury houses and cars, and houses worth seven or eight million were no longer attractive to him. So he took a big gamble on the contract and invested 20 million on the contract. As a result, his funds were almost reduced to zero and his position was liquidated within one day.
Although this person's contract was liquidated, it was not a mindless gamble. He had been in contact with the cryptocurrency circle since 2012, and started directly from the project. He was quite smart. Then he opened a mining farm and built his own mining machine to make money. However, it was a pity that he lost everything after such a gamble in order to quickly increase his funds tenfold to hundreds of millions.
His example also fully illustrates that people tend to forget themselves after becoming rich, and their consumption concepts suddenly change drastically. However, if you don’t have the ability to grasp wealth, you can’t keep it. Even if you make a lot of money through hard work, you don’t value it because it comes easily, thus wasting years of accumulation.
You can just do small things with contracts. If you want to gamble and fight on contracts for a long time, the market only needs to defeat you once to kick you out. You must control your own risks and don't gamble too much.
I started to get involved in the cryptocurrency world in 2020. I invested less than 30,000 yuan gradually. I lost more than 10,000 yuan in the first few months, and then I didn't pay much attention to it. Around September and October of 2020, the cryptocurrency suddenly started to rise wildly. Later, I joined some groups and learned how to do contracts. At the beginning, I was cautious and transferred 100 yuan. After a week, 100 yuan became 10,000 yuan. Then I started a road of no return.
Before May 12, 2021, the maximum balance in my account was over 800,000. After being in the cryptocurrency circle for a long time, money is just a number, especially when doing contracts. There are many cases where positions of 100,000 or 200,000 have been blown up. On the evening of May 12, there was only about 300,000 left in my account. My friend advised me to redeem the money first in the middle of the night and stop for a while, but I didn’t listen. After more than a month, my account was blown up.
Later, I invested more than 20,000 yuan in batches. I couldn’t remember whether the lowest amount left was 300 or 3,000 yuan. Later, the price rose to a maximum of 490,000 yuan. On August 14, when I was returning from my hometown, my position was liquidated.
The previous story was pretty cool, wasn't it? Since then, I have been losing money all the way to now, and now I am in debt of hundreds of thousands. I used to dream of financial freedom, but now I only want to pay off my debts.
