These two things are enough to prove how deep the cryptocurrency circle is!
1. Two friends jointly hold the secret key to a Bitcoin account. One of them dies unexpectedly, and the other cannot open his account, and watches 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 died on the spot 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 joint account that once belonged to the two of them and sell his portion of Bitcoin to cash out. B suffered from severe depression amid negative emotions such as resentment, anxiety, and unwillingness. He 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.
2. I started my cryptocurrency trading from a primary market project for seven years and 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 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.
