01. From Team Leader in a Telecom Company to a Newbie in the Crypto World
Before 2019, I was living a relatively stable life. I worked as a team leader at a telecommunications company. Although the work was hard, the income was decent. I earned tens of thousands every month. My life wasn't rich, but it was stable. However, as many of my friends started discussing investments and financial freedom, I gradually became dissatisfied with this stable job. I craved more; I wanted to break free from the shackles of life.
At a gathering, friends talked about the fresh term 'crypto world'. Everyone was discussing how much certain coins had risen, and some were bragging about investing a few thousand and then making tens of thousands or even hundreds of thousands. My heart was stirred. Compared to working hard every day, investing in digital currencies seemed like a shortcut to quick wealth.
After returning home, I opened my computer and began searching for information about the crypto world. Seeing cryptocurrencies like Bitcoin and Ethereum rise from a few cents to tens of thousands of dollars, I felt extremely excited. I thought, could this really be my opportunity to turn things around?
Without much hesitation, I quickly downloaded several mainstream exchange apps, such as Binance and Huobi, registered and verified my identity, preparing to dive into trading. However, faced with so many cryptocurrencies, I was completely confused. What is blockchain? What is the value of digital currency? I didn't understand any of it. So, I started joining various 'crypto expert groups' and social platforms, trying to seize money-making opportunities through the recommendations of these 'experts'. Every day, I saw various discussions in the group; some boasted that certain coins were about to soar, while others shared so-called 'insider information'. Without thinking, I followed the recommendations and bought in.
The first cryptocurrency that got me 'hooked' was Ripple (XRP). At that time, XRP was praised by my friends in the group, claiming it had established global cross-border payment collaborations with limitless prospects. Not wanting to miss this opportunity, I gritted my teeth and bought 10,000 XRP. In the first few days after my purchase, XRP indeed rose a bit, and I felt pleased, thinking I had made the right choice. But a few days later, XRP suddenly plummeted, and various negative news began to circulate in the group. The funds in my account shrank by 30% in an instant, catching me off guard. Faced with this sudden drop, I felt extremely panicked, but still held onto a glimmer of hope, thinking the market might rebound soon.
Next, I successively followed the trend and bought Dogecoin (DOGE) and TRON (TRX), which were the most recommended hot cryptocurrencies in the group at the time. Watching the numbers flashing on my phone every day, my mood fluctuated greatly. Time and again, I chased high prices, and time and again, I faced declines. My money flowed away like water, and my losses kept increasing.
By the end of 2019, I had lost a full 200,000, and my heart was filled with regret and helplessness. I initially thought digital currency was my 'wealth code', but unexpectedly, this path led me into a deep quagmire.
02. The Darkness and Reflection of the Confusion Period
By the end of 2019, looking at the meager funds left in my account, my mood hit rock bottom. Losing 200,000 was no small matter for me. Every night, I lay in bed tossing and turning, my mind filled with the decisions I had made. I couldn't stop blaming myself: 'Why was I so gullible? Why did I impulsively throw my money in?' I was even afraid to tell my family, fearing they would worry about me, and I was unwilling to admit my failure. The inner pressure grew heavier, and several times I felt I couldn't hold on any longer.
For a while, I uninstalled all trading apps, afraid to look at the plummeting prices of cryptocurrencies. Even without looking, I still felt anxious; the debts and losses weighed on me like a mountain, suffocating me. I even doubted whether I should exit the crypto world and end this ridiculous adventure.
But there was always a voice in my heart reminding me repeatedly: 'You can't just give up.' I began to reflect on where the problem lay. Why could others make money in the crypto world while I was losing so much? One night, I suddenly realized that the biggest reason for my losses was my ignorance and blind following. I had never truly understood any project; all my investment decisions were based on the recommendations of friends and 'experts' in the group. Seeing others speak confidently, I thoughtlessly chased high prices, completely ignoring the risks behind.
Therefore, I was determined to start over. In the past few months, I learned in the most painful way. In the first few months, I found it extremely challenging. Faced with complex technical concepts, such as what proof of stake (PoS), proof of work (PoW), and smart contracts are, I felt at a loss. Even reading the white papers, the obscure terms made me want to give up at times.
But I told myself that I couldn't repeat the same mistakes. Slowly, I began to find joy in it. I discovered that a project's value isn't solely determined by how much it can rise in the short term, but by whether its underlying technology, team, and application scenarios are truly meaningful. During that time, I paid special attention to Ethereum (ETH). Ethereum is not only the second-largest digital currency but, more importantly, its smart contract platform provides extensive possibilities for decentralized applications. I delved into Ethereum's white paper and learned that its core value lies in its potential for decentralized applications (dApps) and DeFi (decentralized finance). I began to understand that only projects with solid technology and clear application scenarios have long-term investment value.
At the same time, I also learned how to analyze project teams and investment institutions. For example, when choosing to invest in Chainlink (LINK), I looked into the technical background of its team and found that team members had extensive experience in the blockchain field, and the project had received support from multiple top investment institutions. Through such research, I gradually developed the judgment to achieve financial freedom.
