Internet celebrity Leo, who is also an editor for Dcard Video, recently shared on his personal channelhis experiences in the crypto. He shared insights as an experienced veteran. He suggests that newcomers don't necessarily need to buy BTC, but must understand cryptocurrency. Because cryptocurrency has become a trend, an unavoidable financial product. If buying cryptocurrency, start with spot trading. He also shared his experience of losing 1 million in one night, and does not recommend using large leverage contracts.
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Toggle2017 Entry, Leo is an Experienced Veteran
He said he entered the crypto around 2017, when his salary in Taipei was about 18000-20000 Taiwan dollars. With a tight budget, he started thinking about ways to increase income. He accidentally discovered a mining group on FB that talked about mining with graphics cards. As an editor with a good graphics card, he began researching mining. Later he learned he was mining BTC.
In 2017, there might have been fewer than 100 cryptocurrencies. When he mined, BTC was worth around 30,000 Taiwan dollars (about $1,000). However, Leo didn't become a millionaire from mining. He didn't have long-term thoughts and couldn't imagine BTC would rise to $10,000. He just mined, withdrew, and sold, learning that one can never earn wealth beyond their understanding.
BTC Volatility Incomparable to Traditional Finance
He recalled that as BTC prices rose, graphics card demand increased dramatically. Computer stores were sold out of cards, with prices doubling. Staying in the circle, he learned it wasn't just about BTC, but also included Ethereum, Ripple, Litecoin, and many other Altcoins.
He experienced his first bull market, where his 20,000 Taiwan dollars worth of BTC multiplied five to six times in one to two weeks, becoming 100,000. He thought stock markets might yield 20-30% in half a year, but in crypto, you could see 10% daily - completely incomparable to traditional finance. But as the saying goes, high rewards come with high risks.
Quickly, the first bear market followed. The 519 crash saw assets halved in days. He thought it would rise again, but prices continued falling, realizing money comes and goes quickly.
After Losing 1 Million Overnight, Leo Becomes More Conservative
After the bear market, BTC's four-year halving cycle brought a second bull market. He had registered on major exchanges like Binance, Coinbase, Bitfinex, and started trading derivatives. His first liquidation lost tens of thousands. Beyond shock, he felt a sense of emptiness. Watching charts created fear and gambling mentality, thinking he'd recover losses by taking larger positions.
He turned tens of thousands into millions in one-two months. Colleagues knew his mood fluctuated with BTC prices. One night, over 1 million vanished. He wished he could have saved that 1 million. Living in regret, he learned the crypto motto: cherish life, stay away from contracts. His investments became more conservative - no large leverage, only spot and grid trading.
FTX Collapse Brings Second Bear Market, No Exchange 100% Safe
He advises newcomers to start with spot trading before understanding contracts. His second bull market saw new crypto developments like GameFi and Non-Fungible Token. Many celebrities and brands explored NFTs, like Machi Big Brother and Stone, even parking lots and famous chicken shops issued NFTs. NFTs were overhyped and widespread.
When FTX, the world's second-largest exchange, collapsed, it brought his second bear market. No one expected such a large exchange could fail. This story teaches everyone: no exchange is 100% safe. Always diversify your investments.
You Don't Have to Play Crypto, But You Must Understand It
After discussing so many veteran investor insights, everyone will surely ask: Who still dares to play? Why do you continue to stay in this crypto? He believes that Bitcoin and cryptocurrencies have been around for 10 years. They have also been constantly stigmatized, involving scams and money laundering.
In his view, the crypto requires a high entry-level knowledge threshold. Just understanding what a smart contract is or what Bitcoin is requires a lot of homework. However, he believes cryptocurrencies are now an unavoidable financial product and have formed a trend. Many countries are strengthening their policies towards Bitcoin, whether in terms of openness or regulation. He thinks you don't necessarily have to buy, but you must understand it, just like the AI industry.
Risk Warning
Cryptocurrency investment carries high risks, and its price may fluctuate dramatically. You may lose all your principal. Please carefully assess the risks.
As tensions between China and the US escalate, Bitcoin plummeted over 2% on May 30th, briefly falling below $104k. Behind this decline, China criticized Trump for abusing export controls, while the US Secretary of Defense stated "prepared to go to war with China". Despite steady US stock performance, the crypto market faced pressure due to rising risk aversion and increased liquidations.
[Rest of the translation follows the same professional and accurate approach]
