introductionhttps://share.bitkan.com/zh/article/blog/29418?=odaily
introduction
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Chapter 1 I Become a Slave of Coins
Almost all of my assets are in coins. Considering my liabilities, more than 100% of my assets are in encrypted digital currency. I have a very heavy position in BCH.
Because I am really optimistic about the future of encrypted digital currency, I judge that encrypted digital currency and blockchain will become a part of the lives of most people, just like Taobao is for Chinese people now.
The heavy warehouse currency has indeed brought me a substantial increase in the value of my assets. Behind this continuous appreciation has given me a belief-holding currency is to make money. I was put in a very bad situation, crazy to buy more coins. The number of coins in my heart is already greater than assets denominated in RMB. I want to make it clear now that this mentality is not good.
I continue to buy, and the money I earn deducts daily expenses, and I buy coins every month. I do any business, as long as it is to collect coins, I have never sold it, and I will not hedge it. I am reluctant to sell coins, no matter how high or low the price is. The increase in the number of coins brings me a strong sense of happiness.
In fact, I have become a slave to coins.
This pursuit of the number of coins makes my judgment on many things completely unobjective. This perverted pursuit has seriously affected my pursuit of material things, and I will distort reality until it matches my thinking, at least I think my choices are in line with my values. I won't give an example, it seems embarrassing.
The love for the coin also makes me worry that the coin is going to go bad. I hold a heavy BCH position. Therefore, I paid too much attention to the BCH community. When I saw that BCH was going in what I thought was the wrong direction before this split, I was very worried. I have made a lot of efforts to try to change, and I have written many articles hoping to change the thinking of a group of people; I have directly contacted various bigwigs to try to influence them, and I have communicated with those who have the most influence on BCH. This wasted a lot of my time, energy and money.
Too much concern about the development of BCH has seriously affected my mentality and quality of life. It also seriously affected my relationships. I blocked several people in this BCH split and quit a large number of groups.
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Chapter 2 Don’t Overestimate Your Earning Ability and Use Leverage
My most important means of earning currency is to open leverage, which is to borrow RMB to buy spot. I have a high credit line that allows me to borrow a lot of money.
When the market is rising, every time there is a big drop, I will borrow money to buy coins, and then sell them back after the pullback. The excess coins are my profit. I've tried this many times, and it doesn't work. In the bear market from 2014 to 2016, I also used this method, but the returns were much lower.
From 2014 to 2017, my main income came from government and hackers cracking down on the price of Bitcoin.
Every time a government criticizes Bitcoin, or because hackers steal coins from an exchange, the price of Bitcoin drops by 10% or even 30%. At this time, I will borrow money from my credit card to buy bitcoin. Then wait for the callback, sell, and pay off the credit card, and the excess money will become coins. Never missed.
I have always firmly believed that a sharp drop is an opportunity. As long as the quality of the currency does not change, this logic will not change.
In 2015, I experienced Bitcoin falling to more than 900. That time I lost the ability to add positions at 1100 yuan. All my line of credit was depleted. At that time, I mortgaged my salary income for two years.
But in this bear market, I seriously underestimated the market's downside. And because I misjudged my earning ability too much, I issued a huge amount of leverage, so I won't tell everyone how much I borrowed.
In the bull market from 2017 to 2018, my ability to earn money was very strong. The huge leverage I opened, according to my ability to earn money, can take two years to repay the principal with interest. So when I was doing funding planning, I also thought I was not radical. But there's a huge delusion here, my earning power doesn't match my income in a bull market. Because in the bull market, everyone is crazy. My lecture fee has increased from free to 1,000 yuan an hour, and I am still queuing. I once gave a lecture to a company, and I agreed to give 5,000 yuan in the morning, but they rewarded me with 10,000 yuan. I write an official account, and a lot of people come to me to advertise, but I am picky and picky, and reject all those that do not conform to my values. My knowledge Odaily, people add every day. When I write articles, I often get huge rewards...
But all these incomes have all disappeared in the past six months. Even worse, I was fired from bitcoin.com. I have received two years of translation fees from bitcoin.com, and now it is gone. I have zero income now, but I have huge interest expenses, and I have to pay my colleagues. I'm in a corner.
In desperation, I had no choice but to borrow money again, brazenly begging people for interest-free loans; unreasonably begging creditors to lower my interest rates, begging people not to blow up my collateral; and had to sell coins at a low price.
In the last round of bear market, I accurately estimated my ability to earn money, because that is the boss's salary, and it is as simple as death. In 2015 and 2016, my shit luck broke out, and I got some windfalls, including the double of A shares.
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Chapter 3 Holding Cash Is a Practice
I can't help but bet all my money because I'm so bullish on an investment. This is a manifestation of a serious lack of investment capacity.
I bought the pressone last year. At that time, I read a lot of information published by Mr. Li, and I really think it is a good thing. Bet 20,000 EOS. As a result, the slag was left behind. There are two other projects, I am ashamed to say, each time I made a heavy hand and lost a lot of money. Never believe any verbal promises made by the project party, you must watch his actions.
I also made a lot of money on two projects this year, one is vee.money and the other is cocos_bcx. Before submitting, I spent two weeks researching the learning project, and then I thought it was awesome, okay, give it to me. I bet a lot of fucking money on it. Neither of these items are on sale yet, but I'd be in the dark if either of those items were to miss out.
The most tiring thing is the pre-investment research. I am very serious. After doing enough research, I feel sorry for myself if I don't do anything heavy. But this is seriously wrong.
In fact, as a brat like me, after less than four years in investing, I'm not qualified to make a big deal at all.
I met a VC in the first half of 2018, and she said something that left a deep impression on me, "I have done a good job of doing research for a year, and if I am not satisfied, I am not prepared to invest."
I felt great after two weeks of TMD research. No matter how optimistic I am about a project, no matter how complete I think the information investigation is, in fact, among the real information that needs to be known, what I can know is definitely only the tip of the iceberg, and black swans will always exist.
In investing, the most fearful thing is that if you play the poker table, you have nothing to play, and you will die.
No matter how good a project or a coin is, you can resist not all in and keep the funds for later use. This is a kind of investor practice. This is what a traditional Internet circle and US stock investors told me.
I am far from this kind of practice.
I am not saying that this kind of practice will definitely bring the greatest benefits. In fact, this is definitely not the biggest benefit. If you do the right thing once and open 100 times leverage, you don’t know how big the benefits will be. The reason why it is called practice is because in many situations where you know that there are potentially huge benefits, and the probability is extremely high, you can still resist betting all your money. It's a great ability to resist great temptation.
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Chapter 4 Proof of Work is the killer feature
The rate of return on investment is too high, while the income from part-time jobs is too low, which is almost everyone's consensus. But this consensus has a wrong reasoning, not paying attention to work, and investing full-time. Doing so is wrong for the vast majority, certainly more than 99%.
Continue to create cash flow through work, and then use investment assistance to increase the value-added space of cash. This is what most people should do. The first half of which is really important, the second half is possible without the former, but the latter will not appear at all without the former.
Investing is closer to a zero-sum game than working. I am not saying that investment is a zero-sum game, but that compared with work, work generates greater value through cooperation between workers, and investment value is relatively less dependent on cooperation between investors, even in In many scenarios, it is opposite.
Many people want to use limited funds to maintain their lives and pursue their dreams of wealth through investment. Life is costly, so you can only take part of the investment money to maintain your life. Your competitor's investment strategy is to have job supplies, but your strategy needs to draw blood from the front line. This battle is really hopeless.
Working to generate income is something you can control. A large part of the income created by investment is out of your control. After investing the money, the control is handed over to others, and you can only do auxiliary things.
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Chapter 5 Conclusion
Hey, every word is blood, and my heart is full of tears.
