The Tragedy and Comedy of Digital Money Investors

The Painful Lessons of an Experienced Coin Trader

A long-term investor engaged in digital money trading recently disclosed his debt situation, and his experience is quite lamentable. This investor first came into contact with digital money in November 2013 when Bitcoin was close to the 8000 yuan peak. Although the market experienced a downturn afterwards, he still made a small profit in 2014.

He recalled as a student: "At that time, making money was not the main goal. I clearly remember investing 40 in a certain coin using several accounts, and about a month later, I made over 8000 and then exited." Back then, he was very interested in trading coins and was not in a hurry to profit.

However, starting in 2015, virtual currency gradually became the center of his life. He began to engage in a large number of futures trades, using losses to punish his failures. When the price of Bitcoin was around 5800 yuan, he borrowed 5 Bitcoins for trading. Although he once earned about 600,000 yuan through futures, he ultimately became deeply trapped, owing a debt of 13.9 Bitcoins.

He could have exited with a profit, but his inner unwillingness and academic pressure drove him to continue pursuing wealth. As a result, he escalated his actions, using 657,000 yuan, 11 bitcoins, 100 ethers, 2,000 ether classics, and 500 litecoins from others for futures trading, ultimately leading to a complete loss.

Investing in Digital Money has its survival rules, which are summarized from the bloody lessons of predecessors. Non-top experts cannot ignore these. The shortcuts to losing everything include: chasing highs and selling lows, excessive use of leverage, financing coins, and frequent short-term operations. In contrast, the path to stable investment is: focusing on work, investing spare money, holding long-term, and maintaining a good lifestyle.

Relying on a bull market to make money involves a significant element of luck. An investor like this, obsessed with futures trading, may feel excitement in the short term, but ultimately ruins their life. The loss of money is not the most frightening aspect; worse is losing the trust of others and becoming a person without integrity. If it weren't for being at a dead end, they might not have publicly disclosed their debt situation to seek help.

The Thrilling Scene of Wallet Mnemonic Phrase Being Accidentally Exposed

Another digital money investor accidentally sent their wallet mnemonic phrase to a WeChat group with a hundred people, and digital assets worth over a hundred thousand yuan were nearly looted.

The investor mistakenly sent the mnemonic phrase to a group chat while backing up the wallet information. By the time he realized the mistake, the message could no longer be recalled. To prevent others from using the mnemonic phrase to transfer assets, he quickly transferred 38 Ether and kept 0.3 for paying miner fees for other transfers.

During the process of transferring other tokens, he discovered that 0.028 Ether had been transferred away. At this point, the Ether in the wallet was nearly depleted, and he had to recharge again to continue transferring the remaining assets. However, 625000 MANA coins could not be transferred due to being locked by the authorities.

Someone attempted to transfer these MANA tokens, but failed due to the lock. In the end, this "thief" only obtained about 33 yuan worth of Ethereum.

The investor then took a series of measures, including attempting to disband the WeChat group, confirming the MANA unlock time with the authorities, and seeking an automatic token transfer program. Through a blockchain explorer and multiple verifications, he ultimately identified the person who transferred the Ether.

After learning that MANA would be unlocked at a specific time, he prepared himself before the unlock and successfully transferred these tokens. During this process, he received help from some experienced individuals.

The lessons from this event include:

1. Recognize the importance of mnemonic phrases and avoid transmitting them through online tools.
2. Understand the traceability of Digital Money transactions.
3. When encountering problems, actively seek solutions and it's best to have capable friends to assist.

In the decentralized digital world, the loss or leakage of wallet keys can be one of the most frightening things. Both of these cases remind us to remain vigilant and adhere to basic security principles when investing in Digital Money.