I have lost 50% of my BTC spot in 33 months

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18 Jan 2024

I have been in the crypto market for 2 years and 9 months, and I have had strong anxiety and doubts recently.
Entering the bull market in 2021, I watched the BTC price rise from US$47k to US$69k, fluctuating almost every day. The first time I spent $500 to buy 0.0089 BTC, I have now lost half of it.
As a newbie in the cryptocurrency industry, I often reflect on whether it is a blockchain revolution or a scam due to price fluctuations.
In the 13 years since the development of blockchain, the specific applications are still not visible to the naked eye. As retail players, they can only obtain some profits from the rise and fall fluctuations in the crypto market. Due to the huge market uncertainty, they have to return profits to the market, and even their own businesses. Gold has also been firmly trapped, and some contract players have completely lost money.
BTC price trend since 2011
Since 2021, the price of Bitcoin once fell to $15,476, which is a historical low for a period of time. However, the market is not depressed. They all believe that it will rise again, and old players continue to encourage and replenish their faith;
Entering 2023, especially since the second half of the year, the market has continued to slump and users have gradually left the market. The deeper the bear market goes, the more people lose confidence. On-chain activity and transaction volume continue to reach new lows.
Many crypto projects have laid off employees and ceased operations.
Old players in the community and social media are also no longer active.
In the bear market, the community is deserted, individual players are inactive, and the lively scene of 999 unread messages in the previous minute is no longer there.
Many early players have gradually stopped speaking. I don’t know whether they have lost all their money, made value investments, or have no confidence in the market. The veteran players have all calmed down, while the novices are even more panicked.
Some time ago, when prices fell, we could occasionally see old players clamoring for value investment and fixed investment as holders. Now, it has become increasingly deserted, and relevant speeches are rarely seen.
Some time ago, fixed investment Mixin wallet was stolen. Fixed investment has not been harvested yet, the wallet has been reset to zero, and some people have lost several BTC.
Mixin wallet stolen
The wallet used for interaction was stolen.
Players who interacted in the bear market were not happy either. In the past two days, the web3 task platform Galxe was attacked by hackers. Some interactive users had their wallets reset to zero and their assets stolen after logging in.
The bear market lacks liquidity, and hackers are more active. Contract loopholes, project bugs, and project bugs can cause you to be cut off if you are not careful.
Stars Arene, a popular socialfi project called friendtech, was stolen less than 7 days after it went online.
The project team announced that more than 270 million US dollars were stolen due to contract loopholes. I don’t know if it was a backdoor left by the project team or if the hacker is too powerful, but I discovered the bug all of a sudden.
In the bear market, wallets are often stolen and lost, and more and more projects are stolen. Sometimes in an interactive group, someone throws a link or QR code, and if you are quick to operate it, your wallet may be stolen, making it difficult to prevent it.
In a bear market, people who make less efforts retain their principal and avoid going bankrupt.
friendtech fake disk Stars Arene stolen
The airdrop project in 2023 will not have much wealth effect.
During this period, only a small number of projects were airdropped, but the airdrop tokens did not have much wealth effect, and the monetization method was too low.
For example, the trend of WLD and ARKM, which was launched some time ago, is average, and there is not much benefit from the airdrop.
Recently, various popular interactive L2 projects consume gas for continuous interaction, but there is still no airdrop news. I don’t know if the gas fees for interaction will be wasted. Many airdrop studios have closed down.
Not only is it unable to bear the continuous gas investment, but it also has to wait for the uncertain airdrop news in the distance.
The zkSync ecological project interacted with several
Hong Kong’s web3 is not as lively as expected.
I went to Hong Kong during the National Day holiday and found a BTC ATM. It was indeed easy to operate. You can directly exchange BTC for Hong Kong dollars, or you can use Hong Kong dollars to directly purchase BTC.
There are approximately more than 1,600 cryptocurrency ATMs in Hong Kong, which is indeed convenient for ordinary users to participate in the purchase and sale of cryptocurrency.
However, the exchange rate fee is higher because of the differences in the exchange rates of each platform.
Almost all ATMs are hidden in various streets and alleys, without special counters or facades. Some are next to the bathrooms in shopping malls, and some are in 24-hour laundry rooms.
I feel that cryptocurrency is also a fringe project in Hong Kong. It is only a game that a small number of people participate in, and it is not as open as imagined.
BTC ATMs on the streets of Hong Kong
The confusion and anxiety during this period are mainly due to uncertainty about the future, and more importantly due to my own low liquidity.
I have been in the industry for more than 2 years and have spent a lot of time and energy, but the results are uncertain; if the general environment is still not optimistic, and there is a continued lack of returns and a bottomless bear market, it will become difficult for everyone to persist.
As these emotions spread, the idea of questioning the market becomes stronger and stronger, and if you can’t persist, you will take the initiative to leave the market.
In the long history of the crypto market, it may be just a straight line without fluctuations now, but no one can tell whether it will be upward or downward in the future. Opportunities are destined to only belong to a few people, success is accidental, and failure is the norm.
I don’t know how you survived this difficult time, a bear market without passion but full of crises?
The above is just my personal opinion, no investment advice. I am Chuxiaolian, and I am paying attention to the encryption market and web3.

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