The new “leek” in the cryptocurrency circle: from revelry to aphasia, faith shattered and recast

Cryptocurrency is the only way for them to change their fate, and it is a big gamble for them to leap from one class to another.

The new "leek" in the cryptocurrency circle: from revelry to aphasia, faith shattered and recast

For most people, “Bitcoin” is not an unfamiliar word.

They may have heard about the myth of Bitcoin’s riches early on, but at the time, virtual currency was just a frontier concept that existed in the online world, far less tangible than the money in their wallets and bank accounts.

However, this perception quietly changed in the first half of 2021. Under the leadership of “Dogcoin CEO” Musk, cheap zoo coins such as Dogcoin (DOGE) and Shiba Inu coin (SHIB) have risen to the top, quickly taking their place in the market with thousands of times increase, several times on Weibo hot search, giving birth to countless wealth myths, while achieving the virtual currency breaking circle, but also gave many The opportunity to enter the market at low cost was given to many white people.

So, many people found that their circle of friends began to frequently appear coin speculation-related content – maybe a public article, maybe a screenshot of an exchange, maybe lamenting the ups and downs of a certain coin – regardless of whether these people have investment experience, whether they are engaged in cryptocurrency-related work, whether they really earned money through coin speculation, but they all revealed a message through their circle of friends: more and more ordinary people have joined the army of coin speculation.

Among them, there are old stock market leeks who have been involved in the investment field for many years but are depressed; there are also college students who have not yet entered society and are eager to earn their first bucket of gold; there are urban white-collar workers who can’t breathe under the heavy pressure of 996, and there are also small town youths who dropped out of school early and are looking for the wealth code ……

With the same purpose and similar beliefs, they stepped into this new, agitated, but full of opportunities circle with zero foundation when the cryptocurrency circle was in full swing, and became the “new leeks of the cryptocurrency circle”.


Li Ran is a 00 years old, born and raised in a small five-line county, he dropped out of school at the age of 17 to find a local job in the production of advertising materials, doing the most basic spray-painting photo and advertising design.

From the age of 17 to 21, when he was vigorous and young, Li Ran felt trapped in this small county with no future. With a monthly salary of 2,000 yuan, doing a boring job with no room for development, the daily pastime is to like the bright and shiny lives of others on Jitterbug.

Until April this year, Li Ran stumbled upon Dogcoin through social networking sites, and was convinced by the raging wealth story when he saw some people gaining 200,000 or 300,000 yuan with 20,000 yuan of capital through speculation.

Why can’t I be the one who gets rich quickly with a small amount of money?

On April 21, with 15,000 yuan of hard-earned money, Li Ran officially joined the army of coin speculation.

In just two weeks, he watched the 15,000 principal rise to 42,000. It was too late to celebrate, he immediately sold all the dog coins with the wind and shuttled the Shiba Inu coin (SHIB), which was a big hit in the community, and the money turned into 170,000 in less than a week. The money turned into $170,000 in less than a week. The wealth came so fast that Li Ran fell into a dream.

Even dogs can take off when standing on the wind, not to mention that the wind was blown by the “richest man in the world” Musk.

During that period of time, there were few white people like Li Ran who lacked basic financial knowledge and ran into the mainstream financial media and microblogging hot search information about the soaring cryptocurrencies and the riches.

In fact, the general public’s enthusiasm for coin speculation has continued to rise over the past two years, with more and more people joining in long ago, both in China and abroad.

South Korea is recognized as the world’s most fervent coin speculator, and has given birth to the term “kimchi premium”, which refers to the difference in price between cryptocurrencies on Korean exchanges and other exchanges.

In the inward-looking, dull and depressed Korean society, the social definition of success for young people is either to join the government as a civil servant or to squeeze into the chaebol companies that control the livelihood of the people as a screwdriver, but both options have a prerequisite: getting into the top Korean universities, a task that is so difficult.

Therefore, in the eyes of many young Koreans, cryptocurrency is the only way to change their destiny, and it is a big gamble for them to make the leap to the next level.

A new careerist in Korea complained to Asia Daily, “No matter how hard I work in the company, my salary does not increase much, and it is impossible to save up to buy a house as long as I work hard like my parents. I don’t know when I will be laid off by the company or if the company will suddenly close down. Times have changed and if I don’t invest now, I may be a slave to the workplace for the rest of my life.”

Speculation of coins has become the ideal way for young people with ordinary origins and average education to achieve original wealth accumulation, break the workplace involution and release the pressure of house payments in a short period of time.

Especially, when you face the high school did not finish to break into society, only by mining lying money on the financial freedom of peers, disguised to show off their “young and promising”; when you know that the work ability is not as good as their own colleagues, academic performance is not as good as their own classmates, but in a leveraged bet in the win, successfully four figures into five figures, jealousy and anxiety, quietly in the bottom of the heart planted the seeds, the choice of entry, so it became natural.

As the old end, who entered Bitcoin in 2011, said

For most people, it’s useless to reason with them, they won’t listen to your nonsense, the real driving force that makes them ready to act is the “jealousy” that everyone has. They will think: Why can you be rich and I am not? No, I want to be rich too. So he took all his savings out of the bank and bought bitcoins without asking the price.

The virtual currency is selling the “dream of riches”.

The Big Drop

The cryptocurrency trading market is constantly refreshed 24 hours a day, and as countless new leeks flock to the market, guided by the wealth effect, profit and loss are homogeneous, hanging invisible scythes that swing down unnoticed.

On May 13, Elon Musk announced that Tesla suspended accepting bitcoin payments. Immediately thereafter, bitcoin prices plummeted one after another in a short period of time, and by May 19 they had even fallen to $29,000 per piece, compared to an all-time high of $64,000 per piece in mid-April, which can be said to be an overnight return to liberation.

Led by Bitcoin, the previously hot cryptocurrencies such as Ether, Dogcoin and Shiba Inu coin also all plummeted, with price cuts abounding, and for a time, there were many woes.

Once the beautiful wealth bubble was burst, the market revealed its cruelty and indifference.

According to the cryptocurrency trading data platform bybt, on the day of 519 “Black Wednesday”, 880,000 people had their positions exploded in the crash, with the total amount of exploded positions reaching $9.3 billion, of which the largest single exploded position amounted to $67 million.

On social media, retail investors in the cryptocurrency world were in a state of mourning. Many investors were lured in by animal MEME coins such as dogcoin in April and May this year, and some suffered a waterfall decline just after entering the market.

“I cut my stocks and lost 20% in half a year, I wanted to bleed back in speculative coins, but I ended up in the cryptocurrency circle and lost 40% in one day”, one investor complained on social media.

For those who are watching outside the circle, the so-called “cryptocurrency collapse” can be called a “great joy”.

On social media platforms, many people applauded this, “I’m happier to see you guys lose money than I am to make money honestly”.

Some people said, “speculation won the rich laughing, now lost and what is so pathetic”; some people said, “gambling dogs deserve it”; the game party said: “graphics card prices should come down, right. “

The market of capital should be a group of professional people to play with each other, but for Li Ran such as what do not know the wind investors, behind the outsiders’ flirtation and mockery, but may be a roller coaster of wealth fantasy or even a bloody personal and family tragedy.

In this crash, Li Ran saw his hard-earned hundred thousand yuan shrink to only 35,000 yuan in just a few days, and broke down under the emotional collapse and opened a futures contract in an attempt to quickly regain lost profits.

In order to keep a close eye on the market, he even quit his job and stayed up late at night to keep an eye on the market, but the burst SMS still came as expected, and a big drop on May 23 completely sobered him up from the illusion of riches.

In less than a month’s time, his 15,000 hard-earned savings of several years first became 170,000, and then only 1,100, as if in a dream.

Li Ran is just the epitome of a new leek in the cryptocurrency circle. In interviews with Deep Tide TechFlow, several investors said that they entered the market at the most crazy time and were once very optimistic, lamenting that the cryptocurrency circle was the place to pick up money, and then were shaken by the big drop on May 19.

“Previously, never seen such drastic fluctuations, a day can fall 50%, feel and crash doomsday general”, Wang Dong said, he was scared by the plunge, panic cut meat, the results of the next day, the market rebounded strongly, he was remorseful.

High pickup, bottom cut, this is the same operation trajectory of many new leeks in the cryptocurrency circle.

“Now I finally understand that the essence of speculation is wealth transfer, from retail investors to bankers, from short term investors to long term investors, from new leeks to old leeks, from the timid to the bold,” Wang Dong lamented.


May 23, Dalian Municipal People’s Government Information Office held a conference to inform the Dalian “5-22” car hit-and-run case, one of the sentences is, “the suspect Liu Mou due to investment failure can not accept, lost confidence in life, so the psychology of revenge society”.

In the beginning when the specific reason is not yet clear, many people see this sentence’s first reaction is, did Liu lost money due to speculation burst position, debt, resulting in a psychological gap too much, and thus revenge society?

It was later confirmed that the suspect was discouraged by the failed investment in a barber store and took the path of crime, but the first reaction of many people to this “failed speculation” was enough to prove that the 519 and 521 cryptocurrency plunge had caused a certain potential risk to society.

In fact, before that, the relevant state departments issued a series of documents to increase supervision, which is also considered to be one of the reasons for the plunge in coin prices.

On May 19, the Internet Finance Association of China and three other associations jointly issued the “Announcement on Preventing the Risk of Speculation in Virtual Currency Trading”, prompting the risk of speculation in virtual currency trading and emphasizing that virtual currency trading is an illegal financial activity.

On May 21, the Financial Stability Development Committee of the State Council further requested that it “crack down on bitcoin mining and trading, and resolutely prevent the transmission of individual risks to the social sector.”

Zhang Xiaoyan, vice dean of Tsinghua Wudaokou School of Finance, said the regulatory policy for cryptocurrencies such as Bitcoin is to protect small and medium-sized investors and the hard-earned money of retail investors. “The lack of effective regulation of cryptocurrency trading makes the price easy to be manipulated, resulting in up-and-down and violent price fluctuations. There are a large number of retail investors in China, and the commonality among small and medium investors is that they have little financial knowledge and do not have a deep enough understanding of cryptocurrencies.”

In the market sentiment of “extreme greed” some time ago, traders usually opened leverage of five times or even higher, and many speculators opened leverage of more than 50 times out of the mindset of getting rich overnight without understanding the market movement.

Due to the high volatility of cryptocurrencies, in countries such as the United States, there is usually a threshold for qualified investors to invest in cryptocurrencies, requiring investors to have a certain level of risk tolerance and expertise.

When a white person who lacks financial knowledge and risk tolerance joins the futures contract jungle, he or she is like a giant baby running naked, stumbling and falling to the ground after a few steps and then bawling.

Some police staff said that recently there has been a significant increase in the number of people calling the police due to virtual coin blowouts.

According to the Economic Reference News, an industry expert pointed out abhorrently that “at a time when trading platforms are generally registered overseas, strong measures against leveraged trading first as soon as possible can help control risks in a timely manner, and moreover save some crazy investors from the edge of the cliff.”


Like the big wave, in the fast-changing bull and bear cycle, the same people entered the cryptocurrency circle because of the wealth effect, but in the process of speculating on coins, they began to be interested in blockchain technology, DeFi, NFT, etc., and eventually chose to join the industry.

In the eyes of new entrants to the industry, blockchain is not equivalent to coin speculation. As an emerging industry still in its budding stage, blockchain still needs a long period of time in the future to feel its way across the river, supplemented by a healthy and standardized market management.

From the perspective of career planning, here young people can not only circumvent the increasingly serious phenomenon of involution in traditional industries, but also become pioneers of revolutionary nature, gaining a greater chance of success and realizing the value of life faster.

“In the industry I used to work in, if I want to obtain a certain wealth status, I need ten or even twenty years of conscientious work to reach a predictable ceiling; but in the blockchain industry, everything becomes different, I can’t see the ceiling, and I don’t need to break through the class relationship step by step with long years of work.”

A young person who just graduated chose to enter the industry this year when the bulls and bears were intermingling and treacherous. In her opinion, the emotional craze of speculating on coins is only transient and false, and the potential of the industry itself is long-lasting and real.

“I want to achieve financial freedom faster and then go do what I really want to do,” said another 95-year-old practitioner when asked why he chose this industry. After three years of work, he has now accumulated a considerable amount of wealth as start-up capital and quit his job in the first half of this year to start his own business to fulfill his unfinished dream.

Deep Tide TechFlow also interviewed a practitioner who switched from traditional finance into the blockchain industry, and when asked about the reason for the switch, he replied.

“Of course, the initial motivation for joining this industry must be the wealth effect that far exceeds other industries, which is probably the most attractive point in line with human nature, but as one continues to understand the industry, one will find that the blockchain industry is in a very early stage of rapid development, which makes one feel like seeing the Internet era in 1997, full of risks and opportunities, which is attractive to people who like to accept new people who like to accept new things are very attractive.”

It can be seen from this that the wealth effect, avoidance of in-volume and development prospects are the most important reasons for people to choose this industry.

Whether it is a newcomer to the cryptocurrency circle or a new leek in the cryptocurrency circle, between the bull and bear rotation, the chips are flowing to change hands, there are always new people in and old people out, some are happy and some are sad.

Posted by:CoinYuppie,Reprinted with attribution to:
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

Like (0)
Donate Buy me a coffee Buy me a coffee
Previous 2021-05-31 09:40
Next 2021-05-31 09:44

Related articles