Today I saw an article (for detailed content, refer to the link at the end) discussing the barriers to investment, and there was a passage that said:

"Generally speaking, if your funds are less than 100,000, it is not suitable for value investing. You should quickly spend your time on your main job and earn money. When you only have 100,000, you will definitely think about betting on a tenfold or hundredfold stock, and you will engage in some high-risk, unprincipled activities."

Similar statements have been made in the investment Q&A by Duan Yongping. Although I don't remember the specific source, I recall feeling a resonance within me when I first read this passage.

Although this passage is directed at stock investors, I believe it applies to any investment field, including the crypto ecosystem.

The reason I resonated with it the first time is partly due to my own early experiences, and partly because I have seen too many of the "investors" described in this passage over the years—most of them ended up with less than ideal outcomes.

The reasoning in this passage is simple: investing is a cautious endeavor, and this caution is first reflected in the need for a certain amount of initial capital accumulation. Entering the investment field recklessly before this initial accumulation is complete can easily lead to obsession—turning into a desperate search for "shortcuts."

In the investment field, shortcuts are often packaged in various seemingly grandiose forms, leading many people to not recognize them as risks or pitfalls, but rather as the right path to wealth. However, in essence, those forms are no different from a gambler's desire to get rich overnight at the gambling table. The outcomes are also similar to those of gamblers.

The most typical example is the fantasy of quickly achieving tenfold or hundredfold returns with small amounts of capital, without considering the need to wait, to patiently accumulate principal for a period of time, and only then to cautiously start investing when there is a certain economic safety net.

I remember when I first entered the workforce, my perspective was much narrower than it is now. Therefore, when it came to investment, the only thing I could think of was stocks. And when I thought of investing in stocks, I felt it was very complex and had a high threshold—how could it possibly be my turn? So at that time, I didn't even dare to entertain the idea of "investment." Additionally, I was particularly busy with work, often working overtime, and didn't have much time to think about matters outside of work. So the money I earned from work was saved away without much thought.

Later, after I had a certain amount of work experience, I suddenly realized that my money shouldn't just sit idly in the bank, and that’s when I began to try various "investments."

Looking back now, my narrowness and caution during those early years in the workplace turned out to be my fortune. It kept me free from external distractions, allowing me to focus on my job and save some money to accumulate principal for future investments.

If I hadn't accumulated that principal back then and had boldly participated in various investments, I would likely have ended up doing some high-risk, unprincipled things as described in the passage above—asking around about which stocks were rising fast, which had market makers, which had insider information, and then quickly buying in while dreaming of tenfold or hundredfold returns.

Over the years in the crypto ecosystem, I have seen many such people.

Especially every time a crypto application breaks out and attracts newcomers, I find that the vast majority of these people are actually those described in the passage above—those who have no accumulation at all and rush in fantasizing about making big profits with small investments.

These people may have astonishing performances in the short term, but as time stretches out, especially over five years, most of them have not been able to preserve their wealth.

I think the reason is that early occasional speculative successes led them to mistakenly believe that speculation could be successfully replicated continuously, thus developing a habit of speculation and continuing to speculate until one day they completely capsize, losing everything.

Reference link: https://mp.weixin.qq.com/s/J6gwMQwaWqc68zUTjjysVA

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