Author: TIGER

After thinking for a long time, I decided to document this. This phase is painful, filled with self-doubt, frustration, and a sense of loss for my efforts. More of a record than a review, as a review might require more rationality.

First, I declare that I am not a perpetual profit blogger, nor do I have an invincible amount of capital. A loss of 2M is the result of years of accumulation, earned bit by bit, and it is also one of the largest drawdowns since I entered the space.

1. Contracts on Hype

In 2018, I lost over 2000 Ethereum and 100 Bitcoin in contracts, and that painful experience made me secretly vow never to touch contracts again, except for hedging.

At the end of the year, Hyperliquid was booming. I opened with 50,000 and made it to 100,000, and I identified Hype as one of the few innovations in this round that would continuously eat into Cex's market share, so I decided to heavily invest in Hype at a high position of around 20.

Since Hype is a contract platform, it contradicted my own rule of not touching contracts, but I wanted to experience more of Hype's platform features, so I decided to open a position with three times leverage, using unlimited margin. Ultimately, I put 1M in margin on the contract platform, which laid the groundwork for the huge losses that followed.

When I set the "never touch contracts" flag in 2018, I never imagined that in 2025, I would personally tear up that vow on Hyperliquid.

The sweet start of turning 50,000 into 100,000, the crazy decision to heavily invest at 20 dollars, and the fatal operation of using 1M margin with three times leverage… Behind these numbers lies a devilish whisper: "This time is really different."

2. AI agent

That's right, I missed the explosive rise of AI agents. And I bought in at a high position.
Actually, I didn't heavily invest, but as mentioned earlier, I had 1M in Hype contracts, and I chose to chase a bit of AI agent with 200,000 in leveraged positions. Compared to my Hype position, I thought it was much smaller, but I still underestimated the power of leverage.

In the end, I bought into Virtual and AI6Z at their peaks. The initial drop didn't feel significant, as the market's heat and narrative were both positive. However, later I encountered market bloodsucking from Trump and the impact of Deepseek on the US AI sector, causing the entire crypto AI agent space to lose faith. I abandoned my position midway, resulting in a loss of over 80,000 with less than 200,000 in margin.

When I chased AI agents with 200,000, I made a mistake that a seasoned trader should never make: treating leverage as a magnifying glass while forgetting it is also a funhouse mirror. When Deepseek attacked the US stock market, my position collapsed in distortion, and 800,000 evaporated faster than negative news spread.

Seven years later, I stumbled again in contracts.

3. Meme

I realized the importance of memes early on, so I have been building my own toolkit, with various on-chain monitoring and smart money quick purchases. Ultimately, the situation did not reach the expected results, and all my efforts seemed very ridiculous.

Let me mention a few major nodes:

1) Pnut

Continuously following and heavily investing in Pnut allowed me to earn up to 1M from him. However, it was also from Pnut that, due to quick profit realization, my operations became more aggressive, and my risk appetite increased. In the past, I wouldn't have invested such a large share in altcoins.

It can be said that this round's significant total amount drawdown had a lot to do with Pnut's success.

"1M profit is arsenic wrapped in sugar; it makes you forget the common sense of keeping altcoins in light positions."

2) Trump

All the various tools we created on-chain, monitoring, and smart money statements from big accounts could not stop me from sleeping at 3 AM in the European time zone!

With my aggressive investment style at the time, I should have had a 90% success rate with monitored addresses, and putting in a few hundred thousand to earn 10M should have been no problem.

However, being in Europe, I happened to be among those who missed Trump while monitoring for 20 hours and sleeping. With my investment style and a bunch of self-made monitoring programs, I can truly say I missed a life opportunity.

The next day, besides waking up frustrated, I happened to encounter one of the most important moments in real life, welcoming my child in the delivery room.

When it rains, it pours. While I was busy in the delivery room, I saw in the bathroom that Trump's wife had issued a coin, leading to Trump's flash crash. Since the inauguration had not yet arrived, Trump's flash crash of 40% made me think it was a good entry point, so I immediately sold many altcoins and bought in at around 40,000.

Then I welcomed the newborn, and for 2-3 days, I had little time to think about and operate my leveraged AI agent tokens and the high-position Trump tokens I had bought.

Heavy, significant losses.

When the baby's first cry coincided with Trump's token flash crash of 40%, it was the first time in my life I understood what it meant to be "double killed by fate."

3) Argentine President

The significant drawdown after Trump had already frustrated me, and theoretically missing out on a billion, followed by crazy losses in altcoins, made me determined to cut my losses and exit. I planned to calm my mood and state before making further plans.

However, coincidentally, the event of the Argentine president issuing a coin caught my attention immediately.

This time I was awake and entered within 10 minutes of the opening. This was my moment, I told myself.

My wallet wasn't enough, so I withdrew from CEX, which took 10 minutes. After a few rounds of increasing my position, I put in 200,000 at an average price of 3 dollars.

After buying, I called my good friends in the European, American, and Chinese time zones. (Clown)

While scrolling through the news, I confirmed the authenticity of the coin issuance. Although I thought Trump's price was only 20 billion and there wouldn't be excess returns here, I was still obsessed with the "early" entry.

Soon, profits reached 50%, and I hovered my hand over the button to sell 75%, thinking of breaking even, but I found out about the 10% transaction tax. After confirming several times, the price had already started to decline.

The selling window opportunity was too brief; when it dropped to 2 dollars, I saw news of the dev selling off the pool. But my aversion to losses made me think that as long as the president's coin issuance event wasn't a false event, there would eventually be a rebound, and selling during the rebound would minimize losses.

The subsequent drop and rug pull event are well known; ultimately, I lost 80%. Exhausted, I covered myself with a blanket at 5 AM, thinking that if I didn't sleep, I might die of a heart attack.

The 200,000 dollars I bet on the Argentine president's token became the most expensive alarm clock—it taught me that the sun at five in the morning never illuminates the aftermath of a rug pull.

In Conclusion

"All 'wealth codes' are secretly marked with time zones—and you are always in the wrong one."

No matter how much you prepare, making a fortune requires a bit of "fate."

This is not a review, just a record of a heartbroken me.

To encourage myself, I have successfully made many correct decisions, created web2 products with millions of daily active users, and accumulated tens of millions of followers from scratch. I have experienced significant drawdowns several times, but I have always stood up.

This time, I believe I can too. From the ruins, I can grow stronger wings.

To unfamiliar friends, if possible, please leave a message to cheer me on, and also help you accumulate some good fortune. Our opportunity has not yet arrived, but it is on the way.

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