For rational and disciplined people, loans are not a particularly big issue. The Chinese avoid this, and the Americans, in turn, overspend on foam. In 2019, I could see very clearly that if I earned a salary of 8000 yuan to play in the cryptocurrency circle and Bitcoin rose to 100000 yuan, my fate would not change at all. Since rational analysis is a good asset at the end of a bear cycle, with a high probability of rising and not returning to zero even if it falls, then add off exchange leverage. What leverage should be added? Rational analysis shows that the main asset proportion of Chinese households is basically houses. Mortgage loans are definitely the most cost-effective, with lower interest rates than mortgages, and repayment can be made with interest first and then principal. Borrowing online loans was a stroke of luck for a young man who had a wild mind and won a bet. I borrow money from the bank for 4 points and 5 years without repaying the principal, while you borrow money that is actually annualized for 12 points and may even have a haircut. This is the dividing line at the crossroads of life. More leverage, Xu Jiayin teaches you that the more loans you take out, the bigger your loser will be. If you owe 100000 yuan, you will be your grandson, and if you owe 1 trillion yuan, you will be too big to fail. Moms definitely can't learn this. After calculating, it's almost the limit of ten thousand yuan per month. If it's too late, we can just go home and pay rent. That 10000 monthly repayment for reverse loans is equivalent to 200 loans. The next step is to consider a way out. If you spend too much money on picking up girls and your salary doesn't pay off, what should you do? Silly guy, the interest on first interest and then capital is only a few dollars, leaving 200000 yuan for emergency use is enough. This is called financial skills. Considering the worst-case scenario, if Bitcoin were to return to zero, after all, it would be rented money, and that would be the end of it all. Silly guy, that would be five years from now. Besides, after five years, if we cross the bridge and borrow another 2 million, what would happen. By the way, I also researched BitMEX's neutral strategy of charging rates. It wasn't that crowded that year, and even in a very bearish year, there were around ten points. As long as you can afford the interest, you never have to repay the money. This is called practice. We adults are all meticulous in calculating the accounts of countless branching paths. However, looking back, it's not impossible for young people to take a leap of faith. It's just that they didn't know at the time that if they lost, they could still go to Tijuana. However, the credit limit for online/credit loans is also very limited, with 30-60 basically reaching the upper limit. Gambling on the big cycle still cannot change fate. Do you think this is the end of the story? The light boat crossed ten thousand mountains, no, and then encountered 312. I've never seen this before, and Buffett has only seen two more circuit breakers than me. Even the most rational person would be intimidated by such a market. You have the courage/contingency plan to die, but you never expected to die like this. I no longer take out loans, and I also want to borrow a few hundred million yuan worth of bread. Unfortunately, the landlord does not agree, and the bank is not just a few pages of real bank statements that were used to deceive me. But I still really like this initial transaction structure. It took courage and a little bit of cleverness to independently implement Mrs. Watanabe's structure before anyone talked about the decline of the balance sheet.