After 2 years and 9 months in the industry, BTC spot has lost 50%

Chuxiao Chain has entered the crypto market for 2 years and 9 months, and has experienced strong anxiety and doubts in recent times.

I entered the market in the 2021 bull market. At that time, I watched the price of BTC rise from 47k to 69k, and it fluctuated almost every day. I spent $500 to buy 0.0089 BTC for the first time, and now I have lost half of it.

As a newbie in the cryptocurrency world, I often reflect on whether the blockchain revolution or a scam occurs because of price fluctuations.

Blockchain has been developed for 13 years, but its specific applications are still not visible to the naked eye. As a retail player, one can only gain some benefits from the ups and downs of the crypto market. Due to the huge market uncertainty, the profits have to be returned to the market, and even the principal is firmly trapped. Some contract players have already lost all their money.

BTC price trend since 2011

Since 2021, the price of Bitcoin has fallen to $15,476, a record low for some time, but the market is not depressed. Everyone believes that it will rise again, and old players continue to cheer and recharge their faith;

Entering 2023, especially since the second half of the year, the market has continued to be sluggish and users have gradually left the market. The deeper the bear market goes, the more people lose confidence, and on-chain activity and transaction volume continue to hit new lows.

Many crypto projects have laid off employees and stopped operations

Old players in communities and social media are no longer active.

The bear market community is deserted, and it is normal for individual players to be inactive. The lively scene of 999 unread messages in one minute is no longer there.

But many early players gradually stopped talking. I don’t know whether they lost all their money, valued their investments, or just lost confidence in the market. The old players have all gone quiet, and the newbies are even more panicked.

Some time ago, when prices occasionally fell, bigwigs would call for value investing and fixed investments as holders. Now, it is becoming increasingly quiet and related comments are rarely seen.

Some time ago, the Mixin wallet for fixed investment was stolen. The fixed investment has not yet yielded any results, the wallet has been reset to zero, and some people have lost several BTC.

Mixin wallet stolen

The wallet that received the airdrop was emptied.

Players who interact with others to get airdrops in the bear market are also unhappy. The web3 task platform Galxe was hacked in the past two days. Some users who interacted with others had their wallets reset to zero after logging in, and their assets were stolen.

The bear market lacks liquidity, hackers are more active, there are contract loopholes, project bugs, and project parties are rugged. If you are not careful, you will be cut off.

The friendtech imitation of Stars Arene, a popular socialfi project recently, was stolen less than 7 days after it went online.

The project owner announced that due to a contract loophole, more than 270 million US dollars were stolen. I don’t know whether it was a backdoor left by the project owner or the hacker was too powerful and found the bug in one go.

In a bear market, wallets are often stolen and become empty, and more and more people are cutting leeks. Sometimes in an interactive group, someone throws a link or QR code, and those who operate quickly may have their wallets stolen. It is hard to guard against.

In a bear market, people who do less work can retain their capital and avoid going bankrupt overnight.

Friendtech's cloned Stars Arene was stolen

The 2023 airdrop project will not have much wealth effect.

During this period, only a small number of projects were launched with airdrops, but the airdropped tokens did not have much wealth effect, and the monetization method was too low.

For example, WLD and ARKM, which were launched some time ago, have average performance and there is not much profit from the airdrops.

Recently, various popular interactive L2 projects have consumed gas for continuous interaction, but there has been no airdrop news. I don’t know whether the gas fees for the interaction will be wasted. Many airdrop studios have closed down.

Not only can they not afford the continuous gas investment, but they also have to wait for the uncertain airdrop news that is far away.

The zkSync ecosystem project interacted with several

Web3 in Hong Kong is not as lively as imagined.

I went to Hong Kong during the National Day holiday and found a BTC ATM. It was indeed easy to operate. I could directly exchange BTC into Hong Kong dollars, or I could use Hong Kong dollars to directly purchase BTC.

There are more than 1,600 cryptocurrency ATMs in Hong Kong, which makes it convenient for ordinary users to buy and sell cryptocurrencies.

But the exchange rate fee is higher because the exchange rate of each platform is different.

Almost all ATMs are hidden in the streets and alleys, without dedicated counters or storefronts. Some are next to the toilets in shopping malls, and some are in 24-hour laundries.

I feel that cryptocurrency is also a fringe project in Hong Kong. It is a game that only a small number of people participate in and it is not as open as imagined.

BTC ATMs in the streets of Hong Kong

The confusion and anxiety during this period are mainly due to uncertainty about the future and more importantly, my own low ability to monetize.

I have been in the circle for more than two years and have spent a lot of time and energy, but the result is uncertain; if the overall environment remains pessimistic, with 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 people will leave the market if they can no longer hold on.

In the long history of the crypto market, the present may just be a straight line without fluctuations, but no one can tell whether the future will be up or down. Opportunities are destined to belong to only a few people. Success is accidental, and failure is the norm.

I wonder how you got through these difficult times, this bear market with no passion but full of crises?

The above is just my personal opinion, no investment advice. I am Chu Xiaolian, I am paying attention to the crypto market and web3.