I've been in this industry for nearly five years now, from being completely clueless at first to becoming somewhat of a veteran. I've witnessed Bitcoin surge from a few thousand dollars to sixty thousand in a frenzy, and I've also seen accounts get wiped out overnight from a big dump. To be honest, this circle may seem glamorous, but there's only one thing to it - high returns always come with high risks, without exception.

Why are so many people rushing in? There are a few reasons. First is that seemingly reasonable little calculation: 10,000 yuan, 100x leverage, and as long as the market goes up by 1%, you can double your money. Sounds good, right? But no one does the math on the other side—if the market falls by 1%, your account goes to zero. There are people on social media sharing that they earn 1.3 million dollars a day, looking very glamorous, but at the same time, nearly 100,000 people are liquidated, with total losses of 111 million dollars. It's like a casino that only promotes the winners and says nothing about those who lose money.

Secondly, there is a transfer of real-world pressure. The wave of benefits in real estate has passed, traditional businesses have profits as thin as paper, while the virtual currency market operates 24/7 with a very low entry threshold, allowing users to open accounts in just a few minutes. Many young people see it as a stepping stone for social mobility, with the anxiety that "if I don't take a gamble now, my life will be set in stone," which fully stimulates the gambling nature within human beings.

There is also the cognitive trap. The blockchain technology itself has potential, but many people conflate the value of the technology with the speculation of tokens. Even giants like ChatGPT have publicly stated that virtual currencies are filled with uncertainty, yet more people in the market choose to believe in the myth of "holding onto a hundredfold coin to get rich overnight."

To put it bluntly, leverage is like licking honey off a razor's edge – you can taste the sweetness, but you might cut your tongue at any moment. This game seems democratic, with everyone able to participate, but in reality, only a very few are making money.