Guide to Zeroing the Coin Circle: Ten Thousand Ways to Die

Author:kokii.eth

The market has been a little crazy recently, with the interest rate cut cycle, deregulation, Trump issuing coins, and BTC reaching new highs. Crypto has once again proven to be one of the best choices in this polarized era. Yes, as long as we stay out of the poker table, we will all be rich in the end. ——But the problem is, it’s too easy to get off the card table.

Half fire, half sea water. There are myths of getting rich every day in this industry, and there are also people who are in dire straits every day. Before the violent bull market begins, let us take a look at the different zeroing stories of our predecessors. We hope that everyone can protect their precious principal before the next big opportunity comes.

Wallet security

• The private key is lost : the paper backing up the private key was burned (Los Angeles fire), the hard drive containing the wallet was thrown away (a British guy is still looking for his BTC in the garbage dump), the multi-sign threshold setting failed (a certain multi-sign address was lost) / Sudden death, permanently locked)

• Wallet stolen : private key leaked (put on network disk and hacked, copied and pasted at will), connected to phishing website, downloaded fake wallet APP with virus (Twitter, Telegram scam), attacked by social engineering (be careful of those around you)

Operation error

• Deposit and withdrawal/coin transfer errors : wrong currency for deposit and withdrawal, wrong chain, wrong address, test network, black hole address (the gods are hard to save)

• Market order critical hit : A market order is accidentally touched and the transaction price is hit instantly (a pin is inserted into the sky)

personal safety

• Information leakage : leading to being followed or even threatened in real life (especially those who like to wear exchange T-shirts and pull exchange suitcases)

• Emotional loss : Unable to control emotions after a large loss, making dangerous decisions (going downstairs to buy a pack of cigarettes, not taking the elevator or taking the stairs)

• Excessive overdraft : Staying up late for a long time + poor work and rest can lead to serious health problems or even sudden death (hair brushing, sitting and beating the dog)

trading investment

• Contract liquidation : high multiple + carry order + unlimited margin increase, all liquidated in one day (the final outcome of contract betting)

• Gambler 's mentality : treat trading as gambling, just follow the trend, and are unwilling to stop losses after losses and continue to buy lows in the hope of taking off (copycat, Meme)

• Error All in : Betting more than you can afford (borrowing money, buying a house, life-saving money) on a single currency or track (Luna)

• Falling into a scam : Being fooled by air projects, land push disks, Pixiu disks, rat positions, and blindly trusting the project party (your opponent is the project party that issued the coins, what are you going to play with them?)

exchange

• Thunderstorm on the exchange : The exchange ran away and withdrawals were not possible (FTX)

• Withdrawal is trapped : exchange risk control is triggered and the account is locked (big exchanges will also do this)

• Frozen card for cash withdrawal : Anti-money laundering is triggered and the bank card is frozen (said to protect you)

• U-merchants run away : When encountering unreliable U-merchants, they run away with money (lost contact after transferring money, and there are many offline OTC)

On-chain interaction

• Contract vulnerabilities : The interactive project contracts have loopholes and are hacked (cross-chain bridge), attacked by flash loans, manipulated by oracles (lending), malicious authorization empties the wallet

• Clone website : front-end fraud, paid search engine advertising, fake domain name, fake customer service (Discord, Telegram)

• Rug : Evaporate after receiving funds from pre-sales, or dump immediately after launch (the last word from the project team is never Rug)

• MEV : being jumped, caught, arbitrage (manpower cannot compete with technology)

Send your own projects

• Wrong direction : Investing a lot of manpower and material resources to solve false needs, financing failure and project abort (Yuanverse, GameFi, Polkadot Ecosystem)

• Compliance nightmare : being troubled by regulatory agencies and law enforcement agencies in different countries (Multichain, ocean fishing)

There are countless ways to die. Have you heard any other versions of the story? Welcome to share. There is a thousand taels of gold behind the abyss. I wish you all not to step on any pit or leave the card table.