From State-Owned Enterprise Executive to Ride-Hailing Driver: The Ups and Downs of an Ordinary Cryptocurrency Trader

In the world of cryptocurrency, we often hear legendary stories of overnight wealth. However, for the vast majority of ordinary investors, reality is often not so.

Recently, a video creator recorded a thought-provoking true story: a man who was once the deputy factory director of a state-owned enterprise in Handan, Hebei, fell into debt of 3 million due to Cryptocurrency Trading losses, hitting rock bottom in life. This story sparked widespread discussion on social media, revealing the real situation of ordinary investors driven by information asymmetry and greed.

From a Well-off Life to Being Deep in Debt

This man (let's call him "Brother Rebirth") once lived an enviable life. He was the deputy director of a coal washing plant, earning a monthly salary of 9000 yuan, living in a house without loans, driving an Audi, and was also a deputy section-level cadre. In 2018, he got married and had a daughter, leading a happy and fulfilling family life.

However, he has lost everything today. He has a total loss of 3 million, driving for ride-hailing services for 13-14 hours a day, barely making ends meet. He rents a single room for 600 yuan/month, and having a private bathroom has become his last bit of dignity.

Millions in debt shadow him, with annual interest reaching 200,000 to 300,000. Most of the loans are completely overdue, and the calls for repayment are relentless. Even more heartbreaking is that his family is already shattered: his wife has left with their daughter, and his parents are utterly disappointed in him.

Step by step into the abyss

The journey of the reborn brother in Cryptocurrency Trading was not achieved overnight, but rather a gradual process. Initially, he made a small profit in the postal currency card trading, planting the seeds of speculation. In 2020, he entered the cryptocurrency market and began to try spot trading.

To achieve higher returns, he started chasing small coins and using contract trading. Contract trading allows investors to borrow and amplify their principal, with leverage of 10 times, 50 times, or even 100 times, magnifying both profits and risks.

The reborn brother describes his investment strategy as "a dull knife cutting meat." He keeps borrowing money to invest, hoping to turn losses into profits. However, his biggest problem is not setting stop-losses; even when he does set a stop-loss level, he cancels it again, fantasizing that the market will rebound.

Borrowing money multiple times, repeatedly failing

The cryptocurrency trading journey of the reborn brother is filled with cycles of borrowing money and liquidation. He borrowed large sums of money four times in total, hoping to turn things around each time, but the result was that his debts kept growing larger.

For the first time, after exhausting his savings of 10,000 yuan, he borrowed 220,000 yuan through online loans and from friends and family to fill the gap. The second time, he borrowed another 300,000 yuan to continue high-leverage Cryptocurrency Trading. The third time, he sold his sister's house for 500,000 yuan, and relatives contributed another 100,000 yuan. In the last instance, he mortgaged his own house, borrowing 700,000 yuan from a loan shark and 300,000 yuan through online loans, pushing his total debt over a million.

Every time he borrowed money to open a contract, it never helped him turn things around. On the contrary, these actions not only brought huge debts but also destroyed his family's trust in him.

The road ahead is long.

The story of Rebirth Brother caught the attention of a well-known cryptocurrency investor. This investor announced that he would fund Rebirth Brother 50,000 yuan and additionally provide 60,000 yuan as monthly living expenses for a year, to prevent him from continuing cryptocurrency trading.

However, the cryptocurrency trading addiction of Rebirth Brother cannot be ignored. The obsession with "turning things around" and the influence of sunk costs may lead him down an irreversible path again. Especially in the world of cryptocurrency, stories of "borrowing money to turn things around" are numerous, which further increases the likelihood of him trying again.

Currently, Rebirth Brother is still relying on driving a ride-hailing car to make a living. Faced with a million debt, we do not know which path he will ultimately choose, whether for another chance at wealth or to regain the lost dignity.

The lesson this story teaches us is: when making any investment, one should remain rational, set stop-losses, and not let greed blind one's eyes. At the same time, it is important to recognize that true wealth is not just money, but also includes the trust of family and the stability of life.