Your heart really has to be strong. The moment you’re laughing happily, the next second tears just won’t stop.

Let’s talk about the classic Luna case. Suppose you hold 10,000 Luna tokens. Last night, your account showed 1 million U, but when you woke up, only 700,000 U remained. But you think, after years in the crypto world, what’s a 30% pullback? UST only de-pegged by 10%. I still believe in DoKwon’s vision, so I turn over and go back to sleep.

The next day, when I open my eyes, the account has become 10,000 U. At this point, you start to comfort yourself — it’s already fallen 99%, it probably can’t fall any further, right? A good buying opportunity. As long as it rebounds to 10 U, that’s a tenfold profit! So you grit your teeth, sell everything, and scrape together 200,000 U, then buy 200,000 Luna tokens. What happens next? You can’t sleep anymore. Watching the price slide from 1 U, 0.1 U all the way down to 0.000001 U, and finally get delisted from the exchange. Your 1.2 million U assets have been forcibly shrunk into the price of a breakfast. Total collapse.

But Luna is just the tip of the iceberg. The real "knife" lies in the differences between the crypto world and traditional financial markets:

First, 24/7 trading without rest, no one gives you a chance to breathe.
Second, no limit on daily price movements; a single piece of news can directly break through the bottom.
Third, the low entry barrier attracts anyone to play, drawing in a large number of newcomers.
Fourth, leverage abuse is extremely common, with some even playing at 50x or 100x.
Fifth, the volatility of altcoins is completely bottomless; overnight riches and liquidations are everyday occurrences here.

Especially when the last three points stack together, it becomes a meat grinder. Don’t think that 5x leverage is conservative — in fact, there are daily fluctuations of over 20% every year. Once leverage is added, the more it falls, the harder it is to stop. Chain reactions of liquidations happen like skating, unstoppable once they start. Anyone who has been in crypto for over ten years knows, this isn’t hypothetical — it’s a reality played out every day.