After much thought, I've decided to record my experiences. This stage has been painful, with doubts, regrets, and disappointment in my own efforts. This is more for documentation than a review, as a more rational review may be needed.

First, I want to clarify that I'm not a professional Altcoin trader and don't have an unlimited amount of capital. The 2M loss is the result of my years of accumulation, hard-earned penny by penny, and the biggest drawdown I've experienced since entering the crypto space.

1. Hype Contracts

In 2018, I lost over 2,000 ETH and 100 BTC trading contracts, a painful experience that made me vow to only use contracts for hedging, not trading.

The hype around Hyperliquid at the end of the year led me to make 5 to 10 BTC, and I believed Hype would continue to eat into CEX market share, so I decided to take a large position in Hype around the 20 level.

Since Hype is a contract platform, it went against my "no contracts" rule, but I wanted to experience more of Hype's features, so I decided to use 3x leverage with an unlimited margin. This ultimately led to the 1M margin being put on the contract platform, setting the stage for the massive losses to come.

In 2018, when I set the "no contracts" flag, I never imagined that in 2025 I would be the one to break that vow on Hyperliquid.

The sweet 5 to 10 BTC start, the crazy decision to go big at $20, the fatal move of 1M margin with 3x leverage... Behind these numbers was a devilish whisper: "This time is different."

2. AI Agent

Yes, I missed the AI agent surge and ended up buying the top.

I didn't go all-in, but as mentioned earlier, with 1M in the Hype contract, I chose to use 20k to add some leveraged AI agent positions. Compared to the Hype position, I thought it was relatively small, but I underestimated the power of leverage.

I ended up buying the top of Virtual and AI6Z. The initial drop didn't bother me much, as the market sentiment and narrative were still positive. But then the Trump market bloodbath and the Deepseek impact on the US stock AI sector caused the entire crypto AI agent space to lose faith. I ended up abandoning the position, and with less than 20k in margin, I lost over 800k.

When I chased the AI agent with 20k and leverage, I made the classic mistake of old-timers: using leverage as a magnifying glass, but forgetting it's also a distorting mirror. When Deepseek hit the US stocks, my position collapsed in the distortion, and 800k evaporated faster than the bearish news spread.

Seven years later, I stumbled again in the contract arena.

3. MEME

I recognized the importance of the MEME cycle early on, so I built up my arsenal of on-chain monitoring tools and tried to track smart money. But the results didn't live up to my expectations, and all my efforts now seem laughable.

Let me just highlight a few key events:

1) Pnut

My continuous focus and large position in Pnut allowed me to make up to 1M at the peak. But it was also from Pnut that I started becoming more aggressive in my operations, with a higher risk appetite and larger Altcoin positions than before.

It can be said that Pnut's success was a major factor in this massive overall drawdown.

"1M in profits is arsenic wrapped in sugar, making you forget the common sense of light Altcoin positions."

2) Trump

All our self-made tools, monitoring, and KOL commentary were no match for me sleeping in Europe at 3 AM!

With my aggressive investment style and the 90% hit rate of the monitored addresses, making 10M from a few hundred k should have been no problem.

But being in Europe, I ended up missing Trump's move. With my investment style and all the monitoring tools, I can truly say I missed a life-changing opportunity.

The next day, besides waking up with regret, I also happened to be in the delivery room welcoming my newborn. As the saying goes, "when it rains, it pours." While in the delivery room, distracted by the new arrival, I saw the news of Trump's wife's coin launch causing a flash crash. Thinking the dip was an entry opportunity since the inauguration hadn't happened yet, I immediately sold a lot of Altcoins and bought 400k of Trump's coin around $50.

Then I was busy with the newborn, and for 2-3 days, I didn't have much time to think about or manage my leveraged AI agent position and the high-cost Trump position.

Massive losses. The baby's first cry coinciding with a 40% Trump coin crash - that's when I first understood what it means to be "double-crossed by fate."

3) Argentina President

After the major drawdown from Trump, I was dejected and decided to cut my losses and take a break before making any new plans.

But then, as luck would have it, the Argentina president's coin launch event caught my eye immediately.

This time, I was awake. I entered within 10 minutes of the open. This was my moment, I told myself.

My wallet didn't have enough, so I withdrew from a CEX and added more, eventually putting 200k in at an average of $3.

After buying, I called my friends in the European, US, and Chinese time zones one by one. (What a clown.)

While refreshing the news, I confirmed the authenticity of the coin launch. Although I thought Trump's price was only worth 20b, and there wouldn't be outsized gains here, I was still obsessed with the "early" entry.

It quickly reached 50% profit, and I had my finger on the 75% sell button, wanting to at least break even. But then I saw the 10% transaction tax, and by the time I triple-checked, the price had started to decline.

The window of opportunity to sell was too narrow. When it dropped to $2, I saw the dev unilaterally adding liquidity to sell out. But my aversion to losses made me think that since it was a real presidential coin launch, there would be a rebound, even if it meant less loss.

The subsequent crash and rug pull, as everyone knows, resulted in an 80% loss for me. Exhausted, I went to bed at 5 AM, knowing that if I didn't sleep, I'd collapse.

The 200k bet on the Argentina president's coin became the most expensive alarm clock - it taught me that the sunrise at 5 AM never illuminates the aftermath of a rug pull.

Final Thoughts

"All the 'wealth codes' are secretly timed for the wrong time zone - and you're always in the wrong one."

No matter how much you prepare, getting rich requires a bit of "fate."

This is not a review, just the record of a broken heart.

Let me encourage myself a bit - I've made many successful decisions before, built web2 products with hundreds of millions of DAUs, and accumulated thousands of fans from scratch. I've experienced major drawdowns before, but I've always gotten back up.

This time, I believe I can too. From the ruins, sturdier wings can grow.

Stranger friends, if you can, leave a message to cheer me on. It will also help accumulate some good karma for you. Our opportunities haven't arrived yet, but they're on the way.