2026-01-04 19:21:01

Perpetual contract trading is essentially a high-risk gambling game.

Most participants lack the necessary fundamentals—they can't understand the logic of market makers, know nothing about the project background, and have zero market analysis skills. Even if they possess these skills, their chances of winning are still painfully low.

A real case worth pondering: someone started trading contracts with 1000 yuan, consecutively guessed correctly 9 times, and their account skyrocketed to 10 million. But on the 10th attempt, they lost. The result? Not only was their principal and profits wiped out, but they also owed the financial institution 20 million. One misjudgment, and they went from a multimillionaire to a debtor in an instant. This is the brutal reality of contracts—no matter how well you’ve done before, one wrong decision can completely reverse your gains.

The crazy fluctuations of altcoins are even more brutal lessons. They can surge tenfold within two hours, and within 15 minutes, they can drop more than 80%. Perpetual contracts can leverage up to 50 times, meaning any market movement is amplified infinitely.

Who really knows where virtual currencies will go or when they will fall? Only market-making institutions, hackers, and market manipulators have that insight. Ordinary traders? They’re all blindly supporting each other.

Meme coins are even more absurd—they might just be a name, a nickname, or a meme image. No real backing at all. Essentially, it’s a game of capital playing "see who runs faster" in a hot potato game.

Conversely, even if a project truly has a background and prospects, if you don’t understand it or its logic, it’s useless. With a tenfold increase in sight, you still hesitate to act because cognitive barriers make you think it’s just an air coin that will eventually zero out. If you buy at this point, you become the last bag-holder.

Can you short-sell meme coins? Don’t even think about it. The most painful part is the funding rate—this is charged every hour. It’s usually 1% to 2%. For example, if you open a 10x contract with 100 yuan, a 1% funding rate means 10 yuan. Deducted every hour. If it’s 2%, the cost doubles. Long-term holding? Your account will be eaten alive by fees.

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CryptoCross-TalkClub

· 01-06 18:27

Laughing out loud, this is the crypto version of the "Lettuce Self-Help Guide." I can taste the sour flavor of life. The 10th mistake directly resulted in a debt of 20 million. I would call this move "From Dreamer to Debtor: A 24-Hour Rapid Transformation." Funding rates eat up a little every hour. Holding a position long-term is just giving money to the exchange. This trick is even more ruthless than my comedy sketches.

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FOMOSapien

· 01-06 15:46

Really, I remember the example of that 1000 yuan turning into 20 million in debt, the community was爆炸 at the time. It's all about leverage—one mistake and it's all gone, there's no way back. 50x leverage is basically suicide; even a small wind can trigger a liquidation. I haven't seen many who get rich from this, but a lot end up losing everything. The funding rate is indeed disgusting, deducted every hour. Holding positions long-term is basically working for the exchange. I agree with the gambling game analogy, unless you're an institution or have insider information. Contracts are really just a cash crop for the harvesters, wake up everyone. Meme coins are ridiculous—just a picture, who the hell would go all in on that? But everyone still enjoys it and ignores all warnings; anyway, I just watch.

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SignatureCollector

· 01-04 19:39

This story of going from 1,000 yuan to 10 million and then to a debt of 20 million really scared me. One mistake and it's all gone; this is not trading, it's gambling with your life. Shorting is also being squeezed dry by fees; how is this game supposed to be played? Contracts are basically tools for institutional bloodsucking, to be honest. Perpetual contracts seem to be designed for harvesting retail investors; the higher the leverage, the faster you die. This case is crazy—tenfold gains instantly turn into debt, so thrilling. Honestly, most people can't even understand the market, yet they dare to play with 50x leverage. Isn't that asking for death? Funding rates are simply incredible—losing blood every hour, long-term positions are directly eaten away. Meme coins are just a game of pass-the-parcel; the last one to take over is always the retail investor. If you don't understand the project logic, don't touch it; poor cognition just labels you as a bagholder. Market makers, hackers, manipulators all know the direction; we're all in the dark. Even 2x leverage can wipe you out, let alone 50x.

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GlueGuy

· 01-04 19:33

Damn, that guy owes 20 million. How desperate must he be... I think I'll just be honest and hold my coins. Gambling is gambling, don't tell yourself it's investing—that's the real clarity. The funding rate is really outrageous, eating a chunk of your account every hour. Long-term holding is just giving away money. Playing altcoins with 10x leverage is like working for market makers—there's really no hope. My friend made a few million, but he lost it all in one go. Now he doesn't even dare to look at the K-line. A game of pass-the-parcel—it's all about whether you can withdraw in time. Unfortunately, most people are a step too slow. Instead of studying technical and fundamental analysis, it's better to study when to run—this is the real core competitiveness.

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MoonlightGamer

· 01-04 19:31

This guy's words are so heartbreaking. I am the fool who got eaten up by the fees. 9 successful hits, and on the 10th, a crash—dropping straight from heaven to hell. I've heard this story in several versions. Trying to short altcoins? Don't even think about it. The fees will grind you to death.

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ForkYouPayMe

· 01-04 19:30

Really, just looking at this case makes me laugh. Turning 1,000 yuan into 10 million and then losing it all to owe 20 million, this operation is truly incredible. To put it simply, it's a matter of probability; winning 9 times out of 10 is easy, but the odds themselves are unfavorable to retail investors. The part about funding rates is well said—paying you 10 yuan every hour, which over time is indeed slowly eroded. --- What does 50x leverage mean? It’s just helping the exchange harvest. Every little movement is amplified infinitely, isn’t this just a variation of high-risk, high-reward? --- Meme coins are really amazing—just a meme or a name can attract money. The hot potato game is quite clear. --- Shorting knockoff coins? That’s just being completely trapped. The fee rates can eat you up in minutes. --- That hits hard. Even with a few dozen times leverage, I still don’t dare to buy, afraid it’s an air coin. I’d only regret it once it really takes off, but by then I’d already be the bag-holder. Thinking about it carefully, it’s quite powerless. --- This article is a bit harsh, exposing the essence of contracts thoroughly. Ordinary people playing this stuff are really just blindly supporting each other; who wins or loses has probably been decided long ago. --- Funding rates of 1 to 2% per hour—this trading is really too shady. Long-term holding just means waiting to be slowly eaten away.

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NFTDreamer

· 01-04 19:29

Wow, that's why I only watch now... My previous account was wiped out to the point of questioning life. Bro, this case of turning 1,000 yuan into 10 million and then owing 20 million in debt reminds me of my classmate next door, who went all-in and lost everything. The funding rate is really intense, deducting every hour, it feels like working for the exchange. --- Futures contracts are basically a game of probability. Winning once or twice is easy, but the key is whether you can keep winning... which is impossible. --- 50x leverage on altcoins? Just thinking about it makes me weak, a gust of wind and the account is gone. --- Meme coins are really just a game of hot potato; whoever runs slow gets eliminated. --- The part about cognitive bias hit me hard. It could have risen tenfold, but I just couldn't bring myself to buy, and by the time I reacted, I had already missed it... --- Shorting doesn't work either, being worn down by the fees, truly invincible. --- That was so insightful, this is why most people are just here to lose money.

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