Recently, I finally understood why some people say, "According to Trump, you lose money; Trump copies your house" — haha, there's some truth to that. Last year during the Lunar New Year, my family asked me a lot about cryptocurrency trading, but I tried to avoid it because... I was already wiped out, and I didn't want to relive those painful memories.

But the more I avoided, the more I got caught. A relative kept asking, "What does 'account wiped out' mean?" Hearing that question, I shivered and almost dropped my cigarette. He was so persistent that when I went to the bathroom, he stood silently at the door waiting, quietly asking why, even with the most trading, you only lose money, how can it go to zero?

Seeing I couldn't escape, I decided to explain. "Alright, listen," I said, "Suppose you have 10,000 yuan and buy Bitcoin with 10,000 yuan. If Bitcoin goes up 10%, you make 1,000 yuan; if it drops 10%, you lose 1,000 yuan. This is called spot trading, like buying stocks, and your account won't be wiped out."

"But if you open a leveraged contract with 9x leverage, it's different. You still have only 10,000 yuan, but the platform lends you an additional 90,000 yuan, making your total capital 100,000 yuan. Now, if Bitcoin increases by 10%, you make 10,000 yuan — ten times more than before!"

He asked why the platform would lend money. I explained, "Because the transaction fee increases tenfold, and the platform has no risk. When you lose all your actual capital, they will automatically liquidate to cut losses."

"Meaning, if Bitcoin drops 10%, your loss also increases tenfold, from 1,000 yuan to 10,000 yuan. When your loss reaches your actual capital of 10,000 yuan, the platform will force liquidation, recovering the 90,000 yuan they lent. That’s what 'account wiped out' means — your actual capital drops to zero, completely lost."

He was stunned, his mouth agape for a long time. I saw in his eyes greed, fear, and confusion — a new door in his life just opened, and there’s no turning back.