From the director of a state-owned enterprise to a loss of 3 million, the frustration of Cryptocurrency Speculation in Brother Feng's lens

Authored by: DeepTech TechFlow

Open Twitter encryption, you can always see those crypto world big shots who show off their assets exceeding 8 digits and make a fortune with a single contract.

Filters or strength, in the coin circle can achieve great results, this luck does not actually belong to every ordinary person.

Recently, the well-known Bilibili content creator 'Fengge Escapes to the End of the World' (Fengge) used his camera to document the story of a man who was once the deputy factory director of a state-owned enterprise in Handan, Hebei, who lost 3 million in cryptocurrency trading and thus fell from grace.

At the time of writing, the video has already had 750,000 views, and discussions about the story on social media are also endless.

Tearing apart the glamorous illusion of sudden wealth, this is a true story of an ordinary Cryptocurrency Speculator constrained by information asymmetry and trapped by greed.

From factory director to debt to open an online car-hailing service

Since the original interview did not mention the specific name of the protagonist, but the interviewee's B station ID is '浙里重生', the following text will refer to him as 'rebirth brother'.

Once, the life of Brother Chongsheng was enviable.

According to his own confession in front of the camera, he used to be the deputy director of a state-owned coal washing plant in Handan, Hebei Province, with a monthly salary of 9000 yuan after tax. He lived in a house without a loan, drove an Audi, managed 20-30 people, and his deputy department-level cadre status also brought him respect from others.

In 2018, Chongsheng Ge married his wife and they have a five-year-old daughter, leading a happy and harmonious family life.

"We can also be considered a moderately prosperous family... with more than enough to make ends meet." When he recalled, there was a distant warmth in his tone.

At that time, he took his daughter to Shandong and Zhengzhou for a vacation, implementing the concept of 'raising daughters in wealth,' and the retirement pension of the parents made the family free from economic pressure. Such days are as stable as a rock, and it is also very difficult to find traces of collapse.

Now, everything is gone with the wind.

At the beginning of the video, Reborn Brother displayed the interfaces of various loan apps and debt situations on his phone, with one app owing over 100,000 in loans, while Cryptocurrency Speculation also caused him a total loss of 3 million, struggling every day to repay high loans.

Now he drives a ride-hailing car for 13-14 hours every day, earning 300 yuan. After deducting the car rental and living expenses, he is left with only 100 yuan. Renting a single room for 600 yuan per month with a private bathroom is his last bit of dignity.

Million-dollar debt is like a shadow, with annual interest of 20-30 thousand. Most of the loans have long been fully overdue, and debt collection calls are incessant.

But when faced with why he agreed to be interviewed by Brother Feng and might be made public, Brother Rebirth said:

The main reason I refused your interview in the first place was because I was afraid it would affect my work. Now, since I don't plan to go back to work anymore, I can't go back, so I have no worries and can focus on going out, making money, and paying off debts.

In contrast to the courage to face the camera and life, is the collapse of the family:

Two months ago, my wife divorced me due to financial crisis, taking our daughter with her; my parents also completely lost hope, and my father's text message was even more heartbreaking: 'You are no longer part of this family, everything about you is over'.

My five-year-old daughter, because of her young age, does not yet know the truth, only knows that 'Dad went to work'.

From state-owned enterprise executives to debt-ridden drivers, the fall of the interviewees is indeed lamentable. The reason for the rapid fall comes from the madness of high leverage in the cryptocurrency trading circle and the obsession with turning over through borrowing.

Shanzhai currency, high leverage, no stop loss

His story, perhaps, is also a microcosm of countless ordinary Cryptocurrency Speculators - consumed by greed and illusion, it is often not a gamble, but a process.

Under the lens, Reborn Brother also confessed his journey in the coin circle: from the initial taste of sweetness to high leverage, the 3 million losses were not an overnight collapse, but the accumulation of countless reckless behaviors.

Rebirth Brother's enlightenment in the currency circle began with the earlier postal card transactions. In the 2010s, as an online financial product, postal cards, claiming to be supported by stamps, attracted countless retail investors. After dabbling, Rebirth Brother made a small profit of ten to twenty thousand, luckily escaped the crash, and accumulated confidence in 'buying low and selling high'.

He admitted that he was still cautious at the time, but this sweetness had already planted the seeds of speculation.

In 2020, he entered the coin circle and started to try spot trading. At first, he was cautious, but greed was quickly magnified.

To pursue more profits, he started chasing altcoins and opened contracts. Contract trading allows leverage of principal through borrowing, with 10 times, 50 times, or even 100 times leverage to magnify profits and risks.

According to his own description, at the beginning, a few hundred yuan could generate profits of 40-50%, so he gradually increased the investment and leverage ratio.

Reborn brother describes this as "a blunt knife cutting meat", never once lending out all the money and going all in, more like boiling a frog in warm water, losing 20,000 yuan today, then borrowing another 20,000 yuan tomorrow and putting it all in again to gamble.

An amusing detail in the original interview is that the UP host Brother Feng considered his phased entry behavior to be relatively cautious, while Brother Rebirth immediately denied himself:

"It's not about being cautious. If I have 20,000 yuan to open a contract today, I will use very low leverage, not high leverage. There shouldn't be a problem with low leverage altcoin contracts... because at that time, my mind had already become distorted and abnormal. I was too eager to make the money back, so I would start using high leverage at what I thought was a suitable point, 10 times, 50 times, and even 100 times."

Obviously, Rebirth Brother underestimated the volatility of the coin circle's altcoins, so liquidation is reasonable. Another place where he keeps borrowing money to fill the gap is the lack of discipline in trading.

Rebirth Brother said that his biggest problem is not setting a stop-loss. Even after setting a stop-loss, he would cancel it and fantasize that it could rebound.

This irrational game of chicken also led to his repeated liquidation and borrowing, but the final result is also known to everyone.

Four times borrowing money, not a single turnaround

In 2020, he exhausted 10,000 yuan in savings and tasted the bitter fruit of liquidation for the first time.

He borrowed 100,000 through Alipay Jiebei, Anyi Hua, and other online loans, and relatives and friends contributed 120,000 to fill the hole of 220,000. His parents emptied their savings to pay it off. After that, he promised to stop playing, but ignited the idea again in less than half a year, 'Seeing news of Bitcoin soaring... made him mistakenly believe there was an opportunity.'

For the second time, he borrowed 150,000 through online loans and 150,000 from relatives, totaling 300,000, to continue high-leverage speculation in coins. After the liquidation, he deceived himself that 'he could slowly solve it with tens of thousands of dollars,' but buried even greater hidden dangers.

In 2023, with debts soaring to over 600,000, it was difficult to gather enough money to repay the online loans and borrowings from relatives and friends. He sold his sister's less than 70 square-meter house for 500,000, and relatives contributed another 100,000, once again completely clearing the debts.

However, this brief 'shore leave' did not bring him relief, but instead deepened the twisted mentality of needing to earn back what was lost - selling the house, causing his sister to lose her dowry, shocking and emotionally breaking his parents, he obviously feels guilty and openly admits to 'living in a particularly oppressive manner'.

The coin circle has its cycles, and the stories of gradually getting rich from the trough also influence the choices of the disheartened, becoming a motivation to enter the market again and win back.

In 2024-2025, he mortgaged his own house, borrowed high-interest loans (20-30% interest) of 700,000, and continued to speculate on coins with 300,000 in online loans, also pushing his total debt amount to over a million.

Of course, every time you borrow money to open a contract, you don't turn yourself over.

The cost of borrowing is not only money but also the collapse of trust. In order to raise money, he fabricated lies and deceived the trust of relatives and friends; even friends who often deceive people know that when you try to cover up a lie, you often need to use even bigger lies, overdraw more connections and credit.

"In front of people, pretending to be a human, behind their backs, pretending to be a ghost, not even having the bottom line of being a human..." Reborn Brother also encountered a crisis in the midst of agony.

A friend confided in his wife, revealing his total debt, which led to his wife's collapse and request for divorce; his parents, upon learning that he had mortgaged the house, also felt completely hopeless, leaving behind this message:

You have already gone crazy, you have mortgaged the house... this home no longer has you in it.

After being interviewed by Feng Ge, Chongsheng Ge opened an account himself and warned everyone not to borrow money to touch similar products again, saying, "I ruined the particularly good life with my own hands."

The phrase 'turning over' can be the name of a subway station in Shenzhen, a fantasy of unwillingness when losing too much, but more likely, it is a snowball-like abyss of greed.

Cool and help, the road ahead is long

After Feng Ge's video was spread, KOL Liang Xi, who is most fond of opening contracts in the Chinese coin circle, announced that he would sponsor 50,000 people's coins for the rebirth brother, and provide an additional 60,000 yuan as a monthly living allowance within a year (5,000 yuan per month) to prevent him from continuing Cryptocurrency Speculation.

Liang Xi can understand the reborn brother, both dancing on the tip of the contract sword, and have experienced the taste of liquidation. This wave of assistance seems more like relief to their past selves from a motivational perspective.

However, any good deed may also need boundaries in the implementation process.

Reborn brother's addictive psychology of speculating on coins should not be underestimated. With the obsession of "turning over" and the sunk cost effect, he may still continue to walk down the road of no return, especially in the currency circle culture, where narratives of "borrowing money to turn over" are common, not to mention that the person who borrowed money from him is already full of the chilling effect of the contract drama.

A master of contracts lends you money to help you, so that you don't play contracts anymore. Will you stop here?

Don't forget, in reality, Reborn Brother is still relying on being a ride-hailing driver to make ends meet. The hard-earned money from physical exertion is still too slow compared to the pleasure brought by the contract in the short term.

Millions of debts follow him like a shadow, and we still don't know which path he will choose, nor do we know if it is for another chance of getting rich overnight or to redeem the lost dignity.