The crypto world has come to this point, and it's not a smooth road at all.

Every year, new retail investors flood in, their minds filled with dreams of financial freedom. But those who have truly survived multiple cycles know very well—there's nothing gentle about this place. Behind every surge of euphoria, there are deadly traps waiting to eat you alive.

Just look at the scars left on the timeline over the years:

In 2014, the Mentougou exchange was hacked for 850,000 BTC, causing the entire market to panic and sell off. On that "94" day in 2017, policy crackdowns wiped over 80% of the market cap in a single day. On December 12, 2020, Ethereum plummeted to $80, and countless accounts were wiped out at that moment.

Later, on May 19, 2021, the contract massacre saw over 600,000 accounts liquidated in one day, with leveraged traders paying the price together. In 2022, LUNA fell from heaven to hell, and the myth of algorithmic stablecoins was completely shattered. Last year, there was a flash crash linked to the US stock market, and even top platforms like FTX could collapse suddenly. What does that tell us? Even hiding inside exchanges isn't safe.

Each of these incidents is a real lesson learned through blood.

But the problem is—most people forget as soon as they turn around. When the market warms up again, past pain feels like it never happened. And then? Then they pay ten times the price in the next storm.

Now, with SUI, BONK, PEPE, OM, SOL, PNUT taking turns to rise, the market looks hot. But my feeling is even more cautious. This isn't a negative mindset; it's a conditioned reflex after being taught so many lessons—before a black swan arrives, the market is often so quiet that it can lull people into complete complacency.

One thing to understand: in this wave of the market, only a few can multiply their investment tenfold, and even fewer can survive and come out intact.

The market will always be here, but your principal might not be.