大跌之后，有人抄底，也有人还在观望。5月19日的大跌也被视为2017年9月4日七部委警示虚拟货币交易风险之后的历史再次重演。多年来，有人早已实现财富自由，也有人频繁交易但并没有赚到钱，更有人在亏掉本金后，黯然离场。
作者：胡艳明
Author: Ho Yeung Ming
封图：图虫创意
Seals: Ideas of bugs
导读
壹 || “我就是一颗小韭菜，没本金，没资料。就跟炒股买基金是一样的，这个更刺激而已。”20多岁的年纪，对新鲜的事物充满好奇心，从网上或者身边人的故事中了解到炒币，抱着玩一玩的心态入场。
"I'm just a little pickle, no principal, no information. It's the same as a stock-buying fund, and it's more exciting." At the age of 20, curious about new things, learning about them online or from people around me.
贰 || 至于大跌之后很多人问能否抄底，管清友表示，先认清这四个问题再做决定：一是价值性，二是波动性，三是流动性，四是时差性。
As for the possibility of copying after the fall, many said that the four questions had been identified before the decision was made: value, volatility, liquidity and time difference.
叁 || 以比特币为代表的虚拟货币不是数字货币，不具有法偿性和强制性等货币基本属性，存在着交易风险、垄断风险、技术风险和制度风险。
iii. Virtual currency, represented by bitcoin, is not a digital currency, does not possess basic monetary attributes, such as legality and mandatoryity, and has transactional, monopolistic, technological and institutional risks.
“我就是在赌博”。
"I'm gambling."
聊到交易心态时，不少炒币者会用这句话总结。
When it comes to the trade mentality, a lot of those who pay for it use this phrase to sum up.
如果留意，你也许还会听到不少身边人一夜暴富的财富故事——吸引着更多新鲜血液涌入市场；他们多是以小博大、赌徒式交易心态。
If you pay attention, you may also hear stories of the wealth of the people around you who are rich overnight — attracting more fresh blood into the market; they are mostly trading in small, big, gamblers.
这也被视为一个击鼓传花的游戏，但大多数投资者都抱着侥幸心理以为自己不会是最后那个拿到花的人。
It is also seen as a game of drumming flowers, but most investors are quick to think that they will not be the last to get flowers.
5月18日晚间，中国互联网金融协会、中国银行业协会与中国支付清算协会联名公告。第二天，全球加密货币集体遭遇重挫。其中，比特币一度逼近3万美元大关跌30%，以太坊一度跌46%，莱特币一度跌51%。
On the evening of May 18, the Chinese Internet Finance Association, the Chinese Banking Association and the Chinese Payments Clearing Society jointly announced that the next day, the global encrypt currency group had suffered a major setback. In one case, Bitcoin had fallen close to $30,000 by 30 per cent, Etheria by 46 per cent and Letco by 51 per cent.
大跌之后，有人抄底，也有人还在观望。5月19日的大跌也被视为2017年9月4日七部委警示虚拟货币交易风险之后的历史再次重演。多年来，有人早已实现财富自由，也有人频繁交易但并没有赚到钱，更有人在亏掉本金后，黯然离场。
The fall of May 19 was also seen as a repeat of the seven ministries’ warning of the risks of virtual currency transactions on September 4, 2017. For many years, some have been free of wealth, others have often traded but have not earned money, and others have left behind after losing their principal.
“小韭菜”
's little pickle
“我就是一颗小韭菜，没本金，没资料。就跟炒股买基金是一样的，这个更刺激而已。”当记者提出能不能采访，李山连连拒绝，说自己比不了资金几千万的大佬，没有采访价值。
"I'm just a little pickle, no principal, no information. It's the same as a stock-buying fund, and it's more exciting." When a journalist asks if he can do it, Li Shan even refuses to do it, saying he's no bigger than the money of tens of millions and has no value.
李山正是这个生态里最常见的一类人，因为新奇入了圈，在跌宕起伏的行情中浮沉。他是一家公司的设计师，20多岁的年纪，对新鲜的事物充满好奇心，之前也炒股，但是没有赚到钱，从网上或者身边人的故事中了解到炒币，抱着玩一玩的心态入场。
Lee Shan is the most common type of person in the ecology, because he's in a circle of new wonders and floats. He's a company designer, in his 20s, curious about new things, and he's a stock-breeder, but he doesn't make any money, learns from online stories or from people around him, and comes in with a mind to play.
开始，抱着赚了就赢了，赔了就离场的心态，李山初期做现货交易，就是直接在市场上买卖现有的虚拟货币。
At first, you win, you lose, you leave. At the beginning, Li san made an off-the-shelf deal to buy and sell the existing virtual currency directly on the market.
但是李山买的现货虚拟货币，一直没有大行情，在他看来都是小打小闹。他开始接触到合约。
But Li Shan bought the real money, which he never had, and it seemed to him to me was a little bit of a fuss. He started to get into a contract.
合约就是加杠杆，可以选择做多或者做空。合约的概念有点类似目前国内期货的交易方式。有些平台的杠杆最高可以开到150倍，盈亏在瞬间放大。
Contracts are leveraged, with the option of doing more or empty. The concept of contracts is somewhat similar to the way domestic futures are traded today. Some platforms can be leveraged up to 150 times, with gains and losses magnifying at once.
合约只交易主流虚拟货币，比如比特币、以太坊、莱特币等，李山认为别的币体量小，容易被庄家操控。现在币安、火币、欧易（OKex）几家交易平台都提供合约服务。欧易（OKex）现在最高杠杆可以加到120倍，盈利和亏损都可以乘以120倍。
Contracts deal only with mainstream virtual currencies, such as Bitcoin, Etheria, Leitecoin, etc. Lishan believes that other currencies are small and easy to manipulate. Several trading platforms now offer contractual services.
“陷入人性的缺陷里，跟赌徒一样，赚了还想再赚更多。”他这样形容自己的心情。但李山最终在5月19日被爆仓。
“Inherent in a human flaw, like a gambler, he earns and wants to earn more.” He describes his mood as such. But Li Shan was finally blown up on May 19.
也正是因为参与合约交易、做杠杆，导致暴跌当日很多用户爆仓，且很多平台无法交易，也没法补保证金，不少投资者损失惨重。
It was also through engagement in contractual transactions and leverage that many users blew up on the day of the crash and many platforms were unable to trade or replenish the bond, and many investors lost a great deal of money.
李山与投资者在私下交流猜测，有可能是用户量操作太多，导致系统宕机，因为以前有大行情时候也这样。
Lishan shares his speculation with investors in private, possibly because of the excessive number of users, which has led to a system crash, as has been the case in the past.
有也有人认为是平台故意“拔网线”。大家将爆仓却无法追加保证金的现象形容为“挨个接受枪毙”。后来不少投资者成立了“火币维权群”，认为是火币的系统问题导致无法追加保证金导致被爆仓。
There are also those who argue that the platform deliberately “draws the net.” The fact that a warehouse explodes without an additional bond is described as “one by one” killing. Later, a number of investors set up a “square of gun money,” which they consider to be a systemic problem, leading to the explosion of a warehouse because of the lack of an additional bond.
在李山身边，有人从10万本金赚到几百万；有人巨亏1000万、3000万。他一开始觉得，赔完就不玩了。但5月19日暴跌后，第二天又涨回来了不少。
At Lishan's side, some made millions of dollars from 100,000 principals; others lost 10 million and 30 million. He felt at first that he was finished. But after the crash on May 19, he came back a lot the next day.
李山还是在账户里留了8000块钱。5月20日，李山还是用8000块钱买了以太坊“来抄底”。
Li San left $8,000 in the account. On May 20, Li San bought Ethio for $8,000.
抄底
with a copy of
在5月19日虚拟货币暴跌当晚，看到手机消息弹窗“比特币现价$33000”，阿肯快速打开手机交易软件，冲进去用账户所有的钱买了比特币。
On the night of the fall of the virtual currency on 19 May, a mobile phone window was seen with a “bitcoin current price of $33,000”, and Akan quickly opened the mobile trading software and rushed in to buy bitcoin with all the money in the account.
当时账户只有750美元，买了之后，比特币价格还在跌，当价格跌到3万美元的时候，她还想继续买，但这时候手机交易系统十分缓慢，已经充不进去钱，买不了了。
The account was only $750, and after it was bought, bitcoin prices were still falling, and when the price fell to $30,000, she wanted to keep buying, but at that time the mobile trading system was very slow and could not be bought.
阿肯是一家外资企业员工，2017年底，她的同事在炒币，她同事的室友因为炒币赚了很多钱，20多岁就在北京全款买了宝马汽车。后来这位室友辞掉了在BAT的工作，专心炒币，并且帮新发虚拟货币做中介。
Akan was an employee of a foreign company, and at the end of 2017, her colleague's roommate bought a BMW car in Beijing in her late 20s because she made a lot of money. The roommate resigned from his job at BAT, focused on currency and brokered a new virtual currency.
虽然同事没说具体赚了多少钱，但阿肯从他的语气中，听出他们都赚到了不少钱，而且他们已经不仅仅局限在炒币，买了两台主机和显卡，在家挖矿。
Although colleagues did not say exactly how much money they made, Akan learned from his tone that they made a lot of money, and that they were no longer confined to slinging coins, buying two mainframes and graphic cards, and digging mines at home.
听完介绍，阿肯觉得，这事挺有意思，不止能赚到钱，主要是很新奇。当天下午，她就在火币开了账户，买了一些比特币。她清楚的记得，当时一枚比特币价格6600美金。
At the end of the presentation, Akan thought it was interesting, more than making money, mostly new. That afternoon, she opened an account on the gun and bought some bitcoins. She remembered clearly that at that time, a bitcoin was worth $6,600.
没多久，比特币已经涨到1万多美金。中间她一直在尝试交易，买进卖出，还帮朋友在其他交易所开了户，做短线交易，但朋友并不认可比特币的理念，很快清仓退出了。
Not long ago, Bitcoin had risen to over $10,000. In the middle, she was trying to trade, buying and selling, and helping her friends open their accounts on other exchanges, making short-term deals, but her friends didn't agree with Bitcoin's ideas, and quickly quit.
到了2018年，阿肯家里有事需要用钱把账户全清仓。总结下来，投了不到一万块，赚到两万块。后来阿肯也在持续关注，但此时比特币已经涨得比较高了。
In 2018, Akan's family had to spend money to clean up the account. In summary, less than 10,000 dollars were spent and 20,000 dollars were earned. Akan was following up, but by now Bitcoin was up.
最近马斯克又带火了虚拟货币，同事又建议，可以用点小钱学习一下做合约交易。她又重回“币圈”，到5月21日中午，她告诉记者，750美金买的比特币已经涨到了877美金。“炒币的本质就是赌博吧。”阿肯还是想短线买卖，赚个差价就好。
Recently, Mask set fire to virtual currency, and colleagues suggested that she could learn to make a contract deal with a small amount of money. She went back to the currency ring. By noon on May 21, she told reporters that the $750 bill for bitcoins had risen to $877.
如是金融研究院院长、海南大学经济学院教授管清友提示，加密货币投资风险极高，波动和回撤巨大，比特币并不适合普通投资者。
In the case of the Dean of the Institute of Financial Studies and Professor of Economics of Hainan University, the risk of investment in encrypted currency is extremely high, volatility and retreat is significant, and Bitcoin is not suitable for ordinary investors.
他认为，真正能在比特币上赚大钱的人只有两类：一是比特币的信仰者。第二种是比特币的投机者，他们认识到了比特币的投机意义，在各大关键时间点忍受住了剧烈的波动，最终赚到了这份收益。“但总的来看这两种人都是极少的。”
In his view, there are only two categories of people who can actually make big money on bitcoin: the faith-holders of bitcoin. The second is the speculators of bitcoin, who recognize the speculative significance of bitcoin, and who have endured severe fluctuations at various critical points in time, and who have finally earned that benefit.
站在普通投资者角度，管清友称，这样的一个波动性巨大、头部化明显的投资标的并不适合做有人，投资者还是要认清楚自己的定位，选择和自己情况相匹配的标的进行投资。
From the point of view of ordinary investors, clearing friends claim that such a volatile, head-to-head investment target is not suitable for someone, but rather for investors to identify themselves and choose to invest in a subject that matches their own circumstances.
至于大跌之后很多人问能否抄底，管清友表示，先认清这四个问题再做决定：一是价值性。二是波动性。首先要考虑能否承受住巨大的波动，暴涨暴跌是比特币的常态，“5.19”这样闪崩30%不足为奇，2018年从2万跌到3000，一年跌幅超过80%，不仅仅是腰斩。三是流动性。2%的账户控制了95%的比特币，大量比特币集中在少数人手中，流动性不佳，暴跌交易所宕机卖不出去的情形时常发生。四是时差性。比特币暴涨暴跌通常发生在深夜，如果不能深夜盯盘，可能一不小心就坐了过山车。
As for the possibility of copying down after the Great Fall, many people asked whether they could do so, saying that the four questions had been identified before making a decision: first, value. Second, volatility. First, considering whether they could withstand large fluctuations, booms and crashes were the norm of Bitcoin, and it was not surprising that 30 per cent of the crashes of 5.19 fell from 20,000 to 3,000 in 2018, and more than 80 per cent in one year, not just bereft. Third, liquidity. Two per cent of the accounts controlled 95 per cent of the bitcoins, with a large amount of bitcoins concentrated in the hands of a small number of people, with poor mobility, and a high number of bitcoins in the hands of markets that could not be sold.
“这个圈子还是一样”
“这个圈子里还是那些人，还是不正规，割韭菜的行为还是没变。”不过，可能多了一些靠谱的项目，王亦凡这样总结。
"It's still those people in this circle, it's not official, it's still the same thing." But there may be a lot of hard-core projects that Wang can sum up.
他2017年就入了币圈，当年9月4日七部委发布文件后，币圈暴跌，当时记者和王亦凡交流，他告诉记者，7万本金瞬间亏的只剩下1万。
He entered the currency circle in 2017, when, following the issuance of documents by seven ministries on 4 September of that year, the currency fell sharply, as journalists and Wang Yifan interacted, telling journalists that only 10,000 people had lost 70,000 principals in an instant.
那一年，中国人民银行等七部委联合发布《关于防范代币融资风险的公告》明确指出，“代币发行融资是指融资主体通过代币的违规发售、流通，向投资者募集比特币、以太币等所谓虚拟货币，本质上是一种未经批准非法公开融资的行为，涉嫌非法发售代币票券、非法发行证券以及非法集资、金融诈骗、传销等违法犯罪活动”。
In that year, seven ministries and departments, such as the People's Bank of China, issued a joint bulletin on protection against the risk of money-for-money financing, clearly stating that “money-for-money issuance financing is defined as the illegal sale, circulation and collection of so-called virtual currency, such as bitcoins and e-money, from investors through the illegal sale and circulation of tokens, which is essentially an unauthorized act of illegal public financing and is suspected of illegal distribution of currency coupons, illegal distribution of securities and criminal activities such as illegal collection, financial fraud and distribution of funds”.
招联金融首席研究员董希淼认为，以比特币为代表的虚拟货币不是数字货币，不具有法偿性和强制性等货币基本属性，存在着交易风险、垄断风险、技术风险和制度风险。非法从事比特币交易和投机，或打着“数字货币”幌子进行非法代币发行融资（ICO）、非法传销活动，不但可能给投资者带来巨大风险，还将可能影响国家金融稳定和社会秩序，因此必须进行严厉打击。“94政策”也成了虚拟货币圈公认的标志性事件。四年过去，王亦凡没有离开这个行业。四年中，王亦凡基本都在持币，但很少关注价格涨跌。他主要买的是行业市值靠前的虚拟货币。之前，手上持仓市值还有一百多万，5月19日暴跌后，他的持仓币价值跌了60%，现在账户只有几十万。他自嘲自己变成了一个老韭菜。“理论上应该是财富自由，”但是他还没有。他总结说，在这个圈子里想赚钱，要不就是投资对了币种，抓住了在牛市最高点；要不就是发币、割韭菜，这可能涉及到一些灰色地带。在他看来，没底线的人赚钱还是挺容易的，这些人赚的钱就是别人亏的钱，但是这样也有风险。
The U.S. Chief Financial Researcher, H.E. Mr. Hsien Xi, argued that the virtual currency, represented by Bitcoin, was not a digital currency, had no legal and mandatory monetary fundamentals, had transactional risks, monopolistic risks, technological risks and institutional risks. Illegally trading in bitcoin and speculation, or financing illegal currency issuances under the guise of “digital money”, illegal distributions could pose a huge risk not only to investors, but also to the country’s financial stability and social order. The “94 policy” was also recognized as a landmark event in the virtual currency ring. Four years ago, the King did not leave the industry, but he did not.
在“94政策”出台前，国内不少项目打着虚拟货币的幌子融资，当时王亦凡就看不上空气币，现在依然看不上。他认为现在市场上的狗狗币，柴犬币都是空气币，也是因为这些动物币的带动，空气币又重新起来了。
Before the introduction of the 94th Policy, a number of projects in the country were financed under the guise of virtual currency, and Wang was unable to see air currency, which he believes is now marketed, but also because it is driven by animal coins, which have re-emerged.
王亦凡认为，与空气币相对应的，是有具体应用场景的虚拟货币。它们可能“有所谓的价值。”例如，以太坊有应用场景，去中心化的计算机网络，很多智能合约部署在以太坊，发币只是其中的一项功能。
The King also believes that what corresponds to the air currency is a virtual currency with a specific application scenario. They may “have so-called value.” For example, the Etherms have applications, decentralised computer networks, and many smart contracts are deployed in Ether, where the currency is only one function.
现在的交易平台例如火币、币安、欧易，虽然主体注册在国外，但是主要团队还是在国内。最近又有不少人向王亦凡咨询怎么买币，他感觉，近期行情有点像2017年，又有新的血液开始入场了。
Now that trading platforms such as gun money, currency security, and Euro, although the subjects are registered abroad, the main team is still in the country. More recently, many people have been asking Wang Yingfan about how to buy money, and he feels that the recent movement is a little like 2017, with new blood coming in.
不过大跌之后，这两天微信群里冷冷清清，基本没有人发言。“亏钱谁有闲心瞎聊”，有群友说。另外一个群友说，币圈微信群，堪称加密货币市场冷热的晴雨表，群不活跃了，说明在跌。群活跃了，说明在涨。
But two days after the crash, the microcombs were quiet and largely silent. “Who's having trouble talking about money,” a group of friends said. Another group of friends said that the mound, a cold barometer of the crypto-currency market, was not active and was falling. The crowd was active, and it was rising.
董希淼表示，对于市场普通投资者而言，对金融管理部门和行业协会所作的提示并没有引起重视。而部分金融机构、支付机构，也存在为比特币等虚拟货币交易提供支持等情况。特别是今年以来，以比特币为代表的虚拟货币价格暴涨暴跌，相关炒作、交易活动非常火爆。这不但损害了投资者合法权益和财产安全，也在一定程度上扰乱了正常经济金融秩序。因此，中国互联网金融协会等三大行业协会就防范虚拟货币炒作风险再次发出公告。
Some financial institutions, payment agencies, etc., also support virtual currency transactions, such as bitcoin. In particular, since this year, virtual currency prices, represented by bitcoin, have soared and intensified.
在董希淼看来，公告并没有提出新的要求和规范，而是重复之前提出的一系列的要求和规范。他认为，下一步，金融管理部门应加大对非法从事虚拟货币交易活动的打击力度，维护好正常的经济金融秩序，也为我国数字人民币正式推出创造一个更好的环境。同时，投资者应充分认识比特币等虚拟货币的本质和风险，不参与任何形式的交易、投机活动。
In Dong’s view, the bulletin does not set out new requirements and norms, but rather repeats a series of earlier demands and norms. In his view, the next step is for the financial administration to step up its efforts to combat the illegal conduct of virtual currency transactions, to maintain a normal economic and financial order, and to create a better environment for the official launch of our digital renminbi.
原标题：《合约杠杆最高150倍 币圈惊魂一夜下的众生相：有人抄底，有人黯然离场》
Original title: Contract leverage up to 150 times.
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