Original Title: "A Sincere Conversation by Doll Sister for the First and Last Time: A Story About Lies, Truth, and Growth"
Original Author: HongKong Doll
After taking a few days to organize my assets and plans, I noticed a lot of comments and private messages in the comment section with questions. So, I summarized some of my thoughts from the past two years. This article is relatively long, but it doesn't contain any wealth secrets or motivational quotes; it's quite boring. I rarely share the truth on this account, and this is the only piece of similar content I will post. If you are a fan who cares about me or someone who wants to understand me, you can continue reading; otherwise, please skip it.
When domestic media portrayed me as having made millions by shorting during the recent crash, the reality was that I was experiencing a pullback in spot trading and making profits from arbitrage. I once again realized that the truth is not what people care about; what you see online is mostly what others want you to see. In pyramid-structured industries, no, in any industry, at the bottom of the pyramid, my friends, what you see is always the simplest, most easily understood lies that align with public perception.
The Tall Tree Will Be Battered by the Wind
The ID of HongKongDoll and everything stems from a painting. It would be too early to start from that time, so I will skip it. The azuki in 2021 and the ETH hedging in 2022 were originally just a small hobby of a subsidiary account, but it turned into financial freedom and became the target of many. I previously wrote about the cost of fame; extortion and unboxing were just minor episodes. Hobbies turned into burdens, rebellion turned into regret, and living with the feeling that those around you want to tear you apart is not pleasant. After enduring for more than a year in 2022, I chose to part ways with my ex-boyfriend in mid-2023. From a business perspective, considering the costs already invested—hundreds of unreleased film materials and several top adult accounts—if everything were to vanish overnight, it would feel like my enemies surrounded me, not only sinking my ship but also urinating on my head. By this time in 2023, the fear had passed. I wanted to curse, but the words wouldn't come out; there was a fire in my heart. I chose to buy all these materials and accounts with all my money and handle it myself.
Borrowing Falsehoods to Establish Truth
How much did I actually lose in 2023? This question is difficult to answer. The rough figure of 8 million dollars is derived from my profit share from my O site, minus the cash I had on hand, and then deducting all expenses for purchasing accounts and copyrights. Yes, during the separation, I paid a sum of money and a property totaling about 3 million dollars. Shortly after, in October, a margin call directly led to my cash depletion, almost to zero. As for the term "bankruptcy," I had been using a method to attract traffic, clearly understanding what kind of narratives the public liked, and thus produced stories accordingly.
After the bankruptcy post was released, I followed up with a breakup post, using emotional continuity to enhance traffic connection. Although both events were true, I constructed a more dramatic lie using a misaligned timeline. The actual situation was that the breakup happened before the margin call. After the breakup, I sensed a decline in material production capacity, and the income from the O site was about to collapse. Therefore, I urgently needed a hot topic to activate the crypto accounts I had deployed for two years but had not activated, which is this account, to increase income channels and help me quickly repair my cash flow and recover the expenses from the separation. The experience of the margin call going to zero connected the entire event. In the first year of taking over the O site business, my income was indeed halved. But it was precisely because I shifted some of my focus to crypto that this choice completely changed my perspective thereafter.
Why do crypto accounts frequently showcase O site income? It’s still part of the process of borrowing falsehoods to establish truth. At that time, various states had already hit rock bottom, and I couldn't care less about the wind. In the public's perception, I had become the one with "infinite bullets," continuously injecting funds from outside into crypto accounts. So, I simply utilized this misunderstanding to endorse my empty wallet, leaving more room for public imagination. The reality was that after activating the crypto account's traffic in 2023, my on-site funds were zero, and the real "infinite bullets" were the teachers with regular group fees, only a public perception remained. To take shortcuts, I could only focus on traffic, and in the world of traffic, the most sensitive and resonant content is always the amount of money.
Thus, I positioned the account as one where the foolish have plenty of money and traffic is high. Initially, the main income channel was only advertising. Indeed, advertising with me was very expensive. At that time, I had two annual contracts and four semi-annual contracts. During the traffic explosion period from the end of 2023 to mid-2024, I took on countless advertisements. First, I apologize; I have done a lot of filtering and only do content with endorsements. I hardly accept single advertisements, only do accompanying runs, and strive for long-term mutual benefits. Unfortunately, the core of pure attention economy is "decorating a Christmas tree." Nothing else; the speculative world is full of uncertainties, and the only certainty is that the speculative feast will eventually end. If there is something that can always capture your attention, it is yourself. Additionally, regarding the signed stake advertisements, it was a politically incorrect decision I made at the end of 2023. After the contract ended in 2024, I rejected all advertisements related to web2 or web3 gambling and even prediction platforms, specifically because I have reflected on this matter many times.
From Speculation to Investment and Back to Speculation
From the end of 2023 to the beginning of 2024, during days with little capital, I tried various ways to increase income, including expanding into adult products and some businesses related to adult account streaming. The adult products achieved unexpected success, but that is unrelated to this theme, so I will not elaborate. At that time, I was still in the crypto circle, only activating traffic as a retail investor, harvesting waves of traffic from inscriptions, memes, and presales, enjoying waves of Christmas tree festivities. Due to my risk appetite changing significantly after the margin call, only a small proportion of my funds were in this speculative feast, fluctuating between gains and losses, until the emergence of ethena. From the first deposit to additional deposits and then to a large purchase of YT, the overall rewards almost doubled my principal, which was the first time I earned money comparable to my principal without relying on traffic. Besides that, I started my coin hoarding journey at the end of 2023. In 2024, you will likely see me reviewing my buying or hoarding strategies during downturns. The backtesting at that time, including the current backtesting, showed that DCA BTC could outperform any strategy; it was just a matter of time. I firmly believed this, so I would basically convert any money I made into the mainstream coins I hold now. I used the simplest method but maintained stable growth in the rising tide at the beginning of 2024. However, when BTC first hit 100,000, I introduced rebalancing, keeping my holdings around 20%, changing monthly, freeing up more funds for me to practice arbitrage and DeFi. Later, I changed my strategy again; BTC was no longer sold, and I set a lower limit for BTC holdings, only rebalancing other coins.
This investment plan is essentially a competition between my ability to profit from traffic and time. I am inherently an attention economy entity; there are no top-tier influencers, only time passing unknowingly, and as attention slowly dissipates, I believe time should win. The accumulation of my first year part-time in the crypto circle exceeded the halved income from the O site that year, just as I had anticipated. Of course, I also had my ups and downs. After accumulating a certain amount of principal in 2024, during the most FOMO phase, my investments in angel rounds and KOL rounds almost all ended in failure, with very few projects still alive.
The real large-scale profit began after 2025. This year, I rarely took on advertisements; most were KOL rounds and signed platforms. However, this year has been a crazy one. Trump issued coins late at night, the S&P 500 dropped 11% in two days in April, tech stocks doubled in six months, and Trump's election turned speculation into the main theme of the year. I also encountered many benefactors, and in imitating various smart money, I did many things right. The top talents in the Chinese circle gathered in various small groups, all of whom I imitated. Why imitate instead of learn? Because in actual operations, not only do windows of opportunity vanish in an instant, but various unexpected events also occur. Just learning cannot guarantee execution; only by imitating, copying homework, and executing can one proceed to the next step, refine details, and perceive principles. It can be considered a fast-track to mastery. I gradually began to shift from the most naive investments to speculation honed through practice.
During the meme retreat in the first half of the year, I preserved some profits, with assets in the circle fluctuating around 4 million dollars. During this period, I built scripts for cross-exchange arbitrage, but due to insufficient investment, the profits were not substantial. As I gradually adjusted my volume, the second half of the year saw a surge in mainstream coins, especially BNB reaching its ATH, which nearly doubled my hoarding profits. Then came last month’s XPL at 1.1 million dollars, followed by last week’s de-pegging event with WBETH at 1.8 million dollars. Thus, I completed my planned 8 million dollars recovery. However, the profits from the de-pegging event were almost non-replicable; it was a combination of luck and courage. If the money were not in the spot wallet, I wouldn't have been able to operate or profit that much because the lowest point's few minutes were stuck, making it impossible to transfer money or withdraw. All of this came to me while I was consolidating funds on Binance, with all the money in the spot wallet, using profits from XPL.
Looking back at this account, from activating the account with 900,000 active fans to the current 1.6 million fans, the traffic has actually decreased due to changes in content output, which is reasonable. My plan moving forward is quite simple: I will continue to do what I am good at, further compressing time costs while keeping production capacity unchanged. However, I probably won't share much on this account anymore. This account will return to its original state, starting from zero to see what becomes popular. Some of my other accounts will gradually start sharing what I am currently doing, and my identity may change accordingly, so please do not expect too much.
Are the Foolish Opponents or Allies?
Looking back over the past two years, I often ponder a question: Who are we really competing against? On the timeline, discussions about the disappearance of dividends are frequent, with some even believing that the crypto circle has reached its end. They feel that as time goes on, the Darwinian effect becomes evident, and fools are being eliminated in large numbers. With too few fools, wealth transfer becomes difficult. I think there is some truth to this; in speculation, one must be the opponent of fools. However, from another perspective, the blockchain paradigm has not fundamentally shifted yet. I believe mass adoption is still in its early stages, and the singularity is yet to come. When the world of blockchain transitions from a casino to everyday life on a large scale, when the paradigm shifts and wealth is primarily created rather than transferred, when fools and smart people share dividends, that will be the true dividend phase. This means that in investment, one should be allies with fools. It is too early to draw conclusions now; I believe this is the reason I will continue to exist.
What Should Newcomers Do?
From my perspective as a retail investor, I have only a few words:
Try not to go solo; there must be mentors among your group friends. Reference is very important; look at logical content output to avoid being influenced by traffic, and carefully discern your role models or templates.
Have at least two Twitter accounts, one fully in Chinese and one fully in English, opening different accounts at different times to break out of information silos. Additionally, mute the noise of traffic.
Maintain execution, patience, and safe position management. Use the amount of funds you have for appropriate activities; do not go all in; just stay alive.
Another habit of mine is reviewing and organizing tweets. Good tweets are worth revisiting. I categorize and organize some of my saved tweets in Google Sheets to prevent deletion and facilitate quick searches. Then I can ask GPT questions at any time (it’s best to include prompts with reference links and cross-verification requirements).
The real version of me won’t tell you that not giving up means there is hope; drink less motivational quotes, but I will tell you that becoming smarter, breaking out of your environment, and making unrestricted decisions is where hope lies.
About Me
Are you still filming? Have you made it? In my view, there is no concept of "making it" or "freedom" because I have been in a state of account management for a long time. The time cost generated by pre-production on the O site has dropped to a negligible level each year. What remains is arranging the activity of the traffic accounts, which is almost costless. I don't need to film anything, and I can still maintain an additional income of over 1 million dollars a year. The income without time cost was originally the reason I bought these materials. While you see these videos as just videos, I see them as the remaining usable lifespan of the accounts. If you imagine me filming and suddenly pulling out my phone to check the K-line, I might not be able to hold back.
Why go back to school? I transitioned from experiencing summer school to actually enrolling in the fall. Many close friends in the crypto circle don't quite understand my decision to return to school, thinking that since I already have some money, why bother? The reason I started school is partly to complete my life checklist and partly because I don't want money and crypto resources to be my only gains during this cycle. I know many people advocate the idea that education or studying is useless, but I want to say that even if I start a business without a degree, investors will still look at which school I dropped out of. It's better to be clear-headed; don't always fantasize about being that one-in-a-million martial arts prodigy. The time cost of learning can be controlled by oneself, and knowledge levels can be reflected after working together. However, at a glance, the most direct educational background is still the social label given by others. Those lost social experiences must ultimately be picked up bit by bit. A person with no background finds it hard to sustain the power that wealth brings in the long term and perfectly. I don't want to create an awkward ceiling for my future.
Why don't I block those accounts that unbox and insult me, allowing them to comment? I really like this version of the story, so I won't block those who promote it. The base of the pyramid gathers the most people looking up; they like to see what I give them, regardless of whether it's true or false. I actually hope they can turn the meaning of life into promoting Wang Jiale for me, and I would be happy to see that. If it weren't for this, and if it were just insults and venting that affected other friends' perceptions, I would probably block them directly. In fact, my transformation from disgust to understanding happened just this year. I later realized that these people using my name for traffic is also one of their means of survival. Without traffic, they can't get ads. Not disturbing others to make a living is my principle; I neither block them and cut off their means of making a living nor engage in arguments and insults. I see through it but won't expose it.
As a side note: I have remembered a highly upvoted reply under my bankruptcy post for two years, saying that I am not worthy of my wealth. Every time I feel a disconnect between knowledge and action, I remind myself of it. I don't know if he is still in the crypto circle, but I am quite grateful.
Of course, this story may have another version. I hope that in my lifetime, I can write it down generously in words, and at the end of the article, I will definitely add "surprise motherfucker."
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