Original Article Title: "Sincere Conversation of Doll Sister's First and Last Time, a Story About Lies, Truth, and Growth"

Original Article Author: HongKong Doll

After taking a few days off to organize my assets and plans, I saw a bunch of messages in the comments and private messages with questions, so I summarized some of my musings from the past two years. This article is relatively long, without any hidden agendas or inspirational words, just plain boring. My account rarely posts the truth, and this type of content is only this one time, never again. If you are a fan of mine or curious about me, you can continue reading; otherwise, please skip.

When domestic self-media portrayed me as making millions in profits by shorting after the recent plunge a few days ago, while my actual situation was a spot position retracement and arbitrage profits, I once again understood that the truth is not what people care about. Most of what you see online is what others want you to see. In the pyramid structure industry, no, in any industry, as you, my friend, at the bottom of the pyramid, what you see is always the simplest, most understandable, and most in line with the public's impression, which is a lie.

A Tall Tree Catches the Wind

The ID of HongKongDoll and everything about it originated from a painting. It's too early to start from that time, so I'll skip it here. The azuki in 2021, the ETH hedge in 2022, was originally just a hobby of a side account, passed around and turned into financial freedom, becoming a target of public criticism. I have previously written about the cost of fame. Blackmail and doxxing were just trivial episodes. Hobbies became burdens, rebellion turned into regret, life was filled with fear, and the feeling of being hated by those around you was not pleasant. I endured more than a year in 2022 and chose to part ways with my ex-boyfriend in 2023. However, from a business perspective, considering the sunk costs, hundreds of unreleased video materials, and multiple top adult accounts, if everything disappeared overnight, it would feel as if an enemy not only sank your ship but also peed on your head. By now, the fear of 2023 has passed, and I want to curse, but the words won't come out. There's a burning anger inside me. I chose to buy all these materials and accounts with all my money and do it on my own.

Using Falsehoods to Cultivate Truth

How much did I lose in 2023? This question is difficult to answer. The approximate figure of $8 million is the amount I received from my platform's revenue sharing minus the cash in hand, then deducting all account and copyright acquisition expenses. Yes, I paid a sum of money and a property in kind during the split, totaling about $3 million. Following that, a margin call in October directly led to my cash depletion, almost to zero. As for the term "bankruptcy," it was part of my early content strategy. I knew well what the public liked, so I produced stories accordingly.

After that bankruptcy tweet, I followed up with a breakup tweet, using emotional coherence to increase engagement and connection. Although both events were true, I manipulated the timeline to construct a more dramatic false story. The actual sequence of events was a breakup with my ex-boyfriend first, followed by the bankruptcy. After the breakup, sensing a decrease in content production capacity and anticipating a collapse in income from the mainstream platform, I urgently needed a trending topic to activate the dormant crypto account I had been holding for two years but had not activated yet, which is this account, to diversify my income streams, help me quickly recover my cash flow, and recoup the expenses from the breakup. The experience of going bankrupt and resetting to zero neatly tied the whole narrative together. In my first year of taking over the mainstream platform business, my income was indeed halved. However, because I shifted some of my focus to crypto, this decision completely changed my perspective moving forward.

Why did I frequently showcase my crypto account's income related to the mainstream platform? It was all part of a process of using falsehoods to eventually reveal the truth. By that time, various aspects had already hit rock bottom, and nothing seemed to matter anymore. In the public's eye, I was already the person who had "infinite bullets" and kept funding their crypto account from external sources. Therefore, I decided to fully utilize this misunderstanding to endorse my empty wallet and leave more room for the public's imagination. The reality was that after activating the crypto account's traffic in 2023, my on-platform funds were zero, and the true infinite bullet holders were the teachers with monthly fees. It was merely a public impression. To take shortcuts, one could only focus on generating traffic. In the world of traffic, the most sensitive and resonant content always revolves around the amount of money.

Therefore, I positioned the account as a place where people with money but lacking intelligence converge to generate substantial traffic. Initially, my main source of income was through advertisements. Yes, it was very expensive to advertise with me. At that time, I had 2 annual partnerships and 4 semi-annual partnerships. During the traffic surge from late 2023 to mid-2024, I accepted numerous advertisements. I apologize in advance to everyone; I conducted extensive screening and only endorsed content I believed in. I almost never took on individual ads, instead focusing on endorsement partnerships, long-term promotions, and seeking mutual benefits. Unfortunately, the core of the pure attention economy is like "drawing a Christmas tree." There is nothing else. The speculative world is filled with uncertainties, and the only certainty is that all speculative feasts must come to an end. If there's something that can perpetually hold your attention, it's yourself. Additionally, endorsing the staking advertisement contract was a very politically incorrect decision I made at the end of 23. After the contracts expired in 24, I categorically rejected web2 or web3 gambling-based advertisements, even those from prediction platforms. I have reflected on this decision many times.

From Speculation to Investment and Back to Speculation

From late 2023 to early 2024, during a period where I didn't have much capital, I tried various ways to increase my income, including expanding into adult products and some adult content promotion services. The adult products unexpectedly achieved success, but that's not relevant to this discussion. At that time, I was still just a retail investor who had activated traffic in the crypto circle, riding the waves of tokenomics, memes, and presales for traffic harvesting and Christmas tree-style festivities. Due to a significant change in risk appetite after going bankrupt, only a small portion of my funds were involved in this speculative wave, experiencing ups and downs until the emergence of Ethana. From the initial deposit to additional deposits and then massive purchases of YT, the combined rewards almost doubled my overall capital for the first time without relying on traffic. Furthermore, I started my coin stacking journey at the end of 23. In 2024, you probably saw me reviewing my dollar-cost averaging (DCA) or stacking strategies during downturns. Whether backtesting from that time or current backtesting, DCA BTC can outperform any strategy; it's just a matter of time. I firmly believe in this, so whenever I made profits, I would convert them into mainstream coins I currently hold. I used the most straightforward method, but during the upsurge at the beginning of 24, it ensured stable growth. However, when BTC first hit $100k, I introduced rebalancing, maintaining coin holdings at around 20%, changing monthly to free up more funds for arbitrage and DeFi practices. Later, I adjusted the strategy again, no longer selling BTC but setting a minimum BTC holding ratio and rebalancing other coins.

This kind of investment scheme is essentially a competition of my traffic profit-making ability and time. I myself am an attention economy, without the top-tier attention, only time passes by unnoticed. As attention gradually dissipates, I believe time should prevail. The accumulated income from part-time involvement in the coin circle in the first year exceeded that year's income from the O-site, just as I expected. Of course, I also had moments of feeling on top of the world. After accumulating the initial investment over 24 years and reaching a certain foundation, during the peak FOMO phase, the angel rounds and KOL rounds I invested in almost all ended in defeat. Few projects I invested in are still alive.

The real substantial money-making started after 2025. This year, I rarely take on advertisements; instead, I engage more in KOL rounds and platform contracts. However, this year has been a crazy year: Trump launched a coin late at night, the US stock market's S&P 500 dropped by 11% in two days in April, tech stocks doubled in six months, and Trump's election turned speculation into this year's main theme. I have also gradually encountered many mentors. Through imitation of various smart money moves, I have made many correct decisions. Various small groups have gathered the top Chinese community members, all of whom I imitate. Why do I use imitation rather than learning? Because not only does the window of opportunity pass in a flash during practical operations, but various unexpected events may also occur. Just learning cannot guarantee execution. After imitation, copying the assignments, and making the moves, can one proceed to the next step, refine details, and perceive principles. This can be considered expedited cultivation via evil methods. I slowly transitioned from the dumbest investments to speculative practices honed through continuous exercise.

During the downturn of meme coins in the first half of the year, I preserved some profits. My assets in the circle fluctuated around $4 million. There was arbitrage across exchanges using a self-developed script; however, the profit was not substantial due to insufficient investment. I am gradually adjusting the volume. The ATH of mainstream coins, especially BNB, in the second half of the year almost doubled my hodling profits. Following that was $1.1 million in XPL last month and $1.8 million in the flash crash event of WBETH last week. Thus, I have achieved the planned $8 million breakeven. However, the profit from the flash crash event is almost impossible to replicate; it was a combination of luck and courage. If the money was not in the spot wallet, the operations could not have been executed, or the profit would not have been as high. During the lowest point, for a few minutes, the system was stuck, and transactions and withdrawals could not be made, which all happened while I was consolidating my Binance funds. All my money was in the spot wallet, and I was using the profits from XPL.

Looking back at this account, from 900,000 active followers during the account activation phase to the current 1.6 million followers, the traffic has actually decreased due to changes in the content being posted, which is also reasonable. My plan going forward is quite simple; I will continue to do what I am good at. Keeping the production capacity constant, I will further compress the time cost. However, most of the sharing will not be done on this account anymore. This account will return to its original state, starting from scratch with whatever trend is popular. Some of my accounts will slowly begin to share what I am currently working on. My identity may also change accordingly, so please do not expect too much.

Being a Fool's Counterparty or Teammate

Looking back over the past two years, I often ponder a question: Who are we really competing against? It's common to see discussions about the disappearance of dividends along the timeline, even to the point of believing that the cryptocurrency circle has reached its end, with the Darwinian effect becoming more pronounced over time, leading to the elimination of fools in large numbers. When there are too few fools, wealth transfer naturally becomes unlikely. I believe there is some truth to this. When it comes to speculation, one must certainly be the fool's counterparty. However, from another perspective, the paradigm of blockchain has not yet undergone a fundamental shift. I believe mass adoption is still in its early stages, with the singularity yet to come. The day the blockchain world transitions from a casino mindset to everyday life, when the paradigm shift occurs and wealth creation takes precedence over wealth transfer, when fools and wise men share the dividends, that is truly the dividend phase—a time to be a fool's teammate in investing. Drawing conclusions now would be premature. I believe this is the reason I will continue to exist.

What Should Newcomers Do

From my perspective as a retail investor, I have just a few words to share:

· Try not to go it alone; there will always be someone in the group who can teach you. Reference points are crucial. Focus on logical content output to avoid being influenced by traffic. Carefully discern your role model or template.

· Maintain at least two Twitter accounts, one in Chinese and one in English. Activate these accounts at different times to break out of the echo chamber and mute noise and traffic.

· Maintain consistency in execution, patience, and secure position management. Use funds for corresponding actions and avoid going all-in. Live to fight another day.

Another habit of mine is to review and organize tweets. Valuable tweets are worth revisiting. I categorize some of my saved tweets in a Google Sheet for easy reference and quick search. Then I use GPT to ask questions at any time (preferably with prompts requesting a list of reference links and cross-validation).

The real version of me won't tell you that there is hope as long as you don't give up. Drink less chicken soup. Instead, I will tell you to become wiser, break free from your environment, and only then will you have hope.

About Me

Shall we clap or not? Have I landed? In my view, the concepts of landing and freedom don't exist because I have long been in an account management state. The yearly time cost generated by the post-production of a certain website has dropped to a negligible level, and all that's left is managing the traffic flow accounts, which costs almost nothing. Without needing to film anything, I still make an additional income of over 1 million dollars a year, with no time cost. The income with no time cost was the original purpose of me acquiring this content. When you look at these videos, you see just videos, but what I see is the remaining years I can keep using these accounts. If you were to imagine me as someone filming a scene and suddenly pulling out a phone to check the candlestick chart, I might not be able to hold back a reaction.

Why Go Back to School? My summer school experience has turned into a real fall enrollment. Many friends in the crypto circle don't quite understand my decision to go back to school, thinking that since I already have some money, why bother. The reason I started school is partly to check off my life list and partly because I don't want money and crypto resources to be the only gains of this cycle. I know many people are advocates of the belief that education is useless, but even if I start a business without a degree, investors will still look at which school I dropped out from. Be realistic and don't always fantasize that you are the one-in-a-million martial arts prodigy. The time cost of learning can be controlled by yourself, and knowledge level can be demonstrated after working together. However, at first glance, the most direct educational background is still the social label given by others. Those lost social experiences will eventually have to be slowly regained. Someone without a background will find it difficult to sustain the authority brought by wealth in the long term and perfectly. I don't want to create a very awkward ceiling for my future.

Why don't I block those accounts that insult me for unboxing and let them comment freely? I really like this version of the story, so I won't block the people promoting this incident. The pyramid base gathers the most people looking up. They like to see whatever I give them, regardless of whether it's true or false, virtual or real. In fact, I hope they turn their entire meaning of life into promoting me, Wang Jiale. I am also happy to see it. If not for this, only for venting insults and affecting the impression of other Twitter followers, I would probably just block them directly. Actually, the transformation from disgust to understanding happened within this year. Later, I found that these people riding on the popularity is also a means of survival. If there's no traffic, you can't get ads. It's my principle not to disturb others and instead secure a meal. I won't both break their rice bowl by blocking them and argue with them for their wages. Seeing through it without exposing it.

Side Note: There was a highly upvoted reply under a bankruptcy tweet back then that said I was not worthy of wealth. I have remembered it for two years. Every time I find my actions not in alignment with my thoughts, I remind myself. 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 openly write it down in words. At the end of the text, I will definitely add "surprise motherfucker."

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