Some Influencers Are Not Helping

Salvador

New member
This Dave Portnoy figure was completely unknown to me until he tweeted about Bitcoin. It was a strange video of him ranting about what Bitcoin is and if he could mine it on the internet with some plastic hammer he held or something similar, (I don't even remember what I saw, it wasn't significant anyway). The continuation was strange though as in his next video Portnoy was asking the Winklevoss twins to visit him and explain Bitcoin and how it works. At some point, it was obvious that the whole thing was a staged ad that included affiliate promotions to Portnoy's 1,7 million twitter followers.

Not only the Winklevoss twins failed to present a decent case for Bitcoin, but the next day they've also proceeded with asking him to promote Chainlink, a controversial shitcoin when it was right on the top of a bubble. So Portnoy told his followers to buy an ERC20 token that was at the top of the pump 'n dump phase. Was this all random and happened spontaneously out of the Winklevoss pure love for alternative cryptocurrencies? Why ask him to talk about LINK anyway? It is looking carefully planned as well.

Now I don't blame Portnoy for this, he does not care about Bitcoin or his followers. I care about how ridiculous crypto twitter has become, how terrible all of this was handled and that three years after the whole shitcoin bubble phase we haven't learned a thing.

There are people on twitter that have Bitcoin bags and just want to shill them. I get it. Honestly, I wish I also wasn't strict and went all-in in March instead of buying the dip but small. Some people make sense and then there are some that just because they bought a tonn of random altcoins they unleash thousands of paid shills to promote them. The moment people that used to be just about Bitcoin started shilling DeFi, Chainlink, Band, Compound, yield farming, etc. it becomes very disappointing.

Bitcoin is not taken seriously this way. Gemini lost a lot of points by shilling a shitcoin, Binance is not respected outside the crypto space and Coinbase is close to becoming Bittrex with the number of shitcoins they've added.

It is their business model but perhaps they should understand that they should stop harming Bitcoin by reducing it to the same level as alts. At least exchanges should pretend that they are following the rules. Pump 'n dumps are not the rules. The financial world is observing these mistakes that keep happening for years. The CEO's of cryptocurrency exchanges are major crypto influencers and should be very careful about promoting anything else besides Bitcoin unless they want to damage both Bitcoin and their businesses. The damage to Bitcoin won't be permanent though as we've learned from the case of Mt.Gox.

Most of us remember the phrase from Wolf of Wall Street: "Once we've suckered them in, we unload the dog shit". I thought that the whole community and especially exchanges were trying to call themselves financial institutions and escape the quick cash-grab logic. Is this really what they want?
 

Kingston

Member
This is kind of a repeated cycle. An unfortunately it's self fulfilling and self perpetuating. "Pure" or altruistic supporters and projects of bitcoin, those that focus on utility and long term value are consistently tossed aside for those willing to just pimp garbage for fast profits. And sometimes those junk projects raise hundreds of millions or billions of dollars. That in turn brings in more fast talking, network marketing, garbage peddlers who wait for the next sign of a bull run to produce even greater numbers of garbage projects. Make great profits. Etc Etc. Rinse and repeat.

It seems like only in the bear days does the mass sentiment around bitcoin return to its white paper value roots.

Ugh, I'm too young to be this cynical about technology
Smiley


-Cali
 

Cole

Member
It's cyclical, remember John Mcafee? he was one of these so called crypto influencer and even commands $100k per tweet about shitcoins way back in 2017. And now maybe we don't hear from him anymore, but the rule of the game doesn't change. They are going to shill, that's their job.

And for us crypto enthusiast, we should be always be careful on who to follow, on who we believed, otherwise we are going to get REKT here. Let them shill whatever they want, it's really up to us, use our common sense and think many times before buying any shitcoins those influencers are promoting or advertising specially in Twitter.
 

Diego

Member
The Winklevi are running an exchange; and since most people know about bitcoin already, I think it's safe to assume that they shilled an altcoin to let people gain more interest and potentially them gaining more users on Gemini.

And while this as a whole is quite unfortunate, these nonsense is only going to be a blip in the radar in the future as we know that there's a decent chance that these altcoins are going to be temporary
 

Giovanni

Member
At the end of the day, all of this is purely money-making. So you don't put your full trust on these businessmen even if they appear to be siding with the revolutionary, with that which offers the biggest disruption to the traditional world.

I have to admit my crypto portfolio itself is also not all-Bitcoin. I am also trying to make use of stronger altcoins for the opportunity it gives me. Trading altcoins is one way of increasing my Bitcoin worth
 

Jair

Member
It's cyclical, remember John Mcafee? he was one of these so called crypto influencer and even commands $100k per tweet about shitcoins way back in 2017. And now maybe we don't hear from him anymore, but the rule of the game doesn't change. They are going to shill, that's their job.

And for us crypto enthusiast, we should be always be careful on who to follow, on who we believed, otherwise we are going to get REKT here. Let them shill whatever they want, it's really up to us, use our common sense and think many times before buying any shitcoins those influencers are promoting or advertising specially in Twitter.
And he didn't even eat his junk on TV. SMDH

I think we are entering into a new run in these kinds of projects. It's been cyclical since the days of Havelock. The ICO Boom. Security Boom. Now DeFi.

Same shit. Different day. I'll stick with bitcoin for sex work.
 

Jesus

Member
Ugh, I'm too young to be this cynical about technology
Smiley
All altcoin cryptocurrencies claim to be financial tech so being sceptikal is the correct approach. Buying them and hoping to pump is a gamble and I did that as well, but shilling the top of an altcoin because bags have to be unloaded is terrible approach and is also affecting Bitcoin's popularity. See how Portnoy for example talks about Bitcoin after his first experience (link).
 

Stone

Member
And while this as a whole is quite unfortunate, these nonsense is only going to be a blip in the radar in the future as we know that there's a decent chance that these altcoins are going to be temporary
I hope so too but from what I'm observing altcoins are just there to stop Bitcoin all this time. Back in 2018 Bitcoin's dominance fell as low as 35% and the chart speaks for itself. It seems that all these nonsense are not going away easily. We have DeFi now and some influencers are calling holders to sell and wrap their Bitcoins in ERC20 tokens to profit from lending (which contains hidden risks of illiquidity and possible withdrawal problems). Altcoins already own a big part of the market and increasing it.

 

Calvin

Member
I hope so too but from what I'm observing altcoins are just there to stop Bitcoin all this time. Back in 2018 Bitcoin's dominance fell as low as 35% and the chart speaks for itself. It seems that all these nonsense are not going away easily.
Never said they were going to go away easily. It's most likely going to be a long and painful process, and will consists of a lot more new altcoins.
We have DeFi now and some influencers are calling holders to sell and wrap their Bitcoins in ERC20 tokens to profit from lending (which contains hidden risks of illiquidity and possible withdrawal problems). Altcoins already own a big part of the market and increasing it.
We've had this "DeFi" thing for years already, "DeFi" is just a new sort of "cool moniker" for Ethereum apps/projects to make it sound "cool". They ain't even decentralized, mostly just non-custodial.
 

Maxwell

Member
It's cyclical, remember John Mcafee? he was one of these so called crypto influencer and even commands $100k per tweet about shitcoins way back in 2017. And now maybe we don't hear from him anymore, but the rule of the game doesn't change. They are going to shill, that's their job.

And for us crypto enthusiast, we should be always be careful on who to follow, on who we believed, otherwise we are going to get REKT here. Let them shill whatever they want, it's really up to us, use our common sense and think many times before buying any shitcoins those influencers are promoting or advertising specially in Twitter.
The way to survive is to carry out due diligence on any coin you want to invest. Most of the influencers are speculators. Remember too that McAfee predicted that BTC will hit an ATH of $100 in same 2017 and that if it fails, he will cut his D**K. Some who follow that prediction will have invested and lost
 

Ivan

Member
It's cyclical, remember John Mcafee? he was one of these so called crypto influencer and even commands $100k per tweet about shitcoins way back in 2017. And now maybe we don't hear from him anymore, but the rule of the game doesn't change. They are going to shill, that's their job.

And for us crypto enthusiast, we should be always be careful on who to follow, on who we believed, otherwise we are going to get REKT here. Let them shill whatever they want, it's really up to us, use our common sense and think many times before buying any shitcoins those influencers are promoting or advertising specially in Twitter.
Bottomline, it is all about the money. I remember Mcafee very well because as far as I remember, I promoted some of the projects endorsed by him. At that time, he was some sort of big deal that if he endorsed a certain project, the ICO stage will attract users' attention. But right now, he becomes the laughing stock of the community. I don't think there are still blockchain projects paying him to endorse them.

So even if the influencer is well known and popular, most of them are just being paid and don't know what they are talking about. Better trust your own guts and your own research
 

Ahmir

Member
Crypto Twitter is a toxic environment.You should stop paying attention to all the BS that's happening there.
All those "influencers" understand one thing.Most of the broke/desperate people fall into the "next shiny object" or "the next big thing" type of syndrome.Bitcoin is established for years and it's kinda boring now.You can't make 1000% profit overnight.With all those shitcoins/tokens it's different.The people have the expectation that the shitcoins/tokens will be the next big thing,therefore their price will explode and they will make 1000% profits overnight.ICOs,Chainlink,DeFi,etc... it doesn't matter.People just want another "shiny object".
 

Juan

Member
I'm not too worried about Bitcoin, because I believe everyone understands the difference between Bitcoin and altcoins, even if it's subconsciously - Bitcoin is a proper open-source project, just like Linux, while altcoins are more like startups, and startups are very prone to failure, especially the unregulated ones. And with time this understanding will only grow stronger, especially as scams like Chainlink will get exposed, so maybe it's all a net good thing
 
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