Bitcoin Whale Warns Crypto Newbie Traders

The crypto market looks great today with most coins trading in the green. Bitcoin is no exception, and the king coin is priced at $11,909.39.

Massive losses are coming to new crypto traders

Now, it’s been revealed that a popular Bitcoin whale who is building a reputation for going against the grain said that heavy losses are coming to new crypto traders.

Joe007 is mentioned by the online publication the Daily Hodl and he told his followers that DeFi would probably follow the path of many ICO tokens.

In order to highlight this idea even more, he retweeted the warning issued by Synthetix founder Kain Warwick.

“DeFi is early and dangerous. We have all kinds of risks: hacks, bugs, scams, centrisation[sic], manipulation, front running the list goes on.”

Joe also made sure to say that DeFi is a quazi-ponzi scheme that will end with a lot of exit scams. He said that he’s already made a lot of money in a DeFi coin,  but he does not support the promotion of coins that have little or no fundamental value to new investors.

On  Twitter, he addressed the fact that new traders will dive into small-cap coins because they are so easily lured by the promise of massive outcomes.

He also said: “Cursory research confirms “mad gainz to be made in crypto” but also leads noobs to believe they are late to the party and “missed Bitcoin”. How much? More than a dollar?! Crazy! Hundreds of dollars?! Impossible! Thousands?! GTFO!”


Companies Mentioned

CoinMarketCap
CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

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Eduard Watson Author

An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.

2501 Articles

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