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.
Can you play #DeFi quazi-ponzi games without losing your pants? You can, if your timing is right & you follow your plan paying no attention to their peddlers’ bullshit. A better question is: can you move through sufficiently large funds before the scheme’s inevitable exit-scam? pic.twitter.com/BTaofVkzV3
— ʲᵒᵉ🕶️7 (@J0E007) August 2, 2020
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.
Noobs come into crypto space, attracted by idle curiosity, distorted info about “blockchain technology” or get-rich-quick dream. Mostly it’s the latter, let’s be honest. pic.twitter.com/ByeOqJq7bv
— ʲᵒᵉ🕶️7 (@J0E007) January 1, 2020
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!”
