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Home Regulation

Bitfinex Trader Joe007 Explains How Anyone Can Become a Bitcoin Whale

August 29, 2020
in Regulation
3 min read
Bitfinex Trader Joe007 Explains How Anyone Can Become a Bitcoin Whale
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On Wednesday (August 26), “Joe007”, a former well-known pseudonymous trader on crypto exchange Bitfinex, decided to “disclose a little known yet simple and effective investment strategy that allows anyone to become a whale within reasonable timeframe.”

Joe077’s Bitcoin trading advice was as follows:

Just fuckin buy BTC when it’s way down and everyone and their dog barks about how it’s going to zero soon, and sell it when it’s way up and a boomer neighbor asks you for tips how to get into “the next bit coin”. Duh. (87/87)

— All “Joe007” signals·alerts·funds are scams (@J0E007) August 26, 2020

As you can see, this is a more colorful crypto-specific version of one of legendary billionaire investor Warren Buffett’s most famous quotes:

Be Fearful When Others Are Greedy and Greedy When Others Are Fearful

Someone (@jiang_ji_2999) pointed out that it is hard to what “everyone” is thinking about Bitcoin:

Once you lived through peak crypto hype once, believe me, you learn to recognize it.

— All “Joe007” signals·alerts·funds are scams (@J0E007) August 26, 2020




Another person (@Parakite4) criticized Joe077’s advice by saying that Buffett’s advice is hard to apply to Bitcoin since it is not easy to know when Bitcoin’s price is high or low:

Nonsense. Even if you lack ways to measure sentiment, you can always use historical return metrics as a first approximation. How about this ruleset:
1) SELL when your BTC position value increased 10x
2) BUY when BTC price decreased 5x from its top.

Simple enough for you?

— All “Joe007” signals·alerts·funds are scams (@J0E007) August 26, 2020

Another person (@_Stephen_M__) wanted to know how much Joe007 trusts Tether (USDT). Perhaps, surprisngly, Joe007 said that he holds some of his fiat currency in the form of USDT “as a hedge against banking system failure.”

Not gonna lie to you, counter-party risks are real, and even the most thorough due diligence isn’t 100% guarantee. Having said that, I hold a non-trivial share of my fiat purchasing power in USDT as a hedge against banking system failure.https://t.co/3EZQJkGCmV

— All “Joe007” signals·alerts·funds are scams (@J0E007) August 26, 2020

Featured Image by “12019 / 10259” via Pixabay.com

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.


Credit: Source link

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