Crypto-Influencers: An Honest Review
Today i won't talk about any movies, series or anime even though i am still watching at least one episode per day. Today i want to talk about something more serious. In a way, this is both a review and a writing, and hopefully, it will help some of you guys along your crypto journey.
To begin with, i am 4 years involved with cryptos even though i knew about their existence way before. On that journey i made mistakes, i lost opportunities but mostly i was watching carefully from everyone's point of view. We are on a social media platform after all!
During the pumps in prices, something similar to what we face these days as well as 3 years ago, we can see many common patterns. One of those is crypto influencers, you know all the guys that are telling you to buy certain coins and giving financial advice.
There are 2 big categories, in my opinion, the first one is people like Elon Musk, who was shilling bitcoin and dogecoin. He managed to increase dogecoin's value by nearly 1000% if I am correct, from under 1 cent to 8. He also did the same for btc and its value increased quite a bit 10%-20%, having close to 50 million followers helped a lot!
As i say this is the first category because the guy not only manipulate the markets but he bought 1.5 billion of btc showing his support in a way. We don't have to make him a savior or follow him blindly though as we don't know how much he had invested in both coins prior to his tweets.
The second categories are famous or not-so-famous celebrities or crypto celebrities that are promoting certain coins to their followers. Most of the time the coins that are promoting are altcoins that i have never heard of before. Given the fact that i have heard them before, is a sign for me that they don't have actual value but let's pretend that's not the case but instead i may have missed an opportunity.
Do you see any of these influencers know how the coin is used, what it offers, stands for, and do they have any? Those are the questions you have to wonder because trust me the majority not only have no clue of what they are promoting but they don't hold any.
Then why are they promoting these altcoins?
The reason is quite simple because they are getting paid for it! Many people behind some altcoins are paying a lot of money to those influencers in order to promote their coins even though they may not have actual value. Thus many people that are following blindly these influencers will lose their money and blame crypto as a scam.
Back in the Steemit pump, even i was told to promote a random coin and i only had 1500 followers. They were willing to give me 30$ for it, i know not much but it was 30$ to simply copy paste a post that they would give me. Instead, i chose not to do it, because i didn't want even a single person to buy something that i wasn't certain of. This coin doesn't exist now, as you can imagine!
To close this, don't trust the crypto influencers blindly and do your own research first! That was today's writing and review on crypto influencers and i hope you liked it and learned something from it!
