If you are new to the crypto world and are understandably feeling a bit lost, the modern way would be to turn to YouTube.
When you see BitBoy Crypto, a man with 1.46 million subscribers at the time of writing, you might feel that this is a great place to start since someone with that audience is unlikely to partake in anything underhand, isn’t he?
Despite his incredible online presence and respect in the industry, we will explain why he is a complete fraud and how the evidence to support this claim is overwhelming.
Imagine telling everyone that they should invest in a project, knowing that it would have zero value in weeks or sometimes even days. Well, if you have no moral backbone, you might want to consider partaking in a pump-and-dump scheme.
These types of get-rich-quick schemes have existed for a long time, but they have become rife due to the nature of crypto. Because many real-life crypto projects have turned people into millionaires quickly, many everyday folk want to get a piece of the action. Influencers like BitBoy Crypto are very aware of this and have often used it to their advantage.
On his channel, he has promoted several projects (altcoins) that he claims will be 50x or 100x in the coming year but happen to go on to be worthless in a matter of weeks. If this happens once, we can accept that bad judgment might have been a factor, but if it happens several times, it is clear that he doesn’t partake in the due diligence necessary. Or even worse, he accepts the quick buck knowing his viewers will invest in something, resulting in them losing all their funds. Watch the video below to gain an understanding of how these pump-and-dump schemes operate.
You may have previously seen the article featured on our website about the problem of fake gurus taking over the internet landscape. To summarize, there is a section of the internet where influencers prey on people’s desire to get rich quickly. Real influencers with integrity give a nuanced picture of the landscape of betting, investing, or, in this case, crypto. While people like BitBoy Crypto prey on those most vulnerable.
One word that should be forbidden in any form of investment is ‘guarantee.’ If you ever see a video where someone is claiming that a coin/project will 50x in the next few years, then this should go someway to labeling them as a fake guru. If someone is preaching the fundamentals of the project while stressing that such investments are a financial risk, then it is far more likely that these people are being genuine.
Anyone who has spent time on YouTube or even thought about making it in the world of social media will be aware of a few truths. First, informative content isn’t always the most engaging content.
In the past, I have often referenced that nuance doesn’t get views, and this theory couldn’t be more fitting than in the world of influencer Crypto. Every video has a ridiculous clickbait thumbnail that gives the impression that something is occurring every day. This creates an atmosphere where people feel they must act now or it might be too late.
The Moon is another YouTuber who makes 25 predictions per day and conveniently only remembers the ones he predicts correctly. Both of these YouTubers rely on people coming to their channel in the hope of finding a golden ticket instead of giving out genuine free information, which is how they promote themselves.
At one point, if you wanted this honorable man to promote your project on his YouTube channel, you had to pay the reasonable price of $35k. For those who are not so good at picking up subtly, there is a hint of sarcasm in those words.
Fans were in disbelief when this influencer’s prices were leaked to the public. This should shed some light on why he feels so many coins are sure to do 100x this year!
He responded to these accusations by saying he and his team vet everything and reject 99.9% of offers. Even if this were true, his vetting skills would be well off since he has let some outright scams fall through the net. These videos are also no longer available on his YouTube channel.
Sam Bankman Fried set up FTX, a crypto exchange site, in May 2019, and it appeared to be hugely successful. Unfortunately for investors, this business was built on the foundation of sand as millions lost money.
Despite promoting FTX for years, BitBoy Crypto, now the cape crusader responsible for saving the reputation of crypto, traveled to The Bahamans, where the FTX founder was staying, for the time being, free from answering any questions with serious legal consequences.
He is correct in saying that Sam Bankman Fried is a conman and deserves to be in jail along with his accomplices. But considering BitBoy’s history, is he the man you want leading the morality brigade?
Despite being called out so many times for preying on viewers, he still has a loyal following who clearly don’t view him as we do. This can be attributed to the general public’s ignorance regarding investing. Most would turn their nose up to a few % annually without realizing that any return should be regarded as hugely positive. Plus, the money you could make from his predictions could change your life overnight.
It would be good to end by sharing this video by poker star Doug Polk who has down some great content in taking down the very worse of the crypto industry.