• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Sensei Inu Logo Sensei Inu Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino
Breaking News: BREAKING: Three Arrows Capital Co-Founder Receives 4-Month Jail Sentence In Singapore
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino
Bitcoinist.com
No Result
View All Result
Breaking News: BREAKING: Three Arrows Capital Co-Founder Receives 4-Month Jail Sentence In Singapore
ethereum

Whale: Before the Next Bitcoin Bull Run, Expect an Altcoin “Extinction Event”

Nick Chong by Nick Chong
3 years ago
in Bitcoin Price, Altcoins
0

If you’ve looked into Bitcoin or cryptocurrency on Twitter over the past half-year, you likely know of “Joe007.” He is a pseudonymous BTC whale that, through Bitfinex’s leaderboard system, displayed he made millions of dollars trading a month.

After a two-month hiatus, Joe007 returned to Crypto Twitter last week. And he’s been quick to make striking and polarizing comments.

Expect an Altcoin “Extinction Event,” Bitcoin Whale Asserts

Altcoins have done extremely well over recent weeks and months.

The chart below from an industry data analyst depicts this trend well: since the start of the year, a majority of altcoins have actually outperformed Bitcoin.

Bitcoin vs. low cap, mid cap, and large cap altcoins chart shared by cryptocurrency trader Ceteris Paribus (@Ceterispar1bus on Twitter).
Bitcoin vs. low cap, mid cap, and large cap altcoins chart shared by cryptocurrency trader Ceteris Paribus (@Ceterispar1bus on Twitter, TradingView.com).

Yet this trend won’t last for long, according to Joe007. He wrote on July 3rd that his view is that a “s**tcoin mass extinction event will likely precede next Bitcoin rally. Make of it what you will.”

The Bitcoin investor made this response to a question from one of his followers about BTC’s dominance metric.

Joe007 is far from the only investor expecting a majority of non-Bitcoin cryptocurrencies to fail.

The chief executive of Bitcoin infrastructure firm Blockstream, Adam Back, in June asserted that there is only one cryptocurrency: Bitcoin. 

There’s also Jason Calacanis, a prominent entrepreneur and angel investor well known for investing in Uber, Robinhood, and Trello. He said on June 27th on the efficacy of altcoin projects:

“Historically, 99% of crypto projects are garbage run by unqualified idiots, delusional but below average founders or grifters… the 1% that are not, could change the world. I’m waiting for that 1% to deliver their product so I can talk to their customers. you got customers?”

As an aside, Calacanis is starting to become optimistic about Bitcoin after he claimed the asset could retrace to $500-0.

His Anti-Ethereum Skew

Joe007 has specifically targeted Ethereum over recent months.

Per previous reports from Bitcoinist, the Bitcoin whale branded decentralized finance a “Rube Goldberg machine where you never know which part fails or gets hacked next.” His comment came shortly after there was a series of hacks of DeFi protocols.

Yet this was far from the end of the investor’s tirade. DeFi is but another “marketing ploy” by Ethereum’s proponents, Joe007 added, calling blockchain-based finance applications useless:

“DeFi is nothing but just another marketing ploy by a shadow gang of snake oil salesmen behind Ethereum. It’s obvious they’re trying to create another ICO-like mania. With the same 0 real utility in the real world.”

The investor doubled down on his anti-Ethereum sentiment recently.

He wrote that “Ethereum narratives [are] shifting so fast,” referencing the newfound sentiment that “ETH is money.”

Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Whale: Before the Next Bitcoin Bull Run, Expect an Altcoin "Extinction Event"
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for many years now. My pieces and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

Terra Classic USTC

Resurrecting The Dead: Can This Terra Classic Proposal Send USTC To $1?

7 days ago
Altcoins

Altcoins In Turmoil: Top Analyst Predicts Challenges Ahead

1 week ago
Pro-XRP lawyer

Pro-XRP Lawyer Drops Bombshell Announcement About Ethereum

1 week ago
XRP Ripple price

XRP Price Down 46% Since July 2023 But Liquidity Up 50%, What This Means For The Token

2 weeks ago
Altcoins

Crypto Analyst Reveals The Best Time To Buy Altcoins

2 weeks ago
Arbitrum ARB

Massive Whale Selling Pushes ARB Price To All-Time Low, Primed For Reversal?

3 weeks ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit

Press Releases

  • Sportsbet.io Secures New Influencers for Ongoing Campaign

    2 mins ago
  • New Crypto Gem Ready To Upheave The Ethereum Staking...

    4 hours ago
  • 1B XRP Unlocked: Ripple (XRP) has more chances to grow than...

    5 hours ago
  • Solana (SOL) and Cardano (ADA) New Price Targets –...

    7 hours ago
  • Polygon (MATIC) and Polkadot (DOT) Breaking Trendline with...

    7 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.