Dave Portnoy Buys SafeMoon, Says He Doesn’t Know Why
The founding father of Barstool Sports activities, Dave Portnoy, has launched a video the place he picked SafeMoon as his sh*tcoin of selection. Portnoy stated he bought $40k price of SafeMoon as a hedge towards the fragility of Bitcoin.
My shitcoin announcement. Make investments at your individual threat. I do not know how this works pic.twitter.com/G1iW8iZTWG
— Dave Portnoy (@stoolpresidente) May 17, 2021
Nevertheless, widespread crypto YouTuber Lark Davies continues in his calls that SafeMoon is a Ponzi scheme. A month in the past, as SAFEMOON was blowing up, Davies posted a tweet wherein he likened it to probably the most notorious rip-off in crypto historical past, Bitconnect.
Dave Portnoy Diversifies Into Alts
Portnoy is finest referred to as the founding father of the sports activities and popular culture weblog Barstool Sports. However he started gaining recognition for live-streaming his inventory trades.
Slightly underneath a yr in the past, Portnoy crossed over into the world of crypto by asking the Winklevoss twins to show him about BTC in a stay stream.
In February, he exited his Bitcoin place earlier than it pumped to $51k, lacking out on the good points in consequence. He responded by venting on social media, saying he won’t ever rebuy Bitcoin.
“I’m by no means shopping for Bitcoin. By no means by no means, I don’t consider a factor about it. However I do suppose it’s worthwhile, and I feel there’s sufficient steam that it might simply proceed to go up eternally. However I don’t purchase the underlying junk behind it.”
Regardless of that, Portnoy did purchase again into Bitcoin.
Extra just lately, he has turned his consideration to alts, which is, as he claims, a response to the Elon-FUD of the previous week. In a humorous video, the Barstool President narrowed down his selection of alts to 6, ultimately asserting SafeMoon as his choose.
“It’s time for me to decide on a aspect, and I’ve carried out that. Right here we go, DOGE, ASS, Litecoin, SafeMoon, SHIBA, HOGE. The brand new breed of sh*tcoins, and I’m going to choose one and I’m going to turn out to be the chief. I’ve already bought $40,000 of the CoinA coin is a unit of digital worth. When describing cryptocurrencies, they’re constructed utilizing the bitcoin expertise and haven’t any different worth not like tokens which have the potential of software program being constructed with them.
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Davies Warns Off Investing In SafeMoon
As “chief” of SafeMoon, Portnoy stated he wouldn’t promote within the close to time period. Including that he’ll “experience it to the stratoshpere or hell on earth.”
Nevertheless, Portnoy’s analysis strategies depart quite a bit to be desired. On justifying his selection, he stated it might be a Ponzi scheme. However he likes the phrase moon.
Extra worryingly, he recommends getting in now, saying it’s the early consumers that stroll away in revenue ought to SafeMoon collapse.
“Why? I don’t know f*cking why, it might be a Ponzi scheme. I just like the phrase moon as a result of that’s the place I need to go so I’m shopping for SafeMoon. I additionally like how each f*cker is promoting on the market, you get a ten% penalty that disperses 5%… Ponzi, Ponzi, Ponzi. It’s early, if it’s a Ponzi, get in on the bottom flooring…”
In response to the video, Davies accuses Portnoy of selling a Ponzi scheme.
“Paper arms Dave is now selling the #safemoon ponzi scheme…. yeah, that’s about on model for him.”
Davies concedes that individuals could have made cash on SafeMoon. However the state of affairs isn’t any totally different from Bitconnect. Again then, individuals who referred to as out Bitconnect had been attacked. However when the rug pull got here, most misplaced out.
Supply: SAFEMOON on CoinGecko.com