The fall of FTX was surely unpredictable for most people. However, did you know that Bitboy crypto youtube channel had predicted the event far before the incident happened. While most influencers are somehow trying to convince their followers to start a market movement, this one seems ahead of the whole game. Over 6 weeks prior to the shocking news, the youtuber posted a video about his opinion about particular crypto coins. He talked about his reasons to remove FTT from his portofolio while it had pretty good market value. He elaborated on the five categories he uses to assess coins: team, community, use case, philosophy, and tokenomics. He discussed particularly about FTT and Solana, focusing on the philosophy aspect. He talked about how those coins and Chuck Summers were in the same boat to disrupt decentralization and crypto, even calling the coins “evil”.
As a crypto influencer, Bitboy exposed the shady practices of exchange platforms, including FTX. He told his followers about how the platform made a listing of coins even before they were launched publicly. The platform gave the exclusive chance for their investors to inflate the market value of the pre-launched coins. Once the project was made public, retail investors became the victim of the inflated initial market value, which then dumped. Bitboy crypto youtube channel also exposed how the FTX conspiracy with Alameda Research started without the public knowing. The influencer talked about how Alameda Research was used to shape the future of crypto by gaining influence with policy makers and short projects. Such features were made certain by giving their early supporters an almost certain chance to make money. By only providing information to a certain group of early investors, they are already secured of competition. This way, thousands of retail investors wouldn’t get the chance to set foot into pioneering the coin. In the end, instead of making money with their investments, they have to buy the coins with the elevated price.
To avoid such a scheme, you can try to visit crypto launchpad platforms. These platforms are ecosystems built as a preparation place for coins before entering the market. You can also check their whitelist and other details before you decide if you want to invest in the pre-launched coins or not. Visit kommunitas.net and see if there are any upcoming crypto projects that might interest you. After you assess the assets, you can choose to put some money into the project and gain profits once their value increases.
Even though crypto influencers like Bitboy crypto youtube channel could help the beginners to be educated, in the end, they also have weak points. In this case, Bitboy admitted his mistakes in doing paid promotions for several projects. He thought that as an influencer, doing such action could affect his followers’ action which then resulted in market value fluctuation. However, he did announce his apology in a video and since then, he only reserves to education and news. So, besides depending your decisions entirely on influencers, it would be better if you learn the market by yourself.