In a series of tweets, anonymous trader Joe007, known for placing big bets on the Bitfinex crypto exchange, explains why he believes people will eventually lose interest in the second largest cryptocurrency. The whale says that in the long run, companies that build Ethereum will likely look for alternative platforms with lower transaction fees.
“Neither of them need or use ETH other than fees. As the fees get too high, so does the incentive to ditch Ethereum for something else. ”
He believes that Ethereum as well as Bitcoin Cash (BCH) will not return to their all-time high, as traders who are easily persuaded and looking to make a quick buck will turn their attention to new altcoins.
Joe007 is also a decentralized finance (DeFi) critic, describing it as a marketing campaign.
The reasons are many, how about this one. DeFi projects are riskier than Ponzi projects. In addition to the expected exit scam of the project founders, they can be hacked unexpectedly by external actors. https://t.co/L6lj6v4DVJ
– ʲᵒᵉ🕶️7 (@ J0E007) July 19, 2020
Although he is bullish on Bitcoin for the long term, Joe has not made any predictions on where the price of BTC might go.
“Bitcoin is more than just a currency. It’s a completely new social technology: self-sovereign non-political non-confiscable extra-hard money. I expect this to precipitate humanity’s transition to a whole new economic and social order that will slowly emerge over time.
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Image en vedette: Shutterstock / Art Furnace