Portnoy vs The Chairman
To the dismay of many cryptocurrency investors, including the famous Wall Street Bets Chairmen, Barstool CEO Dave Portnoy has decided to back SafeMoon in the crypto arms race. The drama unfolded today on Twitter for the world to see the two powerhouses go at each other.
There’s a lot of angles to this, so let’s try and navigate them. First, if you don’t know who the Chairman is, he is basically the guy that was partially responsible for the GameStop stock fiasco that happened just a few months back. While some people got rich from the GameStop situation, what it mostly did was bankrupt massive venture companies and expose how rigged the system is.
We also have to understand what exactly SafeMoon is. Like Dogecoin, SafeMoon is a cryptocurrency and has only been around for a few months. SafeMoon was created to try and curb the volatility of other crypto and rewards users for holding on to their purchases rather than trying to make a quick buck. Dogecoin has had such a similar spike and fall, rising up to over $.70 and falling down as far as below $.40 all within the span of a few days.
It’s not just the WSB Chairman that Portnoy has pissed off. Other big Bitcoin and Doge investors, like David Gokhshtein and Ben Baller, are also apparently angry with Portnoy and has thrown his support behind the Chairman.
The Crypto War Has Begun
Like with most people, I’ve gotten into the crypto craze. I own a lot of Doge, so I will obviously root for doge to succeed. Portnoy is free to do whatever he wants with his money, and while David and WSB Chairman are upset with Dave but haven’t given any reason why, there are some red flags. This article by Investor Place is a good one that goes into more detail about SafeMoon than I could here.
To summarize, some big crypto investors and investor groups are calling SafeMoon a Ponzi scheme. There is little to no information about the future of the currency and its creators have focused more on the number of people buying the currency rather than sharing plans for increased growth. SafeMoon’s market share is well below even that of Doge, and the over-burning of the currency is possibly leading to people not being able to buy in and the price dipping.
Let me also state that I am not a crypto expert. I’ve learned more about crypto the past few months than I ever have. I’m still an rookie at all this. But a war between two of the most influential crypto pushers on the market is big. Portnoy is putting $40,000 into his new investment. That’s more than what most people make in a year, so we know he’s not messing around. The Chairman has a lot of stake in Bitcoin and Doge, so obviously he will be wary of anything new.
What Side Will You Choose?
Now, Dogecoin was also considered as a scheme. Investors in the business call it “rug-pulling” in which the product is built up so its value rapidly increases, then the top holders sell all their shares at once at max price and crash the value. But people like the Chairman have proven those haters wrong and Doge is still holding well. Maybe people are wrong about SafeMoon? I’m not sure. But the crypto war has started and people are taking sides. People upset with the Chairman are threatening to sell all their Doge. Things could get ugly. All I know is that this will not end pretty and some will get burned. Such is the nature of such things.
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