I feel like I really shouldn't have to write this but...
I'm really tired of people buying into shitcoins that are being peddled indirectly by crypto influencers on social media. Youtube is the biggest source of crypto scams, rug pulls, and horrendous investment advice. I really can't fathom sitting and listening to BitBoy Crypto talk about random projects that pay him... Then think that it's going to make me money. I'm not going to target Bitboy specifically, but this Tweet by zachxbt really got me thinking even though it's pretty old. It's a look at Bitboy's crypto moonshot picks from paid youtube videos.
Getting a crypto influencer with thousands of followers to shill your token is actually very cheap. Getting one of his dedicated "review" videos to over 1 million youtube subscribers is only $40,000. This might sound like a lot of money, but think about the amount of money these scumbags are going to make by paying him to shill their tokens. It's honestly disgusting. I can't really fault anyone for making a living and if the way you do that happens to be doing paid reviews of shitcoins... It is what it is.
With that being said, it should be made overly clear that what they are presenting is a paid advertisement. Obviously for legal purposes, a lot of these youtube videos have disclaimers that it shouldn't be taken as financial advice and all that... But do you think people that are coming across one of these videos for the first time and learning they will be rich are going to read that?
He has quite the package of promotional offerings and clearly makes a ton of money doing this. The problem with it is that 99% of the people watching his videos do take it as investment advice, because he's calling these projects moonshots! Moonshots can be interpreted in a lot of ways, but to a newbie crypto degen, that means "I'm gunna be rich". So what happens when you take investment advice from your favorite crypto youtuber that is being paid to shill crap? You lose a ton of money. That's what happens.
Out of 100 different moonshot tokens that he was paid to shill to his subscribers, the majority of them are down over 50%. Some of them are down even 99%, and I'm sure some of them turned out to be complete scams. I don't have a ton more data, but do I really need it to point out that following investment advice from these people is stupid? I'd be curious to see the data on other big crypto influencers that shill projects like this but I'm way too lazy to do it myself.
This same exact thing happens every single day with NFT projects. They will pay influencers with free NFTs and massive amounts of cash to promote their projects. Again - the problem isn't necessarily people being paid to promote potential scams... Even though that sounds pretty scummy. They just need more disclosure and focus around making sure the viewers are doing research themselves instead of blindly investing.
Even cheaper than getting someone to shill your projects on youtube is Twitter. These people get paid thousands and thousands of dollars to tweet about projects. These are not the people to look to for investment advice or really any honest information at all. They are paid to promote, and therefore indirectly sell you tokens that may or may not be completely worthless. I wish I could say the bear market has slowed this down but... It kinda hasn't.
At the end of the day we all need to be doing our own research when considering investments. Realistically, you're one one of the more reliable sources of crypto information that exists right now, and it's called LeoFinance. Obviously everything here should not be taken as investment advice. Those users that are providing real valuable information, though... Those are the ones I'd be following for opinions. 99% of them are genuine and they are not being paid by the projects.
I'm not saying crypto influencers are bad people. I'm just saying there needs to be a little more emphasis put on the fact that they are just paid advertisers at the end of the day. Don't be sheep. Do some reading on LeoFinance. I guarantee you'll get more valuable information to make better investment decisions here than on youtube or twitter.
Article written by: @l337m45732 AKA 0xNifty.nft
Posted Using LeoFinance Beta
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So true, there is only so much you want to really listen to from these influencers. And You have to be extremely careful about what you act on based on what they're presenting.
Experience is all you can go off of in certain parts of web3. Blindly following people can get really y ugly really fast in web3
yep, all facts here.
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it's hard getting to grips with crypto that's why the smooth brain newbies are so easily duped by apparently credible influencers
smooth brain newbies hahaa
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they get brain "wrinkles" as they gain experience :P
The best influencer to look out for is the gayshittoken Master Sir. Bro @trumpman, the one shiller of highly explosive tokens.
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i agree 420%, FART token to the fuckin moon LFG!
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I follow Coin Bureau, DataDash, and Into The Cryptoverse Youtube channels. They mainly make market analyses. Do they make the right predictions? Not at all. Hence, I have to admit that I have learned some stuff from them.
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Yeah those are some good ones for sure. Anything is better than Bitboy lol
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You shouldn't have to write this... but you do.
Too many people have warped views on both the type of business that crypto influencers run and their motives for running them.
The bottom line is that they're not doing it for the idealistic views that they may preach.
They're doing it to build money for themselves.
Don't forget that.
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Anyone who takes these so-called "influencers" seriously, deserves to lose all their money they risk. No understanding of risk or speculation, let alone referral fees
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