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Bitfinex former trader Joe007 explains great strategy to be a bitcoin whale

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Joe007, a former well-known trader on the Bitfinex crypto exchange, has decided to publish a little-known but simple and effective investment strategy that will allow anyone to become a BTC whale within a reasonable timeframe.

Bitfinex former trader Joe007 explains how anyone can become a bitcoin whale
image source: SomagNews

Former trader Joe007 advised how to become a BTC whale

Joe’s advice for BTC trading was as follows:

Just fuckin buy BTC when it’s way down and everyone and their dog barks about how it’s going to zero soon, and sell it when it’s way up and a boomer neighbor asks you for tips how to get into “the next bit coin”.

As you can see, this is a more colorful crypto version of one of the most famous quotes from billionaire and investor Warren Buffett:

Be Fearful When Others Are Greedy and Greedy When Others Are Fearful

One person (@ Parakite4) criticized the advice, claiming that Buffett’s advice was difficult to apply to Bitcoins because it was not easy to know when their price was high or low:

That doesn’t work with btc, cause with stocke you can analysis of value of stock and arrive at “true value”. btc isn’t a stock,so can’t can’t *tell* when its high, or low. Going up/down it does everyday.

And answer?

Nonsense. Even if you lack ways to measure sentiment, you can always use historical return metrics as a first approximation. How about this ruleset: 1) SELL when your BTC position value increased 10x 2) BUY when BTC price decreased 5x from its top.

Trader believes that Bitcoin is currently too volatile to adopt a buy-and-not selling approach. Joe007 also says that bitcoin halvings will be less important from cycle to cycle.

Halvings may have served as a major factor in the imbalance between supply and demand in the early cycles, but over time, changes on the demand side will play a much bigger role.

Another person (@Stephen_M_) wanted to know how much Joe007 trusted Tether (USDT). Perhaps surprisingly, Joe007 said he held part of his fiat currency in the form of USDT “as collateral against the failure of the banking system.”

USD in a bank account is also at risk (e.g. bank becomes insolvent). For smaller amounts there is some form of deposit insurance, sure – but not for me. When financial crisis looms, USDT might actually be a safer bet.

The 10x / 5x strategy is naturally a little trickier to implement, so be prepared to sit back and control the market. The former Bitfinex trader concluded by saying:

Yes, you’ve already missed your best entry for this BTC price cycle. But, that doesn’t mean throwing money into random shitcoins.

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