I don't know exactly how it got the distinction, but the Bitboy YouTube channel is one of the most popular online hangout spots in crypto. Love him or hate him (and I hate him), everyone in the crypto space knows the name Bitboy.
There's nothing wrong with knowing the name, but there is definitely something wrong with attributing too much authenticity to it. Bitboy and his class of shills will quickly relieve you of your crypto holdings if you don't know what you are doing. His advice is useful under certain circumstances, but those circumstances are VERY few and far between.
The Bitboy logo....Steer clear unless you know what you are doing.
Why Bitboy is Bad for Your Bitcoin
Bitboy comes from a class of crypto investors that has already made tons of money. Give credit where credit is due: The class of 2016 and earlier had the foresight to invest early enough to catch huge profits during the mania of 2017. I'm not exactly jealous of this class, as I'm a part of it. My first BTC purchase came in 2016, but I did not catch the first defi/altcoin wave, which is what really made those guys rich.
Believe it or not, there is nothing to be learned from this class of investors. Yes, they were early and made a fortune. They can't tell you anything about how to replicate that success, because the market conditions that created it will not occur again. Crypto has plenty of upside, but if you're expecting a 100X market in 3-4 months like what made Bitboy rich, you're about to be gravely disappointed.
Bitboy's entire audience is waiting on him to give them the keys to another 2017 mania. It ain't happening. This doesn't stop Bitboy from shilling a new coin every video, selling the dream to his audience from an ivory tower. The Class of 2016 is playing with house money. They can't lose. They are making more money partnering with up and coming projects than they are investing.
The New Crypto Wave
Bitboy himself admitted to being unable to figure out yield farming, the staple of defi's new wave. When he finally found a profitable yield farm, he immediately shilled it to his audience as if it was the next millionaire maker. What he didn't tell his audience is that the 60,000% APY that he got from getting in on the first 30 minutes of the farm had shrunk to 9000% by the time his video was published. This is the game with all "degen" yield farms. Because the yield is calculated algorithmically, all farms have abnormally high APYs for the first few minutes. That APY falls drastically during the first few hours and levels off with a day or so of publication.
Another thing that Bitboy didn't tell you is that he likely received word of the farm's opening beforehand, which is how all experienced farmers make money from degen farms. Because he is known as an influencer, it benefits the farm's owners to give Bitboy access first. Early farmers can ROI out of the farm quickly, and by the time the APY drops to four digits (if you enter now without the benefit of the early 5 digit APY, you'll get rekt), they are already safely in profit.
The Secret to Winning Crypto
When I heard Bitboy's naive treatise on yield farming, I realized I was dealing with a lucky shill rather than a real investor. Bitboy will never tell you the secret of crypto that is true regardless of the investment's form — early investors with big money get the lion's share of the profits. Whether you are investing in a coin, farming yield or staking, you need to be first, go in big, and get out when the first wave of retail investors goes in.
This market will not last forever. As crypto matures, companies will be forced to deliver on their whitepapers and promises. The prevalence of IEOs and yield farming means that we are still in the distribution phase of crypto. Companies are incentivizing investors to participate in distribution in order to ensure viability during a project's later stages. Right now, however, money is made in speculation. This is one big reason that Bitboy hasn't been called out for his awful investment record and unsophisticated rants on yield farming — everything is speculation. If a company goes down, all an influencer has to say is "DYOR" and he's off the hook for whatever he said before.
The bottom line: Don't listen to influencers like Bitboy for fundamentals when we are in a speculative market. The way to use Bitboy and all influencers is to use them as self-fulfilling prophecies. When they shill a coin, you can expect the audience to pump that coin for an hour or two after the video comes out. You can also expect a quick selloff after that. If you get in on the first hour or two of a pump, you have a chance at profit. Later than that, you're too late. Wait for the next one.
