CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • Fund
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$49,928.00
  • ethereum
    ETH$1,653.74
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    Home » Crypto News » The New McAfee: Dave Portnoy Forgets About Bitcoin and Starts Shilling Low-Cap Altcoins To His 1.7M Followers

    The New McAfee: Dave Portnoy Forgets About Bitcoin and Starts Shilling Low-Cap Altcoins To His 1.7M Followers

    Author: George Georgiev

    Last Updated Aug 17, 2020 @ 16:33

    Dave Portnoy’s enthusiasm for Bitcoin was shortlived. He’s now shilling small-cap altcoins and openly soliciting cryptocurrency pump and dump schemes.

    Less than a week ago, the influential legacy markets day trader Dave Portnoy, had a meeting with Cameron and Tyler Winklevoss – the founders of Gemini and well-known Bitcoin proponents.

    Even though he supposedly bought Bitcoin during their meeting, his enthusiasm for the primary cryptocurrency was shortlived.

    Now, Portnoy openly solicits cryptocurrency pump and dump schemes, shilling low-cap altcoin to his 1.7 million followers. Industry experts were quick to observe the similarities between him and what John McAfee was doing back in the ICO boom of 2017 and 2018.

    Dave Portnoy Openly Solicits Pump and Dump Schemes

    The poster child for legacy market day trading, Dave Portnoy, who recently met the Winklevii to discuss Bitcoin, is now well over it.

    Apparently, his new passion lies within low-cap altcoins such as Orchid (OXT). The cryptocurrency has a total market capitalization of less than $40 million. Despite being relatively unknown in the space, Portnoy is supposedly investing in it.

    “I’m now in on the shitcoin OXT. Orchids never die.” – He tweeted today.

    And while this might not sound much of an alarm, the video he shared with the tweet certainly is. Portnoy openly solicited pump and dump schemes, going so far as to say that he won’t disclose what cryptocurrency he buys before he does so that it doesn’t pump beforehand.

    “I got a new crypto that I’m interested in. I’m not going to say what crypto I’m interested in, until I’ve cryptonized it because I don’t want people to buy it before I do.

    The thing I like about pump and dumps in crypto is that it’s encouraged. I don’t do that on the stock market because there’s the “little SEC guys” … In crypto, you can pump and dump all day long.”

    In other words, Portnoy told all of his followers that he intends to dump his bags of whatever altcoin he might buy on them. And he did so as directly as he could.

    Understandably, industry experts such as the prominent analyst Satoshi Flipper took immediate notice of this, urging people to be extremely careful when buying “his shills.”

    Portnoy is going to get many followers rekt who blindly buy his shills. The guy doesn’t know anything about crypto. He just has a ton of followers.

    Just be VERY careful and understand what you’re getting yourself into.

    — Satoshi Flipper (@SatoshiFlipper) August 17, 2020

    Max Keiser Draws a Comparison

    Bitcoin Pioneer and frequent commentator, Max Keiser, also commented on the matter. He drew a comparison between what Portnoy’s currently doing and what John McAfee did back in the ICO boom.

    As predicted last week ADD victim Dave would forget about #BTC within minutes and immediately become a shitcoiner. @officialmcafee came very close to being jailed for this ‘coin of the day’ scam. Might still be. https://t.co/QN03vl2LaH

    — Max Keiser (@maxkeiser) August 17, 2020

    Back in late 2017 and the beginning of 2018, initial coin offerings (ICO) were popping every day. New altcoins flooded the market, and a lot of investors lost money, blindly following the advice of self-proclaimed cryptocurrency influencers.

    Back then, John McAfee started a series called “Coin of the Day,” where he would regularly shill an altcoin to his followers. The result was almost always a quick pump and dump, leaving many people with serious losses.

    Whether or not Portnoy will continue pumping small-cap altcoins is something we have yet to see, but there’s certainly a 2017-like vibe within the industry with the ongoing DeFi craze.

    It remains absolutely essential to do proper research on any cryptocurrency users invest in and never allocate more money than what they can afford to lose.

    Featured images courtesy of Time and Variety

    Enjoy reading? Please share:
    Facebook Twitter LinkedIn Telegram
    SPECIAL OFFER (Sponsored)
    Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

    PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

    You Might Also Like:

    • Dave_Portnoy
      Dave Portnoy Says Bitcoin is a Big Ponzi Scheme But He'll Be Back
    • Dave_Portnoy
      Barstool Sports' Dave Portnoy Dumps Bitcoin After Claiming a $25,000 Loss
    • punch_cover
      Bitcoin Dominance at 2-Month High: Disaster for Altcoins
    Read more on: Altcoins Bitcoin Dave Portnoy DeFi Max Keiser

    About The Author

    George Georgiev View more posts by this author

    Georgi Georgiev is CryptoPotato's editor-in-chief and a seasoned writer with over two years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn

  • bitcoin
    BTC$49,928.00
  • ethereum
    ETH$1,653.74
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    ADVERTISEMENT
    pionexb
    2local
    Bitcoin Editorials
    The Laser Eyes Meme: Not a Coincidence That This Marked a Local Top for Bitcoin (Opinion)

    The Laser Eyes Meme: Not a Coincidence That This Marked a Local Top for Bitcoin (Opinion)

    What Are the Risks of Governance Tokens? (Opinion)

    What Are the Risks of Governance Tokens? (Opinion)

    The Bitcoin Bubble Effect: Yes, We Are in a Very Early Stage (Opinion)

    The Bitcoin Bubble Effect: Yes, We Are in a Very Early Stage (Opinion)

    Will Bitcoin Price Rally Continue In 2021? 8 Key Considerations

    Will Bitcoin Price Rally Continue In 2021? 8 Key Considerations

    Ethereum 2.0 Staking on Exchange vs. Creating Your Node: What You Need to Know

    Ethereum 2.0 Staking on Exchange vs. Creating Your Node: What You Need to Know

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    About
    Advertise on CryptoPotato
    About Us | Contact Us

    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Cannabis Stocks News | Market Analysis
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!