Dave Portnoy lost his wallet key and lost $ 50 thousand BTC.
Tailor talks about his loss in the Pomp Podcast
Barstool Sports founder considers Bitcoin a Ponzi scheme
Portnoy believes that the crypto market lacks a solid fundamental base
International consortium of news organizations developing transparency standards.
In 2017, the founder of the sports blogging platform Barstool Sports, Dave Portnoy, lost $ 50,000 of bitcoins after losing the key to the hardware wallet that held the coins..
Dave Portnoy spoke about this the other day in Anthony Pompiliano’s podcast, where he also said that during the 2017 bull market he bought $ 14,000 bitcoins and sold them for $ 16,000..
In a conversation with Pompiliano, the founder of a sports blog, who is now moonlighting as a stock market trader, did not choose words when describing his vision of bitcoin, which, in his opinion, is nothing more than “one big Ponzi scheme”, where every market participant tries not to stay with nose.
Loss of $ 50,000 bitcoins
After joining the 2017 bull market, Portnoy bought bitcoins “at $ 15,000- $ 16,000” worth $ 50,000. According to him, the founder of the podcast Tales From the Crypt Marty Bent helped him make the purchase, who gave him the key to the hardware wallet on which the funds were stored..
Later, the Tailor lost the key, as a result of which the bitcoins that were in the wallet were irretrievably lost..
Recalling this incident, Portnoy noted that, given the current bitcoin rate, his investment from three years ago would still be unprofitable, even if the keys were not lost. According to him, the main problem with Bitcoin is that movements in the cryptocurrency market cannot be explained or predicted..
Based on his experience, he believes that there is no rationality in bitcoin, and he has no idea which direction the course will go at one time or another..
“One Big Ponzi Scheme”
The overall impression of the founder of the sports block about bitcoin and cryptocurrencies is formed from the realization that this market does not have solid fundamental realities. Frustrated with his investment in digital assets, Portnoy said:
I understand how you characterize bitcoin for yourself. For me personally, this is just one big Ponzi scheme, getting involved in which, each of you only thinks about not being left with your nose. In fact, the same thing happens in the stock market. Everyone will pump their own coin.
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