Altcoins have seasons, but when short term pumps are marketed like long-term innovations, you have to take real stock of the project and the shill behind it. Elliotrades has outed himself as Bitboy 2.0 — a complete and total sell-out who is bad for your portfolio. Learn from my mistakes and stay far away from this liar and everything he shills.
My experience:
When I first started in defi, like most people, I wanted the lazy way out. I heard about the big gains, and I wanted to find shills who could direct me quickly to those gains. So I found Elliotrades and started putting money into things that he shilled. This was before I found out he was a shill. I thought he really did research and looked into projects. Nope. What he does is take partnerships under the table and get paid to talk positively about projects.
Two of the projects he shilled, Mantra Dao and Rio Defi, I remember quite well. I remember them because of the voice in the back of my head that was warning me against investing in this garbage. I don't know exactly why, but my instincts in defi were not wrong even with no experience. I have traded traditional markets for years, so I do have a bit of perspective.
But yeah, I went in on both of these projects because of Elliotrades. Yeah, yeah, DYOR. But if that was an excuse, then why make shill videos at all? If everyone is supposed to be DYORing, then shill videos should be regulated out of existence as illegal. The only reason to listen to shills like Elliotrades is because they are supposed to have an inside perspective that you don't, because project teams get in touch with them directly. I do believe that the Mantra Dao/Riodefi team got in touch with Elliotrades, but the conversation was a bit different than you might imagine.
First of all, go take a look at who's doing outreach for Mantra Dao. It's this super hot Asian chick. You can bet that Elliotrades, as a pimply faced White incel gamer, probably had something on his mind besides mantras when he got that phone call — as in a nice "meeting of the minds" at next year's blockchain convention.
By the way, Mantra Dao and Rio Defi are ran by the same people. Elliotrades declined to prioritize mentioning that.
So anyway, Mantra Dao marketed itself with an 88% APY staking reward in August and September. I went in, thinking that even if the price dips a bit, I'll have more coins and I won't mind waiting on development. Come back to the website in December, and the staking reward is gone. What's more, the Mantra Dao token has migrated into a version 2. If you want to continue supporting and getting the staking reward, you have to go through the expensive process of migrating. That means ETH fees (last time I tried to migrate, it was USD$161). Oh yeah, the new staking reward is only 27% APY.
I'm not even going into the other coins he shilled that are performing horribly right now. Elliotrades is using his channel as his own personal pump machine. The only gains that happen in the coins he shills is right after his video comes out. For those in the cheap seats, here's the slow version:
- Elliotrades gets free coins for shilling
- He shills in a video
- His audience pumps the coin price
- Elliotrades sells his position
- The coin dumps and stays down
Elliotrades is officially dead as a legitimate source of information on defi or altcoins. I advise you to stay away. Also, if you see the names Calvin Ng or Stephane Laurent Villedieu (Mantra Dao/Rio principals) attached to any project, I'd think twice about investing there.
-------------------
