Bitfinex Whale Says That Ethereum Staking Is A Trap

Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic
  • Renowned Bitfinex whale, Joe007, said Ethereum staking is solely a marketing ploy that is meant to lure the greedy ETH retard plebs into the useless 2.0 upgrade and trap their Ethereum forever.
  • Bitfinex whale concluded that just like any other Ethereum scam, ethereum staking is also wicked and clever. 

In a recent tweet by a renowned Bitfinex whale, Joe007 has commented over the staking of Ethereum. He has said Ethereum staking is solely a marketing ploy that is meant to lure the greedy ETH retard plebs into the useless 2.0 upgrade and trap their Ethereum forever. 

On the other hand, the Ethereum insiders, whales, and the foundation ETH group will unload their pre-mined riches of ETH 1.0 without any retail competition. Premining is referred to as the storing of the cryptocurrency for a particular insider group before its initial coin offering (ICO). Lastly, he concluded that just like any other Ethereum scam, ethereum staking is also wicked and clever. 

His tweet was a response from a tweet by Tyler Durden, who had questioned the crypto community that if he wanted to stake Ethereum, how many he would need, and at the end, is it even worth it. 

What is Ethereum Staking? 

Ethereum Staking is a procedure in which the investors lock up a specific amount of Ethereum in its wallet so that they are eligible to participate in its blockchain operations and, in return, may gain many rewards. Anybody can participate in the staking through the means of the Proof of Stake consensus mechanism, which will be implemented in the Ethereum blockchain in its latest upgrade ‘Serenity’ or most commonly known as Ethereum 2.0.

Staking allows you to participate in your favorite blockchain, and apart from this, the main objective is to generate an income from the stored crypto. However, in the case of the market crashes, the users won’t be able to withdraw the cryptocurrency from the wallets and use them for trading. 

Ever Since His Return In Twitter, Joe Has Been Providing Useful Insights

Joe007, the Bitfinex whale, has been very active on Twitter lately. Just when Bitcoin had reached the $10000 in early may, Joe had quit Twitter, saying that he was trying to safeguard his transaction as well as business confidential. Ever since his return to the social media platform, he has spread valuable information about the cryptocurrency industry. 

Joe has also commented about Ethereum 2.0’s release date. He said over a tweet that he was not all surprised at the fact that Ethereum 2.0’s release dates have been delayed. He further added that he would be surprised if the Ethereum developers delivered anything but empty promises. Joe has a negative inclination towards the Ethereum Blockchain.

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