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Early Bitcoin and Ethereum Whale Says He’s Bullish on This Obscure Altcoin


Source: Daily Hodle

A long-time Bitcoin and Ethereum investor is sharing his strategy for finding promising new projects while shining a spotlight on one asset that meets his rigorous standards.

The pseudonymous trader, known in the industry as Tetranode, says the small-cap project Olympus Finance (OHM) has checked all his boxes and captured a small portion of his crypto portfolio.

In an interview with UpOnly, the crypto whale explains why he is so bullish on the platform and adds that he is also advising the Olympus team to help them avoid exploits and to improve their tokenomics.

“Olympus Finance, it’s the new experiment in algo stablecoins 2.0, so unlike Fei Protocol (FEI) I don’t believe it’s going for partial collateralization… It’s going for a fully backed reserve. So every single OHM is backed by at least one Dai, so there is a floor that you can count on.

The OHM token is supposed to be sort of a floating/quote unquote stable coin where you can count on the value staying relatively stable compared to ETH. So I have a small investment in there so I’m giving the founder some input into some things like their tokenomics and certain exploits they might be vulnerable to.”

Currently OHM holds a roughly $53 million market cap and is trading at around $668. If the project is successful, holders who stake and provide liquidity for the token could reap the rewards.

Tetranode notes that when evaluating newer projects, he steers away from those that have large venture capitalists involved, and looks for the projects that have a strong network of supporters.

“I would say non-VC involvement is the first thing [I look for in a project], like grassroots involvement starting out. Just relatively good relations with the community and the ability to listen and the ability to evolve. It’s hard to quantify, but I know it when I see it because I have a rock solid foundation on how the entire [process] works, all the way down to the consensus assumptions on the blockchain. So it’s really easy for me to cut through the marketing and get through to the heart of the matter.”

The veteran trader says that in order to gain a broad and in-depth understanding of each project, he investigates its use case and from there breaks down how the technology functions on a molecular level. Tetranode utilizes this careful process in order to determine how he will participate in various projects from Bitcoin, to more novel projects like Olympus.

“Always approach things from the principle. Always approach it from the atomic level, understand it from the basics. So you go in and you ask, ‘What’s Bitcoin?’ Bitcoin is internet money which cannot be changed and cannot be reversed. So you have to ask yourself, ‘How can it not be reversed?’ It cannot be reversed because there’s a consensus system working. How is it irreversible… and so you keep diving down until you grasp like the first principle and then you can view everything with a very clear eye and that’s how you make rock solid decisions without any doubts in your mind.”


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Featured Image: Shutterstock/Anne Powell

The post Early Bitcoin and Ethereum Whale Says He’s Bullish on This Obscure Altcoin appeared first on The Daily Hodl.

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Author: Daily Hodl Staff