Controversial serial founder Julian Hosp has been promoting Bitcoin NFTs lately – as his business partners have launched a trading platform called Ordzaar for the purpose. Hosp’s other projects for clients remain loss-making.
Julian Hosp has once again discovered a crypto trend for himself: Bitcoin NFTs, also known as Bitcoin Ordinals, are his latest hobbyhorse. Ordzaar is the name of the corresponding platform, the name was formed from Ordinals and Bazar. Co-founder there is Hosp’s old companion U-Zyn Chua, who also started CakeDeFi (now Bake) and DeFiChain together with him and is still involved in both projects(!). The info makes you think, because as attractive as Julian Hosp’s crypto initiatives may sound – they are usually a losing proposition for investors.
We last documented this for CakeDeFi in June. Since then, the “stablecoin” there, Decentralized USD (DUSD), has continued to fall massively short of the promised 1:1 peg to the US dollar and is currently trading below $0.40. The native token in the ecosystem, DeFiChain (DFI) has crashed to $0.30. Investors have lost a lot of money there and we would like to take this opportunity to remind you of our warning about DeFiChain from the summer of 2022. At that time, the DFI price was still over 1 US dollar.
So now Bitcoin NFTs are supposed to be the expert tip that Hosp’s cronies want to use to lure investors. In fact, such NFTs, which are documented on Bitcoin’s blockchain, have only been around since the beginning of the year and have become an exciting niche market under the term Bitcoin Ordinals. The Ordzaar platform, pushed by Julian Hosp, wants to score with freedom from fees and well-known artists, according to a press release.
However, we are surprised that U-Zyn Chua can devote so much time to the new project. Because DeFiChain is on the ropes and could probably use the full attention of founders Julian Hosp and U-Zyn Chua. A renaming of Cake to Bake DeFi did lead to the German Federal Financial Supervisory Authority (BaFin) deleting a warning. But not because the project had suddenly become serious, but because with the renaming also a new domain is used for the Internet presence. BaFin now wants to check again (Spoiler Alert: There will certainly be a new warning).
Conclusion: String puller Julian Hosp – caution remains the order of the day
Those who have followed Julian Hosp’s crypto career over the years will also remember projects like TenX or Lyoness, a pyramid scheme. What they have in common with DeFiChain is that private investors have only made profits there in exceptional cases. There is little reason to suspect that this will change with Bitcoin Ordinals and Ordzaar. We think: When Julian Hosp touts a project, experience shows that it is better to keep your fingers and money away from it.