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Bitcoin Misinformation


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2020 Nov 10, 10:01am   95,067 views  2,057 comments

by Onvacation   ➕follow (3)   💰tip   ignore  



In my opinion, it’s a colossal pump-and-dump scheme, the likes of which the world has never seen. In a pump-and-dump game, promoters “pump” up the price of a security creating a speculative frenzy, then “dump” some of their holdings at artificially high prices. And some cryptocurrencies are pure frauds. Ernst & Young estimates that 10 percent of the money raised for initial coin offerings has been stolen.

The losers are ill-informed buyers caught up in the spiral of greed. The result is a massive transfer of wealth from ordinary families to internet promoters. And “massive” is a massive understatement — 1,500 different cryptocurrencies now register over $300 billion of “value.”

https://www.vox.com/2018/4/24/17275202/bitcoin-scam-cryptocurrency-mining-pump-dump-fraud-ico-value

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1976   stereotomy   2022 Dec 9, 11:18am  

zzyzzx says




Play stupid games, win stupid prizes.
1977   Onvacation   2022 Dec 9, 5:12pm  

Onvacation says

BTC Under 15K! BUY!

Miners got kids that have to eat.

Back up over $17K. The kids are eating.

If you could buy a little more and raise the price back up over $30K the miners can afford some hookers and blow again.
1978   Onvacation   2022 Dec 9, 5:14pm  

The opposite of "store of value" bitcoin is a consumer of value.
1979   DD214   2022 Dec 13, 11:52am  

richwicks says

I bet this is the bottom of the market.

Cryptoverse: Jump Or Slump? $30k Or $5k? Play The Bitcoin Roulette

https://www.ibtimes.com/cryptoverse-jump-slump-30k-5k-play-bitcoin-roulette-3646565

FYI - I am convinced more pain lies ahead
1980   Bd6r   2022 Dec 13, 11:53am  

I wonder where are the bitcoin fans who were dominating this thread a year ago?
1981   EBGuy   2022 Dec 13, 2:35pm  

Still trying to figure this stuff out. So my three choices to get in the game are:
1. Third party crypto exchange (see Coinbase, binance)
Pros: ease of use
Cons: no keys, no crypto (and if your exchange is located in the Bahamas...)
2. Cold storage wallet
Pros: somewhat easy to use. you own the keys (though you can forget how to access them...)
Cons: reliance on third party software (usually an app) to access wallet and provide on ramp to various crypto networks
3. Set up your own node
Pros: no reliance on third parties
Cons: you are the weakest link

Am I missing anything? The first two seem to break the great promise of crypto, which is decentralization.
1982   HeadSet   2022 Dec 13, 6:09pm  

Bd6r says

I wonder where are the bitcoin fans who were dominating this thread a year ago?

Bermuda?
1983   Patrick   2022 Dec 13, 10:13pm  

Bd6r says

I wonder where are the bitcoin fans who were dominating this thread a year ago?


I'm kinda worried about the one who said he got vaxxed. Seriously.
1984   richwicks   2022 Dec 14, 12:33am  

Patrick says

I'm kinda worried about the one who said he got vaxxed. Seriously.


You mean @Bitcoin?

Me too. He first made fun of anybody that was cautious about the injection, experienced a negative reaction himself, followed Rin's advice, then said he was going to get ANOTHER injection, and disappeared shortly afterward.

But also, bitcoin took a dump in value as well. Maybe he's just too embarrassed to show up, or maybe he was a paid lackey to push a pump and dump, or maybe he's dead.
1985   Cash   2022 Dec 14, 12:07pm  

Bd6r says

I wonder where are the bitcoin fans who were dominating this thread a year ago?

Due to near total lack of trading experience in trading anything until crypto came along, fomo and account destruction due to crazy amts of leverage many are likely done and gone as dust at the bottom of the heap. As for myself I bought BTC around the time I mentioned it was a buy @13,500+/- right before the pop and sold just under the 60K along with some other token positions I held and in the mean time I am still stacking cash and waiting for the torrents of blood and guts to flow in the streets.

For now there isn't much to see however I will post when the time comes keep in mind BTC nor ETH isn't really on my shopping list but will see.
1986   clambo   2022 Dec 14, 3:42pm  

So the guy who made money posted; where's the guy who bought at $60,000+?
1987   Ceffer   2022 Dec 14, 4:54pm  

Patrick says

I'm kinda worried about the one who said he got vaxxed. Seriously.

Vaxxed and buying Bitcoin at the peak. What could possibly go wrong?
1988   Onvacation   2022 Dec 14, 5:19pm  

HODL'ers still be waiting for the moon shot.

As the bitcoin scam rolls out there are fewer and fewer "coins mined". In addition there is still a lot of cumulative demand from little "investors" who "dollar cost average" into hundreds of Satoshis every payday The only place these "coins" can come from is miners or sellers; artificial scarcity.


Bitcoin stats!

-Currently, the total number of Bitcoins in existence has exceeded 18.3 million.
-Approximately 4 million Bitcoins are lost forever.
-The total number of Bitcoins that will ever be produced stands at 21 million.
-Only 13 million Bitcoins are in circulation or stashed away in wallets.
-The last Bitcoin will be mined by 2140.
-The Bitcoin market cap as of Q1 2020 stands at $117.81 billion.
-An average of 350,000 transactions take place on the Bitcoin network daily.

https://techjury.net/blog/how-many-bitcoins-are-there/
1989   just_passing_through   2022 Dec 15, 7:28am  

Well, I never dominated but never changed my conviction that one should get some bitcorn. That hasn't changed. I was never a proponent of the alt-coins/shit-coins.

I think it'll drop somewhere in the 5K-12K range and at that point I will probably take a small percentage position again.
1990   zzyzzx   2023 Jan 10, 8:34am  

https://finance.yahoo.com/news/coinbase-layoffs-job-cuts-crypto-industry-130330992.html

Coinbase to lay off 20% of workers in latest sign of crypto industry pain
1991   1337irr   2023 Jan 10, 9:07am  

zzyzzx says

https://finance.yahoo.com/news/coinbase-layoffs-job-cuts-crypto-industry-130330992.html

Coinbase to lay off 20% of workers in latest sign of crypto industry pain

Yeah...people are redeeming crypto for fiat.
1993   NuttBoxer   2023 Jan 24, 9:23am  

The dollar dominated SWIFT worldwide financial transfer system has announced that effective 1 February 2023 it will no longer process transactions of less than US$100,000 from bank accounts to crypto exchanges.
1994   Onvacation   2023 Jan 24, 9:47am  

zzyzzx says

Nouriel Roubini says 'literally 90% of crypto is a scam

And the other 10% is used for human and drug trafficking, along with ransoms.
1995   zzyzzx   2023 Feb 16, 11:22am  

https://finance.yahoo.com/news/celsius-customer-received-67-000-134920222.html

Celsius customer received $67,000 tax bill for funds lost in crypto lender's bankruptcy, report says
1996   Misc   2023 Feb 16, 4:01pm  

... And some people thought I was kidding when I said a crypto account could go negative.
1997   Onvacation   2023 Jul 4, 3:54pm  

Bitcoin over $30k again.

Anyone have a clue why?

Ransom? Human or drug trafficking? Somebody need to get payed off?
1998   Misc   2023 Jul 5, 2:17am  

Onvacation says

Bitcoin over $30k again.

Anyone have a clue why?

Ransom? Human or drug trafficking? Somebody need to get payed off?


Blackrock filed to have a Bitcoin ETF based on current pricing.
1999   Onvacation   2023 Jul 5, 6:29am  

Misc says

Blackrock filed to have a Bitcoin ETF based on current pricing.

If Blackrock is investing it must be legit.
2000   just_passing_through   2023 Jul 5, 9:08am  

Misc says

Blackrock filed to have a Bitcoin ETF based on current pricing.


Some other big players vying for ETF as well after small ones got rejected over the last several years. Also some banks are finally starting to invest in some of it.
2001   Onvacation   2023 Jul 5, 9:15am  

just_passing_through says

Also some banks are finally starting to invest in some of it.

Invest? Or speculate?

Bitcoin has no intrinsic value and is expensive to maintain. The only way to profit from crypto is "mining" or finding a bigger fool to buy your "coins".
2002   just_passing_through   2023 Jul 5, 1:47pm  

Onvacation says

Invest? Or speculate?


Well, you'd have to ask them but I'd imagine they'd tell you there are investing in a comodity.

Onvacation says

Bitcoin has no intrinsic value and is expensive to maintain. The only way to profit from crypto is "mining" or finding a bigger fool to buy your "coins".


Oh noes! Quick! You better warn them!
2003   richwicks   2023 Jul 5, 2:10pm  

just_passing_through says

Oh noes! Quick! You better warn them!


Onvacation is correct. Bitcoin doesn't work as a currency. I can send a bar of gold to the other side of the world faster and cheaper than you can transfer to bitcoin from one wallet to another.
2004   just_passing_through   2023 Jul 5, 2:27pm  

richwicks says

Bitcoin doesn't work as a currency.


Who said currency?

richwicks says

I can send a bar of gold to the other side of the world faster and cheaper than you can transfer to bitcoin from one wallet to another.


What are you smoking today?
2005   WookieMan   2023 Jul 5, 2:41pm  

just_passing_through says

richwicks says

Bitcoin doesn't work as a currency.

Who said currency?

Don't know that anyone did, but it's a common claim with bitcoin. It's a "new" currency to replace the old.

just_passing_through says

richwicks says

I can send a bar of gold to the other side of the world faster and cheaper than you can transfer to bitcoin from one wallet to another.

What are you smoking today?

Indica. Has to be indica.
2006   richwicks   2023 Jul 5, 3:03pm  

just_passing_through says

richwicks says


Bitcoin doesn't work as a currency.


Who said currency?


What is it supposed to be then?

An exhaustive search for breaking SHA256SUM? Because that's what I think it is.

just_passing_through says


richwicks says


I can send a bar of gold to the other side of the world faster and cheaper than you can transfer to bitcoin from one wallet to another.


What are you smoking today?


Nothing.

People always touting how great BitCoin is, don't know the first fucking thing about other than "it will go up" - well, why?

It's nothing more than a distributed set of databases to confirm a transaction is valid, but the transactions are now so slow, that people buy on exchanges instead, and that completely ends the distributed nature of BitCoin which was it's entire fucking purpose.

Instead of a bank, you know are going to Magic The Gathering websites - Mt. Gox.

DHTs seem awesome until you realize how much meta data a typical machine has to contain to do it, and the REDUNDANCY of it. If the 5G crystal memory becomes a thing, and it costs like $20 for 1000 TB - yeah, it might be workable then.
2007   just_passing_through   2023 Jul 5, 3:35pm  

WookieMan says

Don't know that anyone did, but it's a common claim with bitcoin. It's a "new" currency to replace the old.


Nobody that understands it says that. It would just get shut down by the Federal government. It's considered a commodity by the SEC where all of the others (shit coins) are securities. Makes a big difference. I made a new thread yesterday about orange checkmarks and within it is a link to a short video covering some new interesting applications if you're interested.

WookieMan says

Indica. Has to be indica.


Given the following response I'm going to guess thornapple seeds.
2008   Onvacation   2023 Jul 5, 5:33pm  

just_passing_through says

Nobody that understands it says that

What do you think the purpose of bitcoin is?
2009   richwicks   2023 Jul 5, 5:39pm  

just_passing_through says

It's considered a commodity by the SEC


The people that created bitcoin didn't give a FUCK what the SEC said about it.

The point of it was a cryptocurrency OUTSIDE of the authority of ANY government.

I know what it was supposed to be, and what it's become - embrace and extend. The dummies "investing" in this ponzi scheme don't ever spend it, they use it as purely an investment vehicle, when it's unusable as anything else. It's PURELY for investment now, and it depends entirely on speculation.
2010   just_passing_through   2023 Jul 5, 5:39pm  

Onvacation says


just_passing_through says

Nobody that understands it says that

What do you think the purpose of bitcoin is?


Oh a lot of things many of which I've posted way up in this thread. Here's a new one though, you can use it to combat AI threats online:

https://rumble.com/v2xw4pq-michael-saylor-reveals-how-microstrategy-uses-bitcoin-cryptography-to-comba.html

The kitco (gold peepo) host is sexy as hell too!
2011   Onvacation   2023 Jul 5, 6:05pm  

just_passing_through says

Oh a lot of things many of which I've posted way up in this thread. Here's a new one though, you can use it to combat AI threats online:

OK.
What do you think the MOST IMPORTANT purpose of bitcoin is?
2012   Onvacation   2023 Jul 5, 6:11pm  

just_passing_through says

The kitco (gold peepo) host is sexy as hell too!

Michelle Makori


2013   HeadSet   2023 Jul 5, 6:16pm  

WOW!
2015   just_passing_through   2023 Jul 5, 8:49pm  

HeadSet says

WOW!


Yeah she has a sexy South African accent too!

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