patrick.net

Onvacation says

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?source=patrick.net

Lol

Of course it is a Ponzi scheme.

Bitcoin like all other crypt currencies are completely unregulated by any third party whatsoever independent from them.

What that does is invite and incentivize financial criminal activity.

not just theft but also money laundering and tax evasion.

The best way to loot is not to own a bank but to own a crypto currency printing operation.

Robber Baron Elite Scum says

not just theft but also money laundering

By far more money is laundered in dollars. It's not even close. Not even in the same galaxy and after prior moronic (or more likely calculated) comments our own government admits it nowadays.

I believe more pain is coming to "all" the markets that have been dumping compliments of USD strength
BTC 25650+/- is the mean/golden ratio price off the high so all the drama is for not. The thing I love about this crash in all markets,
is leverage is getting stomped to dust, I am still way in crypto profit and look forward to piling up more giant gains with my gambles
when BUY time strikes.

The percentage of Bitcoin addresses in-profit has dropped to a 2-year low of 60.4%, looks like not so many bought at 69k
The top 100 Bitcoin wallets have added 77,618 BTC ($2,420,000,000) in the past 24 hours."Buy when blood is in the streets
even if it's your own." I haven't started buying yet due to that pesky USD Strength but look forward to stacking up some great
tokens.

DooDahMan says

Shortly afterward, the company indicated the situation might be resolving: “We’re seeing recovery after implementing a fix, but our teams are continuing to monitor the situation.”

Lol... totally embarrassing for any crypto boi. My friend coded the JP Morgan investment site. This is bad for anyone in crypto. If you cannot trade and get USD out of it, it literally is worthless. In an overall market crash, crypto will go to shit. We'll see if it stays there. At some point enough people will have been burned enough and move on after the illogical roller coaster ride.

Maybe start a business and do something productive for society? That would be my tip instead of pissing money away on a gamble.

DooDahMan says

What a novel idea - other countries seem to be doing that very thing but we are days late and dollars short to the party again.

There are innovators in America still. Not a fan boi of Musk, but we have an individual company putting more shit in space than any other country combined.

I do get the feeling we're nearing peak prosperity over the next 2 decades though. The decline might be tough, but we're in the best position to come out ahead. Too many resources. We have to bring manufacturing back sooner than later. We could easily be autonomous from the rest of the globe besides needing good relations with Mexico and Canada. Which would happen anyway.

Onvacation says

BTC at 34k, close to half of its all time high.

Buying opportunity?

yeah....go all in....I'll cheer for you

Wow! Who'd have thought Bitcoin would go down to mid 20k?

Buying opportunity yet?

komputodo says

Onvacation says

BTC at 34k, close to half of its all time high.

Buying opportunity?

yeah....go all in....I'll cheer for you

I'll buy a hundred coins when the price goes below one dollar.

I once worked for a company on its way to bankruptcy. A colleague purchased a thousand shares for less than $20. He lost it ALL!

Onvacation says

Wow! Who'd have thought Bitcoin would go down to mid 20k?

Buying opportunity yet?

BACK UP THE TRUCK!!!

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YOLO bitcoin; transfer all of your investments to Fidelity.

Anyone want to be a Bitcoin miner? You can do it from home!

But seriously, is the scam over? Does the crash in prices come at the realization that there is no there there?

Are there enough fools to pour more money into the massive energy suck that crypto is to bring the prices back up? I'm not betting against it. But I'm not betting on it either.

Bitcoin is just a gamble that someone will pay you more than you paid for it.

BTC

Onvacation says

Anyone want to be a Bitcoin miner? You can do it from home!

Yeah...all you need is a video card and you can get rich.

Onvacation says

Bitcoin is just a gamble that someone will pay you more than you paid for it.

Just like NFT art

Just wait till the global warming talk starts and it cancels bitcoin because shit requires too much energy to keep going.

DooDahMan says

was trading at around $0.09 on Friday.

That's all crypto is. Pinkies. A penny stock at least has a chance, though it's usually pump and dump for a con artist business owner to take your money.

Onvacation says

BTC at 34k, close to half of its all time high.

Buying opportunity?

Be cautious with it.

The problem with bitcoin is that the transaction time and fee is ENORMOUS. I like the general idea, but it's not workable as it is now. I think it's just a Ponzi scheme, but I'm stupid, maybe I'm wrong. I know the Federal Reserve is a Ponzi scheme, but I can trade a dollar for a gumball, try that with a bitcoin. Try to buy a pizza with bitcoin. It's too volatile to be a currency, however, you can make money off from volatility. I don't have the stomach for it though and I regard it as a scam and so I consider it unethical to make money that way.

But what do I know?

Cryptocurrency exchange FTX's founder has said that bitcoin has no future as a payments network and criticized the digital currency for its inefficiency and high environmental costs, the Financial Times reported on Monday.

Eric Holder says

bitcoin has no future as a payments network and criticized the digital currency for its inefficiency and high environmental costs,

That's what I've been sayin'.

Bitcoin has little practical use.

where are the 2 bitcoin cheerleaders that were formerly posting daily?

Crypto is a house of cards economy. It's all like investing or speculating in tulips back in the 1700s in Holland.

That is why I would only spend no more than a $1000 a hop from one new crypto to another new crypto in hopes I could make money during the early speculation phase of a new crypto currency.

At least silver and gold have some intrinsic value and utility, and can be used as a hedge against fiat currency.

.

Musical chairs. Has the music stopped?

HODL!!!!

Big Daddy to the Moon any moment now!

HOW BITCOIN PIZZA DAY RESEMBLES FESTIVUS

Bitcoin Pizza Day. The fabulous event that takes place once each year on May 22. I won't bore you with all the details. Laszlo Hanyecz paid 10,000 BTC for two Papa John’s pizzas in what’s widely believed to be the first transaction of bitcoin for a physical good.
https://bitcoinmagazine.com/industry-events/how-bitcoin-pizza-day-resembles-festivus

Onvacation says

Cash says

Crypto development Jobs out the ass!!!

What is the ultimate product or service these "out the ass" jobs provide?

ive seen a lot of crypto jobs pop up lately. apparently easy fake money business.

Did I ever mention that these crypto currencies were backed by nothing and would fail? Oh yeah, I did. Bitcoin will be the last one to fall and fail, but it will go too.

Someday, someone MIGHT might make a crypto coin backed by something that actually stores (useful) value. I don't know how. If anything, it will be based on some kind of built up trust system of trading commodities for digital tokens. For instance, someone could make a network of silver coin machines, and if you present your token to the machine, it will record the ownership change transaction in the "global ledger", and dispense a silver coin to you. This is how "silver certificates" (dollar bills) work back in the commodity backed currency days.

Trust could be built up over time by various "banks" having silver on deposit with each other. You yourself holding physical silver/gold could begin developing a "trust score" of successful transactions, by giving out a few of your coins in exchange for the tokens when requested, and accepting silver deliveries to take tokens off your hands.Holding a token instead of physical silver would likely have to pay some form of interest, as an incentive for people to actually hold tokens instead of physical silver.

There may even be "chains" of backers of tokens, such that risk could be spread over several groups of "banks" willing to redeem each other's tokens (and hence also keep a close eye on cheating each other).

At that point, I will buy (fractionally) into "digital currency". The ultimate form of anonymity will be going, withdrawing your tokens in silver, and holding them, erasing record of your tokens within the system.

Onvacation says

HOW BITCOIN PIZZA DAY RESEMBLES FESTIVUS

that is my dad's favorite holiday. especially the feats of strength

Bitcoin's price is just as likely to fall back down as it is to continue climbing. The future of cryptocurrency is sure to include plenty more volatility, and experts say that's something long-term crypto investors will have to continue dealing with.
https://time.com/ › cryptocurrency

DooDahMan says

what happens if expected future activity drops to near-zero?

Owners of the coin pay a fee to see if it has any value.

Onvacation says

Eric Holder says

bitcoin has no future as a payments network and criticized the digital currency for its inefficiency and high environmental costs,

That's what I've been sayin'.

Bitcoin has little practical use.

It has no use for 98% of people that live legal lives. Not little. It's the worst form of speculation I've seen in my short lifetime. At least with Beanie Babies you could hold it in your hand. Or with DooDah's last comment you can get a can of Arizona Iced Tea if tokens are linked to it. A spreadsheet like bitcoin has no value of any sort.

Bitcoin itself was set up to launder money. I'm convinced of this at this point. If the G20 countries agreed to shut down all exchanges, you'd be carrying a worthless hardware wallet and it would go back to what it was. Laundering money for criminal activities on some dark web site. Mining would cease to exist for the most part.

It's not different than oil if you think about it. If it becomes less profitable to drill, you stop drilling and refining. Thing is, we NEED oil and can actually use it. Not so with bitcoin specifically and probably thousands of other coins. I don't understand what is so difficult to understand to the pumpers. They're either naive or know what they're doing. Simple as that.

It appears that value of 1's and 0's in Russian hackers computer aka Bitcoin does decrease faster than value of 1's and 0's in Federal reserve computers aka USD

BTW have not seen posts from Bitcoin enthusiasts here for a while

Bd6r says

BTW have not seen posts from Bitcoin enthusiasts here for a while

It will go back up. Based on the limit of coins people will eventually lose interest though. It's a pump and dump roller coaster that gets popular once every 3 years it seems. I could see one or two more spikes over the next decade and then it just plummets.

The last run was built on people getting covid funds for themselves and their kids. The whales knew and then they bid up the price and all these dudes living in mom's basement are like, well maybe I can get rich. YouTube videos came out (mostly liars) about how much they've made. It's easy to influence a broke person on get rich quick schemes. Young men 21-35ish fall into this trap all the time.

Key is invest in things people NEED. No one needs bitcoin. It's not a currency. Until the pumpers realize that and don't sell when the price gets high, they will get severely burned long term. I give it at least one more run maybe two and it's done. And yes, it will break 100k at some point, but fool me once, fool me twice......... Trade it and make money, but don't be the fool at the end.

WookieMan says

Trade it and make money,

No, don't do that.

Not only is it a scam it's ecologically unsustainable.

I recall my friend in Florida bragging about his brother who had some Bitcoin, he was “getting rich.”
Bitcoin is for guys who want to get rich quickly.
The flip side of getting rich quickly is getting poor quickly.

Onvacation says

WookieMan says

Trade it and make money,

No, don't do that.

Not only is it a scam it's ecologically unsustainable.

We've always been in agreement. Certain scams take longer to play out. I ain't touching the shit myself. BTC is more worthless than most penny stocks as sometimes the pennies actually end up creating something or doing something worth value.

What I dislike is the dishonesty of it being an "asset" like gold or something else that is tangible or provides a service/function. Or sellable in a disaster. Bitcoin ain't that. Hot dogs are more valuable if shit hits the fan. People will buy those before BTC to stay alive and they last long if cooled.

Binance shuts down exchange "temproarily" as Crypto collapses.

https://cointelegraph.com/news/binance-suspends-bitcoin-withdrawals-cz-says-funds-are-safu

SAFE STORE OF VALUE! TRADES LIKE A BIOTECH OTC!

I think in 20 years people will be able to explain crypto much like people today explain pets.com.

I predict Coinbase is going to pause withdrawals due to the tsunamis of pending orders from Binance and Celsius customers. I expect this will happen by week's end. This is a classic run on the bank.