patrick.net

Newbie123 says

the def of a pyramid scheme

"Pyramid schemes market to prospective participants while Multi-Level Marketing plans market to prospective consumers. Pyramid schemes fail because scam participants are not a viable market. Most of the participants pay more money to participate than they receive for participating because there aren't enough suckers left to recruit.

Once the suckers figure that out and quit paying into the scheme, those who recruited them start losing money too, and then they quit. The scam shrivels even faster than it grew."

Newbie123 says

bitcoin is a pyramid scheme!

More like a ponzi that requires graphic card "mining".

Pon·zi scheme
/ˈpänzē ˌskēm/
noun
a form of fraud in which belief in the success of a nonexistent enterprise is fostered by the payment of quick returns to the first investors from money invested by later investors.
"a classic Ponzi scheme built on treachery and lies"
BTC price is built on FOMO and ignorance.

Newbie123 says

it’s a ponzi/pyramid scheme/scam/whatever and you are not going to put money in it. I have zero problem with that. I have a significant amount of money in it.

Good luck. Make sure you're not the last greatest fool to invest. Make sure you get out before the other fools get wise.

Newbie123 says

Libra, the Facebook crypto coin, is establishing credibility and legitimizes the crypto industry.

Now we know you're joking. Had me going for a while.

Newbie123 says

Bitcoins roadmap 2019

Lol! A photoshopped picture. Explains a lot about what you "believe" in.

Newbie123 says

Weird, why would they use just 0’s and 1’s? They’d be better off planting some tulips. You can touch tulips at least.

Did you read the article?

Green suggested that Dublin’s SLP token might also be used to digitize the cities already existing physical tokens. In the past, there have been many local towns or city-issued barter-like systems such as Ithaca New York’s ‘hour’ currency and in Massachusetts there’s Berkshire bucks (Berkshares). The Ithaca hour is actually the oldest and largest local currency system in the U.S and hours are used for town bartering, discounts, and other economic interactions. Berkshares or ‘Berkshire bucks’ in Massachusetts is a local currency accepted by 400 local merchants in the mountainous Berkshire region.

They're digitizing what used to probably be a plastic chip or paper system. The actual value is still what the $$$ is worth. This has NOTHING to do with bitcoin. This is purely about a network to track the tokens. It's what your debit or credit card already does and will continue to do for 99.999% of transactions in that town (or others). But hey, earth shattering news in that link.... Jesus.

Bitcoin has failed as a currency and is pure speculation and you know it.

Newbie123 says

Of course you cannot ban bitcoin. Where would you even send the letter to? It’s fully decentralized.

You didn't read the academic article I posted on bitcoin, clearly. All it takes is one miner to get 51% of the blockchain and it's over. Not even that in certain cases for people to start to losing faith in it (which smart people don't have any, they're short term trading it to grab money from morons). Try to read it if you can. Bitcoin won't go away, technically it can't, but it will be essentially worthless.

The US government would actually be prudent to get into the mining game and wipe it out. The capital being burned from bitcoin will go down in history as the biggest transfer of wealth from the many to the few. Productive investment into other things besides bitcoin helps everyone (and yes the rich too). The US gov has an incentive to shut it down.

When it crashes you'll change the argument to "blockchain" like they did last time it crashed. This will be a rinse and repeat as the dead cat bounces. "To the moon," well, "blockchain at least."

Newbie123 says

Who is Bitcoin's least favorite rapper?

So there's not going to be an intelligent discussion on this thread or the other thread? Cool.

You didn't even address the article that YOU posted that actually has NOTHING to do with bitcoin. A city is basically going to digitize plastic tokens and that's a good thing for bitcoin or crypto? The city of Dublin's "local currency" will always be what the value of the dollar is. Keep posting BS garbage though.

Newbie123 says

decentralized cryptocurrency like bitcoin.

So how much have you made?

How much do you dollar cost average into crypto and how often?

What percentage of your income goes into crypto?

Gold has been a store of wealth forever. Bitcoin is a fad that will peter out.

I was raised to believe that there is a massive amount of gold in Fort Knox that was backing the dollar. Currently Fort Knox claims 147.3 million ounces valued at 6.2 trillion.

The dollar is no longer backed by Fort Knox.

All the gold in Fort Knox is trivial compared to the paper (now digital) "money" that makes the world go round.

Gold is mined and refined at great expense of labor, capital, and energy. Bitcoin is "mined" at great expense of labor, capital, and energy.

With gold you end up with a shiny chunk of metal that can be used in trade or made into beautiful and useful items. With bitcoin, if you're not the miner making fiat, you end up with a sequence of 0s and 1s on a fancy flash drive that you HODL until that day when it makes its moonshot and you can trade it in for fiat to buy stuff with.

Newbie123 says

I can see the Sheik’s already....they own ten lambos but soon they will brag about how many bitcoins they own along with their cars, wife’s etc. :D
Its another asset class, a store of value, a digital gold.

Funny. They sell oil for dollars. Not gold or bitcoin. Next...

Lamborghini would just make more "lambos" if the demand was there. If they couldn't keep up, they'd hire more people or build another factory. You know, being productive. Gold can produce other products. What can bitcoin PRODUCE? You don't have an answer for this. It won't replace the dollar or the Costa Rican Colon (or any currency), so it's not a viable currency. It's nothing. It's a gimmick. Countries with failing currencies won't even adopt it. They just make their own (Venezuela).

At some point just ditch the shovel and figure out how you're going to get out of the hole.

Newbie123 says

Obviously, bitcoin is not just going to zero and become irrelevant

AUTHENTICATED Rare Tiny Version Princess Beanie Baby is going for $50,000! HOBL (Hold On for Beanie Life).

It's worth whatever you can get for it.

Newbie123 says

soon they will brag about how many bitcoins they own along with their cars, wife’s etc. :D

How many wifes do you have?

WookieMan says

What can bitcoin PRODUCE?

What can fiat dollars produce?

It's hard to blame millennials for falling for the crypto scam seeing that they were raised in an inflational environment where Tomorrow's dollars are worth less than todays.

Newbie123 says

As we know bitcoin is deflationary and increases massively in price over time.

Why?


Just kidding, not expecting any answers.

Newbie123 says

Potheads. That explains a lot.

There's a bullshit cryptocurrency for that:

https://www.potcoin.com/

@Patrick - Not sure if you're following this and the other bitcoin thread. I'm not advocating for a ban or anything, but at what point does this guy get labeled a bot?

The not answering questions and just posting random stuff that reeks of pump and dump forums is strong with this one. It almost seems like he/she has it automated, but checks in occasionally as an actual human instead of a scripted thing. Has zero input/comments on any other topic here. Seems weird.

Newbie123 says

I read today:
“They warn that bitcoin is used by criminals, but it's actually our best tool against them.

BUY bitcoin, BYE banks.”

I am kidding. I am not advising anyone to buy bitcoin. Buy stocks, gold, silver and tulips instead ;).

Lol! You haven’t given any advice on anything. You’ve spammed two bitcoin threads where people were looking to have a conversation. Anyone can search out pump and dump articles. They don’t need to be posted here.

You also haven’t given any information on your positions, when you’ve bought, how much you hold, etc. Just childish YouTube videos and links to piss poor articles.

Between you and the panther, you guys are really trashing the place with pure bs. Although since you ONLY post on bitcoin you probably have no idea what I’m talking about.

Dude CryptoCurrency is like magical beans to most people. Shit is useless. Might as well buy snake oil from a door to door salesman.

Newbie123 says

Today’s hearing. FED chairman Powell: “Bitcoin is a store of value. Like gold”

Edited and taken out of context. What he actually said, "almost noone uses Bitcoin for payments, they use it more as an alternative to gold really it's a store of value it's a speculative store of value like gold". Don't be disingenuous.

WookieMan says

You also haven’t given any information on your positions, when you’ve bought, how much you hold, etc. Just childish YouTube videos and links to piss poor articles.

Yes newbie what is your strategy? You have claimed to buy the dips and dollar cost average; which is it?

Since you want to remain obscure can you at least tell us how many figures are in your crypto holdings? Tens of thousands? Hundred thousands? Millions? R U gonna be a bitcoin billionaire?

Newbie123 says

If that’s the case than why did Jerome Powell call bitcoin “store of value” and not “snake oil”?

He was trying to explain why people use it.

Are you gonna answer any questions? It might be educational if you would analyze your actions and consider if you are investing in digital gold or FOMO?

Newbie123 says

my strategy is dollar cost avg and buying the dips.

So how many figures are in your crypto holdings? Tens of thousands? Hundred thousands? Millions?

Cryptocurrency is a virtual asset and a speculative gamble backed by the zeros and ones on your flash drive unlike gold which is also a speculative gamble but is backed by a dense shiny metal which is a real asset.

Newbie123 says

The FED chairman Jerome Powell seems to disagree with you on that. He called it a store of value in yesterday’s hearing.

No. He said that some people use it as a store of value, like gold.

Newbie123 says

Many describe bitcoin as digital gold.

Does that make ethereum digital silver?Newbie123 says

Will it become part of the average investment portfolio in the near future?

Doubtful. For one, there is not enough to go around. Second, most people are smarter than to invest in it.

Newbie123 says

The FED chairman Jerome Powell seems to disagree with you on that. He called it a store of value in yesterday’s hearing.

Who gives a flying fuck about what the FED chairman says about bitcoin? He was asked a question and gave out a random answer. He gives ZERO shits about bitcoin. The fact you're putting any weight into his words is stunning. The dude literally has probably spent 2 minutes in his life thinking about bitcoin.

Newbie123 says

Will it become part of the average investment portfolio in the near future? We’ll see.

Sounds like your confidence is waning over the spreadsheet known as bitcoin and crypto.

Newbie123 says

I buy the dips (mostly bitcoin).

What was the transaction fee for your last purchase?

When the last bitcoin is "mined" (sometime in 2040 due to bitcoin's artificial scarcity scheme) the "miners" will have to depend on transaction fees to keep it going.

The ultimate goal of the gotcoiners/ coinlovers is for cryptos value to overtake gold (it's already more valuable than all the silver in the world) and then to supplant all the world's fiat currency. At that point the patient, disciplined, coiners will cash out and buy stuff.

Did I get it right?

Newbie123 says

It will be another asset class besides gold is my guess.

Good. Finally getting to the bottom of this. You’re guessing.

Also, thought you didn’t use exchanges? Coinbase Pro? Wtf?

Newbie123 says

Lots of upside for Bitcoin. Bitcoin is digital gold.

Bitcoin is not the same. Real gold is hard to extract from the ground, there is physical limitations on the amount of it. And I wouldn't even invest into it, because why buy something that does nothing. Bitcoin is just artificial thing, some guy somewhere can flip a switch and create a billion more, it's like video game gold, putting real money into it is for suckers in my opinion.

FortWayneIndiana says

And I wouldn't even invest into it, because why buy something that does nothing.

Goldbugs are the most misguided investors of all, IMHO.

FortWayneIndiana says

some guy somewhere can flip a switch and create a billion more

Not how it works. Mining is the process of creating more BTC and there is a limit for how much will be created.

I'm not a huge BTC believer for reasons stated above. Summary: BTC is clunky to exchange, w few extra values outside of being a decentralized crypto.

XRP hasn't done as well lately, but XRP is directly connected to a very valuable exchange infrastructure allowing it to provide a much more fundamental value.

Ultimately I think the world will use XRP as one piece of a new exchange system that compete w the petro-dollar. If you pay attention , you can find dozens of central banks and worldwide power players getting behind the potential of XRP.

CBOEtrader says

Not how it works. Mining is the process of creating more BTC and there is a limit for how much will be created.

I don't know how it works, it's too technical for me, or what are the software requirements to earn coins. But as a laymen I see anything on a computer that can be easily duplicated if needed without any hassle. Maybe there are restrictions now, but it's software and restrictions can be lifted as needed.

If they could print kitchen cabinets, they would, but they don't have physical assets or logistics. There is cost it's not a repeatable process.
Bitcoins or whatever video game currency, it's just a piece of software that can be modified as needed if they need another billion. It's backed by nothing.

That's just how I see it. I know it's not very technical, but I am 100% guaranteed to stay out of any virtual gambling. I know a gal who made 20k actually, she bought some coins when they were a couple of dollars long ago, and sold when there was that bubble, bought herself a new car. But I know a bunch of people who lost money (so that our gal can buy a new car).

FortWayneIndiana says

a bunch of people who lost money (so that our gal can buy a new car).

Most crypto buyers think they will get rich. Reality is they will just pay for someone's car.

Onvacation says

FortWayneIndiana says

a bunch of people who lost money (so that our gal can buy a new car).

Most crypto buyers think they will get rich. Reality is they will just pay for someone's car.

Newbie did by his own admission from 2017. Unfortunately all his posts are complete bs lies. And if he did invest he’s broke now. Trying to pump from the 30% dip from $20k (dollars lol). Lost his ass and disappeared for almost 2 years.

Newbie123 says

plan on selling a good junk when we see new ATH’s.

If you can find a greater fool for your good junk.

Newbie123 says

Why do Bitcoiners want to own a Lambo?

Because they got no money?

Time to buy the dip bitcoin under $9500.

You don't invest in Bitcoin. You speculate with it.

rootvg says

You don't invest in Bitcoin. You speculate with it.

I wouldn’t give the pump and dump troll food. I finally scanned through his comment history. He lost his ass in Dec. 2017 “to the moon” fakery. If he’s telling the truth that he actually has btc, he was buying at $15-$16k based on his own comments here.

Then disappeared from here for almost 2 years and is probably still holding the bag hoping to break even on a bad bet and $$$$ sitting idle at a loss not generating income for almost 2 years because he thought it was coming back. All while he missed out on a solid stock market, where there’s legally required disclosures so you know what you’re actually investing in.

But hey, btc is decentralized. You have no idea who holds it and how much. And the super secure blockchain that can be manipulated by a miner crashing the “value” and trust in a “currency” no one actually uses as a currency.

It’s stunning how naive some are. You’d likely do better buying $10k worth of lotto tickets than speculating in btc. Actually, I’d bet there are faaaarrrr more lotto millionaire versus btc. You at least know your odds and the government won’t attempt to ban it in our lifetimes.

Newbie123 says

For some bitcoin is a great investment (like me).

It is? Where is the proof?

Newbie123 says

Hugo, That’s easy to determine. You just compare your cost base to your portfolio value based on current price minus expected taxes

Exactly. There is no proof you hold any of it and/or no evidence your cost basis is lower than the current price. For all we know you are one of these sorry fucks who bought at the last top and now desperately trying to pump that shit to get out and dump it on the next sucker.

Where are the fucking screenshots of your holding and transactions?

Crickets.