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Bitcoin Misinformation


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2020 Nov 10, 10:01am   136,526 views  2,177 comments

by Onvacation   ➕follow (4)   💰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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511   WookieMan   2020 Dec 22, 9:07am  

G36 says
since you live in a cold shithole I understand you want to go on vacation during winter.

Since I'm a man and can handle simple season changes... lol, it's not a big deal. Didn't know you were so soft that you can't put on a jacket when it gets a little cold. Hopefully mom tucks you in nice and tight when the lows hit 55.

I'm also not an idiot that pays 4-6x's normal COL because of weather. If people like that and can admit it, that's fine. But don't talk down on cold weather just because you cannot handle it. Builds character, which you don't have obviously.
512   Bitcoin   2020 Dec 22, 11:00am  

WookieMan says
G36 says
since you live in a cold shithole I understand you want to go on vacation during winter.

a man


Wookie, no wonder you dont exercise outdoors, you are not a man yet and its too cold for ya.
You should keep doing those night shifts and maybe some OT. At some point you will hopefully be able to move out of the cold shithole. good luck.
513   Onvacation   2020 Dec 22, 11:05am  

G36 says
At some point you will hopefully be able to move out of the cold shithole. good luck.

The topic is "Bitcoin is a scam" not "insult the anonymous internet forum poster".

If I had tried to give my wife a flash drive rather than a golden ring she probably would not have married me and I got lucky with a really good wife.

WHY do you think bitcoin is better than gold?
514   Bitcoin   2020 Dec 22, 12:47pm  

Bitcoin has advantages over gold and fiat.
515   Onvacation   2020 Dec 22, 12:52pm  

G36 says
Bitcoin has advantages over gold and fiat.

That sounds robotic.

It is dangerous for bots to train their artificial intelligence on patnet.

We had this one bot who got so baffled by the cognitive dissonance between his programming and the input from this forum that he figuratively blew a fuse and started posting nonsense...

oh, sorry.
516   Bitcoin   2020 Dec 22, 12:54pm  

Because you dont like the facts you say its robotic....lame. :)
Facts are facts buddy.
517   WookieMan   2020 Dec 22, 1:52pm  

G36 says
Facts are facts buddy.

What are the facts? Explain the chart. Line by line in a couple sentences. What is the difference between low, moderate and high? Just explain it instead of posting it 20 times in the last week. It cannot be that difficult. Yet you haven't.
518   Bitcoin   2020 Dec 22, 3:02pm  

For an avg person, there is not much to explain on this chart.
You are way below avg. You cant fix stupid. You cant even grasp that Bitcoin is decentralized and scarce. You dont even know what you wrote a day ago. You just hope to somehow be relevant with your trash posts.

"I like to play the bigger numbers" "I bought 100 shares of LUV"
"I dont trade. Its a losers game"
"I'd actually consider trading BTC"
"Fuck no on holding though"
"I dont care about the price of BTC"
"8k by year end"
"its going to land in the 1000-2500 range"
"no x axis"......DF is too dumb to open up the source thats listed on the chart. I guess he really is too fuckin dumb to get that the x axis is the timeline.
"Wait, wait, wait. I thought it was 9,000,000%. Is it 17,918.98% or 9,000,000%?"
"Basic index funds have outperformed BTC"
>>>>REALLY? missed the fact that its up by 9,000,000%? Not a surprise, DF.
"an unregulated market"
"roulette"
"Nuclear EMP goes off"
"Would have sold everything at 18k"
"I am good with 9%"
"Bitcoin is not backed by anything"
"artificial scarcity"
"I only care about 6 figure gains"
"wake up at 6am and your money is all gone"
>>>>REALLY? missed the fact that its up by 9,000,000%? Not a surprise, DF.
519   Onvacation   2020 Dec 22, 3:16pm  

G36 says
decentralized and scarce


520   WookieMan   2020 Dec 22, 8:05pm  

G36 says
You cant fix stupid.

I know. Patrick doesn't like personal comments. I can delete yours in a heartbeat and Patrick wouldn't have a problem. I've let you rant on and on. You ever wonder why?
521   RWSGFY   2020 Dec 22, 8:22pm  

WookieMan says
G36 says
You cant fix stupid.

I know. Patrick doesn't like personal comments. I can delete yours in a heartbeat and Patrick wouldn't have a problem. I've let you rant on and on. You ever wonder why?


Because everybody else has his ass on ignore?
522   WookieMan   2020 Dec 22, 8:24pm  

FuckCCP89 says
Because everybody else has his ass on ignore?

Only showing 1 ignore. But it's a newer account/username. Most had him on ignore previously.
523   Bitcoin   2020 Dec 22, 10:11pm  

Price still above 23K. Merry Christmas to all BTC holders out there!



Sry wookie and OV. :)
524   Onvacation   2020 Dec 23, 2:23pm  

G36 says
Price still above 23K.

If you sell now you can make a couple grand!
525   Eric Holder   2020 Dec 23, 2:42pm  

Onvacation says
G36 says
Price still above 23K.

If you sell now you can make a couple grand!


Hookers! Blow!
526   Bitcoin   2020 Dec 23, 2:45pm  

No way am I selling my precious Bitcoin. They are not making any more! I am competing with hedge funds, banks, insurance companies and maybe Tesla soon. Everyone wants Bitcoin! HODL HODL HODL
527   Bitcoin   2020 Dec 23, 8:24pm  

I love how shiny Bitcoins are....and so precious and valuable! I think it was the best invention since the internet.

528   Onvacation   2020 Dec 23, 9:19pm  

F5E7269B2A6C452E8F2AEF5328D5A9D2
529   Bitcoin   2020 Dec 23, 9:50pm  

Ethereum coins are beautiful too

530   Onvacation   2020 Dec 24, 12:07pm  

G36 says
They are not making any more!

What do you think makes bitcoin special? It's based on open source software that all have access to so no scarcity of crypto. It consumes all incoming money to update the spreadsheet, so no store of value. Even worse currently "mined" coins are worthless if the spreadsheet is not regularly updated. It has no industrial or personal use like jewelry. There is no there there.

Beyond selling to the greater fool there is no way to get your money out after putting it in.

Instead of just calling me a hater, can anyone find fault in my above analysis? No scarcity. No store of value. No practical uses. How can anyone think bitcoin is "gold 2.0"?
531   Blue   2020 Dec 24, 2:05pm  

G36 says
No way am I selling my precious Bitcoin. They are not making any more! I am competing with hedge funds, banks, insurance companies and maybe Tesla soon. Everyone wants Bitcoin! HODL HODL HODL


Did you disclose with IRS or still hiding from them.
>"They are not making any more"
really, if the mining difficulty is reduced (means less leading zeros) by a hack or coordinated effort, it take few secs to mint the next billion coins.
532   Onvacation   2020 Dec 24, 3:52pm  

Blue says
really, if the mining difficulty is reduced (means less leading zeros) by a hack or coordinated effort, it take few secs to mint the next billion coins.

The scam was really well laid. Though 18.5 million bitcoins have been "mined" there will only be a total of 21 million.
As more bitcoins are mined the puzzles get harder. Even if supercomputers and savants figure out how to get faster results the scam has a built in system to lesson the reward so that the rubes can be fooled until 2040 2140.
533   Bitcoin   2020 Dec 25, 4:30pm  

The IRS doesnt know and will never know how much funds I have in BTC unless they look up each transaction I have done on-chain.
The IRS will get their fair share when I cash out of course. I am happy to pay my taxes.....I dont even mind paying a lot of taxes....that just means I made a lot of money. Hopefully, I wont cash out before a one year holding period so that my BTC gains are qualifying as long-term capital gains.
534   Bitcoin   2020 Dec 25, 4:35pm  

Blue says
G36 says
"They are not making any more"
really, if the mining difficulty is reduced (means less leading zeros) by a hack or coordinated effort, it take few secs to mint the next billion coins.


Blue, for over ten years people have tried to hack Bitcoin. Why do you think it has never happened? :) This "FUD" (fear, uncertainty and doubt) hasn't prevented large institutions to pour millions of USD into Bitcoin. Thats why we can enjoy a price of over 24k per Bitcoin this HODLmas.
Reminds me of some of the price estimates BTC haters had on this site....Wookie bet on 8k Bitcoin by yearend. ROFL. but, but, but, he got a few more days!!
535   Patrick   2020 Dec 25, 5:58pm  

G36 says
The IRS doesnt know and will never know how much funds I have in BTC unless they look up each transaction I have done on-chain.


I don't think they should ever know. The whole point is anonymity.

The only tax should be the land-value tax, per Henry George.
536   Bitcoin   2020 Dec 25, 6:08pm  

Patrick says
G36 says
The IRS doesnt know and will never know how much funds I have in BTC unless they look up each transaction I have done on-chain.


I don't think they should ever know. The whole point is anonymity.

The only tax should be the land-value tax, per Henry George.


Yeah, there are privacy coins that are currently in a regulatory limbo (Monero, Zcash, etc). Bitcoin in its current form isnt meant for anonymity, its meant as a store of value.
537   Bitcoin   2020 Dec 26, 7:21am  

Digital Gold is pumping again today! 26k on Dec 26th????


538   FortwayeAsFuckJoeBiden   2020 Dec 26, 10:35am  

G36 says
Digital Gold is pumping again today! 26k on Dec 26th????




Still a Ponzi scheme man. Once few start selling, there’s no money in it.
539   Bitcoin   2020 Dec 26, 1:18pm  

Fortwaynemobile says
G36 says
Digital Gold is pumping again today! 26k on Dec 26th????




Still a Ponzi scheme man. Once few start selling, there’s no money in it.


Sry you missed out....I could see Bitcoin hitting 50k next year. I am up almost 80% in less then 2 months!
540   Onvacation   2020 Dec 26, 5:03pm  

I bought a scratcher for $1. I won $200.

20,000% GAIN IN 5 MINUTES!

Can anyone top that?
541   RWSGFY   2020 Dec 26, 9:59pm  

Onvacation says
I bought a scratcher for $1. I won $200.

20,000% GAIN IN 5 MINUTES!

Can anyone top that?


Easily! I once found a $20 bill. Infinite %% gain in less than a second it took me to pick it up from the floor. And I didn't have to risk a single red cent of my own money to achieve this!
542   Bitcoin   2020 Dec 27, 5:19am  



Sry you guys missed out. HAHAHAHA
543   Onvacation   2020 Dec 27, 11:30am  

Looks like someone is moving a lot of money out of the country.

So, @G36 I hear you have changed your mind about HODLing and plan on getting out next year. What will be your trigger to time the market?
544   Bitcoin   2020 Dec 27, 11:33am  

My strategy is to HODL, HODL, HODL! I am not a market timer. Investing in Gold 2.0 (Bitcoin) is long term for me. Maybe take some profits along the way! Most likely HODL for a year and then reassess.
545   Onvacation   2020 Dec 27, 1:26pm  

With only a couple million coins to mine and decreasing rewards how much longer do you think the trading can support the network?

Bitcoin Sustainability Stats
Carbon Footprint 36.95 Mt CO2- Comparable to the carbon footprint of New Zealand.
Electrical Energy 77.78 TWh- Comparable to the power consumption of Chile.
Electronic Waste 10.32 kt- Comparable to the e-waste generation of Luxembourg.
And growing.

In my educated opinion it's unsustainable.
546   Bitcoin   2020 Dec 27, 2:16pm  

It will be a great day when the market cap of Bitcoin exceeds the market cap of Berkshire Hathaway



https://companiesmarketcap.com/assets-by-market-cap/
547   theoakman   2020 Dec 27, 4:25pm  

FuckCCP89 says
Onvacation says
I bought a scratcher for $1. I won $200.

20,000% GAIN IN 5 MINUTES!

Can anyone top that?


Easily! I once found a $20 bill. Infinite %% gain in less than a second it took me to pick it up from the floor. And I didn't have to risk a single red cent of my own money to achieve this!


My best investment ever was Magic the Gathering cards. My friends and I got heavy into it from the beginning. We all quit around 1998 but I had all the cards sitting around. Sold them all 8 years ago and made over $25k on them. And it was still a mistake to sell that early. But every so often, one of those old cards that wasn't worth more than 5 cents back in the day skyrockets to $200 and I have to sift through my collection and sell them off.
548   Bitcoin   2020 Dec 27, 7:17pm  

Watch Ethereum, we might see 800 soon!



We are in uber-bullish conditions for Crypto!!! cant wait for 2021!
549   Onvacation   2020 Dec 27, 8:18pm  

G36 says
We are in uber-bullish conditions for Crypto!!!

Beyond FOMO, Why do you think that? Or is it just FOMO that keeps the HODL'ers Accumulating?
550   Bitcoin   2020 Dec 27, 8:40pm  

Onvacation says
G36 says
We are in uber-bullish conditions for Crypto!!!

Beyond FOMO


Dont Fomo onvacation!

I totally understand that you fear of missing out but you had years to accumulate! Now Bitcoin is running due to institutions buying heavily. There just isnt enough supply for all the demand so the price keeps skyrocketing.

Again, dont fomo....dollar cost average into crypto.

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