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Bitcoin Misinformation


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2020 Nov 10, 10:01am   136,657 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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557   WookieMan   2020 Dec 28, 7:50am  

G36 says
retail investors start to wake up

Then the whales take your money for 3 years. Rinse and repeat. At some point you cannot repeat anymore. You cannot explain that or even acknowledge that. It's why your comment are dangerous.
558   Bitcoin   2020 Dec 28, 7:55am  

wookie, you are just trolling and cant afford to buy crypto

"The bottom will fall out"
"It will make its way to $8k at some point, but I was wrong with year end"
"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.
559   Onvacation   2020 Dec 28, 8:04am  

So you don't dollar cost average?
560   Onvacation   2020 Dec 28, 8:07am  

WookieMan says
It's why your comment are dangerous.

Not really. If someone touted the wonders of crack would you buy a rock and smoke it?
561   Onvacation   2020 Dec 28, 8:08am  

G36 says
Not a surprise, DF.

Do you have any answers to queries or are you just going to continue blatant personal attacks?

You need to be more subtle.
562   Bitcoin   2020 Dec 28, 8:11am  

Hi Ov, I havent seen any questions? I will answer all of them. Just post them!
563   WookieMan   2020 Dec 28, 8:18am  

Onvacation says
WookieMan says
It's why your comment are dangerous.

Not really. If someone touted the wonders of crack would you buy a rock and smoke it?

Crack can kill you. That's a bad health choice.

Crypto is just a bad investment. You'll live. But if you bought in Dec. 2017 and needed that money out prior to this December, you'd have been totally fucked. Would have lost 75% if you took it out in March of this year.

He was pumping it on the way down under another username from 2017 until 2 months ago. I'm intelligent enough to not buy into the BS, but many others aren't. That's why it is dangerous and as you've said he's just selling to the greater fool. He just doesn't realize at some point he's the fool.
564   Bitcoin   2020 Dec 28, 8:20am  

Wow, remember when I told you yesterday about ETH?

dec 27


dec 28
565   Onvacation   2020 Dec 28, 8:44am  

Ether, had to look it up.

Ether, also spelled aether, also called luminiferous ether, in physics, a theoretical universal substance believed during the 19th century to act as the medium for transmission of electromagnetic waves (e.g., light and X-rays), much as sound waves are transmitted by elastic media such as air. The ether was assumed to be weightless, transparent, frictionless, undetectable chemically or physically, and literally permeating all matter and space. The theory met with increasing difficulties as the nature of light and the structure of matter became better understood.

Or were you talking about starting fluid and the knockout gas?
566   WookieMan   2020 Dec 28, 9:16am  

Onvacation says
Ether, had to look it up.

The beauty of crypto. You can just make a coin up any time. If you can market it well enough, you can just take people's money. It really is brilliant. Just not an investment or store of value.
567   Bitcoin   2020 Dec 28, 10:26am  

Onvacation, not only were you curious but now you are starting to research crypto! love it!
Ether (Ethereum) is the second largest crypto by market cap and you may build smart contracts on top of Ethereum.
google it! And dont fomo.....dollar cost average instead!
568   Onvacation   2020 Dec 28, 10:32am  

G36 says
dont fomo

Ya got some of that Dogecoin in your portfolio?

Not expecting cogent answers.
569   Onvacation   2020 Dec 28, 10:34am  

G36 says
you are starting to research crypto!

You should too. Do you even have an inkling about blockchain?

Not expecting cogent answers.
570   Bitcoin   2020 Dec 28, 10:42am  

Onvacation says
G36 says
dont fomo

Dogecoin in your portfolio?



Start with Bitcoin and buy some of the top ten coins. Ether is a must have too.

A hot tip is Cardano (ADA).
Cardano has entered the Goguen era after its successful implementation of Shelley! Goguen will allow smart contracts on ADA!!

https://roadmap.cardano.org/en/goguen/
571   Onvacation   2020 Dec 28, 10:47am  

What about that iota coin? Do you think it's a bargain at $0.32?
572   Bitcoin   2020 Dec 28, 11:05am  

G36 says
Curiosity is the first step. After that comes education!
Pls educate yourself. All the info's are here:

coinbase.com
https://www.binance.us/en/home
paypal.com
robinhood.com

All these sites have tutorials and make it easy for new crypto investors!


I completely forgot to mention these two:

https://www.kraken.com/
https://www.webull.com/
573   Onvacation   2020 Dec 28, 11:10am  

So you have no opinion on iota or dogecoin?
574   Bitcoin   2020 Dec 28, 11:12am  

Sry, you must have missed my post.


Start with Bitcoin and buy some of the top ten coins. Ether is a must have too.

A hot tip is Cardano (ADA).
Cardano has entered the Goguen era after its successful implementation of Shelley! Goguen will allow smart contracts on ADA!!

https://roadmap.cardano.org/en/goguen/
575   WookieMan   2020 Dec 28, 11:58am  

personal
576   Bitcoin   2020 Dec 28, 12:08pm  

personal
577   WookieMan   2020 Dec 28, 12:20pm  

personal
578   Bitcoin   2020 Dec 28, 12:21pm  

personal
579   WookieMan   2020 Dec 28, 12:31pm  

personal
580   Bitcoin   2020 Dec 28, 12:35pm  

personal
581   WookieMan   2020 Dec 28, 1:10pm  

G36 says
"The bottom will fall out"

It will. Just like it did after the 2017 Christmas pump when morons were sold on BTC and then lost their assess over the next few months. Not sure what this contradicts.
G36 says
"It will make its way to $8k at some point, but I was wrong with year end"

No idea why you're quoting this?? By default not a contradiction.
G36 says
"I like to play the bigger numbers" "I bought 100 shares of LUV"

This one is still hysterical. Contradicts nothing at all. It's an assumption on your end that I don't hold more LUV previous purchased or purchased later. lol. Not a contradiction.
G36 says
"I dont trade. Its a losers game"

I don't trade. Not sure what is a contradiction. Unless you're doing it full time, you'll lose. I stand by this statement. Not a contradiction.
G36 says
"I'd actually consider trading BTC"

I would... but I don't trade. Selectively quoting is troll game. Again reading. Not a contradiction.
G36 says
"Fuck no on holding though"

Selective quoting again. I would never hold BTC. You forgot that part. Not a contradiction of anything.
G36 says
"I dont care about the price of BTC"

I don't. Not a contradiction of anything again.
G36 says
"8k by year end"

I was wrong. I don't care about the price of BTC. So again, not a contradiction.
G36 says
"its going to land in the 1000-2500 range"

Long term it will. You know it will too. Not sure what his contradicts.
G36 says
"no x axis"

As with your other quotes being selective, you screen shot a graph and left off the x axis. 100% true and contradicts nothing.
G36 says
"Wait, wait, wait. I thought it was 9,000,000%. Is it 17,918.98% or 9,000,000%?"

Those numbers were quoted from you, lol. Talk about contradiction. Only one in this list so far is from you.
G36 says
"Basic index funds have outperformed BTC"

Selective quoted as usual. December 2017 to early/mid December when I made that comment. Oh and you would have gotten dividends to reinvest during that time too. lol.
G36 says
"an unregulated market"

Yes, yes it is. Not sure why this one has been added to your list. This is something I thought we agreed on.
G36 says
"roulette"

Yup. Perfect analogy to crypto. You've placed a bet on black and won for now. We'll see how you do with the next spin of the wheel and lose. I thought most people knew how to play roulette. Pretty basic game.
G36 says
"Nuclear EMP goes off"

Yes???? Let me guess, everyone in the world has a backup generator? lol. WWII was less than 100 years ago. WWI 30 years prior. If you don't think shit can hit the fan, fine. I want physical assets during a time of legit war. No one will want or potentially even be able to trade or acquire goods with crypto in that event. This is one of the dumbest ones you quote that you think is dumb.
G36 says
"Would have sold everything at 18k"

Yup. If I had bought in March 2020 I'd have made a killing. More than you have at this point. Not sure what you're getting at. Holding from $19k USD for three years I imagine is pretty frustrating.
G36 says
"I am good with 9%"

I have $1M+ in liquid assets at the click of a button as I type this. I don't know, I say that good for my age. Better than $45k.
G36 says
"Bitcoin is not backed by anything"

I mispoke. It's backed by a spreadsheet. You got me there. Took long enough.... lol.
G36 says
"artificial scarcity"

We've agreed on this. It's fake. That's what artificial means. When no one cares anymore they won't want it. Beanie Babies, tulips, etc. Actually not really, those are at least have physical properties and not spreadsheets.
G36 says
"I only care about 6 figure gains"

Yup. Again, not sure why you quote this. I'm proud of your $25k gain. You'll eventually get to 6 figures. But I'd diversify, otherwise you won't.
G36 says
"wake up at 6am and your money is all gone"

Mt Gox comes to mind. Dec. 2017 and the following months plunging comes to mind. So again, not sure what you're talking about. 100% true.

Keep quoting my stuff though. I'm in your head and it makes me smile. You're not confident in your standing. I'm am. You know I don't have to post screen shots because I'm confident. That bothers you. Why is that?
582   WookieMan   2020 Dec 28, 1:11pm  

G36 says
why dont you explain your contradictions?

You gonna answer some questions now boy?
583   WookieMan   2020 Dec 28, 6:53pm  

Crickets... lol.
584   Bitcoin   2020 Dec 28, 8:37pm  

personal
585   Onvacation   2020 Dec 28, 9:38pm  

G36 says
i dont interact with trolls. Why dont you explain your troll comments?

Do you see any contradiction here?
586   Bitcoin   2020 Dec 28, 9:46pm  

Onvacation says

Do you see any contradiction here?


He's constantly contradicting himself. He needs to explain his troll comments and contradications before I start interacting with him.
587   WookieMan   2020 Dec 28, 10:07pm  

personal
588   Bitcoin   2020 Dec 29, 5:31am  

personal
589   Onvacation   2020 Dec 29, 8:19am  

I'm not going to talk to you any more. Let's have a conversation.
590   WookieMan   2020 Dec 29, 3:55pm  

personal
591   Bitcoin   2020 Dec 29, 7:01pm  

personal
592   WookieMan   2020 Dec 29, 9:47pm  

personal
593   Blue   2020 Dec 30, 12:34am  

https://www.marketwatch.com/story/after-recent-price-spike-the-energy-to-produce-bitcoin-could-power-a-country-of-more-than-200-million-people-11609244670?mod=home-page

At 92.8 terawatt hours annualized, bitcoin’s power consumption is slightly ahead of Pakistan’s consumption in 2016, and not wildly away from the Netherlands’ consumption that year. Put a different way, the electricity consumed by minting bitcoin could power all the tea kettles in Britain for 21 years.

Two-thirds of bitcoin production is done out of China. More than half of China’s energy output comes from coal, so the bitcoin production is likely to be particularly dirty.

This crap must be shutdown before burning this planet.
594   WookieMan   2020 Dec 30, 4:17am  

Blue says
Two-thirds of bitcoin production is done out of China. More than half of China’s energy output comes from coal, so the bitcoin production is likely to be particularly dirty.

This crap must be shutdown before burning this planet.

Hard to dispute the environmental effects from such massive electric usage. Whether one wants to believe in global warming or not, coal is nasty either way and is the primary reason China is in a constant haze.

Environment aside, why is China mining 2/3rds of it? I'm sure the CCP has zero money to manipulate the market at all. One of the many reasons to not touch BTC. Can be completely manipulated by the worlds largest countries relatively easy. Decentralized unless you're the CCP mining 2/3rds of coin. People are so easily manipulated. Kind of scary.
595   Bitcoin   2020 Dec 30, 6:27am  

WookieMan says
\the worlds largest

yep, Bitcoin is almost bigger than Berkshire Hathaway! So close :)



https://companiesmarketcap.com/assets-by-market-cap/
596   Onvacation   2020 Dec 30, 7:36am  

Hey @G36

Do you want to address the unsustainable nature of bitcoin's power use? Or are you going to just keep mindlessly pumping?

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