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Bitcoin Misinformation


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2020 Nov 10, 10:01am   137,511 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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1213   Onvacation   2021 Feb 17, 11:58am  

Patrick says

Each email should have a link at the bottom to stop getting that kind of email. Let me know if that's not true, or does not actually work.

Thanks Patrick.

I don't want to block all emails. Maybe Mr. G will behave and stop @ing me.
1214   Bitcoin   2021 Feb 17, 12:04pm  

bawahahahah

@onvacation
1215   Bitcoin   2021 Feb 17, 1:00pm  

WookieMan says
Onvacation says
Please stop


being gay


Mhm, seems like @onvacation doesnt like gay's? And it seems like @WookieMan is trying to come out of the closet.

@Wookieman, whats your boyfriends name and does he own Bitcoin?
1216   WookieMan   2021 Feb 17, 1:03pm  

G36 says
bawahahahah

Plenty of users here have disagreements. You've had to change your past usernames. No one has to wonder why now. Keep it up. You're losing, but keep it up.
1217   Onvacation   2021 Feb 17, 1:13pm  

If you're a fool buying bitcoin sell before you become the last greatest fool. Even the traders are trying to time the market. Even HODL'ers plan on selling to a greater fool someday. Don't be the last greatest fool.

If you don't know who the bitcoin fool is, it might be you.
1218   Bitcoin   2021 Feb 17, 1:54pm  

G36 says
WookieMan says
Onvacation says
Please stop


being gay


Mhm, seems like @onvacation doesnt like gay's? And it seems like @WookieMan is trying to come out of the closet.

@Wookieman, whats your boyfriends name and does he own Bitcoin?


It would be nice if @WookieMan at leasts answers questions once in a while.
1219   WookieMan   2021 Feb 17, 2:22pm  

G36 says
@Wookieman, whats your boyfriends name and does he own Bitcoin?

Keep up with the comedy. You might have an actual career at some point. There's a mirror and that question was meant for you... I love how self deprecating you are. I didn't think gays were like that. Thought they were pompous, boisterous pumpers ;)
1220   Bitcoin   2021 Feb 17, 2:55pm  

WookieMan says
G36 says
@Wookieman, whats your boyfriends name and does he own Bitcoin?

pompous


Pompous? Interesting name. And what's his nickname? Pomp?

And how many Satoshis does he own? Are you the female in the relationship @Wookieman?
1221   Onvacation   2021 Feb 17, 3:57pm  

If you buy stock you, theoretically, buy a "share" of the profits and losses of the company which uses your investment to buy tools and materials to pursue their business model.

What is bitcoins business model?

If you buy a Satoshi you are paying for "miners" expenses and an updated decentralized ledger that indicates you now own one Satoshi.
1222   Bitcoin   2021 Feb 17, 4:25pm  

Agreed, its digital gold and a great wealth generator. I made over 3x since November. Wow!
1223   Onvacation   2021 Feb 18, 2:44pm  

Crypto Hedge Funds Defraud $100 Million From Investors, Founder Faces 20 Years in Prison

he U.S. Department of Justice (DOJ) announced Thursday that Stefan He Qin, a 24-year-old Australian national and founder of two crypto hedge funds, has been charged with securities fraud and has pleaded guilty in Manhattan federal court.

Qin “owned and controlled two cryptocurrency investment funds” called Virgil Sigma and VQR Multistrategy Fund between 2017 through 2020, the Justice Department described. Both funds were based in New York. According to the DOJ, the two funds had “over $100 million in investments.”

HSI (Homeland Security Investigations) Special Agent Peter Fitzhugh commented that “Qin mastered the art of trickery by representing these firms as profitable investment strategies so more victims fell to his tactics and were defrauded of nearly $100 million.”

U.S. Attorney Audrey Strauss said Qin “drained almost all of the assets from the $90 million cryptocurrency fund he owned [the Virgil Sigma fund], stealing investors’ money, spending it on indulgences and speculative personal investments, and lying to investors about the performance of the fund and what he had done with their money.”

https://news.bitcoin.com/cryptocurrency-hedge-funds-defraud-100-million-investors-founder-20-years-prison/
1224   WookieMan   2021 Feb 18, 5:24pm  

G36 says
Pompous? Interesting name. And what's his nickname? Pomp?

You fit the name. Spot on. https://www.merriam-webster.com/dictionary/pompous

Yet you have no standing. You have no value. It's kind of funny, but also sad.
1225   WookieMan   2021 Feb 18, 5:26pm  

Onvacation says
Crypto Hedge Funds Defraud $100 Million From Investors

This about sums it up. Can't stop a retard from being retarded though... I just dislike the pump and spam. Not answering a single fucking question. G.... Where did you last travel?
1226   Bitcoin   2021 Feb 18, 6:51pm  

G36 says
WookieMan says
G36 says
@Wookieman, whats your boyfriends name and does he own Bitcoin?

pompous


Pompous? Interesting name. And what's his nickname? Pomp?

And how many Satoshis does he own? Are you the female in the relationship @Wookieman?


Not surprised that @WookieMan doesnt answer any questions.
1227   Onvacation   2021 Feb 18, 9:37pm  

In what rational universe could someone simply issue electronic scrip — or just announce that they intend to — and create, out of the blue, billions of dollars of value? It makes no sense.

All of this would be a comic sideshow if innocent people weren’t at risk. But ordinary people are investing some of their life savings in cryptocurrency. One stock brokerage is encouraging its customers to purchase bitcoin for their retirement accounts!

If you don't know who the fool is...
1228   Bitcoin   2021 Feb 18, 9:45pm  

@onvacation

i told you, you can lead a donkey (named sissy) to the water but cant make her drink.
1229   WookieMan   2021 Feb 19, 5:20am  

Onvacation says
One stock brokerage is encouraging its customers to purchase bitcoin for their retirement accounts!

And this is what these guys are doing. Dangerous game and why I'll continue to try and provide a countering view without name calling.

There are forums out there for crypto. I'm not sure why they spam this site with garbage links and content. Not one of them has answered a flipping question about anything. They don't participate in other threads in meaningful ways or at all. They're paid to pump spam or crypto on the web, convinced of this. No intelligent person can truly think it's a good "investment" and not just a trading vehicle.
1230   Onvacation   2021 Feb 19, 6:14am  

WookieMan says
No intelligent person can truly think it's a good "investment" and not just a trading vehicle

Speculation (gambling) not so pure (massive electricity cost) and not so simple (solve complicated math puzzle to update spreadsheet). Hoping the greater fool will buy your coins (bits on a flashdrive).

The scam will leave a lot of fools hornswaggled and a couple manipulators rich. It will also feed the miners until everyone, except the stupid HODLers, gets wise that crypto is a Ponzi scheme dependent on the next greatest fool.
1231   Bitcoin   2021 Feb 19, 8:14am  

G36 says
@onvacation

i told you, you can lead a donkey (named sissy) to the water but cant make her drink.


made a 12x realized gain (before taxes) on Binance coin :)
1232   Onvacation   2021 Feb 20, 10:43am  

SUSTAINABLE ENERGY
Bitcoin’s wild ride renews worries about its massive carbon footprint
*Bitcoin has a carbon footprint comparable to that of New Zealand, producing 36.95 megatons of CO2 annually, according to Digiconomist.
*The cryptocurrency consumes more electricity than the entire annual energy consumption of the Netherlands, Cambridge University researchers say.
*Critics say there are alternative tokens that consume far less power, while bulls argue disputes about bitcoin’s environmental impact miss the point.
https://www.cnbc.com/2021/02/05/bitcoin-btc-surge-renews-worries-about-its-massive-carbon-footprint.html
1233   Bitcoin   2021 Feb 20, 7:46pm  

Onvacation says
SUSTAINABLE ENERGY


correct. Its mainly powered by renewable energy.

https://finance.yahoo.com/news/study-over-74-bitcoin-mining-180300738.html

Study: Over 74% of Bitcoin Mining is Powered by Renewable Energy
1234   Onvacation   2021 Feb 20, 8:13pm  

Yeah. I don't believe in global warming either.

Good thing all of those miners are running on windmills and solar panels.
1235   Bitcoin   2021 Feb 20, 8:29pm  

Onvacation says
Yeah.

Good thing all of those miners are running on windmills and solar panels.

Exactly right @Onvacation!
1236   Onvacation   2021 Feb 21, 7:42am  

@g36
Made any money from crypto yet?
1237   Onvacation   2021 Feb 21, 12:21pm  

@G36
See how Cash does it? He's a roller. He's a player. He gambles some, pulls some off the table. He's seeing who's bluffing. He's looking for the tell.

He knows he's gambling.

If you were to sell one of your 1.9 bitcoins you could double your money and still have 10s of millions of Satoshis. You a Satoshi millionaire!

After several more halvenings the HODLers will be howling about how the moonshot is still coming while the miners continue to sell satoshis for exorbitant amounts to all of the Investors who feel rich from having bits on a stick.
1238   Onvacation   2021 Feb 21, 12:23pm  

bits on a stick
1239   Bitcoin   2021 Feb 21, 7:54pm  

Onvacation says
@g36
Made money from crypto

"Congrats"

Thanks man @onvacation!
Appreciate that. Yep, i could get used to making 11x on my investments :)

Thanks Tesla!
1240   Onvacation   2021 Feb 21, 8:13pm  

G36 says
Onvacation says
@g36
Made money from crypto

"Congrats"

Thanks man

you're welcome. You going to realize some profits? Or just let it ride?
1241   Bitcoin   2021 Feb 21, 8:26pm  

Onvacation says
G36 says
Onvacation says
@g36
Made money from crypto

"Congrats"

Thanks man

you're welcome.


:) You can do an 11x too! Just invest today!

As Elon Musk said, the best time to invest in Crypto was yesterday. The second best time is today!
1242   Onvacation   2021 Feb 21, 10:10pm  

G36 says
Onvacation says
G36 says
Onvacation says
@g36
Made money from crypto

"Congrats"

Thanks man

you're welcome.


:) You can do an 11x too! Just invest today!

As Elon Musk said, the best time to invest in Crypto was yesterday. The second best time is today!

Why?
Isn't it due for a reset? shouldn't you take a couple chips off the table?
1243   WookieMan   2021 Feb 22, 4:14am  

Wealth isn't achieved in 3 months. Let alone 3 years. Average length of an NFL player that was getting paid over $500k as a rookie. Many much higher. They all end up broke for the most part. Even the super successful ones.

Wealth is a lifestyle and not about having a good night at the casino. Eventually the night ends and you need to learn how to be wealthy. The vast majority fail. I suspect you will based on your comments here.
1244   Onvacation   2021 Feb 22, 6:11am  

@G36
Make any money from bitcoin yet?
You might regret not pocketing some chips.
1245   Onvacation   2021 Feb 22, 6:11am  

I mean bits.
1246   Onvacation   2021 Feb 22, 6:11am  

bits on a stick
1247   Bitcoin   2021 Feb 22, 10:24am  

@WookieMan

sry its so shitty in IL today....If you would have invested your stimulus in Bitcoin you would at least be able to buy a house in IL.
You probably wont ever have enough funds to move to beautiful SoCal. Amazing weather here today! Taking the doggy for a long walk today and a bike ride later.

Feels like summer today! 75 degrees! pool time

sry its shitty in IL....like all year? I heard its pretty much cold, snowy, rainy during fall, winter & spring and during summer its humid and the bugs are out. Sounds horrible. No wonder you cant stand living there. Sorry @WookieMan
1248   WookieMan   2021 Feb 22, 11:04am  

Beautiful day here. But I'm packing up for AZ to golf with the boys. Head out tomorrow. Should be a fun trip. So I don't need to worry about women's and children's tasks. Enjoy the dog though. Sounds like a ton of fun by yourself.
1249   Onvacation   2021 Feb 22, 11:40am  

stick bits - the new Gold!
1250   Onvacation   2021 Feb 23, 4:12pm  

I would not be surprised if bitcoin went up to 100K.

It's a gamble. I never won big in Vegas. I never lost big either. I play with a couple hundred $ at the 21 table, throw some tokens into the one arm bandits, and if I win? I pull some off the table or cash in my bucket of tokens.

I'm not much of a gambler. I usually don't lose all of my $200, have a few drinks, and pocket a couple chips when I'm on a roll. I don't let it ride. I think on my biggest night I left with $800.

I haven't been to a casino for a while.
1251   Bitcoin   2021 Feb 23, 5:54pm  

Onvacation says
I would not be surprised if bitcoin went up to 100K.




100k this year at the very minimum. More likely is 150-200k. We see a lengthening cycle compared to the previous 4 year cycles. This time around we have heavy buying by institutions (Tesla, Paypal, Microstrategies, Square, etc). Now we have a Bitcoin ETF. One can not afford to not hold Bitcoin.
1252   Onvacation   2021 Feb 23, 6:18pm  

G36 says
One can not afford to not hold Bitcoin.

Why?

What is going to happen to all of the people that don't want to dabble in bitcoin?

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