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Bitcoin Misinformation


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2020 Nov 10, 10:01am   133,512 views  2,169 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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1253   Eric Holder   2021 Feb 23, 6:19pm  

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


They will be poor and living under the bridge while bitcoin billionaires will be living in Caligulan splendor.
1254   Blue   2021 Feb 23, 6:29pm  

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


They will be poor and living under the bridge while bitcoin billionaires will be living in Caligulan splendor.


Sometimes creating a Ponzi scheme is not very difficult when things are in right place.
1255   Bitcoin   2021 Feb 24, 9:02am  

that was a cute little dip.....obviously the bears didnt buy. Sorry you got so excited .....short lived.
1256   Onvacation   2021 Feb 24, 10:05am  

G36 says

100k this year at the very minimum.

Or it could revert to it's actual value.

I suspect that eventually bitcoin will be a subscription service where no one is actually buying the $100,000.00 bitcoin but the HODLer's are paying the "miners" to update the list of "bitcoin millionaires.".
1257   Onvacation   2021 Feb 24, 10:07am  

Is there a million? Or ten million Satoshis in a bitcoin?

Someday a whole coin will be worth more than the country of Slovakia and people will bid outrageous prices for the few Satoshis that ever hit the market.

The halvening is real.
1258   zzyzzx   2021 Feb 24, 10:14am  

Onvacation says
Crypto Hedge Funds Defraud $100 Million From Investors


Fixed:
Crypto Hedge Funds Defraud $100 Million From Gamblers
1259   Bitcoin   2021 Feb 24, 1:03pm  

I agree, Bitcoin is probably going to reach 250k by this year. thanks

and thanks TESLA
1260   Onvacation   2021 Feb 24, 4:15pm  

G36 says
Bitcoin is probably going to reach 250k

Would you be willing to pay a "miner" a fee to confirm that?
1261   Bitcoin   2021 Feb 24, 5:57pm  

every time i have moved Digital gold (Bitcoin) from an exchange to my Trezor i paid small transaction fees (you call it miner fee).
I love miners.....thanks for mining Bitcoin dear miners! I dont mind if you increase your fees by 10x. Without miners we would not have Bitcoin at 50K and we sure as hell would not have the alt coin market skyrocket because without Bitcoin the Altcoin market would be dead.

Miners for president! Go miners! We love you!
1262   Onvacation   2021 Feb 24, 8:19pm  

G36 says
i paid small transaction fees (you call it miner fee).

Do you even know how bitcoin works?
1263   Onvacation   2021 Feb 24, 8:20pm  

Not expecting a cogent answer.
1264   Bitcoin   2021 Feb 24, 9:11pm  

G36 says
every time i have moved Digital gold (Bitcoin) from an exchange to my Trezor i paid small transaction fees (you call it miner fee).
I love miners.....thanks for mining Bitcoin dear miners! I dont mind if you increase your fees by 10x. Without miners we would not have Bitcoin at 50K and we sure as hell would not have the alt coin market skyrocket because without Bitcoin the Altcoin market would be dead.

Miners for president! Go miners! We love you!


i would actually pay 20x more fees. they are sooo low, that even a 20x wouldnt be noticeable.
1265   RC2006   2021 Feb 24, 9:14pm  

peak FOMO
1266   Bitcoin   2021 Feb 24, 9:16pm  

Mining pools should get medal of honors.
1267   Onvacation   2021 Feb 25, 6:17am  

You do know that the miners don't get the exchange fees but work for new " coins"? Don'tcha?
1268   Onvacation   2021 Feb 25, 6:18am  

The fees are paid by the next greatest fool to the exchanges.
1269   Bitcoin   2021 Feb 25, 7:57am  

Have you found the next greater fool yet to buy your matchbox car? that you paid 10k for?
1270   Onvacation   2021 Feb 25, 8:02am  

Hope you took some profits. It's a long way down.
1271   Bitcoin   2021 Feb 25, 8:04am  

I havent taken any profits in BTC yet. Simply because we didnt hit 400k yet. Its only at 51k....i agree....it will take a few more weeks to get there.
Cardano, i will probably sell at around $10 bucks....i bought it at an avg of 10 cents.....just like those numbers....from 10 cents to $10 dollars :)
1272   Onvacation   2021 Feb 25, 8:06am  

G36 says
I havent taken any profits in BTC

We know.
1273   Bitcoin   2021 Feb 25, 8:08am  

Onvacation says
G36 says
I havent taken any profits in BTC

We know.


Of course! Why should i have spent my precious digital gold coins at a price of say 40k....when just a few days later its at 50k.....why should i spend my precious coins at 51k if I believe it will go to 400k? Its smart money. Dumb money (Wookieman) will buy my precious digital gold coins when I sell at 400k.
1274   Onvacation   2021 Feb 25, 8:11am  

G36 says
Dumb money (

Also known as the greater fool. How do you know it's not you?
1275   Bitcoin   2021 Feb 25, 8:13am  

if you pull a 3x in BTC and 10x in Cardano in just under 6month, you can call yourself smart money. (G36)

If you buy a matchbox car for 10grand and cant find a greater fool, you can call yourself dumb money. (you might know who I am referring to)

1276   Onvacation   2021 Feb 25, 10:36am  

G36 says
if you pull a 3x in BTC and 10x in Cardano in just under 6month, you can call yourself smart money. (G36)

SO,
You are smart money?
1277   Onvacation   2021 Feb 25, 10:38am  

You do know ya have to sell to profit, don'tcha?
1278   Bitcoin   2021 Feb 25, 11:09am  

Onvacation says
G36 says
if you pull a 3x in BTC and 10x in Cardano in just under 6month, you can call yourself smart money. (G36)

SO,
You are smart money?


absolutely. I even bought Bitcoin before Tesla :)
1279   Onvacation   2021 Feb 25, 2:36pm  

G36 says
I even bought Bitcoin before Tesla

Another great example. Though both are overpriced, Tesla is real. Crypto is bits on a stick that you must find a greater fool to buy. Whereas Tesla is an ongoing business with cars and things.

See the difference?

It's kinda like that overpriced hot wheel car you keep bringing up, it's real. Your bits on a stick, not so real.
1280   Bitcoin   2021 Feb 25, 8:54pm  

Onvacation says
G36 says
I even bought Bitcoin before Tesla

Another great example. .


I know! That's why I am smart money....and you are dumb money for paying 10grand for a matchbox car. You will never find a greater fool to pay you back what you invested. @onvacation
1282   Bitcoin   2021 Feb 25, 9:35pm  

I thought you were older.
1283   Onvacation   2021 Feb 26, 6:08am  

Buy the dip!
1284   Bitcoin   2021 Feb 26, 6:33am  

Onvacation says
Buy the dip!


Always!
1285   Onvacation   2021 Feb 27, 9:24am  

Is Bitcoin at risk of another drop below $40K in a historically corrective March?
https://cointelegraph.com/news/is-bitcoin-at-risk-of-another-drop-below-40k-in-a-historically-corrective-march

Bitcoin (BTC) has seen a corrective week as the price dropped from $58,000 to $44,000 in a matter of days. This dropdown caused a panic reaction across the markets as the euphoria was immediately halted.

For instance, the Crypto Fear and Greed Index plunged to monthly lows of 56 after being above 90, or "extreme greed" for an entire month.

However, such a panic reaction is unwarranted because corrections appear frequently in a bull market as a "reset" before continuation. This is organic and healthy and offers a good opportunity for traders and investors to buy the dip.

BUY THE DIP!
1286   Onvacation   2021 Feb 27, 9:25am  

It's amusing how these guys talk about support and resistance levels as if it were a stock or something real.


This now paints a clear picture of the critical levels to watch. Ideally, the support zone between $42,500-$44,000 has to hold for further upward momentum. If it fails, further weakness can be expected toward the $37,500-$39,000 level.

But if the $42,500-44,000 support zone holds, higher prices can be expected once Bitcoin breaks above the resistance between $50,000 and $51,000.
1287   Onvacation   2021 Feb 27, 11:24am  

Bitcoin is an extremely power hungry speculative investment dependent on the next greater fool (dumb money) in order for the last fool to profit. There is nothing there, no dividends, no capital (all consumed by miners), no store of value, nothing. Now if you have no scruples you can trade and make money but HODLing is unscrupulous and foolish.
1288   Onvacation   2021 Mar 7, 12:28pm  

Does anyone think all 2,200,000,000,000,000 Satoshi's could ever be sold for a profit?

Beware the scam!
1289   Onvacation   2021 Mar 11, 8:56pm  

It is what it is.
1290   Bitcoin   2021 Mar 11, 9:03pm  

Onvacation says
It is what it is.


its fascinating:

https://www.investopedia.com/ask/answers/061915/how-does-block-chain-prevent-doublespending-bitcoins.asp#:~:text=The%20blockchain%20which%20undergirds%20a,double%2Dspending%20on%20its%20own.&text=Bitcoin%20was%20the%20first%20major,a%20common%2C%20universal%20ledger%20system

"Bitcoin was the first major digital currency to solve the issue of double spending. It did so by implementing this confirmation mechanism and maintaining a common, universal ledger system. In this way, the bitcoin blockchain retains records of time-stamped transactions going back to the founding of the cryptocurrency in 2009."

Brilliant
1292   Bitcoin   2021 Mar 12, 8:11pm  

Huh, whats a 51% attack and how often does it occur?

Answer: It never has and never will. Just a hypothetical like aliens arriving on earth.

mmmkay, why do Bitcoin haters mention it?

Answer: Cause they got nothing else left. Especially after Tesla invested 1.5B USD in Bitcoin :)

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