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Bitcoin Misinformation


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2020 Nov 10, 10:01am   137,142 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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1320   Patrick   2021 Mar 17, 2:18pm  

I dunno, to control ignores feels like imposing in a way.

This has been a problem since the beginning of patrick.net. I asked a friend who works at Facebook what they do about it and he pointed out that they don't have this problem, because people just unfriend you if you insult them and then you don't see them anymore. It's only a problem on anonymous forums like this one.
1321   Bitcoin   2021 Mar 17, 3:33pm  

@Patrick
it would be nice to have a function that lets you prevent a certain user from seeing any of your posts. I would like to remove Wookie from seeing my posts so he cant insult/troll on it. That doesnt mean I ignore the user WookieMan just a restriction on my posts.
1322   Patrick   2021 Mar 17, 4:06pm  

Well, you can ignore him, and then he won't see your posts and you won't see his. Comments will also be mutually invisible. I think it works that way right now.

It doesn't seem quite right to be able to hide posts from someone if you can still see theirs.
1323   WookieMan   2021 Mar 17, 5:29pm  

Patrick says
You both can choose to just stop ragging on each other any time.

Not about the individual for me. It's about the non-response and spam. I'd do this with anyone and I have in the past. Bring up a topic and answer questions. This is a Bitcoin Misinformation post for Christ sake and he's yet to debunk a damn thing. Just post spam and has no intelligent thought on anything.

Bring content or logical responses. Not fly by night links and the same post over and over and over. It's not complicated. I don't think it's personal that I point this out because it's not. It's fact. Most users have ignored him as is their right, but I have no interest is even one person buying into this bullshit. So I'll fight it all day.

Posting a chart 100x's on one website ,doesn't answer a question. It's trolling. It's spam. It's trash. I'm sorry he can't handle the heat, but I've not even turned it up yet.
1324   Bitcoin   2021 Mar 17, 5:35pm  

@WookieMan
sry man, looks like Bitcoin bounced back quickly! I know you got excited regarding a 10% dip....should have bought some! Well, there will always be a next dip until it moves to new all time highs :)

happy patty's day to my Bitcoin haters!

1325   Bitcoin   2021 Mar 17, 5:37pm  

Patrick says
Well, you can ignore him, and then he won't see your posts and you won't see his. Comments will also be mutually invisible. I think it works that way right now.

It doesn't seem quite right to be able to hide posts from someone if you can still see theirs.


@Patrick
Are you sure?....if i ignore him, he can still see my posts and post BS on it I believe. I just dont see his comments but others will....I think it should be enabled that I can restrict certain users from seeing my posts if they dont add value.
1326   WookieMan   2021 Mar 17, 6:11pm  

Bitcoin says
I just dont see his comments but others will....I think it should be enabled that I can restrict certain users from seeing my posts if they dont add value.

I can't see your posts/comments if you ignore me.... only if someone quotes it. Not sure how much clearer Patrick can be. This isn't complicated. Ignore me and I'm gone from your world. FYI, 13 now.

I don't claim to be perfect and know I piss some people off. But 13 in 6 months has to be a record. Sorry, but that means something.
1327   mell   2021 Mar 17, 6:26pm  

I don't want to get into the bitcoin spat (my jam is mostly biotech stocks and I can't complain), I think it is based on legit technology here to stay, but not without problems (energy one of them, viruses/bots using blockchain for malicious reasons which makes them close to impossible to block from replicating another one), possibly overvalued but certainly not worthless. The point I'd like to make is about the trade. I certainly would have enjoyed the foresight to put 10k into bitcoin at 3k, 5k or 10k and making a 5-15 x multibagger. People can always the say this asset is not legit, immoral, too volatile etc. etc. but if you're at the right side of the trade at the end of the day that should count for something. Same goes for RE. I've been thinking forever it was overvalued in CA (and still think so for many areas), but with the exception of 2008-2013 it has gone nothing but up and I'm happy for the Emans, pkennedys, bayareas and others if they made a good choice wrt their RE investment(s), be it short or long term. If you invested in TSLA at $200 you made the right choice, good for you, even if I think it's overvalued at $700 or even $500 - it doesn't change that fact that the trade was a good one. It may be promotion/pumping but as long as it doesn't take over the site I'm fine with it. Do I think the risk/reward is great at 60k? Certainly not. Was it great at 3k or 5k?Absolutely!
1328   Cash   2021 Mar 17, 8:00pm  

personal
1329   WookieMan   2021 Mar 18, 7:49am  

mell says
I certainly would have enjoyed the foresight to put 10k into bitcoin at 3k, 5k or 10k and making a 5-15 x multibagger.

Yes, I've always agreed with this. I made one bad prediction and I'm a shit mutt and have BTC derangement syndrome. But I'm the one being personal and trolling.

mell says
Same goes for RE. I've been thinking forever it was overvalued in CA (and still think so for many areas), but with the exception of 2008-2013 it has gone nothing but up and I'm happy for the Emans, pkennedys, bayareas and others if they made a good choice wrt an investment, be it short or long term.

Yes, there's a physical asset backing it either with a structure or the land itself. CA has temperate climate and is near scenery. Those things have value too. Crypto doesn't beside people just wanting to buy it.

mell says
If you invested in TSLA at $200 you made the right choice, good for you, even if I think it's overvalued at $700 or even $500 - it doesn't change that fact that the trade was a good one.

Again, they have physical assets and IP. They own land and have large warehouses/factories. If they fall on hard times it's almost certain another automaker would buy all that stuff.

mell says
It may be promotion/pumping but as long as it doesn't take over the site I'm fine with it. Do I think the risk/reward is great at 60k? Certainly not. Was it great at 3k or 5k?Absolutely!

Agreed again. It's a trade. Make money while you can and I've never changed my opinion, and said make money while you can. So I don't get all the butthurt over my comments.

There's a huge difference between trading and investing. You literally cannot "invest" in BTC because it is nothing. It's numbers. Just because a billionaire pumps it doesn't mean he believes in it. No one can argue that. He has the cash to move a market and knows he can get someone else's money. If someone can make money along the way go for it as I've always said.

But people saying you should hold are full of it. 100%. That's why they don't have a response to a comment like this and just post shit. And cash, I don't know what your issue is, I've always said trade it and I've said you seem to have solid knowledge of what you're doing. G consistently posts pumping spam. This is indisputable.

We don't have to agree, but BTC will go away. No one in any of these threads has proved otherwise. I don't know the timeline, but the game ends at some point. I can make consistent and solid returns doing other things. BTC went sideways for 3 years, while I was earning dividends and appreciation. One off bubbles does not lead to being rich on an asset less "currency" and there's no disputing this.
1330   Bitcoin   2021 Mar 18, 10:04am  

Cash says

@patrick How about putting some control on your trolling moderator!!!


great idea! And glad to see a post from @Cash
Miss your analytics!
1331   Bitcoin   2021 Mar 18, 10:10am  

mell says
I think it is based on legit technology here to stay,


thanks for the comments @mell

What biotech stocks do you prefer? I got some bio/Life sciences/pharma in my 401k but outside of retirement funds I hold Thermo Fisher Scientific and I think they have upside.

It's hard to argue with Bitcoin investors since the price went up so much. But we are in a bull cycle. There will be another bear cycle as well.....it all has to do with the halvening events every 4 years.

Bull market make you money.....bear markets make you rich (if you dollar cost average in during downturns).

Holding Bitcoin long term (dollar cost avg in) has been the best strategy for the avg joe that doesnt like to day/swing trade. Institutions like Tesla, Microstrategies etc. do the same. (HODL longterm and dont get concerned about short term volatility).
1332   Onvacation   2021 Mar 19, 11:41am  

John McAfee Indicted by DOJ Over Alleged Cryptocurrency Fraud Charges

Federal prosecutors say that John McAfee leveraged his social media presence to engage in “age-old pump-and-dump schemes.”
https://news.bitcoin.com/us-indicts-john-mcafee-alleged-cryptocurrency-fraud-money-laundering/

Imagine that!
1333   Eric Holder   2021 Mar 19, 11:59am  

Onvacation says
John McAfee Indicted by DOJ Over Alleged Cryptocurrency Fraud Charges

Federal prosecutors say that John McAfee leveraged his social media presence to engage in “age-old pump-and-dump schemes.”
https://news.bitcoin.com/us-indicts-john-mcafee-alleged-cryptocurrency-fraud-money-laundering/

Imagine that!


Nooooooooo!
1334   WookieMan   2021 Mar 19, 12:04pm  

Onvacation says
Federal prosecutors say that John McAfee leveraged his social media presence to engage in “age-old pump-and-dump schemes.”

Yup. People and companies are just doing it "legally" now. lol.
1335   Bitcoin   2021 Mar 19, 12:04pm  

Cardano (ADA) is now at $1.3 and i bought about 120,000 coins for an avg cost of 10 cents. I think when ADA hits $5-10 I should sell (*Big smile on my face*)
1336   WookieMan   2021 Mar 19, 1:28pm  

Bitcoin says
Is it time yet to remove moderator rights from WookieMan?

Prove when I've violated anything? By default your comment is personal. Don't talk about users. So I'll now mark this personal 🤦‍♂️
1337   Bitcoin   2021 Mar 19, 1:52pm  

@Patrick

are you seeing how he targets all my posts? Can you take off his moderator rights? He is misusing/abusing his moderator rights.
I have him on ignore now but he still marks my posts personal. there needs to be a demotion :)
I'd say you put us both on a mutual ignore so we dont have to waste time with this piece of shit anymore :)
1338   WookieMan   2021 Mar 19, 2:07pm  

Bitcoin says
Is it time yet to remove moderator rights from WookieMan?

Talking about another user....
1339   Onvacation   2021 Mar 25, 9:54am  

https://whatifyouboughtbitcoin.com/
If I had spent $50 on bitcoin in January 2011 I would be a bitcoin millionaire!
1340   Bitcoin   2021 Mar 25, 9:56am  

Onvacation says
https://whatifyouboughtbitcoin.com/
If I had spent $50 on bitcoin in January 2011 I would be a bitcoin millionaire!


Nice! Thanks for sharing! No wonder the consensus are that Bitcoin is the best performing asset.
1341   Onvacation   2021 Apr 2, 7:11am  

Nobody's pumping crypto on patnet?

They must have realized it's a scam
1342   WookieMan   2021 Apr 3, 8:11am  

Onvacation says
Nobody's pumping crypto on patnet?

They must have realized it's a scam

It's been nice. I think most users have just ignored certain users. I think it's nice. Maybe eventually an intelligent conversation about it will come around. Not hopeful, but we'll see. Pumpers come out of the woodwork once you question anything about it. Truth be damned.
1343   Onvacation   2021 Apr 3, 8:15am  

WookieMan says
Maybe eventually an intelligent conversation about it will come around.

There has been a conversation and the conclusion is that crypto is not an investment but a speculative gamble dependent on the next greatest fool HODLing in order to enable a criminal money laundering scheme (scam).
1344   WookieMan   2021 Apr 3, 8:24am  

Onvacation says
There has been a conversation

Not really though. "Digital gold!" "Tesla!" That's not conversing. That's not debating. Posting a false chart over and over. That's spam.

Not saying you haven't tried or others, but that's what has happened. Quickest user to 13 ignores that I can remember. I'm at 7 in a decade versus 13 in six months. I guess I see how there's no point in conversing with G36 or Newbie and should just ignore. I'm okay with a few name changers and account changers, but I still don't like it. It's not honest in my opinion. And then you change your name. It's cowardly.
1345   Bitcoin   2021 Apr 4, 11:39am  

Digital Gold (aka best thing sliced bread, aka Bitcoin) is almost at 60k......that must hurt those clowns that thought Bitcoin will go to 1.2k. ROFL.

Ethereum is at over 2k!!! holy crap....i remember 6 month ago when I bought ETH and thought it would at least go to $700! Boy.....its more than double of what I hoped for!
No wonder people know by now that crypto is the best performing asset class.
1346   Onvacation   2021 Apr 9, 8:04am  

Bitcoin is still a scam.

It needs more gullible fools to fuel the moonshot.

What's on your flashdrive?
1347   Bitcoin   2021 Apr 9, 8:07am  

Onvacation says

What's on your flashdrive?


Bitcoin is on my hardware wallet. Very secure way of storing your precious digital gold coins.

I also have a lot of Cardano, link, dot, LTC, 0x and ETH! Eth stands for Ether or Ethereum! We live in very exciting times and this year Bitcoin will exceed 100k easily!
1348   Onvacation   2021 Apr 15, 10:45am  

Microsoft Employee Gets Nine Years in Prison for Bitcoin Fraud

According to IRS Special Agent Ryan Korner, this is the first case in the United States related to bitcoin and tax fraud. He noted that now the IRS has all the necessary competencies to track cryptocurrencies:

“Simply put, today’s verdict shows that you can’t steal funds over the Internet, run them through bitcoin and think that it covered up your crime.”
https://tutx.net/2021/04/09/microsoft-employee-gets-nine-years-in-prison-for-bitcoin-fraud/

Don't get scammed!
1349   Onvacation   2021 Apr 21, 3:07pm  

Are people still gambling in crypto?
1350   Bitcoin   2021 Apr 21, 6:20pm  

Onvacation says
Are people still gambling in crypto?


I am still HODL'ing my Bitcoins (1.9), and my ETH, and my Litecoin and my Ox, ADA, link, Tezos

I did sell my Binance coins and Dogecoins. Not at the very peak but i can live with 11x :) :)

Bitcoin might go to 350k this bull cycle, so, I will continue to HODL it.....its only at 55k or so.....But i cant complain. 6 Month ago when I bought it was at 15k :) :)
1351   Patrick   2021 Apr 24, 8:18pm  

https://www.bbc.com/news/world-europe-56871403

On Friday, Vebitcoin announced on its website it had stopped all activities "in order to fulfil all regulations and claims". It was not immediately clear how many people had been affected.

"Due to the recent developments in the crypto money industry, there was a much higher density in our operations than expected. We would like to state with regret that this situation has led us to a very difficult process," it said.

Meanwhile, Turkey has issued an international arrest warrant for the Thodex founder, Faruk Fatih Ozer, who reportedly fled to Albania with an alleged $2bn (£1.4bn) from investors.
1352   RWSGFY   2021 Apr 24, 10:11pm  

Peter Thiel: “Bitcoin can become a financial weapon of China against the United States"

Co-founder of the payment company PayPal and bitcoin enthusiast Peter Thiel (Peter Thiel) said that the first cryptocurrency can act as a financial weapon of China in the fight against the United States.

During the virtual conference, Thiel stressed that most of the miners of the first cryptocurrency are located in China. And in the event of a further deterioration in relations between the world’s two largest economies, bitcoin could be used to counter the US dollar.

“I am somewhat of a cryptocurrency advocate and bitcoin enthusiast, but there is a thought that bitcoin can be seen as part of China’s financial weapon against the United States,” said the co-founder and former CEO of PayPal.

Bitcoin can be dangerous for any fiat currency, but it is especially dangerous for the US dollar as the reserve currency of the world. Therefore, US politicians and strategists need to take into account the state of affairs in the cryptocurrency market when analyzing the geopolitical landscape.

https://tutx.net/2021/04/14/peter-thiel-bitcoin-can-become-a-financial-weapon-of-china-against-the-united-states/


#CCPcoin
1353   Onvacation   2021 Apr 25, 7:42am  

FuckCCP89 says
Bitcoin can be dangerous for any fiat currency

Since crypto is valued in fiat. Crypto is fiat. Or maybe fiat fiat because you need to use fiat to buy it and when you sell it you get fiat.

But it's still a good way to launder money internationally.
1354   RWSGFY   2021 Apr 25, 9:02am  

Onvacation says
Crypto is fiat. Or maybe fiat fiat because you need to use fiat to buy it and when you sell it you get fiat.


Fiat squared.
1355   WookieMan   2021 Apr 25, 9:42am  

FuckCCP89 says
#CCPcoin

Lol. I don't think people realize that warfare isn't lobbing missiles at people anymore or shooting the enemy. Everything has always been about wealth extraction. If you're dead, there's no money to get from you, so war makes little sense now. We're in a new era and the common person is way behind in understanding this. I think we're currently in WWIII and most people don't even know it. Crypto is a tool to extract money and gain power.

Between Covid and crypto, someone is trying to devalue the dollar bigly. They're doing it at an accelerated pace. People are paying other people for fucking digital numbers. There's no explaining this, it's what crypto is. Why? Who in the flying fuck wants a digital file and then thinks it's worth something? I think it was Misc or another user, but there's more crypto "currencies" then major stocks/companies on our big indexes.

You can make money off it, but people have to start asking the question, why? A digital currency comes out of nowhere that no one knows about, by a person with an Asian name. #FuckChina
1356   FortwayeAsFuckJoeBiden   2021 Apr 25, 10:42am  

Patrick start selling patnet coins lol. If everyone can just invent currencies, why not us?

There was this old movie name of which I forgot. But it was some ethnic country and every village had its own invented currency. And the new guy going through would get suckered into trading his goods or horses for this made up currency. Then in next village his money was useless so he had to trade away again. It was a comedy. I feel like that’s real life right now.
1357   Onvacation   2021 Apr 25, 10:51am  

Fortwaynemobile says
Patrick start selling patnet coins lol. If everyone can just invent currencies, why not us?

I tried that. Patnet readers are too smart for that.

Onvacation says
I'm starting a new cryptocurrency. I am selling them at a discount while I set up the blockchain (a free open source technology where a continuously growing list of records, called blocks, are linked and secured using cryptography).

If you send me a dollar now I will send you a unique (kinda) sequence of bits (0s and 1s) when I start mining the blockchain.
GetRichQuickCoins, the currency of the future!
1358   Bitcoin   2021 Apr 25, 12:17pm  

Onvacation says
Fortwaynemobile says
Patrick start selling patnet coins lol. If everyone can just invent currencies, why not us?

I tried that. Patnet readers are too smart for that.


@Patrick, onvacation,
how about this: We create a penny-stock type of coin that has some catchy name that caters to super leftist people. I wouldnt want to create a coin to screw Patnetters but I would love a coin to attract investors that support Antifa/BLM.

Here are some suggestions that would sucker in the right crowd:

AntifaCoin
BLMCoin
DefundPoliceCoin
BanGunsCoin
BlackMoonCoin
BlackPowerToken

the names actually dont have to have "coin" or "token" in it.
1359   FortwayeAsFuckJoeBiden   2021 Apr 25, 12:24pm  

Bitcoin says
AntifaCoin
BLMCoin
DefundPoliceCoin
BanGunsCoin
BlackMoonCoin
BlackPowerToken


Now you gonna sucker all the BLM kids with these names.

All right guys let’s do BLM coin. Let’s see where it goes! Who is into this thing?

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