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Bitcoin Misinformation


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2020 Nov 10, 10:01am   137,091 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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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?
1360   Bitcoin   2021 Apr 25, 1:15pm  

Fortwaynemobile says
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?


100% in here.

not just BLM kids, but also antifa and all the other leftists.
"Support our movement by holding BLMcoin. Buy BLMcoin and start changing America now."

We'll pump the living shit out of this coin on all BLM, Antifa websites/forums.
1361   Patrick   2021 Apr 25, 2:27pm  

Lol, I like this!
1362   Bitcoin   2021 Apr 25, 7:03pm  

Patrick says
Lol, I like this!


Well, we are going to be fuckin rich on this. I've got everything we need....a software engineer that can write the code, me doing the marketing, etc,
We just need to coordinate on a private forum........

who else is in?
1363   FortwayeAsFuckJoeBiden   2021 Apr 25, 7:21pm  

Bitcoin says
Patrick says
Lol, I like this!


Well, we are going to be fuckin rich on this. I've got everything we need....a software engineer that can write the code, me doing the marketing, etc,
We just need to coordinate on a private forum........

who else is in?


I’m in
1364   Bitcoin   2021 Apr 25, 8:42pm  

@Patrick @Onvacation
@Socal2 @WookieMan

who else? what better way to get rich then pulling money from Antifa scum?
1365   PeopleUnited   2021 Apr 25, 8:58pm  

Come to think of it, isn’t all “crypto” just an elaborate confidence scheme? Like a spreadsheet makes it any less ridiculous than selling the Brooklyn Bridge.
1366   AmericanKulak   2021 Apr 25, 8:58pm  



What a great storehouse of value.

Imagine in the USD dropped 7% in an hour, then gained 10% a few hours later.
1367   Eric Holder   2021 Apr 26, 9:11am  

MisdemeanorRebellionNoCoupForYou says


What a great storehouse of value.

Imagine in the USD dropped 7% in an hour, then gained 10% a few hours later.


Great payment vehicle too: the cost of every transaction is unpredictable and it can take hours to complete.
1368   Patrick   2021 Apr 26, 9:50am  

https://www.cnbc.com/2021/04/26/turkish-bitcoin-exchange-vebitcoin-collapses-amid-crypto-crackdown.html

A second bitcoin exchange collapses in Turkey amid crackdown on cryptocurrencies
1369   Eric Holder   2021 Apr 26, 10:15am  

Patrick says
https://www.cnbc.com/2021/04/26/turkish-bitcoin-exchange-vebitcoin-collapses-amid-crypto-crackdown.html

A second bitcoin exchange collapses in Turkey amid crackdown on cryptocurrencies


Noooooooo!
1370   WookieMan   2021 Apr 26, 11:11am  

Bitcoin says
@Patrick @Onvacation
@Socal2 @WookieMan

who else? what better way to get rich then pulling money from Antifa scum?

I appreciate that you're finally admitting what crypto is. Problem is Antifa "participants?" don't make any money. Hard to extract money from people with none.
1371   Onvacation   2021 Apr 26, 1:44pm  

So,

To get rich on crypto you need fools to buy it. Who would be that foolish?
1372   Bitcoin   2021 Apr 27, 10:12am  

Onvacation says
Who


Tesla bought 1.5B USD worth of Bitcoin.....they HODL 90% of it and only sold 10%.

Smart. Thanks Tesla! I am 100% HODL'ing my BTC.....i did sell my Binance coin, Dogecoin....:)
1373   Patrick   2021 Apr 28, 11:52am  

https://twitter.com/TikTokInvestors/status/1385365742506364929

TikToker makes ‘scamcoin’ as a joke and within an hour it’s worth ~$70mln lmao.
1374   Bitcoin   2021 Apr 28, 12:49pm  

Patrick says
https://twitter.com/TikTokInvestors/status/1385365742506364929

TikToker makes ‘scamcoin’ as a joke and within an hour it’s worth ~$70mln lmao.


I am pretty sure we can make lots of money by creating BLMcoin and selling it to antifa and other liberals.
1375   WookieMan   2021 Apr 28, 1:57pm  

Bitcoin says
I am pretty sure we can make lots of money by creating BLMcoin and selling it to antifa and other liberals.

I'm just happy you're admitting what crypto is finally. It's not a store of value per your own comment quoted here. MAKE money, not a store of value. AKA take money from others.
1376   Eric Holder   2021 Apr 28, 2:06pm  

WookieMan says
MAKE money, not a store of value. AKA take money from others.


1377   Bitcoin   2021 Apr 28, 8:20pm  

Eric Holder says
AKA take money from others.


thats what trading is. A transfer from dumb money to smart money. 90% of traders lose in the stock market for instance.
In Crypto, a ton of dumb money will buy into shitcoins and their portfolios will go up significantly (temporarily). The majority of shitcoin holders will ride the ship up and down because greed kicks in and they fail to DCA out of their positions.
Bitcoin is not a pump and dump to me. But its a waste of time to argue about it.....either you like investing in BTC or you dont. My holdings in Bitcoin and Altcoins have been mega profitable on paper. At some point I will start taking profits on my larger holdings. I already sold all of my Binance coin and Dogecoin.
1378   Onvacation   2021 May 9, 11:00am  

FBI Puts Warning Signs on Bitcoin ATMs in This US County Following a Scam
The Cuyahoga County Scam Squad in Cleveland and the FBI are collaborating to alert the public about scams involving bitcoin, News 5 Cleveland reported this week. Old scams ranging from grandparent’s scam, explained Sheryl Harris, Director of the Cuyahoga County Department of Consumer Affairs.

FBI Special Agent Vicki Anderson warned that once the victims sent bitcoin, “it’s almost impossible to get it back so the best we can do is prevention and that’s why we’re trying to get the word out.”

The news outlet described that “Signs will soon be put up on bitcoin ATMs across the county,” noting that “The signs are intended to make people think twice before going through with a transaction because they could be caught in a scam.”

https://otcpm24.com/2021/05/07/fbi-puts-warning-signs-on-bitcoin-atms-in-this-us-county-following-a-scam-regulation-bitcoin-news/
1379   Bitcoin   2021 May 9, 6:03pm  

If you fall for this type of scam, you deserve to be scammed:

https://otcpm24.com/2021/05/07/fbi-puts-warning-signs-on-bitcoin-atms-in-this-us-county-following-a-scam-regulation-bitcoin-news/
"A man who almost became a victim of a scam asking for bitcoin told the news outlet that he got a call from someone who sounded just like his son, who said he was hurt in a car accident, got thrown in jail, and needed bond money.

The man and his wife were instructed to withdraw $9,000 in cash, go to a bitcoin ATM, then use the QR code the scammer provided to deposit the cash. The man said that the shopkeeper where the ATM resided came up and said “can I help you?” When he explained that he needed to send money to an attorney with the bitcoin ATM, the shopkeeper told him that he was getting scammed. The couple then called their son and confirmed it was a scam."

bawahahah
1380   Patrick   2021 May 9, 9:42pm  

Bitcoin says
bitcoin ATM


I had never heard of this, so I looked it up.

https://99bitcoins.com/bitcoin/atm/

Do Bitcoin ATMs Give Cash?

Some BTMs work both ways – meaning they can dispense Bitcoin in exchange for cash and they can also dispense cash in exchange for Bitcoin. However, most models work only for buying Bitcoin.


How much fee do Bitcoin ATMs charge?

Bitcoin ATMs charge an average fee of 8.93%. However, this is a rough average and the fees vary between ATMs. Make sure to read the instructions on the machine before starting the process.




Two screaming problems there:

1. Most just take cash and don't give cash? Hmmm, makes it sound like they really prefer cash over Bitcoin.
2. 8.93% is ridiculous.

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