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Bitcoin Misinformation


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2020 Nov 10, 10:01am   136,445 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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1562   Onvacation   2022 Jan 28, 5:42am  

FJB says
The answer is it's not about a price point as much as it is about technical indicators.

Like when the democrats steal an election and need to pay off some foreign actors? Or maybe when a Saudi prince needs to pay for a new harem of enslaved children? Those technical indicators?
1563   Onvacation   2022 Jan 28, 5:47am  

FJB says
I won't have to if I sell my Maui condo but I'd like to keep it.

If you're so wealthy why are you dealing with a scam like crypto?
1564   Onvacation   2022 Jan 28, 5:47am  

No assets, no dividends, no security, massive amounts of energy to keep the scam going; the only way to make money with crypto is to find a fool willing to pay you more than you paid. Tell me how I'm wrong?
1565   Maga_Chaos_Monkey   2022 Jan 28, 6:28am  

I'm not going to answer anymore questions until you answer mine. You have yet to answer a single one of my questions @Onvacation. Here is another: How come you use Vox for your investment advice? I'm mean. Come on. Vox?
1566   Maga_Chaos_Monkey   2022 Jan 28, 6:50am  

Here is another, do you think you're wiser than Chris Miller, a billionaire who's put 50% of his personal wealth in bitcoin? Not to mention the many others.

https://www.thestreet.com/investing/cryptocurrency/fund-manager-bill-miller-says-50-personal-wealth-in-bitcoin?source=patrick.net

Chris is falling for a scam? Chris is just part of the ponzi? If so, only one of the many billionaires makes out eh? The rest are fools right?
1567   RWSGFY   2022 Jan 28, 7:48am  

FJB says
Here is another, do you think you're wiser than Chris Miller, a billionaire who's put 50% of his personal wealth in bitcoin? Not to mention the many others.

https://www.thestreet.com/investing/cryptocurrency/fund-manager-bill-miller-says-50-personal-wealth-in-bitcoin?source=patrick.net

Chris is falling for a scam? Chris is just part of the ponzi? If so, only one of the many billionaires makes out eh? The rest are fools right?


How do we know he's not lying?
1568   Maga_Chaos_Monkey   2022 Jan 28, 7:51am  

FuckCCP89 says
How do we know he's not lying?


I suppose that is possible. Bitcoin isn't anonymous like many people think but it's possible if he has some other entity like greyscale managing his keys for him.
1569   Onvacation   2022 Jan 28, 7:59am  

FJB says
I'm not going to answer anymore questions

You haven't answered any questions!

Not that I was expecting any cogent defense of cryptocurrency. It's a scam.
1570   Onvacation   2022 Jan 28, 7:59am  

FJB says
Chris is falling for a scam

That's too bad.
1571   Maga_Chaos_Monkey   2022 Jan 28, 8:13am  

Onvacation says
You haven't answered any questions!

Not that I was expecting any cogent defense of cryptocurrency. It's a scam.


BS, and all I get back from you is a combo of the blue screen of death and a broken record.
1572   Maga_Chaos_Monkey   2022 Jan 28, 8:19am  

Funny, when this vox misinfo thread was started BTC was ~15K. Even after falling from it's highs it's up well over 100%. It was already an old article when this was posted and it's still up over 350% since then lol...
1573   Onvacation   2022 Jan 28, 8:32am  

FJB says
it's still up over 350%

Every time it goes down 50% it has to go up 100% to get back to even.

No assets, no dividends, no way to make money except finding a bigger fool to buy your flashdrive.
1574   Maga_Chaos_Monkey   2022 Jan 28, 8:36am  

No assets, no dividends, no way to make money except finding a bigger fool to buy your green back or it's 1s and 0s equivalent.

So you think the dollar is a scam or a ponzi?

Your 50% number applies to other things as well like stocks.

Meaningless arguments.

Tip: The dollar isn't 'money', it's only 'currency' since 1971. It's debt or an IOU. Gold and bitcorn are money.
1575   Maga_Chaos_Monkey   2022 Jan 28, 8:37am  

More blue screen of death and repetitive low information remarks coming up!
1576   Cash   2022 Jan 28, 9:53am  

FJB says
More blue screen of death and repetitive low information remarks coming up!

At least with OV you get short sweet comments, unlike the dufus who says he hates crypto, calls it a scam to save everyone from evil crypto... Just so he can make some bogus statement and claim on how rich and elitist he is. It's hilarious so I let him know it's the internet he can be anyone he wishes even an ignorant imbecile...
1577   Bitcoin   2022 Jan 28, 9:57am  

FJB says
How come you use Vox for your investment advice? I'm mean. Come on. Vox?


Lol

To sum it up:
OV, a boomer who "invests" in silver coins and a matchbox car, takes "investment" advice by Vox, and hates Crypto and blockchain.
+ Repeats "greater fool" in every other sentence.


No surprises here I'd say :)
1578   Onvacation   2022 Jan 28, 10:25am  

FJB says
this vox misinfo thread

"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."

Do you disagree with Vox? What did they get wrong?
1579   Onvacation   2022 Jan 28, 10:26am  

Cash says
it's the internet he can be anyone he wishes even an ignorant imbecile...

Yup.
1580   Maga_Chaos_Monkey   2022 Jan 28, 7:28pm  

Onvacation says
"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."

Do you disagree with Vox? What did they get wrong?


Great question and yes I disagree 100%. They got all of it wrong. You see @Onvacation the guy who wrote that article in Vox is a slimy weasel who fooled you. It's simply a hit piece from a moron with a conflict of interest. He doesn't believe any of that which I will demonstrate below. Also bitcorn is property not a security only the alt-coins are securities.

First Bill is a former CEO of Paypal but he only lasted one month because he's a moron, who was messing things up and was asked to leave. Paypal states that it's great he's gone:

https://www.globalnonviolence.org/paid-for-the-language-paypal-ceo-who-called-bitcoin-biggest-scam-in-history-lasted-a-month-in-office/?source=patrick.net
Controversial co-founder of PayPal Bill Harris defined Bitcoin as a „coup“ in 2018, but his departure was decisive for the company to accept cryptomoedas.

You see Paypal knows what's up. They either get into crypto or they die. (Personally I hope they die) They're even making their own crypto. Even the credit card companies are getting into it because they too, don't want to die. I suspect they probably will, they are too late. Bitcoin (not to mention ETH which has done more) is already clearing more transactions than VISA:

https://www.benzinga.com/markets/cryptocurrency/22/01/25251600/bitcoin-annual-settlement-volume-exceeded-that-of-visa-last-year-at-1-3b?source=patrick.net

ol' @richwicks on here was rambling on about how this is impossible because he doesn't know what he's talking about.

Back to Bill though - your guy who inspired you to start this thread. Bill is a lying MF. You know what Bill has been up to? Well, he dubiously moved to what is basically Silicon Valley but for crypto in Florida and plans to start a 'global digital bank':

https://www.thenextmiami.com/nirvana-technology-will-hire-200-tech-employees-in-wynwood-with-plans-to-build-a-global-digital-bank/?source=patrick.net

Now you might say to yourself, "Hey, we have those already. Internet banks that do transactions with 1011010001010". You'd be right. One of my favorites is this one:

https://redneck.bank/?source=patrick.net

I Iike to chase the fly around with my mouse.

But this is different. You see, Bill is an anti-American snake (and you thought you were saving people from demoncrats and middle eastern rapists) who appears to want to screw us all.

Fortunately, it's been a while and Bill hasn't seemed to be able to hire many people yet. Here is his company:

https://nirvana.tech/?source=patrick.net

They've got like 10 people so far. Why can't he hire people there? My guess is that there are too many way better projects and the developers have some principles. The person with a discriminating eye may notice at least 2 of them are former Ripple developers.

Oh well that's interesting isn't it. XRP is a crypto. It's not any I'd buy now because it's a fiat crypto that Christine Lagarde wants to use at the IMF to get rid of the dollar (for the most part) and create a global crypto currency that the IMF controls. That's like an order of magnitude worse than our own central bank CBDC I asked you about that you never answered:

https://fee.org/articles/imf-head-predicts-the-end-of-banking-and-the-triumph-of-cryptocurrency/?source=patrick.net

So it looks like your buddy Bill has a conflict of interest and is trying to start a global 'digital' (really XRP) bank despite his BS claims - but I can't prove that yet because they're somewhat quiet but the writing is on the wall. If so it gets even funnier. All that crap he talks about related to securities dumps you quoted. Well, the US SEC shut down XRP because to them it looks like they may have been doing that:

https://www.sec.gov/news/press-release/2020-338?source=patrick.net
Press Release
SEC Charges Ripple and Two Executives with Conducting $1.3 Billion Unregistered Securities Offering

HAHAHAHAHAHAHAHA

(Not laughing at you @OnVacation, I'd rather laugh with you everyone makes mistakes)

Could Bill Harris be any more of a cuck sucker than he already is? LOL

If you think you'll be sucking air for another 20 years or so I recommend you get one of them thar crypto flash drives, open an account and buy $10 worth of Satoshis. Just so you know how to do it if the time comes and you want to move quickly.

Start following the news about this a bit better. It's pretty much daily I'm reading stuff like this for 1.5 years:

https://www.benzinga.com/markets/cryptocurrency/22/01/25295734/bill-to-make-bitcoin-legal-tender-in-arizona-introduced-what-you-need-to-know?source=patrick.net

Like our asshoe governor said when he was mayor of SF and allowing gay marriage despite the referendum banning it:

"This is going to happen!"
1581   Onvacation   2022 Jan 29, 7:38am  

FJB says
I disagree 100%.

SO, how do you make money investing in crypto without finding a greater fool to pay more than you did?

Still waiting for a cogent answer, but not expecting one. Bitcoin is a scam.
1582   Maga_Chaos_Monkey   2022 Jan 29, 12:16pm  

You should really nuke this thread and start a Crypto Information thread instead. Both the good and bad. Patnet started out about the housing market.

Onvacation says
SO, how do you make money investing in crypto without finding a greater fool to pay more than you did?


I've rejected the premise.

Onvacation says
Bitcoin is a scam.


Bill? Is that you?
1583   Onvacation   2022 Jan 29, 12:49pm  

FJB says
You should really nuke this thread and start a Crypto Information thread instead

Go ahead. This is the crypto currency is a scam thread.
1584   Onvacation   2022 Jan 29, 12:51pm  

FJB says
Onvacation says
SO, how do you make money investing in crypto without finding a greater fool to pay more than you did?


I've rejected the premise.

If you don't know who the fool is, it might be you.
1585   Maga_Chaos_Monkey   2022 Jan 29, 12:59pm  

Onvacation says
If you don't know who the fool is, it might be you.


Fools are people who are unable to make probabilistic models of the future and prepare for them appropriately Bill.
1586   Maga_Chaos_Monkey   2022 Jan 29, 12:59pm  

Onvacation says
Go ahead. This is the crypto currency is a scam thread.


Nah, too lazy. Besides you've already taken the torch.
1587   Onvacation   2022 Jan 31, 1:27pm  

FJB says
Onvacation says
Go ahead. This is the crypto currency is a scam thread.


Nah, too lazy. Besides you've already taken the torch.

OK. Go ahead. Tell us why bitcoin is not a scam requiring a bigger fool to buy your coin in order to make a profit?
1588   Bitcoin   2022 Jan 31, 5:58pm  

Bitcoin is a great way to get ahead financially. I bought it for 15k a while back and it more then doubled. These other coins I have did even better.

Just dollar cost average some of your funds in crypto and HODL for years. Try to avoid the noise and don't care about the swings. If you are up considerably, sell some. Nothing wrong with taking profits. Just don't get too greedy.
1589   mostly reader   2022 Jan 31, 6:12pm  

> Bitcoin, FJB

Full disclosure: I just started learning about cryptocurrencies, but quite aggressively. I made it a priority.

Having said that. Cost of transaction for bitcoin is non-trivial, but the chart doesn't show it at all. In fact, it implies the opposite: "Easily transactible: High". Indeed, you can counter that "easy" and "cheap" are not the same, in which case I'd point out that cost of transaction is simply missing from the chart and that the wording is misleading.

I understand that this makes small transactions non-reversible in practical terms.
1590   Maga_Chaos_Monkey   2022 Jan 31, 9:56pm  

mostly reader says
Full disclosure: I just started learning about cryptocurrencies, but quite aggressively. I made it a priority.

Having said that. Cost of transaction for bitcoin is non-trivial, but the chart doesn't show it at all.


Checkout the lightning network. The whole industry is just getting started but it's already exploded into many entities working on many different projects. Way to many for me to keep up with.

Right now it's too much of a pain in the butt for most people to use. Later you won't even notice. For instance, you and I don't care about each other's ISP only that our messages reach each other.

Also, bitcoin is significantly different than most other cryptocurrencies. The energy required is what protects it. The others may be quicker and cheaper but less secure among other things. Different niche. Bitcoin is more like gold. I believe it now does smart contracts natively recently though.
1591   Maga_Chaos_Monkey   2022 Jan 31, 10:01pm  

Onvacation says
OK. Go ahead. Tell us why bitcoin is not a scam requiring a bigger fool to buy your coin in order to make a profit?


Reject the premise again.

It's a network with software apps that provide value.

The hypothesis you keep repeating suggests it'll eventually crash to zero because it has no value. It has value because humans decided it has value. Like $, your matchbox car, gold, oil, bullets, cigs, tulips.

Since you're being hypothetical we might say your matchbox car is scam that will go to zero because over the next decade old white guys with matchbox cars might get their heads chopped off. Or we might discover gold causes ovarian and testicular cancer. Even a commodity like oil went negative within the past 2 years.

Why haven't you answered a single one of my questions Bill?
1592   Onvacation   2022 Feb 1, 5:48am  

FJB says
Bitcoin is more like gold

I reject your premise. Gold only has to be mined once, a store of value, while Bitcoin has to be "mined" over and over or it disappears. Gold is an element. Bitcoin is a scam.
1593   Onvacation   2022 Feb 1, 5:50am  

FJB says
we might discover gold causes ovarian and testicular cancer

LOL!
Really?
1594   Onvacation   2022 Feb 1, 5:52am  

FJB says
Why haven't you answered a single one of my questions Bill?

I'm not bill.
1595   clambo   2022 Feb 1, 5:53am  

None of the guys who like Bitcoin bought it for $65,000, but some did and they are biting their fingernails waiting for other guys to bid it back up.
1596   mostly reader   2022 Feb 1, 8:10am  

FJB says
Also, bitcoin is significantly different than most other cryptocurrencies. The energy required is what protects it. The others may be quicker and cheaper but less secure among other things. Different niche. Bitcoin is more like gold. I believe it now does smart contracts natively recently though.
Right, "the energy required is what protects it." There's a flip side to that: small transactions are irreversible. If you used bitcoin to buy something for an equivalent of $10, and not satisfied, it's cheaper to just forget about it than to get a refund. Then, there may be another network which makes transactions easier but at the cost of security.

I understand that this is a built-in feature which comes with it's own benefits, but a fare comparison chart should at least mention it.
1597   Maga_Chaos_Monkey   2022 Feb 1, 8:41am  

mostly reader says
but a fare comparison chart should at least mention it.


Yeah, agree with everything you said. I'm just not sure what this comparison chart is you're referring to.
1598   Maga_Chaos_Monkey   2022 Feb 1, 8:42am  

Onvacation says
I'm not bill.


Come on Bill. It all makes sense. The affinity for Florida, the sail boat, the pirate picture...
1599   Maga_Chaos_Monkey   2022 Feb 1, 8:51am  

Onvacation says
Gold only has to be nined once


To keep gold requires a lot of energy. Storage, transport among others. The no energy after mining argument is a cannard.

Onvacation says
Gold is an element.


People literally get rich on vibrating air molecules. Music royalties. They don't own the air molecules themselves, just the vibrations.
1600   mostly reader   2022 Feb 1, 8:55am  

FJB says
mostly reader says
but a fare comparison chart should at least mention it.


Yeah, agree with everything you said. I'm just not sure what this comparison chart is you're referring to.
There was a chart few posts above mine, the type which compares crypto against other financial instruments (fiat/gold/etc.) and crypto comes out ahead in all metrics. I don't see it any longer.

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