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Bitcoin Misinformation


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2020 Nov 10, 10:01am   94,983 views  2,057 comments

by Onvacation   ➕follow (3)   💰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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1851   WookieMan   2022 Jun 13, 5:29am  

Bd6r says

BTW have not seen posts from Bitcoin enthusiasts here for a while

It will go back up. Based on the limit of coins people will eventually lose interest though. It's a pump and dump roller coaster that gets popular once every 3 years it seems. I could see one or two more spikes over the next decade and then it just plummets.

The last run was built on people getting covid funds for themselves and their kids. The whales knew and then they bid up the price and all these dudes living in mom's basement are like, well maybe I can get rich. YouTube videos came out (mostly liars) about how much they've made. It's easy to influence a broke person on get rich quick schemes. Young men 21-35ish fall into this trap all the time.

Key is invest in things people NEED. No one needs bitcoin. It's not a currency. Until the pumpers realize that and don't sell when the price gets high, they will get severely burned long term. I give it at least one more run maybe two and it's done. And yes, it will break 100k at some point, but fool me once, fool me twice......... Trade it and make money, but don't be the fool at the end.
1852   Onvacation   2022 Jun 13, 8:50am  

WookieMan says

Trade it and make money,

No, don't do that.

Not only is it a scam it's ecologically unsustainable.
1853   clambo   2022 Jun 13, 8:55am  

I recall my friend in Florida bragging about his brother who had some Bitcoin, he was “getting rich.”
Bitcoin is for guys who want to get rich quickly.
The flip side of getting rich quickly is getting poor quickly.
1854   WookieMan   2022 Jun 13, 9:09am  

Onvacation says

WookieMan says


Trade it and make money,

No, don't do that.

Not only is it a scam it's ecologically unsustainable.

We've always been in agreement. Certain scams take longer to play out. I ain't touching the shit myself. BTC is more worthless than most penny stocks as sometimes the pennies actually end up creating something or doing something worth value.

What I dislike is the dishonesty of it being an "asset" like gold or something else that is tangible or provides a service/function. Or sellable in a disaster. Bitcoin ain't that. Hot dogs are more valuable if shit hits the fan. People will buy those before BTC to stay alive and they last long if cooled.
1855   AmericanKulak   2022 Jun 13, 4:24pm  

Binance shuts down exchange "temproarily" as Crypto collapses.

https://cointelegraph.com/news/binance-suspends-bitcoin-withdrawals-cz-says-funds-are-safu

SAFE STORE OF VALUE! TRADES LIKE A BIOTECH OTC!
1856   Misc   2022 Jun 14, 3:26am  

I think in 20 years people will be able to explain crypto much like people today explain pets.com.
1857   1337irr   2022 Jun 14, 5:41am  

I predict Coinbase is going to pause withdrawals due to the tsunamis of pending orders from Binance and Celsius customers. I expect this will happen by week's end. This is a classic run on the bank.
1858   AmericanKulak   2022 Jun 14, 5:53am  

1337irr says

I predict Coinbase is going to pause withdrawals due to the tsunamis of pending orders from Binance and Celsius customers. I expect this will happen by week's end. This is a classic run on the bank.


Buttcoin Pimps:
1859   1337irr   2022 Jun 14, 5:55am  

PopcoAmericanKulak says

1337irr says


I predict Coinbase is going to pause withdrawals due to the tsunamis of pending orders from Binance and Celsius customers. I expect this will happen by week's end. This is a classic run on the bank.


Buttcoin Pimps:


Popcorn...
https://www.marketwatch.com/story/coinbase-to-lay-off-18-of-employees-following-hiring-freeze-11655210963?siteid=yhoof2
1860   zzyzzx   2022 Jun 14, 8:09am  

https://finance.yahoo.com/news/celsius-halt-crypto-withdrawals-washington-140101369.html

Celsius' move to halt crypto withdrawals catches Washington's eye
1862   Onvacation   2022 Jun 15, 10:50am  

Munger says

avoid things that are stupid and evil

That's all I have been saying.
1863   RC2006   2022 Jun 16, 9:40am  

Shouldn't bitcoin be taking off if it is gold 2.0? Seems to be linked more to FOMO, bitcoin whales, and disposable cash.
1864   mostly reader   2022 Jun 16, 10:05am  

I'm actually eyeing crypto at this point. May start buying month-to-month. Or not. No hurry, historically crypto dips lasted a while after bottoming out.
1866   Bd6r   2022 Jun 16, 3:11pm  

zzyzzx says

Bitcoin Drops to $20,000 as Crypto Crash Continues

A BUYING OPPORTUNITY!!!
1867   AmericanKulak   2022 Jun 16, 3:44pm  

RC2006 says

Shouldn't bitcoin be taking off if it is gold 2.0? Seems to be linked more to FOMO, bitcoin whales, and disposable cash.

Good point - where's all the buttcoin pimps? STORE OF VALUE!!!
1868   Onvacation   2022 Jun 16, 3:57pm  

Onvacation says

Somebody has to pay for all of these computers and the power to run them. When it is no longer profitable the miners will quit and sell their custom hardware to some company using blockchain for some better purpose than a Ponzi scheme.



There is no doubt that crypto has added to the state of the art in math, software, and hardware.

The only way to get your money out is to find someone to buy your "coin". The only way to make money is to find someone to pay you more than you paid for it. Everything else went to hardware and power costs.
1869   Onvacation   2022 Jun 16, 4:00pm  

It's like real gold only better because you don't have to carry it around.
1870   stereotomy   2022 Jun 16, 4:33pm  

Onvacation says

Somebody has to pay for all of these computers and the power to run them. When it is no longer profitable the miners will quit and sell their custom hardware to some company using blockchain for some better purpose than a Ponzi scheme.


I'd just like to buy an upgraded graphics card for under $1000, preferably under $300. How low does BTC have to go to achieve that - $50? Cool!
1871   Bd6r   2022 Jun 16, 4:35pm  

@Onvacation,
you are mean here!!!
Onvacation says


It's like real gold only better because you don't have to carry it around.

1872   RC2006   2022 Jun 16, 6:34pm  

stereotomy says

Onvacation says


Somebody has to pay for all of these computers and the power to run them. When it is no longer profitable the miners will quit and sell their custom hardware to some company using blockchain for some better purpose than a Ponzi scheme.


I'd just like to buy an upgraded graphics card for under $1000, preferably under $300. How low does BTC have to go to achieve that - $50? Cool!


I need a new vid card to. If bitcoin tanks market will be flooded with cheap high end cards.
1873   mostly reader   2022 Jun 16, 8:15pm  

RC2006 says

Shouldn't bitcoin be taking off if it is gold 2.0? Seems to be linked more to FOMO, bitcoin whales, and disposable cash.

In all fairness, gold 1.0 is not taking off either. Not tanking like crypto, but not really taking off, and hasn't been in last years. Despite the inflation.
1874   RWSGFY   2022 Jun 16, 8:21pm  

zzyzzx says

https://finance.yahoo.com/news/celsius-halt-crypto-withdrawals-washington-140101369.html

Celsius' move to halt crypto withdrawals catches Washington's eye


HODLers be like: "there is no need to withdraw EVER anyway".
1875   RedStar   2022 Jun 16, 8:44pm  

mostly reader says

RC2006 says


Shouldn't bitcoin be taking off if it is gold 2.0? Seems to be linked more to FOMO, bitcoin whales, and disposable cash.

In all fairness, gold 1.0 is not taking off either. Not tanking like crypto, but not really taking off, and hasn't been in last years. Despite the inflation.


I really don't understand why gold hasn't taken off.

Is it because of Bitcoin?
1876   mostly reader   2022 Jun 16, 9:05pm  

RedStar says


Is it because of Bitcoin?

I understand that today total worth of all the gold in the world is about 10X of all the worth of all the crypto in the world at today's prices. (~10T/~1T USD) Not negligible, but still somewhat insignificant. Besides, if there were dependency on crypto then I'd think that drop in crypto prices would've cause the opposite effect. So, no, I don't think that it has anything to do with crypto.
1877   Patrick   2022 Jun 17, 7:05pm  

RedStar says


I really don't understand why gold hasn't taken off.



I'm also confused about this. Could be market rigging, in which case one should buy gold in preparation for reality to break through. Or it could just be that gold is overpriced according to some fundamental metric, like the cost of getting the next bit out of the ground.

Sometimes I wonder if the market for gold has been quietly cornered like DeBeers did with diamonds. Maybe there are huge gold nodules on the sea floor like the manganese nodules, and someone has scooped them up and is slowly selling.

Gold did have a massive run-up in recent memory:

1878   1337irr   2022 Jun 17, 7:17pm  

Patrick says


RedStar says


I really don't understand why gold hasn't taken off.



I'm also confused about this. Could be market rigging, in which case one should buy gold in preparation for reality to break through. Or it could just be that gold is overpriced according to some fundamental metric, like the cost of getting the next bit out of the ground.

Sometimes I wonder if the market for gold has been quietly cornered like DeBeers did with diamonds. Maybe there are huge gold nodules on the sea floor like the manganese nodules, and someone has scooped them up and is slowly selling.

Gold did have a massive run-up in recent memory:





Warren Buffett on gold

Buffett calls gold an “unproductive” asset, which, as defined in his 2011 letter to shareholders, means “assets that will never produce anything, but that are purchased in the buyer's hope that someone else — who also knows that these assets will be forever unproductive — will pay more for them in the future.”
1879   Patrick   2022 Jun 17, 10:49pm  

True, but gold has a damn long history of being consistently valuable.
1880   CBOEtrader   2022 Jun 17, 11:23pm  

Patrick says

I'm also confused about this.


everything collapses into a deflationary spiral, even gold. look at 2008 in your gold chart.

you want cash for now.

id gladly transition all cash into gold soon though
1881   richwicks   2022 Jun 18, 3:45am  

CBOEtrader says

Patrick says


I'm also confused about this.


everything collapses into a deflationary spiral, even gold. look at 2008 in your gold chart.

you want cash for now.

id gladly transition all cash into gold soon though


Gold will remain fairly stable. Those that have actually purchased the metal know that premiums on the metals just increase, as the official value of the metal goes down. I saw silver at below $10 not too long ago, think 3 years ago? You couldn't buy silver for less than $18 at that time.

People think that "Well, just buy it on a commodity exchange and take delivery, that's what COMEX is for!" - no it's not. Unless you're a billionaire, you cannot delivery from COMEX and even then, I doubt it.

Find the cheapest actual physical metal you can - that's the actual price. COMEX is a manipulation scheme, to manipulate public perception.
1882   Onvacation   2022 Jun 18, 7:49am  

RC2006 says

I need a new vid card to. If bitcoin tanks market will be flooded with cheap high end cards.

Bitcoin broke below 19k. Buy the dip? Or wait?
1883   AmericanKulak   2022 Jun 18, 7:50am  

HODL HODL HODL!!! Storehouse of value! Collapsing in the face of mass inflation is just a blip on the radar screen!
1884   1337irr   2022 Jun 18, 8:01am  

Bitcoin in my opinion has peak due to the facts the war in Ukraine didn't create a new high nor did Coinbase's Super Bowl ad on the most watch televised event in the world. Unless you can find someone who wants to pay more for your bitcoin, don't. We are out of people who want to pay more for your bitcoin...we are out of people who want to pay for it I believe. There is no larger market for bitcoin or any crypto unless a country is formed. Bitcoin's floor is pretty steep IMHO, the masses love it but I don't know where it stops. Maybe $15k, maybe $10 or maybe $5k.

So, I'm not buying bitcoin. Will you?

@Patrick
True, but gold has a damn long history of being consistently valuable.
Real estate, some stocks, bonds and various services have a longer history of being more valuable in the long run, rather than consistently valuable.
1885   Cash   2022 Jun 18, 8:20am  

This is what playing chicken in a market with leverage at 100% looks like. TILT!!!
No worries once the blood letting is done which is certainly not, although it won't be
BTC I'll will be prying the best of the utility tokens out of bony fingers of the dead never
to return want-a-be crypto players!!! I'll disclose when I am buying back in again probably
in the BTC12,000 +/-... USD is still the top of the fiats even though it's the white spot found
on top of chicken shit it is still top dog. Not much of anything is going to bottom until the USD flips
not crypto, equities, oil or even gold until then... Watching epic crashes although can be enjoyable
on 1 side reality is lots of regular people your friends and family are getting crushed in all markets
and it's by far only going to get worse anyone thinking any of this goes back where it was has a bad
case of normalcy bias, good luck just the same.
1886   1337irr   2022 Jun 18, 1:30pm  

Well, we are at at $17,962.70 per a bitcoin. Financial markets are closed on Tuesday.

I'm thinking of selling NVDA and AMD giving how close they are tied to crypto mining.
1888   Zak   2022 Jun 20, 1:37pm  

AmericanKulak says

HODL HODL HODL!!! Storehouse of value! Collapsing in the face of mass inflation is just a blip on the radar screen!


Tis only a flesh wound!
1889   Zak   2022 Jun 20, 1:47pm  

1337irr says

Buffett calls gold an “unproductive” asset


You are correct, and Buffet is correct. But notice, Buffet did not say "don't buy any gold". He said gold is a non-productive asset. He is saying he can find better assets than gold to generate a return. Buffet ALSO doesn't have to worry about liquidity. He literally owns food plants. If he needs food, he doesn't need to liquify assets to buy food. He can literally go down to his food plant or farmland and get some food. Also he's 90+, and the whole thing isn't going to explode before he dies.

For those of us with LESS than a billion dollars and our own food plants, and a life expectancy longer than 10 years, having a small % of our assets in non-productive, but STABLE and liquid asset is simply an insurance policy. Also, note that gold/silver MINERS are productive assets.

But you should take Buffet's advice to heart. Don't load up on gold or silver with 25+% of your portfolio. But don't buy a lot of speculative assets. Buy a few solid earners at a good price that are expected to be around for a good 50 or 100 years. Let them pay you good dividends.
1890   Robber Baron Elite Scum   2022 Jun 21, 4:07am  

Bitcoin is pump and dump of course but it will continue due to the money laundering that can done on it without any trace - so government can not seize money…

That’s why they hate bitcoin and that’s why it has risen I value so much.

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