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Bitcoin Misinformation


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2020 Nov 10, 10:01am   135,323 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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1988   Onvacation   2022 Dec 14, 5:19pm  

HODL'ers still be waiting for the moon shot.

As the bitcoin scam rolls out there are fewer and fewer "coins mined". In addition there is still a lot of cumulative demand from little "investors" who "dollar cost average" into hundreds of Satoshis every payday The only place these "coins" can come from is miners or sellers; artificial scarcity.


Bitcoin stats!

-Currently, the total number of Bitcoins in existence has exceeded 18.3 million.
-Approximately 4 million Bitcoins are lost forever.
-The total number of Bitcoins that will ever be produced stands at 21 million.
-Only 13 million Bitcoins are in circulation or stashed away in wallets.
-The last Bitcoin will be mined by 2140.
-The Bitcoin market cap as of Q1 2020 stands at $117.81 billion.
-An average of 350,000 transactions take place on the Bitcoin network daily.

https://techjury.net/blog/how-many-bitcoins-are-there/
1989   Maga_Chaos_Monkey   2022 Dec 15, 7:28am  

Well, I never dominated but never changed my conviction that one should get some bitcorn. That hasn't changed. I was never a proponent of the alt-coins/shit-coins.

I think it'll drop somewhere in the 5K-12K range and at that point I will probably take a small percentage position again.
1990   zzyzzx   2023 Jan 10, 8:34am  

https://finance.yahoo.com/news/coinbase-layoffs-job-cuts-crypto-industry-130330992.html

Coinbase to lay off 20% of workers in latest sign of crypto industry pain
1991   1337irr   2023 Jan 10, 9:07am  

zzyzzx says

https://finance.yahoo.com/news/coinbase-layoffs-job-cuts-crypto-industry-130330992.html

Coinbase to lay off 20% of workers in latest sign of crypto industry pain

Yeah...people are redeeming crypto for fiat.
1993   fdhfoiehfeoi   2023 Jan 24, 9:23am  

The dollar dominated SWIFT worldwide financial transfer system has announced that effective 1 February 2023 it will no longer process transactions of less than US$100,000 from bank accounts to crypto exchanges.
1994   Onvacation   2023 Jan 24, 9:47am  

zzyzzx says

Nouriel Roubini says 'literally 90% of crypto is a scam

And the other 10% is used for human and drug trafficking, along with ransoms.
1995   zzyzzx   2023 Feb 16, 11:22am  

https://finance.yahoo.com/news/celsius-customer-received-67-000-134920222.html

Celsius customer received $67,000 tax bill for funds lost in crypto lender's bankruptcy, report says
1996   Misc   2023 Feb 16, 4:01pm  

... And some people thought I was kidding when I said a crypto account could go negative.
1997   Onvacation   2023 Jul 4, 3:54pm  

Bitcoin over $30k again.

Anyone have a clue why?

Ransom? Human or drug trafficking? Somebody need to get payed off?
1998   Misc   2023 Jul 5, 2:17am  

Onvacation says

Bitcoin over $30k again.

Anyone have a clue why?

Ransom? Human or drug trafficking? Somebody need to get payed off?


Blackrock filed to have a Bitcoin ETF based on current pricing.
1999   Onvacation   2023 Jul 5, 6:29am  

Misc says

Blackrock filed to have a Bitcoin ETF based on current pricing.

If Blackrock is investing it must be legit.
2000   Maga_Chaos_Monkey   2023 Jul 5, 9:08am  

Misc says

Blackrock filed to have a Bitcoin ETF based on current pricing.


Some other big players vying for ETF as well after small ones got rejected over the last several years. Also some banks are finally starting to invest in some of it.
2001   Onvacation   2023 Jul 5, 9:15am  

just_passing_through says

Also some banks are finally starting to invest in some of it.

Invest? Or speculate?

Bitcoin has no intrinsic value and is expensive to maintain. The only way to profit from crypto is "mining" or finding a bigger fool to buy your "coins".
2002   Maga_Chaos_Monkey   2023 Jul 5, 1:47pm  

Onvacation says

Invest? Or speculate?


Well, you'd have to ask them but I'd imagine they'd tell you there are investing in a comodity.

Onvacation says

Bitcoin has no intrinsic value and is expensive to maintain. The only way to profit from crypto is "mining" or finding a bigger fool to buy your "coins".


Oh noes! Quick! You better warn them!
2003   richwicks   2023 Jul 5, 2:10pm  

just_passing_through says

Oh noes! Quick! You better warn them!


Onvacation is correct. Bitcoin doesn't work as a currency. I can send a bar of gold to the other side of the world faster and cheaper than you can transfer to bitcoin from one wallet to another.
2004   Maga_Chaos_Monkey   2023 Jul 5, 2:27pm  

richwicks says

Bitcoin doesn't work as a currency.


Who said currency?

richwicks says

I can send a bar of gold to the other side of the world faster and cheaper than you can transfer to bitcoin from one wallet to another.


What are you smoking today?
2005   WookieMan   2023 Jul 5, 2:41pm  

just_passing_through says

richwicks says

Bitcoin doesn't work as a currency.

Who said currency?

Don't know that anyone did, but it's a common claim with bitcoin. It's a "new" currency to replace the old.

just_passing_through says

richwicks says

I can send a bar of gold to the other side of the world faster and cheaper than you can transfer to bitcoin from one wallet to another.

What are you smoking today?

Indica. Has to be indica.
2006   richwicks   2023 Jul 5, 3:03pm  

just_passing_through says

richwicks says


Bitcoin doesn't work as a currency.


Who said currency?


What is it supposed to be then?

An exhaustive search for breaking SHA256SUM? Because that's what I think it is.

just_passing_through says


richwicks says


I can send a bar of gold to the other side of the world faster and cheaper than you can transfer to bitcoin from one wallet to another.


What are you smoking today?


Nothing.

People always touting how great BitCoin is, don't know the first fucking thing about other than "it will go up" - well, why?

It's nothing more than a distributed set of databases to confirm a transaction is valid, but the transactions are now so slow, that people buy on exchanges instead, and that completely ends the distributed nature of BitCoin which was it's entire fucking purpose.

Instead of a bank, you know are going to Magic The Gathering websites - Mt. Gox.

DHTs seem awesome until you realize how much meta data a typical machine has to contain to do it, and the REDUNDANCY of it. If the 5G crystal memory becomes a thing, and it costs like $20 for 1000 TB - yeah, it might be workable then.
2007   Maga_Chaos_Monkey   2023 Jul 5, 3:35pm  

WookieMan says

Don't know that anyone did, but it's a common claim with bitcoin. It's a "new" currency to replace the old.


Nobody that understands it says that. It would just get shut down by the Federal government. It's considered a commodity by the SEC where all of the others (shit coins) are securities. Makes a big difference. I made a new thread yesterday about orange checkmarks and within it is a link to a short video covering some new interesting applications if you're interested.

WookieMan says

Indica. Has to be indica.


Given the following response I'm going to guess thornapple seeds.
2008   Onvacation   2023 Jul 5, 5:33pm  

just_passing_through says

Nobody that understands it says that

What do you think the purpose of bitcoin is?
2009   richwicks   2023 Jul 5, 5:39pm  

just_passing_through says

It's considered a commodity by the SEC


The people that created bitcoin didn't give a FUCK what the SEC said about it.

The point of it was a cryptocurrency OUTSIDE of the authority of ANY government.

I know what it was supposed to be, and what it's become - embrace and extend. The dummies "investing" in this ponzi scheme don't ever spend it, they use it as purely an investment vehicle, when it's unusable as anything else. It's PURELY for investment now, and it depends entirely on speculation.
2010   Maga_Chaos_Monkey   2023 Jul 5, 5:39pm  

Onvacation says


just_passing_through says

Nobody that understands it says that

What do you think the purpose of bitcoin is?


Oh a lot of things many of which I've posted way up in this thread. Here's a new one though, you can use it to combat AI threats online:

https://rumble.com/v2xw4pq-michael-saylor-reveals-how-microstrategy-uses-bitcoin-cryptography-to-comba.html

The kitco (gold peepo) host is sexy as hell too!
2011   Onvacation   2023 Jul 5, 6:05pm  

just_passing_through says

Oh a lot of things many of which I've posted way up in this thread. Here's a new one though, you can use it to combat AI threats online:

OK.
What do you think the MOST IMPORTANT purpose of bitcoin is?
2012   Onvacation   2023 Jul 5, 6:11pm  

just_passing_through says

The kitco (gold peepo) host is sexy as hell too!

Michelle Makori


2013   HeadSet   2023 Jul 5, 6:16pm  

WOW!
2015   Maga_Chaos_Monkey   2023 Jul 5, 8:49pm  

HeadSet says

WOW!


Yeah she has a sexy South African accent too!
2016   Onvacation   2023 Jul 6, 5:49am  

just_passing_through says

https://letmegooglethat.com/?q=What+do+you+think+the+MOST+IMPORTANT+purpose+of+bitcoin+is%3F

Haven't clicked.

I was asking you to state YOUR opinion.

As you know, I think it's a wasteful Ponzi scheme.
2017   Onvacation   2023 Jul 6, 5:54am  

just_passing_through says


https://letmegooglethat.com/?q=What+do+you+think+the+MOST+IMPORTANT+purpose+of+bitcoin+is%3F

I clicked

"The purpose of bitcoin is to provide a digital currency that allows people to make online secure, anonymous transactions"

Is that what you think is the MOST IMPORTANT purpose of bitcoin is? If so you can just wait for the CBDC.
2018   Maga_Chaos_Monkey   2023 Jul 6, 8:04am  

Onvacation says


Is that what you think


I'm sure you can find whatever you're looking for in there if you look harder. I'm not going to google for you again. Do your own DD.
2019   Onvacation   2023 Jul 6, 11:44am  

just_passing_through says

I'm sure you can find whatever you're looking for in there if you look harder. I'm not going to google for you again. Do your own DD.

I did. Bitcoin is a scam.
2020   Onvacation   2023 Jul 6, 11:45am  

And Google hides truths.
2021   WookieMan   2023 Jul 6, 2:01pm  

Onvacation says

just_passing_through says


The kitco (gold peepo) host is sexy as hell too!

Michelle Makori




Nah. She's a fucking walking billboard for Benjamin Moore paint. Sorry I don't need clown makeup paint on a woman. She's probably ugly as fuck at 6am..... after her paint is all over her pillow.

Dudes that fall for that shit are doomed for failure unless it's just to get laid. It's the definition of a con artists to a T. She's looking for a sugar daddy.
2022   Maga_Chaos_Monkey   2023 Jul 6, 3:14pm  

Onvacation says

I did. Bitcoin is a scam.


Fair enough...
2023   Maga_Chaos_Monkey   2023 Jul 6, 3:14pm  

Onvacation says

And Google hides truths.


Whoa is me!
2024   Maga_Chaos_Monkey   2023 Jul 6, 3:15pm  

WookieMan says

She's looking for a sugar daddy.


Sez the guy with the sugar momma... (you know you set yourself up for that!)
2025   Onvacation   2023 Jul 7, 5:58am  

just_passing_through says

Onvacation says


And Google hides truths.


Whoa is me!

Not as if everything we do isn't tracked.

I'm just saying when you use Google you're only going to see what they want you to see.
2026   Misc   2023 Jul 7, 7:47am  

Well, department heads have fled Binance, but no mentions of how many regular employees have left. Maybe the rank and file are waiting for the criminal complaints to some forward.

Takes some guts (or stupidity) to have any assets at any Crypto Exchange.

https://finance.yahoo.com/news/binance-plunges-crisis-senior-execs-205742831.html
2027   Eric Holder   2023 Jul 7, 9:10am  

Didjaknow Blackrock is now big on Bitcoin and is launching a spot Bitcoin ETF?

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