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Bitcoin Misinformation

By Onvacation follow Onvacation   2020 Nov 10, 10:01am 1,009 views   164 comments   watch   nsfw   quote   share    




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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125   Onvacation   ignore (5)   2020 Nov 23, 8:11am     ↓ dislike (0)   quote   flag      

This thread is to counter all of the misinformation about bitcoin. If you have FOMO about crypto, go to one of the other threads.

Bitcoin is a scam.
126   G36   ignore (1)   2020 Nov 23, 8:14am     ↓ dislike (0)   quote   flag      

Onvacation says
This thread is to counter all of the misinformation about bitcoin. .



exactly. remember when you spread misinformation about Bitcoin and I corrected you?

"last bitcoin will be mined in 2040". No, its actually 100 years later. 2140.
127   Onvacation   ignore (5)   2020 Nov 23, 10:03am     ↓ dislike (0)   quote   flag      

Gold is valued in fiat. Fiat used to be valued in gold and they called it money. US paper used to be valued in silver and gold but no more.

Not only does bitcoin have no intrinsic value it costs money to maintain. It requires new money just to pay the power bill.

I will be really surprised if bitcoin, in it's current programming, lasts until 2030.
128   G36   ignore (1)   2020 Nov 23, 10:05am     ↓ dislike (0)   quote   flag      

agree, gold and a paper dollar bill have no intrinsic value. Maybe buy real estate or food if you are looking to put your money in intrinsic value. I would recommend Bitcoin. Excellent inflation hedge and best performing asset.
129   Onvacation   ignore (5)   2020 Nov 23, 11:20am     ↓ dislike (0)   quote   flag      

G36 says
remember when you spread misinformation about Bitcoin and I corrected you?

"last bitcoin will be mined in 2040". No, its actually 100 years later. 2140.


2030
130   Onvacation   ignore (5)   2020 Nov 23, 11:20am     ↓ dislike (0)   quote   flag      

Maybe 2025
131   Dbr6   ignore (0)   2020 Nov 23, 11:32am     ↓ dislike (0)   quote   flag      

G36 says
gold and a paper dollar bill have no intrinsic value.

gold actually has a lot of industrial uses so it has inherent value at least to tune of 8%. Electronics, catalysts, some medical use, etc. If one wants a precious metal with a lot of industrial use, take a look at palladium, rhodium, or platinum.
I am kinda skeptical about crypto's because they seem to be 0's and 1's stored in Russian hackers computer, similar to fiat which is now mostly 0's and 1's stored in New York Fed's bank computer, and I do not know which of them is more crooked, probably the Fed. On the other hand, at this point State is not involved with crypto's, which is a huge plus.
132   WookieMan   ignore (6)   2020 Nov 23, 11:55am     ↓ dislike (0)   quote   flag      

Dbr6 says
On the other hand, at this point State is not involved with crypto's, which is a huge plus.

They are. I promise you. Hence one of the many reasons I won't touch the stuff. The people that think some random Asian guy made this up and government is not involved is hysterical. Don't have a claim to which government, but most the worlds governments are now involved. It's cute to think it's decentralized, but it's not. That's the downfall of it as a "currency" so to speak. This trust in it, when there's literally nothing to trust about it. Everyone is welcome to do what they like, but I think anyone would be crazy to touch the stuff outside of principled trading techniques. It's not an investment. Never will be.
133   G36   ignore (1)   2020 Nov 23, 1:21pm     ↓ dislike (0)   quote   flag      

Crypto is going to take off. Probably mind-blowing to some.

"In their “Flows & Liquidity” report, JPMorgan analysts say institutions are piling into bitcoin at a stronger pace this quarter than they were in Q3, and may have a bigger role in price movement than commodity trading advisors, or CTA."

https://www.coindesk.com/jpmorgan-analysts-bitcoin-institutional-buyers

There hasnt been a single day of us not receiving bullish news of institutional FOMO. Bitcoin transitioned from speculation to a pretty sure longer term investment asset. Exciting times ahead.
134   Onvacation   ignore (5)   2020 Nov 23, 1:53pm     ↓ dislike (0)   quote   flag      

G36 says
institutions are piling into bitcoin at a stronger pace this quarter than they were in Q3,

Why? What are the fundamentals that make bitcoin such a good investment? Beside FOMO.
135   G36   ignore (1)   2020 Nov 23, 1:59pm     ↓ dislike (0)   quote   flag      

OV, does that mean you havent bought Bitcoin yet???
136   WookieMan   ignore (6)   2020 Nov 23, 2:20pm     ↓ dislike (0)   quote   flag      

G36 says
There hasnt been a single day of us not receiving bullish news of institutional FOMO. Bitcoin transitioned from speculation to a pretty sure longer term investment asset. Exciting times ahead.

Already happened once. Be cautious. It's going to plummet again. This time will likely be worse and take longer to get back into the current phase. At some point there will be a cross roads where no one trusts it anymore and your money is worthless and it won't get back up to current valuation. This is a when, not an if. I'm not going to predict a timeline with pumpers, but it's coming, hence your activity here and probably other sites to keep it afloat. The bilge pump can only keep up with so many holes in the boat. At some point it's overwhelmed and sinks.
137   G36   ignore (1)   2020 Nov 23, 2:24pm     ↓ dislike (0)   quote   flag      

wookie, you disagree with the Citibank price target of 318K by 2021 for Bitcoin?
Whats your target range? 250k?
138   Onvacation   ignore (5)   2020 Nov 23, 2:48pm     ↓ dislike (0)   quote   flag      

G36 says
OV, does that mean you havent bought Bitcoin yet???

Nope! but as soon as I get some investors I'm gonna mine me some
https://patrick.net/post/1314087/2018-02-28-getrichquickcoins

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!

Wanna buy some?
139   Onvacation   ignore (5)   2020 Nov 23, 2:50pm     ↓ dislike (0)   quote   flag      

G36 says
the Citibank price target of 318K by 2021 for Bitcoin?

THIS! is why we never should have bailed out those bankers.

They get FREE MONEY to loan at interest and still can't keep their books balanced.
140   G36   ignore (1)   2020 Nov 23, 2:58pm     ↓ dislike (0)   quote   flag      

OV, calm down.
And maybe take an economics class. With failing banks you have a depression like never seen before. never heard: too big to fail?
You start to sound like these occupy wall street nutjobs.
142   Onvacation   ignore (5)   2020 Nov 23, 3:11pm     ↓ dislike (0)   quote   flag      

Hey G,
I see you got yourself an ignore. Work harder, you'll catch up to my 6.

The way I see it crypto is kind of a musical chair kind of investment. As long as more people keep on giving the miners money to produce (currently about 900 coins a day) they will keep on mining. They spend ALL of this money on electricity, new hardware, construction, housing, food, blow, hookers, etc. and this money is GONE!

The only thing that keeps the party going is if someone is willing to pay for the bitcoin.

Someday the whole world is going to realize there is no there there.

Good luck on your investment. Just make sure you get out before the miners can't make enough money to support the ever-increasing cost of the "decentralized" system.
143   Onvacation   ignore (5)   2020 Nov 23, 3:13pm     ↓ dislike (0)   quote   flag      

Still have not addressed the "scarcity" gimmick of the "currency of the future"

Stay tuned.
144   WookieMan   ignore (6)   2020 Nov 23, 3:15pm     ↓ dislike (0)   quote   flag      

G36 says
wookie, you disagree with the Citibank price target of 318K by 2021 for Bitcoin?
Whats your target range? 250k?

By when in 2021? It's about 40 days away. It will go back into 4 figure territory at some point in my opinion and could stay there for longer than it did after the last pump 3 years ago. You might want to question why a big bank would itself be pumping price targets of $318k. You're playing with people that can destroy you and not blink if they lose $50M. That's all I'll keep saying. It's an unregulated stock and not a currency. Know what you're playing with.
145   G36   ignore (1)   2020 Nov 23, 3:28pm     ↓ dislike (0)   quote   flag      

probably not Jan1 is my guess. Maybe towards the end of the year we will see the 318k per Bitcoin. Due to scarcity and decentralization, I believe its doable.
Institutional FOMO is strong....and thats big money.
146   WookieMan   ignore (6)   2020 Nov 23, 3:43pm     ↓ dislike (0)   quote   flag      

G36 says
and thats big money.

Works both ways. Big money can get sucked out as fast as it came in. And it will at some point as there's nothing of value with crypto. It's literally no different than a video game. Except the players with money to buy advantages have many more zeros in their account than you do and can afford to lose more.
147   Onvacation   ignore (5)   2020 Nov 24, 7:55am     ↓ dislike (0)   quote   flag      

WookieMan says
It's literally no different than a video game.

No. Video games are entertaining.
148   WookieMan   ignore (6)   2020 Nov 24, 12:57pm     ↓ dislike (0)   quote   flag      

Onvacation says
WookieMan says
It's literally no different than a video game.

No. Video games are entertaining.

So is crypto though. It's like watching Nolan Ryan pitch to a 12 year old. We all know who is going to win, regardless of the blind swing occasionally making contact. Most are swings and misses. I fear for the hit by pitch though with a lot of these crypto "investors."
149   G36   ignore (1)   2020 Nov 24, 3:56pm     ↓ dislike (0)   quote   flag      

https://news.bitcoin.com/us-cryptocurrency-regulation-sec-chairman-jay-clayton-bitcoin/

SEC Chairman Jay Clayton Explains US Crypto Regulation, Calls Bitcoin a Store of Value

Very bullish news. I think the 9Trillion market cap for Gold and the 400B market cap for Bitcoin will soon shift dramatically. Institutional investors see a multi trillion market cap for Bitcoin. Gold will still play a small role in the future.
150   Onvacation   ignore (5)   2020 Nov 24, 4:20pm     ↓ dislike (0)   quote   flag      

G36 says
Gold will still play a small role in the future.

Gold will always be valuable. A tremendous amount of work and energy is required to mine and refine it into the shiny, non corroding, malleable, extremely conductive and non reactive metal that real gold is. All the work is preserved in the metal which has uncountable uses in industry and fashion. It has been money, real money, since time immemorial. Hold it, own it.

The pseudo gold, or digital "gold" called bitcoin is "mined" using tremendous amounts of work and energy. When done the "miner" earns some "coins" which get sold to pay for expenses. All the work used to "mine" these "coins" must constantly be redone in order to preserve the "anonymous" ledger that keeps track of "coin" ownership.

The price of the "coins" MUST go up as the bitcoin puzzles to be solved get harder and require more work and energy to earn less "coins". As long as new buyers keep on adding money to the system the "miners" can continue to run their "mines" and feed their families. Most of the money put into bitcoin is consumed to keep bitcoin running.

WHEN the plug is pulled the coins are gone.
151   G36   ignore (1)   2020 Nov 24, 4:24pm     ↓ dislike (0)   quote   flag      

WOW

"I joined in April this year, at that time our assets, institutional assets under custody were $6 billion, today we stand at over $20 billion, so more than a three time increase."
“We have had an explosion of activity,”

https://news.bitcoin.com/coinbase-20-billion-cryptocurrency-custody-institutional-investors/
152   Onvacation   ignore (5)   2020 Nov 24, 6:00pm     ↓ dislike (0)   quote   flag      

There are only 21 million Bitcoins. There are 2 billion working people in the world. Final Bitcoin value = (average individual economic productivity) × (number of productive people) ÷ (21 million). A GROSS simplification, but the answers is in the tens of billions $ per coin. — John McAfee (@officialmcafee) November 30, 2017
153   Onvacation   ignore (5)   2020 Nov 24, 6:06pm     ↓ dislike (0)   quote   flag      

bitcoin going to the moon
the currency of the future
buy now or be priced out forever
they're not making any more
$317,000 per coin next year
buy now at bargain price of $20,000
1600% profit if you get in now
154   WookieMan   ignore (6)   2020 Nov 24, 6:08pm     ↓ dislike (0)   quote   flag      

Onvacation says
John McAfee

lol. The guy that created software to stop the things he created. The pumpers eat this stuff up though.
155   G36   ignore (1)   2020 Nov 24, 8:30pm     ↓ dislike (0)   quote   flag      

Onvacation says
There are only 21 million Bitcoins.


Agreed. Bitcoin could easily be at 500k a coin in the next few years. So many billionaires and hedge fund guys that want Bitcoins.
156   WookieMan   ignore (6)   2020 Nov 24, 9:01pm     ↓ dislike (0)   quote   flag      

G36 says
Onvacation says
There are only 21 million Bitcoins.


Agreed. Bitcoin could easily be at 500k a coin in the next few years. So many billionaires and hedge fund guys that want Bitcoins.

What happens when they don't and sell off?
157   G36   ignore (1)   2020 Nov 24, 9:04pm     ↓ dislike (0)   quote   flag      

what happens when every stock holder sells all their stocks at the same time?
What happens if the corona virus turns everyone into zombies?

Why am I not surprised that the Bitcoin haters always asks those type of questions?
158   WookieMan   ignore (6)   2020 Nov 24, 9:10pm     ↓ dislike (0)   quote   flag      

G36 says
what happens when every stock holder sells all their stocks at the same time?
What happens if the corona virus turns everyone into zombies?

Why am I not surprised that the Bitcoin haters always asks those type of questions?

I never made the claim that BTC was going to be $500k either.

You don't have to answer the question, but I know you know the answer.
159   G36   ignore (1)   2020 Nov 24, 9:12pm     ↓ dislike (0)   quote   flag      

The race is on to get the last available Bitcoins. Most Bitcoin holders dont sell.

Now, Ricardo Salinas Pliego, Mexico’s second-richest person, has said he’s put 10% of his liquid assets into bitcoin—arguing it protects from "government expropriation."
"Many people ask me if I have bitcoins," Salinas, who Forbes estimates has a fortune of around $12 billion through an empire sprawling retail, banking and broadcast businesses, said via Twitter in comments translated from Spanish. "Yes. I have 10% of my liquid portfolio invested it."

https://www.forbes.com/sites/billybambrough/2020/11/20/mexican-billionaire-reveals-government-fears-sparked-bitcoin-investment/?sh=427f3499258d
160   Onvacation   ignore (5)   2020 Nov 25, 7:40am     ↓ dislike (0)   quote   flag      

G36 says
The race is on to get the last available Bitcoins

Not available until 2040 2140
161   G36   ignore (1)   2020 Nov 25, 11:43am     ↓ dislike (0)   quote   flag      

There arent enough Bitcoin for sale for each Millionaire to have only one Bitcoin. Price will continue to explode.
162   Onvacation   ignore (5)   2020 Nov 25, 12:29pm     ↓ dislike (0)   quote   flag      

G36 says
There arent enough Bitcoin for sale for each Millionaire to have only one Bitcoin. Price will continue to explode.

They could always buy a couple https://patrick.net/post/1314087/2018-02-28-getrichquickcoins
163   Onvacation   ignore (5)   2020 Nov 26, 8:11am     ↓ dislike (0)   quote   flag      

Question for bitcoiners, if the money you put into bitcoin gets used by miners for electricity, hardware, rent, food, hookers, and blow; how do you get your money back out?
164   Dbr6   ignore (0)   2020 Nov 26, 8:25am     ↓ dislike (0)   quote   flag      

Onvacation says
They could always buy a couple https://patrick.net/post/1314087/2018-02-28-getrichquickcoins

As much as I like your idea, this kind of crap has been pulled off before. See OneCoin and BitConnect. While gold can not be duplicated, one can most certainly start zir own BitCrap, so 'scarcity" is not an issue there. Having said that, one can earn a lot of money if Ponzi scheme lasts long enough and if one is not too greedy. I remember that back in E. Europe volatile days of 1990, banks offered 90% interest - if you withdrew money before bank went bust, you actually did very well.

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