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Bitcoin Misinformation


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2020 Nov 10, 10:01am   133,684 views  2,169 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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1036   WookieMan   2021 Feb 10, 11:55am  

G36 says
WookieMan says
So you do live in Socal


Yep, pretty much all my family lives in Socal.

It would suck if we would have to travel to IL to visit family. Its nice to have them all close by. We all like/enjoy the nice weather here. I cant imagine having shitty weather daily.

So sorry Sissy

Abusing the quote feature when losing. That's classy. I guess that's what Socal losers do. Keep losing😂😂😂😂😂
1037   Bitcoin   2021 Feb 10, 11:58am  

WookieMan says
G36 says
WookieMan says
So you do live in Socal


Yep, pretty much all my family lives in Socal.

It would suck if we would have to travel to IL to visit family. Its nice to have them all close by. We all like/enjoy the nice weather here. I cant imagine having shitty weather daily.

So sorry Sissy

That's classy.


Yep, I am genuinely sorry! I am used to seeing sunshine daily and being outside daily. I feel really sorry.....If it werent for you, I wouldnt think of people who experience shitty weather daily. So, in a way. I am more grateful now! thank you and I am sorry. Stay warm Bro!
1038   WookieMan   2021 Feb 10, 12:03pm  

G36 says
I am used to seeing sunshine daily and being outside daily.

So am I. Your point is thudding pretty hard at this point. You look dumb. I like my weather. I'm not a pussy that needs brown dirt, shrubs, shit and needles 365. Count me out. I'll take my 60% returns as well by not living there.

Dude, you're literally bragging about a hell hole. I don't dig 3rd world country living conditions.
1039   Bitcoin   2021 Feb 10, 12:05pm  

WookieMan says
G36 says
I am used to seeing sunshine daily and being outside daily.



Dude, you're literally bragging


yep :) I do love it here and not afraid to brag about Socal! Its the place to be. Sorry and stay warm Bro
1040   Bitcoin   2021 Feb 10, 12:06pm  

taking the doggy out! Beautiful outside! Stay warm and we'll talk later!
1041   Onvacation   2021 Feb 10, 12:24pm  

Back to the topic.

Bitcoin is a speculative investment that consumes huge amounts of resources and DEPENDS on the next investor in order for the previous investor to get their money out.
1042   Bitcoin   2021 Feb 10, 1:13pm  

Onvacation says
Back to the topic.

Bitcoin is a speculative investment that consumes huge amounts of resources and DEPENDS on the next investor in order for the previous investor to get their money out.


How is that different from your investments in Legos and Matchbox car's? You overpaid for these collectables and depend on someone else to pay you the same overpriced amount that you paid?

Ever wondered why Tesla is not buying legos and matchbox cars? Tesla is buying Bitcoin because Elon is smart.
1043   Onvacation   2021 Feb 10, 1:16pm  

G36 says

How is that different from your investments in Legos and Matchbox car's?

I don't invest in collectibles.
1044   Onvacation   2021 Feb 10, 1:17pm  

Or lotto tickets.
1045   Bitcoin   2021 Feb 10, 1:20pm  

Onvacation says
G36 says

How is that different from your investments in Legos and Matchbox car's?

I don't invest in collectibles.


You paid 10K for a toy car and you bought legos and think someone else will pay you the same overpriced price on it.
1047   Bitcoin   2021 Feb 10, 1:22pm  

I dont expect someone who paid 10K for a matchbox car to buy Bitcoin. I would expect that person to also buy legos. But you depend on the next greater fool to pay you what you paid....good luck my friend!
1048   WookieMan   2021 Feb 10, 1:22pm  

G36 says
taking the doggy out! Beautiful outside! Stay warm and we'll talk later!

Ouch, don't talk about your grandma that way. Not very nice. She might kick you out.
1049   Bitcoin   2021 Feb 10, 1:26pm  

@onvacation, do you remember the guy who sold you the matchbox car?

It sounds like a talented sales person :)
1050   Bitcoin   2021 Feb 10, 1:27pm  

WookieMan says
G36 says
taking the doggy out! Beautiful outside! Stay warm and we'll talk later!

very nice.


My doggy and I love our daily walks! beautiful out there! T-shirt weather! beautiful views....not even clouds but a pleasant wind.

Sorry bud....stay warm!
1051   WookieMan   2021 Feb 10, 1:32pm  

G36 says
T-shirt weather!

Same here, wearing a t-shirt now. Don't need to overpay 60%. Not a pussy. Maybe mom can bring a blanket down for you, or some meatloaf.

Love owning a home that cost me 1/10th of what a house out in CA cost. I can invest in my business and make massive gains instead of paying for mom's income taxes and fake currency. Pretty fulfilling living on your own. You'll learn.
1052   Bitcoin   2021 Feb 10, 1:36pm  

WookieMan says
G36 says
T-shirt weather!

a house out in CA cost.


agreed. A nice house here costs as much as 10 houses in IL. But who wants to be in cold, shitty weather all the time?
I would have paid more to have a nice house in Socal. Think about it....if it were cheaper here people like you could move here....no thanks :)
1053   Bitcoin   2021 Feb 10, 1:38pm  

also...if sissy could afford to move here to Socal....I would not be able to make fun of her in regards to the shitty IL weather. I rather have Sissy stay put :)
1054   WookieMan   2021 Feb 10, 1:46pm  

G36 says
Think about it....if it were cheaper here people like you could move here.

Sorry, don't need mom and dad to wipe my ass. You do. Enjoy. You'll learn.
1055   Bitcoin   2021 Feb 10, 1:48pm  

WookieMan says
G36 says
Think about it....if it were cheaper here people like you could move here.

Enjoy.


Thanks! Love every day here in Socal....going mountain biking later this afternoon :) stay warm bro!
1056   Onvacation   2021 Feb 10, 2:25pm  

Onvacation says

You paid 10K for a toy car and you bought legos and think someone else will pay you the same overpriced price on it.

Somebody did, not me.

But you say you spent almost $30k for some bits on a flash drive going to the moon.

Reminds me of this story about this guy named Jack. He bought these beans...
1057   Onvacation   2021 Feb 10, 2:27pm  

G36 says
overpriced price

At what price will crypto be overpriced?
1058   Onvacation   2021 Feb 10, 2:28pm  

G36 says
depend on the next greater fool to pay you what you paid.

Ponzi game by definition!
1059   Onvacation   2021 Feb 10, 2:28pm  

Get it yet?
1060   Onvacation   2021 Feb 10, 2:28pm  

Not expecting a cogent answer.
1061   Bitcoin   2021 Feb 10, 3:27pm  

How did the seller convince you to pay 10grand for this toy? Gosh, i might be able to find one in the garage. Do you want another one for 10k?

More importantly, how are you planning on finding the next greater fool to buy this toy from you for the same price??

1062   Bitcoin   2021 Feb 10, 4:03pm  

And how much did you pay for the Lego toy? also 10grand? its nice....dont get me wrong....but 10grand for legos???
1063   Onvacation   2021 Feb 10, 4:17pm  

Ya know, fools and their money.
1064   WookieMan   2021 Feb 10, 4:29pm  

Onvacation says
Ya know, fools and their money.

Convinced he's foreign at this point. Crap grammar and english. Jokes and puns fly way over his head. Thinks sissy is an insult to a grown man. Can't describe BTC or crypto. Lives in Socal and hasn't even been to Vegas or Phoenix or anywhere within driving range.

It's spam. He's not invested in crypto and doesn't know what it even is. You can tell the morons with the selective quoting. He might take the cake on that. Even cash has stopped coming to his defense. Or anyone for that matter. They know it's shit too.
1065   Onvacation   2021 Feb 10, 5:10pm  

Many people don't understand bitcoin.

I started this thread to stop the misinformation.

Even G admits that one day he will sell to a greater fool, "dumb money".
1066   Onvacation   2021 Feb 10, 5:10pm  

If you don't know who the fool is, it might be you.
1067   Bitcoin   2021 Feb 10, 8:41pm  

G36 says
How did the seller convince you to pay 10grand for this toy? Gosh, i might be able to find one in the garage. Do you want another one for 10k?

More importantly, how are you planning on finding the next greater fool to buy this toy from you for the same price??



No answers? @Onvacation. sometimes I think you are embarrassed. Don't be. I wont make fun of you. Just share. Even WookieMan shared his portfolio (100 shares of LUV) and you know mine....Bitcoin and a ton of other top 15 marketcap coins.
1068   Onvacation   2021 Feb 10, 9:30pm  

G36 says
I wont make fun of you. Just share. Even WookieMan shared his portfolio (100 shares of LUV) and you know mine....Bitcoin and a ton of other top 15 marketcap coins.

Did I tell you about my collection of subway tokens?

Sometimes I wonder why I accumulate so much crap.
1069   WookieMan   2021 Feb 11, 3:41am  

G36 says
Even WookieMan shared his portfolio (100 shares of LUV)

The selective quoting thing though. Takes comments out of context and removes pertinent info. That was acquired to add to a position in my Vegas/funny money account. I have shares of about 7-10 individual stocks at any one time. All with money I'm willing to lose. Side hobby, something to do when I'm bored and have time. Usually don't look at it for months at a time unless I get a good tip or have a feeling something is gonna move. My real accounts between the wife and I have done very well. Should be retired by 48-50.

The beauty is I can go to sleep and not wake up to a financial scam that has lost 40-50%. BTC is an obvious scam and it's why no one can answer for it. Anyone can search the web and research it all they want. Any video just talks in circles and says blockchain. Blah.... blah..... blah blah blockchain.

Had a buddy build a mining rig, discovered on his own it's a scam. Fortunately just like with BTC, idiots will buy mining equipment thinking they'll get rich quick. So my buddy got out unscathed besides wasted time and a small loss. I told him it was and after he learned was at least man enough to admit it.

I personally won't touch it, but I've had exposure to it. Seen people burned. This rally is going to end very poorly. People are "investing" in this with credit card cash advances and margin. No one has cash to fuel what is happening. The uber rich are pumping to then quickly sell and burn all the people that invest $2k on a credit card.

I forget which user here has been posting about the increase in margin over the last couple months, but a good percentage is going into crypto. Maybe 10-20%. As Biden fucks this economy and there's a recession, many assets will get called to cover the loans or bill. BTC will take a bath as borrowers aren't going to want blue chip stocks sold to cover their crypto gamble.
1070   Bitcoin   2021 Feb 11, 6:38am  

G36 says
G36 says
How did the seller convince you to pay 10grand for this toy? Gosh, i might be able to find one in the garage. Do you want another one for 10k?

More importantly, how are you planning on finding the next greater fool to buy this toy from you for the same price??



No answers? @Onvacation. sometimes I think you are embarrassed. Don't be. I wont make fun of you. Just share. Even WookieMan shared his portfolio (100 shares of LUV) and you know mine....Bitcoin and a ton of other top 15 marketcap coins.


No answers Onvacation? dont be embarrassed. How are you trying to find the next greater fool to sell your highly overpriced matchbox car?
1071   Onvacation   2021 Feb 11, 6:55am  

G36 says
highly overpriced matchbox car?

Highly overpriced? You could by one for only a fraction of a bitcoin!
1072   Onvacation   2021 Feb 11, 6:56am  

Of course you would have to sell your bitcoin for cash to buy it.

Have you ever bought anything with bitcoin?
1073   Bitcoin   2021 Feb 11, 7:03am  

Onvacation says
G36 says
highly overpriced matchbox car?

Highly overpriced? You could by one for only a fraction of a bitcoin!


you said this little toy cost you 10k and you are planning on selling it for several 100's of K. In my mind that must be the greatest fool alive that pays you more than 10k for it.
My question is, how are you planning on finding this greatest fool alive?
1074   WookieMan   2021 Feb 11, 7:08am  

My god. Not sure this can get funnier.... I'm about to lose it.
1075   Bitcoin   2021 Feb 11, 7:10am  

WookieMan says
My god. Not sure this can get funnier.... I'm about to lose it.


ssshhhh.....dont discourage him. I think we are about to get an answer from him. He gets embarrassed quickly so lets keep it professional.

@onvacation, dont mind wookieman, just work on your response. take your time. we'll wait.

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