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Bitcoin Misinformation


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2020 Nov 10, 10:01am   137,877 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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1080   WookieMan   2021 Feb 11, 9:18am  

So no answer? I'll give you the travel info. Anyone on this site can send someone to kill me or fuck with me. I don't give a flip. The offer is out there. Ultimately I know you can't get to Chicago or Bozeman. Or Pensacola. It's a good feeling knowing I'm right.
1081   Bitcoin   2021 Feb 11, 9:54am  

G36 says
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?


@Onvacation,
wookieman and I are still waiting for an answer
1082   WookieMan   2021 Feb 11, 9:55am  

G36 says
I are still waiting for an answer

Clearly you don't understand he gave you the answer.
1083   Bitcoin   2021 Feb 11, 10:04am  

WookieMan says
G36 says
I are still waiting for an answer

Clearly you don't understand he gave you the answer.


Really? How is he finding a buyer for the match box car? I am really interested. If people buy that stuff, I might look in the garage for it. I might find one that I would sell for 10k in a heartbeat. I missed his answer...where is it?
1084   Onvacation   2021 Feb 11, 10:48am  

G36 says
you said this little toy cost you 10k

No, I said someone paid that for it.
1085   WookieMan   2021 Feb 11, 10:53am  

Onvacation says
G36 says
you said this little toy cost you 10k

No, I said someone paid that for it.

He doesn't get it. You're trying to explain something to someone that has blinders on. I thought he'd learn, he won't.
1086   Onvacation   2021 Feb 11, 10:53am  

Do you still think bitcoin will survive until 2030?
1087   Onvacation   2021 Feb 11, 10:53am  

What will the last greatest fool pay for a Satoshi?
1088   Bitcoin   2021 Feb 11, 11:00am  

Onvacation says
G36 says
you said this little toy cost you 10k

No, I said someone paid that for it.


its your match box car, isnt?
1089   WookieMan   2021 Feb 11, 11:03am  

G36 says
Onvacation says
G36 says
you said this little toy cost you 10k

No, I said someone paid that for it.


its your match box car, isnt?

Answer any question, ever.

1+1=X

What is X?
1091   Onvacation   2021 Feb 11, 11:04am  

I meant, is not.
1092   Bitcoin   2021 Feb 11, 11:06am  

its not your match box car?? You said you have this match box car and you expect it to be worth 100's of k. Were you just making stuff up?

This sounds a lot like "i only invest in food and entertainment"
we just cant take anything seriously you say.
1093   Onvacation   2021 Feb 11, 11:11am  

G36 says
we just cant take anything seriously you say.

Bitcoin is a scam that depends on the next biggest fool. All incoming money is consumed by the miners. It is not sustainable as it uses more energy than many small countries. There is no store of value.

Can you rebut any of the above?

Not expecting cogent answers.
1094   Bitcoin   2021 Feb 11, 11:14am  

i am confused about your match box story. You dont own it or you own it? If you own it, what did you pay for it? Does that also mean you dont own the lego ship?

1095   Onvacation   2021 Feb 11, 1:49pm  

G36 says
i am confused about your match box story. You dont own it or you own it? If you own it, what did you pay for it? Does that also mean you dont own the lego ship?

No. I don't collect rare toys.

I was just making the point that people will pay a ridiculous amount of money for something that is rare in the hope that someday someone will pay them a bunch of money.

Why did you buy those bits on your flash drive?
1096   Onvacation   2021 Feb 11, 1:52pm  

And thanks for implicitly admitting that you expect a greater fool, "dumb money", to be a bigger fool than the guy who bought the bits you own.
1097   Blue   2021 Feb 11, 1:59pm  

At this stage, most smart and clueless are in the game.
1098   Onvacation   2021 Feb 11, 2:05pm  

Blue says
At this stage, most smart and clueless are in the game.

Are those people that buy Satoshi's at the liquor store kiosk "smart" or "clueless"?
1099   Bitcoin   2021 Feb 11, 2:07pm  

@onvacation
I see. So in summary: first it was "you are on vacation and dont invest". Then it was you only invest in food and entertainment. Then it was mutual funds. then it was silver coins, then it was match box cars and legos but now its back to just silver coins. Bummer. I thought if you could find a greater fool who buys the match box car for 10 grand I might get motivated and look in my garage for an old match box car.

None of this seems to relate to Bitcoin though. Bitcoin is bought by Tesla, Paypal, etc. since its digital gold.
Yes, Tesla paid about double of what I paid for Bitcoin but that doesnt mean they are fools. They built a great company! I think they are smart as @Blue just said.
1100   Blue   2021 Feb 11, 2:07pm  

At this stage, it looks like only 'smart' and clueless category are in the crypto game.
1101   Onvacation   2021 Feb 11, 2:09pm  

And what is the end game?

They call it "currency" but it's not.

They call it "digital gold" but it stores no value.

The pumpers say it is a store of value and get in now, "or be priced out forever".

And it uses more electricity than Ireland.
1102   Bitcoin   2021 Feb 11, 2:09pm  

At this stage its mainly smart money and institutional money and some retail. More retail will follow and more institutional money. Later on, Onvacation and WookieMan will buy towards the end. At least thats my prediction.
1103   Bitcoin   2021 Feb 11, 2:15pm  

Onvacation says
And what is the end game?



They call it "digital gold"





Yeah, well, Bitcoin as digital gold / store of value helps people understand what Bitcoin is. But its of course much better than gold. So, in reality gold is wanna-be Bitcoin. But store of value/digital gold works pretty good as a description.

Why would Big Tech invest in Bitcoin infrastructure or hold it on their balance sheet? Because they are smarter than those that doubt Bitcoin. They get in early before it moons and becomes mainstream.
1104   Onvacation   2021 Feb 11, 2:30pm  

G36 says
Bitcoin as digital gold / store of value helps people understand what Bitcoin is.

One huge difference between gold and bitcoin is that with gold once you have mined and refined it you have a shiny lump of metal that can be used over and over again for many different purposes. Whereas if you stopped "mining" bitcoin, "POOF" all your "coins" are gone.

It's pretty obvious all of the marketing words: "coin", "wallet", "mine", "currency", "gold 2.0", "store of value", were designed to fool the gullible.
1105   WookieMan   2021 Feb 11, 2:33pm  

G36 says
Yeah, well, Bitcoin as digital gold / store of value helps people understand what Bitcoin is.

No it doesn't. Seriously? Do you really think TSLA is holding any BTC right now? Making $40k in 3 months is one thing. That's what the average wealthy person does in a month. Go get a side gig I guess if you need it.

$300M in 3 days on a $1.5B pump and getting out quickly is another thing. Musk just printed more money than your entire extended family will make for 10 generations. Keep dreaming though. You don't get the game. You don't even fill the water bottles the players drink out of. You're the toll booth attendant on the way to the game.

Do something. Stop chasing and trying to hang onto coattails. Crypto is, has and will be your demise. Mark my words. You've been conned when a billionaire fucks around with $1.5B of OPM and you think that's a good thing.
1106   Bitcoin   2021 Feb 11, 6:10pm  

WookieMan says
G36 says
Yeah, well, Bitcoin as digital gold / store of value helps people understand what Bitcoin is.

Do you really think TSLA is holding any BTC right now?


@WookieMan,
Huh? of course Tesla is buying Bitcoin to hold. HODL I should say.
1107   WookieMan   2021 Feb 11, 6:16pm  

G36 says
Huh? of course Tesla is buying Bitcoin to hold. HODL I should say.

TSLA sold. You didn't hear?

Good day at work? Must be nice to be home, petting the dog and looking at your bike ;)
1108   Bitcoin   2021 Feb 11, 8:57pm  

WookieMan says
G36 says
Huh? of course Tesla is buying Bitcoin to hold. HODL I should say.

You didn't hear?



Tell us more about those imaginary voices. :)

Had a nice day today.....did 15miles climbing (mountain biking) and walked the doggy at nightfall. I am tired :) So grateful to live in Socal.
Stay warm Bro!
1109   WookieMan   2021 Feb 12, 4:12am  

G36 says
did 15miles climbing (mountain biking) and walked the doggy at nightfall. I am tired

15 miles?? On a bike? Wowzer. And you're tired too? Ok. Call me unimpressed... because, well, it's not impressive at all.

I like how you keep the theme going though. Mundane investments, activities, etc. Good for you if it makes you happy.
1110   Bitcoin   2021 Feb 12, 7:14am  

G36 says
WookieMan says
G36 says
Huh? of course Tesla is buying Bitcoin to hold. HODL I should say.

You didn't hear?



Tell us more about those imaginary voices. :)

Had a nice day today.....did 15miles climbing (mountain biking) and walked the doggy at nightfall. I am tired :) So grateful to live in Socal.
Stay warm Bro!



Yeah, love the intense rides up the hills. Get your heart rate up and practice for the long rides on the weekends.
Hope you stay warm Bro
1111   WookieMan   2021 Feb 12, 7:55am  

G36 says
Hope you stay warm Bro

I'm not gay. But I know it's prevalent in CA, so I won't judge too much. I'm accepting of what you're going through.

G36 says
Yeah, love the intense rides up the hills. Get your heart rate up and practice for the long rides on the weekends.

Great?? Congrats on getting the heart rate up?.... I ran a hidden survey here and nobody else on patnet gets their heart rate up at all. All day. Where can I mail the trophy for bike riding? I can overnight it. I have a heart plaque too you can mount. Heck, I'll package my dog and you can then walk my dog. Maybe you are useful?
1112   Bitcoin   2021 Feb 12, 8:14am  

seems a little chilly in IL these days. Cant imagine not getting outside daily and riding MTB with the boys. When does the snow melt/is it shitty weather all year round in IL?
Sry bro, stay warm and dry!
1113   Onvacation   2021 Feb 12, 9:52am  

G36 says
When does the snow melt/is it shitty weather all year round in IL?

You should travel more. Illinois has some beautiful weather. Summer in Chicago is like a big outdoor party.

San Diego is beautiful. Spent a couple of days on Ocean Beach for X-mas. Beautiful Sunsets almost every night. Nice place to visit.

I know you like bicycling with your boys in SoCal but there is a whole world of culture, climate, and history out there. It's worth seeing.
1114   Bitcoin   2021 Feb 12, 10:11am  

Onvacation says
G36 says
When does the snow melt/is it shitty weather all year round in IL?



San Diego is beautiful. It's worth seeing.


Yep :) Socal is beautiful. The place to be...I'll never leave other than the vacations. I want to retire here.
Sorry, it so shitty in IL all year round. I dont know how you do it. Sry Bro. Stay warm/dry.
1115   Bitcoin   2021 Feb 12, 10:13am  

lol, i just noticed this wasnt from Wookie Rofl. I barely read his posts in detail (usually i just pick 1-2 words to quote) and just assumed he responded as he always does when it comes to weather or Bitcoin. Thats pretty funny. The best thing about it, it doesnt even matter that i assumed it was him but it was OV. The response still works. haha
1116   WookieMan   2021 Feb 12, 10:58am  

G36 says
Cant imagine not getting outside daily and riding MTB with the boys.

You don't mountain bike in the snow? Snowboarding is about my only dangerous sport. Rode the bikes when I was a young lad. Not worth it, especially after breaking my heel late last year.

I'm entering the risk/reward years and have no interest in being immobile again. A friend of ours was just in the ICU for a week mountain biking in Wisconsin. He's 42. Couldn't wipe his own ass.

Onvacation is right though. People bitch about the humidity, but the lakefront is amazing in Chicago. I know he boats, not sure if he's done it on the Great Lakes, but supposedly it's amazing.

Socal for sure has its positives. You just have to deal with the people, traffic, fires, water shortages and politicians. Well water shortages have been better if I'm being honest.

I like the Caribbean though. Blows away Socal and IL. Just don't want to live there. Hurricanes are a thing down there I guess. I'll just enjoy visiting for now. Might purchase a place, but we'll see. No rush.
1117   Onvacation   2021 Feb 12, 11:14am  

G36 says
Socal is beautiful.

I said San Diego, specifically the beach, Mission Bay, Balboa Park. The rest of SoCal kind of sucks.

Back in the mid-nineties I did some contract tech support for a construction company's different sites. Mostly printer, plotter, and modem problems along with the pebkac and id10t issues.

The company was transitioning into in-house support and I was based at the La Jolla Embassy Suites and covered all the fires in my huge territory of everything between San Diego, Los Angeles, and Phoenix. One time it took me 4 hours to drive from La Jolla to El Segundo. FUCK those "free" ways.

I got to see a lot of SoCal and the only redeeming quality of the whole area is San Diego, and even then I would want to get away from the awesome beaches, year round good weather, and laid back atmosphere.

Speaking of which I need a life. Going to go check on the yacht.
1118   WookieMan   2021 Feb 12, 11:30am  

Onvacation says
Balboa Park.

Sucks. Had or has potential. We spent a morning thru early afternoon there before a flight out. We were unloading our leftovers and booze (can't take it with) to bums. Weren't aggressive or anything. Was just awkward for our kids to see. We've encountered it in other places, it's just everywhere in CA. Can't really avoid it.

We got lucky with traffic on that trip. I know it's a nightmare though. And the roads suck dick too. This is in my wheelhouse too. They're awful. I haven't seen highways in worse condition. Considering no freeze/thaw cycle, it's frankly embarrassing.

Onvacation says
Speaking of which I need a life. Going to go check on the yacht.

And that's what life is about. Enjoying it. Could mean work, could mean relaxing or anything. My uncle is 66 and could piss on anyone on this site (including me) financially. He loves wrenching on muscle cars even though he could pay someone to do it for him. Passion for something shouldn't be monetary. You should enjoy it and not care. Want a boat bad, but not really worth it where I'm at currently.
1119   Bitcoin   2021 Feb 12, 11:36am  

Onvacation says
G36 says
Socal is beautiful.

rest of SoCal



I wont mention all the nice places in Socal....first of all dox dox dox and most importantly....maybe more and more people will show up at these places.

I dont want more crowds. I love when people think the way you do. And what I love even more is when jealous people try to tell me its not the place to be. Lol

sry about the shitty weather in IL all year round. Stay warm/dry

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