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Bitcoin Misinformation


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2020 Nov 10, 10:01am   134,016 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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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
1120   WookieMan   2021 Feb 12, 11:49am  

G36 says
I dont want more crowds.

Official. You don't live in Socal. 100%. Given the landscape you're kind of out of room. It's not some secret area. I've been inland to Escondido and seen $600k homes that are the size of my shed. There's no land. The crowds already exist. More crowds isn't a worry at this point, it's reality.

G36 says
about the shitty weather in IL all year round.

I do just fine. Weather here doesn't bother me. Not sure how many times I can say it and you keep bringing up the weather and I don't. Clearly there might be some jealously in that I don't overpay for my housing. 8 hours a day are spent sleeping (4 for me). 8 spent working (2 for me). You have 2-4 hours of commuting and making dinner or eating out at minimum. If you have kids, the rest is gone. Have fun enjoying overpriced housing (rent or own) and 13% income tax if you can make enough. You can't sell me on Socal. I've been and I've researched it thoroughly. It's an awful place to live financially.
1121   Bitcoin   2021 Feb 12, 12:12pm  

Sometimes you just have to see ones misery in order to be more grateful for what you have!

I realize now that some parts of the country have shitty weather all year round. Gosh, I would pay double to stay in sunny California (socal).
I cant imagine missing out on outdoor activities because the weather in places like IL sucks so much.

I am really sorry for Wookie who has to experience this. It makes sense that people in places with shitty weather are depressed and angry.

Going out with the doggy now :) beautiful weather here in SoCal. Stay warm bro
1122   WookieMan   2021 Feb 12, 12:29pm  

G36 says
Gosh, I would pay double to stay in sunny California (socal).

No you wouldn't and don't. Not a chance you're in Socal for less than 3-4x's what I pay PITI. For the same house I own it's probably 5x. Appreciation comes at the expense of cash flow. So that negates that argument. Plus there's potential cap gains when (well if, you don't own) you sell at the end, above $250k because we know you're not married.

I will pay less and walk with more living in IL. I'm a numbers guy. I've done the math. I assume you still didn't get my joke, right? Enjoy dodging human shit and needles as you walk your doggy....lol.
1123   Bitcoin   2021 Feb 12, 1:49pm  

Beautiful weather in SoCal, Cant get enough of it....

Feel so sorry for people in IL that have to live in misery.

And Bitcoin at 48k! I cant take all this winning! :) Looking forward to a looong bike ride tomorrow.

They call it a sunshine tax here. I would pay more to have this beautiful weather! Knowing Wookie's story made me more grateful for where i live.
Thanks Bro and stay warm!
1124   WookieMan   2021 Feb 12, 1:51pm  

G36 says
They call it a sunshine tax here. I would pay more to have this beautiful weather!

Worst ROI ever. Hence why everyone should ignore what you say.
1125   Bitcoin   2021 Feb 12, 2:04pm  

WookieMan says
G36 says
They call it a sunshine tax here. I would pay more to have this beautiful weather!

Best
ROI ever.


Agreed, I'd pay triple to keep living here.
And 10x more to not live in IL.
Sry bro, stay warm
1126   porkchopXpress   2021 Feb 12, 2:30pm  

Onvacation says
Speaking of which I need a life. Going to go check on the yacht.
Ask your butler to do it
1127   Bitcoin   2021 Feb 12, 7:25pm  

porkchopexpress says
Onvacation says
Speaking of which I need a life. Going to go check on the yacht.
Ask your butler to do it

@Onvacation
First you had a match box car worth 10k and you were hoping to get 100's of K some day, then a lego space ship. Then you said, you actually dont have a match box car and no lego space ship either. now you have a yacht instead.

let me guess, its a made up, really rare, wooden yacht and you believe it will be worth 100,000 USD in the near future?
1128   WookieMan   2021 Feb 13, 3:59am  

G36 says
let me guess, its a made up, really rare, wooden yacht and you believe it will be worth 100,000 USD in the near future?

Nah. I think onvacation really does have a boat. He's mentioned it in the past unsolicited. I'm sure you saw it under another one of your old usernames. Unlike a few users here, I think most are pretty honest with their life and don't make stuff up. What would be the point? Ego?
1129   Bitcoin   2021 Feb 13, 6:01am  

WookieMan says
G36 says
let me guess, its a made up, really rare, wooden yacht and you believe it will be worth 100,000 USD in the near future?

He's mentioned it in the past.


Yes, this is a know strategy by people who suffer from BSDS. Repeat lies often enough and hope people will believe you.
1130   porkchopXpress   2021 Feb 13, 9:11am  

Mark Cuban on blockchain: ‘It’s like the early days of the internet’ when ‘a lot of people thought we were crazy’

https://www.cnbc.com/2021/02/12/mark-cuban-compares-blockchain-crypto-to-early-days-of-the-internet.html
1131   Patrick   2021 Feb 13, 9:57am  

WookieMan says
I think onvacation really does have a boat.


Onvacation does have a boat, and it's a nice one. I've been on it. He invited me.
1132   Onvacation   2021 Feb 13, 10:49am  

G36 says
let me guess, its a made up, really rare, wooden yacht and you believe it will be worth 100,000 USD in the near future?

I paid $4,000 for my yacht fifteen years ago. It was dirty but probably worth around $8k or $9k at the time. Over the last decade and a half I have invested over $25k and plan on putting another $10k into it in the near future.

I love sailing and working on my boat. It's not a hobby, it's a lifestyle.

My boat is probably worth about $10K now, but it has paid massive dividends in fun and making a happy marriage over the years. And if the S really HTF I can load up some food, water, fuel and sail to anywhere in the world.

Of course I'll probably get eaten by cannibals if I try.
1133   Onvacation   2021 Feb 13, 10:51am  

.G36 says
Repeat lies often enough and hope people will believe you.


I really don't care about your ongoing love affair with crypto. I am also not into dick wagging contests. I live in a world where hard work, frugality, and steady investing lead to what my grandparents called a "comfortable" life of leisure, travel, and playing with toys. I would like to add that it is important to make a difference in the world by having a job that makes the world a better place.

Just my opinion.

Bitcoin is a scam where all incoming money is consumed by the miners. In order to get money out of the system somebody else has to put money in. It is unsustainable as it uses more energy than many small countries to maintain a ledger of who owns how much bitcoin.

Bitcoin wouldn't still be here if the HODLer's weren't still waiting for the moonshot
1134   RC2006   2021 Feb 13, 11:24am  

It's a solution looking for a problem, to unstable to be a currency replacement. Maybe some of the large banks and companies are getting into it to have something to blame for next crash or milk all the little fish.
1135   Onvacation   2021 Feb 13, 11:28am  

RC2006 says
Maybe some of the large banks and companies are getting into it to have something to blame for next crash or milk all the little fish.

Or moving cash?
1136   WookieMan   2021 Feb 13, 12:04pm  

Patrick says
Onvacation does have a boat, and it's a nice one. I've been on it. He invited me.

That's awesome. I watch anything sailing. Same with flying. Close to pulling the trigger on getting my pilots license. We'll see. I now have a plane I can use, so that's motivating (friends).

Haven't actually sailed on a private mono or cat, but I think we're close. Might pull the trigger and charter a cat in the Caribbean for my wife's 40th with some friends 2022. Covid better fucking be done by then. The BVI's are beautiful (so are USVI) but in a week you can see them all. I'd love to bareboat down there, but my wife wouldn't be on board to learn and I still need to learn to sail as well. Maybe a birthday gift for her, but really for me ;).
1137   theoakman   2021 Feb 13, 12:46pm  

I've been extremely skeptical of crypto from the beginning, but that being said, I firmly believe we have an inflationary nightmare on our hands. I've believed this since 2006 and stacked gold/silver from 2006 to 2010. With the money supply exploding and us normalizing mailing out free money to everyone, I think we are rounding the corner of the endgame for the dollar here.

I've constructed a portfolio of metals, dividend stocks, and foreign dividend stocks (Singapore & Taiwan) expecting this for the better part of 10 years. Basically, the reason bitcoin is at 45k IMO is because the central banks are so irresponsible. From what I see, adoption of crypto keeps increasing and has yet to even become mainstream. It's still considered fringe. 20k was viewed as ridiculous 3 years ago, now we've doubled that. I understand it's volatile, but I don't think it would be the end of the world if I make it 2 to 5% of my portfolio at this point. For the past two months, I've been slowly buying at avoid buying too much at potentially elevated prices. Basically, $250 a week. I figure I'll stop if I achieve that 5% of my net worth in it.

Basically, what sealed the deal on this decision was Joe Biden getting into office. I don't even think people are going to be regularly using blockchain to do transactions. I think all these companies like Paypal, Mastercard, and what not will take them off the market, stor ethem, and use their own existing infrastructure to do transactions.
1138   Onvacation   2021 Feb 13, 1:27pm  

WookieMan says
Close to pulling the trigger on getting my pilots license. We'll see.

I was looking into flight school a couple decades ago. I wanted a small plane. After crashing a few RC planes from unexpected gusts and crosswinds I decided to stick with the big commercial jets.
1139   Onvacation   2021 Feb 13, 1:31pm  

theoakman says
I firmly believe we have an inflationary nightmare on our hands.

The problem of trying to store your fiat money in bitcoin is that bitcoin is valued in fiat money.

That and the "miners" will use your money to buy hookers and blow.
1140   WookieMan   2021 Feb 13, 3:40pm  

Onvacation says
theoakman says
I firmly believe we have an inflationary nightmare on our hands.

The problem of trying to store your fiat money in bitcoin is that bitcoin is valued in fiat money.

Yup. You buy it with fiat and to use it you get fiat back. It's silly. I don't do metals, but at least you can always hand someone a physical piece of gold or silver that could be used in something productive. Crypto ain't that. Never will be that either. It's a spreadsheet. Everyone has Excel or a similar program. Companies like google give the program away for free. Crypto itself is literally worthless.

Maybe not the tech #blockchain. But that means nothing about the value of BTC or any other coin. It's a marketing scam/scheme to part you from your money. As always, you can trade it, but there's no "store of value" that keeps being tossed around. It is actually, figuratively and literally worthless. I guess the Chinese flash drive might be worth $19.99... That's about all it's worth.
1141   Bitcoin   2021 Feb 13, 7:04pm  

WookieMan says
Onvacation says
theoakman says
I firmly believe we have an inflationary nightmare on our hands.

store of value


Yep, Bitcoin is digital gold / store of value. Experts also say, best thing since sliced bread.
1142   Onvacation   2021 Feb 13, 9:52pm  

G36 says
Expert

Back when I used to work on nuclear subs at the shipyard in the watertight doors and hatches shop one of the old journeymen defined expert as, "An Ex is a has been and a spert is a drip under pressure".

Modern definition of an expert is someone you can find to say whatever you want them to.
1143   Bitcoin   2021 Feb 14, 1:02am  

Onvacation says
G36 says
Expert

Back when I used to work on lego subs


Was it Lego or was it wood? you keep changing your mind on things (have matchbox car, then you dont).
Just want to make sure
1144   Onvacation   2021 Feb 14, 8:19am  

G36 says
Was it Lego or was it wood?

I actually got to work with some very exotic alloys. My nickname at the yard was impact, and not because I made a difference.

For future reference, it's considered rude to quote someone and then edit what they say.
1145   Onvacation   2021 Feb 14, 8:22am  

G36 says
you keep changing your mind on things

If you read all my posts, which you claim is too much reading, you would know that I have consistently said, "bitcoin is a scam".
1146   WookieMan   2021 Feb 14, 9:42am  

Onvacation says
For future reference, it's considered rude to quote someone and then edit what they say.

Bingo. Someone can try to trash me all they want here. Just be honest at least. It devalues and even negates anything you've said previous in my book changing/editing a quote.

Usually if someone doesn't like or agree with what is said, they bring evidence to show the other person is wrong or incorrect. That hasn't happened in one of these recent crypto threads. It's just links to fly by night crypto sites run by unemployed 20-30 somethings thinking they'll get rich or a few geezers that failed at life. Tell me I'm wrong crypto boi's.
1147   porkchopXpress   2021 Feb 14, 10:53am  

Onvacation says
G36 says
"bitcoin is a scam".
So was online shopping
1148   Patrick   2021 Feb 14, 10:54am  

WookieMan says
It devalues and even negates anything you've said previous in my book changing/editing a quote.


Altering evidence is exactly what the Democrats just did in the mock trial of Trump. They changed a Tweet date by a YEAR to make it look connected to the Capitol riot, added a blue check by a Tweet when it wasn't really there, and apparently some other lies:

https://patrick.net/post/1338127/2021-02-14-trump-s-lawyer-destroys-media-spin-and-lies-on-camera
1149   Onvacation   2021 Feb 14, 1:22pm  

porkchopexpress says
Onvacation says
G36 says
"bitcoin is a scam".
So was online shopping

What was the name of that website to buy groceries?
1150   Bitcoin   2021 Feb 14, 6:34pm  

History has been made

https://www.reuters.com/article/crypto-currency-etf/canadian-regulator-clears-launch-of-worlds-first-bitcoin-etf-investment-manager-idUSL1N2KI1FX

Canadian regulator clears launch of world's first bitcoin ETF - investment manager

What an excellent time to be alive! Epic Super Cycle for Bitcoin (Digital Gold)
1151   Onvacation   2021 Feb 14, 8:23pm  

G36 says

What an excellent time to be alive!

Interesting, yes.
Excellent? Really? Lockdowns, mask laws, suspension of the first amendment, election stolen by CCP connected socialists, and you think times are excellent?
1152   Onvacation   2021 Feb 14, 8:24pm  

G36 says
(Digital Gold)


Ya made $50,000 gambling IF you cash in the chips right now. I could put $30,000 on a blackjack hand and double my money in a couple minutes.

HODL on dude. Maybe some dumb money will come along and finally offer you enough fiat to make you want to sell your "Gold 2.0".
1153   Bitcoin   2021 Feb 15, 8:14am  

Thats correct @Onvacation.

Even banks are entering the Bitcoin spaceship since they understand its digital gold.

https://www.nbc29.com/2021/02/15/virginia-based-bank-offering-bitcoin-transactions/

Virginia-based bank offering Bitcoin transactions
1154   Bitcoin   2021 Feb 16, 8:32am  

MAJOR BITCON MILESTONE REACHED

2.5 times of prior all time high = 50k!
First time in History, Digital gold breaks 50k!

Its only 50% off our target of a six figure Bitcoin which is likely on the cards for this cycle.

https://www.wsj.com/articles/bitcoin-trades-above-50-000-for-first-time-11613479752
1155   Onvacation   2021 Feb 16, 10:48am  

G36 says
Its only 50% off

It will lose the other half, don't worry.

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