patrick.net

If you buy stock you, theoretically, buy a "share" of the profits and losses of the company which uses your investment to buy tools and materials to pursue their business model.

What is bitcoins business model?

If you buy a Satoshi you are paying for "miners" expenses and an updated decentralized ledger that indicates you now own one Satoshi.

Agreed, its digital gold and a great wealth generator. I made over 3x since November. Wow!

Crypto Hedge Funds Defraud $100 Million From Investors, Founder Faces 20 Years in Prison

he U.S. Department of Justice (DOJ) announced Thursday that Stefan He Qin, a 24-year-old Australian national and founder of two crypto hedge funds, has been charged with securities fraud and has pleaded guilty in Manhattan federal court.

Qin “owned and controlled two cryptocurrency investment funds” called Virgil Sigma and VQR Multistrategy Fund between 2017 through 2020, the Justice Department described. Both funds were based in New York. According to the DOJ, the two funds had “over $100 million in investments.”

HSI (Homeland Security Investigations) Special Agent Peter Fitzhugh commented that “Qin mastered the art of trickery by representing these firms as profitable investment strategies so more victims fell to his tactics and were defrauded of nearly $100 million.”

U.S. Attorney Audrey Strauss said Qin “drained almost all of the assets from the $90 million cryptocurrency fund he owned [the Virgil Sigma fund], stealing investors’ money, spending it on indulgences and speculative personal investments, and lying to investors about the performance of the fund and what he had done with their money.”

https://news.bitcoin.com/cryptocurrency-hedge-funds-defraud-100-million-investors-founder-20-years-prison/

G36 says

Pompous? Interesting name. And what's his nickname? Pomp?

You fit the name. Spot on. https://www.merriam-webster.com/dictionary/pompous

Yet you have no standing. You have no value. It's kind of funny, but also sad.

Onvacation says

Crypto Hedge Funds Defraud $100 Million From Investors

This about sums it up. Can't stop a retard from being retarded though... I just dislike the pump and spam. Not answering a single fucking question. G.... Where did you last travel?

G36 says

WookieMan says

G36 says

@Wookieman, whats your boyfriends name and does he own Bitcoin?

pompous

Pompous? Interesting name. And what's his nickname? Pomp?

And how many Satoshis does he own? Are you the female in the relationship @Wookieman?

Not surprised that @WookieMan doesnt answer any questions.

In what rational universe could someone simply issue electronic scrip — or just announce that they intend to — and create, out of the blue, billions of dollars of value? It makes no sense.

All of this would be a comic sideshow if innocent people weren’t at risk. But ordinary people are investing some of their life savings in cryptocurrency. One stock brokerage is encouraging its customers to purchase bitcoin for their retirement accounts!

If you don't know who the fool is...

@onvacation

i told you, you can lead a donkey (named sissy) to the water but cant make her drink.

Onvacation says

One stock brokerage is encouraging its customers to purchase bitcoin for their retirement accounts!

And this is what these guys are doing. Dangerous game and why I'll continue to try and provide a countering view without name calling.

There are forums out there for crypto. I'm not sure why they spam this site with garbage links and content. Not one of them has answered a flipping question about anything. They don't participate in other threads in meaningful ways or at all. They're paid to pump spam or crypto on the web, convinced of this. No intelligent person can truly think it's a good "investment" and not just a trading vehicle.

WookieMan says

No intelligent person can truly think it's a good "investment" and not just a trading vehicle

Speculation (gambling) not so pure (massive electricity cost) and not so simple (solve complicated math puzzle to update spreadsheet). Hoping the greater fool will buy your coins (bits on a flashdrive).

The scam will leave a lot of fools hornswaggled and a couple manipulators rich. It will also feed the miners until everyone, except the stupid HODLers, gets wise that crypto is a Ponzi scheme dependent on the next greatest fool.

G36 says

@onvacation

i told you, you can lead a donkey (named sissy) to the water but cant make her drink.

made a 12x realized gain (before taxes) on Binance coin :)

SUSTAINABLE ENERGY
Bitcoin’s wild ride renews worries about its massive carbon footprint
*Bitcoin has a carbon footprint comparable to that of New Zealand, producing 36.95 megatons of CO2 annually, according to Digiconomist.
*The cryptocurrency consumes more electricity than the entire annual energy consumption of the Netherlands, Cambridge University researchers say.
*Critics say there are alternative tokens that consume far less power, while bulls argue disputes about bitcoin’s environmental impact miss the point.
https://www.cnbc.com/2021/02/05/bitcoin-btc-surge-renews-worries-about-its-massive-carbon-footprint.html

Onvacation says

SUSTAINABLE ENERGY

correct. Its mainly powered by renewable energy.

https://finance.yahoo.com/news/study-over-74-bitcoin-mining-180300738.html

Study: Over 74% of Bitcoin Mining is Powered by Renewable Energy

Yeah. I don't believe in global warming either.

Good thing all of those miners are running on windmills and solar panels.

Onvacation says

Yeah.

Good thing all of those miners are running on windmills and solar panels.

Exactly right @Onvacation!

@g36
Made any money from crypto yet?

@G36
See how Cash does it? He's a roller. He's a player. He gambles some, pulls some off the table. He's seeing who's bluffing. He's looking for the tell.

He knows he's gambling.

If you were to sell one of your 1.9 bitcoins you could double your money and still have 10s of millions of Satoshis. You a Satoshi millionaire!

After several more halvenings the HODLers will be howling about how the moonshot is still coming while the miners continue to sell satoshis for exorbitant amounts to all of the Investors who feel rich from having bits on a stick.

bits on a stick

Onvacation says

@g36
Made money from crypto

"Congrats"

Thanks man @onvacation!
Appreciate that. Yep, i could get used to making 11x on my investments :)

Thanks Tesla!

G36 says

Onvacation says

@g36
Made money from crypto

"Congrats"

Thanks man

you're welcome. You going to realize some profits? Or just let it ride?

Onvacation says

G36 says

Onvacation says

@g36
Made money from crypto

"Congrats"

Thanks man

you're welcome.

:) You can do an 11x too! Just invest today!

As Elon Musk said, the best time to invest in Crypto was yesterday. The second best time is today!

G36 says

Onvacation says

G36 says

Onvacation says

@g36
Made money from crypto

"Congrats"

Thanks man

you're welcome.

:) You can do an 11x too! Just invest today!

As Elon Musk said, the best time to invest in Crypto was yesterday. The second best time is today!

Why?
Isn't it due for a reset? shouldn't you take a couple chips off the table?

Wealth isn't achieved in 3 months. Let alone 3 years. Average length of an NFL player that was getting paid over $500k as a rookie. Many much higher. They all end up broke for the most part. Even the super successful ones.

Wealth is a lifestyle and not about having a good night at the casino. Eventually the night ends and you need to learn how to be wealthy. The vast majority fail. I suspect you will based on your comments here.

@G36
Make any money from bitcoin yet?
You might regret not pocketing some chips.

I mean bits.

bits on a stick

@WookieMan

sry its so shitty in IL today....If you would have invested your stimulus in Bitcoin you would at least be able to buy a house in IL.
You probably wont ever have enough funds to move to beautiful SoCal. Amazing weather here today! Taking the doggy for a long walk today and a bike ride later.

Feels like summer today! 75 degrees! pool time

sry its shitty in IL....like all year? I heard its pretty much cold, snowy, rainy during fall, winter & spring and during summer its humid and the bugs are out. Sounds horrible. No wonder you cant stand living there. Sorry @WookieMan

Beautiful day here. But I'm packing up for AZ to golf with the boys. Head out tomorrow. Should be a fun trip. So I don't need to worry about women's and children's tasks. Enjoy the dog though. Sounds like a ton of fun by yourself.

stick bits - the new Gold!

I would not be surprised if bitcoin went up to 100K.

It's a gamble. I never won big in Vegas. I never lost big either. I play with a couple hundred $ at the 21 table, throw some tokens into the one arm bandits, and if I win? I pull some off the table or cash in my bucket of tokens.

I'm not much of a gambler. I usually don't lose all of my $200, have a few drinks, and pocket a couple chips when I'm on a roll. I don't let it ride. I think on my biggest night I left with $800.

I haven't been to a casino for a while.

Onvacation says

I would not be surprised if bitcoin went up to 100K.

100k this year at the very minimum. More likely is 150-200k. We see a lengthening cycle compared to the previous 4 year cycles. This time around we have heavy buying by institutions (Tesla, Paypal, Microstrategies, Square, etc). Now we have a Bitcoin ETF. One can not afford to not hold Bitcoin.

G36 says

One can not afford to not hold Bitcoin.

Why?

What is going to happen to all of the people that don't want to dabble in bitcoin?

Onvacation says

What is going to happen to all of the people that don't want to dabble in bitcoin?

They will be poor and living under the bridge while bitcoin billionaires will be living in Caligulan splendor.

Eric Holder says

Onvacation says

What is going to happen to all of the people that don't want to dabble in bitcoin?

They will be poor and living under the bridge while bitcoin billionaires will be living in Caligulan splendor.

Sometimes creating a Ponzi scheme is not very difficult when things are in right place.

that was a cute little dip.....obviously the bears didnt buy. Sorry you got so excited .....short lived.

G36 says

100k this year at the very minimum.

Or it could revert to it's actual value.

I suspect that eventually bitcoin will be a subscription service where no one is actually buying the $100,000.00 bitcoin but the HODLer's are paying the "miners" to update the list of "bitcoin millionaires.".

Is there a million? Or ten million Satoshis in a bitcoin?

Someday a whole coin will be worth more than the country of Slovakia and people will bid outrageous prices for the few Satoshis that ever hit the market.

The halvening is real.

Onvacation says

Crypto Hedge Funds Defraud $100 Million From Investors

Fixed:
Crypto Hedge Funds Defraud $100 Million From Gamblers

I agree, Bitcoin is probably going to reach 250k by this year. thanks

and thanks TESLA

G36 says

Bitcoin is probably going to reach 250k

Would you be willing to pay a "miner" a fee to confirm that?