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Bitcoin Misinformation


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2020 Nov 10, 10:01am   133,766 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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1537   Onvacation   2022 Jan 26, 8:56pm  

FJB says
jealous.

Otherwise, nobody would care to post a thread like this.

Just warning the fools you would like to take advantage of when you sell your coins (for "fiat" ) someday.

Or are you one of those HODLers?
1538   SoTex   2022 Jan 26, 9:13pm  

Onvacation says
Meanwhile vast amounts of energy used by the miners has to be paid for.


It's actually not that much and a lot of it is wasted energy. You'd be surprised how much free energy is not used. It's much less than the legacy finance system by a long shot.
1539   SoTex   2022 Jan 26, 9:15pm  

Onvacation says
Just warning the fools you would like to take advantage of when you sell your coins (for "fiat" ) someday.


What's to say I don't buy a house or tesla?

Onvacation says
Or are you one of those HODLers?


I made some in trading and yes do hold a few tiny positions that are underwater at the moment.
1540   Onvacation   2022 Jan 27, 5:47am  

FJB says
What's to say I don't buy a house or tesla?

Is that your plan?
1541   Onvacation   2022 Jan 27, 5:50am  

FJB says
Onvacation says
Or are you one of those HODLers?


I made some in trading and yes do hold a few tiny positions that are underwater at the moment.

What is the ultimate goal of HODLing?

I've heard some say they HODL for the day when Bitcoin becomes THE currency. What is your rationale for HODLing?
1542   seesaw   2022 Jan 27, 7:59am  

richwicks says
FJB says
FJB says
@richwicks in essence what you said would be equivalent to saying TCP/IP has no real value. It just moves packets around, you can't make money off of it, it's a scam - back in the day.


Don't strawman me. You know you are engaging in a logical fallacy, but you do it anyhow.

The problem with a distributed database is that you need to have all machines on at all times, you need to have timely connections to them, and you have to have fast indexing to access them.

Even with bit-torrent, it takes 30 seconds or so before the connection(s) are made. Once it gets going, provided with enough peers, you hit saturation of bandwidth. These are minimal transactions, so it's 30 seconds just to ESTABLISH a connection, and then you're on a priority list.

Distributed databases are great f...


Be careful about centralization... remember Napster?
In the crypto world... Cryptsy... Cryptopia,, et.al... but I understand.. both of the former are no longer
1543   SoTex   2022 Jan 27, 8:54am  

Onvacation says
Is that your plan?


Irrelevant..
1544   SoTex   2022 Jan 27, 8:54am  

Onvacation says
What is the ultimate goal of HODLing?

I've heard some say they HODL for the day when Bitcoin becomes THE currency. What is your rationale for HODLing?


I never claimed to be a HODLing. But. If/when I can get a good entry point at a low price I'd make a long term investment out of it.
1545   Bitcoin   2022 Jan 27, 2:14pm  

FJB says
I think threads like this are started from one of two base emotions: fear, envy or both.


Exactly. And nothing you will see will change their view. Give up and dont waste your time. You wont even get them to agree to the basics of blockchain and crypto.
1546   Bitcoin   2022 Jan 27, 2:16pm  

FJB says

How do you make money from government fiat?


OV's investments....dont think he's making money with it....but at least we know in what he "invests".....not really surprising he doesnt have any interest in learning about blockchain and crypto.

food, entertainment, silver coins and a matchbox car (10k) LOL


1547   Onvacation   2022 Jan 27, 2:32pm  

FJB says
I never claimed to be a HODLing. But. If/when I can get a good entry point at a low price I'd make a long term investment out of it.

OK.
Say you bought a coin for 20k. At what price would you sell? 100k? 500k? How much would someone have to pay you before you would be willing to part with that coin?
1548   Bitcoin   2022 Jan 27, 2:36pm  

Onvacation says
FJB says
I never claimed to be a HODLing. But. If/when I can get a good entry point at a low price I'd make a long term investment out of it.

OK.
Say you bought a coin for 20k. At what price would you sell? 100k? 500k? How much would someone have to pay you before you would be willing to part with that coin?


I am a big HODL'er
Bought BTC at 15k, CARDANO at 10 cents and ETH at 700ish.

I am going to HODL for a few years and might sell one of my BTC for 120-150k. Not sure yet. I could also wait until its worth 500k. We'll see. Not really in a hurry. I am just really sure, Bitcoin will continue to trend higher over time. It has for the last 10 years :)
1549   Onvacation   2022 Jan 27, 2:39pm  

How big would the bigger fool have to be?
1550   SoTex   2022 Jan 27, 7:18pm  

Onvacation says
OK.
Say you bought a coin for 20k. At what price would you sell? 100k? 500k? How much would someone have to pay you before you would be willing to part with that coin?


Have you ever traded a stock? Have you ever looked at trading view? Do you know how to use technical indicators (very basic) like RSI and MACD? I will buy when the current trend reverses and sell when that trend is reversing.
1551   SoTex   2022 Jan 27, 7:19pm  

Onvacation says
How big would the bigger fool have to be?


Fools are people who think bitcoin is a scam or a ponzi scheme not realizing that the entire US financial system is one giant Keynesian ponzi scheme that even Keynes would shake his head at.

So... I asked you some questions up above but you haven't answered them. Here is another:

How do you feel about being forced to use CBDC? It's looking more and more like that's going to happen.
1552   SoTex   2022 Jan 27, 7:21pm  

Bitcoin says
Exactly. And nothing you will see will change their view. Give up and dont waste your time. You wont even get them to agree to the basics of blockchain and crypto.


I've decided it's mostly fear. Definitely not hate. I had a girlfriend who once told me you only hate the ones you love. That bitch was right!
1553   SoTex   2022 Jan 27, 7:25pm  

Bitcoin says
OV's investments....dont think he's making money with it....


Rich boomers in the SF bay area don't have to they are set. I don't care either way. Like I said, I like the guy. How could you dislike a cool guy with such a bad ass sailboat. Seriously, I'm not being facetious. He did a bang up job replacing those sails!
1554   SoTex   2022 Jan 27, 7:26pm  

I'm going to buy a cat sailboat with part of my bitcorn earnings someday but in Florida. Something I can live aboard part of the year. Partly b/c I won't be able to buy a boat and a house there (and in TX and in other places)
1555   Bitcoin   2022 Jan 27, 7:37pm  

FJB says
boomers


Yep, most of them dont like Bitcoin and crypto!
Its like trying to tell someone you should go away from using landlines or trying to convince someone to switch from a flip phone to a smart phone.
1556   Bitcoin   2022 Jan 27, 7:40pm  

@FJB
I dont think OV will answer any of your questions. He doesnt have any interest in a normal conversation. All he does is spread misinformation about Bitcoin and repeats "greater fool" 5 times in a row.
1557   Bitcoin   2022 Jan 27, 7:44pm  

FJB says
Rich boomers in the SF bay area don't have to they are set


Every single rich person I know owns some Bitcoin. Rich in my world means a net worth of several million USD. I am not saying they got rich by buying Bitcoin, I am saying they understand that some exposure of your net worth should be invested in crypto.
1558   Onvacation   2022 Jan 27, 8:33pm  

FJB says
Onvacation says
OK.
Say you bought a coin for 20k. At what price would you sell? 100k? 500k? How much would someone have to pay you before you would be willing to part with that coin?


Have you ever traded a stock? Have you ever looked at trading view? Do you know how to use technical indicators (very basic) like RSI and MACD? I will buy when the current trend reverses and sell when that trend is reversing.

so no answer
1559   Onvacation   2022 Jan 27, 8:38pm  

FJB says
I'm going to buy a cat sailboat with part of my bitcorn earnings someday

You got to live your dreams as you go. You can't wait for bitcoin to "go to the moon" before you buy your boat.

If you don't know how to sail, take lessons. If you want to live on a boat, but a boat and live on it.
1560   SoTex   2022 Jan 28, 5:19am  

Onvacation says
so no answer


The answer is it's not about a price point as much as it is about technical indicators.
1561   SoTex   2022 Jan 28, 5:20am  

Onvacation says
You got to live your dreams as you go. You can't wait for bitcoin to "go to the moon" before you buy your boat.


I won't have to if I sell my Maui condo but I'd like to keep it.

Onvacation says
If you don't know how to sail, take lessons. If you want to live on a boat, but a boat and live on it.


Yup, grew up sailing!
1562   Onvacation   2022 Jan 28, 5:42am  

FJB says
The answer is it's not about a price point as much as it is about technical indicators.

Like when the democrats steal an election and need to pay off some foreign actors? Or maybe when a Saudi prince needs to pay for a new harem of enslaved children? Those technical indicators?
1563   Onvacation   2022 Jan 28, 5:47am  

FJB says
I won't have to if I sell my Maui condo but I'd like to keep it.

If you're so wealthy why are you dealing with a scam like crypto?
1564   Onvacation   2022 Jan 28, 5:47am  

No assets, no dividends, no security, massive amounts of energy to keep the scam going; the only way to make money with crypto is to find a fool willing to pay you more than you paid. Tell me how I'm wrong?
1565   SoTex   2022 Jan 28, 6:28am  

I'm not going to answer anymore questions until you answer mine. You have yet to answer a single one of my questions @Onvacation. Here is another: How come you use Vox for your investment advice? I'm mean. Come on. Vox?
1566   SoTex   2022 Jan 28, 6:50am  

Here is another, do you think you're wiser than Chris Miller, a billionaire who's put 50% of his personal wealth in bitcoin? Not to mention the many others.

https://www.thestreet.com/investing/cryptocurrency/fund-manager-bill-miller-says-50-personal-wealth-in-bitcoin?source=patrick.net

Chris is falling for a scam? Chris is just part of the ponzi? If so, only one of the many billionaires makes out eh? The rest are fools right?
1567   RWSGFY   2022 Jan 28, 7:48am  

FJB says
Here is another, do you think you're wiser than Chris Miller, a billionaire who's put 50% of his personal wealth in bitcoin? Not to mention the many others.

https://www.thestreet.com/investing/cryptocurrency/fund-manager-bill-miller-says-50-personal-wealth-in-bitcoin?source=patrick.net

Chris is falling for a scam? Chris is just part of the ponzi? If so, only one of the many billionaires makes out eh? The rest are fools right?


How do we know he's not lying?
1568   SoTex   2022 Jan 28, 7:51am  

FuckCCP89 says
How do we know he's not lying?


I suppose that is possible. Bitcoin isn't anonymous like many people think but it's possible if he has some other entity like greyscale managing his keys for him.
1569   Onvacation   2022 Jan 28, 7:59am  

FJB says
I'm not going to answer anymore questions

You haven't answered any questions!

Not that I was expecting any cogent defense of cryptocurrency. It's a scam.
1570   Onvacation   2022 Jan 28, 7:59am  

FJB says
Chris is falling for a scam

That's too bad.
1571   SoTex   2022 Jan 28, 8:13am  

Onvacation says
You haven't answered any questions!

Not that I was expecting any cogent defense of cryptocurrency. It's a scam.


BS, and all I get back from you is a combo of the blue screen of death and a broken record.
1572   SoTex   2022 Jan 28, 8:19am  

Funny, when this vox misinfo thread was started BTC was ~15K. Even after falling from it's highs it's up well over 100%. It was already an old article when this was posted and it's still up over 350% since then lol...
1573   Onvacation   2022 Jan 28, 8:32am  

FJB says
it's still up over 350%

Every time it goes down 50% it has to go up 100% to get back to even.

No assets, no dividends, no way to make money except finding a bigger fool to buy your flashdrive.
1574   SoTex   2022 Jan 28, 8:36am  

No assets, no dividends, no way to make money except finding a bigger fool to buy your green back or it's 1s and 0s equivalent.

So you think the dollar is a scam or a ponzi?

Your 50% number applies to other things as well like stocks.

Meaningless arguments.

Tip: The dollar isn't 'money', it's only 'currency' since 1971. It's debt or an IOU. Gold and bitcorn are money.
1575   SoTex   2022 Jan 28, 8:37am  

More blue screen of death and repetitive low information remarks coming up!
1576   Cash   2022 Jan 28, 9:53am  

FJB says
More blue screen of death and repetitive low information remarks coming up!

At least with OV you get short sweet comments, unlike the dufus who says he hates crypto, calls it a scam to save everyone from evil crypto... Just so he can make some bogus statement and claim on how rich and elitist he is. It's hilarious so I let him know it's the internet he can be anyone he wishes even an ignorant imbecile...

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