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Bitcoin Misinformation


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2020 Nov 10, 10:01am   94,801 views  2,057 comments

by Onvacation   ➕follow (3)   💰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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1829   clambo   2022 May 12, 5:22pm  

YOLO bitcoin; transfer all of your investments to Fidelity.
1830   Onvacation   2022 May 12, 5:28pm  

Anyone want to be a Bitcoin miner? You can do it from home!

But seriously, is the scam over? Does the crash in prices come at the realization that there is no there there?

Are there enough fools to pour more money into the massive energy suck that crypto is to bring the prices back up? I'm not betting against it. But I'm not betting on it either.

Bitcoin is just a gamble that someone will pay you more than you paid for it.
1831   komputodo   2022 May 12, 6:56pm  

BTC
1832   komputodo   2022 May 12, 6:59pm  

Onvacation says
Anyone want to be a Bitcoin miner? You can do it from home!

Yeah...all you need is a video card and you can get rich.
1833   komputodo   2022 May 12, 7:01pm  

Onvacation says
Bitcoin is just a gamble that someone will pay you more than you paid for it.

Just like NFT art
1834   FortWayneAsNancyPelosiHaircut   2022 May 13, 2:54pm  

Just wait till the global warming talk starts and it cancels bitcoin because shit requires too much energy to keep going.
1835   WookieMan   2022 May 13, 2:58pm  

DooDahMan says
was trading at around $0.09 on Friday.

That's all crypto is. Pinkies. A penny stock at least has a chance, though it's usually pump and dump for a con artist business owner to take your money.
1836   richwicks   2022 May 15, 2:40am  

Onvacation says

BTC at 34k, close to half of its all time high.

Buying opportunity?


Be cautious with it.

The problem with bitcoin is that the transaction time and fee is ENORMOUS. I like the general idea, but it's not workable as it is now. I think it's just a Ponzi scheme, but I'm stupid, maybe I'm wrong. I know the Federal Reserve is a Ponzi scheme, but I can trade a dollar for a gumball, try that with a bitcoin. Try to buy a pizza with bitcoin. It's too volatile to be a currency, however, you can make money off from volatility. I don't have the stomach for it though and I regard it as a scam and so I consider it unethical to make money that way.

But what do I know?
1837   Eric Holder   2022 May 16, 9:28am  

Cryptocurrency exchange FTX's founder has said that bitcoin has no future as a payments network and criticized the digital currency for its inefficiency and high environmental costs, the Financial Times reported on Monday.
1838   Onvacation   2022 May 16, 12:20pm  

Eric Holder says
bitcoin has no future as a payments network and criticized the digital currency for its inefficiency and high environmental costs,

That's what I've been sayin'.

Bitcoin has little practical use.
1839   komputodo   2022 May 18, 10:47pm  

where are the 2 bitcoin cheerleaders that were formerly posting daily?
1840   TheSameAD   2022 May 18, 10:51pm  

Crypto is a house of cards economy. It's all like investing or speculating in tulips back in the 1700s in Holland.

That is why I would only spend no more than a $1000 a hop from one new crypto to another new crypto in hopes I could make money during the early speculation phase of a new crypto currency.

At least silver and gold have some intrinsic value and utility, and can be used as a hedge against fiat currency.

.
1841   Ceffer   2022 May 19, 11:14am  

Musical chairs. Has the music stopped?
1842   RWSGFY   2022 May 20, 7:38am  

HODL!!!!

Big Daddy to the Moon any moment now!
1843   Onvacation   2022 May 22, 9:11am  

HOW BITCOIN PIZZA DAY RESEMBLES FESTIVUS

Bitcoin Pizza Day. The fabulous event that takes place once each year on May 22. I won't bore you with all the details. Laszlo Hanyecz paid 10,000 BTC for two Papa John’s pizzas in what’s widely believed to be the first transaction of bitcoin for a physical good.
https://bitcoinmagazine.com/industry-events/how-bitcoin-pizza-day-resembles-festivus
1844   FortwayeAsFuckJoeBiden   2022 May 22, 9:32am  

Onvacation says

Cash says
Crypto development Jobs out the ass!!!

What is the ultimate product or service these "out the ass" jobs provide?


ive seen a lot of crypto jobs pop up lately. apparently easy fake money business.
1845   Zak   2022 May 22, 9:28pm  

Did I ever mention that these crypto currencies were backed by nothing and would fail? Oh yeah, I did. Bitcoin will be the last one to fall and fail, but it will go too.

Someday, someone MIGHT might make a crypto coin backed by something that actually stores (useful) value. I don't know how. If anything, it will be based on some kind of built up trust system of trading commodities for digital tokens. For instance, someone could make a network of silver coin machines, and if you present your token to the machine, it will record the ownership change transaction in the "global ledger", and dispense a silver coin to you. This is how "silver certificates" (dollar bills) work back in the commodity backed currency days.

Trust could be built up over time by various "banks" having silver on deposit with each other. You yourself holding physical silver/gold could begin developing a "trust score" of successful transactions, by giving out a few of your coins in exchange for the tokens when requested, and accepting silver deliveries to take tokens off your hands.Holding a token instead of physical silver would likely have to pay some form of interest, as an incentive for people to actually hold tokens instead of physical silver.

There may even be "chains" of backers of tokens, such that risk could be spread over several groups of "banks" willing to redeem each other's tokens (and hence also keep a close eye on cheating each other).

At that point, I will buy (fractionally) into "digital currency". The ultimate form of anonymity will be going, withdrawing your tokens in silver, and holding them, erasing record of your tokens within the system.
1846   komputodo   2022 May 22, 9:48pm  

Onvacation says
HOW BITCOIN PIZZA DAY RESEMBLES FESTIVUS

that is my dad's favorite holiday. especially the feats of strength
1847   Onvacation   2022 May 26, 6:24am  

Bitcoin's price is just as likely to fall back down as it is to continue climbing. The future of cryptocurrency is sure to include plenty more volatility, and experts say that's something long-term crypto investors will have to continue dealing with.
https://time.com/ › cryptocurrency
1848   Onvacation   2022 Jun 3, 6:01am  

DooDahMan says
what happens if expected future activity drops to near-zero?

Owners of the coin pay a fee to see if it has any value.
1849   WookieMan   2022 Jun 3, 6:22am  

Onvacation says

Eric Holder says
bitcoin has no future as a payments network and criticized the digital currency for its inefficiency and high environmental costs,

That's what I've been sayin'.

Bitcoin has little practical use.

It has no use for 98% of people that live legal lives. Not little. It's the worst form of speculation I've seen in my short lifetime. At least with Beanie Babies you could hold it in your hand. Or with DooDah's last comment you can get a can of Arizona Iced Tea if tokens are linked to it. A spreadsheet like bitcoin has no value of any sort.

Bitcoin itself was set up to launder money. I'm convinced of this at this point. If the G20 countries agreed to shut down all exchanges, you'd be carrying a worthless hardware wallet and it would go back to what it was. Laundering money for criminal activities on some dark web site. Mining would cease to exist for the most part.

It's not different than oil if you think about it. If it becomes less profitable to drill, you stop drilling and refining. Thing is, we NEED oil and can actually use it. Not so with bitcoin specifically and probably thousands of other coins. I don't understand what is so difficult to understand to the pumpers. They're either naive or know what they're doing. Simple as that.
1850   Bd6r   2022 Jun 12, 8:51pm  

It appears that value of 1's and 0's in Russian hackers computer aka Bitcoin does decrease faster than value of 1's and 0's in Federal reserve computers aka USD

BTW have not seen posts from Bitcoin enthusiasts here for a while
1851   WookieMan   2022 Jun 13, 5:29am  

Bd6r says

BTW have not seen posts from Bitcoin enthusiasts here for a while

It will go back up. Based on the limit of coins people will eventually lose interest though. It's a pump and dump roller coaster that gets popular once every 3 years it seems. I could see one or two more spikes over the next decade and then it just plummets.

The last run was built on people getting covid funds for themselves and their kids. The whales knew and then they bid up the price and all these dudes living in mom's basement are like, well maybe I can get rich. YouTube videos came out (mostly liars) about how much they've made. It's easy to influence a broke person on get rich quick schemes. Young men 21-35ish fall into this trap all the time.

Key is invest in things people NEED. No one needs bitcoin. It's not a currency. Until the pumpers realize that and don't sell when the price gets high, they will get severely burned long term. I give it at least one more run maybe two and it's done. And yes, it will break 100k at some point, but fool me once, fool me twice......... Trade it and make money, but don't be the fool at the end.
1852   Onvacation   2022 Jun 13, 8:50am  

WookieMan says

Trade it and make money,

No, don't do that.

Not only is it a scam it's ecologically unsustainable.
1853   clambo   2022 Jun 13, 8:55am  

I recall my friend in Florida bragging about his brother who had some Bitcoin, he was “getting rich.”
Bitcoin is for guys who want to get rich quickly.
The flip side of getting rich quickly is getting poor quickly.
1854   WookieMan   2022 Jun 13, 9:09am  

Onvacation says

WookieMan says


Trade it and make money,

No, don't do that.

Not only is it a scam it's ecologically unsustainable.

We've always been in agreement. Certain scams take longer to play out. I ain't touching the shit myself. BTC is more worthless than most penny stocks as sometimes the pennies actually end up creating something or doing something worth value.

What I dislike is the dishonesty of it being an "asset" like gold or something else that is tangible or provides a service/function. Or sellable in a disaster. Bitcoin ain't that. Hot dogs are more valuable if shit hits the fan. People will buy those before BTC to stay alive and they last long if cooled.
1855   AmericanKulak   2022 Jun 13, 4:24pm  

Binance shuts down exchange "temproarily" as Crypto collapses.

https://cointelegraph.com/news/binance-suspends-bitcoin-withdrawals-cz-says-funds-are-safu

SAFE STORE OF VALUE! TRADES LIKE A BIOTECH OTC!
1856   Misc   2022 Jun 14, 3:26am  

I think in 20 years people will be able to explain crypto much like people today explain pets.com.
1857   1337irr   2022 Jun 14, 5:41am  

I predict Coinbase is going to pause withdrawals due to the tsunamis of pending orders from Binance and Celsius customers. I expect this will happen by week's end. This is a classic run on the bank.
1858   AmericanKulak   2022 Jun 14, 5:53am  

1337irr says

I predict Coinbase is going to pause withdrawals due to the tsunamis of pending orders from Binance and Celsius customers. I expect this will happen by week's end. This is a classic run on the bank.


Buttcoin Pimps:
1859   1337irr   2022 Jun 14, 5:55am  

PopcoAmericanKulak says

1337irr says


I predict Coinbase is going to pause withdrawals due to the tsunamis of pending orders from Binance and Celsius customers. I expect this will happen by week's end. This is a classic run on the bank.


Buttcoin Pimps:


Popcorn...
https://www.marketwatch.com/story/coinbase-to-lay-off-18-of-employees-following-hiring-freeze-11655210963?siteid=yhoof2
1860   zzyzzx   2022 Jun 14, 8:09am  

https://finance.yahoo.com/news/celsius-halt-crypto-withdrawals-washington-140101369.html

Celsius' move to halt crypto withdrawals catches Washington's eye
1862   Onvacation   2022 Jun 15, 10:50am  

Munger says

avoid things that are stupid and evil

That's all I have been saying.
1863   RC2006   2022 Jun 16, 9:40am  

Shouldn't bitcoin be taking off if it is gold 2.0? Seems to be linked more to FOMO, bitcoin whales, and disposable cash.
1864   mostly reader   2022 Jun 16, 10:05am  

I'm actually eyeing crypto at this point. May start buying month-to-month. Or not. No hurry, historically crypto dips lasted a while after bottoming out.
1866   Bd6r   2022 Jun 16, 3:11pm  

zzyzzx says

Bitcoin Drops to $20,000 as Crypto Crash Continues

A BUYING OPPORTUNITY!!!
1867   AmericanKulak   2022 Jun 16, 3:44pm  

RC2006 says

Shouldn't bitcoin be taking off if it is gold 2.0? Seems to be linked more to FOMO, bitcoin whales, and disposable cash.

Good point - where's all the buttcoin pimps? STORE OF VALUE!!!
1868   Onvacation   2022 Jun 16, 3:57pm  

Onvacation says

Somebody has to pay for all of these computers and the power to run them. When it is no longer profitable the miners will quit and sell their custom hardware to some company using blockchain for some better purpose than a Ponzi scheme.



There is no doubt that crypto has added to the state of the art in math, software, and hardware.

The only way to get your money out is to find someone to buy your "coin". The only way to make money is to find someone to pay you more than you paid for it. Everything else went to hardware and power costs.

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