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Bitcoin Misinformation

By Onvacation follow Onvacation   2020 Nov 10, 10:01am 18,913 views  1,930 comments           share      



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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1889   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.
1890   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:
1891   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
1892   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
1894   DooDahMan   2022 Jun 15, 5:44am  

What Warren Buffett and Charlie Munger said about bitcoin no longer sounds so outrageous

Warren Buffett and Charlie Munger might feel vindicated Monday, given their strong criticism of bitcoin at this year’s Berkshire Hathaway annual meeting in late April.

At the time, bitcoin was changing hands at $38,649. On Monday, bitcoin fell another 14% — or $3,889.80 — to $23,488.40, marking a drop of nearly 40% over the last six weeks.

The two men who lead Berkshire Hathaway didn’t hold back their fire when it came to discussing bitcoin at the April 30 shareholder gathering. Buffett’s criticism of bitcoin focused on the cryptocurrency not being a productive asset.

“Whether it goes up or down in the next year, or five or 10 years, I don’t know. But the one thing I’m pretty sure of is that it doesn’t produce anything,” Buffett said. “It’s got a magic to it and people have attached magic to lots of things.”

Buffett said he’d write a check immediately if someone offered him 1% of the nation’s farmland for $25 billion. The legendary investor said he’d write another $25 billion check for 1% of the nation’s apartments.

“Now if you told me you own all of the bitcoin in the world and you offered it to me for $25, I wouldn’t take it because what would I do with it? I’d have to sell it back to you one way or another. It isn’t going to do anything,” Buffett said. “The apartments are going to produce rent and the farms are going to produce food.”

Buffett's conclusion was that bitcoin is “probably rat poison squared.” Munger was no more charitable.

“In my life, I try and avoid things that are stupid and evil and make me look bad in comparison to somebody else — and bitcoin does all three,” said Munger, who is vice chairman of Berkshire Hathaway (NYSE: BRK-A) (NYSE: BRK-B). “In the first place, it’s stupid because it’s likely to go to zero. It’s evil because it undermines the Federal Reserve System … and third, it makes us look foolish compared to the Communist leader in China. He was smart enough to ban bitcoin in China.”

Then there's Robinhood. Munger had a few choice words for the popular brokerage that counts a lot of crypto fans among its customers. Robinhood (Nasdaq: HOOD) saw its share price close Monday at $7.23 after once trading as high as $85. Munger criticized Robinhood's "short-term gambling, big commissions and hidden kickbacks and so on."

Robinhood pioneered commission-free stock trading but generates much of its revenue from payment for order flow, which is the controversial practice of getting payments for directing customers' trades to third parties for a fee.

"It was disgusting," Munger said of Robinhood. "Now it's unraveling. God is getting just."

https://www.bizjournals.com/sanfrancisco/news/2022/06/13/warren-buffett-bitcoin-charlie-munger-robinhood.html
1895   Onvacation   2022 Jun 15, 10:50am  

Munger says

avoid things that are stupid and evil

That's all I have been saying.
1896   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.
1897   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.
1899   Bd6r   2022 Jun 16, 3:11pm  

zzyzzx says

Bitcoin Drops to $20,000 as Crypto Crash Continues

A BUYING OPPORTUNITY!!!
1900   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!!!
1901   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.
1902   Onvacation   2022 Jun 16, 4:00pm  

It's like real gold only better because you don't have to carry it around.
1903   stereotomy   2022 Jun 16, 4:33pm  

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.


I'd just like to buy an upgraded graphics card for under $1000, preferably under $300. How low does BTC have to go to achieve that - $50? Cool!
1904   Bd6r   2022 Jun 16, 4:35pm  

@Onvacation,
you are mean here!!!
Onvacation says


It's like real gold only better because you don't have to carry it around.

1905   RC2006   2022 Jun 16, 6:34pm  

stereotomy says

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.


I'd just like to buy an upgraded graphics card for under $1000, preferably under $300. How low does BTC have to go to achieve that - $50? Cool!


I need a new vid card to. If bitcoin tanks market will be flooded with cheap high end cards.
1906   mostly reader   2022 Jun 16, 8:15pm  

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.

In all fairness, gold 1.0 is not taking off either. Not tanking like crypto, but not really taking off, and hasn't been in last years. Despite the inflation.
1907   RWSGFY   2022 Jun 16, 8:21pm  

zzyzzx says

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

Celsius' move to halt crypto withdrawals catches Washington's eye


HODLers be like: "there is no need to withdraw EVER anyway".
1908   RedStar   2022 Jun 16, 8:44pm  

mostly reader says

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.

In all fairness, gold 1.0 is not taking off either. Not tanking like crypto, but not really taking off, and hasn't been in last years. Despite the inflation.


I really don't understand why gold hasn't taken off.

Is it because of Bitcoin?
1909   mostly reader   2022 Jun 16, 9:05pm  

RedStar says


Is it because of Bitcoin?

I understand that today total worth of all the gold in the world is about 10X of all the worth of all the crypto in the world at today's prices. (~10T/~1T USD) Not negligible, but still somewhat insignificant. Besides, if there were dependency on crypto then I'd think that drop in crypto prices would've cause the opposite effect. So, no, I don't think that it has anything to do with crypto.
1910   Patrick   2022 Jun 17, 7:05pm  

RedStar says


I really don't understand why gold hasn't taken off.



I'm also confused about this. Could be market rigging, in which case one should buy gold in preparation for reality to break through. Or it could just be that gold is overpriced according to some fundamental metric, like the cost of getting the next bit out of the ground.

Sometimes I wonder if the market for gold has been quietly cornered like DeBeers did with diamonds. Maybe there are huge gold nodules on the sea floor like the manganese nodules, and someone has scooped them up and is slowly selling.

Gold did have a massive run-up in recent memory:

1911   1337irr   2022 Jun 17, 7:17pm  

Patrick says


RedStar says


I really don't understand why gold hasn't taken off.



I'm also confused about this. Could be market rigging, in which case one should buy gold in preparation for reality to break through. Or it could just be that gold is overpriced according to some fundamental metric, like the cost of getting the next bit out of the ground.

Sometimes I wonder if the market for gold has been quietly cornered like DeBeers did with diamonds. Maybe there are huge gold nodules on the sea floor like the manganese nodules, and someone has scooped them up and is slowly selling.

Gold did have a massive run-up in recent memory:





Warren Buffett on gold

Buffett calls gold an “unproductive” asset, which, as defined in his 2011 letter to shareholders, means “assets that will never produce anything, but that are purchased in the buyer's hope that someone else — who also knows that these assets will be forever unproductive — will pay more for them in the future.”
1912   Patrick   2022 Jun 17, 10:49pm  

True, but gold has a damn long history of being consistently valuable.
1913   CBOEtrader   2022 Jun 17, 11:23pm  

Patrick says

I'm also confused about this.


everything collapses into a deflationary spiral, even gold. look at 2008 in your gold chart.

you want cash for now.

id gladly transition all cash into gold soon though
1914   richwicks   2022 Jun 18, 3:45am  

CBOEtrader says

Patrick says


I'm also confused about this.


everything collapses into a deflationary spiral, even gold. look at 2008 in your gold chart.

you want cash for now.

id gladly transition all cash into gold soon though


Gold will remain fairly stable. Those that have actually purchased the metal know that premiums on the metals just increase, as the official value of the metal goes down. I saw silver at below $10 not too long ago, think 3 years ago? You couldn't buy silver for less than $18 at that time.

People think that "Well, just buy it on a commodity exchange and take delivery, that's what COMEX is for!" - no it's not. Unless you're a billionaire, you cannot delivery from COMEX and even then, I doubt it.

Find the cheapest actual physical metal you can - that's the actual price. COMEX is a manipulation scheme, to manipulate public perception.
1915   Onvacation   2022 Jun 18, 7:49am  

RC2006 says

I need a new vid card to. If bitcoin tanks market will be flooded with cheap high end cards.

Bitcoin broke below 19k. Buy the dip? Or wait?
1916   AmericanKulak   2022 Jun 18, 7:50am  

HODL HODL HODL!!! Storehouse of value! Collapsing in the face of mass inflation is just a blip on the radar screen!
1917   1337irr   2022 Jun 18, 8:01am  

Bitcoin in my opinion has peak due to the facts the war in Ukraine didn't create a new high nor did Coinbase's Super Bowl ad on the most watch televised event in the world. Unless you can find someone who wants to pay more for your bitcoin, don't. We are out of people who want to pay more for your bitcoin...we are out of people who want to pay for it I believe. There is no larger market for bitcoin or any crypto unless a country is formed. Bitcoin's floor is pretty steep IMHO, the masses love it but I don't know where it stops. Maybe $15k, maybe $10 or maybe $5k.

So, I'm not buying bitcoin. Will you?

@Patrick
True, but gold has a damn long history of being consistently valuable.
Real estate, some stocks, bonds and various services have a longer history of being more valuable in the long run, rather than consistently valuable.
1918   DooDahMan   2022 Jun 18, 8:06am  

Onvacation says

Buy the dip? Or wait?


Wait until it hits 10K or below, not that far off
1919   Cash   2022 Jun 18, 8:20am  

This is what playing chicken in a market with leverage at 100% looks like. TILT!!!
No worries once the blood letting is done which is certainly not, although it won't be
BTC I'll will be prying the best of the utility tokens out of bony fingers of the dead never
to return want-a-be crypto players!!! I'll disclose when I am buying back in again probably
in the BTC12,000 +/-... USD is still the top of the fiats even though it's the white spot found
on top of chicken shit it is still top dog. Not much of anything is going to bottom until the USD flips
not crypto, equities, oil or even gold until then... Watching epic crashes although can be enjoyable
on 1 side reality is lots of regular people your friends and family are getting crushed in all markets
and it's by far only going to get worse anyone thinking any of this goes back where it was has a bad
case of normalcy bias, good luck just the same.
1920   1337irr   2022 Jun 18, 1:30pm  

Well, we are at at $17,962.70 per a bitcoin. Financial markets are closed on Tuesday.

I'm thinking of selling NVDA and AMD giving how close they are tied to crypto mining.
1922   Zak   2022 Jun 20, 1:37pm  

AmericanKulak says

HODL HODL HODL!!! Storehouse of value! Collapsing in the face of mass inflation is just a blip on the radar screen!


Tis only a flesh wound!
1923   Zak   2022 Jun 20, 1:47pm  

1337irr says

Buffett calls gold an “unproductive” asset


You are correct, and Buffet is correct. But notice, Buffet did not say "don't buy any gold". He said gold is a non-productive asset. He is saying he can find better assets than gold to generate a return. Buffet ALSO doesn't have to worry about liquidity. He literally owns food plants. If he needs food, he doesn't need to liquify assets to buy food. He can literally go down to his food plant or farmland and get some food. Also he's 90+, and the whole thing isn't going to explode before he dies.

For those of us with LESS than a billion dollars and our own food plants, and a life expectancy longer than 10 years, having a small % of our assets in non-productive, but STABLE and liquid asset is simply an insurance policy. Also, note that gold/silver MINERS are productive assets.

But you should take Buffet's advice to heart. Don't load up on gold or silver with 25+% of your portfolio. But don't buy a lot of speculative assets. Buy a few solid earners at a good price that are expected to be around for a good 50 or 100 years. Let them pay you good dividends.
1924   Robber Baron Elite Scum   2022 Jun 21, 4:07am  

Bitcoin is pump and dump of course but it will continue due to the money laundering that can done on it without any trace - so government can not seize money…

That’s why they hate bitcoin and that’s why it has risen I value so much.
1925   CBOEtrader   2022 Jun 21, 3:29pm  

richwicks says

People think that "Well, just buy it on a commodity exchange and take delivery, that's what COMEX is for!" - no it's not. Unless you're a billionaire, you cannot delivery from COMEX and even then, I doubt it.


exactly. remember when oil futures went negative in 2020? that was because all the corporations who were allowed to take delivery were "full". the system breaks down exactly when we need it the most, and some asshole made a fortune.
1928   richwicks   2022 Jun 22, 4:23pm  

Robber Baron Elite Scum says


Bitcoin is pump and dump of course but it will continue due to the money laundering that can done on it without any trace


It's a myth that bitcoin can't be traced.

It's a database that keeps every transaction ever made with the token available. That's why it's so fucking agonizingly slow and why it's basically an unworkable currency.

The IDEA is you just have an anonymous wallet, and if you just use the wallet, it can't be traced, UNTIL you try to turn it into cash. Use your wallet to ONCE turn it into cash, you're traceable, and if you move it to another wallet, people looking at the blockchain and see meta data, and notice you only send bitcoin to that wallet cash out.

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