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Bitcoin Misinformation


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2020 Nov 10, 10:01am   35,808 views  1,998 comments

by Onvacation   ➕follow (3)   💰tip ($0.10 in tips)  



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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1959   zzyzzx   2022 Nov 15, 11:21am  

Short AMD and NVIDIA?
1960   DD214   2022 Nov 16, 5:18am  

Genesis’ Crypto-Lending Unit Is Halting Customer Withdrawals in Wake of FTX Collapse. The unit, known as Genesis Global Capital, serves an institutional client base and had $2.8 billion in total active loans as of the end of the third quarter of 2022.

https://www.coindesk.com/business/2022/11/16/genesis-crypto-lending-unit-is-halting-customer-withdrawals-in-wake-of-ftx-collapse/
1961   1337irr   2022 Nov 16, 5:24am  

zzyzzx says

Short AMD and NVIDIA?

Nvidia is a better short than AMD because AMD has less reliance on mining hardware.
1963   Tenpoundbass   2022 Nov 16, 6:15am  

Nobody would never answer me when I used to ask. "What happens when the guy who's Hardware, your BitCoins are running through, runs off with the hard Currency backing the Bitcoins?"

They never liked hearing that, the notion that Cash backs Blockchain digital currency. It's supposed to be the other way around the blockchain is backing the dollar, they said.

What a brilliant Ponzi scheme. Even the Fed Chief was suckered into considering converting our whole economy over to it.
1964   Onvacation   2022 Nov 16, 6:52am  

Tenpoundbass says

"What happens when the guy who's Hardware, your BitCoins are running through, runs off with the hard Currency backing the Bitcoins?"

The money going into crypto is consumed. There is no "store of value" to run off with.
1966   Onvacation   2022 Nov 20, 7:45pm  

BTC Under 15K! BUY!

Miners got kids that have to eat.
1967   DD214   2022 Nov 21, 5:30pm  

Days after its lending unit was forced to halt withdrawals in wake of the collapse of crypto exchange FTX, Genesis Global Trading has mentioned bankruptcy as a potential option as it seeks fresh capital, reports Bloomberg citing people with knowledge of the matter.

https://www.coindesk.com/business/2022/11/21/genesis-bankruptcy-jitters-send-bitcoin-to-fresh-low/
1968   ad   2022 Nov 21, 6:36pm  

As of the end of July 2022
.



,
1969   ad   2022 Nov 21, 7:00pm  

Look at Microstrategy and other bitcoin stocks like Coinbase

Bitcoin broke below $16000 recently :-/

When does Microstrategy stock goes to $0 ? I use to live near its headquarters.

.
1971   clambo   2022 Nov 22, 5:47pm  

Let's now have a moment of silence for those who paid $62,000 for their Bitcoins.
1972   DD214   2022 Nov 23, 5:56am  

Alameda-Backed Crypto Trading Firm 3Commas Says It’s Pretty Sure It Wasn’t Breached - But Not 100% Positive

https://finance.yahoo.com/news/alameda-backed-crypto-trading-firm-131500898.html
1973   DD214   2022 Nov 23, 5:57am  

Everyone ready for Bitcoin bonds ? Anyone think there might be a problem ahead ?

El Salvador Proposes Digital Securities Bill, Paves Way for Bitcoin Bonds

https://www.coindesk.com/policy/2022/11/23/el-salvador-proposes-digital-securities-bill-paves-way-for-bitcoin-bonds/
1974   DD214   2022 Dec 5, 4:09am  

Bitcoin may sink further 70% in Standard Chartered list of possible 2023 upsets

https://www.theedgesingapore.com/news/cryptocurrency/bitcoin-may-sink-further-70-standard-chartered-list-possible-2023-upsets

The above article is also on Bloomberg this morning but is behind a paywall
1975   richwicks   2022 Dec 5, 4:56am  

DD214 says

Bitcoin may sink further 70% in Standard Chartered list of possible 2023 upsets


In keeping with my belief that all mainstream press lies and is used exclusively to misdirect people, I bet this is the bottom of the market.
1976   DD214   2022 Dec 5, 8:13am  

richwicks says


I bet this is the bottom of the market.

You may want to start doing more reading and research before putting any money on the table for that bet. Lots more.
1980   stereotomy   2022 Dec 9, 11:18am  

zzyzzx says




Play stupid games, win stupid prizes.
1981   Onvacation   2022 Dec 9, 5:12pm  

Onvacation says

BTC Under 15K! BUY!

Miners got kids that have to eat.

Back up over $17K. The kids are eating.

If you could buy a little more and raise the price back up over $30K the miners can afford some hookers and blow again.
1982   Onvacation   2022 Dec 9, 5:14pm  

The opposite of "store of value" bitcoin is a consumer of value.
1983   DD214   2022 Dec 13, 11:52am  

richwicks says

I bet this is the bottom of the market.

Cryptoverse: Jump Or Slump? $30k Or $5k? Play The Bitcoin Roulette

https://www.ibtimes.com/cryptoverse-jump-slump-30k-5k-play-bitcoin-roulette-3646565

FYI - I am convinced more pain lies ahead
1984   Bd6r   2022 Dec 13, 11:53am  

I wonder where are the bitcoin fans who were dominating this thread a year ago?
1985   EBGuy   2022 Dec 13, 2:35pm  

Still trying to figure this stuff out. So my three choices to get in the game are:
1. Third party crypto exchange (see Coinbase, binance)
Pros: ease of use
Cons: no keys, no crypto (and if your exchange is located in the Bahamas...)
2. Cold storage wallet
Pros: somewhat easy to use. you own the keys (though you can forget how to access them...)
Cons: reliance on third party software (usually an app) to access wallet and provide on ramp to various crypto networks
3. Set up your own node
Pros: no reliance on third parties
Cons: you are the weakest link

Am I missing anything? The first two seem to break the great promise of crypto, which is decentralization.
1986   HeadSet   2022 Dec 13, 6:09pm  

Bd6r says

I wonder where are the bitcoin fans who were dominating this thread a year ago?

Bermuda?
1987   Patrick   2022 Dec 13, 10:13pm  

Bd6r says

I wonder where are the bitcoin fans who were dominating this thread a year ago?


I'm kinda worried about the one who said he got vaxxed. Seriously.
1988   richwicks   2022 Dec 14, 12:33am  

Patrick says

I'm kinda worried about the one who said he got vaxxed. Seriously.


You mean @Bitcoin?

Me too. He first made fun of anybody that was cautious about the injection, experienced a negative reaction himself, followed Rin's advice, then said he was going to get ANOTHER injection, and disappeared shortly afterward.

But also, bitcoin took a dump in value as well. Maybe he's just too embarrassed to show up, or maybe he was a paid lackey to push a pump and dump, or maybe he's dead.
1989   Cash   2022 Dec 14, 12:07pm  

Bd6r says

I wonder where are the bitcoin fans who were dominating this thread a year ago?

Due to near total lack of trading experience in trading anything until crypto came along, fomo and account destruction due to crazy amts of leverage many are likely done and gone as dust at the bottom of the heap. As for myself I bought BTC around the time I mentioned it was a buy @13,500+/- right before the pop and sold just under the 60K along with some other token positions I held and in the mean time I am still stacking cash and waiting for the torrents of blood and guts to flow in the streets.

For now there isn't much to see however I will post when the time comes keep in mind BTC nor ETH isn't really on my shopping list but will see.
1990   clambo   2022 Dec 14, 3:42pm  

So the guy who made money posted; where's the guy who bought at $60,000+?
1991   Ceffer   2022 Dec 14, 4:54pm  

Patrick says

I'm kinda worried about the one who said he got vaxxed. Seriously.

Vaxxed and buying Bitcoin at the peak. What could possibly go wrong?
1992   Onvacation   2022 Dec 14, 5:19pm  

HODL'ers still be waiting for the moon shot.

As the bitcoin scam rolls out there are fewer and fewer "coins mined". In addition there is still a lot of cumulative demand from little "investors" who "dollar cost average" into hundreds of Satoshis every payday The only place these "coins" can come from is miners or sellers; artificial scarcity.


Bitcoin stats!

-Currently, the total number of Bitcoins in existence has exceeded 18.3 million.
-Approximately 4 million Bitcoins are lost forever.
-The total number of Bitcoins that will ever be produced stands at 21 million.
-Only 13 million Bitcoins are in circulation or stashed away in wallets.
-The last Bitcoin will be mined by 2140.
-The Bitcoin market cap as of Q1 2020 stands at $117.81 billion.
-An average of 350,000 transactions take place on the Bitcoin network daily.

https://techjury.net/blog/how-many-bitcoins-are-there/
1993   just_passing_through   2022 Dec 15, 7:28am  

Well, I never dominated but never changed my conviction that one should get some bitcorn. That hasn't changed. I was never a proponent of the alt-coins/shit-coins.

I think it'll drop somewhere in the 5K-12K range and at that point I will probably take a small percentage position again.
1994   zzyzzx   2023 Jan 10, 8:34am  

https://finance.yahoo.com/news/coinbase-layoffs-job-cuts-crypto-industry-130330992.html

Coinbase to lay off 20% of workers in latest sign of crypto industry pain
1995   1337irr   2023 Jan 10, 9:07am  

zzyzzx says

https://finance.yahoo.com/news/coinbase-layoffs-job-cuts-crypto-industry-130330992.html

Coinbase to lay off 20% of workers in latest sign of crypto industry pain

Yeah...people are redeeming crypto for fiat.
1997   NuttBoxer   2023 Jan 24, 9:23am  

The dollar dominated SWIFT worldwide financial transfer system has announced that effective 1 February 2023 it will no longer process transactions of less than US$100,000 from bank accounts to crypto exchanges.
1998   Onvacation   2023 Jan 24, 9:47am  

zzyzzx says

Nouriel Roubini says 'literally 90% of crypto is a scam

And the other 10% is used for human and drug trafficking, along with ransoms.

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