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Bitcoin Misinformation


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2020 Nov 10, 10:01am   118,026 views  2,121 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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2058   DemocratsAreTotallyFucked   2024 Apr 3, 8:46am  

UkraineIsTotallyFucked says

Been a while since the Bitcoin Fluffers have been triggered here, so...





2059   Onvacation   2024 Apr 3, 9:16am  

One bitcoin will be worth a million dollars someday.
2061   Onvacation   2024 Apr 23, 7:57am  

https://www.forbes.com/sites/digital-assets/2024/04/21/bitcoin-halving-triggers-unprecedented-crypto-chaos-as-price-suddenly-surges/?sh=2473f3995804

So-called bitcoin miners secure the bitcoin network and process transactions in exchange for newly minted bitcoin and transaction fees via powerful computers that are believed to use as much electricity each year as some small countries
2062   Onvacation   2024 Apr 23, 7:59am  

No product. No service. Costly to maintain. Need for a greater fool in order to profit. Useless as a currency.

Crypto is a scam.
2063   DemocratsAreTotallyFucked   2024 Apr 23, 8:59am  

Onvacation says

https://www.forbes.com/sites/digital-assets/2024/04/21/bitcoin-halving-triggers-unprecedented-crypto-chaos-as-price-suddenly-surges/?sh=2473f3995804

So-called bitcoin miners secure the bitcoin network and process transactions in exchange for newly minted bitcoin and transaction fees via powerful computers that are believed to use as much electricity each year as some small countries


And...

UkraineIsTotallyFucked says

We will need to generate twice the power we do to handle the rapid re-industrialization going on in the US. That means bullshit power consumption like bitcoin and EV charging is going to be taking a back seat, one way or another.
2064   Onvacation   2024 Jul 6, 3:15pm  

Expect a jump in the price of bitcoin


Security expert Ahmed Banafa "said Tuesday that it looks likely that hackers infiltrated the bank's [Patelco credit union] internal databases via a phishing email and encrypted its contents, locking out the bank from its own systems," the Mercury News reported. Banafa was paraphrased as saying that it is "likely the hackers will demand an amount of money from the credit union to restore its systems back to normal, and will continue to hold the bank's accounts hostage until either the bank finds a way around the hack or until the hackers are paid."

Change Healthcare, a health payment processing company hit by ransomware this year, told lawmakers that it paid a ransom of $22 million in bitcoin.
https://arstechnica.com/tech-policy/2024/07/everythings-frozen-ransomware-locks-credit-union-users-out-of-bank-accounts/
2065   Onvacation   2024 Jul 6, 3:18pm  

Remember: fiat in, fiat out.

Cryptocurrencies are just money laundries and gambling casinos.
2066   SoTex   2024 Jul 6, 3:32pm  

Onvacation says

Expect a jump in the price of bitcoin


Probably not until Mt. Gox is done (finally selling out) as well as the German government finishes selling out - on the open market instead of over the counter for some reason.
2067   AD   2024 Jul 7, 8:50am  

Median new US home price in bitcoin (BTC)

So by 2028, it will take no more than 2 BTC to be equivalent to a median new US home price ?

2012 - 50,616 $BTC
2013 - 19,127 $BTC
2014 - 351 $BTC
2015 - 901 $BTC
2016 - 697 $BTC
2017 - 323 $BTC
2018 - 24 $BTC
2019 - 84 $BTC
2020 - 46 $BTC
2021 - 10 $BTC
2022 - 20 $BTC
2023 - 14 $BTC
2024 - 8 $BTC
2068   Onvacation   2024 Jul 7, 9:14am  

AD says

So by 2028, it will take no more than 2 BTC to be equivalent to a median new US home price ?

Assuming enough fools can be found to support higher prices.

Buy now or be priced out FOREVER!

They're not making any more!

THE CURRENCY OF THE FUTURE!

just $56,912.40 per coin*

* plus transaction fees
2069   AD   2024 Jul 7, 10:24am  

Onvacation says

Assuming enough fools can be found to support higher prices.


I understand as it is how much does it get adopted by retail investors.

Larry Fink was one of the first to offer a Bitcoin ETF through Blackrock.

The fact that Blackrock got into the game says a lot as far as Bitcoin's future.

Everything I heard is that Bitcoin holds value when the currency devalues, such as listening to The Mooch on Bloomberg TV recommending to have 1 to 3% of your assets in a Bitcoin ETF, because its safer than holding Bitcoin through a digital wallet.

.
2070   SoTex   2024 Jul 7, 10:51am  

AD says

The Mooch on Bloomberg TV recommending to have 1 to 3% of your assets in a Bitcoin ETF, because its safer than holding Bitcoin through a digital wallet.


That's all I've ever recommended, a small percentage. Except not in an ETF but your own cold storage wallet. Not your key, not your coin. I have started trading it using part of my Roth using an ETF though. Cold storage coins I'm not selling.
2071   Onvacation   2024 Jul 7, 11:53am  

AD says

Everything I heard is that Bitcoin holds value when the currency devalues

Logically, How can that be?

Crypto is valued in fiat.
When you buy crypto you pay in fiat.
When you sell crypto you get paid in fiat.
Kind of like gold.

But it is not gold.
2072   Onvacation   2024 Jul 7, 11:54am  

However, both crypto and gold will go to infinite $ when $ goes to zero.
2073   stereotomy   2024 Jul 7, 12:09pm  

"They" like bitcoin because they can charge $85 on an $8 transaction. It's tailor-made for middlemen. You thought real estate commissions were bad? Try bitcoin transaction fees at 15X higher.
2074   AD   2024 Jul 7, 12:19pm  

Onvacation says

Logically, How can that be?

Crypto is valued in fiat.
When you buy crypto you pay in fiat.
When you sell crypto you get paid in fiat.
Kind of like gold.

But it is not gold.


It is getting more and more adopted (such as thru Blackrock's Bitcoin ETF) as a hedge against devaluation of currency.

How can that be, you asked. To answer your question, examine how many Bitcoins it takes to be a US median priced home over the last 15 years.

.
2075   AD   2024 Jul 7, 12:21pm  

stereotomy says


"They" like bitcoin because they can charge $85 on an $8 transaction. It's tailor-made for middlemen. You thought real estate commissions were bad? Try bitcoin transaction fees at 15X higher.


Yeah you bring up a good point about the Bitcoin miners charging for a fee to verify and process a Bitcoin sale.

From what I've read, there will be enough competition among the Bitcoin miners to make the fee reasonable like charge a 1% fee for the Bitcoin sale.
2076   AD   2024 Jul 7, 12:33pm  

I own 556 shares of Fidelity Bitcoin ETF at a cost basis of $32363.

I calculated I own equivalent of about 48.7% of one Bitcoin (BTC).

I figure I will sell the ETF if Bitcoin goes to $1 or $1 million.

Hopefully I sell when 1/2 of a Bitcoin is equivalent in value to the US median price house.
2077   stereotomy   2024 Jul 7, 1:25pm  

AD says

stereotomy says



"They" like bitcoin because they can charge $85 on an $8 transaction. It's tailor-made for middlemen. You thought real estate commissions were bad? Try bitcoin transaction fees at 15X higher.


Yeah you bring up a good point about the Bitcoin miners charging for a fee to verify and process a Bitcoin sale.

From what I've read, there will be enough competition among the Bitcoin miners to make the fee reasonable like charge a 1% fee for the Bitcoin sale.

Yeah, when bitcoin transactions are < 1%, then that's the time to get aboard. I mean, sales taxes are 8% or worse. Right now it's HODLers and speculative banks.
2078   AD   2024 Jul 7, 11:24pm  

stereotomy says

Right now it's HODLers and speculative banks.


Its about adoption, which is about the Blackrock's and Fidelity's getting its retail investors to buy their Bitcoin ETFs.

With that in the background, how much will the trend continue as far as it taking less Bitcoins to buy a US median priced new home.

Will it only take 2 Bitcoins when the next halving occurs around 2028 ?

.
2079   AD   2024 Jul 7, 11:52pm  

stereotomy says

Right now it's HODLers and speculative banks.

.
.

News about this much of an inflow tells me Bitcoin has greater chance of being mainstream adopted and there is no progressive or cumulative exodus after a +22% drop from its recent all time high.

https://finance.yahoo.com/news/bitcoin-etf-investors-bought-dip-142303411.html

.
2080   WookieMan   2024 Jul 8, 5:47am  

AD says

Its about adoption, which is about the Blackrock's and Fidelity's getting its retail investors to buy their Bitcoin ETFs.

No. It's about service fees on the accounts. You get 1 million bitcoiners and you buy it for them and charge monthly or annual service fees for holding bitcoin for you that you'll never be able to access. If it goes down, you lose the money not Blackrock or Fidelity.

Blackrock and Fidelity are looking at it like someone would a rental property. You buy bitcoin and rent it out to the public and collect rent. It's the same for gold and silver EFT's. You'll never physically hold what you bought in your home. That's why bitcoin is so stupid. I can hold a gold bar or silver coins. There have been multiple example of people losing millions from exchanges with bitcoin.

And that's on purpose to jack up the prices for the whales that run the game. Which it is a game. All stocks are this way. But you can walk into a Walmart. You can go to a Toyota dealership. You can see the real estate and the product. Bitcoin is literally nothing. Even those that invest in it have no clue what it is. So Blackrock and Fidelity buy some for you and you pay them rent. If it goes up you win, they still get the rent. If it goes down you lose and they still get rent.
2081   AD   2024 Jul 8, 9:51am  

WookieMan says

AD says

Its about adoption, which is about the Blackrock's and Fidelity's getting its retail investors to buy their Bitcoin ETFs.

No. It's about service fees on the accounts. You get 1 million bitcoiners and you buy it for them and charge monthly or annual service fees for holding bitcoin for you that you'll never be able to access. If it goes down, you lose the money not Blackrock or Fidelity.


I was saying its about adoption by the masses of retail investors, and that a Blackrock makes it easier for them to invest in Bitcoin through their ETF just like its easier to invest in gold and silver through ETFs then to actually hold the gold and silver such as in a home safe, bank safety deposit box; as well as the ETF has more liquidity as I would have to find a physical buyer for the silver coins and conduct the transaction in person.

I was saying that if the floor does not closely come out from under Bitcoin and it recovers, then it has a better chance of attracting retail investors.
2082   AD   2024 Jul 8, 12:53pm  

There was about a 27% drop from Bitcoin's all time high of around $73,000 in March to $53,000 recent low.

Its now $56,000.

It was $53,000 and $56,000 back in February 2021. So the gains for last 3.5 years have been wiped out.

And a 10% drop or correction in the S&P 500 to around 5000 which would mean the real gains since June 2021 would be 0%.

https://www.multpl.com/inflation-adjusted-s-p-500

,
2083   WookieMan   2024 Jul 9, 6:02am  

AD says

I was saying its about adoption by the masses of retail investors, and that a Blackrock makes it easier for them to invest in Bitcoin through their ETF just like its easier to invest in gold and silver through ETFs then to actually hold the gold and silver such as in a home safe, bank safety deposit box; as well as the ETF has more liquidity as I would have to find a physical buyer for the silver coins and conduct the transaction in person.

I'd rather conduct physical trading in person and store myself. The problem with bitcoin is there's no physical value. It's technically worthless besides people being suckered into paying for it. EFT's just sucker more people into something that will ultimately collapse. Gold and silver are used in products that can be made and sold if you hold physical.

Hell if you go to home depot and buy 2k feet of 1/2" copper pipe you'd probably make more in 5 years. Sell it 5% under market and you'd still make out like a bandit unless we get deflation and in that case bitcoin would crater as it's tied to the dollar or other foreign currencies.

Bitcoin market movements are pointless to discuss. It's worthless at the end of the day. The dollar is at least backed by the biggest military, oil, minerals, farmland, infrastructure on the planet. Bitcoin is a spreadsheet.
2084   Onvacation   2024 Jul 9, 8:20am  

AD says

Will it only take 2 Bitcoins when the next halving occurs around 2028 ?

Why not just pay cash?
2085   AD   2024 Jul 9, 12:42pm  

Onvacation says

Why not just pay cash?


That question does not pertain to the discussion on this thread as far as Bitcoin storing value in dollars , no different than Wookie saying below that buying and holding 2000 feet of copper pipe as a long term asset like gold, silver and Bitcoin.

but yes, buy with cash the diesel or gasoline at the gas station pump for your vehicle
2086   WookieMan   2024 Jul 9, 12:59pm  

AD says

long term asset like gold, silver and Bitcoin.

but yes, buy with cash the diesel or gasoline at the gas station pump for your vehicle

Pay with credit. Get the kickbacks. Bitcoin is not even an asset. Is there real estate? No. Is there a product? No. Can you do anything with it? No. Is it regulated and you know who holds it? No.

Is there insider trading? Yes. Is it a spreadsheet? Yes. Do whales control the price? Yes. Have multiple trading platforms screwed over people for billions? Yes.

Better off going to Vegas over BTC. Or just put your money in funds that pay dividends and are likely to appreciate. Sit back and relax.
2087   AD   2024 Jul 9, 1:18pm  

WookieMan says

Better off going to Vegas over BTC. Or just put your money in funds that pay dividends and are likely to appreciate. Sit back and relax.


I understand as the argument is there is "nothing backing" Bitcoin (BTC). Its a digital asset stored on a ledger or spreadsheet called the Blockchain.

But with the Blockrock's and Fidelity's in the BTC market by offering BTC exchange traded funds, its a more "adopted" asset by retail investors than it was before these ETFs were approved by Gary Gensler's SEC.

And who wants to go up against a Blackrock's Larry Fink to tell him he got it all wrong such as with BTC. Not me.

.
2088   stereotomy   2024 Jul 9, 2:59pm  

The SEC approved BTC ETF's probably because they can be used as a sink for hot money. The largest cap stonks are wildly overvalued, even against gross revenues, let alone net profits. BTC ETF's probably lance the boil somewhat, possibly limiting the fallout in the broader market once panic ensues.
2089   AD   2024 Jul 9, 3:41pm  

stereotomy says


The SEC approved BTC ETF's probably because they can be used as a sink for hot money. The largest cap stonks are wildly overvalued, even against gross revenues, let alone net profits. BTC ETF's probably lance the boil somewhat, possibly limiting the fallout in the broader market once panic ensues.


That makes sense as far as rotating gains from a hot asset class or stock to a different asset or asset class.

I wonder if BTC has done similarly to silver going back to around 2011.

A lot of the silver bugs would be attracted to BTC based on their investing or speculative trading style.

From what I gather such as from The Mooch, keep about 4% in BTC, 7% in gold and silver, and 9% in oil and gas.

.
2090   Onvacation   2024 Jul 9, 4:21pm  

AD says

From what I gather such as from The Mooch, keep about 4% in BTC, 7% in gold and silver, and 9% in oil and gas.

What about yams and ammo?
2091   AD   2024 Jul 9, 5:18pm  

Onvacation says


AD says

From what I gather such as from The Mooch, keep about 4% in BTC, 7% in gold and silver, and 9% in oil and gas.

What about yams and ammo?


What I proposed was a hedge as far as significant devaluation of the dollar. Of course its not about preparing for the collapse of society, as in The Road or Mad Max-style collapse.

But I appreciate your satire.

.
2092   WookieMan   2024 Jul 9, 5:38pm  

AD says

What I proposed was a hedge as far as significant devaluation of the dollar.

Bitcoin is valued in the dollar. It will follow the dollar. The fact it's not higher means it's a bad hedge. With inflation it should have been over $100k.

I can't explain this enough. There are under 100 people controlling bitcoin specifically. No regulation. You're getting into a trap if you invest in it. You will freak at some point and sell to the whales. This has been going on since the beginning of bitcoin. It was a plan. Really think why our government hasn't regulated it?

I'm dealing with this shit now with our government. In a prevailing wage state we have to get union bids from fucking Chicago. If the government isn't regulating bitcoin, they're running it. Throw out some Asian name as the creator of it. lol. Not saying you're a fool or can't make money on it, but I won't touch it.
2093   stereotomy   2024 Jul 9, 6:23pm  

To echo Wookie, the reason BTC is not suppressed while gold is actively suppressed is because central banks, with the exception of fucked up places like Nicaragua, stockpile gold, not BTC. The central banks already print value from nothing, so BTC makes no sense for them - besides being redundant, it costs more energy to mine BTC than run printing presses.
2094   AD   2024 Jul 9, 6:47pm  

stereotomy says

BTC is not suppressed while gold is actively suppressed is because central banks, with the exception of fucked up places like Nicaragua, stockpile gold, not BTC.


Yes, also I think they don't want precious metals like silver to increase much in value (relative to inflation rate) because it is used in different applications like Pentagon weapon systems.

Yes a gold standard or where precious metals crowd out investment dollars is not desired by the central banks (and the companies that they buy shares of).

Yes, as far as the BRICS especially China are increasing their gold reserves.

.
2095   AD   2024 Jul 9, 6:48pm  

WookieMan says

Bitcoin is valued in the dollar. It will follow the dollar. The fact it's not higher means it's a bad hedge. With inflation it should have been over $100k.


give BTC some time

.


2096   RWSGFY   2024 Jul 9, 7:00pm  

There was all that noise about bitcoin halving last April which was supposed to make it skyrocket. Didn't happen.
2097   AD   2024 Jul 9, 7:14pm  

RWSGFY says

There was all that noise about bitcoin halving last April which was supposed to make it skyrocket. Didn't happen.


Examine the BTC price chart. Notice it did not significantly increase within 12 months of the halving.

give BTC some time

.

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