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Bitcoin Misinformation


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2020 Nov 10, 10:01am   134,929 views  2,177 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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2175   Onvacation   2024 Dec 2, 5:22am  

WookieMan says


"technically" should be over $1M value or higher if all these crypto guys are right.

I occasionally buy a lotto ticket when the jackpot is huge. I don't check the ticket immediately pretending I'm a billionaire for a while.
Crypto is like that, but with smaller returns and less electricity used
2176   WookieMan   2024 Dec 2, 7:09am  

Onvacation says

WookieMan says

"technically" should be over $1M value or higher if all these crypto guys are right.

I occasionally buy a lotto ticket when the jackpot is huge. I don't check the ticket immediately pretending I'm a billionaire for a while.
Crypto is like that, but with smaller returns and less electricity used

We're in agreement. I just want to toss a Chinese balloon out there and see what happens with 3 dinners worth of money over 20 years for the kids. I'm not going to tell them. They won't know it exists unless I die.

Like I said, will never put my earned money into crypto. I don't have the risk profile for what I've already been getting good returns on. I invest in stuff that never freaks me out even if it goes down 10% or so. I know it will come back. I don't ever expect 15-20% YOY returns though either. Slow and steady and keep investing. 3% on a million is enough for me to live off solo. On target for $300-400k of interest at 59-1/2 without worrying about draining our accounts.

No point in gambling on crypto for myself. If my boys by some miracle it turns into a $100k awesome, or if it goes to $0 they have a lifetime to make $100 income in a day even in high school. Kind of like Muskie fishing in Wisconsin or Canada. Hard to catch, but sometimes you get one.

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