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Bitcoin Misinformation


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2020 Nov 10, 10:01am   114,928 views  2,066 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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290   richwicks   2020 Dec 3, 7:13pm  

G36 says
I never see any hype news about gold or silver. Its all crypto now.


I love buying hated investments. When the media starts to hype it, get out. Simple. The purpose of the media is only to mislead you, never inform you.
291   Bitcoin   2020 Dec 3, 7:14pm  

richwicks,

"Still, I can just go back to the area I grew up. There a beer cost $4 in a bar, an excellent pizza is $15, delivered. A house is $100,000 - a nice house, not a shack, a shack like here, that's $40K. It's awfully tempting to go back"

You buy a few houses at the West coast, watch them explode in value, sell one of them, retire early, move to flyover country to the hillbillies and live off your nice 401k and rental property income in a mansion. The untalented never make it out to the coast. They remain in flyover country and post their dumb shit online. They could use the internet to educate themselves but sadly, trolling is all they'll ever achieve.
292   Bitcoin   2020 Dec 3, 7:16pm  

richwicks,

I think it will play out like this:

institutional fomo > new all time high > media attention picks up > retail fomo > parabolic run > your uber driver talks about the next shitcoin that makes you rich > institutions selling
293   WookieMan   2020 Dec 3, 7:30pm  

G36 says
You buy a few houses at the West coast, watch them explode in value, sell one of them, retire early, move to flyover country to the hillbillies and live off your nice 401k and rental property income in a mansion.

Or one could make more money in flyover country than they would on the coasts and live substantially cheaper #me. Your assumptions are showing your retardation. I guess that's why you gamble in crypto.... I shouldn't be surprised with your logic.

Given remote learning for the kids, my family will likely be in FL or the USVI during January. The whole month. Not chasing scams. We'll be enjoying life because we live in flyover country. You see, we can enjoy the nice things in life and not deal with east (mainly Northeast) or west coast douche bags. It's a rather nice feeling.
294   Bd6r   2020 Dec 3, 7:37pm  

richwicks says
I can't stand the fucks that are in the middle class - at least here.

That is age-dependent, I think. Older middle class people here (SE TX) are very tolerable, but once you get to 30-40 yr olds, many think they are better than everyone else, which deserves a punch in face. They lack decency (c) Thomas Sowell.
I get along extremely well with local rednecks and their Hispanic versions. If you are not arrogant, they are among the most accepting people in the Universe. And if you show interest in their machine gun collection, you become their best friend...
295   richwicks   2020 Dec 3, 7:39pm  

G36 says
You buy a few houses at the West coast, watch them explode in value, sell one of them, retire early, move to flyover country to the hillbillies and live off your nice 401k and rental property income in a mansion. The untalented never make it out to the coast. They remain in flyover country and post their dumb shit online. They could use the internet to educate themselves but sadly, trolling is all they'll ever achieve.


There's lots of people who just don't want to deal with this shit. Ever live in a mansion? It's a nightmare of upkeep, it's a white elephant.

There's a lot of people from "fly-over country" that can do perfectly fine out here, but it's not for them. It's crowded, it's polluted, people are insane here, food is over-priced, housing sucks - women are horrible. Why would they want to be here?

This is a plantation. Who do you think owns property here? Who do you think you're buying it from? Invariably all the "rich" people I know here are deeply in debt, and depend on a constant income stream. They believe they more debt they are in, the wealthier they are - but interrupt that income stream and they are broke.

This is a game of musical chairs, and when the music ends, there will be no chairs on the coasts. They will all be in "fly-over" country. I am quite interested in the inevitable collapse.
296   Onvacation   2020 Dec 4, 10:19am  

I started this thread to point out the truths about bitcoin. It is clearly a scam with no product or service to offer.

Because the incoming "investments" are consumed, the only way to get your money back out of the system is to find a bigger fool to buy your "coin".

The real question is, will bitcoin first run out of coins or fools ?
297   Bitcoin   2020 Dec 4, 11:15am  

When you sell a pot stock or Amazon stock on the market, you are not selling to a greater fool. You are simply selling to another investor.
Same with Bitcoin. People are looking for digital gold / Gold 2.0. Those gold 2.0 investors are smart investors that seek an inflation hedge.
I am up 35% since beginning of Nov 2020. Try doing this with a checking account, gold or silver. I want to allocate more of my net worth into gold 2.0.
Just like many Billionaires and high worth individuals, hedge funds and Nasdaq listed companies.

https://www.forbes.com/sites/billybambrough/2020/11/12/a-legendary-hedge-fund-billionaire-just-flipped-to-bitcoin-calling-it-better-than-gold/?sh=2c1d167c222f
298   WookieMan   2020 Dec 4, 12:23pm  

G36 says
When you sell a pot stock or Amazon stock on the market, you are not selling to a greater fool. You are simply selling to another investor.
Same with Bitcoin.

No. I know how much of Amazon Jeff Bezos and the board of directors hold in the stock. If they start selling off, they know that something isn't going good. With BTC there is no reasoning. It just moves, just because. No fundamentals.

That's why I laugh when you guys start talking like it's a stock. It's not. The same statistics, math and charting don't work for crypto like they do for stocks. Zero regulation or reporting. 200 people (whales) could be in a BTC club and move the market any way they want. At some point you'll freak out or get too greedy and not sell when you should have.

Hell, it's not even a currency. You guys bounce around from calling it a currency to comparing it to stocks, to calling it digital gold. You don't even know what it is, and that's the laughable part. Pick a lane. In the comment above you compare it to stocks and gold. That's rich. Even though it's a currency. Lol.
299   Bitcoin   2020 Dec 4, 2:15pm  

DF, you got close

Bitcoin is gold. Well, its gold 2.0/digital gold.....much better than physical gold. (see traits of money chart)
Bitcoin is a currency. yep
Bitcoin is tradable like a stock. Well, much better, you can trade it 24/7.
Bitcoin is a store of value and the best thing since sliced bread (institutional fomo..what can be better than institutions driving the price up....fuck ya)
300   WookieMan   2020 Dec 4, 2:37pm  

G36 says
Bitcoin is gold. Well, its gold 2.0/digital gold.....much better than physical gold. (see traits of money chart)

Nope. Nuclear EMP goes off and BTC is done. No one will want it. Some people will take gold and many $$$. Most will want bullets and weapons. Hell, water will be worth more than BTC. This is 100% fact. Or the fact the price plummets and a thunderstorm knocks out your power and cell signal and you have no way to trade it. Doesn't even need to be WWIII.

G36 says
Bitcoin is a currency. yep

Nope. Something has to back a currency for it to have value. Money laundering, sure, I guess that's one thing backing it for now. What happens when there's a new/better way to do that? Institutions are just playing with a yoyo and having fun. You think 10-11 figure institutions care at all about losing low 7-8 figures worst case? Lol. Most of that was borrowed money from the Fed and bottom of the barrel interest rates. You're the pawn. You can't borrow $100M at 0.5% interest rates and gamble with it.

G36 says
Bitcoin is tradable like a stock. Well, much better, you can trade it 24/7.

That's actually awful. Go to bed at midnight and wake up at 6am and your money is all gone because it trades 24/7. Never thought I'd hear/see such a moronic statement. There's a reason markets have an open and close time. Hell, even during market hours trading can be halted. BTC drops 50%, you're fucked. Basically, no, it's not remotely traded like a stock and your positive of 24/7 trading is completely stupid.

G36 says
Bitcoin is a store of value and the best thing since sliced bread

Why? You've yet to answer this. Value has to have some physical form. Be it governments, gold backed, real estate, equipment, etc. BTC doesn't have any of that. It's quite literally a spreadsheet. That is reliant on massive amounts of electricity just to make a simple transaction. No one uses it to pay for goods, which ultimately gets transitioned into the local currency and most likely the dollar anyway. It's stupid.

Trade away. I'd be selling now, but you don't understand six figure gains and the difference between six figure price. So good luck buddy. lol.
301   Bitcoin   2020 Dec 4, 5:49pm  

Awesome, some additions to DF's list

"Nuclear EMP goes off"

"Would have sold everything at 18k"
"I am good with 9%"
"Bitcoin is not backed by anything"
"artificial scarcity"
"I only care about 6 figure gains"

"wake up at 6am and your money is all gone"
REALLY? missed the fact that its up by 9,000,000%? Not a surprise, DF.

>>> https://www.bloomberg.com/news/articles/2019-12-31/bitcoin-s-9-000-000-rise-this-decade-leaves-the-skeptics-aghast
302   Onvacation   2020 Dec 5, 1:01pm  

G36 says
Bitcoin is gold. Well, its gold 2.0/digital gold.....much better than physical gold

Try telling that to your wife.
303   RWSGFY   2020 Dec 5, 3:09pm  

Still not buying that shit.
304   WookieMan   2020 Dec 5, 4:01pm  

G36 says
Awesome, some additions to DF's list

"Nuclear EMP goes off"

"Would have sold everything at 18k"
"I am good with 9%"
"Bitcoin is not backed by anything"
"artificial scarcity"
"I only care about 6 figure gains"

"wake up at 6am and your money is all gone"
REALLY? missed the fact that its up by 9,000,000%? Not a surprise, DF.

>>> https://www.bloomberg.com/news/articles/2019-12-31/bitcoin-s-9-000-000-rise-this-decade-leaves-the-skeptics-aghast


Cute. As usual no answer.
305   CBOEtrader   2020 Dec 5, 5:21pm  

G36 says
Bitcoin is gold. Well, its gold 2.0/digital gold.....much better than physical gold. (see traits of money char
G36 says
Bitcoin is a store of value and the best thing since sliced bread


both you and the chart have this fact wrong. bitcoin is literally NOT a store of wealth.

i do think its a nice hedge, btw, but at least understand what it is and what it isnt.
306   Bitcoin   2020 Dec 5, 6:25pm  

Onvacation says
G36 says
Bitcoin is gold. Well, its gold 2.0/digital gold.....much better than physical gold

Try telling that to your wife.


She owns Bitcoin too. Like you. Smart woman!
307   Bitcoin   2020 Dec 5, 6:26pm  

CBOEtrader says
G36 says
Bitcoin is gold. Well, its gold 2.0/digital gold.....much better than physical gold. (see traits of money char
G36 says
Bitcoin is a store of value and the best thing since sliced bread


both you and the chart have this fact wrong. bitcoin is literally NOT a store of wealth.

i do think its a nice hedge, btw, but at least understand what it is and what it isnt.


Its digital gold. Basically gold, but better.
308   Bitcoin   2020 Dec 5, 6:27pm  

WookieMan says
G36 says
Awesome, some additions to DF's list

"Nuclear EMP goes off"

"Would have sold everything at 18k"
"I am good with 9%"
"Bitcoin is not backed by anything"
"artificial scarcity"
"I only care about 6 figure gains"

"wake up at 6am and your money is all gone"
REALLY? missed the fact that its up by 9,000,000%? Not a surprise, DF.

>>> https://www.bloomberg.com/news/articles/2019-12-31/bitcoin-s-9-000-000-rise-this-decade-leaves-the-skeptics-aghast


Cute. .


not cute. True. Please write more BS, dumb-F. I want to add to the list!
309   WookieMan   2020 Dec 5, 7:01pm  

G36 says
Its digital gold. Basically gold, but better.

You literally have someone that somewhat agrees with your position and you're still a trolly cunt. You behave like a petulant child that is worried they're about to lose their toy or something. You seem very insecure.
310   Bitcoin   2020 Dec 5, 9:43pm  

WookieMan says
G36 says
Its digital gold. Basically gold, but better.

You literally have someone that somewhat agrees with your position and you're still a trolly cunt. You behave like a petulant child that is worried they're about to lose their toy or something. You seem very insecure.


nope, you still dont get it. You are DF, remember?
Thats why we spell it out for you a few times>>>>Bitcoin is digital gold. Or Gold 2.0.

Dont worry, we will keep repeating it for you.
311   Onvacation   2020 Dec 8, 7:09am  

I can't believe that someone would pay almost 20 grand for one bitcoin in the hope that someone else will pay more.

That's it. That is the basic strategy of crypto people.
312   Bitcoin   2020 Dec 8, 7:13am  

"I cant believe" hahahaa i cant wait for 2021....you are in disbelief now.......just wait!

20 grand loooool
wait until investors buy in at 250 grand.

20 grand is just a (tiny) blip on the chart soon.

https://www.bloomberg.com/news/articles/2020-12-07/microstrategy-to-raise-400-million-to-buy-even-more-bitcoin

Nasdaq listed company is raising 400M to buy MORE Bitcoin. Just one of many, many hedge funds, nasdaq listed companies, billionaires and banks!
313   WookieMan   2020 Dec 8, 7:32am  

G36 says
Nasdaq listed company is raising 400M to buy MORE Bitcoin. Just one of many, many hedge funds, nasdaq listed companies, billionaires and banks!

The assumption they'll buy into a rising BTC price is cute. Just because an entity or person says they're going to buy BTC, doesn't mean they'll do it when it's favorable to you. That's the whole point of what you're missing with an unregulated market. You'll be the last to know and by the time you find out it will be too late. You can't move markets, they'll move you because you don't have the cash. Potentially could be positive, but with no backing physical asset of any kind, it's highly likely the outcome will be negative.

Billionaires and NASDAQ corps are playing with money they can lose. You're not. You're better off throwing $20k on black at the roulette table. You win 10 times in a row with reinvested winnings and you're a millionaire in 20 minutes. But hey bitcoin, lol.
314   Bitcoin   2020 Dec 8, 7:33am  

Thanks DF!

two more for the list.

"an unregulated market"
"roulette"
"Nuclear EMP goes off"
"Would have sold everything at 18k"
"I am good with 9%"
"Bitcoin is not backed by anything"
"artificial scarcity"
"I only care about 6 figure gains"
"wake up at 6am and your money is all gone"
REALLY? missed the fact that its up by 9,000,000%? Not a surprise, DF.

>>> https://www.bloomberg.com/news/articles/2019-12-31/bitcoin-s-9-000-000-rise-this-decade-leaves-the-skeptics-aghast
315   Onvacation   2020 Dec 8, 7:42am  

G36 says
Nasdaq listed company is raising 400M to buy MORE Bitcoin.

I thought they weren't making any more?
316   WookieMan   2020 Dec 8, 7:56am  

G36 says
Thanks DF!

two more for the list.

"an unregulated market"
"roulette"
"Nuclear EMP goes off"
"Would have sold everything at 18k"
"I am good with 9%"
"Bitcoin is not backed by anything"
"artificial scarcity"
"I only care about 6 figure gains"
"wake up at 6am and your money is all gone"
REALLY? missed the fact that its up by 9,000,000%? Not a surprise, DF.

>>> https://www.bloomberg.com/news/articles/2019-12-31/bitcoin-s-9-000-000-rise-this-decade-leaves-the-skeptics-aghast

The funny part is you don't refute any of this. Just make a list and pretend that you one upped someone when you did nothing in reality.

Can't wait for the new username after your last one showed your ass being wrong. You can't hide from being wrong so many times.
317   RWSGFY   2020 Dec 8, 8:01am  

Still not buying any of that shit.
318   Bitcoin   2020 Dec 8, 8:39am  

WookieMan says
G36 says
Thanks DF!

two more for the list.

"an unregulated market"
"roulette"
"Nuclear EMP goes off"
"Would have sold everything at 18k"
"I am good with 9%"
"Bitcoin is not backed by anything"
"artificial scarcity"
"I only care about 6 figure gains"
"wake up at 6am and your money is all gone"
REALLY? missed the fact that its up by 9,000,000%? Not a surprise, DF.

>>> https://www.bloomberg.com/news/articles/2019-12-31/bitcoin-s-9-000-000-rise-this-decade-leaves-the-skeptics-aghast

don't refute any of this


That's the best part. DF really is too dumb to get any of it.
319   WookieMan   2020 Dec 8, 10:53am  

WookieMan says
The funny part is you don't refute any of this.

Lol. Keep adding to a list that you still refuse to argue even one point. Keep up with the ad hom though or just post a useless chart. You responses are indicative of your intelligence on the topic. If you were making bank on crypto you wouldn't be on this forum. You'd be traveling the world. Maybe starting a business. Hell, maybe doing something beside being butt hurt about facts.
320   Bitcoin   2020 Dec 8, 10:59am  

WookieMan says
WookieMan says

Keep adding to a list


Of course DF. Just waiting for the next stupid thing you say. Regardless, you earned your name already!

"an unregulated market"
"roulette"
"Nuclear EMP goes off"
"Would have sold everything at 18k"
"I am good with 9%"
"Bitcoin is not backed by anything"
"artificial scarcity"
"I only care about 6 figure gains"
"wake up at 6am and your money is all gone"
>>>>REALLY? missed the fact that its up by 9,000,000%? Not a surprise, DF.
321   Onvacation   2020 Dec 8, 11:11am  

G36 says
Of course DF


So how long have you been part of the bitcoin scam?
322   Bitcoin   2020 Dec 8, 12:05pm  

Onvacation says
G36 says
Of course DF


So how long have you been part of the bitcoin scam?


You bought Bitcoin (satoshis) because you believe in it now, right? Why would you call digital gold such a thing?
323   Onvacation   2020 Dec 8, 1:13pm  

I figured I could gamble a penny on 11 Satoshis. I will sell them to you for a nickel?
324   Onvacation   2020 Dec 8, 1:15pm  

like I said, I'm a nickel slot kind of guy. In the casino I always know who the fool is. But I have got lucky.
325   Bitcoin   2020 Dec 8, 1:16pm  

I take credit for you finally buying into Bitcoin. It was my education and chart, right?
326   Onvacation   2020 Dec 9, 6:55am  

G36 says
I take credit for you finally buying into Bitcoin. It was my education and chart, right?

Found a penny.
327   Bitcoin   2020 Dec 9, 7:02am  

I am stoked you bought Bitcoin - finally. It shows, even the most ignorant can learn. Which exchange did you use to purchase it or was it OTC?
328   Onvacation   2020 Dec 9, 8:16am  

It's like playing the lottery. Your chances of making a fortune are about the same whether you play or not.

Can you even buy bitcoin one satoshi at a time? Where?
329   RWSGFY   2020 Dec 9, 8:32am  

Onvacation says
Can you even buy bitcoin one satoshi at a time? Where?


Paypal.

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