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Bitcoin Misinformation


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2020 Nov 10, 10:01am   130,941 views  2,169 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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398   Bitcoin   2020 Dec 18, 2:34pm  

"it's fine to trade it, but holding is stupid."
LOL
you cant afford a single Bitcoin. All you can do is bitch about Bitcoin.
399   WookieMan   2020 Dec 18, 2:36pm  

English is not your first language. I should have figured that out by now. Sorry for making fun of your reading skills. My apologies.




Lol. Nice file name too. Cleary I've won. lol.
400   Bitcoin   2020 Dec 18, 2:38pm  

So, he doesnt trade:



But holding is stupid:


bawahahaahahahahaahah
401   Onvacation   2020 Dec 18, 2:39pm  

WookieMan says
It's a trading vehicle.

Only if your a silk road heroin dealer or a Russian hooker collecting bribery money.

It's gambling plain and simple. You buy in the hope that someone someday will pay you more. It is NOT a store of value. All money going into bitcoin is consumed. To get your money out you must find someone to pay you.

No assets, no cash, no equipment; just an anonymous decentralized list of who currently has claim (nothing to hold) on some Satoshis.

Mine. Wallet. Coin. Gold. Currency. Investor.
402   WookieMan   2020 Dec 18, 2:39pm  

Context chief. Talking about BTC. Lol. Above your IQ.
403   Bitcoin   2020 Dec 18, 2:45pm  

G36 says
So, he doesnt trade:



But holding is stupid:


bawahahaahahahahaahah


Dont think I have ever seen someone (besides wookie) contradict himself so often.
The fact that he was so wrong on his Bitcoin calls (he predicted 1k Bitcoin, today its at over 22k) really messed with his head.
404   Bitcoin   2020 Dec 18, 2:51pm  

I wonder if he even knows what he writes?

I mean, what does go through someone's head to write "I dont trade" and the very next post "Its fine to trade it".

My theory is that he invested so much time and energy into trying to bash Bitcoin over YEARS that it finally took a toll on him.

poor guy.
405   WookieMan   2020 Dec 18, 3:00pm  

I don't trade BTC, but one can. I don't hold BTC, but one can. What don't you understand? I gave an opinion, that holding BTC was stupid, yet one could make money trading it. What don't you understand??? Seriously? READ.... lol.

Fact is BTC has been dead money for 3 years unless you were trading in and out on the dips and peaks. You still can't acknowledge that or simply don't understand that. If you held from 3 years ago, you made a tiny gain with no dividends. Dead money. Given the stock market, it was a bad to outright awful investment from Dec. 2017. 3 years if you can't do math either. You didn't have BTC in 2015. You don't have any now. You're very defensive or something you don't own. But keep holding.... lol.
406   Bitcoin   2020 Dec 18, 3:03pm  

I think the fact that Bitcoin hit new all time highs pushed him over the edge. Maybe, countless posts over years with the hope for Bitcoin to go to 1k does that to you.....when you see it hit new all time highs.....

Sad to watch how big of an impact it has on him.

poor guy.
407   WookieMan   2020 Dec 18, 3:54pm  

G36 says
Maybe, countless posts over years with the hope for Bitcoin to go to 1k does that to you

You joined in September... lol... years? Butt hurt lurker. lol. Or name changer. Either way, coward and the impact has been rough on you. Come out of the shadows after your "investment" barely gets back in the green after being dead for 3 years. Hasn't sold any BTC, so has made $0. lol.
408   WookieMan   2020 Dec 18, 3:55pm  

G36 says
Sad to watch how big of an impact it has on him.

poor RICH guy.
409   Bitcoin   2020 Dec 18, 4:09pm  

yeah, sure, a guy who posts since years trash about Bitcoin and wasnt able to accumulate a single Bitcoin, is magically a rich guy.
You would be the first rich guy that posts day and night trash on Bitcoin posts.....the rich guys actually buy Bitcoin and brag about it.

lol, poor guy
410   Onvacation   2020 Dec 18, 4:18pm  

G36 says
, a guy who posts since years trash about Bitcoin and wasnt able to accumulate a single Bitcoin, is magically a rich guy.

Holding a flash drive full of zeros and ones doesn't make you rich.

Living comfortably, enjoying your work, and having hobbies, makes you wealthy, not what the bottom line on a piece of paper says.

If you think you own gold but don't physically hold it all you got is a line on some spreadsheet.

Success is not a destination you arrive at. It's an altitude you fly at.
411   Bitcoin   2020 Dec 18, 4:31pm  



does look really good on my hardware wallet. I know you were hoping for it to go to zero.
I wouldnt expect less from a guy who collects silver coins....Sry oncavation.
412   WookieMan   2020 Dec 18, 4:34pm  

Onvacation says
Holding a flash drive full of zeros and ones doesn't make you rich.

Living comfortably, enjoying your work, and having hobbies, makes you wealthy, not what the bottom line on a piece of paper says.

If you think you own gold but don't physically hold it all you got is a line on some spreadsheet.

Success is not a destination you arrive at. It's an altitude you fly at.

Well put. He won't understand this though.
413   Bitcoin   2020 Dec 18, 4:36pm  

says the guy who collects silver coins.
and the guy who predicted Bitcoin to go to 1k agrees.

haha. shocker!
414   Onvacation   2020 Dec 18, 4:41pm  

G36 says
says the guy

Are you assuming my gender?
415   Bitcoin   2020 Dec 18, 4:59pm  

OV, which app did you use to buy Bitcoin? You must be happy about the recent rally?
416   Onvacation   2020 Dec 18, 5:13pm  

Traded my eleven satoshis for two cents.

Or maybe it was just a dream that I doubled my money on digital gold the currency of the future.

I hope I don't regret it.
417   Onvacation   2020 Dec 18, 5:17pm  

G36 says
the guy who collects silver coins.

Beautiful and historic.
418   Patrick   2020 Dec 18, 5:22pm  

Onvacation says
G36 says
the guy who collects silver coins.

Beautiful and historic.


Yes, and politically incorrect! I love it.
419   Onvacation   2020 Dec 18, 6:11pm  

Real money. You could get a nice meal for this coin when it was minted


This coin has aesthetic, intrinsic, and historical value

Here's what a bitcoin looks like (in hexadecimal):
FA1E52F8AB3841E85D821DE63E8A4B34
420   WookieMan   2020 Dec 18, 8:41pm  

Onvacation says
This coin has aesthetic, intrinsic, and historical value

Very true. Hard to dispute.
421   Bitcoin   2020 Dec 19, 6:38am  

Historical value is nice. Aesthetics are nice too. My dog is nice too. very nice.
nice, nice.

Bitcoin is at 23k, fuck yeah!
422   Onvacation   2020 Dec 19, 8:39am  

G36 says
Bitcoin is at 23k, fuck yeah!

Over 24k now.

A bunch of politicians are getting their money out of the country.
423   Onvacation   2020 Dec 19, 8:41am  

Remind me to talk about "store of value". I have a good example.
424   Bitcoin   2020 Dec 19, 8:44am  

I knew OV would be pissed about Bitcoin hitting 24k. Lol
425   Onvacation   2020 Dec 19, 8:46am  

G36 says
I knew OV would be pissed about Bitcoin hitting 24k. Lol

Why would I be upset about the lotto hitting $250,000,000? My chances of winning are about the same whether I play or not?

So what do you do for fun?
426   Bitcoin   2020 Dec 19, 8:53am  

your words. "I cant believe someone pays 20k for Bitcoin"

told you.....wait until the price is over 100k :)

those (OV, wookie) that didnt invest in digital gold but bitched about it for years have only one thing left.....get upset and be bitter.
427   Onvacation   2020 Dec 19, 8:57am  

G36 says
upset and be bitter.

So do you have any hobbies or just crypto?

Some say your a bot. Just looking for a human.
428   Bitcoin   2020 Dec 19, 9:05am  

"Some" yeah, Wookie, because I keep calling him out on his BS and he doesnt know what to do about it other than hoping I get banned. A sign of defeat.

wookie tells us he only cares about six figure gains.....then he tells us he bought 100 shares of LUV. How adorable. If the expects 6 figure gains from that he may wait a few decades. Cute!

hobbies....sure.....enjoy the outsides. MTB and taking the dog on long hikes for instance. Lately, I have also enjoyed seeing you (OV/wookie) get so upset over Bitcoin hitting new all time highs. pretty entertaining!
429   Onvacation   2020 Dec 19, 9:09am  

lol

I also collect copper coins.


That's my 2 cents.
430   Bitcoin   2020 Dec 19, 9:12am  

I like looking at nice pictures. The good thing.... digital gold (bitcoin) is - you guessed it - digital! But that doesnt mean you cant look at a nice BitCOIN picture.

431   Onvacation   2020 Dec 19, 9:13am  

Many children today have never lived in a world where silver and gold were backing our dollar. They have lived so long in a fiat money system that they think bits on a flashdrive are MORE valuable than gold.
432   Bitcoin   2020 Dec 19, 9:14am  

they dont just think that....they KNOW that.

433   Onvacation   2020 Dec 19, 9:18am  

I like Ike. But most were clad tokens. They did make some collectors versions in coin silver.

434   mell   2020 Dec 19, 9:19am  

I disagree with it being labeled as a scam. It is a legit store of value with limited availability. The problems richwicks pointed out are real and will likely restrict it to stay a smaller part of the money mix. That being said the high energy costs come with many strengths as well. So it should swing mildly around its true value which should be somewhat fixed, but the speculation around it is insane. It's here to stay but it won't be trading at 100k or zero IMO. More funds and more merchants entering it will boost it as it already has, at some point it will become a more boring slower moving and more predictable asset unless a whale makes a transaction. I'm invested in it via a HF which started buying a while ago during the rout as part of adding crypto as a new asset class to its portfolio. Pretty happy with it thus far but no need to buy any myself.
435   Bitcoin   2020 Dec 19, 9:20am  

G36 says
"Some" yeah, Wookie, because I keep calling him out on his BS and he doesnt know what to do about it other than hoping I get banned. A sign of defeat.

wookie tells us he only cares about six figure gains.....then he tells us he bought 100 shares of LUV. How adorable. If the expects 6 figure gains from that he may wait a few decades. Cute!

hobbies....sure.....enjoy the outsides. MTB and taking the dog on long hikes for instance. Lately, I have also enjoyed seeing you (OV/wookie) get so upset over Bitcoin hitting new all time highs. pretty entertaining!


I forgot, + going to the beach. Now that I think about it, I like sleeping too!
436   Onvacation   2020 Dec 19, 9:23am  

My first complete series was Franklin halves.
437   Bitcoin   2020 Dec 19, 9:26am  

mell says
I disagree with it being labeled as a scam. It is a legit store of value with limited availability. The problems richwicks pointed out are real and will likely restrict it to stay a smaller part of the money mix. That being said the high energy costs come with many strengths as well. So it should swing mildly around its true value which should be somewhat fixed, but the speculation around it is insane. It's here to stay but it won't be trading at 100k or zero IMO. More funds and more merchants entering it will boost it as it already has, at some point it will become a more boring slower moving and more predictable asset unless a whale makes a transaction. I'm invested in it via a HF which started buying a while ago during the rout as part of adding crypto as a new asset class to its portfolio. Pretty happy with it thus far but no need to buy any myself.


I agree with a lot here. There will be diminishing returns in each cycle and the cycles might lengthen. Its a new asset class and moving away from being a pure speculative asset at the beginning to a store of value/digital gold. You can talk about regression bands and potential price targets all day long, nobody knows for sure. Its exciting! And its kinda fun to see so many haters get so upset about the price gains. 2021 should be even more fun.

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