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Bitcoin Misinformation


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2020 Nov 10, 10:01am   137,173 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

« First        Comments 733 - 772 of 2,177       Last »     Search these comments

733   Bitcoin   2021 Jan 15, 8:06am  

personal
734   Onvacation   2021 Jan 19, 6:21am  

G36 says
a hardware wallet.

AKA flashdrive.

You Rubes aren't going to convince anyone smart that crypto is anything more than a very power hungry money laundering gambling mechanism.
735   Onvacation   2021 Jan 19, 6:21am  

It's NOT "digital gold ".
736   Onvacation   2021 Jan 19, 8:13am  

Some rubes even think they can do analysis, as if crypto were stock, and predict what might happen.

It's a Ponzi scheme. The only way you can get your money out is if you can get a bigger fool to put their money in. There is no store of value. It will not be the new currency. There is no there there, unless you are trying to transfer your ill gotten gains to another country.
737   Onvacation   2021 Jan 19, 9:35am  

Anybody here on patnet that want to debate the pluses and minuses of cryptocurrencies?

I can't think of any real plusses.
738   Onvacation   2021 Jan 19, 10:51am  

I have been asked why I hate crypto so much. I do not hate it I just see it for what it is, a well crafted scam that fools some people into thinking it has value
739   Onvacation   2021 Jan 20, 6:27am  

I know this dude with some Satoshis. He keeps bragging that his money has doubled to $97.

He thinks I should go down to the liquor store and buy some.

I fear I missed out.
740   RWSGFY   2021 Jan 20, 6:31am  

Onvacation says
He keeps bragging that his money has doubled to $97.


Doubling one's money is a serious achievement!
741   Onvacation   2021 Jan 20, 7:03am  

FuckCCP89 says

Doubling one's money is a serious achievement!

Fuck ya! He's letting it ride.

HE GONNA BE A BITCOIN BILLIONAIRE!
742   Onvacation   2021 Jan 20, 9:10am  

I hear all the bitcoiners are buying ether.
743   Onvacation   2021 Jan 20, 9:15am  

One of the most common Bitcoin email scams is sextortion, which can come in multiple forms. The premise of this scam is that the scammers claim to have video or images of you during intimate moments, as well as access to your friends' and family's contact information. If you don't pay the requested amount of Bitcoin to the scammers, they threaten that they will release those images to your contacts or post them online.
744   Onvacation   2021 Jan 22, 11:31am  

Bitcoin dipped! Buy now! Buy The DIPS!
Or is it dips buy?

Can any of you gotcoiners help me out?
749   porkchopXpress   2021 Jan 25, 1:27pm  

Onvacation says
One of the most common Bitcoin email scams is sextortion, which can come in multiple forms. The premise of this scam is that the scammers claim to have video or images of you during intimate moments, as well as access to your friends' and family's contact information. If you don't pay the requested amount of Bitcoin to the scammers, they threaten that they will release those images to your contacts or post them online.
What if I want the scammer to release video of me masturbating in a Santa suit while sniffing my wife's panties? Do I just neglect to pay the ransom?
750   MisdemeanorRebel   2021 Jan 25, 5:02pm  

What happened to Potcoin?
751   Onvacation   2021 Jan 25, 6:21pm  

NoCoupForYou says
What happened to Potcoin?

It got smoked!
755   Onvacation   2021 Jan 27, 12:18pm  

"Consumers should be prepared to lose all their money if they invest in schemes promising high returns from digital currencies such as bitcoin, a City watchdog has warned."
https://www.theguardian.com/business/2021/jan/11/bitcoin-be-prepared-to-lose-all-your-money-fca-warns-consumers-risk-productis-cryptoassets
756   Onvacation   2021 Jan 27, 12:18pm  

A CITY WATCHDOG, not one of those country dogs said that.
757   Onvacation   2021 Jan 27, 12:19pm  

You know like those impound lot Pitbulls.
758   richwicks   2021 Jan 27, 1:20pm  

porkchopexpress says
Onvacation says
One of the most common Bitcoin email scams is sextortion, which can come in multiple forms. The premise of this scam is that the scammers claim to have video or images of you during intimate moments, as well as access to your friends' and family's contact information. If you don't pay the requested amount of Bitcoin to the scammers, they threaten that they will release those images to your contacts or post them online.
What if I want the scammer to release video of me masturbating in a Santa suit while sniffing my wife's panties? Do I just neglect to pay the ransom?


I don't feel sorry for the people that fall for these scams. All you need to do is say:

"I'll pay you double if you can name 2 of my contacts".

Another thing - who the fuck cares about you having sex? Shit, if I honestly got a video of my friend in a bunny suit fucking a pumpkin I'd just be like "whatever, his life".
759   Onvacation   2021 Jan 28, 8:27am  

richwicks says
who the fuck cares about you having sex? Shit, if I honestly got a video of my friend in a bunny suit fucking a pumpkin I'd just be like "whatever, his life".

But think about Grandma? The bunny video could kill her with a heart attack faster than not wearing a mask will kill your grandpa.
762   WookieMan   2021 Jan 29, 4:40pm  

Cash says
https://www.youtube.com/c/CryptoDaily/featured

Lol! A template Youtube poster. Our country is getting dumber by the minute.
763   Onvacation   2021 Jan 30, 7:41am  

WookieMan says
Lol! A template Youtube poster. Our country is getting dumber by the minute.

Yep.
They think crypto is a "store of value" enen though all incoming money is consumed by electricity to update the ledger.
764   Cash   2021 Jan 30, 8:08am  

Onvacation says
They think crypto is a "store of value" enen though all incoming money is consumed by electricity to update the ledger.

It's all taken care of ;)
Ukraine to Set up a Large-Scale Crypto Mining Data Center in a Nuclear Power Plant
https://news.bitcoin.com/ukraine-to-set-up-a-large-scale-crypto-mining-data-center-in-a-nuclear-power-plant/
765   WookieMan   2021 Jan 30, 9:15am  

Cash says
Ukraine to Set up a Large-Scale Crypto Mining Data Center in a Nuclear Power Plant

You're not one or don't know Eastern Europeans at all. lol. Nuclear power plant.... hysterical really.
766   Onvacation   2021 Jan 30, 9:44am  

Cash says
It's all taken care of ;)
Ukraine to Set up a Large-Scale Crypto Mining Data Center in a Nuclear Power Plant

Aren't you afraid your bits will get radioactive?
767   Bitcoin   2021 Jan 30, 4:24pm  

Cash says
https://news.bitcoin.com/ukraine-to-set-up-a-large-scale-crypto-mining-data-center-in-a-nuclear-power-plant/


Nice! Thanks for sharing @Cash.
Demand for crypto and mining is accelerating. Exciting times!

"Ukraine’s government-owned nuclear power plant picked a firm to build a massive data center in Rivne for cryptocurrency mining operations. After a bidding process, Energoatom chose Kyiv Energy Construction Company to handle the nuclear plant crypto mining project."
768   Onvacation   2021 Jan 31, 7:53am  

G36 says
Ukraine’s government-owned nuclear power plant picked a firm to build a massive data center in Rivne for cryptocurrency mining operations

Wasn't Chernobyl in Ukraine?
769   Onvacation   2021 Jan 31, 7:57am  

Bitcoin is very wasteful of energy
770   Onvacation   2021 Jan 31, 7:57am  

NEW: Study reveals Bitcoin's electricity consumption is underestimated and finds the network "represents close to half of the current global data centre electricity use" (August 2020).
772   Onvacation   2021 Jan 31, 8:01am  

Forgot link
https://digiconomist.net/bitcoin-energy-consumption
As you can see crypto is extremely wasteful and not environmentally friendly.

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