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Bitcoin Misinformation


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2020 Nov 10, 10:01am   131,745 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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886   Onvacation   2021 Feb 3, 8:34pm  

Patrick says
- WookieMan seems to have a fine life, but gets baited into responding to G36's responses, and so it goes on.

Good summary!

I started this thread to point out that bitcoin is a scam. So far no one has refuted my argument.

It hurts people that can't afford it and uses a tremendous amount of energy.
887   WookieMan   2021 Feb 3, 8:42pm  

Onvacation says
It hurts people that can't afford it and uses a tremendous amount of energy.

Anyone can afford it. That's the problem I have with it and why I agree that it's a scam. BTC is dead in the water if you had to purchase a whole coin at these prices. Which means they'd never be here if Joe Blow wasn't buying $500-$2,500 of it. It's not Elon Musk buying millions worth. They throw in $100k, give that press, and they just printed a $200k vacation to the Maldives for doing nothing. They don't understand this though.

Your analysis of what it is, is spot on. And won't get a response from any of these guys. I just fear people will see this shit and buy into it. Maybe just let them earn the financial Darwin award I guess? Makes me sick either way. I know people that have had their lives ruined over crypto. I assume most these guys are playing with lunch money, but again, I worry about the person that actually has money and get sucked into the scheme.
888   Bitcoin   2021 Feb 4, 7:35am  

Sissy doesnt even take free money for his prediction. He just makes up stuff and doesnt stand behind anything he spouts. Shows you what kind of man he is (you cant take a word he says seriously).

I called him a fraud and he responds that he is an elected official....ROFL.
Thanks for the confirmation.
889   WookieMan   2021 Feb 4, 7:37am  

G36 says
Sissy doesnt even take free money for his prediction. Shows you what kind of man he is.

Lol, sissy?? Are you still in high school dude? As usual should market personal but I won't. I'll just let the forum show the history of you. Not a good like I might add.
890   Bitcoin   2021 Feb 4, 7:42am  

oh, must be a bad day in IL. BSDS is hitting sissy strong again.

yep:


Beautiful here in Socal
891   WookieMan   2021 Feb 4, 8:22am  

It's actually not too bad here. Supposed to get some snow today. Windy. Should be nice. Kids don't have school tomorrow and should be able to do some sledding 5 minutes away from my house. Sounds like a good day to me. I don't know, winter weather and cold doesn't scare me, I just have the ability to leave when I want and go places I want.

The best part is I don't have to pay 13% income taxes at the top end for my income. I'm saving the inflation portion AND an additional 6% out the door on state income taxes ALONE. My house is nicer than any in CA that equals it for square footage, is 60-70% cheaper AND I make more than most in CA. Life really is good.

Sorry passing_through and Nutt, but Socal ain't that great, not meant for you guys. But I don't know, repeating the same thing over and over again is insanity. Probably explains the personalities of those in Socal.... I'll visit, but I'm not a fan of bums and shit. That's saying something considering Socal is the "nice" part of CA.

I also get to go out to eat. Don't have to wear a mask. And my politicians bloated government cost 20-30% less than on top of the above savings. I don't know. On paper Socal looks shitty. Was close to moving there and did a detailed cost analysis. Yeah, you're pissing away almost 40% of any income you make there and that's assuming it's as high as other places. Not sure I'd be bragging about that. So I can see why you need BTC to work out for you, because you're rather far behind out of the gate. Good luck.
892   Bitcoin   2021 Feb 4, 8:27am  

fascinating. Those two triggers get people that suffer from BSDS every single time.
They might even name BSDS after Sissy.



@WookieMan, do you think this Bitcoin at this beautiful SoCal beach will be worth 100k soon?


Dont forget the umbrella today!
893   WookieMan   2021 Feb 4, 8:37am  

G36 says
Dont forget the umbrella today!

Umbrella? WTF are you talking about?

@Patrick, this has to be a bot at this point. Sophisticated, but a bot nonetheless or paid bot. Who the fuck uses an umbrella when it's snowing??? Sissy? It's like a kid trapped in the 80s-90s or another country that has missed the last 2 decades. WTF??? Maybe China? At least come up with some modern insults for christ sake if you're going the personal route. I can handle it, just didn't realize I needed to crack open the 10 year old brain.

Also, that Socal beach looks like shit. Legit. Maybe get out and see what real beaches and water look like. Ain't that.
894   porkchopXpress   2021 Feb 4, 8:39am  

For those who say crypto is a scam, I think you're wrong. Why wouldn't digital money, not controlled by central banks, be the future over paper? I trust Bitcoin more than US dollars, and both of their values are derived by the belief of the public that it's worth something. You can't make more Bitcoin, but central banks can print unlimited fiat. Crypto is new and different, and that scares a lot of people because it's unknown, which means now is as good a time as any to get in before it becomes mainstream.
895   Bitcoin   2021 Feb 4, 8:51am  

porkchopexpress says
For those who say crypto is a scam, I think you're wrong. Why wouldn't digital money, not controlled by central banks, be the future over paper? I trust Bitcoin more than US dollars, and both of their values is derived by the belief of the public that it's worth something. You can't make more Bitcoin, but central banks can print unlimited fiat. Crypto is new and different, and that scares a lot of people because it's unknown, which means now is as good a time as any to get in before it becomes mainstream.


man, you hit the nail! Spot on.

especially: now is a great time to get in, because its still new and you have ignorant people who think a decentralized cryptocurrency can be a scam. LOL. Those posts from these people are golden. Generations will make fun of them.
896   Bitcoin   2021 Feb 4, 8:56am  

WookieMan says
G36 says
Dont forget the umbrella today!

Umbrella? WTF are you talking about?



You dont have an umbrella?? poor guy. Its a must if you live in IL!!!

897   Bitcoin   2021 Feb 4, 9:16am  

G36 says
WookieMan says
G36 says
Dont forget the umbrella today!

Umbrella? WTF are you talking about?



You dont have an umbrella?? poor guy. Its a must if you live in IL!!!



@WookieMan
Just when you think it doesnt get much funnier, sissy surprises you again. Lives in IL and doesnt own an umbrella! You just cant make this stuff up!
How is sissy getting to the bus without being completely soaked?

bawahahahaha
898   WookieMan   2021 Feb 4, 9:17am  

porkchopexpress says
You can't make more Bitcoin, but central banks can print unlimited fiat.

And weapons and ammo and armies. Don't you find it funny that governments let crypto just go? If you have gains, they just tax it. If you lose, they don't care either. It's no threat to a government that can wipe you out in the blink of an eye. We've seen in happen with a fucking virus that can kill people over an election. Crypto is an easier target.

There will be no digital currency/money that overcomes the worlds super powers, unless they create it. This is fact. They will be worthless at some point. There's no mass adoption of any of the crypto out there. It's a trading tool to fleece people. I frankly don't understand why it's even a conversation at this point. It's obvious.

You're also using all the keywords the crypto bugs want you to use. You don't have to like what I'm saying but it is fact. You guys are free marketing to the people that are going to take your money. Plain and simple. Not one crypto bug has ever been able to deny that. Someone has to buy the nothing that is crypto and sell it to the next guy. There's no assets. No real estate. No dividends. Nothing. That scheme ends at some point and I think deep down you guys know it.
899   Bitcoin   2021 Feb 4, 9:21am  

@WookieMan "Weapons and ammo"
We are discussing investments (something you dont seem to have.....not counting your 100 shares of LUV). And not everyone lives in a dangerous neighborhood and needs to buy more ammo and weapons to protect the fam. And some are just sissy's. Oh wait.

jokes aside. We dont want you do invest in BTC. Its much, much funnier this way.
900   WookieMan   2021 Feb 4, 9:45am  

G36 says
We are discussing investments (something you dont seem to have.....not counting your 100 shares of LUV)

You still don't understand what an investment actually is. See I invest in my business, my time mainly at this point, not money. You gamble. Between our investment in business and jobs, we make over $30k/mo. During a pandemic of all times. We're going to have our best year ever.

I don't need to invest, I can just print the money. You don't and won't ever get that from crypto. Your screenshot shows that you invested what I make in a month. Even with gains I've still doubled yours in crypto. It's a joke. You are a joke. You are the joke and you don't know it. Kind of funny. I'd rather you call me a sissy all day knowing I'm better. Because I am. lol.
901   Bitcoin   2021 Feb 4, 9:51am  

overly scared people are usually not successful in life...another sign....I dont think we cant believe anything sissy says/claims.
902   WookieMan   2021 Feb 4, 9:53am  

G36 says
overly scared people are usually not successful in life...another sign....I dont think we cant believe anything sissy says/claims.

Keep projecting. Us intelligent ones are laughing pretty hard right now. Keep it up though. This might turn into a comedy site with your gems.
903   Bitcoin   2021 Feb 4, 9:54am  

and people who live in IL and dont own an umbrella are strange too....I would send sissy an umbrella but she's afraid of doxing. If sissy had a crypto wallet, i could send her some satoshis but she doesnt have that either....

no sun but rain, but no umbrella
no bitcoin but 100 shares of LUV

yikes.

I guess the brown bag must do the job
904   Onvacation   2021 Feb 4, 9:55am  

porkchopexpress says
You can't make more Bitcoin, but central banks can print unlimited fiat.

Bitcoin is valued in fiat and is worth what the next greatest fool will pay for it.

Maybe you can answer what others have ignored:

How can crypto be a store of value if all incoming money is consumed by the " miners"?
905   Onvacation   2021 Feb 4, 9:56am  

If no answer you have to admit that bitcoin is dependent on the next greatest fool to have any value.
906   Bitcoin   2021 Feb 4, 10:01am  

Onvacation says
porkchopexpress says
You can't make more Bitcoin, but central banks can print unlimited fiat.



How can crypto be a store of value if all incoming money is consumed by the " miners"?


@Patrick / @Onvacation

OV, I think Patrick just shared he got BTC at a few bucks in 2016. Its now at 378 dollars! What a great store of value! Bitcoin is the best performing asset.
He didnt have to pump it....it just increased in value due to high demand.
907   WookieMan   2021 Feb 4, 10:23am  

G36 says
no sun but rain, but no umbrella

It's snowing... You're idiotically obtuse at this point. Don't expect you to understand what that means. Let me know when an umbrella is needed when it snows. Another tell tale sign that you're spam. Big time.
908   Bitcoin   2021 Feb 4, 10:27am  

yep, snow, rain, storms.....and COLD.

if the budget doesnt entail an umbrella at this point. let us know. Happy to start a go-fund-me for sissy.

909   Onvacation   2021 Feb 4, 10:36am  

OH YEAH! WELL I HAVE A BIG DICK AND CAN TYPE IN ALL CAPS!
910   porkchopXpress   2021 Feb 4, 10:42am  

WookieMan says
porkchopexpress says
You can't make more Bitcoin, but central banks can print unlimited fiat.

And weapons and ammo and armies. Don't you find it funny that governments let crypto just go? If you have gains, they just tax it. If you lose, they don't care either. It's no threat to a government that can wipe you out in the blink of an eye. We've seen in happen with a fucking virus that can kill people over an election. Crypto is an easier target.

There will be no digital currency/money that overcomes the worlds super powers, unless they create it. This is fact. They will be worthless at some point. There's no mass adoption of any of the crypto out there. It's a trading tool to fleece people. I frankly don't understand why it's even a conversation at this point. It's obvious.

You're also using all the keywords the crypto bugs want you to use. You don't have to like what I'm sa...
I understand that you like traditional investments and you've done well there. Stick with what you know and can feel. I totally get it. However, if you think that technology and digital isn't the way of the future, I believe you're sorely mistaken. Does that mean you'll be unhappy if you don't invest in crypto? Of course not. But don't act like it has a pointless future when you know nothing about it.

And to your point about crypto not earning interest, that's false. You can stake assets now and lend out crypto at rates MUCH higher than what's achieved with typical money.
911   WookieMan   2021 Feb 4, 10:47am  

G36 says
and COLD

G36 says
Happy to start a go-fund-me for sissy.

Likewise. I don't even have to comment anymore with you. You make fun of yourself. lol. Projecting from China or shit hole Russia. God forbid you can't handle a little cold..... brrrrrrrrrr. Momma's gonna make you some hot chocolate. Maybe rub some Vics vapor rub on your chest and cock. OOOOOOooooooo. Incest.

You don't have the game. It's okay. You're in a death spiral at this point. Keep it up though. The nightly shows suck now, so need to get my comedic relief here. Thank you. You're welcome.
912   Onvacation   2021 Feb 4, 10:49am  

Back to the topic.

Bitcoin has caused many innovations in computing and mathematics. Blockchain is a valuable new tool and the monetary incentive of all the different crypto currencies has created a lot of new technology; data centers cooled in frigid climes powered by geothermal energy for instance.

But it's not digital gold. Crypto as it is it is a rollercoaster of value that you can gamble on or a slow ride to the moon for the HODL'ers. Betting for asymptotes and thinking you will get off before the crash is a fool's game.

I do hear that bitcoin is useful for transferring money to criminals for ransom and stuff.
913   Bitcoin   2021 Feb 4, 10:53am  

"But don't act like it has a pointless future when you know nothing about it."
Exactly.

not only does he not know anything about it, he is obsessed with anything crypto. the word/picture Bitcoin alone triggers the shiat out of him..

he gets triggered by Bitcoin and Sunshine...two things he wont ever have access to.



This is a picture of a happy Bitcoin at a beautiful SoCal beach. Currently valued at over 35k :)
a stock of LUV is valued at 48 dollars. LOL
914   porkchopXpress   2021 Feb 4, 10:59am  

I hope I didn't come off as a dick...I'm just being blunt with how I feel. Crypto isn't for everyone and that's ok...I just happen to think it's only going to explode over time merely because of how it's designed.
915   Bitcoin   2021 Feb 4, 11:00am  

its actually a combination of being scared shitless and triggered. BSDS has strong symptoms.

916   Bitcoin   2021 Feb 4, 11:07am  

porkchopexpress says
I hope I didn't come off as a dick...I'm just being blunt with how I feel. Crypto isn't for everyone and that's ok...I just happen to think it's only going to explode over time merely because of how it's designed.


nah, you are not a dick. Thats the right language for sissy.
917   WookieMan   2021 Feb 4, 11:30am  

G36 says
he gets triggered by Bitcoin

You've posted 3 unanswered comments that are the exact same as every single one of your spam comments. Do you understand what triggered is?
918   Onvacation   2021 Feb 4, 11:36am  

porkchopexpress says
I understand that you like traditional investments and you've done well there. Stick with what you know and can feel. I totally get it. However, if you think that technology and digital isn't the way of the future, I believe you're sorely mistaken. Does that mean you'll be unhappy if you don't invest in crypto? Of course not. But don't act like it has a pointless future when you know nothing about it.

@porkchopexpress

Are you a trader or a HODL'er?

Would you agree that crypto is extremely speculative?
919   Onvacation   2021 Feb 4, 11:44am  

porkchopexpress says
it's only going to explode over time merely because of how it's designed.

Agreed.

It was designed with phrases like, "bitcoin mine" instead of server farm, "miner" instead of computer technician, "coin" instead of bits, and "wallet" rather than flash drive; phrases designed to make "investors" think they were buying "digital gold".

You never hear people talk about buying things with the "currency of the future". Maybe someday.

It is what it is, bits on a flash drive that you hope to sell for more than you bought it for.
920   WookieMan   2021 Feb 4, 11:55am  

Onvacation says
It was designed with phrases like, "bitcoin mine" instead of server farm, "miner" instead of computer technician, "coin" instead of bits, and "wallet" rather than flash drive; phrases designed to make "investors" think they were buying "digital gold".

Stop with the keywords. Legit. You're right, but it will only draw more spam scum here that searches for it. PorkChop and Cash are real users. Others aren't. We don't need more of the bad kind that cannot even answer a simple question, ever.

Some of these spammers are like termites. Especially in the financial realm. They'll destroy this site by trying to attract like kind scum/spammers. If 5-10 more users of a certain type come here for crypto, it's game over for this site. They're cancer. I've seen it happen and the regulars just bail. I like everyone here, even those I disagree with on this topic. Let's not trash the place.
921   porkchopXpress   2021 Feb 4, 1:00pm  

Onvacation says
porkchopexpress says
I understand that you like traditional investments and you've done well there. Stick with what you know and can feel. I totally get it. However, if you think that technology and digital isn't the way of the future, I believe you're sorely mistaken. Does that mean you'll be unhappy if you don't invest in crypto? Of course not. But don't act like it has a pointless future when you know nothing about it.

@porkchopexpress

Are you a trader or a HODL'er?

Would you agree that crypto is extremely speculative?
I am NOT a trader. Trading is highly speculative in any asset class IMO. I invest in cryptos I believe in such as DOT, ETH, ADA, and XLM because they serve a functional purpose that I see as extremely valuable in the long run. It's like investing in the PC back in 1975 as a technology and thinking it'll go mainstream, without investing in the company who created the PC. Do I know for sure 100% that crypto is the future, no...but I believe it is. Everything is a risk else I'd just stuff cash down my wife's panties.

Having said that, there are a lot of traders and fly-by-nighters who ruin the good name of crypto and what it tries to accomplish. This is why there are a lot of shitty coins out there that just become a pump and dump scheme. The key is "investing" in crypto that truly makes sense and serves a highly valuable purpose. Otherwise, my cash just sits in a savings account earning 0.5% and I don't want to be a landlord.

My time horizon for my crypto investments is literally 10-20 years, or longer. Minimal investments now could be worth multi-millions upon retirement. Or, I hand those coins to my kids. As I've said before, crypto can now earn interest and dividends too.
922   Onvacation   2021 Feb 4, 1:14pm  

porkchopexpress says
Having said that, there are a lot of traders and fly-by-nighters who ruin the good name of crypto and what it tries to accomplish.

What is the problem crypto solves?
923   Bitcoin   2021 Feb 4, 1:56pm  

Bitcoin is much better than gold. "Digital gold or gold 2.0" lets people understand that Bitcoin is a store of value. But really, gold is like a landline compared to the iphone 12 pro (Bitcoin).

We should re-name gold to wannabe Bitcoin and leave Bitcoin's name alone. Bitcoin is even shinier. But the best part is the performance. Gold performs like a landline. Bitcoin is the best performing asset. Nothing comes even close.
OV and Sissy are upset because they never managed to get on the train.



925   Onvacation   2021 Feb 4, 1:58pm  

I kind of expected you to post your chart.

Didn't you have another one?

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