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Bitcoin Misinformation


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2020 Nov 10, 10:01am   118,017 views  2,121 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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2083   WookieMan   2024 Jul 9, 6:02am  

AD says

I was saying its about adoption by the masses of retail investors, and that a Blackrock makes it easier for them to invest in Bitcoin through their ETF just like its easier to invest in gold and silver through ETFs then to actually hold the gold and silver such as in a home safe, bank safety deposit box; as well as the ETF has more liquidity as I would have to find a physical buyer for the silver coins and conduct the transaction in person.

I'd rather conduct physical trading in person and store myself. The problem with bitcoin is there's no physical value. It's technically worthless besides people being suckered into paying for it. EFT's just sucker more people into something that will ultimately collapse. Gold and silver are used in products that can be made and sold if you hold physical.

Hell if you go to home depot and buy 2k feet of 1/2" copper pipe you'd probably make more in 5 years. Sell it 5% under market and you'd still make out like a bandit unless we get deflation and in that case bitcoin would crater as it's tied to the dollar or other foreign currencies.

Bitcoin market movements are pointless to discuss. It's worthless at the end of the day. The dollar is at least backed by the biggest military, oil, minerals, farmland, infrastructure on the planet. Bitcoin is a spreadsheet.
2084   Onvacation   2024 Jul 9, 8:20am  

AD says

Will it only take 2 Bitcoins when the next halving occurs around 2028 ?

Why not just pay cash?
2085   AD   2024 Jul 9, 12:42pm  

Onvacation says

Why not just pay cash?


That question does not pertain to the discussion on this thread as far as Bitcoin storing value in dollars , no different than Wookie saying below that buying and holding 2000 feet of copper pipe as a long term asset like gold, silver and Bitcoin.

but yes, buy with cash the diesel or gasoline at the gas station pump for your vehicle
2086   WookieMan   2024 Jul 9, 12:59pm  

AD says

long term asset like gold, silver and Bitcoin.

but yes, buy with cash the diesel or gasoline at the gas station pump for your vehicle

Pay with credit. Get the kickbacks. Bitcoin is not even an asset. Is there real estate? No. Is there a product? No. Can you do anything with it? No. Is it regulated and you know who holds it? No.

Is there insider trading? Yes. Is it a spreadsheet? Yes. Do whales control the price? Yes. Have multiple trading platforms screwed over people for billions? Yes.

Better off going to Vegas over BTC. Or just put your money in funds that pay dividends and are likely to appreciate. Sit back and relax.
2087   AD   2024 Jul 9, 1:18pm  

WookieMan says

Better off going to Vegas over BTC. Or just put your money in funds that pay dividends and are likely to appreciate. Sit back and relax.


I understand as the argument is there is "nothing backing" Bitcoin (BTC). Its a digital asset stored on a ledger or spreadsheet called the Blockchain.

But with the Blockrock's and Fidelity's in the BTC market by offering BTC exchange traded funds, its a more "adopted" asset by retail investors than it was before these ETFs were approved by Gary Gensler's SEC.

And who wants to go up against a Blackrock's Larry Fink to tell him he got it all wrong such as with BTC. Not me.

.
2088   stereotomy   2024 Jul 9, 2:59pm  

The SEC approved BTC ETF's probably because they can be used as a sink for hot money. The largest cap stonks are wildly overvalued, even against gross revenues, let alone net profits. BTC ETF's probably lance the boil somewhat, possibly limiting the fallout in the broader market once panic ensues.
2089   AD   2024 Jul 9, 3:41pm  

stereotomy says


The SEC approved BTC ETF's probably because they can be used as a sink for hot money. The largest cap stonks are wildly overvalued, even against gross revenues, let alone net profits. BTC ETF's probably lance the boil somewhat, possibly limiting the fallout in the broader market once panic ensues.


That makes sense as far as rotating gains from a hot asset class or stock to a different asset or asset class.

I wonder if BTC has done similarly to silver going back to around 2011.

A lot of the silver bugs would be attracted to BTC based on their investing or speculative trading style.

From what I gather such as from The Mooch, keep about 4% in BTC, 7% in gold and silver, and 9% in oil and gas.

.
2090   Onvacation   2024 Jul 9, 4:21pm  

AD says

From what I gather such as from The Mooch, keep about 4% in BTC, 7% in gold and silver, and 9% in oil and gas.

What about yams and ammo?
2091   AD   2024 Jul 9, 5:18pm  

Onvacation says


AD says

From what I gather such as from The Mooch, keep about 4% in BTC, 7% in gold and silver, and 9% in oil and gas.

What about yams and ammo?


What I proposed was a hedge as far as significant devaluation of the dollar. Of course its not about preparing for the collapse of society, as in The Road or Mad Max-style collapse.

But I appreciate your satire.

.
2092   WookieMan   2024 Jul 9, 5:38pm  

AD says

What I proposed was a hedge as far as significant devaluation of the dollar.

Bitcoin is valued in the dollar. It will follow the dollar. The fact it's not higher means it's a bad hedge. With inflation it should have been over $100k.

I can't explain this enough. There are under 100 people controlling bitcoin specifically. No regulation. You're getting into a trap if you invest in it. You will freak at some point and sell to the whales. This has been going on since the beginning of bitcoin. It was a plan. Really think why our government hasn't regulated it?

I'm dealing with this shit now with our government. In a prevailing wage state we have to get union bids from fucking Chicago. If the government isn't regulating bitcoin, they're running it. Throw out some Asian name as the creator of it. lol. Not saying you're a fool or can't make money on it, but I won't touch it.
2093   stereotomy   2024 Jul 9, 6:23pm  

To echo Wookie, the reason BTC is not suppressed while gold is actively suppressed is because central banks, with the exception of fucked up places like Nicaragua, stockpile gold, not BTC. The central banks already print value from nothing, so BTC makes no sense for them - besides being redundant, it costs more energy to mine BTC than run printing presses.
2094   AD   2024 Jul 9, 6:47pm  

stereotomy says

BTC is not suppressed while gold is actively suppressed is because central banks, with the exception of fucked up places like Nicaragua, stockpile gold, not BTC.


Yes, also I think they don't want precious metals like silver to increase much in value (relative to inflation rate) because it is used in different applications like Pentagon weapon systems.

Yes a gold standard or where precious metals crowd out investment dollars is not desired by the central banks (and the companies that they buy shares of).

Yes, as far as the BRICS especially China are increasing their gold reserves.

.
2095   AD   2024 Jul 9, 6:48pm  

WookieMan says

Bitcoin is valued in the dollar. It will follow the dollar. The fact it's not higher means it's a bad hedge. With inflation it should have been over $100k.


give BTC some time

.


2096   RWSGFY   2024 Jul 9, 7:00pm  

There was all that noise about bitcoin halving last April which was supposed to make it skyrocket. Didn't happen.
2097   AD   2024 Jul 9, 7:14pm  

RWSGFY says

There was all that noise about bitcoin halving last April which was supposed to make it skyrocket. Didn't happen.


Examine the BTC price chart. Notice it did not significantly increase within 12 months of the halving.

give BTC some time

.
2098   SoTex   2024 Jul 10, 8:17am  

WookieMan says

Bitcoin is valued in the dollar. It will follow the dollar. The fact it's not higher means it's a bad hedge. With inflation it should have been over $100k.


Get outta here!

"Bitcoin’s price has climbed a staggering 9,000,000% between 2010 and 2020, making it the top-performing asset of any class over the past decade."

"As of 2024, Bitcoin’s price has a change of 31.40% so far this year."

@AD I think maybe you're just posting in the wrong thread. This thread is for misinformation, like what Wookie posted. There are one, maybe two other threads for bitcorn information.
2099   WookieMan   2024 Jul 10, 8:38am  

SoTex says

Get outta here!

"Bitcoin’s price has climbed a staggering 9,000,000% between 2010 and 2020, making it the top-performing asset of any class over the past decade."

No one ever gets my point. You can trade it and make money. It is worthless besides the trade. Cool, make some money on it. Could be $90k tomorrow or it could be $20k. There is ZERO intristic value. At some point it goes to $0. And that's not a hypothetical. And for that reason I'll never invest or get caught up in the scheme.

There are tons of companies that had the same rate of return over a similar time span, not the same years. They have assets though. Real estate. Products. Bitcoin is nothing. Literally nothing. You can't go buy up the miners in a liquidation sale. There's literally nothing besides the people that are willing to buy it. That's it.
2100   RWSGFY   2024 Jul 10, 8:58am  

AD says

RWSGFY says


There was all that noise about bitcoin halving last April which was supposed to make it skyrocket. Didn't happen.


Examine the BTC price chart. Notice it did not significantly increase within 12 months of the halving.

give BTC some time

.


I see. The people who were pitching this sounded like it was supposed to happen almost immediately. I was too lazy to go look at the charts then.
2101   Onvacation   2024 Jul 10, 9:20am  

https://boriquagato.substack.com/p/the-road-back-from-serfdom

BTC is certainly not a currency in any meaningful sense.

it is not a minimally viable product as either a means of exchange or as a means or escape.

and that latter one is the real doozie.

i came grudgingly to this viewpoint having been in and around BTC since it was in the single digits. i came to bitcoin through cryptography and early public key crypto projects like PGP that were so seminal in the whole idea of open source.

let me be clear: i am a huge believer in crypto-currency.

i think it’s probably the most important idea in the world right now.

but i also think it’s been stuck in an alley that ends in a brick wall as the early promise and purpose was lost among ponzi games, “coin have dog,” and lost vision and execution to the point where i was having a conversation with the founder of one of the major exchanges and he literally could not describe his order matching algo in even rudimentary terms, the primary purpose of ETH is ponzi casino games, and the best argument for BTC right now is “publicly traded ETF’s gotta buy it!”

this last one, of course, only makes the problem worse by generating not just greater fiat links but massive KYC systems. it’s all an increasingly curated garden of surveillance.

BTC was the AOL of crypto, a good start but unable to move forward out of early days; but now, BTC is predominantly spyware. and that’s not going to work out for people who want to leave governments behind.

when one looks at a currency there are a number of features that are needed:

1 sound

2 secure

3 scalable

4 widely accepted

6 stable

6 private

7 anonymous

BTC is 1 for 7, maybe 2 for 7, but probably not in the long run. it is sound. but it is not secure in the sense you really want it to be and the security around block integrity and ability to spam empty or altered ones inherently stands in opposition to “scalable” because its security lies in processing power and that makes scale expensive/prohibitive.

simple fact: until 100 million of us can buy lunch with it tomorrow, it’s not even in the discussion as a currency.
2102   AD   2024 Jul 10, 12:07pm  

SoTex says

"Bitcoin’s price has climbed a staggering 9,000,000% between 2010 and 2020, making it the top-performing asset of any class over the past decade."

"As of 2024, Bitcoin’s price has a change of 31.40% so far this year."

AD I think maybe you're just posting in the wrong thread. This thread is for misinformation, like what Wookie posted. There are one, maybe two other threads for bitcorn information.


I am posting information to counterbalance the misinformation posted in this thread. Its similar to point and counterpoint.

Why not conveniently have a debate about BTC in one thread ?

.
2103   WookieMan   2024 Jul 10, 3:31pm  

AD says

Why not conveniently have a debate about BTC in one thread ?

We can debate in any thread. No one on this forum or any other thread or any other site has told me the value of bitcoin.

Why does anyone NEED bitcoin? I can always sell a bar of gold. Silver. I can sell a house. I can sell a stock that owns millions of commercial retail spaces or the land. What do I own with bitcoin? You know the answer. Nothing. That's why this topic is so touchy. If you own it, you know it's technically worthless, so you pump if you own and knock the thinking people.

Enjoy gains. Never have said otherwise. Not buying in though. It's bull shit and you know it.
2104   Onvacation   2024 Jul 10, 5:48pm  

WookieMan says

No one on this forum or any other thread or any other site has told me the value of bitcoin.

I have.

Bitcoin is speculation. People buy a share with fiat in the hope of cashing out by finding someone to pay more for that share.

Or it can be used for blackmail like those assholes who are ransoming access to Patelco Credit Union.
2105   AD   2024 Jul 10, 6:45pm  

WookieMan says

No one on this forum or any other thread or any other site has told me the value of bitcoin.



2106   SoTex   2024 Jul 10, 9:31pm  

Onvacation says

simple fact: until 100 million of us can buy lunch with it tomorrow, it’s not even in the discussion as a currency.


It's not a currency we discussed this years ago it's a commodity. Red herring.
2107   SoTex   2024 Jul 10, 9:32pm  

AD says


I am posting information to counterbalance the misinformation posted in this thread. Its similar to point and counterpoint.

Why not conveniently have a debate about BTC in one thread ?


Well. My hat's off to you.
2108   SoTex   2024 Jul 10, 9:34pm  

RWSGFY says

I see. The people who were pitching this sounded like it was supposed to happen almost immediately. I was too lazy to go look at the charts then.


There was a lot of that but anyone who's followed it knows it's 6-12 months after a split that it takes off. However, the splits are so small most people I know didn't think it would have any impact except buy on the rumor sell on the news type thing.
2109   SoTex   2024 Jul 10, 9:35pm  

WookieMan says


SoTex says

Get outta here!

"Bitcoin’s price has climbed a staggering 9,000,000% between 2010 and 2020, making it the top-performing asset of any class over the past decade."

No one ever gets my point.


BS. I got your point: your point was it's been a crappy hedge. You don't have to like it and have whatever opinion you'd like but that's just wrong.
2110   Onvacation   2024 Jul 11, 7:27am  

SoTex says

It's not a currency we discussed this years ago it's a commodity. Red herring.

commodity
noun
com·mod·i·ty kə-ˈmä-də-tē
plural commodities
Synonyms of commodity
1
: an economic good: such as
a
: a product of agriculture or mining
agricultural commodities like grain and corn
b
: an article of commerce especially when delivered for shipment
reported the damaged commodities to officials
c
: a mass-produced unspecialized product
commodity chemicals
commodity memory chips
2
a
: something useful or valued
that valuable commodity, patience
also : THING, ENTITY
b
: CONVENIENCE, ADVANTAGE
… the many commodities incidental to the life of a public office …
—Charles Lamb
3
: a good or service whose wide availability typically leads to smaller profit margins and diminishes the importance of factors (such as brand name) other than price
4
: one that is subject to ready exchange or exploitation within a market
… stars as individuals and as commodities of the film industry
2111   Onvacation   2024 Jul 11, 7:29am  

I think bitcoin is more like a bingo card than a commodity. Though one could say bingo cards are commodities.
2112   WookieMan   2024 Jul 11, 7:44am  

Onvacation says

I think bitcoin is more like a bingo card than a commodity. Though one could say bingo cards are commodities.

You can make more money selling shit. Actual manure. Not a joke. Crypto is worth less than shit. The price jumps are whales moving the market and taking your money. You can't make a cow shit more and fertilize your crops. You need more crops to feed and more cows fucking.

WHAT IS CRYPTO? Please explain.
2113   SoTex   2024 Jul 11, 8:26am  

Wookie you should buy some, make a huge profit, contribute to the family nut.
2114   WookieMan   2024 Jul 11, 2:16pm  

SoTex says

Wookie you should buy some, make a huge profit, contribute to the family nut.

Nope. Family nuts are massive for my age. Might need to remove one and put it in a safe deposit box. Stop worrying about my plums.
2115   AD   2024 Jul 11, 5:18pm  

WookieMan says

WHAT IS CRYPTO? Please explain.



2116   Onvacation   2024 Jul 11, 9:31pm  

SoTex says

Wookie you should buy some, make a huge profit, contribute to the family nut.

I'm pretty sure he is the family nut.
2117   Onvacation   2024 Jul 11, 9:37pm  

WookieMan says

WHAT IS CRYPTO? Please explain.

Webster's Definition:
cryptocurrency
noun
cryp·to·cur·ren·cy ˌkrip-tō-ˈkər-ən(t)-sē -ˈkə-rən(t)-sē
pluralcryptocurrencies
: any form of currency that only exists digitally, that usually has no central issuing or regulating authority but instead uses a decentralized system to record transactions and manage the issuance of new units, and that relies on cryptography to prevent counterfeiting and fraudulent transactions
2118   Onvacation   2024 Jul 11, 9:39pm  

So it's like imaginary money but unlike fiat money only so much can be printed. People buy it in the belief that because of its (artificial) scarcity they will be able to sell it to someone else for more money.
2119   AD   2024 Jul 11, 10:28pm  

Onvacation says

So it's like imaginary money but unlike fiat money only so much can be printed. People buy it in the belief that because of its (artificial) scarcity they will be able to sell it to someone else for more money.


There has to be a market for it, as there is at least one bid that is for one ask.

Give Bitcoin some time as now it is available in ETFs offered by the likes of Larry Fink's Blackrock.

It will be adopted more by retail investors.

And maybe in 4 to 5 years, 1 Bitcoin will equal the median price of a new house in the USA as many will use it as a hedge alongside silver and gold as well as oil and gas ETFs.

I would have 15% to 20% of total assets in these type of assets. The rest can be in a balanced fund like 60% stocks/40% bonds, if you want to be that cautious.

.

.
2120   Onvacation   2024 Jul 12, 8:42am  

AD says

There has to be a market for it, as there is at least one bid that is for one ask.

Why do people buy bitcoin?

Because they hope to sell it for more than they paid. Is there any other legal reason for bitcoin?
2121   AD   2024 Jul 12, 5:28pm  

Onvacation says


Why do people buy bitcoin?

Because they hope to sell it for more than they paid. Is there any other legal reason for bitcoin?


Yes, its somewhat similar to arbitrage and I plan on selling my Bitcoin ETF when I can use all of the proceeds from the sale to buy a home that is at least equivalent to the median US new detached single family home price

.



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