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Bitcoin Misinformation


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2020 Nov 10, 10:01am   132,937 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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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?
926   Bitcoin   2021 Feb 4, 2:13pm  

@porkchopexpress

Both WookieMan and onvacation are scared shitless of Bitcoin. Different reasons though.

-One is a silver bug who put his money into old toys and old physical coins (lol). Apparently the seller told him his matchbox car will be worth something someday. The seller probably speculated that "every day a dummy wakes up and hopefully one of them buys my junk". bawahaha.
-And Wookie has BSDS. I think that is pretty clear by now.

I heard that such people exist (who buy old stuff and think it will be worth a lot more in the future) but I never really believed it until OV. We got a live one here!
927   Bitcoin   2021 Feb 4, 2:16pm  

knowing what we know there is just no way OV will ever let himself do an unbias Bitcoin research. He even tells himself that the last Bitcoin will be mined in 2040. Pretty much everyone who looked into BTC knows the year is 2140. For the longest time he believed 2040 but now he even tells himself its probably 2030. He is too deep down the rabbit hole and wont be able to participate in this crypto/bitcoin revolution. He will always remain on the sidelines pushing his little toy back and forth saying: one day you will make me rich, little car.
928   Onvacation   2021 Feb 4, 2:50pm  

G36 says
knowing what we know there is just no way OV will ever let himself do an unbias Bitcoin research

So what is the current market cap of your coins?
929   Onvacation   2021 Feb 4, 2:52pm  

G36 says
He will always remain on the sidelines pushing his little toy back and forth saying: one day you will make me rich, little car.

A small part of my net worth! You should see my rare Lego collection.
930   porkchopXpress   2021 Feb 4, 2:57pm  

Onvacation says
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?
How about a platform to conduct financial transactions without a middleman? Lending, borrowing...any sort of contract executed at lightning speed and with little to no brokerage fees.
931   Onvacation   2021 Feb 4, 2:59pm  

porkchopexpress says
Onvacation says
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?
How about a platform to conduct financial transactions without a middleman? Lending, borrowing...any sort of contract.

That's blockchain.

What I meant was what problem does crypto-currency solve?
932   Onvacation   2021 Feb 4, 3:00pm  

porkchopexpress says
How about a platform to conduct financial transactions without a middleman?

Oh you meant , pay ransom, and buy illicit items. I can see how it would work for that.

Isn't that how Hunter got his high quality crack?
933   Bitcoin   2021 Feb 4, 3:18pm  

Onvacation says
G36 says
He will always remain on the sidelines pushing his little toy back and forth saying: one day you will make me rich, little car.

A small part of my net worth! You should see my rare Lego collection.


Yes please! could you send a pic and let us know how much that lucky seller got from you for these legos?
Oh and please include what you think these legos will be worth one day.
934   EBGuy   2021 Feb 4, 6:13pm  

WookieMan says
Possible, but I don't think there will be a green new deal. Maybe some variation

Maybe something like this?
Sanders, Ocasio-Cortez, Blumenauer aim to require Biden to declare climate emergency
936   Bitcoin   2021 Feb 4, 9:26pm  

G36 says
Onvacation says
G36 says
He will always remain on the sidelines pushing his little toy back and forth saying: one day you will make me rich, little car.

A small part of my net worth! You should see my rare Lego collection.


Yes please! could you send a pic and let us know how much that lucky seller got from you for these legos?
Oh and please include what you think these legos will be worth one day.


show them Legos @Onvacation
dont be embarrassed of your investment in legos. Send a pic and tell us how much you bought it for.
937   Onvacation   2021 Feb 5, 7:30am  

While the original was sized to be more collector's piece than plaything, this new-gen option is decidedly on the latter side. Two spring-loaded shooters, a fully accessible interior, smuggling compartment, and six franchise-spanning minifigures ensure hours of play with this 1,353-piece kit.


I thought you would appreciate the MILLENNIAL cruiser.
938   Onvacation   2021 Feb 5, 7:31am  

I also collect subway tokens.
939   Onvacation   2021 Feb 5, 7:31am  

I wouldn't call them investments, just waiting to use them on the subway.
940   Bitcoin   2021 Feb 5, 7:44am  

Onvacation says
While the original was sized to be more collector's piece than plaything, this new-gen option is decidedly on the latter side. Two spring-loaded shooters, a fully accessible interior, smuggling compartment, and six franchise-spanning minifigures ensure hours of play with this 1,353-piece kit.


I thought you would appreciate the MILLENNIAL cruiser.


@onvacation
I love this, how much did you pay for it and what do you think it will be worth in 5 years?
941   Onvacation   2021 Feb 5, 7:46am  

And robots. I have a robot collection.
942   Onvacation   2021 Feb 5, 7:49am  

But back to the subject of this thread.

Bitcoin is a scam. Someday everyone will figure out that there is no value stored in crypto.

The HODL'ers will keep on HODL'ing and they will claim that their precious coin is worth 100,000 (in fiat) but no one is selling because, "they're not making any more". Just like the Falcon Millennials love.
943   Onvacation   2021 Feb 5, 7:53am  

22,000,000 X $300,000 = $660,000,000,000 is bitcoin's eventual market cap in 2140 when only HODL'ers hold and they're not (can't) sell(ing).
944   Onvacation   2021 Feb 5, 8:06am  

Onvacation says
Two spring-loaded shooters,

Two spring loaded shooters. TWO!!

I don't actually invest in toys. I have been dollar cost averaging into the stock market for decades and the paper looks good. On paper.

What is really important is living a good balanced life.

So go ahead and play with your E-tokens but realize they are only worth as much fiat as the next greatest fool is willing to pay and you are paying for vast amounts of electricity to keep the spreadsheet updated.
945   Bitcoin   2021 Feb 5, 8:09am  

G36 says
Onvacation says
While the original was sized to be more collector's piece than plaything, this new-gen option is decidedly on the latter side. Two spring-loaded shooters, a fully accessible interior, smuggling compartment, and six franchise-spanning minifigures ensure hours of play with this 1,353-piece kit.


I thought you would appreciate the MILLENNIAL cruiser.


@onvacation
I love this, how much did you pay for it and what do you think it will be worth in 5 years?


How much did you pay for it and what do you think it will be in 5 years? Its okay. Just tell us. Stand behind your investment. Dont be embarrassed.
946   Onvacation   2021 Feb 5, 8:12am  

First tell us about crypto market cap and how it is calculated.

That Millennial Falcon is pretty cool. Google it, you can probably get one if you cash in a couple thousand Satoshis.
947   porkchopXpress   2021 Feb 5, 8:42am  

Crypto on a tear today.
948   Bitcoin   2021 Feb 5, 8:47am  

man, you are even too embarrassed to tell us how much you paid for your toys/investments?
Its not like you DCA in :) its okay, I wont press you. I got what i needed.

Yeah, crypto is on freaking fire...Those altcoins I have in my portfolio are absolutely exploding. Many pulled several X since I stopped DCA'ing

DCA stands for dollar cost average. you basically buy portions during accumulation phases and when these coins moon you DCA out of it.

This is going to be the biggest year for crypto in history! Can you tell I am excited :) lets go baby!
949   WookieMan   2021 Feb 5, 9:19am  

G36 says
man, you are even too embarrassed to tell us how much you paid for your toys/investments?

You haven't left Socal your entire life. Pretty sure that's more embarrassing. The parents basement must be treating you well. Where have you EVER traveled? Not just recently? Ever. You have no experiences besides mountain biking on brown and bland terrain in Socal. Just answer a simple question about anything at this point besides doing activities for children.

You ever wonder why the rich buy yachts, travel to Europe, Asia or the Caribbean? Because they can and want to. Even the richest people don't want to be stuck in the same spot. It's awful. Getting out and seeing the world makes you understand that your little corner is shit. There are better places and people out there.

My uncle chooses to summer in Chicago of all places in a $20k a month penthouse condo. Scottsdale is hot in summer, but he ditches an $8M home for Chicago 3 out of 4 weeks all summer each month. He also doesn't touch crypto and has 4 sports cars in his garage that are worth 7x's your screenshot crypto investment.

Until you understand that people make exponentially more than crypto via other methods, you'll just be a troll and spammer. It's not my money, but my uncle ain't on this site or any others for that matter trying to sell shit. There's a reason I know you're broke having known a ton of people that are legit wealthy. It's why I troll you and it's why you get so frustrated. It's funny.
950   Onvacation   2021 Feb 5, 9:20am  

G36 says
I got what i needed

What did you need?
951   Bitcoin   2021 Feb 5, 9:36am  

oh boy....another very cold day in IL...

beautiful here in Socal and Ethereum is over 1.7k (it was 700 in December).

Bad day for sissy with her BSDS.





Sis, did you get that umbrella now?
952   Onvacation   2021 Feb 5, 9:46am  

Why do some people feel the need to be superior?
953   Bitcoin   2021 Feb 5, 9:47am  

Onvacation says
Why do some people feel the need to be superior?

Its her BSDS.
She missed out on Bitcoin and hates winters in IL.
I offered help many times (with Bitcoin). I cant help with the sunshine but I can help her to get an umbrella.
955   WookieMan   2021 Feb 5, 9:53am  

G36 says
I cant help with the sunshine but I can help her to get an umbrella.

Sunny as can be here. No umbrella needed... it's not raining.... Actually just took the dog for a walk. Good day. Got a 40th birthday party to attend this late afternoon with some supposedly amazing authentic Mexican food made by his wife.

Quick tip. Until you've been to IL, you might want to stop bashing it. You know nothing because you haven't left where you live. Which is sad.
956   Bitcoin   2021 Feb 5, 9:57am  

see, it gets her every time. every. time :)

Socal


Sissy's life (on the right)....Sis doesnt own an umbrella (yet).
957   WookieMan   2021 Feb 5, 10:43am  

G36 says
Sis doesnt own an umbrella (yet).

You never cease to amaze me. WTF is an umbrella gonna do in that situation? That's probably some dip shit from CA that's never seen snow besides the nearby mountains that take 4 hours to get to even though as the crow flies it should only take 30 minutes because of shit traffic. You don't use an umbrella when it snows... fact.

That weather also doesn't scare me. I'm able to handle it. Sad we've come to the point where men can't even handle winter. I guess we are doomed as a country when snow is scary and spreadsheets are interesting.
958   Bitcoin   2021 Feb 5, 10:44am  

see, every time.

she cant help herself

959   Onvacation   2021 Feb 5, 10:47am  

WookieMan says
Until you've been to IL,

I got to work in Chicago for a couple months back in the 90's. Stayed at the Days Inn Navy Pier. Awesome place to go in the summertime. Been stuck at O'hair too many times in the winter.

Have not been there this century, but Chicago used to be awesome.
960   Bitcoin   2021 Feb 5, 12:17pm  

that BSDS has strong symptoms....the triggers are fascinating.

Here's a Bitcoin sunset. Bitcoin is approaching 40k and makes us BTC holders happy. I'll skip on IL in the winter. Heard Chicago is not very safe these days. Is that why you keep talking about guns and ammo?

Sunshine and Bitcoin makes people happy. Bad weather can be depressing and makes people sometimes jealous or even angry. (BSDS symptoms).



The good thing is that snow shoveling can be a form of exercise if done right.

Please watch your back Sis! Snow shoveling can lead to back issues especially in places that get hit hard during winter.

https://upnorthlive.com/news/local/physicians-provide-tips-for-proper-snow-shoveling

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