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Bitcoin Misinformation


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2020 Nov 10, 10:01am   95,026 views  2,057 comments

by Onvacation   ➕follow (3)   💰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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1894   richwicks   2022 Jun 22, 4:23pm  

Robber Baron Elite Scum says


Bitcoin is pump and dump of course but it will continue due to the money laundering that can done on it without any trace


It's a myth that bitcoin can't be traced.

It's a database that keeps every transaction ever made with the token available. That's why it's so fucking agonizingly slow and why it's basically an unworkable currency.

The IDEA is you just have an anonymous wallet, and if you just use the wallet, it can't be traced, UNTIL you try to turn it into cash. Use your wallet to ONCE turn it into cash, you're traceable, and if you move it to another wallet, people looking at the blockchain and see meta data, and notice you only send bitcoin to that wallet cash out.
1896   Bd6r   2022 Jul 1, 1:35am  

Dont know if anyone posted this but:

it’s now becoming increasingly evident that Bitcoin may be a creation of the NSA and was rolled out as a “normalization” experiment to get the public familiar with digital currency. Once this is established, the world’s fiat currencies will be obliterated in an engineered debt collapse (see below for the sequence of events), then replaced with a government approved cryptocurrency with tracking of all transactions and digital wallets by the world’s western governments.

Then there’s this 1997 NSA Document: How To Make A Mint The Cryptography Of Anonymous Electronic Cash

https://web.archive.org/web/20210818185225/https://twitter.com/RudyHavenstein/status/941542996457041920

Food of thought for bitcoin enthusiasts. It is just for efficient tracking of what you do.

Insert here obligatory picture about decentraluzed fungable and private bitcoin
1897   AmericanKulak   2022 Jul 1, 5:39pm  

Cash is King.

Please get into the habit of using cash, at least for small purchases, folks.
1898   AD   2022 Jul 1, 10:24pm  

Bitcoin peaked at $19,650 back in December 2017, then it crashed.

It is now at $19,231.

If it drops 10% below $19,650 then there is a lot of downside potential for it to drop another 20%.

.
1899   Onvacation   2022 Jul 7, 6:39pm  

ad says

It is now at $19,231

Back over $20k.
HODLER's be buying the dip.
1900   Cash   2022 Jul 7, 7:16pm  

Onvacation says

Back over $20k.
HODLER's be buying the dip.
Some are probably but its a bull trap imo big money (miners) spending a little money to draw the sucker crowd in to sell to.... Not enough blood in the streets for me to be buying much of anything on the other side of the $USD: crypto, equities or metals not even to $-cost average.
1901   Cash   2022 Jul 8, 5:50pm  

142,000 Bitcoin Could Be Dumped As Creditors Eye Mt. Gox Repayment
The Mt. Gox rehabilitation trustee asked creditors to choose between bitcoin, cash or Bitcoin Cash to receive repayment, risking pressuring the market further.

https://www.nasdaq.com/articles/142000-bitcoin-could-be-dumped-as-creditors-eye-mt.-gox-repayment
1902   RWSGFY   2022 Jul 8, 6:22pm  

AmericanKulak says


Cash is King.

Please get into the habit of using cash, at least for small purchases, folks.


So "small business" folks can do what us, paycheck-earning stiffs, can't - avoid taxes? If I pey cash I expect a discount so tax savings are shared with me.
1903   RWSGFY   2022 Jul 8, 6:25pm  

Voyager went belly up. When they went online earlier this year they were giving out $100 to anyone who would open an account and deposit $100. Doubled my $100 "investmnet" and GTFO the very next day.
1904   Onvacation   2022 Jul 9, 3:57pm  

RWSGFY says

So "small business" folks can do what us, paycheck-earning stiffs, can't - avoid taxes? If I pey cash I expect a discount so tax savings are shared with me.

Give small business a break. If the government needs more money they can print it.
1905   B.A.C.A.H.   2022 Jul 9, 4:03pm  

richwicks says


ONCE turn it into cash, you're traceable

A late friend of mine told me that serial numbers of banknotes including US federal reserve notes are routinely scanned. He said they're scanned when we withdraw from an ATM, and they're scanned when we make a cash deposit at an ATM.

I have noticed in recent years that when I withdraw a lot of bills at a teller, those are "counted" by one of those fast counting machines before the teller gives them to me. I have also seen them use the counting machine to verify the amount of cash I deposited.

Yeah, he said, the counting is a cover story. Maybe the tellers don't even know themselves, the real purpose for using those machines is to scan the serial numbers.

But he tended to see conspiracies in all sorts of stuff.
1906   HeadSet   2022 Jul 10, 8:11am  

B.A.C.A.H. says


real purpose for using those machines is to scan the serial numbers.

Interesting. I suppose one could test this by blotting out one of the digits in the serial number with a permanent marker, then see if it goes through.
1907   Onvacation   2022 Jul 13, 6:23am  

Wow! Bitcoin dropped almost $1,000 this morning. Talk about volatility!

What happened to our fanboi? I hope the jab did not kill him.
1908   WookieMan   2022 Jul 13, 6:28am  

Onvacation says

Wow! Bitcoin dropped almost $1,000 this morning. Talk about volatility!

What happened to our fanboi? I hope the jab did not kill him.

Nice drop. I think it has one more run and is done after that. We're talking a 4-8 year timeline. It will go back up. At some point people will be sick of being burned by a spreadsheet with no tangible value. Although most humans are morons, so I could be wrong.
1909   richwicks   2022 Jul 13, 8:34am  

Onvacation says

Wow! Bitcoin dropped almost $1,000 this morning. Talk about volatility!

What happened to our fanboi? I hope the jab did not kill him.


Hey @Bitcoin - you still alive?

Hope you got out at the top, and who knows - even if you didn't, it might recover. But I'm telling you, it's a scam. It's not workable as a currency and never will be, transaction times are way too slow and beyond that, it's far too volatile as a currency. The volatility would be fine if you could get in an out in seconds, and not hours or days.
1910   Onvacation   2022 Jul 13, 6:53pm  

Up $1,200 today. Traders can make money on Bitcoin if they can time the market correctly. Manipulators can make money, because that's what they do.

If you don't know who the fool is, it's probably you.
1911   zzyzzx   2022 Jul 14, 9:58am  

https://finance.yahoo.com/m/b260033a-5cee-3df6-8606-34e47a19ec64/%E2%80%98i-just-wake-up-and-cry%E2%80%99-.html

Voyager and Celsius bankruptcies have destroyed some crypto investors’ confidence in centralized platforms
1912   Misc   2022 Jul 14, 10:38pm  

Bitcoin trades about 9-10% of its total value every day.

No shit it is manipulated.
1913   Onvacation   2022 Jul 15, 10:20am  

Thanks for the link @stfu

unless there would be worldwide government collapses and the end of commercial banking with their respective protectorates, central banks, there is little reason for cryptocurrencies, except for illegal activities.

Any worldwide collapse where Bitcoin prevails must be predicated upon electricity still being generated and firms that provide the Internet still running. That seems unlikely, except, perhaps for Elon Musk's Starlink. Individuals still would need to generate their own electricity to power their own computing equipment and Musk's Starlink would still need to generate electricity to power data centers that operate the Starlink system.


https://truedollarjournal.blogspot.com/2022/06/bitcoin-in-2022-is-massive-failure.html
1914   Cash   2022 Jul 15, 5:32pm  

Onvacation says

there is little reason for cryptocurrencies

For the most part I agree considering there are 20k+ cryptos and for 99.99% will likely go down in flames
due to no real use case and not because "they are used for illegal activities" which is a statement out of ignorance, not facts.
Lots and lots of crypto are marketed on future promises of utility of some sort however the very large majority will never amount
to anything and disappear.

The other <1% already have use case and are being tested, used and developed by the worlds governments and the largest of institutions
and besides a couple of small countries declaring BTC a currency for their countries I don't believe BTC or ETH are going to make the
cut as reserve currencies however the technology in the digital crypto space will be a much larger player across the world as time goes on,
particularly due to the worlds governments war on fiat and it won't take 20000+ crypto to get that job done.
1915   HeadSet   2022 Jul 15, 6:22pm  

Cash says

"they are used for illegal activities" which is a statement out of ignorance, not facts.

Without bitcoin, ransomware would be impossible.
1916   Cash   2022 Jul 15, 6:41pm  

Crypto vs Fiat: Is One Or The Other More Of A Haven For Illicit Finance?
https://regtechconsulting.net/crypto-blockchain/crypto-vs-fiat-is-one-or-the-other-more-of-a-haven-for-illicit-financing/

The total amount of illicit fiat activity dwarfs that of the total amount of illicit crypto activity: trillions of dollars versus billions of dollars. But the relative amount of illicit fiat activity is miniscule compared to the relative amount of illicit crypto activity: for every one million dollars of crypto-related activity, $3,400 is “illicit”, but for every one million dollars of fiat-related activity, only 80 cents is illicit.
1917   Cash   2022 Jul 15, 6:45pm  

Are ransomware and cryptocurrencies intrinsically linked?
https://techmonitor.ai/technology/cybersecurity/ransomware-and-cryptocurrencies

Without the existence of cryptocurrencies, ransomware would still be a big problem, says Nick Biasini, head of outreach at Cisco Talos. “If you go way back and start at the beginning of ransomware before it became the pervasive issue that it is today, it was actually not based on cryptocurrencies. The payment system was designed around gift cards or various other types of payment cards that you could operate.”
1918   GNL   2022 Jul 15, 6:45pm  

richwicks says

The volatility would be fine if you could get in an out in seconds, and not hours or days.

Holy cow, it takes days to complete a transaction with bitcoin?
1919   richwicks   2022 Jul 15, 7:09pm  

WineHorror1 says


richwicks says


The volatility would be fine if you could get in an out in seconds, and not hours or days.

Holy cow, it takes days to complete a transaction with bitcoin?



Yes. It works as a distributed database, to confirm the transaction you have to access 1000's of computers, and that takes time AND energy plus you're in a queue.

People who promote bitcoin haven't bothered to even check to see if it's viable. It's not viable, at least yet.

This problem has existed for years, and it's always "soon to be addressed, there's going to be a fix", but there never will be.

Bitcoin is too volatile, and slow, to actually ever be useful as a currency. It's an obvious tulip.
1920   just_passing_through   2022 Jul 15, 9:09pm  

Jesus Christ.

This really is the bitcorn MISINFORMATION thread.
1921   Onvacation   2022 Jul 15, 9:57pm  

Cash says

"they are used for illegal activities" which is a statement out of ignorance, not facts.

Really?
1922   Onvacation   2022 Jul 15, 9:59pm  

HeadSet says

Without bitcoin, ransomware would be impossible.

If there's a will there's a way.
1923   Onvacation   2022 Jul 15, 10:04pm  

Cash says

Crypto vs Fiat

One is fiat, the other is measured with fiat.
1924   Cash   2022 Jul 16, 7:32am  

Onvacation says

One is fiat, the other is measured with fiat.

And ATM cash is king x3 and BTC is w/o a doubt going to be smashed 12.5k - 10k then it will be time to look at
buying utility coins at crazy discounts.
1925   HeadSet   2022 Jul 16, 9:25am  

Onvacation says

HeadSet says


Without bitcoin, ransomware would be impossible.

If there's a will there's a way.

Nice bromide there, but please explain how a ransomware crook would collect without an untraceable payment?
1926   Onvacation   2022 Jul 16, 11:36am  

HeadSet says

Nice bromide there, but please explain how a ransomware crook would collect without an untraceable payment?

Just Bromiding.
1927   Onvacation   2022 Jul 16, 11:46am  

Are bitcoin transactions truly untraceable?

I'd say no.
1928   HeadSet   2022 Jul 16, 5:29pm  

Onvacation says

Are bitcoin transactions truly untraceable?

I'd say no.

Then wouldn't it be simple to find out who collected the payments and arrest them? Plenty of motivation to prosecute when the victims are large corporations, police departments, government offices, and hospitals, and the ransom payments are usually large.
1929   richwicks   2022 Jul 16, 5:34pm  

HeadSet says

Onvacation says


Are bitcoin transactions truly untraceable?

I'd say no.

Then wouldn't it be simple to find out who collected the payments and arrest them? Plenty of motivation to prosecute when the victims are large corporations, police departments, government offices, and hospitals, and the ransom payments are usually large.


It's pretty well understood that the people blackmailing people is the government itself. The "equation group" is a bunch of assholes inside of the NSA. We KNOW who is doing that, but our government is the fucking criminals themselves.
1930   SunnyvaleCA   2022 Jul 16, 5:58pm  

Chart above is missing (at least) one important row:
Transaction Privacy: high, high, low
Transaction Anonymity: high, high*, high**

* serial numbers on bills can be tracked (e.g.: finding Lindbergh kidnappers using serial numbers of ransom)
** if a user is identified for a single bitcoin transaction, then all transactions with that address are deanonomized
1931   Onvacation   2022 Jul 23, 9:54am  

Bitcoin Price Prediction: BTC Fails to Touch the Crucial Resistance
Looking at the daily chart, the bulls are struggling in keeping the Bitcoin price above the 9-day and 21-day moving averages, but the price is currently dropping below the 9-day MA. BTC/USD has been suffering since the European session as the technical indicator Relative Strength Index (14) moves to cross below 50-level. This could mean that the King coin is not yet ready for the upside.

1932   Bd6r   2022 Jul 23, 11:05am  

Onvacation says

BTC Fails to Touch the Crucial Resistance

BUY NOW OR YOU WILL BE POOR FOREVER!
1933   zzyzzx   2022 Aug 2, 7:08am  

https://finance.yahoo.com/news/nomad-hack-stolen-funds-125623615.html

Nearly $200 million drained from crypto bridge Nomad in latest crypto hack

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