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Bitcoin Misinformation


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2020 Nov 10, 10:01am   149,213 views  2,193 comments

by Onvacation   ➕follow (4)   ignore (3)  



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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2187   🎂 Onvacation   2025 Feb 16, 8:44am  

AD says

1 ounce silver was around $48 an ounce during the middle of Obama's first term (April 2011 and with all the Quantitative Easing and Zero Interest Rate Policy [ZIRP] ).

It was $36 around December 1979. The 2011 price is its all time high price (non inflation adjusted).

Silver’s all-time high is $49.45, which was the metal’s price on January 18, 1980. The Hunt brothers tried to buy it up. I remember being able to get $8 at the local coin shop for a silver half dollar back in the late 1970's.

I suspect my one ounce silver bitcoin will eventually be worth more than a digital bitcoin.
2188   AD   2025 Feb 16, 9:34am  

Onvacation says


I suspect my one ounce silver bitcoin will eventually be worth more than a digital bitcoin.


So you buy silver as an extreme hedge or insurance for fiat currency (US dollar) ?

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2189   🎂 Onvacation   2025 Feb 16, 9:45am  

AD says

So you buy silver as an extreme hedge or insurance for fiat currency (US dollar) ?

I collect coins.

I like the beauty and history of old coins. New coins are cool too.

Bitcoins are boring.

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2190   🎂 Onvacation   2025 Feb 16, 12:39pm  

Bitcoin price hovers around 100k right now. I predict it will go higher. I would not be surprised if the price doubles or quintuples before its ultimate crash. The greater fools don't know any better.

The price is so high because there is so much money chasing so few coins. The concept of "market cap", total coins times price per coin, does not apply to bitcoin as there is no underlying value but the hope that some greater fool will pay more for the bits than the current buyer currently paid.

It's an expensive and wasteful game tying up capital and consuming vast resources just like the silver coins in my safe. The difference is my silver has real substance and real value as well as being aesthetically pleasing. Bitcoins are nothing but zeros and ones floating on ether.
2191   AD   2025 Feb 16, 1:53pm  

Onvacation says

Bitcoin price hovers around 100k right now. I predict it will go higher. I would not be surprised if the price doubles or quintuples before its ultimate crash. The greater fools don't know any better.


In the past, I recall it used to be that a hedge bet as far as fiat currency was to put at least 10% of assets in a precious metal trust ETF and 10% in oil and gas ETF and the rest in a balanced fund like a 70/30 fund.

When the Bitcoin ETFs were about to be rolled out, I remember "The Mooch" saying on Bloomberg TV while at Davos that he was recommended to his clients to keep about 4 to 5% of assets in a Bitcoin ETF.

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2192   🎂 Onvacation   2025 Jul 8, 5:25pm  

Onvacation says

I could have bought one for $20 but ended up paying $35 ($3 over spot price). I believe it will be worth much more in the future. In 1979 it was almost $50 per ounce.






My bitcoin is up by $5.
2193   Fortwaye   2025 Jul 8, 7:07pm  

Rin says

Misc says


So, with Bitcoin there is an event horizon where it gets sucked into nothingness.


My philosophy ... trade it, don't save it.

Also, it's tied with the Nasdaq flows. If the QQQ starts to go south, sell the cryptos.


what’s QQQ?

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