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Bitcoin Misinformation


               
2020 Nov 10, 10:01am   166,517 views  2,227 comments

by Onvacation   follow (4)  



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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2222   Onvacation   2025 Dec 9, 6:12pm  

AD says

Bitcoin is “less fiat” because it resists the inflationary and political dynamics of fiat.

Or maybe bitcoin's a scheme for the same people that control the fiat currencies. Not only is it a simple method to transfer large amounts of cash, it also soaks up some of the dollars that would otherwise be invested in real things like stocks, bonds, real estate, and precious metals.
2223   Patrick   2025 Dec 9, 9:21pm  

Bitcoin is fragile.

The whole thing depends on no one figuring out how to reverse the hash function it uses.

If someone figures that out, it's over.
2224   stfu   2025 Dec 10, 4:58am  

Patrick says

The whole thing depends on no one figuring out how to reverse the hash function it uses.


The original white paper suggested using SHA-256 but I don't know if that's what was actually implemented.

It's good to go back and re-read that white paper from time to time. Satoshi was more script kiddie than genius - the paper simply repackaged other peoples innovations and added an NTP server to create a time stamps on a dynamic list of transactions (similar to a single array database?) To a non-coder it seems pretty fragile to me. It basically admits it's security is based on the expense to hackers being greater than the expense of honest participation in the chain. Which I think is true right now.

I agree with @Patrick - it's only a matter of time. Wouldn't it be trivial for a real quantum computer to crack the encryption and re-write the block chain? Or is quantum computer just another bullshit invention meant to dazzle us neophytes?
2225   AD   2025 Dec 10, 9:27am  

right now it is not worthwhile to sell covered calls for Fidelity Bitcoin ETF (ticker FBTC) as my rule is the probability of expiring out of the money added to the annualized gain from the call premium should equal at least 100%

for this call option contract, that is 80% + 9.87% or 89.87%


2226   SharkyP   2025 Dec 10, 9:49am  

IDK, but I’ve made a lot of money on BItcoin through Grayscale, bailed and now only trade etherium through 2 etfs.
Makes more sense to an idjit like me.
2227   AD   2025 Dec 10, 11:08am  

SharkyP says

I’ve made a lot of money on BItcoin


so Bitcoin is not going to return at least 20% a year on average for next 10 years ?

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