Bit Coin = Big Con?

[IAW]

I thing it is.
Bit Coin = Big Con?

[IAW]

Yet heard of Tulip Mania?
Check it out on youtube.

[nick3131]

Say I gave you a $100 bill. You go to the woods and hide it somewhere. Somewhere that only you know of. You don't write it down anywhere. As long as you remember where it's at. Nobody on this planet besides you can take it. Let's assume it's so deep in the woods the odds of some kid accidentally digging it up is almost 0.

Now I give you $100 on paypal. At any point any number of government organizations and paypal themselves can just take away that $. They can go into the ledger and turn that $100 into $0.

How do you accomplish this cash level of ownership on the internet? That is the problem crypto attempts to solve. By having no organization operate it. It is operated by everyone who is part of the network. The entire network is gigantic with millions of individual actors.

Bitcoin is the oldest most established and has the biggest blockchain network. That is why it's worth the most.

So no unlike the tulip mania. Crypto Currency really does have a viable product. Is the value blown out of proportion perhaps? Maybe or maybe not. That's the nature of speculation. If enough people believe in it, then that is the reality.

[CurrentlySober]

Originally Posted by nick3131

Say I gave you a $100 bill.

If you gave ME a $100 bill, I can fuckin GUARANTEE that you'd never see it, or me, ever again

[IAW]

Originally Posted by CurrentlySober

If you gave ME a $100 bill, I can fuckin GUARANTEE that you'd never see it, or me, ever again

word

[IAW]

Originally Posted by nick3131

Say I gave you a $100 bill. You go to the woods and hide it somewhere. Somewhere that only you know of. You don't write it down anywhere. As long as you remember where it's at. Nobody on this planet besides you can take it. Let's assume it's so deep in the woods the odds of some kid accidentally digging it up is almost 0.

Now I give you $100 on paypal. At any point any number of government organizations and paypal themselves can just take away that $. They can go into the ledger and turn that $100 into $0.

How do you accomplish this cash level of ownership on the internet? That is the problem crypto attempts to solve. By having no organization operate it. It is operated by everyone who is part of the network. The entire network is gigantic with millions of individual actors.

Bitcoin is the oldest most established and has the biggest blockchain network. That is why it's worth the most.

So no unlike the tulip mania. Crypto Currency really does have a viable product. Is the value blown out of proportion perhaps? Maybe or maybe not. That's the nature of speculation. If enough people believe in it, then that is the reality.

That's a long sales pitch.
Not interested.

[dUbster]

I got into Bitcoin in 2013, and I have made a lot of money with it since then

[nick3131]

Originally Posted by IAW

That's a long sales pitch.
Not interested.

Not selling anything

I wish I was but I haven't found anything worth promoting. have been out of the game for quite some time (since 2009).

[IAW]

Originally Posted by nick3131

Not selling anything

I wish I was but I haven't found anything worth promoting. have been out of the game for quite some time (since 2009).

You are pushing Big Coin, which is probably a Big Con.

[Look Chang]

I have a vague idea who the Big Con is . . . .

[baddog]

Originally Posted by CurrentlySober

If you gave ME a $100 bill, I can fuckin GUARANTEE that you'd never see it, or me, ever again

Things would to have really changed for him to be able to give anyone $100; $1.00 maybe

[jscott]

IAW, if you had a choice to take $100 and keep it for 10 years, or $100 in Bitcoin and keep it for 10 years, which would you take?

This is a question of your intelligence. One of them makes you extremely stupid, and one does not.

[dUbster]

Originally Posted by jscott

IAW, if you had a choice to take $100 and keep it for 10 years, or $100 in Bitcoin and keep it for 10 years, which would you take?

This is a question of your intelligence. One of them makes you extremely stupid, and one does not.

I hid my bitcoin wallet on an old hard drive until 2021 when bitcoin hit $61,000 When I sold most of my bitcoin
I sold 17 bitcoins for $61,000 a piece and made just over 1 million

The amount is the value that it was worth when bitcoin was $61,000 in 2021
At the end of 2014 the price of 1 bitcoin was $318
So think about how cheap I got these bitcoins for

https://i.imgur.com/cGf1oRx.png

[jscott]

dUbster, good for you man, you must believe in math, logic, & know about the REAL "Big Con", which of course is Federal Reserve, central banks, inflation.

[dUbster]

Originally Posted by jscott

dUbster, good for you man, you must believe in math, logic, & know about the REAL "Big Con", which of course is Federal Reserve, central banks, inflation.

Yes sir
Best part is I am located in a country that doesn't tax cryptocurrency profit

[nikki99]

Originally Posted by dUbster

Best part is I am located in a country that doesn't tax cryptocurrency profit

best countries

[Focus]

Originally Posted by dUbster

I hid my bitcoin wallet on an old hard drive until 2021 when bitcoin hit $61,000 When I sold most of my bitcoin
I sold 17 bitcoins for $61,000 a piece and made just over 1 million

The amount is the value that it was worth when bitcoin was $61,000 in 2021
At the end of 2014 the price of 1 bitcoin was $318
So think about how cheap I got these bitcoins for

https://i.imgur.com/cGf1oRx.png

Congrats mate. 💰

[sardelkin]

Yes, it is: https://www.eatliver.com/cryptocurre...gardaddy-meme/

[IAW]

Originally Posted by jscott

IAW, if you had a choice to take $100 and keep it for 10 years, or $100 in Bitcoin and keep it for 10 years, which would you take?

This is a question of your intelligence. One of them makes you extremely stupid, and one does not.

Have you heard of tulip mania where one tulip bought a castle?
YouTube "tulip mania".
Japanese real estate bubble?
Bubble as a term?

How many suicides $67000 to $18000 drop caused?

[jscott]

Originally Posted by IAW

Have you heard of tulip mania where one tulip bought a castle?
YouTube "tulip mania".
Japanese real estate bubble?
Bubble as a term?
How many suicides $67000 to $18000 drop caused?

Comparing a plant to a technology that is based on math is ridiculous.

Why won't you answer my question?

[AmateurFlix]

Originally Posted by IAW

Have you heard of tulip mania where one tulip bought a castle?
YouTube "tulip mania".
Japanese real estate bubble?
Bubble as a term?

Exactly. There is no reason for bitcoin to do anything but lose market share to superior competing technologies over the long term.

There will be tons of volatility along the way, plenty of money to be made in volatility, hence why all these trading firms are getting in on the action. They'll pump the bubble then pop it, buy in and sell at the top, over and over again, same as the precious metals market is manipulated. They've even referred to it as "digital gold." The lack of price stability will likely have a deleterious effect on long term investors in the coming years.

Scary times for anyone who bought in the last couple years and is planning on holding it long term.

[jscott]

Originally Posted by AmateurFlix

Exactly. There is no reason for bitcoin to do anything but lose market share to superior competing technologies over the long term.
There will be tons of volatility along the way, plenty of money to be made in volatility, hence why all these trading firms are getting in on the action. They'll pump the bubble then pop it, buy in and sell at the top, over and over again, same as the precious metals market is manipulated. They've even referred to it as "digital gold." The lack of price stability will likely have a deleterious effect on long term investors in the coming years.
Scary times for anyone who bought in the last couple years and is planning on holding it long term.

Please stop promoting the ponzi in your sig.

[AmateurFlix]

Originally Posted by jscott

Please stop promoting the ponzi in your sig.

We've been over this, try to remember your lesson. It's not a ponzi, that is libel, something which the admins here used to take action against... I will demonstrate your ignorance of this topic every single time, there will be no relent

Notice how this clown is unable to make any sort of substantive argument or have any kind of educated discussion about the matters at hand? Always with false accusations of some type of fraud, with zero evidence to back up his claims. When a valid point is made, he simply dismisses it as "ridiculous", because he lacks the ability to refute it.

Please educate yourself twatwaffle

Twatwaffle
Complete idiot that mere idiot, dumbass, or imbecile can not adequately describe.; however, to earn the title of twatwaffle, one must also attempt to assert authority/expertise where none is had

[jscott]

Originally Posted by AmateurFlix

We've been over this, try to remember your lesson. It's not a ponzi, that is libel, something which the admins here used to take action against... I will demonstrate your ignorance of this topic every single time, there will be no relent
Notice how this clown is unable to make any sort of substantive argument or have any kind of educated discussion about the matters at hand? Always with false accusations of some type of fraud, with zero evidence to back up his claims. When a valid point is made, he simply dismisses it as "ridiculous", because he lacks the ability to refute it.

I called out the ponzi you promote in another thread. There are many signs & red flags. Anyone who follows you into the ponzi you promote, in long run, will lose all their money.

Remember, the #1 red flag in spotting a ponzi is the promise of high returns with low risk, you can see that in the white paper of the ponzi you promote.

I get it, you're overinvested and need to bring in new dummies to support the ponzi, I know how hard it can be to make a dolla these days, by all means, do what you need to, but I'll warn people in every single thread about the ponzi you're promoting.

(to anyone following up with my claims, check the whitepaper and search "fixed yield ", "high yield" , & "low risk", it's all there)

Here's an in depth writeup about the Elephant.money scam
https://medium.com/@HackLaddy/elepha...m-3277338547c1

Summary
To strip away all the complex mechanics, here are the two main reasons why, no matter how deflationary the token, or how long the APR runs for, the project is a scam.

The protocol needs to have people mint more TRUNK, by using BUSD and ELEPHANT, and then sell that for ELEPHANT, to allow the Treasury to keep buying back TRUNK from the market to pay the 205% APR. This can’t sustain itself, as users have no incentive to do so, when they could just trade their original token for ELEPHANT.
The protocol taxes ELEPHANT holders, and reflects it back to liquidity, and other ELEPHANT holders. This is also done more indirectly through the locked staked TRUNK tokens, which are used to pay the interest to all holders through the Treasury. This is a common, simple Ponzi mechanic in many scam tokens such as Safemoon. It puts you at an immediate loss, and requires new investors just to break even.

[IAW]

Originally Posted by jscott

Comparing a plant to a technology that is based on math is ridiculous.

Why won't you answer my question?

Why won't you answer my question?
Japanese real estate bubble? Not a plant.
How many suicides the BitCon drop from $67000 to $17000 caused?

[AmateurFlix]

Originally Posted by jscott

I called out the ponzi...

There is nothing remotely deceptive about the project in my sig. The entire system, it's mechanics, and the treasuries are completely 100% transparent and available for anyone to inspect. Your pathetic attempt to repeatedly use the word "ponzi" to describe something which is clearly above your head only serves to undermine your reputation Ponzi's, by design, continuously drain incoming funds through fraudulent means to pay early investors at an unsustainable rate; in contrast, Elephant.money keeps growing larger and larger treasuries, and ever deepening liquidity. This is not possible with a ponzi, you ignorant twatwaffle.

Look at the growing liquidity, look at the growing treasury, look at the growing user base. All fully transparent.

Moreover, this thread isn't about the project in my sig, it is about the hazards and risks of bitcoin. As soon as I brought up some valid concerns about bitcoin, you being unable to refute them, instead attacked the project in my sig and by extension my reputation, yet again.

I get it, you've been parading around gfy trying to pass yourself off as some kind of crypto guru and now your little charade has been revealed, your game is over. Boo-fucking-hoo, that is the price you pay for misrepresenting yourself in front of your colleagues. Frankly, I don't care what game you're playing or who you're trying to present this fraudulent image of yourself to... but you're not going to do it at my expense.

I will call you out on your deception every fucking time that you mention my name or my sig.

That medium article you linked - anybody can write on medium, it's a free platform and anyone can post regardless of their knowledge or lack thereof - is citing taxes as some kind of proof that it's a scam, and it only gets more idiotic from there. Moreover, the article is old and is describing an earlier version of the system mechanics which is no longer even used... so the whole thing is inaccurate and not worth addressing.

Had you the ability to comprehend the whitepaper I would be happy to debate it with you; but you don't, so instead you're going to leverage attack pieces which you don't comprehend either.

Newsflash - the largest projects in crypto, good or ill, all have attack pieces written about them that seek to leverage SE keyword traffic.

Originally Posted by jscott

Remember, the #1 red flag in spotting a ponzi is the promise of high returns with low risk, you can see that in the white paper

Congratulations for your ability to remember a general warning posted on damn near every crypto broker's website. It is a guide, not a rule. Some projects are more profitable than others, this is one of them.

Originally Posted by jscott

I get it, you're overinvested...

Not even close. Another false accusation.

I suspect the reason that you keep bringing this up is that you've likely purchased bitcoin at some point in the past two years and as such are likely underwater right now, and are projecting your own problems and your own con onto me. Is that the reason you keep trying to bring new people into bitcoin?

You can't refute my criticisms of it, you only ever deflect and change the subject.

[jscott]

If you're not promoting a ponzi, you're not going to care what people say or think, since you don't need to reel in new users. If you are promoting a ponzi, well, then...... you gonna be pissed like hell (like some pissed off folks in this thread)

Advice: make your money and get out, in a ponzi that pays high yield .... YOU are the yield, there is no other sustainable way for the ponzi to work. Have luck.

ps
if you love or support ponzi, please do not buy gold, silver, BTC, stock index, real estate or any assets of value, you're undeserving.

[AmateurFlix]

More baseless accusations.

Like a parrot with Tourrette's squawking a word he doesn't comprehend while feigning ignorance of why someone would object to false accusations attacking their character.

What a pathetic lying little crypto charlatan. This sector is rife with incompetents and hucksters because it's easy to sound like you have a clue when you don't.

[INever]

Probably should have bet a few 100 ten years ago after meeting Satoshi at the cafe.


But he told me it's just for softening up the masses for some ting worse.