The Bitcoin Scam

digitalbeachbum's picture

I had a moment where I could have been a millionare but instead ended up being like the guy who spent two Bitcoins on pizza back in 2010.

I had 1,250 coins which were used for Warcraft online, buying gear in the game.

My calculations were that no gold was backing it, there were no services being rendered, no product, so it wasn't worth anything.

Six months ago I was told by someone that it was worth around $1,000. I laughed. Huh? 1,000? Today it is 17,000?

I had done my homework and found that Bitcoin is nothing more than a scam. A pyramid scheme of sorts.

The people who started it are making out like bandits. They have for all intent and purpose, are scamming a lot of people.

They are the people manipulating the market. They are the ones who are raising the prices. They are also the ones who didn't have to mine anything as they just created millions of their own Bitcoins to hold on to for future use.

The bubble when it bursts is going to be huge. Bigger than the collapse in 2007 of the housing market.

Day to day people are going to lose big. Anyone who has the millions should dump their coins now and walk away.

If I had my 1,250 coins that is what I would do. I could live with 21 million+ dollars.

 

EXC's picture

The reason why currencies

The reason why currencies collapse is because governments print too much money.  The 2007/2008 crash was caused by the Fed printing money, giving it to big banks who then were coerced to loan it to the 'oppressed' peoples with no ablity to ever pay it back.

Bitcoin was designed to make it harder to 'print' any new currency over time. You have to use a lot more compute power now to make new bit coins than a year ago. This makes it like gold. Harder to mine over time.

If Bitcoin collapses it will be because governments make it illegal to own any, confiscate it and punish people who posesses it like child molesters. Or hackers find a flaw to exploit.

 

Taxation is the price we pay for failing to build a civilized society. The higher the tax level, the greater the failure. A centrally planned totalitarian state represents a complete defeat for the civilized world, while a totally voluntary society represents its ultimate success. --Mark Skousen

Brian37's picture

 Digital is right, it is a

 Digital is right, it is a scam.

But so is thinking gold or precious metals can feed people. Ideas of importqance are why both work. But between "crapcoin" and physical paper or physical metal, bitcoin is code.

Problem with BOTH is that is that the are BOTH really arbitrary values.

The real bargining is between humans not objects. Our species long before written langauge or nations, were trading pelts and corn meat as if they were coins. 

If you stupidly think gold or silver or paper currency are really that different, you are a fool. I'd say crypto "currency" is even worse because it is just 0s and 1s .

 

What needs to change in our species WORLDWIDE isn't banning computers, or banning physical objects. What needs to change is greed and that will exist, and unless regulated will cause the same problems. Bitcoin is a fad, and not as regulated as a paper trail. 

"We are a nation of Christians and Muslims, Jews and Hindus -- and nonbelievers."Obama
Check out my poetry here on Rational Responders Like my poetry thread on Facebook under BrianJames Rational Poet also on twitter under Brianrrs37

Vastet's picture

Everything exc says is a lie.

Everything exc says is a lie.

Proud Canadian, Enlightened Atheist, Gaming God.

digitalbeachbum's picture

EXC wrote: The reason why

EXC wrote:

The reason why currencies collapse is because governments print too much money.  The 2007/2008 crash was caused by the Fed printing money, giving it to big banks who then were coerced to loan it to the 'oppressed' peoples with no ablity to ever pay it back.

Bitcoin was designed to make it harder to 'print' any new currency over time. You have to use a lot more compute power now to make new bit coins than a year ago. This makes it like gold. Harder to mine over time.

If Bitcoin collapses it will be because governments make it illegal to own any, confiscate it and punish people who posesses it like child molesters. Or hackers find a flaw to exploit.

 

You are partially correct.

1) Currency collapse isn't always caused by printing too much money. It can collapse for a variety of other reasons.

2) Bitcoin founders control the difficulty of the ability to print as well the reward. That is when I realized it was a scam. They never had to mine their coins. They removed the difficulty and printed a few million for their own. They now control the market and they can help it stabalize by manipulating the amount in circulation as well the price.

3) Bitcoin won't need a government to help collapse. It will do that on its own. People have already started to cash out, which is why the coin is stagnant now (slowly going up again). Several of them have apparently told friends or family that they are now billionaires and it was leaked out in to the press. They are dumping their coin to make sure they have cash. Why do they want cash? Why not keep coin? Because cash is more valuable that the coin. That there is the truth. They, the founders, believe in cash more than they do the coin.

EXC's picture

Vastet wrote:Everything exc

Vastet wrote:
Everything exc says is a lie.

Yes, Everything I say is a lie.

EXC's picture

digitalbeachbum wrote:  2)

digitalbeachbum wrote:

 

2) Bitcoin founders control the difficulty of the ability to print as well the reward. That is when I realized it was a scam. They never had to mine their coins. They removed the difficulty and printed a few million for their own. They now control the market and they can help it stabalize by manipulating the amount in circulation as well the price.

3) Bitcoin won't need a government to help collapse. It will do that on its own. People have already started to cash out, which is why the coin is stagnant now (slowly going up again). Several of them have apparently told friends or family that they are now billionaires and it was leaked out in to the press. They are dumping their coin to make sure they have cash. Why do they want cash? Why not keep coin? Because cash is more valuable that the coin. That there is the truth. They, the founders, believe in cash more than they do the coin.

The code for Bitcoin is all open source. So I don't think there could be any secret back door allowing them to mine more bitcoins without anyone know. They intentionally made it more difficult to mine once people started to use it. There is no way they could still be manipulating the market.

As long as they can't be cheated digital currencies will win out over government backed currencies.

Taxation is the price we pay for failing to build a civilized society. The higher the tax level, the greater the failure. A centrally planned totalitarian state represents a complete defeat for the civilized world, while a totally voluntary society represents its ultimate success. --Mark Skousen

Vastet's picture

EXC wrote:Vastet

EXC wrote:

Vastet wrote:
Everything exc says is a lie.

Yes, Everything I say is a lie.

Most everything anyway. Here we see EXC in a super rare moment of honesty.

Proud Canadian, Enlightened Atheist, Gaming God.

digitalbeachbum's picture

EXC wrote:digitalbeachbum

EXC wrote:

digitalbeachbum wrote:

 

2) Bitcoin founders control the difficulty of the ability to print as well the reward. That is when I realized it was a scam. They never had to mine their coins. They removed the difficulty and printed a few million for their own. They now control the market and they can help it stabalize by manipulating the amount in circulation as well the price.

3) Bitcoin won't need a government to help collapse. It will do that on its own. People have already started to cash out, which is why the coin is stagnant now (slowly going up again). Several of them have apparently told friends or family that they are now billionaires and it was leaked out in to the press. They are dumping their coin to make sure they have cash. Why do they want cash? Why not keep coin? Because cash is more valuable that the coin. That there is the truth. They, the founders, believe in cash more than they do the coin.

The code for Bitcoin is all open source. So I don't think there could be any secret back door allowing them to mine more bitcoins without anyone know. They intentionally made it more difficult to mine once people started to use it. There is no way they could still be manipulating the market.

As long as they can't be cheated digital currencies will win out over government backed currencies.

They have more coins than any one else because they didn't need to have the same difficulty in mining the coin. They eventually stopped because the account they were using was visible to others due to the ledger being open to the public. There is no hiding the amount of coins you have up for trade/sale.

They manipulate the market by controling the circulation of the coin. The more rare the coin the higher the value. So they make the difficulty more and the demand increases. If they flood the market they the price will drop.

I never said there was a backdoor

I believe governments need to get wise to this product, but Bitcoin is a rare animal. It provides nothing compared to other cryptocurrency. It is accepted by some companies but with WallStreet now playing the negative game, they are attempting to reign in the crazy whirlwind ride.

I totally support cryptocurrency. I think coins should be removed from circulation and paper money, well, I don't even use it any more. I think the most I've had in my wallet in the last couple of months was ten bucks and I never spent it. Every thing is debit or credit.

digitalbeachbum's picture

And if any one is

And if any one is interested, TRON, a coin destin to be a good, is now trading for .04 but has jumped in recent weeks from .002.

https://www.forbes.com/sites/rogeraitken/2017/08/12/could-this-millennial-crypto-tech-visionary-be-the-next-jack-ma/#3d1793107064

Even a $10 purchase could get you a nice profit down the road.

Vastet's picture

Any tips on how to buy? I'm

Any tips on how to buy? I'm not interested in currency trading, but someone might be; and forbes is behind a paywall.

Proud Canadian, Enlightened Atheist, Gaming God.

digitalbeachbum's picture

Coinbase is a good start if

Coinbase is a good start if you are using credit cards. From there you can use Gatehub, Bitstamp or Binance.

I have accounts with a half dozen online sites. Some are specific.

I prefer using desktop wallets. I also print out (called a paper wallet) my shit and store it in the safe and put a copy in the safe deposit box at the bank.

I save up small amounts of money each month then use that to make small purchases. I attempt to find all the coin which is really cheap.

I prefer stuff that is .00xx but a few of them trading at .0x are good.

 

I've purchase stuff like Ripple, IOTA, DASH, Power Ledger, Etheirum, TRON and even dabbled in some of the off center shit like PotCoin and Dogecoin.

Dogecoin is sort of play coin. It was done as a joke. People give it as a tip to people online. It's free and you get a few coins every day when you jump through their hoops.

So this morning TRON (TRX) was trading at .03 but when I started writing it was at .041 now it is at .046. It has a lot of trading going on.

A $50 buy would give you just over 1,230 coins. Then sit on that, put them in cold storage and wait.

 

On another note. Remember that your wallet always has two keys. A public key and a private key.

You only have to worry about this when you send coins to a paper wallet or desktop wallet.

NEVER GIVE OUT YOUR PRIVATE KEY.

 

There are delays when you purchase and trade. Bitcoin can  have a 30 minute delay while Etheirum has like a 3 minute delay.

Also when you are sending money to your self, always test it first with a small transfer. I prefer to do 2 coins first (gotta pay a little bit to transfer the funds)

If that goes through you know your offline wallet is working. Nothing sucks more than turning your coin in to ghost coins.

 

Ghost coins are coins that never appear in your wallet because it is out of sync or you put in the wrong key.

They are lost to the nether world.

 

Vastet wrote:
Any tips on how to buy? I'm not interested in currency trading, but someone might be; and forbes is behind a paywall.

digitalbeachbum's picture

Wish I would have bought

Wish I would have bought more. It's approaching the .05 mark today.

The key to this coin is the Asian investors. It will continue to grow and it is currently out performing all other coins.

 

digitalbeachbum's picture

I just signed on to Gemini

I just signed on to Gemini which was created by the twin Olympic rowers from Britain.

They won a court case against Mark Zuckaburg and asked for their payment in stock of Facebook.

After the opening IPO they got over 300 million dollars which they sold.

They then started investing in Bitcoin, which earned them near 2 billion.

They started Gemini because of all the shady shit going on with cryptocurrency.

I might start using them specifically because I have heard they don't fuck around and they have really tight security, one stop shopping and reasonable fees.

I like that you can use their offline/cold storage feature which is built in to their system

Currently I have to transfer from Biance to MyEtherWallet which costs me 100 coin of any kind, which is steep.

 

digitalbeachbum's picture

Like rats jumping ship.

Like rats jumping ship. Bitcoin has seen the end of its highlight. Everyone is selling.

 

I hate Gatehub. They suck. Their tech support is terrible and I believe they manipulate the prices of the exchange dramatically by absorbing the accounts.

I had some bitcoin on their system and they have pretty much locked me out from being able to do anything with the account. They basically stole my coin. Every time I try to transfer it or exchange it their system tells me I do not have enough coin to transfer or exchange but I have over $169 of bitcoin.

 

Gatehub is nothing more than conartist thieves. They are stealing money.

I'm trying to transfer out my $169 of bitcoin and they are attempting to take half of it as a tranfer fee.

 

They won't let me send the money anywhere. So they have basically stole all my money

Vastet's picture

damn

damn

Proud Canadian, Enlightened Atheist, Gaming God.