Bitcoins Is A Pump And Dump! - GoFuckYourself.com

dave90210 · 04-19-2013, 05:57 AM

For all you retards that think investing in the stock market in the first place was a good idea I lough in your face! Second the fake Bitcoin currency scam is an obvious pump and dump. Bitcoin was promoted by promoters the only people that profited are the broker and the bankers.

For all you investing newbs out there the stock market is a casino, some get lucky but most lose everything. It's setup so the bankers and the brokers make all the money. The brokers sell the stops to the bankers and the bankers manipulate the market and steal your money.

If you want to make money save it don't try to invest it! The US stock market is corrupted it's not a safe way to invest your money plus none of the money is FDIC insured. Most brokers steal your money by causing constant computer errors which stops you out before you hit your stop, it's happened to me many of times. When you contact the broker they say tough shit and tell you to read the terms and conditions which protects them from faulty "scam" software

Want to make some fast fantasy money go to Vegas and enjoy yourself!

MikeRoth · 04-19-2013, 05:59 AM

As someone who made a 300% return over the last 2 weeks on my BTC investment and as someone who has been using BTC to purchase things for over 3 years.

MikeRoth · 04-19-2013, 06:03 AM

Also learn to invest. Stop limits, trailing Stops, use them, protect your profits. Investing in the stock market is like counting cards in a single deck blackjack game at the casino. It's easy to make money if you have money and know took a few days to learn how to invest.

dave90210 · 04-19-2013, 06:03 AM

As I said some people get lucky. I know for a fact Bitcoin was promoted, look at all the press releases pumping the shit out of the stock. Most of the releases came from the same source.

Most people aren't smart enough to get out before the dump, your one of the smart ones.

Quote:

Originally Posted by MikeRoth

As someone who made a 300% return over the last 2 weeks on my BTC investment and as someone who has been using BTC to purchase things for over 3 years.

dave90210 · 04-19-2013, 06:05 AM

A trailing stop only works if you're not getting stopped out. 9 out of 10 times you get stopped out before the trailing stop moves.

Quote:

Originally Posted by MikeRoth

Also learn to invest. Stop limits, trailing Stops, use them, protect your profits. Investing in the stock market is like counting cards in a single deck blackjack game at the casino. It's easy to make money if you have money and know took a few days to learn how to invest.

MikeRoth · 04-19-2013, 06:06 AM

Quote:

Originally Posted by dave90210

As I said some people get lucky. I know for a fact Bitcoin was promoted, look at all the press releases pumping the shit out of the stock. Most of the releases came from the same source.

Most people aren't smart enough to get out before the dump, your one of the smart ones.

It was indeed promoted. But the success of bitcoin came a long long time before it was promoted. Whether the promotion has made bitcoin into said bubble, pump and dump, or will end up increasing it's value and usability remains to be seen IMHO.

woj · 04-19-2013, 06:07 AM

Quote:

Originally Posted by MikeRoth

As someone who made a 300% return over the last 2 weeks on my BTC investment and as someone who has been using BTC to purchase things for over 3 years.

how can you keep a straight face and tell everyone that you are making good money from bitcoins while having "Looking for part-time grunt work" in your sig?

MikeRoth · 04-19-2013, 06:11 AM

Quote:

Originally Posted by dave90210

A trailing stop only works if you're not getting stopped out. 9 out of 10 times you get stopped out before the trailing stop moves.

If you get stopped out that's fine, you win some you lose some, there is literally no one with a 100% track record in stock investments. You're goal is to find a stock that's about to rally, buy in at the bell, if your DD was correct you made profit (typically 10%-50% but 80% or more is not uncommon). If not you stopped out and lost a maximum of 10% of your investment.

The reverse is also true, if a company has terrible earning reports, expect a huge drop, buy those shorts.

PR_Glen · 04-19-2013, 06:13 AM

yeah invest nothing! big business!

MikeRoth · 04-19-2013, 06:15 AM

Quote:

Originally Posted by woj

how can you keep a straight face and tell everyone that you are making good money from bitcoins while having "Looking for part-time grunt work" in your sig?

I wouldn't call 300% of $180 good money... I would have put in a lot more money if I had it. I have a lot of free time and I need a lot of money, so why wouldn't I be looking for more money making opportunities?

dave90210 · 04-19-2013, 06:16 AM

Invest in yourself or building a business not the stock market. The market is one big clusterfuck!

Quote:

Originally Posted by PR_Glen

yeah invest nothing! big business!

Bill8 · 04-19-2013, 06:18 AM

hopefully this sharp curve will keep the dolts from "investing" in bitcoin - it's a transactional currency, not an investment medium, it has no inherent value and no capital backing.

If a bunch of idiot "investors" got hurt, they deserved it.

woj · 04-19-2013, 06:27 AM

Quote:

Originally Posted by MikeRoth

I wouldn't call 300% of $180 good money... I would have put in a lot more money if I had it. I have a lot of free time and I need a lot of money, so why wouldn't I be looking for more money making opportunities?

you said you were using bitcoins for 3 years (back when they were around $1/BTC?)... nothing wrong making some $$ through grunt work, but I just figured you would have accumulated a bit more than a few hundred bucks since you started with them when they were dirt cheap...

MikeRoth · 04-19-2013, 06:38 AM

Quote:

Originally Posted by woj

you said you were using bitcoins for 3 years (back when they were around $1/BTC?)... nothing wrong making some $$ through grunt work, but I just figured you would have accumulated a bit more than a few hundred bucks since you started with them when they were dirt cheap...

Here's a screenshot from last year of my MTGox account:

Click for Zoom

I ended up cashing out once bitcoin got stuck under $1/coin for a long time. The money went to other things, I don't believe in long term investment for the most part, I believe it's more profitable to scalp and trade on trends. But it takes money to make money and I just don't have the extra money anymore.

PR_Glen · 04-19-2013, 06:43 AM

Quote:

Originally Posted by dave90210

Invest in yourself or building a business not the stock market. The market is one big clusterfuck!

yeah, invest in building a business! because it's so easy! big business.

Barefootsies · 04-19-2013, 06:46 AM

Quote:

Originally Posted by woj

how can you keep a straight face and tell everyone that you are making good money from bitcoins while having "Looking for part-time grunt work" in your sig?

MikeRoth · 04-19-2013, 06:54 AM

Quote:

Originally Posted by Barefootsies

Dirty F · 04-19-2013, 06:59 AM

Woj is very, very bitthurt.
He HATES it when people are making off Bitcoin. It drives him nuts!
He's a sad little guy.

Supz · 04-19-2013, 07:10 AM

Sounds like my sexy life.

woj · 04-19-2013, 07:20 AM

Quote:

Originally Posted by Dirty F

Woj is very, very bitthurt.
He HATES it when people are making off Bitcoin. It drives him nuts!
He's a sad little guy.

I don't have any problem with people making $$, I don't even have any problem with bitcoins, I'm still skeptical at this point...

what is a bit annoying however is the over-enthusiasm over the whole thing, almost exactly like some religious nuts or apple fanboys...

L-Pink · 04-19-2013, 07:21 AM

"In order to prop up the initial system, Bitcoin "mining" was designed to bribe early users with exponentially better rewards than latecomers could get for the same effort. This effectively makes Bitcoin a pump-and-dump scheme wherein these early adopters, who have more bitcoins than anyone else ever will, hype it up so they can offload their bitcoins onto fools who think they'll strike it rich as speculators, or whomever else will accept them as payment. Basically, this means the system runs on opportunism, especially among people who like the idea of decentralized techno-money. Although this setup is defended as an acceptable trade-off and/or a fair reward for propping up the system,[29] this presumes that it will actually result in a widespread, reliable currency.

In the meantime, speculators and opportunists remain Bitcoin's main users: only 22% of existing Bitcoins are in circulation at all, there are a total of 75 active users/businesses with any kind of volume, the Mt. Gox exchange is responsible for 90% of all Bitcoin transactions ever, one (unidentified) user owns a quarter of all Bitcoins in existence and one large owner is trying to hide their wealth accumulation by moving it around in thousands of smaller transactions.[30] But go on, dive in and get rich."

.

grumpy · 04-19-2013, 07:23 AM

something based on air and backed by air has the value of air.

MikeRoth · 04-19-2013, 07:28 AM

Quote:

Originally Posted by grumpy

something based on air and backed by air has the value of air.

But the value of this air is currently $108. The value of anything is set by what people are willing to pay for it. Would you say the Mona Lisa painting has no value? It's just canvas and paint, I could buy that stuff at the craft store for $4. Does that mean the Mona Lisa is only worth $4?

dyna mo · 04-19-2013, 07:35 AM

these threads are worse than 9/11 conspiracy threads. i think i am done trying to provide fair and accurate information on btc here.

FingerPrinter · 04-19-2013, 07:40 AM

Classic GFY shit right here

Thread starter makes a sound post, to invest in yourself instead of BTC or even the stock market for that matter

Poor, homeless GFYer steps up to put him in his place and brag about the 300% return on the 500-600$ he made, wasting his time getting lucky on Bitcoin instead of NOT needing to look for "part time grunt work"

fucking GFY peasants making classic posts

Dirty F · 04-19-2013, 07:43 AM

Quote:

Originally Posted by dyna mo

these threads are worse than 9/11 conspiracy threads. i think i am done trying to provide fair and accurate information on btc here.

Ya, absolutely waste of time.

I rarely seen anything like this where people are clueless about the subject, want to stay clueless about it but in the meantime time hate it like their life depends on it.

FingerPrinter · 04-19-2013, 07:44 AM

Quote:

Originally Posted by MikeRoth

If you get stopped out that's fine, you win some you lose some, there is literally no one with a 100% track record in stock investments. You're goal is to find a stock that's about to rally, buy in at the bell, if your DD was correct you made profit (typically 10%-50% but 80% or more is not uncommon). If not you stopped out and lost a maximum of 10% of your investment.

The reverse is also true, if a company has terrible earning reports, expect a huge drop, buy those shorts.

GFY failure/peasant #19943 giving stock tips while needing part time grunt work

this forum is classic comedy

MikeRoth · 04-19-2013, 07:48 AM

Quote:

Originally Posted by FingerPrinter

Classic GFY shit right here

Thread starter makes a sound post, to invest in yourself instead of BTC or even the stock market for that matter

Poor, homeless GFYer steps up to put him in his place and brag about the 300% return on the 500-600$ he made, wasting his time getting lucky on Bitcoin instead of NOT needing to look for "part time grunt work"

fucking GFY peasants making classic posts

Because your post was full of so much factual information.

dyna mo · 04-19-2013, 07:51 AM

Quote:

Originally Posted by MikeRoth

Because your post was full of so much factual information.

don't foget, this guy is the one that described the op's advice to gamble in casino as sound investment advice.

Quote:

Thread starter makes a sound post

this place is a clusterfuck.

MikeRoth · 04-19-2013, 07:51 AM

Quote:

Originally Posted by FingerPrinter

GFY failure/peasant #19943 giving stock tips while needing part time grunt work

this forum is classic comedy

Classic GFYer, knows nothing about anyone's life. Pretends to know everything anyway.

Here's some more advice. You may have to think hard on this one as I'm not going to spoon feed you. If you invest 5 cents and make 10% on your investment after a year. How much did you make?

newB · 04-19-2013, 07:57 AM

Pretty much my own assessment.

Quote:

Originally Posted by newB

I'm skeptical for these reasons:
1. The attributed creator is a pseudonym - nobody has yet to publicly claim credit.
2. The main exchange Mtgox was originally a site for Magic The Online Gathering.
3. They've been sluggish for years then suddenly the price jumped and there was immediately talk of getting in before getting priced out - sounds like the exact same formula for a pump and dump to me.

But good luck to you.

dyna mo · 04-19-2013, 07:59 AM

if you are not a hedge fund manager responsible for $18 trillion dollars your opinion on gfy is invalid.

ilnjscb · 04-19-2013, 08:05 AM

It is that, sort of, it has no intrinsic value. It is a function of pure demand. Hyping it results in demand increasing and therefore causes increase in prices.

If demand drops, the price drops. Fear causes volatility because there is no "floor" under the price. There is no point at which fundamental value shores up price.

There are three choices:

1. Sit it out
2. Get pumped and dumped (speculate)
3. Do the pumping and dumping

The choice is yours. I think the people who make choices 1 and 3 agree with you. the people who make choices 2 and 3 will not say they agree with you.

If you wish to save the people who make choice 2 from bad choices, I suggest you also post about cholesterol, smoking, excessive alcohol consumption, driving without a seat belt, etc, or not, as you please.

Dirty F · 04-19-2013, 08:08 AM

Quote:

Originally Posted by newB

Pretty much my own assessment.

1: the code is open source. Everyone can check it for anything scary.
2: Would it make you feel better if instead of being a card trading site it was a non existant site? For some reason i don't think you would've had a problem with it then. Which makes no sense.
3: At what point can something like this take off without it being a bad or scary thing exactly? It's been around for years. This eventually had to happen and more and more people learned about it.

MikeRoth · 04-19-2013, 08:10 AM

Quote:

Originally Posted by newB

Pretty much my own assessment.

It's a sound assessment. But I don't think issue 1 and 2 make a difference.
Bitcoin was doing well long before the public caught wind of it. Somehow the public caught wind and blew it up all over the news causing mass buying pressure. Whether it's a pump and dump from the actual value of bitcoin or not, it's still a success and will still be used for money transactions.

BFT3K · 04-19-2013, 08:13 AM

I am not a gambling man. If I were to ever use bitcoins as a payment option for a site membership, I would never hold any bitcoins in reserve.

A person pays $10 to $20 in bitcoins, and as soon as humanly possible, I would want that money wired into my account.

I think coinbase pays out once daily (but I could be wrong). There is always the chance that the exchange goes up or down a bit before you get paid, and that is a risk, but if you cash out on a daily basis the risk is relatively low. Even if the currency crashes 100% the most you would lose is one day of bitcoin join sales, so no big deal.

I would not trade or horde bitcoins however, as again, I am not a gambling man.

grumpy · 04-19-2013, 08:33 AM

Quote:

Originally Posted by MikeRoth

But the value of this air is currently $108. The value of anything is set by what people are willing to pay for it. Would you say the Mona Lisa painting has no value? It's just canvas and paint, I could buy that stuff at the craft store for $4. Does that mean the Mona Lisa is only worth $4?

you are comparing the value of the Mona Lisa with Bitcoins

The value of the Mona Lisa is based on its exculsivity, wich BitCoin not has.
The stuff you buy at the craft store are payed by dollars, they are ( should be ) backed by gold and government ( Bitcoin is backed by nothing )

You guys dont understand the basic of Economics. Sure you can make money with Bitcoins but so you can in the casino ( they are backed by dollars )

MikeRoth · 04-19-2013, 08:41 AM

Quote:

Originally Posted by grumpy

you are comparing the value of the Mona Lisa with Bitcoins

The value of the Mona Lisa is based on its exculsivity, wich BitCoin not has.
The stuff you buy at the craft store are payed by dollars, they are ( should be ) backed by gold and government ( Bitcoin is backed by nothing )

You guys dont understand the basic of Economics. Sure you can make money with Bitcoins but so you can in the casino ( they are backed by dollars )

Not sure if I'm on the same page here... If I buy paint with US dollars that US dollar is backed by gold. If I buy bitcoin with US dollars, that US dollar is not backed by gold?

There are a finite number of bitcoins (21 million). There are far more humans on earth than there will ever be in bitcoins. So if 30 million people wanted to have 1 whole bitcoin in their possession they couldn't. If some rich philanthropist bought up all 21 million bitcoins that means no other human could have one. That sounds exclusive to me...

dyna mo · 04-19-2013, 08:41 AM

Quote:

Originally Posted by grumpy

You guys dont understand the basic of Economics.

what are the basic economics that they don't understand?

04-19-2013, 05:59 AM	#2
MikeRoth Confirmed User Industry Role: Join Date: Jan 2011 Location: Washington DC Posts: 361	As someone who made a 300% return over the last 2 weeks on my BTC investment and as someone who has been using BTC to purchase things for over 3 years. __________________ ICQ: 64995031

04-19-2013, 06:03 AM	#3
MikeRoth Confirmed User Industry Role: Join Date: Jan 2011 Location: Washington DC Posts: 361	Also learn to invest. Stop limits, trailing Stops, use them, protect your profits. Investing in the stock market is like counting cards in a single deck blackjack game at the casino. It's easy to make money if you have money and know took a few days to learn how to invest. __________________ ICQ: 64995031

04-19-2013, 06:13 AM	#9
PR_Glen Confirmed User Industry Role: Join Date: Oct 2006 Location: Canada Posts: 9,058	yeah invest nothing! big business! __________________ webmaster at pimproll dot com

04-19-2013, 07:23 AM	#22
grumpy Too lazy to set a custom title Join Date: Jan 2002 Location: Holland Posts: 9,870	something based on air and backed by air has the value of air. __________________ Don't let greediness blur your vision \| You gotta let some shit slide icq - 441-456-888

04-19-2013, 08:13 AM	#36
BFT3K Too lazy to set a custom title Industry Role: Join Date: Dec 2005 Location: Narnia Posts: 10,764	I am not a gambling man. If I were to ever use bitcoins as a payment option for a site membership, I would never hold any bitcoins in reserve. A person pays $10 to $20 in bitcoins, and as soon as humanly possible, I would want that money wired into my account. I think coinbase pays out once daily (but I could be wrong). There is always the chance that the exchange goes up or down a bit before you get paid, and that is a risk, but if you cash out on a daily basis the risk is relatively low. Even if the currency crashes 100% the most you would lose is one day of bitcoin join sales, so no big deal. I would not trade or horde bitcoins however, as again, I am not a gambling man. Last edited by BFT3K; 04-19-2013 at 08:16 AM..

04-19-2013, 05:57 AM	#1
dave90210 Registered User Join Date: Mar 2007 Posts: 1,745	Bitcoins Is A Pump And Dump! For all you retards that think investing in the stock market in the first place was a good idea I lough in your face! Second the fake Bitcoin currency scam is an obvious pump and dump. Bitcoin was promoted by promoters the only people that profited are the broker and the bankers. For all you investing newbs out there the stock market is a casino, some get lucky but most lose everything. It's setup so the bankers and the brokers make all the money. The brokers sell the stops to the bankers and the bankers manipulate the market and steal your money. If you want to make money save it don't try to invest it! The US stock market is corrupted it's not a safe way to invest your money plus none of the money is FDIC insured. Most brokers steal your money by causing constant computer errors which stops you out before you hit your stop, it's happened to me many of times. When you contact the broker they say tough shit and tell you to read the terms and conditions which protects them from faulty "scam" software Want to make some fast fantasy money go to Vegas and enjoy yourself! Last edited by dave90210; 04-19-2013 at 06:08 AM..

04-19-2013, 06:18 AM	#12
Bill8 Confirmed User Join Date: Oct 2001 Posts: 1,901	hopefully this sharp curve will keep the dolts from "investing" in bitcoin - it's a transactional currency, not an investment medium, it has no inherent value and no capital backing. If a bunch of idiot "investors" got hurt, they deserved it.

04-19-2013, 06:59 AM	#18
Dirty F Too lazy to set a custom title Industry Role: Join Date: Jul 2001 Posts: 59,204	Woj is very, very bitthurt. He HATES it when people are making off Bitcoin. It drives him nuts! He's a sad little guy.

04-19-2013, 07:10 AM	#19
Supz Arthur Flegenheimer Industry Role: Join Date: Jul 2006 Location: New York City Posts: 11,056	Sounds like my sexy life.

04-19-2013, 07:21 AM	#21
L-Pink working on my tan Industry Role: Join Date: Mar 2005 Location: Florida/Kentucky Posts: 39,151	"In order to prop up the initial system, Bitcoin "mining" was designed to bribe early users with exponentially better rewards than latecomers could get for the same effort. This effectively makes Bitcoin a pump-and-dump scheme wherein these early adopters, who have more bitcoins than anyone else ever will, hype it up so they can offload their bitcoins onto fools who think they'll strike it rich as speculators, or whomever else will accept them as payment. Basically, this means the system runs on opportunism, especially among people who like the idea of decentralized techno-money. Although this setup is defended as an acceptable trade-off and/or a fair reward for propping up the system,[29] this presumes that it will actually result in a widespread, reliable currency. In the meantime, speculators and opportunists remain Bitcoin's main users: only 22% of existing Bitcoins are in circulation at all, there are a total of 75 active users/businesses with any kind of volume, the Mt. Gox exchange is responsible for 90% of all Bitcoin transactions ever, one (unidentified) user owns a quarter of all Bitcoins in existence and one large owner is trying to hide their wealth accumulation by moving it around in thousands of smaller transactions.[30] But go on, dive in and get rich." .

04-19-2013, 07:35 AM	#24
dyna mo The People's Post Industry Role: Join Date: Dec 2008 Location: invisible 7-11 Posts: 64,873	these threads are worse than 9/11 conspiracy threads. i think i am done trying to provide fair and accurate information on btc here.

04-19-2013, 07:40 AM	#25
FingerPrinter So Fucking Banned Industry Role: Join Date: Jun 2012 Posts: 269	Classic GFY shit right here Thread starter makes a sound post, to invest in yourself instead of BTC or even the stock market for that matter Poor, homeless GFYer steps up to put him in his place and brag about the 300% return on the 500-600$ he made, wasting his time getting lucky on Bitcoin instead of NOT needing to look for "part time grunt work" fucking GFY peasants making classic posts

04-19-2013, 07:59 AM	#32
dyna mo The People's Post Industry Role: Join Date: Dec 2008 Location: invisible 7-11 Posts: 64,873	if you are not a hedge fund manager responsible for $18 trillion dollars your opinion on gfy is invalid.

04-19-2013, 08:05 AM	#33
ilnjscb Confirmed User Industry Role: Join Date: Jun 2009 Posts: 8,853	It is that, sort of, it has no intrinsic value. It is a function of pure demand. Hyping it results in demand increasing and therefore causes increase in prices. If demand drops, the price drops. Fear causes volatility because there is no "floor" under the price. There is no point at which fundamental value shores up price. There are three choices: 1. Sit it out 2. Get pumped and dumped (speculate) 3. Do the pumping and dumping The choice is yours. I think the people who make choices 1 and 3 agree with you. the people who make choices 2 and 3 will not say they agree with you. If you wish to save the people who make choice 2 from bad choices, I suggest you also post about cholesterol, smoking, excessive alcohol consumption, driving without a seat belt, etc, or not, as you please.