ETF
Exchange Traded Funds. Highly in demand at the moment but don't be fooled. Did you know there is at least 10 x more ETF gold than gold than real gold 🤔 . How can this be without rehypothecation (pretending you have the goods or lying as i prefer to call it) ? Good question.
They will try to do this with Bitcoin but will have a hard time especially if people take self custody.
They will try to do this with Bitcoin but will have a hard time especially if people take self custody.
How to tell if its a scam ?
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It's a scam if -
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Bitcoin BTC is the original. All other coins are Scams or copies- WHY ?
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Some coins require a "premine" and to be issued by an entity. "Ill make 100,000,000 of my new coin, but first put 10,000,000 in my pocket then sell the rest and ill be a millionaire". (pre-mine scam).
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The value IS the NETWORK
Many people have copied Bitcoin, its easy there's even an actual website that will do it for you ! But do you want the original Mona Lisa or the copy ? Will everyone leave Facebook to go to a new social media website ? NO because no one is on it. The value IS the NETWORK. The accumulated hard work & the good will of participants not the software. No network = No value.
Copies
Van Gogh. Which one do you want ?
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Latest crypto scam section
World Coin
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Why do I need to prove I have money ?
The hook, a free coin when you scan your retina. Sound reasonable, right ? Wrong. Linked to an Ethereum wallet, which means you have to have Ethereum (the mother of all scams). The website site looks wonderful until you try to push a button or link then nothing works. All shirt an no trousers. You’ll give them this data for free they’ll attach it to all the other data their app steals from you, they’ll sell your data to the government & whoever, they’ll pump the price, some will empty their life savings into it (because people always fomo), then they’ll dump it leaving you holding 2 bags World coin - worthless fully Doxxed & Ethereum (the mother of all scams) |
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Ordinals
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The latest thing in Bitcoin are Ordinals (pictures inscribed into the Blockchain). These can be bought or sold etc. They were never meant to be part of Bitcoin but have become possible almost by chance. My own personal view is :-
No real people use or want them. They're somewhere in between another speculative pump and dump scheme & a government sponsored attack on the block chain. Most ordinal fees ends up indirectly funding the large government cooptable mining pools, where the fees are converted back to fiat to buy more ASICS. Hence not pushing the BTC price up but clogging up the Bitcoin Blockchain. This also pushes small miners out. Ordinals are thus a win win for governments. The sooner we get this off the blockchain and get back to sound money the better. |
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Obvious Scam coin rouges gallery
Bitconnect
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Bitconnect (nothing to do with Bitcoin) was the classic SCAM / Ponzi scheme. A very large quantity of Bitconnect coins were pre-mined. The Hype was hyped - The price was pumped. Seeing the price rocketing, people bought in which made the price increase even more, up until the rug was pulled.
The pre-mined coins where sold very quickly leaving investors or “bag holders” holding a "bag" of worthless coins. This is what governments do to your savings, only much more slowly. Its called -
Basically call it ANTHING other than money printing just to make your eyes glaze over with boredom. |
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Squid Game coin
Recognise the pattern called Pump & Dump. For some reason we are hard wired to want to buy things when they are going up FOMO (Fear Of Missing Out). Scammers & traders take advantage of this over & over again. You buy high, they sold to you, you are left holding the bag.
Squid game - Let’s look at the rug pull (or rope pull :O ) - Lovely !
Riding the viral popularity of the TV show to pull the suckers in, scammers pump the price, you see the price go up, you buy it goes higher, they dump. Good luck finding somewhere to sell. |
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Artwork commissioned to climate FUD Bitcoin sponsored by Scammers. Unfortunately it back fired on the scammers when the Bitcoiners adopted it for their conference.
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This is the latest scam doing the rounds on Twitter. You'll receive a message looking like this "Hi I'm a student - I don't know how to sell ---- coin".
If you look , there'll be a small amount, but not enough gas to send it any ware. So you're supposed to add gas to the wallet so theirs enough to send. As soon as you do it will all disappear in a puff of smoke. |
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Ethereum
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Ethereum is more of a programmable money experiment, a different animal completely. While I do not believe it has set out to be a deliberate scam. It does have draw backs I.E. A large pre-mine, a none fixed supply (which means bad actors could print some for them self's).
Compared to Bitcoin, Ethereum is extremely complicated so is going to have much bigger scaling problems than Bitcoin ever did meaning you need specialized nodes that are way beyond the capabilities of your average Joe. Few nodes = Centralization = Government capture = End of coin Ethereum is generally required to buy alt coins, but all alt coins are scams so Ethereum has no reason to exist. |
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Bitcoin is not a company Bitcoin has no marketing budget, so unless it makes the news you are unlikely to hear about it, unlike scammers who do have a marketing budget usually paid to celebrities to hype there coin. I like bitcoin buy my shitcoin.
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What does it mean ?
Otherwise we could just use
The Bitcoin Proof of work algorithm ensures a slow release of coins every 10 minutes in reward for mining over time allows everyone to participate. |
Proof Of WorkWhy is it essential ?
Lets suppose for a minuet - No POW, whats to stop a premine ? Just like a spread sheet they can simply edit the number in their wallet. Hey presto they’re rich 🤑 ! |
All money is a SCAM !
Bitcoin is the only one that does not benefit a government, organization or individual.
There's nearly 5000 crypto currencies, at least 99% are Deliberate SCAMS the other 0.999% will go no where. Leaving in my opinion only 3 truly free currencies-
There's nearly 5000 crypto currencies, at least 99% are Deliberate SCAMS the other 0.999% will go no where. Leaving in my opinion only 3 truly free currencies-
- BITCOIN BTC
- Gold
- Silver
Who does Bitcoin benefit ?
Those who buy earliest and deepest will benefit most from the expected massive price rise. Ultimately mankind will benefit from having incorruptible money. Companies & Pensions will benefit from yield on their BTC.
