5 ms·

The internet was a big bubble, and quite a few stocks survived and made handsome returns.

geezerjay 9y ago
What an awfully disingenuous comment. Just because some random so called "cryptocurrency" may still hold any residual value after this bitcoin pump-and-dump scam blows up it doesn't mean it makes any sense to keep pumping, let alone enter the fraud at this stage.
- coralreef 9y ago
  What is Bitcoin supposed to be worth? The only way to determine true value is to go through these phases of price expansion and contraction until equilibrium is reached. If you don't want to participate in volatile speculation, that's fine, the average person shouldn't. But there is no other way around it.
  - geezerjay 9y ago
    > The only way to determine true value is to go through these phases You're referring to a pump and dump scheme as "phases". You don't set high values by scamming unsuspecting fools.
    - coralreef 9y ago
      What scheme are you talking about? It's an unregulated market, so yes, there are scams and dumps occurring. However BTC has huge volume, so it takes huge volume and risk to manipulate it. Or manipulation from the exchange itself. Those are risks that the informed trader is aware of. Any and all securities go up and down, whether it is justified or not.
      - 0wing 9y ago
        Nearly every cryptocurrency followed Bitcoins scheme, wherein massive quantities of the supply were produced for the first few weeks to a small group of users, so any later users entering these systems must than buy from those horders or spend more and more capital on the increasingly expensive and reducing output of mining. It's not exactly a ponzi or pyramid scheme, but the manipulative intent is clear so a new term is needed. It's a Satoshi scheme.
        coralreef 9y ago
        Yeah, there were relatively more coins produced early on. Those coins were also pretty much worthless early on.
        geezerjay 9y ago
        > Those coins were also pretty much worthless early on. ...hence the "pump" stage of the pump-and-dump scheme being conducted quite extensively, with all forms of scammers publicizing the immense virtues and magically perpetual low value of bitcoin, hoping that the next batch of fools and idiots open their wallets to finance the value pumping.
        Fnoord 9y ago
        It could be worse. Imagine for a moment Satoshi is North Korean. "What on earth have we done?"
        coralreef 9y ago
        > publicizing the immense virtues and magically perpetual low value... This happens every day in securities. Those "pumpers" are called "analysts". They sometimes work for investment banks and research firms. You can choose to follow their advice or you can bet against it. Apple shares were $0.50 (unadjusted) in its early history. By your definition, anyone espousing the future of Apple and computers at that point is a pump and dump scammer.
        9y ago
- arisAlexis 9y ago
  haha still you are waiting for it to crash so you can call it a pnd scam. emotions > logic
charlesdm 9y ago
He doesn't care about survival. He's a speculator who wants to pump up the bubble, ride the wave, and cash out billions in a few years. Nothing wrong with that though, as long as he doesn't do anything illegal.

What an awfully disingenuous comment. Just because some random so called "cryptocurrency" may still hold any residual value after this bitcoin pump-and-dump scam blows up it doesn't mean it makes any sense to keep pumping, let alone enter the fraud at this stage.

coralreef 9y ago
What is Bitcoin supposed to be worth? The only way to determine true value is to go through these phases of price expansion and contraction until equilibrium is reached. If you don't want to participate in volatile speculation, that's fine, the average person shouldn't. But there is no other way around it.
- geezerjay 9y ago
  > The only way to determine true value is to go through these phases You're referring to a pump and dump scheme as "phases". You don't set high values by scamming unsuspecting fools.
  - coralreef 9y ago
    What scheme are you talking about? It's an unregulated market, so yes, there are scams and dumps occurring. However BTC has huge volume, so it takes huge volume and risk to manipulate it. Or manipulation from the exchange itself. Those are risks that the informed trader is aware of. Any and all securities go up and down, whether it is justified or not.
    - 0wing 9y ago
      Nearly every cryptocurrency followed Bitcoins scheme, wherein massive quantities of the supply were produced for the first few weeks to a small group of users, so any later users entering these systems must than buy from those horders or spend more and more capital on the increasingly expensive and reducing output of mining. It's not exactly a ponzi or pyramid scheme, but the manipulative intent is clear so a new term is needed. It's a Satoshi scheme.
      - coralreef 9y ago
        Yeah, there were relatively more coins produced early on. Those coins were also pretty much worthless early on.
        geezerjay 9y ago
        > Those coins were also pretty much worthless early on. ...hence the "pump" stage of the pump-and-dump scheme being conducted quite extensively, with all forms of scammers publicizing the immense virtues and magically perpetual low value of bitcoin, hoping that the next batch of fools and idiots open their wallets to finance the value pumping.
        Fnoord 9y ago
        It could be worse. Imagine for a moment Satoshi is North Korean. "What on earth have we done?"
        coralreef 9y ago
        > publicizing the immense virtues and magically perpetual low value... This happens every day in securities. Those "pumpers" are called "analysts". They sometimes work for investment banks and research firms. You can choose to follow their advice or you can bet against it. Apple shares were $0.50 (unadjusted) in its early history. By your definition, anyone espousing the future of Apple and computers at that point is a pump and dump scammer.
        9y ago
arisAlexis 9y ago
haha still you are waiting for it to crash so you can call it a pnd scam. emotions > logic

charlesdm 9y ago

He doesn't care about survival. He's a speculator who wants to pump up the bubble, ride the wave, and cash out billions in a few years. Nothing wrong with that though, as long as he doesn't do anything illegal.