SEC Investor Education:
- Don't understand an investment?
- Don't invest in it.
Yes, but what if there's only 21 million of it?
- Trolly McTrollface
A collection of (best of) crypto quotes on the new new "in math we trust" ponzi economics; on get-rich-quick blockchain secrets; on bitcon maximalists, scammers, morons, clowns, shills & bagHODLers and more
a) Quotes from no coiners, old school world economists, blockchain journalist & researchers, and more:
David Gerard, Blockchain Journalist • Amy Castor, Blockchain Journalist • Nouriel Roubini, Economist • SEC Investor Education • Trolly_McTrollface, Bitcoin Greater Fool Court Jester • Alex de Vries, Bitcoin Sunstainability Researcher • Jemima Kelly, Financial Times Alphaville • Patrick McKenzie, Recovering Japanese Salaryman • Crypto US$ Stablecoin_Printer • Preston Byrne, Blockchain Attorney • Jorge Stolfi, Computer Scientist
b) Quotes from bitcoin maximalists, scammers, morons, clowns, shills & bagHODLers and more:
SCAM ALERT! SCAM ALERT! SCAM ALERT!
Bitcoiner (BTC), Greater Fool Investor • Bitcoiner (BCH), Cash is King • Tyler Winklevoss, Bitcoin Billionaire • Cameron Winklevoss, Bitcoin Billionaire • Michael Saylor, Business Intelligence Billionaire • Anthony Pompliano, Bitcoin Cheerleader, Off The Chain Investment Newsletter Writer (100 000+ Subscribers)
GENIUS ALERT! GENIUS ALERT! GENIUS ALERT!
Dan McArdle, Bitcoin "There is No Alternative"
Why?
Originally started for a crypto quote of the day service / tool, see cryptoquotes.
Q: Anybody else using these quotes? I don't know really.
Add your project here - yes, you can!
If Bitcoin is like an Excel spreadsheet, then Ethereum is like a spreadsheet with macros.
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Dogecoin started originally as a joke based on the "Doge" Shiba Inu Internet meme. The idea was mostly to have some fun with cryptocurrency cheap enough to mess around with; and who knows, maybe we'll all get rich!
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Tether is "too big to fail" - the entire crypto industry utterly depends on it. We just topped twenty billion alleged dollars' worth of tethers ($USDT). If you think this is sustainable, you're a fool.
Find more in David_Gerard.yml »
We have not entered "Post Tether" yet. Tether is still furiously printing digital ($USDT) bucks. Who believes Bitcoin's price is organic? It's not - it's a Ponzi, and Tether is its Little Helper.
Austrian Maximalist comments:
Bitcoin is not a ponzi. It is a monetary network, first of its kind. Currently valued at 365 billion dollars. What am I missing?
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If you can print billions and billions in fake money, you can make the price of Bitcoin whatever you want - until too many people try and cash out, that is.
Find more in Amy_Castor.yml »
Investing in Bitcoin is equivalent to take your portfolio to a rigged illegal casino and gamble; at least in legit Las Vegas casinos odds aren't stacked against you as those gambling markets aren't manipulated the way Bitcoin is. Instead Bitcoin is manipulated heavily by Tether and whales.
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2% of accounts control 95% of bitcoin assets. Inequality Gini coefficient of Bitcoin is worse than the one of North Korea where Mr Kim and his cronies controls most of the country assets!
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No use ever, past, present and future for XRP and Ripple products... it is already flopping after spending a fortune and printing a huge amount of totally useless XRP. (Now the XRP army of Twitter trolls, bots, hired guns and zealots will attack again...)
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From Bitfinex'ed: «Stablecoins "backed" by USD are technically already illegal. Because if they were to gain traction, people would be able to have numbered, and anonymous, bank accounts.
You've reinvented numbered bank accounts.»
Find more in Nouriel_Roubini.yml »
A Ponzi scheme is an investment fraud that pays existing investors with funds collected from new investors. Ponzi schemes are named after Charles Ponzi. In the 1920s, Ponzi promised investors a 50% return within a few months for what he claimed was an investment in international mail coupons.
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Ponzi schemes require a constant flow of new money to survive. When it becomes hard to recruit new investors, or when large numbers of existing investors cash out, these schemes collapse.
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Ponzi scheme "red flags" - High returns with little or no risk: Every investment carries some degree of risk, and investments yielding higher returns typically involve more risk. Be highly suspicious of any "guaranteed" [number-go-up to-the-moon] "investment" opportunity.
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Ponzi scheme "red flags" - Avoid too-good-to-be-true "investments" with claims like:
- "To the moon! To the mars!"
- "Number go up!"
- "Yearly return of 300+% in 2020!"
- "Could quadruple in 2021 and rally to $100,000!"
Find more in SEC_Investor_Education.yml »
Congrats on writing about Bitcoin's price without mentioning Tether ($USDT). It's like writing about bond yields without mentioning inflation and the Fed.
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Now you have Tether and $USDT. 22 billion almost dollars governed by a five-page disclaimer that $USDTs are backed by whatever Tether wants, at whatever valuations Tether finds convenient. No credit rating, no bank, no auditor, no offices, no CEO and CFO, no guarantee whatsoever.
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The USDT/USD peg is founded on the premise that people won't try to cash out en masse. As long as they don't, USDT printing can continue.
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Why should Tether spend all its money (it is theirs, after all - $USDT holders don't have a legal claim on Tether's reserves) trying to save the crypto markets, when they collapse? How many years would it take them to rebuild their war chest, assuming that crypto bounces back? Why not party on a yacht in Monaco instead?
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People will believe anything, as long as it gives them an easy answer to the most important question in the universe: "How can I become rich quickly and without working?"
"International reply coupon exchange" sounded just as cool and mysterious as "censorship-resistant money".
Fitchburg Daily Sentinel News Headline (July 11, 1920): PONZI WILL NOT REVEAL BUSINESS SECRET
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The crypto cartel's smartest propaganda move was to create the HODLer culture. By glorifying the act of doing nothing, they reached out to the self-entitled, lazy millionaire wannabes. Every Ponzi scheme relies on the hope that investors won't sell. This one's just too obvious.
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One argument against Bitcoin being a Ponzi scheme, is that there's no intent to deceive. Really? You have thousands of Bitcoin "personalities" spewing out crap daily.
I believe gold is sunsetting, whereas bitcoin is just starting.
I believe the current (or what I call the legacy) system is broken. And bitcoin fixes this.
-- Changpeng Zhao ("CZ Binance"), Bitcoin Billionaire, Binance Exchange Founder
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The only way to pay out old Bitcoin investors is to get money from new investors. The only difference with a genuine Ponzi scheme, is who pays the old investors. It's not the "fraudsters", but exchanges. Neat!
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Forget the meme that "Bitcoin transactions are cheap". The true cost of a transaction isn't the "transaction fees" - those are indeed manageable, a few dollars per transaction - but the cost of maintaining the network. As the Bitcoin network currently processes around 300,000 transactions per day at a cost of $28M (plus transaction fees), the true cost of one transaction is around $100.
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For the next three and a half years, block rewards will be worth 6.25 Bitcoins, or around 200,000 USD at current prices.
Remember – there's one block reward every ten minutes, so that's $28M per day. That's a lot of money, and a huge incentive for miners to buy new ASICs and run them, burning electricity. [...] In a perfect market equilibrium, the cost of mining Bitcoin is equal to the rewards. It's never the exactly the case, but it's a good rule of thumb for evaluating how much it costs to run the network.
Find more in Trolly_McTrollface.yml »
Bitcoin electronic waste generation is at 10.324 kilotonnes per year (comparable to a country like Luxembourg) - see bitcoinelectronicwaste.com
A footprint of 91.2 grams per unique transaction (equal to the weight of 1.4 'C'-size batteries or 2 golf balls).
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The latest Bitcoin energy consumption index is 77.782 TWh per year (comparable to a country like Chile) - see bitcoinenergyconsumption.com
The energy footprint per unique transaction is 690.8 kWh (enough to power 1 U.S. household for 23.7 days)
Austrian Maximalists comments: Bitcoin will drive a renewable energy revolution.
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Bitcoin's TWh usage results in a carbon footprint of 36.95 MtCO₂ (comparable to a country like New Zealand) - see bitcoinenergyconsumption.com
The carbon footprint per unique transaction is 327.50 kgCO₂ (equivalent to 725,861 VISA transactions)
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Note that the share of fossil fuel based energy has been on the rise this year
due to the growing popularity of countries like Kazakhstan.
This is only expected to rise further: Reuters News -
Kazakhstan in talks on $700 million in cryptocurrency mining projects
Find more in Alex_de_Vries.yml »
The idea that you can get out of your bitcoin position at any time and the market will stay intact is frankly a nonsense. And that's why the bitcoin religion's "HODL" mantra is so important to be upheld, of course.
Because if people start to sell, bad things might happen!
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It is estimated that about 20 per cent of bitcoins have been lost in various ways, never to be recovered. Then there are the so-called "whales" that hold most of the bitcoin, whose dominance of the market has risen in recent months. The top 2.8 per cent of bitcoin addresses now control 95 per cent of the supply (including many that haven't moved any bitcoin for the past half-decade), and more than 63 per cent of the bitcoin supply hasn't been moved for the past year, according to recent estimates.
What all this means is that real liquidity - the actual available supply of bitcoin - is very low indeed.
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What we call the "bitcoin price" is in fact only the price of the very small number of bitcoins that wash around the retail market, and doesn't represent the price that 18.6m bitcoins would actually be worth, even if they were all actually available.
So the "market cap" is in this way nonsense multiplied. You times two things together that don't reflect what they claim to - the "circulating supply" and the "price" - and voilà!
Find more in Jemima Kelly,_Financial_Times_Alphaville.yml »
A friend of mine, who works in finance, asked me to explain what Tether was.
Short version: Tether is the internal accounting system for the largest fraud since Madoff's ponzi scheme.
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Many Bitcoin exchanges use "I am a James Bond villain" as a compliance strategy; they are present everywhere and nowhere geographically, always where they need to be to move the plot along but never where they are meaningfully constrained.
Much like Bond villains, though, most Bitcoin exchanges will not survive the third act.
Find more in Patrick_McKenzie.yml »
Just printed $200,000,000 USDT!
Total circulating USDT (Tether) supply: $20,533,323,926
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Just printed $37,806,778 USDC!
Total circulating USDC (USD Coin) supply: $3,308,104,351
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Just printed $29,807,927 TUSD!
Total circulating TUSD (True USD) supply: $514,347,179
Find more in Crypto_US$_Stablecoin_Printer.yml »
WOO NUMBER GO UP!!!
Who needs adoption when you can have institutional investors! Why bank the unbanked when you can bank the banks! Bring out the champaign because NUMBER GO UP!!!
Am I price posting right?
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BREAKING: BITCOIN JUST BROKE $22 000!
We have just reached escape velocity.
Austrian Maximalist I comments:
1 Bitcoin = 1 Honda Civic
Soon:
1 Bitcoin = 1 Tesla, then 1 Bitcoin = 1 Lambo, then 1 Bitcoin = 1 Super Yacht
Austrian Maximalist II comments:
Just keep HODLing until 1 Bitcoin = 1 Moonbase
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Imagine not buying Bitcoin at $22 - $30 because you think you missed the bus at $10 ... I am here to tell you it's the same now with $22 000 - $30 000. Buying at $10 000 versus $22 000 won't matter in the long run.
Austrian Maximalist comments:
I cured my fear of missing out (FOMO) at $9 000, $11 000 and $20 000, by buying without waiting for the dip.
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Right now at the all-time high (ATH) no one who has HODL is down. That's a good feeling.
I HODL, you HODL, we HODL!
Austrian Maximalist comments:
I bought at the all-time high (ATH) and I'm UP.
Find more in Bitcoiner_(BTC).yml »
Bitcoin Classic (BTC) is ridiculous; in what world is paying $15 to move a mere $90 ok? This is literally worst than PayPal, Western Union and my bank COMBINED (it costs the same if I were to send with all three TOGETHER). I clearly see the use-case for Bitcoin Cash (BCH) now.
Find more in Bitcoiner_(BCH),_Cash_Is_King.yml »
The Bitcoin "Nakamoto Scheme" is an automated hybrid of a Ponzi and pyramid scheme which has, from the perspective of operating a criminal enterprise, the strengths of both and the weaknesses of neither.
The Nakamoto Scheme draws strength from what make pyramids and Ponzis
so compelling:
a) it promises insane investment returns,
b) can be accessed by the man on the street with almost no effort at all, and
c) recruits individual participants as new, self-interested evangelists of the scheme.
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Bitcoin's market cap just passed Visa's. Yes, that Visa:
- Largest electronic payment processor in the world
- $8.9 trillion in 141 billion transactions per year
- Across 160 currencies and over 200 countries
For contrast, Bitcoin gets about 3 transactions per second, with one "currency," and the network is currently clogged.
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As the value of Bitcoin goes up, the energy used to mine the cryptocurrency has reached a staggering 30.59 terawatt-hours (TWh)
That's on par with the energy use of the entire country of Morocco.
Considering the alternative (using old school finance and landing in jail), I can see how some Bitcoiners might see this as a price worth paying in order to access the billions of dollars currently sloshing around in the Bitcoin markets.
Find more in Preston_Byrne.yml »
If a transaction has two inputs of 3 BTC and 1 BTC, and two outputs of 2 BTC and 2 BTC, you cannot tell which output came from which input.
That is the basic principle of money laundering coin mixing services.
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Bitcoin is a Ponzi. Investing in bitcoin, like "investing" in lottery tickets, is a very negative-sum game. Namely, at any time, the total amount that all investors have taken out is considerably less than what they have put into the scheme; the difference being the amount that the operators have taken out. Thus the investors, as a whole, are always in the red, and their collective loss only increases with time.
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Bitcoin is a Ponzi. As a minimum, the operators should warn investors of the negative-sum character and negative expected profit. In the case of bitcoin (and all other cryptos), not only that does not happen, but there are thousands of promoters and "investment experts" who predict impressive price increases and/or claim that bitcoin will have massive uses in the future that would somehow make it valuable. Apart from the mendacity of those claims, those promoters never point out that such massive uses would not translate into revenue for the investors.
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Bitcoin is a Ponzi. Objection! The operator must lie to investors about the source of profit in a Ponzi!
Crypto promoters from Andreessen to Zhao actively spread many lies and misleading claims about the scheme, through malice or ignorance. Investment "experts" like Tom Lee, Mike Novogratz and Dan Morehead often give extremely optimistic predictions for the price on business or mainstream media. Those predictions have no rational basis whatsoever, and, while qualified with "perhapses" an "maybes" and "not investment advice" disclaimers, they are obviously intended to promote investment in the coins.
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Bitcoin is a Ponzi. Objection! The operator must lie to investors about the source of profit in a Ponzi!
Crypto promoters also make dozens of claims about the virtues of the currency and/or the payment system, such as that it will "one day" replace credit cards, replace national currencies, protect people's savings from inflation or confiscation by government, make banks obsolete, starve governments to death by depriving them of taxes or "money printing", enable support of dissidents in oppressive regimes, "bank the unbanked", allow free internet trade of drugs and other illegal items, end corruption, poverty, and inequality, etc. etc. etc.
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Bitcoin is a Ponzi. Objection! By that definition the U.S. Dollar (USD$) is a Ponzi!
No, national currencies fail to fit the definition, because people do not "invest" in them with the expectation of gain. In fact, governments make their currencies slightly inflationary precisely to discourage hoarding.
Find more in Jorge_Stolfi.yml »
SCAM ALERT! SCAM ALERT! SCAM ALERT!
No Coiner asks: I never invested into Bitcoin is it worth it?
A: I did and I can tell you it is! Number go up! To the moon!
Austrian Maximalist comments:
I think he's asking if it's still early to buy? Yes, we're always still early.
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Washington Post News:
Bitcoin surges past $20 000 for first time.
This Bitcoin rally is the most sophisticated investors, the smartest people in the room, buying the bitcoin quietly. Number go up! To the moon!
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When Elon Musk puts the Tesla balance sheet into Bitcoin, we'll have to change the Bitcoin rallying cry from "to the moon!" to "to Mars!"
Austrian Maximalist I comments: Let's use solar energy to mine bitcoin with satellites in space!
Austrian Maximalist II comments: Tesla would be the first ten trillion dollar company! Number go up!
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The U.S. Dollar is no longer a reliable store of value. Cameron and I (Winklevoss Twins Capital) make the case for $500 000 Bitcoin. Number go up! To the moon!
Find more in Tyler_Winklevoss,_Bitcoin_Billionaire.yml »
SCAM ALERT! SCAM ALERT! SCAM ALERT!
There are 3.5 billion smart phones on the planet. All of them can hold bitcoin. None of them can hold gold. Bitcoin is the future. Number go up! To the moon!
Fact Checker comments:
To be precise, none of the smart phones hold any bitcoin. Bitcoin is on the blockchain. What you hold in a smart phone is only the private key to sign transactions for your bitcoin on the blockchain.
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Bitcoin will overtake gold. I can't say when, but I can say within the next decade. Bitcoin grew 60x in the past five years. To overtake gold it will need to grow 25x in the next ten years - in other words, grow half as much in twice as much time. Number go up! To the moon!
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Over the years many many people have told me that their financial advisor "advised" them to NOT buy bitcoin. $24,000 is a reminder that you should believe in yourself, build your own conviction, and don't let the "experts" distract you from your genius.
Austrian Maximalist comments: We're still in the first inning. Number go up!
Find more in Cameron_Winklevoss,_Bitcoin_Billionaire.yml »
SCAM ALERT! SCAM ALERT! SCAM ALERT!
Given the challenge of how to invest $600 million in treasury reserves,
after a lifetime of experience and months of analysis,
I decided on an allocation of 100% Bitcoin,
0% Bonds, 0% Stocks, 0% Real Estate, 0% Gold.
Seems rational to me. Number go up! To the moon!
Austrian Maximalist comments: Completely rational. Up by more than 50% already.
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Money is energy. Bitcoin is the first crypto monetary energy network, capable of collecting all the world's liquid energy, storing it over time without power loss, and channeling it across space with negligible impedance. Number go up! To the moon!
Austrian Maximalist comments: And it's all represented in this: 21,000,000.00000000
Austrian Physicist comments: The science on this is legit respecting the laws of thermodynamics.
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Banks once offered savings accounts yielding 5% annual interest, taxable.
Today, banks offer 0% interest, or you can choose the Bank of Bitcoin,
offering a savings account currently yielding more than 100% annual interest,
tax deferred. Number go up! To the moon!
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I have purchased over $1.3 billion in bitcoin in past months and would be happy to share my playbook with you offline - from one billionaire to another.
Austrian Maximalist comments: The easiest way to put a billion dollars into Bitcoin is to put a million dollars in and wait. Number go up!
Find more in Michael_Saylor,_Business_Intelligence_Billionaire.yml »
Anthony Pompliano, Bitcoin Cheerleader, Off The Chain Investment Newsletter Writer (100 000+ Subscribers)
SCAM ALERT! SCAM ALERT! SCAM ALERT!
I always say it is nearly impossible for an investor to have twenty good ideas.
They have one to five, but lack the conviction and confidence to build heavily concentrated positions.
My single best idea for last few years was Bitcoin.
It is beautiful to see a thesis materialize. To the moon! Number go up!
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Bitcoin is the single most important piece of technology that has been created in the last few decades.
It is saving lives, increasing freedom, and giving millions of people hope around the world. To the moon! Number go up!
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There are an increasing number of buyers, yet a decreasing amount of available Bitcoin.
Any economics 101 student can predict what happens next. To the moon! Number go up!
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Bitcoin in circulation: $0.5 trillion. Fed Reserve notes in circulation: $2.02 trillion.
This will flip by the end of 2021. We are watching disruption in real time. To the moon! Number go up!
Austrian Maximalist comments: Sound money vs unsound money, the results are predictable.
Find more in Anthony_Pompliano,_Bitcoin_Cheerleader.yml »
GENIUS ALERT! GENIUS ALERT! GENIUS ALERT!
Learn about bitcoin, buy bitcoin, run a bitcoin node. Have sovereign censorship resistant money and get rich along the way.
Bitcoin will change the world, voting [and democracy] won't.
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Bitcoin will save the environment. Bitcoin will create a global arbitrage in energy.
Bitcoin will drive innovation in energy and use of renewables.
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Bitcoin is the only investable asset in the "blockchain" market.
Bitcoin has taken all the hits, arrows, bullets.
Bitcoin's success is the thing every shitcoin trades on.
There is no reason to own any shitcoin especially the no.2 in market cap which is nothing more than a scam host.
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Bitcoin (BTC) will be the one and only money.
Every other shitcoin will go a way and be completely worthless.
Don't buy Bitcoin Cash (BCH). Bitcoin Trash is hazardous waste.
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Bitcoin number go up because more people want bitcoin. Bitcoin becomes more and more valuable.
- 1,000 HODLers
- 10,000 HODLers
- 100,000 HODLers
- 1,000,000 HODLers
- 10,000,000 HODLers
- 100,000,000 HODLers
- 1,000,000,000 HODLers
- 10,000,000,000 HODLers
- 100,000,000,000 HODLers and on and on
People will come to understand bitcon.
Find more in Dan_McArdle,_Bitcoin_Standard.yml »
Found another great crypto quote? Tell us!
Contributions welcome! Just send pull requests.
Austrian Maximalist comments: Can I ask, when will you admit you were wrong? $50 000 bitcoin? $100 000 bitcoin? $500 000 bitcoin?