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Thread: Why Is Time To Sell All Your Bitcoin And Exit The Cryptos

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    Militant Wing of the Salvation Army midnight rambler's Avatar
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    Why Is Time To Sell All Your Bitcoin And Exit The Cryptos

    Why Is Time To Sell All Your Bitcoin And Exit The Cryptos
    4-19-21
    The time has come to exit Bitcoin, sell everything and exit the cryptos. Seems counterproductive, Bitcoin is hitting new highs, but there are several very good reasons for doing so at this time:
    1) Bitcoin transactions are verified by other miners. A majority of the current hash rate controlled by miners is necessary to confirm and add a transaction to the blockchain. Control of the network is possible once 51% of the hash rate is achieved. With this control, an entity could forge and confirm any transaction, thus allowing theft and double spending of the Bitcoins.
    China presently has over 65% of the hash rate controlled. It is only a matter of time before they exercise this control to steal bitcoins from rightful owners.

    2) Bitcoin has made kidnapping profitable and safer. With Bitcoin, you can pay your own ransom. This has not been reported outside of the bitcoin community, but there have been several kidnappings of Bitcoin owners, who were set free only after transferring Bitcoin to wallets of their kidnappers.
    One such kidnapping was of the owner of a Bitcoin mining pool and another was of a Bitcoin Exchange owner. Being a Bitcoin whale now makes you a target for kidnappers. Knowing a persons Bitcoin wallet identification allows anyone to see their balance and transactions. The old practice of including ones Bitcoin wallet address on email signatures has disappeared.

    3) In the case of kidnappers having a stash of Bitcoin from their most recent victim, cashing in the Bitcoin at Coinbase becomes problematic, since positive identification of the account holder is necessary and the money is only transferred to Wells Fargo or other US banks; which also have a "know your customer" policy.
    The Bitcoin gained by the criimnals, then needs to be made untraceable. This is done by sending it to one or more "mixers". These are dark operations that launder the Bitcoin for a fee. The Bitcoin can be broken down into blocks of Satoshi, the crypto equivalent of changing a 100 dollar note for Ones and Quarters; or is sent to a large wallet of other Bitcoins, where it is added to the end of the line and the sender is sent Bitcoin from the front of the line.
    The use of one mixer could result in an eventual trace to the kidnappers, so multiple mixers are often used.

    4) It is only a matter of time before the US decides that the Bitcoin market is ripe for picking, or is a threat to the US Dollar. Even the mere mention of a possible Bitcoin ban will crash the price over 50%.
    For the past 4 years, the US 1040 Income Tax Form has had a section which required the filer to disclose any interest in Bitcoin or other crypto-coins, irregardless of profit or loss. This was defacto registration, negating the anonymity of Bitcoin ownership. Coinbase and other exchanges have been required to disclose ownership and trades of all their accounts for the past 3 years.
    Since Bitcoin is de-centralized, it cannot be controlled by any government as long as the internet is running; but, a government can institute a tax on Bitcoin profits and even on un-realized mark-to-market profits.

    5) Bitcoin transactions are only possible as long as the internet is running, and electricity is available. In a SHTF scenario, all crypto will become unavailable and possibly extinct.

    6) Bitcoin wallets can be impersonated, but at great effort. However, as computers evolve, the computer time needed to impersonate a Bitcoin wallet has been reduced from 500 years to 20 years. With the new quantum computers, that time will be reduced to seconds. At that point, all Bitcoin wallets could be emptied overnight.

    William Canevari
    650-207-6291
    wcanevari@yahoo.com
    If published, use this pseudonym: Kalbo
    Thank you
    "I'd rather go down the river with seven studs than one hundred shitheads." --Colonel Charlie Beckwith

    "If both the past and the external world exist only in the mind, and if the mind itself is controllable-what then?" --George Orwell

    "It's not a matter of what is true (reality) that counts but a matter of what is perceived to be true (reality)." --Henry Kissinger

  2. #2
    Unobtanium Shami-Amourae's Avatar
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    Re: Why Is Time To Sell All Your Bitcoin And Exit The Cryptos



    I'm not worried right now at all.

    There's likely 4-6 months more in the bull run.

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    Unobtanium Shami-Amourae's Avatar
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    Re: Why Is Time To Sell All Your Bitcoin And Exit The Cryptos

    The only blowoff top right now is in Dogecoin:


    Retards are throwing their life savings into that shit.

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    Iridium
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    Re: Why Is Time To Sell All Your Bitcoin And Exit The Cryptos

    Shami, what are your thoughts on Theta coins? Been reading some interesting things about these coins, and their network.
    life is good.

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    Unobtanium Shami-Amourae's Avatar
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    Re: Why Is Time To Sell All Your Bitcoin And Exit The Cryptos

    Quote Originally Posted by Hitch View Post
    Shami, what are your thoughts on Theta coins? Been reading some interesting things about these coins, and their network.
    I don't own it. I know about it but I don't go after projects that have had major runs. I only go after undervalued projects that have huge upside potential, that are near all time lows in Bitcoin valuations.

    Buying coins like that and a bunch of other high caps is a bad idea since you should have bought them last year. The bull market has maybe 4-6 months left, and most of the major gains have already happened.

    The only good buy right now is Monero. It's all I'm buying.

    Litecoin was a good buy a month ago when I called it, but I'm buying Monero non-stop till it's $1,000. I'm that bullish on it.
    Litecoin should still do very good from here now that Venmo is picking it up now.


    You need to understand something about Monero. The community for it is absolutely exploding for it on /biz/. I haven't seen this kind of buzz since Chainlink moved up into the top 10 from almost nothing in 2020. It's crazy bullish. In the recent Bitcoin flash crash only Dogecoin and Monero held up (in the top 100.) Everything else went down. Dogecoin is overbought, Monero is underbought. That's why I'm so bullish.

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