2013-08-04 WSJ: Famed Trader Joe Lewis Backs Bitcoin (hoax)

[Ytterbium]

Not good that a big-time thief like this guy is getting involved with mining. Mining is the way to control Bitcoin. Once you control the mining operation, you can do anything with Bitcoin you want. It not longer is beholden to limited supply or anything. They know this. Once the masses jump into Bitcoin and these mega douches control everything Bitcoin is over, it will be just another exploited currency. The problem is that we are still in their system of monetary control - i.e., they can buy up anything they want and that includes Bitcoin. The only time to strike is is when their system has collapsed.

Having 51% of the network doesn't mean you can just do whatever you want with BTC. any kind of outright manipulation would be obvious, crash the price, and destroy their investment.

You can use a 51% attack to destroy bitcoin, but you can't use a 51% attack to just steal people's money

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[Vigil]

Not good that a big-time thief like this guy is getting involved with mining. Mining is the way to control Bitcoin. Once you control the mining operation, you can do anything with Bitcoin you want. It not longer is beholden to limited supply or anything. They know this. Once the masses jump into Bitcoin and these mega douches control everything Bitcoin is over, it will be just another exploited currency. The problem is that we are still in their system of monetary control - i.e., they can buy up anything they want and that includes Bitcoin. The only time to strike is is when their system has collapsed.

Having 51% of the network doesn't mean you can just do whatever you want with BTC. any kind of outright manipulation would be obvious, crash the price, and destroy their investment.

You can use a 51% attack to destroy bitcoin, but you can't use a 51% attack to just steal people's money

I am talking about manipulating the mindless masses into using a forked chain that they control once Bitcoin has taken off. They won't know any better, they won't understand the need for the current protocol. They will just understand the convenience and as long as the forked chain has that and they can spend it they won't care about whether the amount is fixed or any of that.  

I'm not talking about a 51% attack to steal coins - that wouldn't be worth their time.

[dexX7]

It didn't start with the WSJ but the Finanical News.

http://www.efinancialnews.com/story/2013-08-05/bitcoin-gold-rush-heats-up-with-private-equity-deal

Edit: Same author.


This is by the way very sad. This guy does seem to support Bitcoin, hope it doesn't turn out too bad for him.

[canuck]

It didn't start with the WSJ but the Finanical News.

http://www.efinancialnews.com/story/2013-08-05/bitcoin-gold-rush-heats-up-with-private-equity-deal

Edit: Same author.

Does no one realize just how incestious the media family is?

Financial News is owned by Dow Jones & Company. The Dow Jones franchise also includes The Wall Street Journal, Barron's, Factiva and Marketwatch.

[Vigil]

Anyway, hoping this is BS so these stock prices will correct.

[bobdude17]

Guess we'll find out soon enough. Either huge news or a huge fuck up.

[Ytterbium]

You should look into why Yifu got into creating ASIC's in the first place.  His heart is in the right place, you don't have to worry about him exceeding 50%.

The nice thing about bitcoin is that even if his heart isn't in the right place, greed will still push him to distribute his chips as much as possible, as massive centralization would reduce the value of bitcoin, and thus the overall value of his chips.

Yup yup. If this is true, and it's a huge credibility risk for the WSJ to write all that with no solid sources, then this really is the start of the goldrush.

There is no way the WSJ would ever write a story like this just based on mixing up two companies named "Avalon".   They have names, even the fact that the Lewis was interested in BFL.  Where would those details have come from if they weren't verified by the author.

The media usually copies what is written somewhere else. I don't mean stealing news, but once it's out, it's out and spreads. I saw something like this many times.

Directly related to Bitcoin the WSJ did something similar even some days ago:

http://blogs.marketwatch.com/thetell/2013/07/29/bitcoin-now-illegal-in-thailand/?mod=MW_latest_news

MW is part of the WSJ Digital Network. In case you didn't know: Bitcoin isn't illegal in Thailand.

THAT'S A BLOG, QUOTING ANOTHER BLOG

Right.  A newspaper might publish a story saying something like "According some random blogs, X is true" or "according to rumors" on their blogs.  But they wouldn't write an article like this - clearly stating various things as facts unless they had done the fact checking themselves.

__

His Zionist brotherhood is whispering into his ear. They have to control Bitcoin before it destroys their global banking scam. Yufu was discussing the problems with how the government can destroy/control bitcoin and then he makes a deal with the devil.

Wow, you are a complete idiot.

I am talking about manipulating the mindless masses into using a forked chain that they control once Bitcoin has taken off. They won't know any better, they won't understand the need for the current protocol. They will just understand the convenience and as long as the forked chain has that and they can spend it they won't care about whether the amount is fixed or any of that. 

I'm not talking about a 51% attack to steal coins - that wouldn't be worth their time.

Anyone can start a forked chain whenever they want.  There are dozens out there, from litecoin to BBQCoin to Primecoin.

If a company wants to start it's own alt chain they can do so whenever they want.  They don't need $200 million in chips to do it.

[BitTrivia]

From BTCGarden's Chinese founder:

Hello everyone...er... Hello every shareholder,

1  About that "big news" regards to Avalon:  

        1  From a thread at btcman.com that was posted by a ID called "gridchip" last month, we (incl. all btcman`s members) can sure that Avalon team do have a big discord inside. It was written in chinese and need to register&login to read ,so I d prefer not giving the link here (all chinese shareholders can find it at "比特币挖矿区" board) However, I hardly believe the rest of this news is real.

From yuansuyi:

gridchip's thread is here: http://bbs.btcman.com/forum.php?mod=viewthread&tid=4621&extra=page%3D2&_dsign=2de4381b

My hypothesis (which could be totally off base):

1) Some Chinese guy, gridchip posted the news in a Chinese forum last month. Seems like a lot of people didn't believe it.
2) Bitcoinexaminer publishes a story about it
3) Wall Street journal republishes news from bitcoinexaminer

This whole thing just keeps getting weirder.

Edit: The gridchip post is this one:
https://bitcointalk.org/index.php?topic=252233.0;all

It talks about a 40nm chip being produced. I'm thoroughly confused, haha.

[Vigil]

Wow, you are a complete idiot.

go fuck yourself.

I am talking about manipulating the mindless masses into using a forked chain that they control once Bitcoin has taken off. They won't know any better, they won't understand the need for the current protocol. They will just understand the convenience and as long as the forked chain has that and they can spend it they won't care about whether the amount is fixed or any of that.  

I'm not talking about a 51% attack to steal coins - that wouldn't be worth their time.

Anyone can start a forked chain whenever they want.  There are dozens out there, from litecoin to BBQCoin to Primecoin.

If a company wants to start it's own alt chain they can do so whenever they want.  They don't need $200 million in chips to do it.

You just aren't comprehending the scenario I am talking about.

[Ytterbium]

Anyone can start a forked chain whenever they want.  There are dozens out there, from litecoin to BBQCoin to Primecoin.

If a company wants to start it's own alt chain they can do so whenever they want.  They don't need $200 million in chips to do it.

You just aren't comprehending the scenario I am talking about.

No, you aren't comprehending what you're talking about because you're a complete idiot. I understand what you mean, and you are incorrect. Because you are stupid. And an anti-semite or something.

[Vycid]

Also.. if you were about to drop $200Million into a mining outfit... you'd probably have dropped a massive chunk straight into buying bitcoins just before publicizing the news.

I still smell a stinking ball of incestuous journalists feeding off the same rumour.  Would love to be wrong though!

Somebody has been buying up all of Avalon's coins already. It fits. Yifu has come out and said that all of the Bitcoins that were recieved as payment for the most recent round of loose chip sales were sold. If you look at the blockchain none of those coins were moved - the ownership of the wallet was transferred.

http://blockchain.info/address/1FGAftzSTztFSB8LMwsrdCKTyqGY6zr3sU?offset=0&filter=0

Over 75,000 bitcoins were sold at once. That buyer could have been Joe Lewis.

[Vigil]

Anyone can start a forked chain whenever they want.  There are dozens out there, from litecoin to BBQCoin to Primecoin.

If a company wants to start it's own alt chain they can do so whenever they want.  They don't need $200 million in chips to do it.

You just aren't comprehending the scenario I am talking about.

No, you aren't comprehending what you're talking about because you're a complete idiot. I understand what you mean, and you are incorrect. Because you are stupid. And an anti-semite or something.

I know exactly what I am talking about, d-bag. Zionists are not Semitic to begin with. But obviously I'm talking to a brainwashed stick. Maybe try to do a bit of studying before replying to my comments. You tried to refute my comment and neither time did you lead on that you even had a clue what I am saying. Trader Joe is an Ashkenazim, who are of Eurasian (khazarian) decent. They are not related to the Semitic people who inhabited Palestine (i.e., Hebrews) 2000 years ago. Go read a book, please.

[solex]

Also.. if you were about to drop $200Million into a mining outfit... you'd probably have dropped a massive chunk straight into buying bitcoins just before publicizing the news.

I still smell a stinking ball of incestuous journalists feeding off the same rumour.  Would love to be wrong though!

Somebody has been buying up all of Avalon's coins already. It fits. Yifu has come out and said that all of the Bitcoins that were recieved as payment for the most recent round of loose chip sales were sold. If you look at the blockchain none of those coins were moved - the ownership of the wallet was transferred.

http://blockchain.info/address/1FGAftzSTztFSB8LMwsrdCKTyqGY6zr3sU?offset=0&filter=0

Over 75,000 bitcoins were sold at once. That buyer could have been Joe Lewis.

But surely the buyer HAS to move them. That is a zero-cost step to take. A wallet buyer can never be sure that the private key is unknown to the seller(s). The coins could disappear at any time. This is like leaving $8m in cash sitting in your car.

[Ytterbium]

Somebody has been buying up all of Avalon's coins already. It fits. Yifu has come out and said that all of the Bitcoins that were recieved as payment for the most recent round of loose chip sales were sold. If you look at the blockchain none of those coins were moved - the ownership of the wallet was transferred.

http://blockchain.info/address/1FGAftzSTztFSB8LMwsrdCKTyqGY6zr3sU?offset=0&filter=0

Over 75,000 bitcoins were sold at once. That buyer could have been Joe Lewis.

There's no reason to think that wallet ever belonged to Yifu in the first place. He said he was selling coins privately and that that wallet didn't belong to him.  

So it's likely that wallet belongs to however he was selling coins too to get cash to pay for chips.  It could be Joe Lewis, or it could be any rich person with $7m to spend on bitcoin.

But surely the buyer HAS to move them. That is a zero-cost step to take. A wallet buyer can never be sure that the private key is unknown to the seller(s). The coins could disappear at any time. This is like leaving $8m in cash sitting in your car.

Right, transferring a wallet would be idiotic.  The originator would still have a copy and could still spend the coins at any time.

Trader Joe is an Ashkenazim, who are of Eurasian (khazarian) decent. They are not related to the Semitic people who inhabited Palestine (i.e., Hebrews) 2000 years ago. Go read a book, please.

Uh huh, and how the fuck would you know that anyway? you nutjobs have some special wiki that tells you the specific linage history of every well known banker?

[jl2012]

Not good that a big-time thief like this guy is getting involved with mining. Mining is the way to control Bitcoin. Once you control the mining operation, you can do anything with Bitcoin you want. It not longer is beholden to limited supply or anything. They know this. Once the masses jump into Bitcoin and these mega douches control everything Bitcoin is over, it will be just another exploited currency. The problem is that we are still in their system of monetary control - i.e., they can buy up anything they want and that includes Bitcoin. The only time to strike is is when their system has collapsed.

Having 51% of the network doesn't mean you can just do whatever you want with BTC. any kind of outright manipulation would be obvious, crash the price, and destroy their investment.

You can use a 51% attack to destroy bitcoin, but you can't use a 51% attack to just steal people's money

I am talking about manipulating the mindless masses into using a forked chain that they control once Bitcoin has taken off. They won't know any better, they won't understand the need for the current protocol. They will just understand the convenience and as long as the forked chain has that and they can spend it they won't care about whether the amount is fixed or any of that.  

I'm not talking about a 51% attack to steal coins - that wouldn't be worth their time.

These are already happening. Look at those scamcoins. Is bitcoin hurt? I don't think so

[Vigil]

Not good that a big-time thief like this guy is getting involved with mining. Mining is the way to control Bitcoin. Once you control the mining operation, you can do anything with Bitcoin you want. It not longer is beholden to limited supply or anything. They know this. Once the masses jump into Bitcoin and these mega douches control everything Bitcoin is over, it will be just another exploited currency. The problem is that we are still in their system of monetary control - i.e., they can buy up anything they want and that includes Bitcoin. The only time to strike is is when their system has collapsed.

Having 51% of the network doesn't mean you can just do whatever you want with BTC. any kind of outright manipulation would be obvious, crash the price, and destroy their investment.

You can use a 51% attack to destroy bitcoin, but you can't use a 51% attack to just steal people's money

I am talking about manipulating the mindless masses into using a forked chain that they control once Bitcoin has taken off. They won't know any better, they won't understand the need for the current protocol. They will just understand the convenience and as long as the forked chain has that and they can spend it they won't care about whether the amount is fixed or any of that.  

I'm not talking about a 51% attack to steal coins - that wouldn't be worth their time.

These are already happening. Look at those scamcoins. Is bitcoin hurt? I don't think so

Think about it more like a bait and switch. I am not talking about making a new coin. I am talking about letting Bitcoin gain in popularity and grow through the market and lack of regulation until it becomes mainstream  and then hijacking the mining network through "investing in mining companies", then bring on the regulation pressures, then fork the chain with the necessary regulations via a combination of political influence and mining votes, while outlawing the other chain. You need the knowledgeable crowd to push BTC first - you need them to figure out the difficult stuff (do all the leg work) and you need the "libertarians/voluntary/etc" to buy in with the promise of sound currency. But they would not have bought in if they thought it was going to be another controlled currency. The mainstream would never buy in because they aren't involved or interested enough to take the time to figure it out, which is necessary with something like this. Also, they require everyone else to be doing it before they are willing to take the "social risk" (i.e., they don't want to look weird) - so no way to sell it to them from the get go. Have to do a round-about.

[cryptograd]

Yifu is a smart guy and blessing to BTCitcoin

I credit him with that early jump in February, he will make this $200M work right

I say buy all the coins you can now before the week is over


#Boss

[bobdude17]

It's hilarious that the first comment on the article is about tulips...

Never fails, no matter the news. Some people will have to be dragged kicking and screaming into the future.

[vokain]

This is the WSJ writer Harriet Agnew's twitter page

https://twitter.com/HarrietAgnew

Lots of activity in financial reporting. Would be real egg-on-face to have the wrong Avalon completely.


Edit: two earlier crypto pieces:

Harriet Agnew ‏@HarrietAgnew 5 Jul
@annairrera @tylerwinklevoss @winklevoss The crypto community is pumping up the next new thing: Litecoins http://bit.ly/16beDAD

 Harriet Agnew ‏@HarrietAgnew 5 Jul
Q&A with #Bitcoin backer @tylerwinklevoss:  http://bit.ly/1bbQaAI  @winklevoss
Expand

and this is her linkedin:
http://www.linkedin.com/pub/harriet-agnew/1a/73/23a

University of Edinburgh..I highly doubt she would fuck up such a simpleton misunderstanding like Avalon Mining and Avalon Ventures

[Mike Christ]

It's hilarious that the first comment on the article is about tulips...

Never fails, no matter the news. Some people will have to be dragged kicking and screaming into the future.

We still have a lot of people who refuse to use computers, let alone the Internet.  Bitcoin's gonna have to get in line