Topic: Why is Bitcoin the Dumbest Thing Ever Invented - page 6. (Read 1722 times)

Even smart people can have dumb ideas. Satoshi Nakamoto proposed a dumb idea. People feel for it because they saw it as a get-rich-quick scheme. Sure, you hava a distributed database. But empty units that are stored in it are not coins, money, currency or an asset. Proposing something like that was the dumbest thing ever.

So then it's some of the Bitcoin enthusiasts who are dumb and not Bitcoin.
You know people have the habit of jumping into things due to hypes and FOMO. Without really understanding how it works they jump on the moving train with high hopes of profitability, and these are the same people who would turn around to call bitcoin dumb and scam because the market failed to go the way they imagined it.

bitcoin is not meant for everyone but it is people that I have the interest on it or develop interest for Bitcoin that will welcome Bitcoin as a good technology and also a good digital currency so I believe that Bitcoin with something that people that have the knowledge can easily follow but if you don't have the understanding of Bitcoin you will not be able to follow Bitcoin that is why I will agree for you that bitcoin is not meant for everybody

There have also been many governments and countries gradually accepting bitcoin as an asset like gold and most recently, the approval of bitcoin ETFs marks a major turning point for bitcoin to become more popular in the future. So, do you think governments, countries, large organizations are stupider than you as they see the potential of bitcoin while you don't?

Additionally, our society uses results as a measure. If you think people who invest in bitcoin are stupid, are you better than those people? Many people become rich and change their lives in a positive way thanks to bitcoin investment, but what about you? Satoshi created bitcoin and was recognized by the whole world, and you created something that everyone recognized? Or just a jealous person wandering around talking bad about others?

Congratulations OP, you've generated the publicity that you've wanted. Why are you still here? I guess it's a bit dumb of me to respond here when the right thing to do is to ignore the trolls but someone has to say it. If it's really dumb concept to you then shouldn't you justifying it much more clearer than that? Or you shouldn't be in this forum in the first place because you're not seeing the benefits of bitcoin. I don't blame you though, I mean sometimes people are being bitter about things that they can't achieve, were you the kind of person that didn't bought bitcoin when it was still cheap? So now you're slandering bitcoin and don't want others to enjoy it because you've missed out? That's just sad if you ask me.

Majority of Bitcoin investors don't have a clue what Bitcoin is, that is, how dumb the whole thing is. They saw the rising price and just want to jump on the bandwagon. Majority of Bitcoin miners don't care if Bitcoin is dumb. They see that they can sell the units to the greater fools so they spend energy. When the pool of greater fools dries up then people will realize how stupid it was to follow the Nakamoto protocol.

You really made a topic just to say that thing about bitcoin. Since you said that, you shouldn't be here on this forum if that's how you feel about Bitcoin. Because most communities on this platform are Bitcoin believers.

So does that mean all Bitcoin investors are dumb investors if that's the case for you, OP? Is that right? although I still understand you somehow because that's your opinion.

Even if the theory that value comes from the costs of production were true, Bitcoin has no cost of production. BTC units are produced by the rules of the protocol, out of thin air. What has costs is finding a number that solves a hash combination. The theory is of course not true. I can set this protocol, that is, a joke:

"find a plate with my name and surname that I have hidden somewhere in the New York. As a reward for finding it you will get that plate".

You spend years and a lot of money to find it, you finally find it and then conclude that this plate is very very valuable because of your search. People would say that you're dumb because you spend so much resources on finding something worthless, because you took my joke seriously. So, the fact that energy is spent on a task specified by the Nakamoto protocol does not mean that the reward for solving it is valuable. It just means that people behave stupidly because they follow the protocol.

value is where there has been a cost in somethings creation and someone desires whats been created

creating a mortgage agreement costs nothing.
money creation has no value.

money creation gains value later on once in circulation/in the system

bitcoin however has a cost in its creation.. the mining cost. so has a value upfront at its creation.
yes the value is less than the market rate but thats how value works wholesale value is always under retail price
the difference between wholesale and retail is the speculation based on demand and supply

learn some economics before you disappear for a year and come back with a new name. and lets hope next time you come back with new arguments instead of repeating the same flat and debunked crap you have done previously and currently

??

I don't think that debt creates value. This is factually so. If you have for instance $500K while you friend has a $500K dollar loan with a mortgage on his house you have something that he needs to get rid of the mortgage. $500K is worth the same as his house. If an item is needed by people it has value. Just like food. People need food and that is why food is valuable. The fact that fiat currency units are created as debt means debtors will always need them. On the other hand, nobody needs units in the Bitcoin system. People buy those just for speculative reasons, because they believe in the greater fool theory.

Whales are manipulating and create bear trap after halving so that more Leverage trader going to lose and investor are afraid to invest
This is called pure bear trap which is amazing buying opportunity for pure bitcoin lovers and as my opinion.

Just see and wait it will achieve more power and make skyrocket after few months as my opinion.

So you think that debt creates value? Congratulations, you have created an entirely new theory of economy and finance.
So fiat money represent debt and that's why they have value? What kind of debt? Do you think that you could go to a commercial bank(or central bank) and exchange your precious fiat money for gold? Good luck with this. Fiat money aren't backed by anything. Bitcoin/crypto isn't backed by specific assets as well, but the difference is that Bitcoin is deflationary by design and fiat money are designed to lose value(because of the money printing, that is being done by the central banks).
Nobody is forcing you to use BTC, but your government is forcing you to use fiat money as the legal tender.

you talk about turds knowing your body can create your turd from your body at low cost after the utility is finished and its time to reject the waste product and relieve it/release it from the body. to then dispose of it and forget about it. which makes turds useless and of no value

but you dont realise specific units locked within a body and move/transfer within a system and produced in that system to do a function is not a turd it is instead a nutrient the body uses. it doesnt/cant leave the system and is useful within the system.. so within that system you need to understand the cost of that nutrient production, for the need, use, desire and intent of the nutrient has a cost

not the waste junk that gets pushed out and rejected and relieved from the system to decay/waste away

The cost of producing BTC unit is zero. The cost of producing USD unit iz zero. It's just ading numbers to a database, or a paper medium in case of banknotes. $25K is the cost of a plain brute force random trial and error of finding a number that solves a hash combination. It has nothing to do with the value or the units. Your logic is like setting up a protocol that says: "whoever manages to travel the world in 5 days will get a turd. Then someone spends $25K to complete the challenge, and you conclude: "the turd is worth $25K". Such a way of thinking is as dumb as Bitcoin.

it costs $0.08 to print a $100 bank note
it costs over $25k* of hardware and electric to create 1btc
*$25k Slavic countries low electric -> $150k pacific islands high electric

so if people see the market rate of ~$58k
some see it as great discount to buy. some see it as good profit to sell.

but overall there is real cost underlying bitcoin. thats not at a 0.08% rate, but more so depending on location 45%-280%

also
james under your other alt account in previous years, you said the same stupid stuff of not understanding fiat economics and bitcoin economics.. so why make a new name just to say the same crap. atleast learn from your mistakes and come up with new mistakes, .. or a new idea/theory. why repeat the same crap again

You're really a top notch swindler. You use words to try to make your worthless BTC units look valuable. But doing this here is tragicomical. It's like trying to convince people that turd is more valuable than food.

JamesNZ thinks banks give out peoples money as debt to others.. that alone shows how little he knows about economics of FIAT.. let alone bitcoin
and fiat has been around alot longer than bitcoin so he has had plenty of opportunity to learn about how fiat works, yet he has failed

FIAT mortgages are not about giving your money to mortgage applicants, thus mortgage payers do not owe you.
what actually happens is banks total up the bank account customer holdings and produce a number.. this number is REPLICATED at a ratio to become a new allowance that banks can make(create new money) to offer out as credit/mortgages with stipulations that the receiver has to pay back TO THE BANK over time +interest to refill the used BANKS credit allowance amount OF THE BANKS CREDIT

thus its not actually your money they use in mortgages and mortgage payers are not repaying you...

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as for bitcoin. because it is codified as a rule to produce a set amount over a certain time, which depreciates, it makes bitcoin a strong value unit which has real creation cost which people base underlying value of, and then apply speculated extra amount based on desires, utility and demand which the creates then market rate. the market rate is a variable amount that is more volatile than the underlying value. but bitcoin has a high underlying value compared to the creation cost of fiat. bitcoin has a deflationary production rate, fiat has a inflationary production rate.
new bitcoin units (sats) production rate depreciate in amount over time but the cost of production(mining) increases. there is also an ultimate limit to how many will ultimately be produced, which adds an extra layer to the value, speculation decisions that become the market rate of those wanting bitcoin

bitcoin does have real world utility, which adds an extra layer to the value, speculation decisions that become the market rate of those wanting bitcoin

making bitcoin (said again for emphasis) a stronger value unit compared to fiat

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lets delve into jamesNZ misconceptions of his postal analogy

firstly sats are stamps
stamps are used to pay for parcels but also are contained within the envelops, whereby people can transfer stamps
the envelops are transactions which contain the stamps and show the destination of the stamps
yep stamps pay for the envelop outside of the envelop(tx fee) and also transfered within the envelop(transfer)

there is a underlying cost to the postal service which is rewarded by creating stamps which can be sold to cover costs of the postal system
there is a limit to how many stamps are produced per batch of work done to process envelops. and that amount of stamps reduces every 210,000 batches.
this creates a cost-reward-market economics for the postal service which people then see as collectable and tradable stamp market.
as the postal system gets more popular the underlying processing cost increases and the amount of new stamps decreases over time raising the underlying value of the stamps.
people then ontop of the value then speculate a more volatile market rate retail price of the stamps based on demand, desire and other aspects

so its not "empty envelops"

It's not much different from seeing the value in your bank savings book, but whether you see the physical money. Likewise, when you withdraw money from an ATM, do you think it is an empty machine that will not give out money? If you think bitcoin is not something real or does not have any value or effect then why are you so busy making posts on this forum, shouldn't you be able to ignore bitcoin and not need to think about finding out more about bitcoin.

Bitcoin has value and can be bought and sold for itself so the word empty is completely irrelevant, regarding price fluctuations it already represents how each item has bargaining value and what makes the difference is whether it fluctuates or not. I think what you said is not relevant at all because you are trying to compare something wrong.

If another greater fool, another speculator decides not to buy your Bitcoin, game over. You cannot get yor investment back. Just like in Ponzi schemes. You are the slave of people's will to join the scheme. They must voluntary decide to buy your BTC units. With dollars however I am the master. Via collaterals, the banking system forces debtors to trade labour, services or goods with me. They cannot just voluntary decide not to trade them. This would lead to foreclosures. In foreclosure auctions I am the master again. The banks are liable to sell foreclosured property to dollar holders in order to liquidate the unpaid loans. They issued dollars, and thus they must take them back. It's their liability clearly recorded in their accounting books. So, with dollars I am the master and the banks work for me. They ensure that I get labour, goods or services for my dollars. With Bitcoin you're the slave. Nobody works for you and ensures that you get something valuable in exchange for the system units. The system just stores the units and doesn't care about you. It's crazy how vehemently you and other slaves try to defend such a system. Is this some kind of a Stockholm syndrome?

Dumbest not dubmest