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chanler

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Quote from: Symmetrick on November 16, 2020, 03:41:45 AM

1. Bitcoin is too volatile to be a store of value.
4. Bitcoin is used for illicit activity.

This is what actually in my country. Moreover around 2017, the bad news about Bitcoin was very high moreover it was the booming and hype of BTC. Many people do not trust BTC. They said about the bad impacts of BTC, bad use by the criminals and many more negative issues. However now, it has been legal at least for the digital assets so the negative issue may be decreasing, but still there.
Additionally, many people hate Bitcoin because they have lost so much money in BTC and they blame BTC because of its volatility. Yeah, this is true. But this is a part of the risks. We should know before investing, it is volatile and from that volatility, e can make profits highly or lose highly. This will depend on our strtagey.

Yatsan

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Criticism will always be a part and become a normal to any existent thing in this world for we individuals do have different perceptions towards something and those differences becomes a thing that serves as an observant type to criticize something that we usually do not fully understand what it is truly about. Criticizing something can be a good point to see flaws in a system or an object that will serve as a starting point to undergo certain improvement. People have initially judged Bitcoin ever since it have existed, many false accusations, lots of rumors spread but still look how tough Bitcoin is after all. This just show how criticism does not barely affect Bitcoin after all but it just makes it a lot more stronger than before due to certain improvements happening on it. Criticism will always be there at times, what the important thing is that you do know what exactly you stand with and do not get along with certain here says by other people about Bitcoin.

Wysi

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Most of these criticisms are started by regulators through different channels and supported and spread by those who have no idea about crypto or those who are not ready to accept anything new. I believe Bitcoin has proved them wrong in the last decade as survival of Bitcoin itself proves these criticisms as baseless except Criticism #4: Bitcoin is used for illicit activity.
which is partially true wherein some criminals have found safe haven in crypto but again these crimes are taking place before the invention of Bitcoin as well and will continue even without Bitcoin as well.

Chrystora123

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Omicron is another FUD

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4. Bitcoin is used for illicit activity.

Bitcoin is just a new way of exchanging. long before Bitcoin, criminals have always used fiat or gold to make exchanges. so don't take sides..

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6. Bitcoin will be replaced by a competitor.

this sentence will continue to appear for the next 1000 years. Bitcoin will never be replaced. to those who hate Bitcoin, don't spread FUD against Bitcoin..

Mahanton

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Quote from: hatshepsut93 on November 17, 2020, 01:39:39 PM

Quote from: Symmetrick on November 16, 2020, 03:41:45 AM

Response: Bitcoin’s volatility is a trade-off it makes for perfect supply inelasticity and an intervention-free market. However, with greater adoption of bitcoin and the development of derivatives and investment products, bitcoin’s volatility may continue to decrease, as it has historically.[/i][/b]

Limited supply alone does not create value, it only amplifies the existing value. And saying that volatility is just a tradeoff isn't really a response, it's just avoiding discussing the problem. I think most investors that are looking for stores of value are looking for some safety and stability, they first want to preserve what they have, making profit is secondary. Bitcoin fails here, because from time to time it tends to drop by a lot, so investing at an unlucky moment would mean enduring loss for a long time.

To think that it hasn't been made for that sole purpose but rather to be a currency but lots do have different interpretation into its existence and one of it to tell about store of value which wont
really fit out and in talks of security and safety then its just normal for those traditional investors to look for those qualities which they cant really see it with bitcoin.
Yes, it can really show off something but you wouldn't know on when it would last.. Investing with crypto does really need for you to be wise or else you would
surely end up on holding for longer period of time before you can possibly break even or profit.

hatshepsut93

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Quote from: Symmetrick on November 16, 2020, 03:41:45 AM

Response: Bitcoin’s volatility is a trade-off it makes for perfect supply inelasticity and an intervention-free market. However, with greater adoption of bitcoin and the development of derivatives and investment products, bitcoin’s volatility may continue to decrease, as it has historically.[/i][/b]

Limited supply alone does not create value, it only amplifies the existing value. And saying that volatility is just a tradeoff isn't really a response, it's just avoiding discussing the problem. I think most investors that are looking for stores of value are looking for some safety and stability, they first want to preserve what they have, making profit is secondary. Bitcoin fails here, because from time to time it tends to drop by a lot, so investing at an unlucky moment would mean enduring loss for a long time.

ChiBitCTy

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1. Bitcoin is too volatile to be a store of value.
I would agree to an extent. Gold is technically a better store of value. That being said, a store of value doesn't guarantee that it won't change values up or down quickly.

2. Bitcoin has failed as a means of payment.
Bitcoin is still being used as a means of payment, so not sure how this is the case.

3. Bitcoin is wasteful.
This has some truth to it, some not.

4. Bitcoin is used for illicit activity.
So is every other type of currency on earth. Bitcoin used much less , as fiat money is much better to use for illegal activities.

5. Bitcoin is not backed by anything.
This is a positive, it is a decentralized asset.

6. Bitcoin will be replaced by a competitor
This is very possible.

Smartprofit

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As for the fact that Bitcoin failed to realize itself as a means of payment (criticism # 2) ...

I agree with this statement. However, I only partially agree.

Bitcoin has very few transactions (roughly 350,000 per day and this number is not growing). For mutual settlements between people, this is very little. However, suppose that in the future, bitcoin holders will be exclusively countries and global corporations. They will rarely carry out transactions, but for a large amount. Bitcoin will become the world's reserve currency and it will be very easy to verify such reserves thanks to the transparent blockchain.

The question remains - what will happen to bitcoins owned by individuals? Some individuals will sell their Bitcoins and buy their own real estate, others will have Bitcoin confiscated.

Such a scenario for the development of events seems to me very likely.

milani

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I think that all these points are from people that did not even try to understand what the Bitcoin is and what pros snd cons of it. Of course some statements about volatility for example have the true nature, at least partially, but in most cases rumours happen because people do not completely understand the details and nuances of the Bitcoin ot Blockchain. And very often they do not even try to learn in deep, they just write or say and that is all. The main reason - the lack of knowledge or the lack of desire to learn in deep.

gurjasmeetsingh

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It's fact ,when a project take the peak point of success. After the popularity in the market. Side by side criticism is also running with that project. Because the investors wants to wast field of earnings day by day,due to popularity of the projects.so various type of rumors are also heard. I think there's no competitor of bitcoin yet. I think so.

Smartprofit

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Only CBDC can compete with Bitcoin. However, CBDC is not a cryptocurrency or deflationary asset.

A certain hope was in the cryptocurrencies of IT corporations - Libra and TON. Their competitive advantage is their huge audience. However, governments are very jealous of currencies like Libra and TON. They hinder their development in every possible way.

Bitcoin Cash tried to become the number one cryptocurrency, but suffered a crushing defeat.

Monero is a highly toxic cryptocurrency.

Ethereum is an experimental cryptocurrency, there is no certainty that these experiments will not lead to its death.

There is currently no alternative to Bitcoin. I have doubts that such alternatives will appear in the future.

witcher_sense

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Quote from: ?? on ??

Yes, also in disputes, when there is a statement that bitcoin is not backed by anything, they like to cite as an argument that: bitcoin is not backed by anything, but fiat is backed by gold. It's an old misconception that central banks provide gold for their candy wrappers. Cheesy

Especially such statements are inherent in the old generation.

Once they know that the gold standard has long been buried, that now fiat money is just pieces of paper or numbers on monitors, they start arguing that paper and numbers are backed by decree, invisible hand, nuclear weapons, roads, military forces, taxes, you name it. According to them, government-issued money is backed by almost everything, tangible and intangible.

Speaking of the gold standard, try to ask them why gold has been chosen as a reserve asset, how it emerged and developed on a free market, what it is backed by, etc... If they manage to answer all these questions, they will likely understand what bitcoin is backed by.

palle11

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Quote

4.Bitcoin is used for illicit activity.

This has been in the front of criticism of bitcoin by most people especially those in government which is one reason they give for not adopting bitcoin into their constitution a a means of payment just as fiat. This though has not stopped the use of bitcoin by large majority, the use of bitcoin has increased from it early stage.

witcher_sense

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Quote from: Symmetrick on November 16, 2020, 03:41:45 AM

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Criticism #5: Bitcoin is not backed by anything.

Response: Bitcoin is not backed by cash flows, industrial utility, or decree. It is backed by code and the consensus that exists among its key stakeholders.

Probably the most popular criticism I've just heard from the adepts of traditional finance. Bitcoin is backed by key stakeholders, including miners, validators, nodes, developers. Interested parties choose Bitcoin because of its unique characteristics, such as scarcity, irreversibility of transactions, and resistance to hacking.

I'd like to add something to that. People, those who criticize bitcoin and claim it is not backed by anything, usually fail to recognize the difference between sound and unsound money. They think of bitcoin as an inferior alternative to fiat money; bitcoin, according to them, is worse than fiat money because governments refuse to support it and accept as a means of payment on their territories. Bitcoin is backed neither by governments, businesses, nor gold. The truth is bitcoin shouldn't necessarily be backed by something: it exists on its own like gold, which is also backed by "nothing".

Both gold and bitcoin, sound money, have proven the credibility of their monetary properties and, in effect, are backed by them. The former has existed for thousands of years and people are always ready to accept gold because they know it is valuable. The latter has existed for more than a decade, its monetary properties are set in stone, programmed; people all over the world are working hard to sustain these properties because they know bitcoin is also valuable.

usekevin

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charlesmichel1

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Quote

4. Bitcoin is used for illicit activity.

It's neither true, nor false. Like cash Bitcoin can be used for criminal activity, but it isn't the only use case.

pooya87

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Quote

1. Bitcoin is too volatile to be a store of value.
2. Bitcoin has failed as a means of payment.
3. Bitcoin is wasteful.
4. Bitcoin is used for illicit activity.
5. Bitcoin is not backed by anything.
6. Bitcoin will be replaced by a competitor.

only the first and possibly the third points here could be categorized as "criticism", number 2 and 4 is purely FUD, 5 comes from lack of understanding of what a currency truly is which has nothing to do with bitcoin and the last one is not even a criticism, it is a prediction that could be used in different contexts to mean different things. in context of advertising a shitcoin it becomes a lie, in context of manipulators becomes FUD and in other context it is stating the obvious that every technology is some day replaced by something else!

CODE200

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Quote from: webtricks on November 17, 2020, 03:03:32 AM

Quote from: Casdinyard on November 16, 2020, 10:37:47 AM

Just having some questions: If one day further development takes place, will Bitcoin still be as popular as nowadays? And will its market value still be volatile?

Already, there has been a lot of development taken place in crypto space. Today we have blockchains which can process millions of transactions per hour at considerably low fees compared to merely 12-13K transactions per hour on bitcoin network.

But then why is Bitcoin still leading among all cryptocurrencies? Reason is simple, Bitcoin network is backed by thousands of supporters which has removed the possibility of single point of failure. The network strength has grown to such a level that a normal person can put complete trust on a transaction he made on bitcoin network. This is not true for other networks because almost all the other blockchains are dominated by single entity or organisation. With enough resources, it is possible to manipulate recent blocks of these blockchains.

So don't worry, bitcoin isn't going anywhere. If anything would happen, it would rather be an improvement in bitcoin network. This could be in the form of scalability solution like lesser witness size. If such improvement happens, mark my words, bitcoin will become much more popular as utility.

Upon reading @Casdinyard reply, I think he is referring to the possible changes in the future. Indeed it is having wide range of support from its large community of users Today, which makes it on top of this technology. But we are all aware that majority of its supporters are investors. Bitcoin is a popular investment because of its volatile market value which has high rate of increase, generating profit to investor's end. But if someday its market price will undergo process of development, there's a possibility that its market value will be less volatile. And if that's the case, will it still be supported by investors if it is no longer profitable? making it the same with other digital currencies. We cannot really guarantee.

royalfestus

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Rumour always have an element of truth, very little with the aim of misleading the audience. None of the criticism is new and bitcoin through all this till it achieve the present price and adoption.

Quote from: Symmetrick on November 16, 2020, 03:41:45 AM

5. Bitcoin is not backed by anything.

This is what Warren Buffet used to say, He doesnt understand how the coin is value and he refused understand what the new economic brings. It is not in their old economics from Benjamin Graham

Cnut237

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Quote from: Symmetrick on November 16, 2020, 03:41:45 AM

1. Bitcoin is too volatile to be a store of value.

Bitcoin is still in a relatively stage of its journey, and this is still a young market. This won't be the case forever. Compare bitcoin volatility with some lower cap coins - and bitcoin becomes a beacon of stability. As time goes on, as adoption increases and - crucially - as trading volumes increase, then volatility naturally reduces. Some commentators mistakenly assume that bitcoin's current state is its end state, when that is clearly not the case.

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