Topic: "10 Reasons Bitcoin Is A Terrible Investment" - A pathetic attack against BTC? (Read 440 times)

Some of the points do make sense though.

“Blockchain is years from being mainstream“
Agree with you OP that this one is more like on the opposite side for me.
It’s good to be a long-term investment then.
With that statement, it seems like he is a “hit and run” investor.


Or..
“10 reasons why you should love bitcoin when you have many doubts about it” 
Because most of the point he explained are contradictive.

He is essentially like an altcoin shiller from here or Reddit, albeit one with a decent grasp of the English language and access to a spell checker. He simply shills whatever he himself is currently holding, over and over and over. Go in to any recent article of his and pick a random company, and then do a search for his name and that company. I picked "Exelixis", for example, a stock he even admits he holds himself. Every article he writes on Exelixis says the exact same thing, just slightly reworded so its not an exact copy and paste. Here are 4 articles from the last month alone:

https://www.fool.com/investing/2020/10/17/4-stocks-robinhood-investors-should-buy-and-hold-f/
https://www.fool.com/investing/2020/10/07/these-are-the-3-biggest-bargains-in-biotech/
https://www.fool.com/investing/2020/10/02/the-3-best-stocks-to-invest-100-in-right-now/
https://www.fool.com/investing/2020/09/21/the-best-stocks-to-invest-1000-in-when-the-market/

What do you mean "it is not changeable"? Bitcoin has the most ongoing development and most useful new features of any crypto.

For me let them attack Bitcoin it is still publicity for crypto good or bad publicity is still a publicity and we could attract people from it.
We could also say the same on any investment all investment have their own down side it is up to us if we would accept all the risk.

For someone who had spent such a long time trying to smeared the name of btc before the whole world and still end up failing woefully, i would expect him to be a btc maximalist by now ,   or just quit, by saying i give up  (i mean look at the time this guy has been on the tail of btc trying to bring it down)
i consider him the btc stalker, but too bad till now he is not able to raise any dust with his continuous attempt to discredit the work of a genius,  but, 7 years is enough for him to come up with a technology to counter all his so-called btc flaws i.e if he can.

Hmm, I think if people do further divisions, as in, make changes to the hard code or go second layer, it won't be because of price change but because the price of the smallest unit will already be so high they NEED to make the split. And it won't affect price at all, if anything prove that demand is such.

Change is always possible, if enough people vote for it (or enough don't vote against).

I think it seems that at some point the division should stop, because there is a chance that bitcoin will completely devalue. Although I do not see this as a big problem, since there are a huge number of alternative currencies that are more interesting for me personally in terms of use and investment. Of course, bitcoin is a huge locomotive that drags all other cryptocurrencies with it, but I would argue that it is not changeable.

This kind of bad assumption of Bitcoin, is difficult to avoid...
Plural societies have different views. I am sure those who think badly of Bitcoin are those who never owned Bitcoin at all. No need for us to worry about IMO, because Bitcoin is a future investment and will silence them in the future when the price of Bitcoin breaks $ 100k.

So, the author of this "article" is a long known Bitcoin basher, for no particular logical reason, except it might be a popular read to sometimes bash something popular and some "journalists" actually live from that...

The true title should be: "10 Reasons you cannot trust anything written by Motley Fool".

More than reading how questions it was fun reading the answers in the OP. Right on point for each answer.
TMF is surely has some kind of grudge against bitcoin else he would not be saying so many things against it.
May be didn't get the opportunity to buy BTC at cheaper price 
Jokes aside, we have seen many such people speaking against bitcoin but that doesn't change anything since the power still lies in the people.
Until there are many supporters for bitcoin, nobody can do anything about bitcoin. It will stay for long and probably shut many mouths as time goes by.

It is obvious the attack described on the post of the OP is not against us, they know they cannot convince us, they know we can see through their lies, that attack against cryptocurrencies and specifically bitcoin are for the ones that could be doubtful about investing in this market since they want to scare people away, why? Because that is the only tactic they have left, they know they cannot kill bitcoin like they have done with other similar attempts to create a free currency in the past, they know bitcoin is better than their fiat counterparts, and they know a crisis is coming that could force many people to take the decision to adopt bitcoin, so they are trying to delay the inevitable until they can think of a way to kill bitcoin.

Please allow me to bring satoshi's words back to our lively discussion. He is a genius, we all know that but this explanation increases my admiration on him and his works. Things he did all was done very logically from his thought flow.

Another mystery why he chose halving days in years with President elections. 

Nice tip using satoshi, easier to think about yeah, and goes back to why I said I slightly agree with the point on scarcity. It's a bit silly how some people say you should buy Bitcoin now before it runs out because virtually very little new ones will be produced after a few more halvings but since Bitcoin is divisible and you can get fractions -- even sub-satoshi possible as you say -- then it's really not a problem anymore that there won't be enough to go around. As far as the mind can conceive, there always will be =)

So much of what this person says makes little sense or is simply not true. "the currency of choice for criminals" yes we heard that 5 years ago it was old then it's dead now. Get over it.
This person claims to be so intelligent yet the say things like "There just isn't enough bitcoin to go around" then states some useless fiat facts.... Did this man never go to school and learn about decimals and fractions?
Even if there was only 1 bitcoin you can split it into any number you wish. The very idea that this clown cannot fathom that tells us all we shouldn't pay attention to anything they have said. They have basically just made it very clear they are foolish and nothing more.

These are horrific arguments to be making. Try again....

Nicely stated!
Ironic when Bloomberg is predicting bitcoin to reach $100K by 2025. Let's see if this fool or Fidelity/Bloomberg have it right. 

Bitcoin Trajectory Should Approach Gold-like Status: Report By David Jones
https://decrypt.co/45239/bitcoin-trajectory-should-approach-gold-like-status-report

I find this is easier if you think in terms of satoshi rather than in terms of bitcoin. There is a limit of (slightly less than) 2,100 trillion satoshi. Global GDP is $81 trillion. Global stock markets are $70 trillion. Even global derivatives markets (which aren't really money) have an upper limit of somewhere around $1,200 trillion. So even if bitcoin becomes a global currency, there will still be plenty to go around.

And even then, the 8 decimal limit can be changed. Lightning already works with 11 decimal places, with the smallest unit being milli-satoshi. With a hard fork we could introduce more decimal places in to the base layer, if the demand for it became great enough.

Gotta stay consistent. Since he didn't buy BTC in 2013 or earlier (which he deeply regrets I assume), he'll just have to keep on going with the same story line because it probably helps put food on the table with all those increased website clicks and other media coverage every time he writes about bitcoin.

Thanks for this detailed review and answers to these questions. I wanted to point out something about #1, but you've already mentioned all of it . As for #5, many have tried already to prove that Blockchain is valuable rather than Bitcoin, but their cryptos turned out to be useless shitcoins. And investing in a digital fiat currency doesn't make much sense because it would be very stable and also lose value over time due to inflation. #6 is a solid point, I think (but I believe Bitcoin might actually be decades away, not years), but if a person in considering Bitcoin as an investment, it should not matter whether it ever becomes mainstream (the price can rise anyway).

I tend to agree. But...
Probably they really intended for it to look pathetic and stupid to gain more attractions and attention.
And IMO, considering Bitcoin as a form of investment really is something that isn't that much for them to consider.

However, we aren't here to expect Bitcoin to rise. But to support its capability to become a store of value and reach most people anticipated precious value. And considering it as an investment is almost an insult. It wasn't created to be an investment. The scheme isn't created to earn profit but to give freedom to people who wanted to proptect privacy. But now, that perspective among others is it's slowly fading.

Um, yes, why not? MicroStrategy buys a dollar amount, not a BTC amount. Again, $425M today might require 42,500 BTC but maybe in 10 years, if all all these predictions of $100,000 come to light, then that's "only" 4,250 BTC, seems to me actually easier to buy, but it's not more difficult or easy, it's just as easy/difficult. If anything liquidity is bigger, OTC desks can handle bigger and bigger amounts, and no, Bitcoin isn't going to be harder to buy because it becomes more scarce, people will always be buying in USD or fiat equivalents.

10 years ago, someone puts down $100 dollars and geta a LOT of coins. Today, someone puts $100 dollars down and gets 0.01 BTC.

I'm not sure I really cared about guff like this when I got rolling in 2013, and it was the majority view by quite a way back then. These days it's plain quaint.

As ever, actions speak louder than words and anyone swayed by this need only look at how Bitcoin is acting, not how rando piggies are squealing about it.

I wouldn't listen to a single word this author says about bitcoin.

Here he is in 2019 calling bitcoin "fundamentally flawed" - https://www.fool.com/investing/2019/06/25/3-reasons-bitcoin-is-fundamentally-flawed-as-an-in.aspx
Here he is in 2018 calling bitcoin "a gigantic failure" - https://www.fool.com/investing/2018/02/14/is-bitcoin-destined-to-be-a-gigantic-failure.aspx
Here he is in 2017 calling bitcoin "a fraud" - https://www.fool.com/investing/2017/09/18/bitcoin-is-a-fraud-according-to-the-ceo-of-the-lar.aspx
...
Here he is as far back as 2013 calling bitcoin a "fictitious token" - https://www.fool.com/investing/general/2013/04/13/this-is-the-real-danger-of-the-irrational-exuberan.aspx

There are 295 articles authored by him on fool.com which mention bitcoin. For someone who writes so much about it, it's incredible that he is so consistently and fundamentally wrong about it. He's been parroting off the same arguments as in this article over and over for 7 years.

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I did get a chuckle out of the first two paragraphs though. Paragraph 1 - It isn't really scarce! Paragraph 2 - It's too scarce to be useful!

It is true and it may never go mainstream but remain localized. For example, is a Russian ruble mainstream? I wouldn't go that far. It's not a world reserve currency and you can't use it to pay for goods and services outside Russia. You can exchange it to other currencies almost anywhere in the world, but it's the same with Bitcoin. Localbitcoins traders can be found all around the world and bitcoin exchanges exist in most countries. So, we don't need Bitcoin to be mainstream, we just need it to be there. To remain as an option.

Misinformation from the media is becoming a norm these days, I usually struggle sometimes to get accurate information about assets like Bitcoin and mostly rely on specific websites (usually community based) for information.
Such negative publications on Bitcoin is used to dissuade public interest, but it's becoming less effective as the network becomes more popular. Much easier to mislead people when they know very little about the subject.

Bitcoin is community based which means it relies on majority vote, if a cap increase is suggested and agreed upon by most of the network then it is technically possible without the need of a fork. However, considering the times this has been suggested in the past, such a change to the protocol is very unlikely. The fact that Bitcoin is highly divisible also makes it unnecessary.

$1 may be relatively easy, but would $425 million (the amount purchased by microstrategy) be at that time? It may yet be possible if you factor in inflation of fiat and appreciation of bitcoins value, so we should probably consider it from Bitcoin amount rather than fiat equivalent as; Scarcity leads to price increase as it has a deflationary effect.
For example, Microstrategy purchased about 35k BTC IIRC, at a value of 425 million, in 100 years the same amount of bitcoins could be far much higher in USD value, making it far more difficult to acquire, due to scarcity among other factors.

?

for the most part taxes on bitcoin have been pretty easy. yes you have to keep track of buys/trades/cashouts but with decent record keeping (largely automatic on most exchanges, just import your history) and the various crypto tax related services that have been available for years now i have had no issues. it sorts and matches it all up, calculates the capitol gains or regular income (say from mining) prints it all out, i give it to my account and and its done. purchases to merchants do need to be entered manually but there arent a lot of those in my case (say pm purchases and such for example).

admittedly you could do tons and tons of merchant payouts but still, record keeping isnt THAT hard to enter manually into a crypto tax service. just need the date and amount, the crypto tax service calculates the price on that day and matches it with the rest of your history automatically so i dont see any real show stopper issues or even that much extra work tbh.

Some of the points he shared to the article is just pure nonsense.
If you are in the crypto space for a long time or quite some time then you know that what he is saying doesn't have any sense at all.

He can attack it anytime. Those who knows how crypto works will not fall to these. What I worry is those newbies who read this article. They might think twice in investing into Bitcoin and possible that they might not invest into it. I believe though that more and more will use Bitcoin and crypto in the future. They can attack it anytime they want, in fact they are helping to spread awareness to people .

Ah, welcome to Motley Fool. It's been anti Bitcoin and pro penny stocks for years now, saw you just found that out.

Personally, I'm happy for articles like these though and, can even find some agreement with some of them. It's not really scarce is something I actually agree with though. It's limited in supply, but buying $1 Bitcoin today will be just as easy in 10 years when almost everything's mined. You simply will just be getting fractions.

This one from the article

Perhaps he hasn't heard any of the institutions that has been stacking up on BTC?

......

Does anyone have a count how many times some people called BTC a bubble? It's been a decade but we still read the same thing. How many times will it burst?

The most important influence is the one they have over non-crypto users. Obviously, as we have been here for a long time, we know that this is misinformation. What matters is that they get to push away potentially interested investors and users.

This is not happening anymore - not in our days. Nowadays, Nasdaq, CNN, BBC and all the other mainstream media is the only right opinion. Convenience advanced so far that it becomes an issue: we don't even think our own way anymore. Instead, we're letting complete strangers tell us what to believe and think.

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Yes, it's the unfortunate truth. It's a vicious cycle of misinformation spreading everywhere around the exact same way "Bitcoin is the criminal's currency" has spread like a plague.

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I'd argue against your point here. I always respect a properly justified argument, but that is exactly the opposite of TMF's. The author is writing an article for one of the top financial advice websites out there. It's not like he's writing on a forum - he is supposed to do research before writing anything on influential blogs and news outlets. An author cannot come with the excuse of not having properly researched a subject beforehand. It's obvious that the FUD was intentional.

This is a greatly debateable subject and, before Bitcoin's market matures, it's going to be all about predictions and speculations. The fun part is, Bitcoin can right now be used as both a store of value and a currency. It provides you, for the first time, the opportunity to use it as both.

>Blockchain is years from being mainstream
Its true, isnt it? Only very small amount of customers pays for goods in crypto. And not so big amount of people in the world know that bitcoin is in general

You did write some good text up there, mate. I hope people that were misled by the article, read your thread someday and realize that bitcoin needs a little study before entering its field. But you know what? They won't.

I would like to tell you something, and not just on @20kevin20 but everyone that reads this post. We, the people that have gathered on this forum, really like bitcoin and the blockchain technology that brought us. The problem is that we're overly enthusiasts, and we can't see bitcoin as other people see it. For example, @20kevin20 ridiculated the author of that article, which I want to state that I don't fully agree with him as well, with his answers on this thread. The author tried to make an article about bitcoin, because he sees it as a dangerous purchase. Respected. Let's be honest, do you how people, that don't know how it works, see it? As an internet currency that is wildly fluctuating, hear that is used by criminals, is a fraud etc. They can't see it they way we do.

About the decentralization part, not everybody likes it. The members of this community do, but someone that wants a third party to be responsible for his actions doesn't.

We shouldn't even discuss that bitcoins will be more than 21 million. In order to do that, everyone that owns a node should agree upon that which I think they won't. Sometimes I believe SegWit wasn't a good idea at all.

I don't know about you, but if a currency is worthing $10k each and the next year it is $20k, I don't consider it a currency at all. Yes it is great for purchasing online, but it's better for store of value or investment whether it wasn't created for those purposes or not.

There is one thing we can do in such case:

"
How to Block a Website on Chrome Desktop
Search for the "Block Site" Chrome extension, and add it to your browser. ...
Click "Add extension" in the pop-up box. ...
Check for the extension's icon on the top-righthand corner of your Chrome screen. ...
Visit a website you want to block from then on.
"
https://blog.hubspot.com/marketing/block-websites-on-chrome

And never ever see any more articles from this website. You know that they are not worh your time. I do it and internet browsing is much better for me. One 100% shitty article full of lies and manipulation (or click-beit articles) and whole portal is gone for me.

I encourage others to do the same. Give them feed-back in that way - no more money from ads from your enters.

Bitcoin is truly scarce, and it is simple to know that, bitcoin was worth less than a dollar before in a decade ago, and now worth more than $10000 now, can something that is not scarce be increasing in price? This is not possible. Bitcoin is scarce. What I can say is that humans can not be ever satisfied, bitcoin have 21 million bitcoin that will be in total supply, how can it be manipulated and be increased, this can not be, it has to be agreed upon by the bitcoin community, which I believe will only lead to hard fork, bitcoin is a deflationary currency with a limited supply of 21 million. Bitcoin has value, the value is what that matters, not tangibility, why are many tangible things are worthless? it is because they are not in need by people, but people needs bitcoin and makes it has value. Lastly, I will talk about the theft aspect of it, there are more thefts in fiats than in bitcoin, fiats are more used by people and are more used in terrorism and also in laundering money. We should also know that fiats can not make use of blockchain, it they, that means they are turned into crypto. We should not mind peoples ways of ignorance about bitcoin and blockchain.

this is one example if the misinformation that i always talk about. i dare say the level of FUD in this article is much lower than some others that i have seen which outright call bitcoin something like a "Ponzi scheme" or a "criminal money"! this is mostly attacking bitcoin as an "investment" which i'd argue that bitcoin is a currency not an investment so the discussion is a bit moot.

this is exactly why bitcoin adoption is estimated to be less than 1%, misinformation like this is turning people away while some day in the future the same people see that those bastards who misled them had adopted bitcoin while misleading others...

Yes, the same descriptions and attacks. We will see more in the future when bitcoin reaches another peak. While them, they continuing what others did before.
They are discouraging people to stop investing in bitcoin. Maybe, they also have the same agenda as others who have said bitcoin is a fraud and other bad descriptions about it before.   

Many have claimed the same for years. Many have regretted since then ...

I saw this article too and I considered posting it myself, but it was so ridiculous I didn't bother.   Still this should be entertaining thread as members rip into these so called reasons 

they can attack bitcoin, whatever, whenever or however they want it to, but for those who are crypto users esp long timers, they won't be affected by these negativities anymore.
 we all know how to secure our funds to avoid losing funds but a lot of us are still hard-headed to leave coins in vulnerable sites like exchanges and 3rd party apps
they can influence the mindset of those noncrypto users but once they educate themselves about the true nature of bitcoin or crypto, they will also change their minds. it will take time for them to get a hold of those right info, but if they will not give up in knowing the truth, they will finally learn how crypto is really changing the lives of many people for the better

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So how does this make Bitcoin a "terrible investment" in any kind of way? Digital fiat currencies will only be the currently existing fiat, but extremely worse from a privacy perspective. Going to your 4th argument, this is one of the big reasons why Bitcoin will always have a value. Learn to value privacy.

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It's years away from being mainstream, but OP is admitting himself that it will be mainstream soon. So, is being an early investor nowadays a "terrible" choice? I thought it was the opposite.

Jokes aside, this one doesn't even have to be explained. Expecting cryptocurrency to be "quickly adopted" is a very unrealistic thing anyway - it's a technology that is only one decade old, and only in the last few years did it start to become more heard about. Huge names are already using Bitcoin on their platforms - and guess what! U.S. Space Force is going to use blockchain tech to protect their data. It looks like it's going to be used anyway, be it tomorrow or within years. It's the future.

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So are we going to blame Bitcoin because some people store millions in their centralized exchange accounts practicing shit security when they could simply store them in decentralized wallets instead?

I am honestly sick of the "Bitcoin is the choice of criminal organizations" stupid idea. It cannot even compare to the fiat crimes and money laundering figures. Banks have moved $2,000,000,000,000 in illicit transactions, yet we're naming Bitcoin the Criminal's Choice.

Let's be 100% honest: if you were to commit a crime, would you choose cash which is not transparently recorded in a public ledger and requires no IP and extra cybersecurity or would you choose Bitcoin instead? Most criminals probably don't even know how Bitcoin really works..

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To be honest, it is kinda hard to properly regulate a technology that is open-source and international. It becomes even harder when you have a government that wants surveillance and control versus the community it wants to regulate, which wants freedom and privacy.

If the majority of the community wants Bitcoin to become more privacy-oriented and the US government doesn't like it, what happens? How do you adjust regulations for a decentralized currency that could be changed and used from any corner of the world?

Regulations are slowly coming to us though, and that is bad news. It's even worse than having interpretable laws actually, because the governments will want to focus more on surveillance than on privacy. The sad thing is, I do not think there is any way they could regulate Bitcoin so that everyone is happy. It'll probably be either privacy or control.

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While this is one point I agree with, I strongly believe this has been done intentionally so that more people stay away from Bitcoin. If we had easy tax reports for cryptocurrencies, people would have been more attracted towards them. But when you know using BTC means a tax reporting nightmare, you may as well stay away from it.

Again, this is something that could change. It's not a non-changeable situation. It's just that not enough people complain.

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As time goes on and internet freedom decreases substantially, Bitcoin becomes more scarce (halvings + lost coins) and probably also more privacy-focused. Therefore, chances are it is not a bubble but actually a still undervalued asset.

From 2011 to 2015, silver price has had a decline of over 70%. From the lowest price in the past 5 years, today it's up around 100%. Bitcoin has managed to recover from all of its declines, except the ones I have mentioned in the beginning of my thread: "(the crazy 2017 bull run and this year's top levels)". Moreover, as mentioned in my answer to OP's second argument against Bitcoin, Bitcoin's price and market cap has increased every few years by an impressive percentage.

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