Topic: [2017-01-03] Bitcoin passes $1,000 but only number that matters is zero (Read 781 times)

You know how I know Bitcoin isn't a pyramid scheme?

I want to buy them all for myself, screw anyone else who wants them.

That's pretty much the opposite of any ponzi, ever.

Anyway, just the usual misinformed garbage that we've come to learn to laugh at. They'll certainly learn a lesson when we attain a new milestone this year.

Calling Bitcoin a pyramid scheme is not right IMO. As they said a pyramid scheme needs a constant influx of converts to push up the price, but even if not a single new person would start using Bitcoin in the future the price of BTC wouldn't go to zero. The already existing users can sustain Bitcoin on its current level, so no way it's a pyramid scheme.

The author is basically making the argument that because the total market cap of Bitcoin compared to the worldwide supply of government issued fiat currency is so small it is negligible.  It is basically the same as zero or nothing when rounding the number.  (Or at least on par with that of Uzbekistan issued currency). 
He goes on to make the argument that because Ponzi schemes basically have zero value, and because Bitcoin has zero value (as described), that Bitcoin is a Ponzi scheme. 

With this kind of logic, I think a 3rd grader could defeat this guy in a debate contest.

To use a metaphor I would comment the article this way.
Critics mostly talk about art, drama, literature but they hardly ever been artists in their life: therefore they have no word whatsoever about anything.
The same goes for the author of the article.
He clearly does not know anything about Bitcoin.
They have to talk about it because they simply can't ignore but they hate it and we all know it.

Bitcoin passes $1,000 but only number that matters is zero
Cryptocurrency trading not even a rounding error in the world of modern finance

YESTERDAY by: Dan McCrum
In case bitcoin crept into your consciousness during a quiet first week of the year, because the price of the so-called cryptocurrency has passed a notable round number in dollars — $1,000 — most questions about the technological curiosity can be answered with another easy to remember figure: zero.

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For instance, the Bank for International Settlements estimates the amount traded daily for the world’s 180 or so recognised currencies. Last year this ranged from $4.4tn in dollars, down to $1bn for the 37th most actively traded, the Bulgarian lev. In this context, the sum of bitcoin transactions rounds to zero.

Another measure might be the collective value of bitcoins, which stood at $16bn on Tuesday according to Bitcoin Info. Currencies aren’t normally discussed in terms of their overall worth, as they are supposed to be mediums of exchange rather than some absolute store of value. Still, for context, the Central Intelligence Agency put the planet’s stock of broad money — notes, coins, and various forms of bank account — at $82tn as of the end of 2014.

On the CIA figures, the value of bitcoins hashed into existence is similar to the broad money total for Uzbekistani soms. With apologies to Tashkent, the value of soms and bitcoins, and the number of people for whom they are relevant pieces of information in the world of modern finance, both round to zero.


Treat bitcoins as an investment and even if they could all be sold today for $1,000 apiece, they would only be worth as much as the Cerner Corporation, a US company of moderate size and limited profile involved in the management of digital healthcare records.

Except treating bitcoin as an investment means it can’t be a currency, and vice versa. The problem is that a medium of exchange prone to collapsing or quadrupling in price is useless as a practical currency, whatever the cryptographic elegance of its creation.

As a phenomenon bitcoin has all the attributes of a pyramid scheme, requiring a constant influx of converts to push up the price, based on the promise of its use by future converts. So the ultimate value for bitcoin will be the same as all pyramid schemes: zero.

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This guy knows little about currencies or currency trading.

1. I can't access to this article because the content of it is blocked - it is paid per view article. And I don't intend to pay any money to newspaper which shares some obvious lies.

2. Financial Times is well known as tube for anti-bitcoin propaganda, some previous negative articles about BTC you can read there:
- "Bitcoin and blockchain: the future of money or just hype?"
- "Regulators say bitcoin poses ‘financial stability risks"

3. Why do we even comment something that was proved to be myth/lie in the first place? Bitcoin is not a overhyped Ponzi scheme.

Also read this repose: https://www.cryptocoinsnews.com/financial-times-writer-says-bitcoin-is-worth-zero-a-response/
 

I have read that article and it is very evident that its author hates the bitcoin in such a way that it loses all objectivity when comparing bitcoin with the national currency of Uzbekistan. His words denote a great resentment but very little information.

Here is the truth that might cause pain in many people's butt we all know and are aware of it that bitcoin worth $0 though if there is actually something called $0 lol, but we don't care we are not forced to use and love bitcoin, we are here on our own free will but you and every one else feeling they are wasting their time and money you all are free to leave as we all are.
So zero or a grand worth of bitcoin, I personally will continue to use and love it.

You can cut and paste the URL into google search, then click on the google result, and it will let you see the page.  It's an old trick for getting to pay-walled content.

It is hidden because they don't like it I'm sure:

http://registration.ft.com/signup/register

I see only payment option for registered user and no one option for free

I think you just have to register - perhaps use mailinator.com if you don't want your regular one.

The most interesting thing about this article are the comments that follow below it.  They are pretty much universally critical of the article's content (or lack thereof), and very pro-bitcoin.  Nice to see that a lot of FT readers are smarter and better informed than some FT writers

I am curious to read more about that article but I can't read and access.
I see "Subscribe to read: " with several offer...
How I can read for free?

Unlike fiat, bitcoin can be used in many ways. Typical msm BS.

Interesting article from the FT.

Basically it surmises that Bitcoin is a pyramid scheme worth $0.

https://www.ft.com/content/b5d66ed8-d1b3-11e6-b06b-680c49b4b4c0