[2017-06-14]4 Reasons Why I'll Never Invest in Bitcoin (and You Shouldn't Either

SvenBomvolen

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Quote from: bitcoindusts on June 14, 2017, 12:26:25 PM

Oh well good for him that he do not invest in bitcoin and please stay away from it and its community too Cheesy

. Let this Bitcoin people do what they wanted to do and actually they do not need your advise

nor your position with regards to Bitcoin. They knew Bitcoin, they got interested and they want to have the piece of it just like how the author plug all the investment he think is the best one

Invest on them and good luck.

He doesn't invest only cause of the high rice of bitcoin. I am sure if any of us would know bitcoin reach such great results, like a year-two ago, we all would hurry to buy bitcoins. It's clear to me that with today's prices not everyone can allow it to themselves, but it stays many other alts which give all reasons and perspectives to repeat the bitcoin's story. I think ETH is going to become something like Bitcoin 2.0, I chose this coin for investment and till now I haven't regrets, only increasing profit.

digaran

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Damn right, amen brother amen, just head onto yobit and get some STD which currently I have no idea whether it's a coin of a shitty type or a disease, lol you'll then appreciate Bitcoin. if not investing on Bitcoin then no other crypto currency should be considered for investing, without it none of them survive a day.

RodeoX

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The revolution will be monetized!

The thing that makes this disingenuous is why the author cares what I do. I get the first part and I am interested to hear about "Reasons Why I'll Never Invest in Bitcoin". But why say I "shouldn't Either"?
Me, I'm doing fine. Huh

just_Alice

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Quote from: Nagadota on June 14, 2017, 01:39:07 PM

Quote from: just_Alice on June 14, 2017, 12:27:46 PM

Quote from: Nagadota on June 14, 2017, 12:02:48 PM

They're so dumb.

-Cash is far more anonymous than Bitcoin is.
-Miners don't just "stop profiting" when there's no longer a block reward. Transaction fees rising as high as they are now is nothing to do with the block reward.
-People not understanding Bitcoin for now is a good thing. It doesn't mean that Bitcoin is particularly hard to understand.
-Buying on Bitstamp is safe enough. You don't have to keep it there forever.

Yes, I agree with you in general. But on the other hand I agree with them on that WannaCry

WannaCry only received about $100,000 in their three public addresses, and Bitcoin's 24 hour volume is about 1.6 billion. There couldn't be any less relevant thing for Bitcoin's growth, and even the publicity was completely minimal considering that the media, surprisingly, didn't make a big deal out of its relation to Bitcoin.

But they were mentioning bitcoin in almost every news about WannaCry and thus a lot of people around the world first heard about it. I know that money paid as ransome couldn't affect the bitcoin price, but millions of new adopters, who just want to have $50-$100 in BTC just in case, could.

Iranus

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Quote from: TraderTimm on June 15, 2017, 07:57:33 AM

Quote from: European Central Bank on June 15, 2017, 07:53:09 AM

but you can't lose huge amounts of money watching kitten videos or ordering a pizza.

Trading isn't for everyone.

And most people understand the difference between a fluctuating value and something you eat.

They also understand that a dramatically fluctuating value causes them to lose buying power.

Making pedantic points claiming that it's trading or that the price in fiat shouldn't matter would be meaningless (you're not quite saying that but implying it). You could use the phrase "buying power", and it would mean the same thing.

Besides, many people are in Bitcoin to get more fiat. It's a shame, but it's true. We're waiting for real merchant adoption before people will stop paying attention.

BitDreams

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Quote from: Kprawn on June 15, 2017, 11:01:11 AM

4. Most people don't understand it

Finally, and perhaps most importantly, a lot of people really have no clue what bitcoin is. I know what you might be thinking: "Great, I can get in ahead of everyone else!" But a misunderstanding about bitcoin, or a complete lack of understanding, could actually yield terrible consequences.

One of which is this type of articles where idiots write clickbait articles to draw traffic to their site. We have no problem with any of the reasons he

mentioned, because we know he is speaking from his ass. How difficult is it really to signup with a Bitcoin exchange, link it to your bank account

and then to buy some coins. If that is too difficult... buy it as a local Bitcoin ATM, where they guide you in every step. Idiot!!!!

USAA - truly linked where you can see account balances and soon Fidelity (a major retirement account manager) in the United States.

Kprawn

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4. Most people don't understand it

Finally, and perhaps most importantly, a lot of people really have no clue what bitcoin is. I know what you might be thinking: "Great, I can get in ahead of everyone else!" But a misunderstanding about bitcoin, or a complete lack of understanding, could actually yield terrible consequences.

One of which is this type of articles where idiots write clickbait articles to draw traffic to their site. We have no problem with any of the reasons he

mentioned, because we know he is speaking from his ass. How difficult is it really to signup with a Bitcoin exchange, link it to your bank account

and then to buy some coins. If that is too difficult... buy it as a local Bitcoin ATM, where they guide you in every step. Idiot!!!!

BitDreams

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Quote from: European Central Bank on June 15, 2017, 07:53:09 AM

Quote from: BitDreams on June 14, 2017, 10:28:36 PM

Reason 4 - Most people don't understand it

Most people don't understand how a website works but they still use them.

but you can't lose huge amounts of money watching kitten videos or ordering a pizza.

This thread could get comical real fast:

https://www.wired.com/2014/08/how-to-use-your-cat-to-hack-your-neighbors-wi-fi/

Unbeknownst to Coco, he'd been fitted with a collar created by Nancy's granddaughter's husband, security researcher Gene Bransfield. And Bransfield had built into that collar a Spark Core chip loaded with his custom-coded firmware, a Wi-Fi card, a tiny GPS module and a battery—everything necessary to map all the networks in the neighborhood that would be vulnerable to any intruder or Wi-Fi mooch with, at most, some simple crypto-cracking tools.

TraderTimm

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Quote from: European Central Bank on June 15, 2017, 07:53:09 AM

but you can't lose huge amounts of money watching kitten videos or ordering a pizza.

Trading isn't for everyone.

And most people understand the difference between a fluctuating value and something you eat.

Or are you just being purposely obtuse?

European Central Bank

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Quote from: BitDreams on June 14, 2017, 10:28:36 PM

Reason 4 - Most people don't understand it

Most people don't understand how a website works but they still use them.

but you can't lose huge amounts of money watching kitten videos or ordering a pizza.

TraderTimm

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Quote from: BitDreams on June 14, 2017, 10:28:36 PM

Reason 4 - Most people don't understand it

Most people don't understand how a website works but they still use them.

Most people don't understand computers and yet they write stupid articles like this one.

Dumbing something down just so someone prodding a smartphone can "get it" isn't the instant road to success.

Things take time. Bitcoin hasn't even been around 10 years yet. More inroads to be made.

BitDreams

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Reason 4 - Most people don't understand it

Most people don't understand how a website works but they still use them.

aso118

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Reason 2 - Security is a major concern
Well we have seen the number of bank accounts which get hacked routinely. Bitcoin doesn't do too badly on this front.

Reason 3- There aren't any reasonable ways to invest in bitcoin
Just buy some bitcoins. There are so many exchanges around.

darkangel11

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Don't let others control your BTC -> self custody

Without beating around the bush, one of the greatest allures of bitcoin is that it's not backed by a government, and it allows its users to remain somewhat anonymous

I stopped reading after this. The author is obviously a supporter of centralization, big brother, and thinks the current system of finances is top notch. He's a control freak or a sheep that likes when people guide it and decide for it, you choose. Also, he has no clue about bitcoin, because it's not anonymous. Even if you receive bitcoins from someone, chances are that person used an exchange somewhere along the way and his bank account is linked to one of his addresses.
IMO the fact that bitcoin is not issued by a government is it's greatest asset and I wish it had more anonymity.

European Central Bank

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i think it's a pretty fair article myself for the average investor.

he's right on most counts apart from the anonymity thing which is ridiculous. security isn't guaranteed. there ain't no safe wrappers and most people really don't understand it. what that means is more coins at a better price for the people willing to take the risk.

1Referee

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Quote from: Terraformer on June 14, 2017, 03:33:15 PM

But for the author payment a ransom in bitcoin is the main reason for bitcoin skyrocketing.

You know what the problem here is? People that lack the knowledge to understand why Bitcoin is increasing in popularity. Just because they don't understand what Bitcoin is, and how it works, they have absolutely no clue why Bitcoin is having any sort of value in the first place. In that regard, they will grab everything negative that they can find (in this case this ransom attack), and explain to people that one of the main reasons the price is increasing, comes from businesses stocking up Bitcoin just to be ready in case they ever get to experience something like this. It's always the same.

Terraformer

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Quote

WannaCry was malware that locked up users' computers until they paid a ransom -- and the only form of payment accepted by the developers of the malware was bitcoin.

Interesting article. But for the author payment a ransom in bitcoin is the main reason for bitcoin skyrocketing.
Sean Williams is the best.

Nagadota

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Quote from: just_Alice on June 14, 2017, 12:27:46 PM

Quote from: Nagadota on June 14, 2017, 12:02:48 PM

They're so dumb.

-Cash is far more anonymous than Bitcoin is.
-Miners don't just "stop profiting" when there's no longer a block reward. Transaction fees rising as high as they are now is nothing to do with the block reward.
-People not understanding Bitcoin for now is a good thing. It doesn't mean that Bitcoin is particularly hard to understand.
-Buying on Bitstamp is safe enough. You don't have to keep it there forever.

Yes, I agree with you in general. But on the other hand I agree with them on that WannaCry

WannaCry only received about $100,000 in their three public addresses, and Bitcoin's 24 hour volume is about 1.6 billion. There couldn't be any less relevant thing for Bitcoin's growth, and even the publicity was completely minimal considering that the media, surprisingly, didn't make a big deal out of its relation to Bitcoin.

Quote from: just_Alice

and Japan's legalization were among the main factors of bitcoin's recent rising.

Japan's legalisation was also way overhyped. It was perfectly legal before, just not heavily regulated. There was an increase in Japanese trading volume but talk of "adoption" doesn't mean a lot for now. If it did cause a price rise it was more about speculation from the West.

Quote from: just_Alice

But most likely they took that analytics from somewhere else rather than wrote it by themselves.

Nope, pretty sure they wrote it themselves...

richardsNY

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Quote from: just_Alice on June 14, 2017, 12:27:46 PM

Yes, I agree with you in general. But on the other hand I agree with them on that WannaCry and Japan's legalization were among the main factors of bitcoin's recent rising.

You've got to be kidding me, don't believe the nonsense coming from various news sites that try to make people believe that the recent growth has something to do with WannaCry. It's just another BS attempt to defame Bitcoin by indirectly saying that its growth comes from the shady side of the economy.... Japan on the other hand has been a great source of growth for Bitcoin in the last months -- demand there has literally exploded.

RodeoX

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The revolution will be monetized!

Quote from: just_Alice on June 14, 2017, 12:27:46 PM

Quote from: Nagadota on June 14, 2017, 12:02:48 PM

They're so dumb.

-Cash is far more anonymous than Bitcoin is.
-Miners don't just "stop profiting" when there's no longer a block reward. Transaction fees rising as high as they are now is nothing to do with the block reward.
-People not understanding Bitcoin for now is a good thing. It doesn't mean that Bitcoin is particularly hard to understand.
-Buying on Bitstamp is safe enough. You don't have to keep it there forever.

Yes, I agree with you in general. But on the other hand I agree with them on that WannaCry and Japan's legalization were among the main factors of bitcoin's recent rising. But most likely they took that analytics from somewhere else rather than wrote it by themselves.

It was all said when Nagadota said "They're so dumb." I mean they make a bold statement then timidly state that they don't know what is going on. lol

Topic: [2017-06-14]4 Reasons Why I'll Never Invest in Bitcoin (and You Shouldn't Either (Read 7432 times)