Topic: Bitcoin is a scam?! (Read 263 times)

Goldman Sacks - why this is shit?

The internet itself was at the beginning accused of being a scam, a funding mechanism for terrorism, etc. Yet, very few people I know don't use the internet today. The same is true for Bitcoin. Those who call it a scam don't understand that it is something of immense value - a decentralized digital currency that enables peer-to-peer transactions. Either that or they're getting paid to call it a scam.

Depends on how you view bitcoin. Some prominent people think that bitcoin is one huge Ponzi scheme since the price grew big because the first people who bought it will get the money of the last people who bought it, so technically once these pioneers think that they already have profited well, they'd just dump (or "exit" in ponzi terms) the whole scheme until they buy back in the lowest point (or build another ponzi) hoping to get profits again. Some say that this isn't a scam since bitcoins can be traded unlike ponzi which once you come in, you need to wait for the operators to give you your share of the day/week/month.

On the other hand, you can take a look at fiat; the banks are printing more and more paper money once they "deem the need for it" and without any other plausible reasons. They are printing money out of air, which is basically bollocks since you are technically using a worthless paper to pay for valuable goods. For me, it is a greater scam compared to bitcoin since bitcoin is backed by something to say the least (hash power) while fiat? Nope.

Duke7 is pointing out a very important issue you need to understand if you want to know if Bitcoin is a scam. Scam is a very widely used phrase and many things in daily life are scams however since they are accepted by society and are not obviously they are not called scams.
The biggest one of all is our monetary system. If you are really willing to invest quite some time to understand how money is created and how powerful it is in shaping society regarding dependency and control, you will understand why the idea and the technology of Bitcoin has a radical potential. Maybe you should try to learn more about money first and then try to understand Blockchain technology and the possibility how it can transform the way we use money nowadays.

And yes Bitcoin works in my opinion similar to pyramid-scheme, however as already mentioned by duke7 there are many similar pyramid schemes types in which we believe and participate in daily life. So far this type of system is stable in long term it is widely accepted, there is no problem or scam. However always understand that a nothing on earth can grow endless (except the stupidity of us humans), so everything has to die/shrink/crash/go down at some point.
And keep in mind, if you can make a lot of money in a short period of time, there is mostly a high risk involved or it is a kind of scam.

Christ, another troll thread.

Why do you think Bitcoin is a scam?

Bitcoin is a digital currency, with an awesome technology which finally solved the double-spend problem. It has many interesting features of money, similar to gold: scarcity, valuable, store of value... and sometimes better than gold: liquidity, easily transportable, easy to divide in smaller units... It's fast (10 minutes) and reasonably cheap to transfer, and you don't need a bank or middlemen.

Now you can argue if one bitcoin should be valued $0.01 or $1 million, but the price is only what people is willing to pay for it. And the more people who want to buy it, the higher price will go.

The same house has a different price if it is in the middle of nowhere town or in a big city like Manhattan / Paris / etc. Same house - but different value. One painting of random unknown painter is worth $0 and one painting by Picasso or Rembrand is millions $. Why? Because they are scarce (a small quantity) and many people want them so the price raises.

Some people may think Bitcoin is a scam because it is volatile and change over time. But... food prices change, dollar price changes, gas price changes, house prices change, stocks prices change, gold-silver price change... With one difference: fiat (dollar) is inflationary and Bitcoin is deflationary.

Wanna know what is a scam? Fiat money and (private) bankers printing money non-stop, devaluating currencies. Also Fractional Reserve banking. Google that if you don't know what it is.

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning" ~ Henry Ford

the next few questions you should ask them are,
"have you ever trade or use bitcoin before?" and
"how long have you known or involved directly in the crypto world?"
or simply ask "how would a scam done on a distributed ledger"

those "knowledgable" people that you asked and answered "bitcoin is a scam"
most likely are people who watch from the side and only read bad negative news coverage on bitcoin
or simply butt-hurt investor that lost $$ in BTC scam on shady start-up bitcoin related companies

"Define scam" is what I would ask these people. There are no financial instruments which have never lost money for people, investors or entire countries. From real estate to government bonds to traditional stocks and precious minerals -- they all rise and fall. Now are there "scammers" in the bitcoin community? Well are there scammers in the world? Of course the answer is absolutely yes. Why is this?

Because the saying is that "A fool and his money are easily parted". There are always those who will seek money and to separate it from foolish owners.

Be careful. Do research. Don't invest what you can't afford to lose. And repeat after me, "bitcoin is not a scam."

There is an important thing here that must be explained.

Scams are everywhere, in every market, at the supermarket, at the ironmongery. There are also a lot of clinics and medics that don't do their job professionally, dentist without licence...the stock market is full of shitstocks ( as in crypto we have a lot of shitcoins ), Goldman Sacks is an example, bubbles everywhere and fake stocks that people buy with no knowledge.

So when people say bitcoin is a scam ask them why they think so. Because in 100% of the cases is that they don't have the knowlege of what bitcoin represent. and maybe they have heard that from someone who have heard it from someone who......or simply they don't understand it.

This is the reason why I always suggest people to learn and study a lot and ask to veterans about the origin, the solidity, the guarantee  and the high potencial of Bitcoin. And we as community have to help each other to be prepared to defend Bitcoin against negationists.

So you can say that it is an investment in early developing with an high risk, but definitively it is not a scam. It is the contrary, it is the fusion between technology and money.

Not only banks are watching blockchain and cryptocurrency growth, but also big services groups and holdings around the globe are ready to tokenize their structures.
They are ready because after the globalization the majority of them have digitalized their businesses and the next step is adapting their business to the actual trend, that's blockchain!

What make bitcoin legit as cryptocurrency is tha fact that millions of people have adopted it and that at the end is a business of $500B! much more important at this point that a lot of big holdings and manufacturer around the world.

And the more important thing is that as investor (if you have invested in ) you are part of it.

Different people have different opinions on Bitcoin. I notice that the financial people usually talk against Bitcoin and the technology people support bitcoin.

I suggest that you read and learn about bitcoin, and make your own judgement after that. For myself, I don’t think bitcoin is scam. The technology is amazing.

BTC is not a scam

It is not because they are respectful and knowledgeable person you already have everything from them to meet your expectations and on that matter its understandable. What is not understandable if after you spend your time here and then come out with same understanding.
Also you did great thing because you decided to came here and you did right. Congrats bro.

It's never illegal! I highly suggest you use Peer to peer to process your trading

How did you know all those people you respect are always updated about this topic, where I believe they are not even aware what is bitcoin, truly. Think of this, if bitcoin is a scam, a BIG scam, then why there are a lot of people subjected to this "scam" they are saying? My own definition of scam is where we don't benefit on anything related to such, then ask us did we? NO WE DIDN'T!
And if bitcoin is a scam, then we are a bunch of big scammers. And why do this community do the best they can to remove all worthless people/members?

This is my point of view;
They totally don't know what they are saying so don't listen to them because they are factions of respected losers.

I guess, do not hesitate to ask them why they say that? Do they have a good reason to say that bitcoin is a scam? And you should explore the news about bitcoin on the internet, there are so many reviews of it.. So you can make sure that bitcoin is a scam or not.. But in my opinion, of course it's not a scam.

As people have stated, probably should just ask those people why they think it's a scam.

BTC has great monetary value, utility, and potential for further growth, but its value can be very volatile and unpredictable, especially in the short-term. One of the great strengths of BTC (the anonymity it affords) can also be used and seen in a negative light, as hackers/cyber-terrorists can utilize cryptocurrencies including BTC to fund their operations. Which is why the public perception and media towards BTC is not always so positive.

I am confident it is NOT a scam, but as with any relatively new commodity, it needs to be approached with thoughtfulness and planning. I was in your shoes not that long ago and there are many people in my life today that think I am a fool for getting into BTC. Nothing comes without some risk - this is true whether you invest in stocks, derivatives, real estate, etc.

Feel free to PM with any questions or concerns.

I would ask them why they think it's a scam. Scam must fit a certain criteria. BitCoin does what it promises. Nothing more nothing less. It's possible that BitCoin is WAY overvalued but that could be the case for Google too. Over value is not the same as a scam.

No bitcoin is not a scam. its like the holy grail of crypto. I find a lot of people who dont understand crypto spreading FUD this is mainly due to the fact that they dont understand the technology behind it all

If you ever in doubt and need any help give me a shout, ill try my best to help you out

Who knows? My best guess: probably they are noobs in terms of technology. They don't understand bitcoin, so their opinions are only from other people that most likely also don't understand bitcoin from technical perspective.
If you know how revolutionary technology it is, u wouldn't ever call it scam

It's not.
Bitcoin is transparent from the very beginning. Was announced when it starts, how it works, how we can get them, how much of them going to be etc. ... and everybody had same opportunity to get in.

I believe the scam accusation is reaction to all those glorious claims "BTC price going to be XXXXXX USD in few years" and similar  ... which in reality is just pure speculations (or wish) and people who believed it and bought BTC few weeks ago (when price was higher than now) feels like they have been scammed.

IMO the main problem is they see it as investment and chance to make huge profits ( unfortunately these times are gone and that the early adopters were lucky and become rich does not mean it's going to continue  ... but lot of people do not think this way ). Thats not how it should be.

Consider it as something new, revolutionary  and as such we definitely should not put in all we have.