Topic: Bitcoin is creating money out of thin air - page 13. (Read 1503 times)
That's right it is somewhat like that bitcoin is creating money out of thin air, when we check the price change since its inception there is a tremendous increase in the price of bitcoins it was less than a penny now it is more than $ 13000 USD, this network has the capacity to eliminate poverty and unemployment issues from the world which are the major issues of the world and this technology can help to improve the economic conditions of the world, which is infact good for the country and for the whole world.
Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all. 
Banks are just printing money out of nothing.Yes, printing money based on gold reserve is no more being followed by most of the countries as they do keep inflating their currency based on bail out situations. But bitcoin has many reason to protect an individual from such bad economy policies.
Calling bitcoin as a scam is just due to lack of awareness on bitcoin ecosystem. Bitcoin will dominate from common people to a country's economy too. Then these people will learn and will regret for their words.
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The Stone the masons rejected was the cornerstone.
How is Bitcoin created out of thin air?
Consider the mining equipment needed, and of course the thousands of dollars required to run the mining equipment to get just one bitcoin.
Look at this chart the cost of electricity per state..thats not free! If anything in the state of NY it over $6000 to mine just one bitcoin!
Rather its the bankers using quantitative easing and printing money out of thin air that are the problem.
They are also inflating the money supply and reducing the purchasing power of the US dollar...ergo the following chart
Consider the mining equipment needed, and of course the thousands of dollars required to run the mining equipment to get just one bitcoin.
Look at this chart the cost of electricity per state..thats not free! If anything in the state of NY it over $6000 to mine just one bitcoin!
Rather its the bankers using quantitative easing and printing money out of thin air that are the problem.
They are also inflating the money supply and reducing the purchasing power of the US dollar...ergo the following chart
Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.
Banks are just printing money out of nothing.Yes, printing money based on gold reserve is no more being followed by most of the countries as they do keep inflating their currency based on bail out situations. But bitcoin has many reason to protect an individual from such bad economy policies.
Calling bitcoin as a scam is just due to lack of awareness on bitcoin ecosystem. Bitcoin will dominate from common people to a country's economy too. Then these people will learn and will regret for their words.
I don't think that is true and so easy.People are becoming wealthy because of there skills,ability and luck and if that is in quick time that doesn't mean it is fraud or scam.Bitcoin is creating money from it's investors and investors are getting full reward of their investment.There are some people who will tell negative even when the prices are going up and going down so nobody should believe on what such nonsense people tell and just follow your heart and mind and back your knowledge.
You wouldn't blame him for saying such, Bitcoin indeed has pulled a lot of people out from poverty even a country too, just take a look at Zimbabwe, a lot of their citizen have really pulled out of poverty because of this and living a better live.
Bitcoin is a welcomed development.
So even it is creating money out of thin air; which i doubt it is, we should make good use of it and create good investment out of it.
Even countries whom have banned their citizens from making use of Bitcoin can't stop the Bitcoin evolution.
Bitcoin is a welcomed development.
So even it is creating money out of thin air; which i doubt it is, we should make good use of it and create good investment out of it.
Even countries whom have banned their citizens from making use of Bitcoin can't stop the Bitcoin evolution.
There are many accusing Bitcoin because many people are making good money out of it. Bitcoin is not making money out of thin air because there are thousands of people investing in it. There are thousands of transactions taking place everyday and the miners have to do lots of work in order to mien those transactions and maintain the network. There are many people like Jamie Dimon, Roger Ver who will accuse BTC to manipulate it's price and make more money for themselves. Don't listen to such people and concentrate on increasing your capital.
Russian President Vladimir Putin:
It is known that there is nothing behind a cryptocurrency. It can be a means of payment but not a store of value. Now, people themselves bear the risks [of buying cryptocurrency]
It is known that there is nothing behind a cryptocurrency. It can be a means of payment but not a store of value. Now, people themselves bear the risks [of buying cryptocurrency]
That is what banks do as well every day but no one bats an eye. Some people really have to understand how our financial system works.
USA sold $110,000,000,000 worth of arms and weapons to Saudi Arabia. The deal was in US Dollars. That is $110,000,000,000 worth of steel, explosives, computer systems, wiring etc.. Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.
That is what banks do as well every day but no one bats an eye. Some people really have to understand how our financial system works.
There is sense to what he is saying but I don't believe that Bitcoin is a scam. I believe that its value is only created by us but the price of Bitcoin is not made purely by demand as the price of Bitcoin is also played by the whales that is why giving it an exact value is hard. There are many indicators that made him believe that Bitcoin is a scam or a bubble and that is of course fast growth and Bitcoin having no fair market value that on a investor's perspective is a big no for any investor.
As you said the price of bitcoin is very expensive due to huge demand for it,and the demand is created by huge whales.But bitcoin was not a scam it has the value and it is not constant because of the limited quantity.A small change in the demand of bitcoin will change the price also.But people are saying bitcoin as bubble for over a decade now but still bitcoin holding its position in crypto currency market.I too have faith in that bitcoin will be the future currency and the price of bitcoin is still in the early stages the price will increase in the coming days.
no its a wrong concept i think u haven't proper idea about btc .Bitcoin is digital currency but that doesn't mean it's not real. its secure and safe
Any new product that is economically useful creates money out of thin air - it's not a zero sum game.
25,000,000 people worldwide accept Bitcoin. how does Bitcoin become money 
??
People hoping to attend an upcoming conference dedicated to cryptocurrencies have been told they must pay for their tickets in regular old dollars because using crypto is too slow and expensive. ??The North American Bitcoin Conference (TNABC), which will be held in Miami next week, said on its website that it has closed payments using bitcoin and other cryptocurrencies due to network congestion and manual processing.
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I think this is so wrong in many levels. That is the statement of who doesnt know bitcoin at all.
Bitcoin gained its value because the demands of people, that makes the bitcoin price increase, not same with money out of thin air
Bitcoin gained its value because the demands of people, that makes the bitcoin price increase, not same with money out of thin air
Right. Bitcoin is legal and I think people think its not because of the crazy profit investors earn once it has a good market value. It create a good income though.
There is sense to what he is saying but I don't believe that Bitcoin is a scam. I believe that its value is only created by us but the price of Bitcoin is not made purely by demand as the price of Bitcoin is also played by the whales that is why giving it an exact value is hard. There are many indicators that made him believe that Bitcoin is a scam or a bubble and that is of course fast growth and Bitcoin having no fair market value that on a investor's perspective is a big no for any investor.
There is sense to what he is saying but I don't believe that Bitcoin is a scam. I believe that its value is only created by us but the price of Bitcoin is not made purely by demand as the price of Bitcoin is also played by the whales that is why giving it an exact value is hard. There are many indicators that made him believe that Bitcoin is a scam or a bubble and that is of course fast growth and Bitcoin having no fair market value that on a investor's perspective is a big no for any investor.
Bitcoin is a representation of value. The banks print money at will, if that isn't creating money out of thin air I don't know what is.
Shares for example are only worth what people will pay for them, same goes for crypto.
Hecis just some guy who doesn't like crypto and spreading FUD.
Shares for example are only worth what people will pay for them, same goes for crypto.
Hecis just some guy who doesn't like crypto and spreading FUD.
Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.
ANYone and everyone who has not been understanding of bitcoin can easily say that especially when they not fully understand the mechanics of it. However for us we all know that this is not drawn from nothing this is what we all worked hard for
Yeah, electricity that consumes mining pools to maintain the network Bitcoin was considered to be air? Or equipment for mining? That's what everyone says, who does not understand a damn thing.
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