Bitcoin is creating money out of thin air - page 15.

Yakamoto

legendary

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Quote from: First77 on January 10, 2018, 11:01:36 PM

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all. Angry

I mean, it depends on what he meant by the statement. I need a lot more context before I would be able to give an informed opinion on whatever this guy would be saying since there are two possible things he could have meant:

1) Bitcoins are being created out of thin air, which is technically true although there are certain limits on the creation of them, or,
2) Bitcoin is making gains for people who invested into it out of thin air and there's nothing to back it up, which is an intangible comment and you can't do more than speculate on this.

Could you potentially post the entire statement so I could narrow down what he was referencing?

LuckyHopper18

newbie

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I think the chairman don't understand a thing about cryptocurrency that is why he made that statement. Although bitcoin has no physical representation, digital currency is true and real.

Kotone

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Quote from: First77 on January 10, 2018, 11:01:36 PM

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all. Angry

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

Sasha Lumerin

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🤖UBEX.COM 🤖

bitcoin is not like what he say, look it went to 1 to 1000 and drops again 200 and then jumped on 17000, it is not just a quick buy and sell but How the strong hand wins the reward, bitcoin is the future we can't deny it

care2yak

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Quote from: First77 on January 10, 2018, 11:01:36 PM

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all. Angry

then he's referring to banknotes as well. creating money out of a blank sheet.

banknotes are just printed on paper and is backed by the word of the government. the government says that banknotes/fiat are valuable and the people believe it. when the government devalues money, or declares that a certain banknote series will no longer be accepted as payment, people will believe it. if you keep a large amount of that banknote series that was devalued by the government, that would mean you're instantly broke!

First77

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Quote from: Tubsie on January 10, 2018, 11:43:48 PM

Its not Creating money in my Opinion.
Money is being put in to it which gives it value.

Ofc bitcoin is a big treat for regular money, and if people keep putting cash in to Bitcoin the value will only go up.
And create more money Wink

Money is being put in Bitcoin that only takes Bitcoin price high, that is ponzi scam. Only New investor's money increases the value of bitcoin

christian07

full member

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First talk here in our country bitcoin is scam and more on investing with more on losing it so i think they don't it really that's why some people talk about like that,I think also if you experience crypto in bad way like your trading go wrong i'm sure you will say it's not good,or you only read about crypto in bad statements or news.Moreover they think about like that and we cannot change that because they don't know really what can crypto brings to many users of it.

First77

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Quote from: Nerman on January 11, 2018, 12:14:27 AM

What he said is applicable to everything that has value. So in that sense he is wrong. Anything is valued on what people are willing to pay them.If a Superman comics can cost up to $2,000,000 then why not bitcoin.

25,000,000 people worldwide accept Bitcoin. how does Bitcoin become money Huh

??

USA and Saudi Arabia signed $350,000,000,000 deal for 10 years in US Dollars. That's money.

sabine80

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Quote from: First77 on January 10, 2018, 11:01:36 PM

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all. Angry

Bitcoin creates no new money. bitcoin is the reason, why its change from a person to another. but bitcoin itself makes no new money. its only a ware that people trade. the number of euros, dollars of other fiat never change because of bitcoin. that is maybe a difference.

Nerman

full member

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What he said is applicable to everything that has value. So in that sense he is wrong.

Anything is valued on what people are willing to pay them.

If a Superman comics can cost up to $2,000,000 then why not bitcoin.

SerioGiocatore

newbie

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Bitcoin is digital currency but that doesn't mean it's not real.

Dapper

sr. member

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They key is to have enough converted to fiat, land, and gold before the music stops. What's funny are the people who complain about the music.

Tubsie

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Its not Creating money in my Opinion.
Money is being put in to it which gives it value.

Ofc bitcoin is a big treat for regular money, and if people keep putting cash in to Bitcoin the value will only go up.
And create more money Wink

Baimovic

full member

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wrong statement, I think he does not understand bitcoin well. maybe some senior can explain bitcoin to him.

First77

member

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Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all. Angry

Topic: Bitcoin is creating money out of thin air - page 15. (Read 1499 times)