Topic: Bitcoin is like cancer-pill, almost worthless - page 3. (Read 1115 times)

I strongly disagree with your above statement. Everyone thinks in his own way but try to find some valid reasons before to say any coin is worthless. We all know that the FUTURE is belong to BLOCKCHAIN TECHNOLOGY then how it is worthless? I understand that BTC dies many times but it came again with an unexpected bull run. Well, who knows exact!! 

Always good to look back in history - this link from early 2018 clearly shows exactly why bitcoin have continued down and down in 2018 - and will continue in that direction

You're spot on. If you read the linked article, the first paragraph goes:


So here he is, a guy that was watching Bitcoin when it was in ~$200 range (or lower), patiently waiting for its imminent death - instead witnessing the price continuously going up, bubbles were popping but new ATHs followed, all while Bitcoin and the very idea of cryptocurrency were more and more legitimised and started to break into the mainstream.

You cannot expect the guy not to develop a massive butt-hurt in such scenario. Especially when he's posing as some sort of money-making expert, who just dismissed potentially the most disruptive concept and, almost certainly, the biggest money-making opportunity of his life.
When his entire identity and reputation gets called into question - he will be doubling down on "Bitcoin is a scam" even if BTC replaced fiat one day (never going to happen btw).

He even went as far as to re-define the definition of "investing" to justify missing the train. Classic coping mechanism.

---

From the article:


No it isn't? Primary justification would be decentralisation + network effect. What he did was to build a straw man argument and now he's fighting it bravely. The CancerPill - Bitcoin comparison is simply missed. If it was true - why not creating your own copy of Bitcoin and selling it at say 80-90% of current BTC price? Lets see how far that can take him.

All this somehow remind me of this good ol' meme:

If miners stop minning Bitcoin then Bitcoin will loose all of its value for sure. Bitcoin is a payment protocol and no transaction will be processed of miners stop minning Bitcoin. I think Bitcoin will fall to zero of its payment network is not able to process the exchange of value.
But i don't think that people will stop minning as the moment Bitcoin minning is stopped,minning profitability will shoot to sky so more people will be lured to mine Bitcoin.

actually no,

cryptocurrencies have value, maybe at the expense of current communal state banker structures and their communist elites that are favored by it, but they also have them. especially for people that arent profiting from the current structures.

currencies arent meant to be inclusive or humanistic, they are a way to store value for time sold, many aspects and dimensions of human life would not be possible to exist without excluding currencies,

though bitcoin is in the long run not going to be a strong cryptocurrency because of its ressource wasting character.

regards

now mostly young people earn on bitcoins and do not regret it because they are modern

No bitcoin is not worthless. Its worth so much already as you can see it even crashed $19,000. So why would people buy bitcoin at that price even if there are lots of other coins out there that costs even less? Well, for once, itcoin is universal, its the pioneer in cryptocurrency. Why its price fail? You can see there are lots of negative news that will try to bring the price down and for what reason? Its because the big whales wants to buy them low so they can have so much with them because they know there's no other way bitcoin is going but up.

US Debt is actually $21 Trillion dollars.  You are only off by 2100% 

The real problem is that people don't know the difference between deficit and debt.  Since everyone is so stupid, it is easy to get into this situation. 

BOOM - end of conversation

The OP is comparing a real life working technology and a useable product - something which is a fantasy.

BTC has a limited supply -Cancer-pill if/when invented and has eventually a value of close to zero will have unlimited supply

From the mister money link:

"Well, shit. I’ve been watching this situation for a few years,
and assuming it would just blow over so we wouldn’t have to
talk about it here in this place where we are supposed to be
busy improving our lives."

Ah if only http://www.mrmoneymustache.com had seen the
potential of BTC and blockchain he might well have improved
his life. Looks like he might be bitter because the content of
the article is very much in line with the title Why Bitcoin is Stupid

With the US debt now surpassing one trillion dollars, and growing fast, after Trump/GOP's MAGA tax cut for their big corporate donors, what is the actual worth of the USD?

Trump even commented publicly that he could easily solve the debt issue by printing more money! WOW!

So let's say BTC is a cancer pill. Than a financial crisis will be a cancer crisis where everybody suddenly gets cancer. What will you do in such a scenario? Where will you put your money in? I would put it in cancer pills, because that will become the currency in such a scenario.

Conclusion: BTC always wins.

if so how every country has a different currency eg dollar, Rupe, Euro, Rupiah
The highest price in hold of Euro, why all countries do not make their currency all Euro
You should think before putting the bitcoin the same as cancer pills, because it is so different you can see for yourself the fact that every country has a different currency and has a currency exchange rate.

But if we apply that comparison, gold to bitcoin, and make the assumption that bitcoin remains a store of value or a means of wealth creation, then we must compare the movements of the gold price to that of bitcoin. We can indeed then see a similarity of the price charts of the two. Gold, years ago, was worth just a small fraction of the value it achieved around a couple of years ago, which peaked somewhere around $19k/oz. Since then it's dropped to around $13k/oz and stayed there pretty much. So in two years it hasn't gone back up to its ATH.

So many people on this forum are expecting bitcoin to resurface around its $19k price sometime soon but, if we make that comparison with gold, that kind of price may be off a lot longer than they expect. It's very possible that bitcoin last month was where gold was two years ago.

One difference in the above analogy though is that gold is the cancer pill in the analogy. So although the analogy makes sense, I'm wondering if we're comparing apples with pears. Regardless, even as a store of value, bitcoin would not have infinite value! There has to be some price stabilisation somewhere.

Yeah exactly i agree with you.!!! There are many people who regret upon coming to the crypto world a bit late,but i would like to add one more thing that yes new poeple may be late to catch bitcoin as its expensive now but there are many other new altcoins which have great potential so its never too late.

Previously, few knew about Bitcoin and really they used it and everyone did not care how much it costs. Now the housewives are on the market and say that it will all collapse. For them, yes, because it may not justify their expectations about the price and not allow them to make money out of thin air. But Bitcoin will not go anywhere and always find his user.

With most stocks these days - all you really own is the debts

With Bitcoin you own a recorded asset on a widely replicated ledger. This asset can be traded, and because of the volume of the asset recording, it is more secure than most bank or stock exchange "assets", which appear to be trasnsient in the modern economy.

A price of whatever is worth what is set between the seller and the buyer. Take sports stars, you see them transferring teams now for up to £200 million .. Is that player worth it? No. So how was the fee so high? The value was set between what the seller was prepared to sell for and what the buyer was prepared to buy for ... Same with Bitcoin really

I respect the author's thoughts, but I agree with his statements in part. I believe that most altcoins will cost 0. But bitcoin and technological altcoins with their product will be in demand.

OK - lets run with the cancer analogy.

Every living person creates thousands of cancerous cells every day, fortunately we have an immune system which attacks them, and kills them so that we stay healthy. We are diagnosed as having "cancer" when the malformed cells start to overload our bodies, and a wekened immune system cannot cope with them. All these so called cancer cures are destructive. They work on killing the cancer cells, but they also kill the beneficial cells, and weaken the immune system. At the same time, they increase the profits of the pharma companies so that they can develop products to weaken otherwise healthy people. Nobody has been cured of cancer, but some have managed to restore their immune systems by ending their poisoning by the "cures".

Now lets look at Bitcoin. The cancer in our society is the banking system, and the increase in debt resulting from zero or negative interest rates. Bitcoin has shown us the way to escape from this unhealthy slavery, and to restore our financial immune systems. There are many people who have, and are, creating alternative and additional remedies. Some of these are fraudulent, and some are useless, but several of them have obvious benefits and are here to stay.

In summary, Bitcoin ( and some other cryptos) will not die as long as there are nodes communicating, and people who perceive value in the transactions, and they realise the storage of wealth provided by good coins.

The problem with that reasoning is in the statement "clearly bitcoin is like cancer-pill". Firstly, that is not clear at all. It is just an analogy. And secondly, the analogy is to the thought-of (not real world) example ! So in my view it is all very far fetched to say the least.

Your reasoning serves only as an argument towards your claims. It is neither very strong, nor conlusive. It is merely an argument in a debate and a weak one to that