Topic: Bitcoin is neither a currency nor a store of value ! - page 3. (Read 1837 times)
Bitcoin is a temporary investition for me. In my country there aren't possibilities to use it as a currency in parallel with fiat.
I think OP has opened a newbie account just to criticize bitcoin by any way.
If bitcoin is a scam,then wall street companies won't be changing their attitude and enter bitcoin market.Japan an economical power would not have legalized it.
Its true that bitcoin price is highly volatile but it is only due to decentralized nature of bitcoin and it exhibits its true value.
Bitcoin is far better than government currency since it is free from inflation and in no way,it could be devalued by any government.
Bitcoin is the safe haven for people who suffered a lot due to governments and banks.
If bitcoin is a scam,then wall street companies won't be changing their attitude and enter bitcoin market.Japan an economical power would not have legalized it.
Its true that bitcoin price is highly volatile but it is only due to decentralized nature of bitcoin and it exhibits its true value.
Bitcoin is far better than government currency since it is free from inflation and in no way,it could be devalued by any government.
Bitcoin is the safe haven for people who suffered a lot due to governments and banks.
Bitcoin is not a currency.
It’s too volatile to be used as a currency. Nobody will use it to trade if it can gain/lose 10% in just one day! And it’s not just a question of maturity, it’s a design issue. The quantity of money flowing needs to be in line with economic growth. It cannot be constant or follow a predictable function because economic growth is more complex than that. You need some form of intelligence, human or artificial to calibrate the quantity of money. You need some sort of feedback loop to offset unpredictable human behaviour storing currency. Ok central bank gurus have been screwing us but we have to admit that they have maintained inflation within boundary.
Bitcoin is not a store of value.
Like god, silver or any currency Bitcoin is not a store a value because it doesn’t pay any dividend! Don’t make that mistake. And actually it’s worse because it’s actually an asset with negative interest rate! It has a very high burning rate with miners burning millions every day just to maintain the consensus! This is pure value destruction and I’m not even speaking about the environmental cost. You have to see mining fee as a powerful gravity force, the higher Bitcoin is the stronger the force to bring it back to ground level! And ICOs are another form of burning fee. Most ICOs are scams and you will never see back the money they are burning.
So what is Bitcoin?
It looks like a scam, it smells like a scam, it’s definitively a pyramid scam. Given human appetite for gambling it could still rise much much higher at some point it will collapse with or without regulatory help. At the end Bitcoin is a great experiment but a failed experiment. Yes we need an alternative to central bank but Bitcoin is not that alternative.
If bitcoin is a scam then what are you doing here? I believe you are here because bitcoin exist and you can take advantage of it to make money and that is why you want to take advantage of it to make free or some satochi. Bitcoin is a currency and it has served as a store ofor value to me and some of us here. Bitcoin was not even established to be regulated by governments, therefore, government should use bitcoin like every others individuals. It’s too volatile to be used as a currency. Nobody will use it to trade if it can gain/lose 10% in just one day! And it’s not just a question of maturity, it’s a design issue. The quantity of money flowing needs to be in line with economic growth. It cannot be constant or follow a predictable function because economic growth is more complex than that. You need some form of intelligence, human or artificial to calibrate the quantity of money. You need some sort of feedback loop to offset unpredictable human behaviour storing currency. Ok central bank gurus have been screwing us but we have to admit that they have maintained inflation within boundary.
Bitcoin is not a store of value.
Like god, silver or any currency Bitcoin is not a store a value because it doesn’t pay any dividend! Don’t make that mistake. And actually it’s worse because it’s actually an asset with negative interest rate! It has a very high burning rate with miners burning millions every day just to maintain the consensus! This is pure value destruction and I’m not even speaking about the environmental cost. You have to see mining fee as a powerful gravity force, the higher Bitcoin is the stronger the force to bring it back to ground level! And ICOs are another form of burning fee. Most ICOs are scams and you will never see back the money they are burning.
So what is Bitcoin?
It looks like a scam, it smells like a scam, it’s definitively a pyramid scam. Given human appetite for gambling it could still rise much much higher at some point it will collapse with or without regulatory help. At the end Bitcoin is a great experiment but a failed experiment. Yes we need an alternative to central bank but Bitcoin is not that alternative.
I think Bitcoin is more likely an investment , a property like golds or real estate because their is nothing stable in Bitcoin. It could raises and loses the valuable and really hard to predict that .
Bitcoin is not a currency.
It’s too volatile to be used as a currency. Nobody will use it to trade if it can gain/lose 10% in just one day! And it’s not just a question of maturity, it’s a design issue. The quantity of money flowing needs to be in line with economic growth. It cannot be constant or follow a predictable function because economic growth is more complex than that. You need some form of intelligence, human or artificial to calibrate the quantity of money. You need some sort of feedback loop to offset unpredictable human behaviour storing currency. Ok central bank gurus have been screwing us but we have to admit that they have maintained inflation within boundary.
It’s too volatile to be used as a currency. Nobody will use it to trade if it can gain/lose 10% in just one day! And it’s not just a question of maturity, it’s a design issue. The quantity of money flowing needs to be in line with economic growth. It cannot be constant or follow a predictable function because economic growth is more complex than that. You need some form of intelligence, human or artificial to calibrate the quantity of money. You need some sort of feedback loop to offset unpredictable human behaviour storing currency. Ok central bank gurus have been screwing us but we have to admit that they have maintained inflation within boundary.
Yes, its based on speculation, but that's what we love about it. High risk, high rewards, nothing's new with other markets as well. LOL. Just look at the current price and you will see that there are people more willing take the risk. I don't know how it needs to be in line with a nation's economic growth though. But if people are willing to risk to get huge rewards then this unpredictable price behavior will suit any human.
Bitcoin is not a store of value.
Like god, silver or any currency Bitcoin is not a store a value because it doesn’t pay any dividend! Don’t make that mistake. And actually it’s worse because it’s actually an asset with negative interest rate! It has a very high burning rate with miners burning millions every day just to maintain the consensus! This is pure value destruction and I’m not even speaking about the environmental cost. You have to see mining fee as a powerful gravity force, the higher Bitcoin is the stronger the force to bring it back to ground level! And ICOs are another form of burning fee. Most ICOs are scams and you will never see back the money they are burning.
Like god, silver or any currency Bitcoin is not a store a value because it doesn’t pay any dividend! Don’t make that mistake. And actually it’s worse because it’s actually an asset with negative interest rate! It has a very high burning rate with miners burning millions every day just to maintain the consensus! This is pure value destruction and I’m not even speaking about the environmental cost. You have to see mining fee as a powerful gravity force, the higher Bitcoin is the stronger the force to bring it back to ground level! And ICOs are another form of burning fee. Most ICOs are scams and you will never see back the money they are burning.
I think is paying dividend in the price is increasing. If you buy bitcoin at $700 a pop last January and just store it and let it sit in your wallet until today, you will have getting profits because the current market price is $14K. so you have made a lot of profit by now. But I have to agree that ICO's are pure scam, no doubt about it, but there at few who isn't.
So what is Bitcoin?
It looks like a scam, it smells like a scam, it’s definitively a pyramid scam. Given human appetite for gambling it could still rise much much higher at some point it will collapse with or without regulatory help. At the end Bitcoin is a great experiment but a failed experiment. Yes we need an alternative to central bank but Bitcoin is not that alternative.
It looks like a scam, it smells like a scam, it’s definitively a pyramid scam. Given human appetite for gambling it could still rise much much higher at some point it will collapse with or without regulatory help. At the end Bitcoin is a great experiment but a failed experiment. Yes we need an alternative to central bank but Bitcoin is not that alternative.
I tend to disagree that bitcoin is a scam. Its probably based on speculation, but it's not designed to scam people. As for regulations, I agree at some point maybe a government controlled is needed, but we can't deny the fact that how much negativity you have on bitcoin, its can't be stop specially will financial institutions driving the price to go up like what we are witnessing right now.
Bitcoin is a COIN because you can buy or exchange various crypto coins for it, so as long as you can use it in a financial or investment way then it has a financial value, and silence is not an asset it is a Coin, so bitcoin is not a scam. I advice you that you inform yourself better.
yes indeed fact now almost everyone tends to consider bitcoin as a valuable asset or commodity that gives advantages in every fluctuation and it seems rarely users use bitcoin as digital currency that serves as a means of payment transaction. this is of course because the value of bitcoin is currently very high.
The fact says the opposite, bitcoin has been used as currency and a good way to store value.
How about in the future, whether it will be collapse or not? No one knows for sure.
But for now, bitcoin still the best digital currency which meant to be an alternative currency, the problem is; most people consider it as speculative object to make profits.
How about in the future, whether it will be collapse or not? No one knows for sure.
But for now, bitcoin still the best digital currency which meant to be an alternative currency, the problem is; most people consider it as speculative object to make profits.
Bitcoin for me is like a Gold. That is why I enter Bitcoin technology because I think of it as Gold. Because I know Gold is a good investment. My mom keeps on telling me that and she likes collecting Gold. So Bitcoin defeats Gold, I've read that 10 ounces of Gold equals 1 BTC. So that makes me convince. regarding currency, I agree with you. Here in our country, none of my knowledge that there are businesses that accepts Bitcoin as payment.
Once BTC is worth +1 trillion marketcap, it's going to be way harder for FUDsters to cause market crashes. So if you have some perspective, you must see the current volatility as a sign of how it's still very early on in the game and long temr holders will get rich.
How do you figure this? Based on this logic, as the market cap has grown, volatility should be decreasing. The last several months have shown this not to be true. A $1T market cap isn't going to make things better. If you want bitcoin to stabilize, either you need some kind of respected central authority to set the value of a bitcoin, or you need some other way of definitively determining the value of a bitcoin. Without some kind of agreed-upon value, the price will keep swinging all over the place because there will be no particular price toward which traders know they should head. Any currency can depreciate in the event of a disaster or bad news. According to your version, it is better not to try to make money with the help of modern technologies, because this is fraud 
Those who still say this is scam must pay visit to some mental health doctors, millions of users across the world and one is still saying It is scam show them lists of profiteers and benefits, and I swear he will reconsider his statement will ask how he can get into this and that’s it his brain will automatically diverts to gain profit and enjoy the benefits. The fact that there is a strong consensus against my comment is a good sign that Bitcoin is a pyramid scam. When you cannot find new people to join the party then the party will end and it will hurt badly.
If you want to understand what a currency should be then read Hayek.
Bitcoin is a world wide web cellular automata burning real people money in order to survive.
If you want to understand what a currency should be then read Hayek.
Bitcoin is a world wide web cellular automata burning real people money in order to survive.
You come on a forum for bitcoin and cryptocurrencies, then trash talk it, then expect everyone to say you are right? Why'd you come to this forum in the first place? Just because there is a consensus against your purely contradictory opinion doesn't mean anything other than you came to the wrong place to spread your FUD.
What exactly are you referring to with Hayek? He existed in a state where monetary policy was dictated by governments, bitcoin and other cryptos are contrary to that model and completely different. You should try to understand rather make blanket statements that don't support your theory and then dismiss any argument to the contrary.
1. Last I checked, a currency is anything that can be traded and has value for other things. Also it should not be an item, but something like a precious metal or whatever. Bitcoin fits all of these categories. It can be divided infinitely, it has value (each one takes over $1,000 worth of electricity to produce and also it is backed by nodes worldwide) and is actually a better currency than anything else in history including gold!
From what I know gold, silver, or any fiat currency does not pay dividends to people. Stocks in the stock market are the ones who pay divdends. So using the same logic you have I guess that they are also a scam as what you said it. But looking at the price now and looking at how many well known people are into Bitcoin I don't think that calling it a scam currency will make you a believable person as even your own arguments are wrong.
Good for you as that is your own opinion which we both know you are trying so hard just to paint bitcoin black. Waste of space! 2 activity, 2 posts and that is the first thing you came to this forum just to drop ?
You are sure really doing a good job all over the internet to drop the price for your own good. It is working as gullible people are falling for it.
I think bitcoin is now famous enough that we can believe in it that someday the price of the bitcoin will be high enough and now no one can paint bitcoin as black money the circle of the bitcoin is getting more and more huge a lot of people are using bitcoin for the source of income so there are a lot of positive features of this currency has and it is increasing the more resources.You are sure really doing a good job all over the internet to drop the price for your own good. It is working as gullible people are falling for it.
So many people have heard of bitcoin but they are being traditional ,thus living in the euphoria of antiquity and not wanting to grab the benefits that new era brings like bitcoin. They are just marvelling at the "mysteries" of bitcoin .
The goal of any currency is to maintain its value constant at least on the short term for the people who are using it and Bitcoin cannot achieve this with a fixed quantity of tokens. You can call it a collectible item like stamps or trading cards or consider it as some form of cybernetic art but please don’t call it a currency!
It is also not a store of value as it doesn’t produce useful work. No work = no dividend = stay away from it!
I’m not an anticrypto, I think Bitcoin is a great experiment but a failed one and hopefully we can design a proper crypto currency.
It is also not a store of value as it doesn’t produce useful work. No work = no dividend = stay away from it!
I’m not an anticrypto, I think Bitcoin is a great experiment but a failed one and hopefully we can design a proper crypto currency.
Actually the goal of currency is to trade store of value, not remain constant. Even fiat currencies change in price through inflation/deflation. Look at what happened in Greece, Italy, Spain, Venezuela, and Zimbabwe. Just because you don't understand it doesn't mean it's not currency. People use it every day around the world as currency.
What work does fiat currency produce? It's just a form of something perceived of value being transferred to another, and doesn't pay dividends itself.
If you think it's a scam, then stay away from it and go about your slave wage life. Why spread FUD in a forum specifically for cryptocurrencies?
Bitcoin is not a currency.
It’s too volatile to be used as a currency. Nobody will use it to trade if it can gain/lose 10% in just one day! And it’s not just a question of maturity, it’s a design issue. The quantity of money flowing needs to be in line with economic growth. It cannot be constant or follow a predictable function because economic growth is more complex than that. You need some form of intelligence, human or artificial to calibrate the quantity of money. You need some sort of feedback loop to offset unpredictable human behaviour storing currency. Ok central bank gurus have been screwing us but we have to admit that they have maintained inflation within boundary.
Bitcoin is not a store of value.
Like god, silver or any currency Bitcoin is not a store a value because it doesn’t pay any dividend! Don’t make that mistake. And actually it’s worse because it’s actually an asset with negative interest rate! It has a very high burning rate with miners burning millions every day just to maintain the consensus! This is pure value destruction and I’m not even speaking about the environmental cost. You have to see mining fee as a powerful gravity force, the higher Bitcoin is the stronger the force to bring it back to ground level! And ICOs are another form of burning fee. Most ICOs are scams and you will never see back the money they are burning.
So what is Bitcoin?
It looks like a scam, it smells like a scam, it’s definitively a pyramid scam. Given human appetite for gambling it could still rise much much higher at some point it will collapse with or without regulatory help. At the end Bitcoin is a great experiment but a failed experiment. Yes we need an alternative to central bank but Bitcoin is not that alternative.
Is it your opinion or you just read it somewhere? If it is your view of bitcoin well i hope you are serious because seriously there are millionares out there who should give their credit to bitcoin. It’s too volatile to be used as a currency. Nobody will use it to trade if it can gain/lose 10% in just one day! And it’s not just a question of maturity, it’s a design issue. The quantity of money flowing needs to be in line with economic growth. It cannot be constant or follow a predictable function because economic growth is more complex than that. You need some form of intelligence, human or artificial to calibrate the quantity of money. You need some sort of feedback loop to offset unpredictable human behaviour storing currency. Ok central bank gurus have been screwing us but we have to admit that they have maintained inflation within boundary.
Bitcoin is not a store of value.
Like god, silver or any currency Bitcoin is not a store a value because it doesn’t pay any dividend! Don’t make that mistake. And actually it’s worse because it’s actually an asset with negative interest rate! It has a very high burning rate with miners burning millions every day just to maintain the consensus! This is pure value destruction and I’m not even speaking about the environmental cost. You have to see mining fee as a powerful gravity force, the higher Bitcoin is the stronger the force to bring it back to ground level! And ICOs are another form of burning fee. Most ICOs are scams and you will never see back the money they are burning.
So what is Bitcoin?
It looks like a scam, it smells like a scam, it’s definitively a pyramid scam. Given human appetite for gambling it could still rise much much higher at some point it will collapse with or without regulatory help. At the end Bitcoin is a great experiment but a failed experiment. Yes we need an alternative to central bank but Bitcoin is not that alternative.
It is currency, I can pay my bills using it if I want to, I just prefer to convert is first. Yes, because of that volatility. Also why it can't be considered a surely secure store of value, at least if you want the value to stay the same. Still, even with fluctuations, it still does go up.
It'll only really stabilize once it's all mined out. And do you even know what a Ponzi is?
I can't believe you are taking your time to explain to the OP. I am sure he is not even coming back to this forum since he has completed his mission. He sure definitely knows what ponzi is and he sure knows everything he has written is bullshit. It'll only really stabilize once it's all mined out. And do you even know what a Ponzi is?
Yes it is a scam where many people have profited from.
I really loved this scam since I have felt a lot of convenience in my life now instead of just leaning on my job which will take me years before I can afford what I want.
This scam made my life easier. We should be embracing this scam.
I really loved this scam since I have felt a lot of convenience in my life now instead of just leaning on my job which will take me years before I can afford what I want.
This scam made my life easier. We should be embracing this scam.
Day-to-day volatility is a function of market maturity and depth. Those are still developing
with BTC. Over time, as price discovery works, that will settle.
You are conflating (i.e. confusing) that with long term trend changes caused by coin supply
not "flowing needs to be in line with economic growth". By itself, you might have a
reasonable argument with that, but conflating the two instead shows you just have a poor
understanding of volatility and markets.
with BTC. Over time, as price discovery works, that will settle.
You are conflating (i.e. confusing) that with long term trend changes caused by coin supply
not "flowing needs to be in line with economic growth". By itself, you might have a
reasonable argument with that, but conflating the two instead shows you just have a poor
understanding of volatility and markets.
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