Topic: Bitcoin is neither a currency nor a store of value ! - page 5. (Read 1809 times)

Thanks for your valuable input, much appreciated.

So you made the account to say this. Well, you smell much more a scam than Bitcoin.
You sound like somebody that is either paid by banks, either speculator wanting desperately to get attention for more FUD and price drop.


PS. Its history until now still recommends it as a pretty good store of value.

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.

why you said like that? do you used bitcoin or not? if you use bitcoin, what you do with your bitcoin? did you buy something in online or offline with your bitcoin? if yes, then do you think bitcoin is currency or not? what we use to pay something?

actually i have much more question for you but i think its enough. for now bitcoin is not yet a currency but in future, i think bitcoin will be one of currency which will be like a bridge between offline and online world so we can use bitcoin for both purpose. until now, bitcoin can be used for buying something or paying something or send the amount into other wallet.

They are just spreading FUD from a higher level of the echelon. JP Morgan's Dimon is a big joke because they are actually dealing with clients who are into Bitcoin and they are doing the trading on their behalf...why would you say something uncalled for when you know that your firm is servicing clients who are pro-Bitcoin? It is becoming like a big joke...a laughingstock and I think Dimon knows it by now.

Well, anyway, to say that Bitcoin can go so big and then collapse is just a prediction and projection and with Bitcoin it is safe to say that it is unpredictable. Who would have thought that it can easily recover from the China debacle recently? Many people are predicting that Bitcoin will crash once China will close its doors but we are seeing a resilient and re-surging Bitcoin right now.

People who are proclaiming to the whole world how bad Bitcoin can be are just here to gain some attention and maybe get some traffic for their sites or probably just want to be included in the Bitcoin history. Nice try but no thanks!

Hello, JP Morgan strikes again, apparently some people are unaware of the characteristics of a pyramid scam, where the participants fund the promotion and charge for participation of the upper levels of the pyramid. This is not bitcoin, but if it should be seen as a product that increases its value, because it is a scarce and limited good, besides the mining process requires security and compliance of transactions, I think that the processes of encryption require expensive technology and processes ( high consumption of electricity), blockchain technology has come to stay that's why decentralized contracts are becoming more secure

Thank you for the opinion but I am not agree with you, Bitcoin volatility is high because the popularity of Bitcoin just increasing so there are a lot of people used Bitcoin for trading and transactions, even though the price fluctuate a lot, it is very efficient to be used to pay someone abroad, and Bitcoin is not as perfect as good or silver but it does give profit, so I don't care whatever people describe it, as long as it is giving me profit and it is valuable then it is an asset and if Bitcoin is a scammed Japan won't legalize it

Bitcoin is not a place for negative people like you and I believe you are just trying discourage people by spreading negative thoughts. Blockchain technology has not relation with pyramid system whatsoever. It is a completely different technology that has created a parallel economy of 67 billion USD worldwide. These people are not fools.

It's fair that you don't want to use or invest in bitcoin. That's completely acceptable. But discouraging other people is just not a good thing. Spread love, not hate and certainly don't discourage anyone if you can't help them. So I will ignore your comments gracefully and continue with my bitcoin journey. 

This is seriously so absurd to call bitcoins scam when we all know they are not. There is nothing wrong with bitcoins or in using bitcoins. They are very much useful coins rather they have beaten traditional best investments like real estate and gold. So it is just mere hatred to call bitcoins scam.

What ever you are talking about that "bitcoin is a scam" is now just a word. You know why?. No one will used it if it is a scam. No one will believe in this kind of thing if this thing is a worthless one. So try figure out why there's a lot of people who wants earn and have this. It is for the reason that bitcoin is proven. And will be the best digital coin ever used in transacting and trading online.

Well you have the right to an opinion but I do think you are wrong. The only reason bitcoin is so volatile right now, is because it is still in it's early days. Bitcoins are still far from it's limit cap, and it's slowly being bought as users get to know it, and trust the network and the community. Once it gets mass adoption, it's price will no longer float like this. As for it's value, it couldn't be more transparent than it is. Since it has a limit, it will only be regulated by supply and demand, so if people recognize it's value, then you can't really deny it. If at some point users decide that they don't want bitcoins anymore, and decide to sell them, then it's value will drop. But that is not a scam, that is just reflection of the true value people confer to BTC. If they trust it however, I don't know why they will do that, so I think it will perfectly work as a currency. People confer it value, and trade it for other goods.
If you say that right now it's not practical because it's volatile, and you pay high fees to buy just a cup of coffee with it, then I agree, but that will change with the lightning network.

As for a store of value, I really think you are wrong. Right now, I think this i the best function for bitcoin. A store of value is the purpose of an asset that can be retrieved, saved and exchanged at a later time because it holds purchasing power. Bitcoin actually shines here right now in my opinion. You need to mine it, and it cost money to do so, you have a limit cap, and planed halves. They will get more and more difficult to get, will require more work to be mined, so as it's demand increases, it's value will increase as well. This looks to me like a good store of value.

Finally bitcoin will actually get the best of both worlds, (precious metal and money), because they are limited and have value (like gold) and will be easy to exchange and trade for common goods (like money).

Bitcoin is a currency. Bitcoin is used as a medium of exchange every single day across the globe by countless amounst of people. Even if the fees are high, it is still a currency. Your claims are baseless and meaningless at best.

Bitcoin is a store of value. Store of value do not need to pay dividends. I'd argue that gold and bitcoin are the two best store of values right now.

It's not a pyramid scam. Everything is traded on an open market. You do not refer people to bitcoin and get paid that way. I hope you can realize this.

I agree with one of your points but even if bitcoin is volatile, it is still a currency. Why say that bitcoin is not a currency if it is tradeable to real money? It can also be used to buy some items online so it is still a currency. Also you can't call something as scam just because of it being volatile.  Stock market is volatile too so I think it is quite normal for btc to be volatile considering it is still in it's early ages.

If it is a scam well it is elaborate ajd well thought to scam and give profits to a lot of people already using t. Yes it is volatile but so is the stock market. There are many valued money that are volatile and impacted by change and various factors and btc is no different.

Did not even know someone is thinking the same thing I was thinking. The guy opened an account on this forum and the first thing he sat down on his PC or smartphone to type was this jargon! Like you said, some wealthy people are sure doing a hell of a job to buy very cheap and it is sure one good reason why we should be more happy.

Why does bitcoin have to tick boxes in such an exact way to work? When the internet first began it wasn't a reliable way to transfer high quality information or how about the invention of the car, they thought the horse and cart was more reliable - cars looked like a scam.  New technology breaks the previous mold. 

Fiat has inflation rates of 2%+ right now its losing value fast in your hands. Gold is a good store of value but hard to move. 

I agree with you that this man are trying to paint bitcoin black because I think this man are also wanted to buy Bitcoin at low price but the community of bitcoin is huge now and stronger that cause the market not to fully affected if their is a news that are wanted to down the reputation of bitcoin.

bitcoin is current because you can buy it sell it and have value

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.

If you're talking about simple purchasing of an item, then you're right, the possibility of a %10 fluctuation would be a problem. That's why no online shops are accepting bitcoin as payments and should not. But you can still use it on other transactions.


Well, no one is gonna argue with you on this one.

I get where you're coming from, but you have to understand that bitcoin was not designed to replace your regular fiat currency. Being decentralized, we are already aware that the price of bitcoin would depend largely on the demand of the users. Bitcoin has proven itself for years now and you can't just disregard that, it's proven to be a really great investment.

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.