Bitcoin is the most nonsensical invention in human history - page 6.

fxsurfer

jr. member

Activity: 274

Merit: 2

Quote from: _Miracle on December 30, 2018, 04:29:16 AM

Quote from: fxsurfer on December 30, 2018, 01:49:41 AM

Quote from: _Miracle on December 29, 2018, 03:00:58 AM

Quote from: fxsurfer on December 27, 2018, 12:20:06 PM

Quote from: LoyceMobile on December 27, 2018, 12:18:24 PM

In short:
Fiat is based on debt, Bitcoin is based on trust.
I know what I prefer!

Ponzi is also based on trust. So?

fxsurfer,
Ever heard of fractional reserve banking?

Can you please make an argument?

You want a free lesson in economics on a bitcoin chat board?
Your points simplified:
Banks don’t keep your money, they only have to keep a fraction of it, then they lend out the rest.
No problem, right? Because in the US our deposits are insured by the government.
-A government that is trillions of dollars in debt and our deposits are backed for a reason: because there were actual times historically when people couldn’t get their money out of banks.

And fiat is a medium of exchange with the US dollar being backed by nothing but “the full faith and credit of the US government” since it was taken off the gold standard in 1971---never mind how much less you can buy with that dollar every year since its inception.

Everything’s market value is worth what a willing and able buyer believes it to be and at this moment bitcoin is worth about $3753. Per coin whether you agree or not.

If you don’t understand the concept of intangible assets AND you are posting your assertion on a chat board, on the internet (just worthless strings of code): what can anyone tell you?

You seem to have the desire to know about banking, economics ect.
Do some reading: depressions/recessions, Adam Smith, Keynes, Milton Friedman, hell… read Karl Marx or Google.

Ok, so what that has to do with topic at hand?

What do some historical or present-day problems with dollar debt certificates have to do with the fact that they represent the ownership of borrowers' loan debt - i.e. something, while bitcoin represents the ownership of nothing?

Did you even read the opening post?

_Miracle

hero member

Activity: 912

Merit: 661

Do due diligence

Quote from: fxsurfer on December 30, 2018, 01:49:41 AM

Quote from: _Miracle on December 29, 2018, 03:00:58 AM

Quote from: fxsurfer on December 27, 2018, 12:20:06 PM

Quote from: LoyceMobile on December 27, 2018, 12:18:24 PM

In short:
Fiat is based on debt, Bitcoin is based on trust.
I know what I prefer!

Ponzi is also based on trust. So?

fxsurfer,
Ever heard of fractional reserve banking?

Can you please make an argument?

You want a free lesson in economics on a bitcoin chat board?
Your points simplified:
Banks don’t keep your money, they only have to keep a fraction of it, then they lend out the rest.
No problem, right? Because in the US our deposits are insured by the government.
-A government that is trillions of dollars in debt and our deposits are backed for a reason: because there were actual times historically when people couldn’t get their money out of banks.

And fiat is a medium of exchange with the US dollar being backed by nothing but “the full faith and credit of the US government” since it was taken off the gold standard in 1971---never mind how much less you can buy with that dollar every year since its inception.

Everything’s market value is worth what a willing and able buyer believes it to be and at this moment bitcoin is worth about $3753. Per coin whether you agree or not.

If you don’t understand the concept of intangible assets AND you are posting your assertion on a chat board, on the internet (just worthless strings of code): what can anyone tell you?

You seem to have the desire to know about banking, economics ect.
Do some reading: depressions/recessions, Adam Smith, Keynes, Milton Friedman, hell… read Karl Marx or Google.

fxsurfer

jr. member

Activity: 274

Merit: 2

Quote from: _Miracle on December 29, 2018, 03:00:58 AM

Quote from: fxsurfer on December 27, 2018, 12:20:06 PM

Quote from: LoyceMobile on December 27, 2018, 12:18:24 PM

In short:
Fiat is based on debt, Bitcoin is based on trust.
I know what I prefer!

Ponzi is also based on trust. So?

fxsurfer,
Ever heard of fractional reserve banking?

Can you please make an argument?

miropp

full member

Activity: 810

Merit: 101

It is strange to call bitcoin a fraud. You will see how many people were able to get rich with the help of bitcoin. That's one. Secondly, we cant say that bitcoin is an empty space, because in the world there are already several places where you can pay bitcoin. This suggests that bitcoin is developing. If he was a fraud, he wouldn't have existed for so long.

_Miracle

hero member

Activity: 912

Merit: 661

Do due diligence

Quote from: fxsurfer on December 27, 2018, 12:20:06 PM

Quote from: LoyceMobile on December 27, 2018, 12:18:24 PM

In short:
Fiat is based on debt, Bitcoin is based on trust.
I know what I prefer!

Ponzi is also based on trust. So?

fxsurfer,
Ever heard of fractional reserve banking?

fxsurfer

jr. member

Activity: 274

Merit: 2

pixie85

hero member

Activity: 2184

Merit: 531

Quote from: aoluain on December 28, 2018, 04:37:21 AM

Quote from: pixie85 on December 27, 2018, 07:14:46 PM

It looks like a troll post. If you come to a Bitcoin forum to say that Bitcoin is worthless you won't be taken seriously. That's how it is. You could argue with us that it's not the best solution or that it has its flaws but saying that it's worth nothing and that it doesn't exist is plain stupid. Do you do that with all the things you don't like? Look for a thematic forum full of people that like it and tell them they're stupid to do so?

I was thinking the same or that maybe this thread was created to open discussion
and draw in the people who can argue bitcoins existence and who truly have an
understanding of crypto and economics and by that way the OP is showing the non
believers or doubters the viability of bitcoin through other members posts.......

But then the OP's last post discounts my idea, they really dont get it.

Quote

Well, given $64.8 billion in the accounts of Madoff's 4,800 clients it follows that Bernie Madoff's ponzi invention was "worth" more than $13 million per client, and that's way more than $3000. So, anyone who think Madoff's invention is "nonsensical" is talking shit. Right?

You cannot compare bitcoin to a ponzi scheme, how many times has this been
explained, can you not really understand this? Because 99% of people on this
forum can make the difference.

You need to go and read Franky1's first post!

He chooses the posts that he finds easy to argue with and only answers those. Of course he doesn't get it, he wants you to keep playing his game where you say it's not a ponzi, he ignores your arguments and says it is a ponzi. He made this thread to blow off steam and you're helping him do it.

tdrinker

full member

Activity: 276

Merit: 103

Join FlipNpik Telegram : t.me/flipnpikico

Quote from: Velkro on December 27, 2018, 03:34:20 PM

Quote from: fxsurfer on December 27, 2018, 12:11:43 PM

Are you aware that when you trade goods, services or fiat currencies for Bitcoin, you actually bought nothing. In other words, by buying Bitcoin you sold the ownership of something and bought the ownership of nothing.

Whole your reasoning is flawed. If you buying gold, you trade goods, services or fiat currencies for it. You actually bought nothing, couple atoms dig up from dirt without value except people agreed to gold is valuable. Nothing else.
In Bitcoin you are owner of digital asset with limited availability (12 000 000). Gold has infinite amount out there so it inflate.

We can share arguments on and on but in the end, if you really understand invention and revolution, what bitcoin trully is, you wouldn't write things like that.

Gold isn't infinite. Nothing is truly infinite except maybe the universe. Gold is actually relatively finite compared to most things. It takes time for more gold to be produced over millions of years.

fxsurfer

jr. member

Activity: 274

Merit: 2

Quote from: satosibtc1000 on December 28, 2018, 06:12:27 AM

In fact, in our world there are no useless things as the creation of one technology leads to the creation of another and bitcoin is an example. Bitcoin start chain industry which is developing rapidly. I do not believe that bitcoin is useless.

Bitcoin in itself is useless as it represents the ownership of nothing. On the other hand, Bitcoin industry is not useless since it generates enormous profits for the exchanges, miners, developers, ICO teams, wallet providers, etc. All of them benefit greatly from the game where greater fools transfer the ownership of nothing from one address to another. But this game will ultimately end as you can fool some of the people all of the time, and all of the people some of the time, but you can not fool all of the people all of the time.

satosibtc1000

jr. member

Activity: 182

Merit: 1

In fact, in our world there are no useless things as the creation of one technology leads to the creation of another and bitcoin is an example. Bitcoin start chain industry which is developing rapidly. I do not believe that bitcoin is useless.

fxsurfer

jr. member

Activity: 274

Merit: 2

Quote from: aoluain on December 28, 2018, 04:37:21 AM

Quote from: pixie85 on December 27, 2018, 07:14:46 PM

It looks like a troll post. If you come to a Bitcoin forum to say that Bitcoin is worthless you won't be taken seriously. That's how it is. You could argue with us that it's not the best solution or that it has its flaws but saying that it's worth nothing and that it doesn't exist is plain stupid. Do you do that with all the things you don't like? Look for a thematic forum full of people that like it and tell them they're stupid to do so?

I was thinking the same or that maybe this thread was created to open discussion
and draw in the people who can argue bitcoins existence and who truly have an
understanding of crypto and economics and by that way the OP is showing the non
believers or doubters the viability of bitcoin through other members posts.......

But then the OP's last post discounts my idea, they really dont get it.

Quote

Well, given $64.8 billion in the accounts of Madoff's 4,800 clients it follows that Bernie Madoff's ponzi invention was "worth" more than $13 million per client, and that's way more than $3000. So, anyone who think Madoff's invention is "nonsensical" is talking shit. Right?

You cannot compare bitcoin to a ponzi scheme, how many times has this been
explained, can you not really understand this? Because 99% of people on this
forum can make the difference.

You need to go and read Franky1's first post!

Why not? Ponzi is ownership of nothing the same as Bitcoin. So they are completely the same in that sense.

aoluain

legendary

Activity: 2436

Merit: 1362

Quote from: pixie85 on December 27, 2018, 07:14:46 PM

It looks like a troll post. If you come to a Bitcoin forum to say that Bitcoin is worthless you won't be taken seriously. That's how it is. You could argue with us that it's not the best solution or that it has its flaws but saying that it's worth nothing and that it doesn't exist is plain stupid. Do you do that with all the things you don't like? Look for a thematic forum full of people that like it and tell them they're stupid to do so?

I was thinking the same or that maybe this thread was created to open discussion
and draw in the people who can argue bitcoins existence and who truly have an
understanding of crypto and economics and by that way the OP is showing the non
believers or doubters the viability of bitcoin through other members posts.......

But then the OP's last post discounts my idea, they really dont get it.

Quote

Well, given $64.8 billion in the accounts of Madoff's 4,800 clients it follows that Bernie Madoff's ponzi invention was "worth" more than $13 million per client, and that's way more than $3000. So, anyone who think Madoff's invention is "nonsensical" is talking shit. Right?

You cannot compare bitcoin to a ponzi scheme, how many times has this been
explained, can you not really understand this? Because 99% of people on this
forum can make the difference.

You need to go and read Franky1's first post!

fxsurfer

jr. member

Activity: 274

Merit: 2

Quote from: cabron on December 28, 2018, 04:21:50 AM

Quote from: joseyphil82 on December 28, 2018, 03:18:26 AM

Wow do you get paid to post this on the forum? Sorry friend its not going to work on anyone on here ,bitcoin have gain ground and trust of almost all humans on eath ,posting that now its too late ,this is something you should have posted in 2010 maybe it would have work on some ? Cmon even western union is looking forward to making use of cryptocurrency in their system, sorry pal

They get something out of it though, they can buy back when price dips after this post. The most nonsensical invention is worth more than $3000, anyone in the right mind would think its nonsensical is obviously talking shit. You don't even need to be technical here with the economic terms. Bitcoin will be worth more than $20k later on but these guys will remain thinking its not useful. Cheesy

Well, given $64.8 billion in the accounts of Madoff's 4,800 clients it follows that Bernie Madoff's ponzi invention was "worth" more than $13 million per client, and that's way more than $3000. So, anyone who think Madoff's invention is "nonsensical" is talking shit. Right?

cabron

hero member

Activity: 2800

Merit: 595

https://www.betcoin.ag

Quote from: joseyphil82 on December 28, 2018, 03:18:26 AM

Wow do you get paid to post this on the forum? Sorry friend its not going to work on anyone on here ,bitcoin have gain ground and trust of almost all humans on eath ,posting that now its too late ,this is something you should have posted in 2010 maybe it would have work on some ? Cmon even western union is looking forward to making use of cryptocurrency in their system, sorry pal

They get something out of it though, they can buy back when price dips after this post. The most nonsensical invention is worth more than $3000, anyone in the right mind would think its nonsensical is obviously talking shit. You don't even need to be technical here with the economic terms. Bitcoin will be worth more than $20k later on but these guys will remain thinking its not useful. Cheesy

fxsurfer

jr. member

Activity: 274

Merit: 2

Quote from: sarfield on December 28, 2018, 02:54:08 AM

The discovery of bitcoin is the most impressive thing, with a belief system that all trades can be smooth. Online by researching all kinds of things that waste time, this is not effective. In the case of crypto trading, it has many features that are able to provide investors with interest. Trust is expensive and this is highly valued.

Of course that "all trades can be smooth" since you are trading the ownership of nothing.

joseyphil82

member

Activity: 742

Merit: 16

Wow do you get paid to post this on the forum? Sorry friend its not going to work on anyone on here ,bitcoin have gain ground and trust of almost all humans on eath ,posting that now its too late ,this is something you should have posted in 2010 maybe it would have work on some ? Cmon even western union is looking forward to making use of cryptocurrency in their system, sorry pal

sarfield

full member

Activity: 588

Merit: 100

The discovery of bitcoin is the most impressive thing, with a belief system that all trades can be smooth. Online by researching all kinds of things that waste time, this is not effective. In the case of crypto trading, it has many features that are able to provide investors with interest. Trust is expensive and this is highly valued.

CryptoBry

sr. member

Activity: 1008

Merit: 355

In some aspects you can right but I would disagree that Bitcoin is really nothing well for as long as there will be people who believe in its value then it is valuable and this is the case with anything that can be traded even with gold...if people one day will decide that they don't want to get involved with gold anymore then it can be worthless and I think this can be the same thing with fiat money. This is the same principle with the law of supply and demand and we witnessed this in action with so many failed projects. Now, if you can convinced majority of the Bitcoin hodlers to shift to your conviction then soon Bitcoin might be back to ground zero. And starting on this forum can be a good practice.

Aponkye1

member

Activity: 336

Merit: 10

No body is begging you to stay in bitcoin investment. if you claim is the most insane invention then you should not worry making this public and save your self the trouble of being in this forum. You can leave this very minute and nobody would coax you to come back. The funny thing is that you will be running back here when the bull run begins hahahah...Such people always do lol

Kakmakr

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Leading Crypto Sports Betting & Casino Platform

Get your f#$% facts in order, when you make false statements like this!

Bitcoin is definately not the first instance where people pay fiat currencies for something that are written in code. People have been buying virtual property in online games and also skins and add-ons for in-game items for years.

You can even buy in-game tokens or virtual currencies for online games and all of this is just some entry on a digital ledger or a piece of code.

Do not Cherry pick a specific incident to suite your hidden agenda. Angry

Topic: Bitcoin is the most nonsensical invention in human history - page 6. (Read 20407 times)