Topic: Bitcoin is the most nonsensical invention in human history - page 7. (Read 20407 times)

Cryptocurrency is not devoid of meaning. This is technology and it works. Until. While many believe in it, because this technology is based on trust. Any business must operate with a certain degree of trust. Without trust it is impossible to enter into agreements and have a profit. However, any other business is material. Cryptocurrency is almost entirely a virtual world, and we only commit transactions using material methods. All this is possible, because in the cryptocurrency economy, finance, technology are implicated on trust and logic. Cryptocurrency for those who can and knows how to take risks.

It seems that the reasoning and the futility and insecurity of cryptocurrency will always go. The author of this topic is largely right if you look at cryptocurrency from the point of view of classical economics. Yes, the cryptocurrency from the point of view of this worldview, this is a financial bubble and this, in principle, is true. Cryptocurrency is not supported by anything and is based on trust. However, as long as such trust exists, it brings substantial benefits to its owners. Therefore, when using cryptocurrency, it is necessary to take into account possible risks and always be prepared for the fact that after a certain short time, individual coins and tokens, and with a big panic, the whole cryptocurrency may disappear. Although this is unlikely, this possibility cannot be completely excluded. In cryptocurrency, you can make good money, but you need to be watchful.  For our solutions in cryptocurrency, we alone are financially responsible.

haha it's true this is amazing they believe something that is not visible and I also believe it. but I think this is not unreasonable this is technology not an object so I think it's normal if a lot of people invest

Very short answer to your whole theory:
1. Even those paper/debt certificate that you are claiming to own can be worthless as in case of Zimbabwe.
2. Bitcoin can be redeemed any day for those paper/debt certificate.


And Bitcoin is one of the advance technological product and you need to read below to understand this.
https://bitcointalksearch.org/topic/technical-perspective-of-bitcoins-5066766

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?

Well, now it is. The inception of derivatives and other financial products built on cryptocurrencies took away one thing the value of BTC was based on - its limited supply. Look at Cryptocompare BTC market data. About 1/3 of the trading volume comes from BitMex exchange, which is actually trading a derivative called a "perpetual contract", instead of actual BTC. Not one spot trading exchange can come even remotely close with their volumes to BitMex. With the 200x leverage what BitMex offers for trading, it virtually expands BTC supply to 200 times. Plus CBOE and CME futures, and such. The more of these financial products based upon cryptocurrencies are being created, the less scarce blockchain based coins will become. The whole cryptomarket works now exactly like the fractional reserve banking, where the real money (reserves) created by the central banks, make only a fraction (about 5%) of the total money supply, the rest of 95% is just private banking sector created IOU contracts called credit, built upon the reserves.

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.

While you are entitled to your opinion, there is much sense in it to the investors promoters and programmers in the bitcoin business and crypto currency at large. I don't need to understand what happens when the bank I use tell me that I have just received an alert that my bank account has been credited. I don't see how the money moves but that's what actually happens. Believe what you choose to believe. Cheers fella!

What you are saying is like not until other assets are liquidated to Fiat all of them have zero value in your point of view. Stocks, Gold, Silver, and Gas for you does not have any value not until those owner of the assets have sold it to Fiat. Well of course your next possible argument will be they are different as their value is determined by other people pricing them and it is called "demand". Well to tell you the truth cryptocurrencies also work that way their are people who are determining prices in the buy side always no matter if this cryptos only exist in 1s and 0s these people are putting a value into it.

pessimistic person sees a half empty glass.........
optimistic person sees its half filled glass......
realist person sees its not empty, and even if it was. atleast they have a glass

Pessimistic person sees a glass half filled with water as "half empty" and optimistic sees it as "half filled. The choice is ours on which side we want to be. While I respect your views as an individual, I don't share your pessimism at the same time.

I think OP has some misunderstanding or lack of understanding about bitcoin in general or the cryptocurrency. There has been numerous references in the net about the argument why btc or other p2p is much better than Fiat.

I'm guessing that's what the 0x team had in mind - having a tokenized "representation" of clear ownership of those valuable possessions, pared with decentralized exchanges to cost near-nothing to exchange them.

"cant pay we will take it away"
shows how much she "owns" if people can just come in and take thing from her(bailiffs)
show how much she "owns" if people can refuse to give her it(banks)

id love to see a bailiff try to acquire someones bitcoins. or a bank try to freeze a persons private key.. oh wait they cant. because THEY dont own it.. only you do

I was watching a series about debt collectors in the UK the other day, and they knocked on the door of one lady asking that she cleared the debt right away or they'd start removing goods. She asked them to wait and went to the bank. Came back minutes later saying that her withdrawal attempt triggered some scam alerts in the bank. She had to call the police to her home, to confirm the paperwork the bailiffs had, go with her back to the bank and vouch that it's not a scam. Even when she did all of it they didn't allow her to withdraw the full amount! And the best part is that she was only asking for £10k of her own money, deposited on a personal account.

^ FAIL
when you sell a car for FIAT. you dont own FIAT. you hold FIAT. but the FIAT is not yours.
its under licence by a government. they can take it from you without notice. they can freeze accounts they can tax it. they can do what they like, because its theirs.

with bitcoin you own the private key that secures that you have full ownership control of the bitcoin linked to the private key

i dare you to have a bitcoin private key and a bank account. and truly ask yourself. who controls what
go on try to move your fiat out of an ATM for more than $500 amount.

try spending a substantial amount ($10k) fiat via a bank account without the bank asking questions.
you do not own FIAT. they are just letting you handle it under their licence terms

try crossing a state/country border with $10k see how much FIAT you get to own without question

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as for saying bitcoin is a nothing value.

bitcoin has a cost value.
im not talking about speculative price of the volatile market. im talking about the underlying value. the cost of its creation.

PoS coins for instance have no underlying value. as the underlying cost is zero. but bitcoin does have a underlying value.
you might wanna research that.

FIAT (not talking about market rate of loaves it would buy or rate compared to other currencies on forex) fiats underlying value is of the cost in its creation too. which is things like yes the debt (mortgage/credit agreement) that created the promissory note. but also the minimum wage laws that value a $7.50 as being an hours worth of sweat labour

.. one thing i do find funny.
a patent /copyright is just an idea. yet you argue people do have ownership of something. even if its just an idea.. but then try to say bitcoin idea is not real........ pick a hypocrisy and stick with it. you cant be right on both sides of a table especialy if a patent/copyright may not even come with any creation cost

Bitcoin is based neither on debt nor on trust, What are you noobs talking about?

Bitcoin is based on work, the only source of value. Right now the only fair trade in the globe is trading goods and services for bitcoin, trading a product of work with another product of work, pretty much like old good days when gold and silver were being used as medium of exchange.

I didn't bother reading your op, just the few first lines, you have no clue, instead of wasting your time typing nonsense in gibberish, try catching-up with literature and science related to monetary systems and economics.

First of all, all your long essay proves you don't know the main reason for the existence of Bitcoin. I think you should read the Bitcoin Whitepaper and then watch the movie "Dope" and then read the article about the woman who paid her workers with Bitcoin and then read the tweets of Craig wright (not his supporter bit he's got sound arguments about the use case of Bitcoin).
All your argument is based on trading (and that's not the absolute Bitcoin purpose).

And what happens when someone pays for your goods with a card? A third party payment processor logs the transaction on their servers and messages your bank that it took place. You don't get any physical item, you don't get money. Only thing that changes are some digits on a privately own mainframe. How is that different from the blockchain? Let's start by saying that blockchain cannot be changed or erased, but the mainframe can. Blockchain can't go bankrupt, but both the payment processor and your bank can. Even your country that issues cash (that you aren't getting for that transaction because it was digital) can go bankrupt.
I'll take my coins, thank you.

All value is based on that which people attribute to it, there is no such thing as intrinsic value. If you're dying of thirst then suddenly a bottle of water at $100 looks like a great deal, otherwise you might think paying $5 for it is a rip off. Perception is everything.