Topic: Bitcoin is the most nonsensical invention in human history - page 8. (Read 20410 times)
You get something extremely important out of your rant, which literally everything costs nothing, we usually give price to the things we want, for example, why certain airplane tickets cost more in season than out of season?, so it is with other events and other temporary items, things have the value that we give them
That wall of text could work against all of those that do not really understand bitcoin or why it exist, but you are not going to convince anyone in the forum with that logic, if you do not feel comfortable investing in bitcoin because to you it has no value then you do not have to do it, invest in all of those things that you think are real and in 20 years we will see who was right.
In short:
Fiat is based on debt, Bitcoin is based on trust.
I know what I prefer!
Fiat is based on debt, Bitcoin is based on trust.
I know what I prefer!
Ponzi is also based on trust. So?
In short:
Fiat is based on debt, Bitcoin is based on trust.
I know what I prefer!
Fiat is based on debt, Bitcoin is based on trust.
I know what I prefer!
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. Bitcoin is the first time in human history that people voluntarily give up something to become the owners of absolutely and literally nothing.
Let's say that you traded your car for Bitcoins. After such transaction, all that has happened is a numerical change in the blockchain. The value next to your address has increased, while the value next to buyer's address has decreased. But, you didn't become the owner of something. In other words, after the car transfer has occurred there is nothing outside the blockchain that you become the owner of. You simply gave your car for free, like it was a gift. The blockchain entry is a mere verification of that gift.
Let's compare this to fiat currencies because their misconception is the main reason why people fail to realize that by owning Bitcoin they own nothing. So, let's assume that you traded your car for dollars. Now, the question is what do you own after such transaction? Do you own nothing or do you own something? Well, you own something. Namely, you own debt certificates. These certificates are either paper or digital. If you received banknotes you become the owner of paper debt certificates. If you received numerical value on your bank account you become the owner of digital debt certificates. With these certificates you are entitled to goods, services or property of private individuals and companies that were granted loans. Let's explain how this ownership is utilized in practice.
Dollars are put into circulation when banks grant loans to private individuals and companies, or in short to borrowers. These borrowers then use dollars to purchase goods and services from people. But, since borrowers are obligated to make their loan payments they need these dollars back. How will they get them? Well, first they have to produce some goods or services. Owners of dollars will then buy these goods and services and in that way fund salaries of private individuals and generate revenue for the companies. With salaries and revenue the borrowers recieved dollars for their loan payments, while owners of dollars received goods and services. If the borrowers fail to provide goods and services to owners of dollars and thus, default on their loan payments, the banks will activate collaterals and sell them to these owners, since the banks must use dollars to cover the liability side of their balance sheets that originated from dollar loans.
So, fiat currencies are essentially means for borrowing goods and services today and returning goods and services in the future. Or in other words, they are certificates for identifying those who are entitled to goods, services or property(collateral) of borrowers. To put it another way, they are certificates of borrowers' debt and are backed by collaterals, loan contracts and banks' assets. That is why when you traded your car for dollars you become the owner of something. You become the owner of actual money or asset.
Bitcoin is commonly referred to as money or asset. But as we just saw money is ownership of something. Throughout all human history money has always been the ownership of either commodity, gold certificates or certificates of borrowers' debt. And all these items are not nothing but something. The same is true for assets. By owning assets you own something — either vehicles, real estate, computers, goodwill, brand, patents, etc. But, by owning Bitcoin you own absolutely and literally nothing. That is why Bitcoin is neither money nor assets.
So, what is Bitcoin then? Well, Bitcoin is just one type of investment scams since in all such scams people's investments are turned into the ownership of nothing. In this particular scam people play the game of transferring the ownership of nothing from one address to another. That is why it is so easy to generate, transfer or store Bitcoins and why no middleman is needed. Since there is nothing behind Bitcoin, one can simply write some algorithm, then use it to generate (mine) some numerical values, assign these values some fancy name(Bitcoin), store them on blockchain and then transfer them from one blockchain address to another. Why would you need a middleman for something like that? It's a child's play.
But, when you have the ownership of something, like fiat currencies - which have borrowers, loan contracts and collaterals behind them, then obviously you do need a middleman who will perform a detailed assessment of the borrower’s overall economic and financial position, create a loan contract, secure the loan with collateral, etc. All that is needed in order to protect the owners of fiat currencies and ensure that their debt certificates will result in goods and services. Also, some central authority is needed to control the money supply and in that way protect borrowers from deflation and owners of fiat currencies from inflation.
In the world of Bitcoin nothing of that is needed. That's because Bitcoin is ownership of nothing. And to generate, transfer or store the ownership of nothing, one doesn't need an intermediary or agent. Bitcoin is the most nonsensical invention in human history because not only that people trade their valuable possessions for nothing, but they even pay fees to exchanges to perform these ridiculous trades and spend enormous amounts of energy in order to have the ownership of nothing generated, stored and secured.
Let's say that you traded your car for Bitcoins. After such transaction, all that has happened is a numerical change in the blockchain. The value next to your address has increased, while the value next to buyer's address has decreased. But, you didn't become the owner of something. In other words, after the car transfer has occurred there is nothing outside the blockchain that you become the owner of. You simply gave your car for free, like it was a gift. The blockchain entry is a mere verification of that gift.
Let's compare this to fiat currencies because their misconception is the main reason why people fail to realize that by owning Bitcoin they own nothing. So, let's assume that you traded your car for dollars. Now, the question is what do you own after such transaction? Do you own nothing or do you own something? Well, you own something. Namely, you own debt certificates. These certificates are either paper or digital. If you received banknotes you become the owner of paper debt certificates. If you received numerical value on your bank account you become the owner of digital debt certificates. With these certificates you are entitled to goods, services or property of private individuals and companies that were granted loans. Let's explain how this ownership is utilized in practice.
Dollars are put into circulation when banks grant loans to private individuals and companies, or in short to borrowers. These borrowers then use dollars to purchase goods and services from people. But, since borrowers are obligated to make their loan payments they need these dollars back. How will they get them? Well, first they have to produce some goods or services. Owners of dollars will then buy these goods and services and in that way fund salaries of private individuals and generate revenue for the companies. With salaries and revenue the borrowers recieved dollars for their loan payments, while owners of dollars received goods and services. If the borrowers fail to provide goods and services to owners of dollars and thus, default on their loan payments, the banks will activate collaterals and sell them to these owners, since the banks must use dollars to cover the liability side of their balance sheets that originated from dollar loans.
So, fiat currencies are essentially means for borrowing goods and services today and returning goods and services in the future. Or in other words, they are certificates for identifying those who are entitled to goods, services or property(collateral) of borrowers. To put it another way, they are certificates of borrowers' debt and are backed by collaterals, loan contracts and banks' assets. That is why when you traded your car for dollars you become the owner of something. You become the owner of actual money or asset.
Bitcoin is commonly referred to as money or asset. But as we just saw money is ownership of something. Throughout all human history money has always been the ownership of either commodity, gold certificates or certificates of borrowers' debt. And all these items are not nothing but something. The same is true for assets. By owning assets you own something — either vehicles, real estate, computers, goodwill, brand, patents, etc. But, by owning Bitcoin you own absolutely and literally nothing. That is why Bitcoin is neither money nor assets.
So, what is Bitcoin then? Well, Bitcoin is just one type of investment scams since in all such scams people's investments are turned into the ownership of nothing. In this particular scam people play the game of transferring the ownership of nothing from one address to another. That is why it is so easy to generate, transfer or store Bitcoins and why no middleman is needed. Since there is nothing behind Bitcoin, one can simply write some algorithm, then use it to generate (mine) some numerical values, assign these values some fancy name(Bitcoin), store them on blockchain and then transfer them from one blockchain address to another. Why would you need a middleman for something like that? It's a child's play.
But, when you have the ownership of something, like fiat currencies - which have borrowers, loan contracts and collaterals behind them, then obviously you do need a middleman who will perform a detailed assessment of the borrower’s overall economic and financial position, create a loan contract, secure the loan with collateral, etc. All that is needed in order to protect the owners of fiat currencies and ensure that their debt certificates will result in goods and services. Also, some central authority is needed to control the money supply and in that way protect borrowers from deflation and owners of fiat currencies from inflation.
In the world of Bitcoin nothing of that is needed. That's because Bitcoin is ownership of nothing. And to generate, transfer or store the ownership of nothing, one doesn't need an intermediary or agent. Bitcoin is the most nonsensical invention in human history because not only that people trade their valuable possessions for nothing, but they even pay fees to exchanges to perform these ridiculous trades and spend enormous amounts of energy in order to have the ownership of nothing generated, stored and secured.
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