Topic: Debunking the Myth of Bitcoin's Use Case (Read 652 times)

TBH, you are not making much more sense. Why would anyone need to buy the system for the coins or the items to be useful when they can still use the system to send and receive the coins or the items they have bought? What else do you consider usefulness? The coins that you buy can be used to buy other items with it, you can use them to pay for things that you are buying digitally, or in some cases, you can even do it physically, so in what sense do you say the coins are useless?
 
Something that cannot be used for absolutely anything can be called useless, but something that can be used even for just one purpose cannot be considered useless and you should know this before you use the term. Bitcoin isn't useless, if you think it is, you shouldn't use it or get involved, but you can't convince us about that no matter what you say because we can see everything ourselves.

They probably should, but because Bitcoin is a more liquid currency that's easier to obtain because it's more available and it's listed in ALL crypto exchanges, Dark Markets have no choice. If they don't accept Bitcoin, they will fall behind to those services that accept Bitcoin.

Ransomware hackers use Bitcoin especially because of that fact.

I thought they switched to actual-anonymous coins such as Monero a long time ago in the Dark Markets. You know with all the transparency Bitcoin has and with what happened to that Silkroad crap back in the days...

Although illegal, the Dark Markets that were built and that are currently being built, with Bitcoin as the currency to make that economy work is a very important Bitcoin use case in my opinion. There's also the development of the ransomware "market", another very important use case for Bitcoin. It helped generate new ways for hackers to get incentivized for finding software security vulnerabilities, and it forces software vendors to release faster security updates. But people in general are too stupid to see such developments.

Better beware of the words you choose because when you call the video "educational", it means that you took away something from it that you deem educational. But the truth is that use cases make something valuable even if those use cases are not any of my direct concerns.

People buy gold because it is scarce, it can be used to produce jewelry, it can be used in electronics because of its conductivity score of 70%, gold can be used in medicine and dentistry and it is used in space exploration because of its shield properties against radiation and heat. ^source

Now what do you think how many of the use cases are people directly affected by or dealing with when they buy gold? I am sure not a lot of the investors have anything to do with space exploration or are building electronics themselves or need gold as a practicing surgeon or dentist. Yet it is a highly accepted asset class.

When someone buys BTC because of its use cases, but doesn't take advantage of all the use cases, does it mean that the use cases do not exist on an individual level and that all these use cases can't justify and increase the value of an asset for someone who doesn't make use of that asset in many ways?

BTC use cases, the whole range of it, is not yet even explored in its entirety. There is no "debunking the myth of Bitcoin's use case" here. There is only debunking of the lack of understanding of the video creator and those who distribute it as "educational material".

If you go to El Salvador, bitcoin is the legal tender and there are many shots that accept it as payment.
As first hand experience, I have seen and have also paid for physical goods in the "real world" using bitcoin in my own country.
There are countless online shops and services that accept bitcoin on the internet as well. From Microsoft to VPN companies and to all the vendors selling physical goods, both centralized and decentralized using tools such as OpenBazaar
...

As they say "there are none so blind as those who will not see".

So what's it to you? Why did you felt the need to open this account and desperately try to convince us otherwise?!

I'd even be so bold as to suggest that acting as a currency is a use case, and a pretty important one at that. For me, there's a few roadblocks from making it a major global currency:

1) Ease of use
2) Transaction fees
3) Volatility

Perhaps with time all of these things will improve, but I gotta admit, it was a recent bummer waiting one day too long the other day before cashing out BTC to pay for rent and waking up to a -10%.

But in technical terms, it does exactly what its supposed to do with marked consistency. That is a sign of strength of the fundamental building blocks of a stateless digital currency, which is also a use case.

Either you choose to follow this person or not it is your decision and just because this person provides their point doesn't mean they are right.

I can't even count how many times I have use Bitcoin to purchase items online, like expensive things, including Bitcoin mining hardwares that cost me thousands of dollars.

My bank don't have to know that I spent thousands of dollars on hardwares, since I am not using bank account or credit/debit cards to make payment.

And another good reason why Bitcoin is useful is because you are a step ahead of the banks, no monitoring from the centralised leaders, you can be a millionaire in Bitcoin and nobody will know, not even your banks.

My life changed thanks to Bitcoin, the life I am living today is all because of my investment with Bitcoin, investment wise Fiat can never make me this rich, Fiat only knows how to shrink your worth, unlike Bitcoin.

Sure, whenever you transfer an item from one buyer to another you are using some system. But we are talking about the usefulness of the item not the system. That's why I said that you buy coins not the system when you buy Bitcoin. It is the coins what is useless.

Regardless aren't you using that system when you buy and trade that coins?  We cannot ignore the fact that the time we bought that coins, we are using that so-called protocol, I am not debunking your idea that when you buy Bitcoin and pay it to our purchases, we are simply trading that coins to other people but there is a system lying behind that action that we are using that is included in our Bitcoin transactions.

Fiat useless? How is something that can save millions and millions of people from liens that banks have on their cars, houses, land and other property useless? How is something that can pay off government bonds and thus benefit taxpayers, useless? Why are you Bitcoin evangelists playing dumb all the time? Aha, I get it. You want to dump your digital snake oil on someone else. You want to get as much of useful fiat as possible in exchange for your useless coins. You were tricked and now you want to tricks someone else. Gotcha.

What technology are you talking about? You have a simple protocol that connects computers to transfer useless virtual coins from one address to another. It is those coins that you buy not the protocol and computers.

That's one hell of a stupid video, if you can say that none of us are using Bitcoin but trade it, then Fiat currency is also useless, what is Fiat currency useful for than means of trading and medium of exchange? Bitcoin also do the same.

The use case doesn't end there, I trust Bitcoin more than Fiat, because it is decentralised, while Fiat is centralized, I stop using my bank account as my means of storing my funds, Bitcoin just works better for me than fiat, still think that Bitcoin has no use case?

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The person who wrote the script for the video is the one who can't find a usefulness for Bitcoin, in his own world...

1. No store of value.
2. No ROI.
3. No need for decentralisation.
4. No medium of exchange.

But for many people, Bitcoin is more useful than anything else, its the peoples coin, only if people can see its usefulness.

Well, Fiat (Paper) currency have a good "use case" ... you can wipe your ass with it, when it lose all it's value in the coming years. 🙄 You are doing the exact same thing with Fiat currencies, because it gets issued and it goes from customers to merchants to Banks and back to customers via the Bank and then from customers to hookers panties and back to Banks... etc.. etc. (Or the nostril of a drug addict)

That is basically how any "currency" works.... you trade one thing for another... and with Fiat currencies it is the worthless piece of "paper" with a government signature on it or a digital entry on a Bank database or a digital token on a Blockchain.

Just one question, when you trade Bitcoin aren't you using the technology behind Bitcoin? And as far a I know that Bitcoin isn't just a cryptocurrency to trade but a system that has its own structure and function, also called a technology...,

There's literally no difference between trading any item - it just means transferring it from one buyer to another. But again, the video doesn't debunk the myth of trading Bitcoin, but the myth of using it. Literally every item traded on the market except Bitcoin and its children called crypto currencies, has a use. They have both a 'trade case' and a 'use case'. Bitcoin, on the other hand, has only a 'trade case'. It can only go from one buyer to another. That's a fact. Then, you Bitcoin evangelists come along and start engaging in rhetorical tricks and semantical manipulations by declaring that trading an item is the same thing as using it. Even though you know it is not. Basically you're playing dumb. You deliberately misrepresent reality because you want to dump your useless Bitcoin on someone else. You're selling digital snake oil by using tricks and manipulations. It's really that simple.

Ever think the use of capital B and small b when we talk about Bitcoin?

I agree that when we pay for something we are trading like paying bitcoin for bills and other purchases but little we know that when we do trade in bitcoin we are using the Bitcoin network to transfer units of Bitcoin.  That itself conveys the real life use case of Bitcoin.  Trading bitcoin make use of the Bitcoin network now @OP how can you debunk the fact that when we trade Bitcoin we are using very network of Bitcoin itself.


I believe the creator of that video had missed something important and that is Bitcoin being the decentralized digital currency system or what we know as the Bitcoin blockchain Technology.

There's literally no difference between "trading" bitcoin for a new TV or "trading" dollars for a new TV. Your argument (which has been wholly disproved six was from Sunday in this thread already) has now been diminished to a matter of meaningless semantic differences.


You're right, that is complete nonsense, and it has nothing to do with what I was saying at all.


Simply repeating your initial thesis ad nauseum does not make it true. People are out there using bitcoin for several different reasons on a daily basis, without your knowledge or permission. They will continue to do so, regardless of and contrary to your personal beliefs.

Not used as a currency, but traded as a currency. Even useless items can be traded as a currency given that general acceptance is the only requirement to meet the definition of a currency. Also, the term "used as a currency" is meaningless given that "currency" is a generic term. When we go to specific examples only then we can talk about use. In the past, gold was a currency. Currently, the dollar is a currency.  The first is used as jewellery, an electroplated coating, dental restorative material, etc. The second is used for satisfying debt owed to commercial banks and FED. So basically, when you say that Bitcoin is "used as a currency" you're suggesting that Bitcoin is used as jewellery or for satisfying debt owed to FED, which is a complete nonsense. Bitcoin cannot be used for anything. It can only be traded. It is hilarious how you people use rhetorical tricks and semantical manipulations to try to argue that Bitcoin has a use case. When you buy Bitcoin you're witnessing first-hand that you cannot use it for anything. But regardless, your are spreading that myth about its use case. Indeed hilarious.

Well it worked because it was a good exercise to remember wherein the primary value of bitcoin lies, which is the fact that it is actually used as a currency, as per the creator's intentions. Sure FOMO pumps and pure market manipulation can be fun but the adoption of bitcoin managed to get where it is today not just because of its usability but the brilliance of its underlying technology.