Topic: Don't buy bitcoin because it won't be fine - page 9. (Read 4742 times)

I think that you shouldn't give such advice because it is up to everyone to make a decision whether to buy it or not. For example, my decision is to buy! I think that btc is our future and it will be stable soon

I think that it is your personal opinion, which is the result of the desperation. But many people believe in btc potential, including me, that's why I m not going to give up!

Saying that no one can use Bitcoin for needs fulfillment, like car is used for driving, dollar for settling loan debt, gold for making jewelry or software for editing text, is nor my point of view, but fact. No human being on Earth can use Bitcoin in that way. No human need can be fulfilled with number associated with someone's Bitcoin address. That is why when you buy Bitcoin you can sell it to 'greater fool' only, and not to an actual user who will practically utilize it for needs fulfillment. Besides Bitcoin and crypto, the only instances where one can make profit only via 'greater fool' are fraudulent investment schemes.

You can not offer a viewpoint based on your point of view, it may not be good for you, but for others it is good.

Every is entitled to his/her opinion. But I can only agree on some parts of your analysis. I do contend with your conclusion as regards people being advised against buying bitcoin; that it won't be fine. I do think otherwise that the bitcoin will definitely rise later and become absolutely relevant and worth the buy now!

I think it would be fine in the next few years. Because bitcoin has just getting started. Like what we saw in the past 2016, the price in that year is very low. Then when it comes to 2017, it rises very high. So i think it will happen again.

There are many financial scams that you can compare bitcoin to that are not “Ponzi schemes”. Stop using the word Ponzi because it makes people not listen to you.

Bitcoin is NOT the same financial scam that Bernie Madhoff used. Bitcoin is more like Enron. Enron used a variety of deceptive, bewildering, and fraudulent accounting practices and tactics to cover its fraud in reporting Enron's financial information.  
Bitcoin exchanges, which are collectively used to set bitcoins price, use a variety of deceptive, bewildering, and fraudulent accounting practices and tactics to cover its fraud in reporting the exchange rate of bitcoin.

Insiders at Enron knew about the offshore accounts that were hiding losses for the company; the investors did not.
Bitcoin insiders like Roger Ver knew Mt Gox was cooking the books to hide losses; bitcoin holders did not.

Enron was the only company that would not release a balance sheet along with its earnings statements. Bitcoin exchanges are the only “banks” in the world that do not release balance sheets or earnings statements. There isn’t a single solitary person in the world that can confirm bitcoin exchange rates reflect actual correct volume.

As Enron executives sold their shares, the price began to decrease. Enron loyalists told investors to continue buying stock or hold steady if they already owned Enron because the stock price would rebound in the near future.
As Bitcoin early adopters and major investors sell their coin the price decreases. Bitcoin loyalists tell investors to continue buying bitcoin and hold steady if they already own bitcoin because the price will rebound in the near future.

Enron’s success was measured by undocumented financial statements, actual balance sheets were inconvenient. Enron's unscrupulous actions were often gambles to keep the deception going and so increase the stock price. An advancing price meant a continued infusion of investor capital on which debt-ridden Enron in large part subsisted.
Bitcoin’s success is measured by undocumented financial statements from exchanges, actual balance sheets are inconvenient. The worldwide system of exchanges unscrupulous actions are often gambles to keep the deception going and so increase the exchange rate. An advancing price means a continued infusion of investor capital on which a failing Bitcoin in large part exists.

Enron was diversified into online marketplace services, broadband services, commodities services, capital and risk management services, project development and management services and general international investments.
Bitcoin can claim the use of all of the above systems of diversification to hide the reality of actual value. All the while, bitcoin investors are told to hodl.

Enron operated the fraud for decades so don’t assume because bitcoin has been around 10 years its any safer. Even the former lead developer Gaven Andresen warned bitcoin users to “not invest anything they couldn’t afford to lose”.

You see, bitcoin is not a Ponzi. If anything, Bitcoin is a “distributed crime system”. However, unlike Enron, there is no single entity that can be held accountable. If you close one Mt Gox, BTCe, Tradehill, or Silk Road three more pop up in their place. You can lock up the criminal but you can’t stop the crime. Bitcoin is pure criminal brilliance.

Neither the dollar nor the gold have something to do with your needs, but with needs of people generally. The fact is that people use gold every day all over the world to fulfill their needs. The fact is that borrowers use dollars every single day to fulfill their needs to be free of loan debt. Hence, both dollar and gold are not just passed from hand-to-hand on a market for investing or speculation purposes, but they have end consumers who use them to fulfill their needs. And this usage by end consumers is why they got to the market in the first place. Bitcoin on the other hand has no end consumers, no human on Earth can use it for needs fulfillment, which is why it can only be passed from hand-to-hand like Ponzi membership.

Wrong. If my need is to buy a product with gold I have to exchange it first, therefore gold is useless to my needs unless I exchange it for something usable. Also, if my need is to use dollars in japan, I cannot without exchanging them first, therefore dollars are useless to my needs unless I exchange them for yuan. If for some reason I can't exchange them, they're practically worthless. I guess I could wipe my ass with some dollar bills, or a huge chunk of gold tho, so let's say that they have a use that fullfills my needs after all... The fact that gold and dollars have uses for a specific industry means absolutely nothing for me if they don't fullfill my specific usage needs. Bitcoin on the other hand is not limited by borders or conversion to other currencies, therefore I can fulfill my need of using it anywhere it's accepted, unlike traditional money that I can't use. This fact will never change regardless of your opinion, definition of what usage means or other recycled arguments. Also, even if bitcoin was 100% stable and no profit could be made, then guess what, it would still be way more useful than any traditional currency.

None of the things you said can change the fact that no one in the Bitcoin circulation chain can utilize Bitcoin, which is why it is useless the same as membership in a Ponzi scheme.

Money is something that one can actually use, be it gold which is used in electronics, jewelry and dentistry or dollar which is used by borrowers for settling their loan obligations. Hence, money has to have utilization capacity. Bitcon on the other hand, has zero utilization capacity - it cannot be used by anyone, which is why it can only passed from person to person, like promises of big returns are passed in a Ponzi scheme.

sorry man, but if you think it through, bitcoin is money and serves the same purpose as money.
If I have a dollar in my bank account, if is digital money that I can use to buy something. With bitcoin is the same... there are just not so many places to use it yet...
Besides, on your purposed pyramid scheme, it shouldn't be possible for someone to exchange back the "pyramid good" for real money, and even impossible to make that exchange with profit... with bitcoin is...
I think the main issue here is what we consider "money" and thinking that way, dollars are so worthless as bitcoin
There is an excellent article that might help

https://medium.com/s/the-crypto-collection/you-dont-understand-bitcoin-because-you-think-money-is-real-5aef45b8e952

cheerrs

A lot of speculation and a lot of expectations, I see that the situation is still difficult to predict, at any moment it is possible to rise significantly .. As we approached the end of the year

The current btc price is $ 6k4. It is not a high price but it can be seen that the current market volatility is very stable, so why demand at a high price. Unless you are keeping many btc. With the current volatility  of the market, traders can still make a profit. Although the profit is not high, it is less risky with a upside-down  market.

I do not understand this post in relation to bitcoin being called Ponzi or did I understand what the post is talking about. Let him come out to tell us that bitcoin is scam or Ponzi after more than a decade. Do you know that bitcoin has a fixed quantity of 21 million since inception meaning bitcoin can not increase in quantity but can only rise in market price and the developers of bitcoin never call it an investment but a P2P payment system. I will like to be part of a ponzi that will last for 10 years and continue to go strong.

What is "paying for goods" if not transfer from address to address?