Fiat = real money, Bitcoin = crap According to Kevin O'Leary

Herbet Fry

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Quote from: o_e_l_e_o on June 15, 2019, 05:13:51 AM

A hurdle I have sometime found in both online and offline discussions, is that people think bitcoin isn't "real" because you can't see it or hold it like you can with cash. The old meme of bitcoin being "magic internet money" still very much holds true in some people's mind.

Regarding O'Leary, he heads a variety of fiat based companies bearing his name, including mutual funds, investment funds, venture capitalists, stocks, shares, ETFs, etc. As always, people heavily dependent on the fiat banking and investment structure for their own wealth will oppose anything which seeks to challenge that structure.

But crypto is magic internet money. Grin

I print it out on my magic internet printer. Once my POS tokens break even its all profits baby!! I wanna go out?? Ohhh spend todays stake??? Need to pay netflix?? Use the stake.
Then paying for it with crypto as well. You can't see the internet but we know it's there. Everything is virtual. I can't remember the last time I bought a physical game it was so long ago. You just pay and download now.

DreamStage

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First of all your distribution is called decentralized which means that is not controlled by a single identity or person but everyone that possesses such are the owners.
Second is that mining is in fact creating it. An algorithm capable of mining is actually creating a bitcoin (satoshi) etc.

Anyway you are talking about a guy that has no sort of knowledge concerning the capabilities of bitcoin.
If suddently some of his favourite shop decides to just use Bitcoin as a payment method he is basically fucked because he thinks it's garbage....

So no, fiat is not more than Bitcoin. Bitcoin is just a way for you to use your fiat as a virtual good.

jak3

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its true the faint is backed by fake money, most people are aware that banks created fake volume in the real world and printed these paper notes. and it is also true that bitcoin has fixed number of total bitcoins in the network that can be mined and it is a digital product so maybe today it is impossible to modify or break but in future it will become weak. so both systems have pros and cons but cryptocurrencies are much more suitable for current economical balance.

Indrawan77

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For me bitcoin is money because I can spend it to buy something, and bitcoin is better than fiat, bitcoin is not affected by the inflation and can't be control, for now maybe the spending is a bit difficult but when the legality and the mass adoption is implemented, I think people will prefer bitcoin

Koobtcgal

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Both of them are real as we all know in the real world and crypto world. In the real world, fiat is real and gold or crypto is our way to store the real money into something that can be changed back to the physical cash we hold in our daily lives. There is no need to find some discrepancies between these currencies. Let;'s use them the way they are.

Slow death

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Quote from: TimeBits on June 15, 2019, 01:23:52 AM

What are your thoughts? Is fiat money more real than bitcoin?

this is a subject that has been discussed for a long time and it is a waste of time to discuss this. see, bitcoin is used to buy things, and this is already very good and in the future many countries will accept bitcoin as a means of payment, Fiat is also used as a means of payments... I do not see reason to make comparisons.

PS: this guy " Kevin O'Leary " is a person who seems to be jealous of bitcoin, months ago he said this:

Quote from: https://cointelegraph.com/news/shark-tanks-kevin-oleary-bitcoin-is-garbage-a-useless-currency

Bitcoin Is Garbage, a Useless Currency

but he is wrong. there are thousands of people around the world who use bitcoin

Leonardo7

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Everyone is entitled to their opinion, that certainly is not a guarantee that their opinion is true, time will have to prove them wrong by undeniable evidence. A few years from now, Kevin O'Leary will change his stands about bitcoin.

7788bitcoin

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Quote from: TimeBits on June 15, 2019, 01:23:52 AM

According to Kevin O'Leary
This man is delusional.

He is a television personality as well and he likes to be in the news.

Quote from: TimeBits on June 15, 2019, 01:23:52 AM

One reason I like bitcoin more than fiat is because of distribution. (all though fair distribution though time/duration will replace bitcoin mark my words or will be traded into bitcoin)

I am not sure whether you can call it a fair distribution if you are late into the bitcoin market, the earlier miners had the advantage when no one knew about it which is not a fair distribution as per logic but then even the earlier ones took it as a fun time pass powering a network and earlier miners accumulated a huge stack of coins just by mining with their laptop, So evenly distribution is a debatable topic Wink

.

Quote from: TimeBits on June 15, 2019, 01:23:52 AM

Another reason I like bitcoin is because you can`t just create it, it is like gold you need to mine it. (you know gold that thing that used to back our money)
What are your thoughts? Is fiat money more real than bitcoin?

This is the best feature of bitcoin as there is a limited number of coins and no one can duplicate it or get them from thin air like the fiat currencies do, gold standard is not practiced anywhere in the world right now and it is just a promise and you have valuation holding your fiat currency by the government.

Bitcoin is more real than fiat money simply because if you hold bitcoin and you own it if you are holding the private key, but fiat currency cannot be said like that, if your government says that the fiat currency you are holding is worthless and you have to exchange that with a new design currency then your old promise is breached, so you know how long these promises can go .

stfN2128

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Quote from: Kiefner on June 16, 2019, 03:41:21 PM

Fiat money is real only in the sense that you can touch it. In other respects, bitcoin wins on many points. People who do not like bitcoin will always be and do not need to pay attention to them. The time will come and they will change their position.

true, for now you can touch your fiat money. we are getting prepared more and more to abolish cash. in the european countries lately the 500€ note was abolished because of preventing terrorism financing and money laundering... yeah for sure. Roll Eyes

Kiefner

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Fiat money is real only in the sense that you can touch it. In other respects, bitcoin wins on many points. People who do not like bitcoin will always be and do not need to pay attention to them. The time will come and they will change their position.

pixie85

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Is he some kind of an oracle or a wise man? He's just a businessman and not a very smart one. How many times did he say a project presented in the shark tank was bad and was wrong? Isn't it possible than a man who made so many mistakes isn't making one now?

He's going to be one of many who miss out on bitcoin. His loss.

acroman08

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the only reason why he thinks bitcoin is trash is because it is made by an anonymous man/team and isn't backed by any currency.
it's Ironic that he treat bitcoin that way and think so badly about bitcoin when every currency that we have now used to be nothing.

1NV3ST0NM3

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Quote from: TimeBits on June 15, 2019, 01:23:52 AM

According to Kevin O'Leary
https://youtu.be/SmjUvdJdlDM?t=406

This man is delusional.

One reason I like bitcoin more than fiat is because of distribution. (all though fair distribution though time/duration will replace bitcoin mark my words or will be traded into bitcoin)
Another reason I like bitcoin is because you can`t just create it, it is like gold you need to mine it. (you know gold that thing that used to back our money)

What are your thoughts? Is fiat money more real than bitcoin?

Well trust me bitcoin is no better than fiat when it comes to distribution things here are much worse than fiat. Most of the bitcoin are either locked as private keys are lost or holder died. The significant others are held by Satoshi himself and some of the founder members and early adopters. The people who joined in the past year or two just have a few mBTC there this can never be said an equal or even equitable distribution. But yes one thing that it can't be created like fiat is a big disadvantage as this means that in case of deflation or depression you can't just create money and get out of the situation. So bitcoin itself is delusional trust me.

FIFA worldcup

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Quote from: TimeBits on June 15, 2019, 01:23:52 AM

According to Kevin O'Leary
https://youtu.be/SmjUvdJdlDM?t=406

This man is delusional.

One reason I like bitcoin more than fiat is because of distribution. (all though fair distribution though time/duration will replace bitcoin mark my words or will be traded into bitcoin)
Another reason I like bitcoin is because you can`t just create it, it is like gold you need to mine it. (you know gold that thing that used to back our money)

What are your thoughts? Is fiat money more real than bitcoin?

This concept will change sooner or later. People will find fiat as fake money and bitcoin the real currency. Its just a matter of time when people will realize that the paper notes are worthless.

Ucy

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Which Is real: A currency that can be created out of thin air whenever they want to, with no limit or real transparency OR a currency that its printing is programmed, transparent, limited and scarce?
Scam done by those who control this things are mind blowing if you sit and analyze things carefully.

o_e_l_e_o

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Quote from: rosezionjohn on June 16, 2019, 12:02:28 AM

I honestly have no idea who this Kevin O'Leary is

He's a Canadian venture capitalist. He has appeared on bunch of investment related TV shows such as Dragons' Den and Shark Tank.

Quote from: Herbert2020 on June 16, 2019, 12:29:20 AM

people who say that must also think fiat is not real money and think the only "real money" is cash. because at this day and age 90% of times we are not using anything physical and everything has turned into digital form with credit cards, wire transfers, payment processors and online wallets.

People don't appreciate this though. The vast majority of money doesn't exist in any tangible way, it is just numbers on a database. Banks frequently essentially print new money out of thin air by altering these databases. But because you can withdraw this money and hold it as cold, hard cash, people think it is more "real" than bitcoin, despite bitcoin being the only one out of the two that you can't just create by adding a few zeroes to a spreadsheet.

samcrypto

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Quote from: bhabygrim on June 15, 2019, 10:12:22 PM

We are free to say whatever we want and talk about our opinion.
But we all know the truth about about crypto we just need to enlighten them about it.
Most of the people who are against the crypto are either ignorant about it or fear to try it due to the high risk .

That truth cannot be expose if they continue to think like this, but time will come to those who hate bitcoin. We don’t need to argue because we are confident about bitcoin and yes we know that bitcoin is not a crap and there’s a good future if we continue to boost bitcoin. Its price pumps again, now people will do that again to dump the price such a greedy whales talking.

BlockchainBoyyy

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Quote from: avikz on June 16, 2019, 01:36:17 AM

One reason I like bitcoin more than fiat is because of distribution. (all though fair distribution though time/duration will replace bitcoin mark my words or will be traded into bitcoin)
Another reason I like bitcoin is because you can`t just create it, it is like gold you need to mine it. (you know gold that thing that used to back our money)

What are your thoughts? Is fiat money more real than bitcoin?

Distribution is still not fair! Only a handful of miners are getting the maximum benefit, but it is somewhat better that the current economic system!

One thing I agree with you is the "Time" currency. In future, time is going to be the only currency and for each action, you are going to get a credit of time in your time wallet which you can spend to the market. A lot of people will say it is impossible, but when we talk about fair distribution, Time can be the only currency which will ensure the fair distribution. No other currency or government can ensure "fair distribution"!

But on the other hand, power mongers would not let it happen because the power will then be shifted to the common mass!

+1
You should read some of his older post on how to do it without the government or current banking system. This man(TimeBits) has a great point and great concept that will free all of the people and create Universal Basic Income, not at the expensive of the tax payers. He also talks about the topic of decentralized voting, which is the real spoiler.

goaldigger

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Quote from: TimeBits on June 15, 2019, 01:23:52 AM

According to Kevin O'Leary
https://youtu.be/SmjUvdJdlDM?t=406

This man is delusional.

One reason I like bitcoin more than fiat is because of distribution. (all though fair distribution though time/duration will replace bitcoin mark my words or will be traded into bitcoin)
Another reason I like bitcoin is because you can`t just create it, it is like gold you need to mine it. (you know gold that thing that used to back our money)

What are your thoughts? Is fiat money more real than bitcoin?

Its literally real like its a physical thing and is tangible but bitcoin is also a real thing and not a crap. Well, he can say what he wants anyways and crypto people are used to those people who talks nonsense about bitcoin, spreading fake news and ends up using it. I am with my millions at the end of the day though.

LogitechMouse

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We have the freedom to say our opinion in Bitcoin and Fiat and I think he just said what he thinks it is that Bitcoin is shit Cheesy

.
Let him be. He can say whatever he want but in the end, if Bitcoin will start to rise he will buy also in silence.
As for me, I support fiat currency and at the same time I support cryptocurrency.

Topic: Fiat = real money, Bitcoin = crap According to Kevin O'Leary (Read 406 times)