Topic: Forbes Magazine calls Bitcoin a "Great Scam" - page 6. (Read 911 times)
People just scared of changes. Like with all this yesterday Segwit2X situation. Good fork with strong technology background, but there is so much dirt around
For almost 2 decades now they still want to believe bitcoin is a scam? How come a currency become a scam when in fact you don't need to put any amount of capital for you to earn bitcoin? I started doing signatire campaigns and earn well from this forum and never did I use any of my personal money to invest in bitcoin whatever I earn from campaigns are the one I use in holding or investment so what's the scam there? I think these people really don't have the knowledge about bitcoin
When they don't know bitcoin, but the price of bitcoin keeps rising, they wonder whether bitcoin is a hoax, but it's stupid.
As already said in the beginning of the article,Opinions expressed by Forbes Contributors are their own and so,it is not the official stand of Forbes itself.
Every one have different level of understanding about a new concept and the author has just understood to the level that bitcoin is just a number for which one agrees to pay a high value and accepts it has high value.
Bitcoin has already proved itself clearly and even the wall street companies which once criticized bitcoin have started to enter bitcoin market,we no more need to have to discuss about the reviews of either warren buffet or such author of forbes.
We could say that bitcoin is far better than USD as a currency being free from inflation and assuring its holders that it would not be devalued by any of the governments at any time.
Bitcoin,the safe haven for the victims of government's inflationary currencies.
Every one have different level of understanding about a new concept and the author has just understood to the level that bitcoin is just a number for which one agrees to pay a high value and accepts it has high value.
Bitcoin has already proved itself clearly and even the wall street companies which once criticized bitcoin have started to enter bitcoin market,we no more need to have to discuss about the reviews of either warren buffet or such author of forbes.
We could say that bitcoin is far better than USD as a currency being free from inflation and assuring its holders that it would not be devalued by any of the governments at any time.
Bitcoin,the safe haven for the victims of government's inflationary currencies.
Forbes Magazine is getting a lot cheaper these days. Forbes is not anymore a reliable source of world financial information and news because it seems it has become a paid publication. This is not a neutral magazine after all. They are publishing sponsored news and articles that are not actually objective analyses and reports of events and developments around the world. They are even publishing certain crypto projects and ICOs that ended up shit.
For almost 2 decades now they still want to believe bitcoin is a scam? How come a currency become a scam when in fact you don't need to put any amount of capital for you to earn bitcoin? I started doing signatire campaigns and earn well from this forum and never did I use any of my personal money to invest in bitcoin whatever I earn from campaigns are the one I use in holding or investment so what's the scam there? I think these people really don't have the knowledge about bitcoin
you should read the article again...
Bro. it's Jay Adkisson's Article and he clearly mentioned in his statement: let me clarify that Bitcoin itself is not a scam, but how Bitcoin is being sold is a scam. More about that below.
And above all that it's just an individual's point of view which does not make any great affect to Bitcoin.
And above all that it's just an individual's point of view which does not make any great affect to Bitcoin.
For almost 2 decades now they still want to believe bitcoin is a scam? How come a currency become a scam when in fact you don't need to put any amount of capital for you to earn bitcoin? I started doing signatire campaigns and earn well from this forum and never did I use any of my personal money to invest in bitcoin whatever I earn from campaigns are the one I use in holding or investment so what's the scam there? I think these people really don't have the knowledge about bitcoin
Forbes is nothing more than a tasteless and soon-to-be-forgotten publication. I don't think the writer of this particular article has any idea of what bitcoin is and how it will change the world. I would love to interview the writer 5 years from now.
I think many people are not comfortable of the idea of change in the current monetary system, either they are mad because it will undermine their current business or they are just naive of the technology that is crypto currency. In the article, the author pointed out that BTC itself is not a scam but how it is used. I think this may have some point, should BTC really used as an investment platform like a company in the stockmarket, or should it be used to buy and sell products like an actual currency?
Well, think that was a pretty accurate view of the current bitcon market.
Didn't even have to mention the lack of scaling/fees to prove his point either.
Didn't even have to mention the lack of scaling/fees to prove his point either.
Agree! Those who are blaiming the author, must read the article for 2-3 times.
"The scam in Bitcoin is in talking average man-on-the-street investors into investing in Bitcoin by intentionally obfuscating what it really is, just a number, into some super-sophisticated investment by throwing out the technical verbiage that surrounds cybercurrencies, such as Blockchain technology and peer-to-peer servers."
or
There is also an old investment adage to the effect that "the quickest way to lose money is to invest in something which is already hot." The idea there is that the folks who are going to profit have already made their money investing, and now are just looking for suckers to unload their investment on.
If someone is not brainwashed or it's not part of the cult, called BTC, then he can easy understand the whole image.
Jay Adkisson worried about number. Of course talking about Bockchain and Bitcoin currency are both digital, which there is nothing physical value on it. But many people trust this and involve. That's why some other people whom hates Bitcoin are worried about their business will ruined by.
I did not even bother reading the article because I have been hearing those words from the media and the people all around me almost everytime. It is important to really institute to ourselves that it is ip to us to educate people and not to just let this be
The article did not call bitcoin a scam.What is said was that "At the outset, let me clarify that Bitcoin itself is not a scam, but how Bitcoin is being sold is a scam". It is a free world and we are all entitle to our opinions. As crypto users we believe in crypto currencies and it works for us. So let them say what ever .It will not make us change our mind.
The article didn't directly point out bitcoin as a scam. It just explained in detail how bitcoin attain its value in the market. It's quite a long read but it has very helpful information to explain bitcoin not in technical term.
this is like a reminder that shows how scared they are of bitcoin!
as Andreas Antonopoulos said, bitcoin is an exit sign for everyone to get out of the corrupted currencies and the corrupted banking system. you can't expect them to remain silent while bitcoin gains more power everyday. even if they can slow it down by FUD, they will consider it a success.
as Andreas Antonopoulos said, bitcoin is an exit sign for everyone to get out of the corrupted currencies and the corrupted banking system. you can't expect them to remain silent while bitcoin gains more power everyday. even if they can slow it down by FUD, they will consider it a success.
I think his statement was taken out of context, and after reading the article there is nothing really important, only clickbait title
That was hard to read, why do they have to put an article onto 4 different pages for Gods' sake?
I also find it very short sighted of the author that he immediately states that Bitcoin has absolutely no intrinsic value and then goes ahead to compare it to a paper $1 note.
Come on, is it so difficult to even entertain the thought that Bitcoin derives at least some value out of being used as a method of exchange?
He then goes on a tangent about the numbers of Bitcoin hold absolutely no value, I can't even begin to understand how you could focus on something like this, while missing what's so revolutionary about Bitcoin in the first place.
I also find it very short sighted of the author that he immediately states that Bitcoin has absolutely no intrinsic value and then goes ahead to compare it to a paper $1 note.
Come on, is it so difficult to even entertain the thought that Bitcoin derives at least some value out of being used as a method of exchange?
He then goes on a tangent about the numbers of Bitcoin hold absolutely no value, I can't even begin to understand how you could focus on something like this, while missing what's so revolutionary about Bitcoin in the first place.
Well, think that was a pretty accurate view of the current bitcon market.
Didn't even have to mention the lack of scaling/fees to prove his point either.
Didn't even have to mention the lack of scaling/fees to prove his point either.
I clicked on the link and this is what he said
"At the outset, let me clarify that Bitcoin itself is not a scam, but how Bitcoin is being sold is a scam"
Lets not misquote what is said in the magazine. I am absolutely sure some will leave comments here without finding out what is said.
Your right. as stated in the article, "let me clarify that Bitcoin itself is not a scam" but how Bitcoin is being sold is a scam. The scam in Bitcoin is in talking average man-on-the-street investors into investing in Bitcoin by intentionally obfuscating what it really is. I think there is someone misunderstand everything he wants to impart from that article. "At the outset, let me clarify that Bitcoin itself is not a scam, but how Bitcoin is being sold is a scam"
Lets not misquote what is said in the magazine. I am absolutely sure some will leave comments here without finding out what is said.
I wouldn't have wasted a few minutes if I had checked the author's bio first. Nothing new, the same old repetitive stuff, just numbers, not backed by anything/no intrinsic value, and tulip bubble.
The guy should read this article, You Don’t Understand Bitcoin Because You Think Money Is Real
It's difficult for people like the author to understand the concept of be your own bank because they don't want to think that that the money in their bank account is not their property, that the banks cannot go under debt. For them the idea of Bitcoin as numbers that are propagated digitally through a secure global peer-to-peer network is too much to grasp.
https://medium.com/@mariabustillos/you-dont-understand-bitcoin-because-you-think-money-is-real-5aef45b8e952
Quote
The only difference between Bitcoin No. ABC123 and $1 Bill No. L88793293J is that at the end of the day, the $1 bill physically exists and has a face value that is worth something, i.e., Fred could take the $1 bill and buy something off the $1 menu at McDonalds. The same situation occurs with credit card transactions, whereby the credit card processing company assigns are unique value to each transaction, but the number itself has no value.
The guy should read this article, You Don’t Understand Bitcoin Because You Think Money Is Real
Quote
Bitcoin is an illusion, a mass hallucination, so one hears. It’s just numbers in cyberspace, a mirage, insubstantial as a soap bubble. Bitcoin is not backed by anything other than the faith of the fools who buy it and of the greater fools who buy it from these lesser fools. And you know? Fair enough. All this is true.
What may be less easy to grasp is that U.S. dollars are likewise an illusion. They too consist mainly of numbers out there in cyberspace. Sometimes they’re stored in paper or coins, but while the paper and coins are material, the dollars they represent are not. U.S. dollars are not backed by anything other than the faith of the fools who accept it as payment and of other fools who agree in turn to accept it as payment from them. The main difference is that, for the moment at least, the illusion, in the case of dollars, is more widely and more fiercely believed.
All the common arguments against cryptocurrencies such as bitcoin, and the blockchain technology that undergirds them, invariably fail to take this fact — the provisional and fragile nature of ordinary money — into account. Cryptocurrencies cannot be understood even a little bit by anyone who thinks money is real, solid, or “backed by” anything other than human trust in institutions whose stability is always uncertain. A U.S. dollar is “backed by” “the full faith and credit of the United States.” But what exactly does this mean?
It means that if you take one dollar to the U.S. Treasury and ask them to redeem it, they will: They’ll give you…one dollar. Or four quarters, if you want, probably.
The unfortunate fact is that monetary crises in unstable governments like those of Greece, Venezuela, and Spain have already precipitated a number of spikes in the crypto markets.
There are a few radical differences between cryptocurrencies and U.S. dollars. For example, the transactions conducted in the bitcoin system are recorded in an unfalsifiable ledger that relies not on the authority of banks or governments, but on the strength of a public computer network that (theoretically, at least) anyone is free to join. Also, again, the supply of bitcoins is ultimately fixed.
What may be less easy to grasp is that U.S. dollars are likewise an illusion. They too consist mainly of numbers out there in cyberspace. Sometimes they’re stored in paper or coins, but while the paper and coins are material, the dollars they represent are not. U.S. dollars are not backed by anything other than the faith of the fools who accept it as payment and of other fools who agree in turn to accept it as payment from them. The main difference is that, for the moment at least, the illusion, in the case of dollars, is more widely and more fiercely believed.
All the common arguments against cryptocurrencies such as bitcoin, and the blockchain technology that undergirds them, invariably fail to take this fact — the provisional and fragile nature of ordinary money — into account. Cryptocurrencies cannot be understood even a little bit by anyone who thinks money is real, solid, or “backed by” anything other than human trust in institutions whose stability is always uncertain. A U.S. dollar is “backed by” “the full faith and credit of the United States.” But what exactly does this mean?
It means that if you take one dollar to the U.S. Treasury and ask them to redeem it, they will: They’ll give you…one dollar. Or four quarters, if you want, probably.
The unfortunate fact is that monetary crises in unstable governments like those of Greece, Venezuela, and Spain have already precipitated a number of spikes in the crypto markets.
There are a few radical differences between cryptocurrencies and U.S. dollars. For example, the transactions conducted in the bitcoin system are recorded in an unfalsifiable ledger that relies not on the authority of banks or governments, but on the strength of a public computer network that (theoretically, at least) anyone is free to join. Also, again, the supply of bitcoins is ultimately fixed.
It's difficult for people like the author to understand the concept of be your own bank because they don't want to think that that the money in their bank account is not their property, that the banks cannot go under debt. For them the idea of Bitcoin as numbers that are propagated digitally through a secure global peer-to-peer network is too much to grasp.
https://medium.com/@mariabustillos/you-dont-understand-bitcoin-because-you-think-money-is-real-5aef45b8e952
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