Topic: Is Bitcoin a scam - page 6. (Read 1257 times)

If bitcoin is a scam because old holders profit, then what is the scheme of fiat money? Because those who hold it for a long time and those who save a lot of fiat, the value continues to fall.

In my opinion, people consider Bitcoin a fraud because they fail to understand Bitcoin, only hear rumors or because there are some individuals who use altcoins as fraudsters so that ordinary people think altcoins are the same as Bitcoin even though everything is different because Bitcoin is the mother of all altcoins and Bitcoin has fundamentals. which is good for the long term.

In my area there are still many who think bitcoin is a scam because of the lack of education about bitcoin, it doesn't mean that those who don't invest in bitcoin are slaves to fiat, they just haven't gotten the right education about bitcoin.

I still remember the initial days when I first came to know about Bitcoin, it wasn't priced very high, was probably below $1,000, and people all over the world, specifically the international media tried their best to show it in the bad light and make it look like something that should be illegal and shouldn't be adopted or accepted by massed, but as you mentioned, they failed very badly in that and look at where Bitcoin is today.



It is an investment asset because it generates profit. Whether satoshi created Bitcoin to become an investment asset or not, people saw potential profit in it because of its volatile nature and increasing demand and here we are, investing and earning money from it while it can still be used for the primary purpose it was created.

Bitcoin is not a scam because it operates on a decentralized network, utilizes blockchain technology for transparency, and is accepted as a legitimate form of payment by reputable companies.

BTC's 'initiative' is not what you have just said above, BTC has always been a decentralized and censorship resistant currency, and that is what Satoshi created it to be, as a p2p electronic cash, it had nothing to do with profit as you say it. BTC is not a scam because it is an open source project, and everyone can verify everything themselves and understand how it works. BTC is a tool that people can use to scam, just like every other tool, but it is not a scam in itself.
El Salvador is the only country that has adopted BTC as a legal tender.

If Bitcoin were to be a scam how can it be so that Bitcoin has developed this much from 2009 till date. I think those who thinks Bitcoin is a scam has little or no idea about Bitcoin.

If Bitcoin is a scam how was the scam meant to go? The adopters of Bitcoin is on the rise even countries like El Salvador are benefiting greatly from Bitcoin.

Nobody cares about what they think and they may term it as scam, ponzi scheme, pyramid scheme or even illegal stuff just to discourage people from adopting Bitcoin but they have failed in the past and they will be failing in the future as well. They may use all the propaganda tools they can but it's pretty clear what is Bitcoin and how it's used so it's not gonna affect the community except some newbie and those who have lost huge sum after investing during peak as emotions take over the logical thinking at such situations.

I am not sure about how others consider it it's still the decentralized P2P transfer medium for me without any third party involvement and it can be used as investment as well (which majority of us do though it was not meant to be an investment medium as it was more of financial freedom).

If by scam you mean a joke that became real and is one of the biggest currency both as a cryptocurrency and as a legal tender , then Bitcoin sure excelled in that area.

At first people still thought it was a scam until Bitcoin started fulfilling its vision by creating initiatives that not only spurs other crypto currencies to do better but also brings profit to the investor who has faith in its modus operandi.
How else has Bitcoin got to show it's not a scam? Afterall, it has been adopted by several countries as a legal tender, have Bitcoin ATM machines and serves traders just as fine for payments and transactions across borders.

many people have their own Theory and their own understanding towards cryptocurrency especially bitcoin existence so saying that Bitcoin is a scam their own belief that bitcoin is a scam why bitcoin has gain more ground so I believe that those people who come up with such conception of theory does not really know what bitcoin is all about because across all the nation about 50% of them have noticed what is Bitcoin and know the credibility in Bitcoin, so therefore I believe that bitcoin does not engage in scam any longer and there's no time Bitcoin has been a scam it is people mentality and their understanding towards Bitcoin that give them such a narrative that bitcoin is a scam so anyone who don't want to adopt Bitcoin it is a personal decision and the personal understanding of digital currency and decentralized currency as bitcoin is.

That is why someone who is new in Bitcoin have to study the tradition of Bitcoin before the person invest in Bitcoin bitcoin does not have a constant growth, it rise and also fall in value, so whoever that purchase a bitcoin when the price is high and letter the price of Bitcoin decreases in value that is not a scam because the market of Bitcoin is not a market of a constant Rising it rise and  Fall has been the nature of Bitcoin, it will be decreasing and also increasing so people who want to venture into Bitcoin have to advocate time to read and the understand the procedures of Bitcoin before the invest in Bitcoin because when you invest in Bitcoin without having the real concept of Bitcoin and on the process the market decreases you will think about bitcoin is a scam why that is the method of Bitcoin for long time starting from the day it was introduced.

this point you make is one of the major reasons why some people distrust Bitcoin because they fell to make a proper investigation concerning Bitcoin before them justify it, a normal circumstances and the technologies of Bitcoin it does not have a constant Flux of increment in the market neither the price decreases or the price increases in the market that has been the systems of Bitcoin so when you are not familiar with the system you will think that bitcoin is a scam when you have not make your own search to understand how the systems of Bitcoin works before you venture into it.

we cannot compare bitcoin and the Fiat currency because when you come in terms of the security measure in Fiat currency and they also in Bitcoin you will see that both of them differs because in Bitcoin you don't have a third party who hold your bitcoin for you you will be the one that is in charge of your Bitcoin why in fact currency banking system will be the one that is in charge of your fiat in the bank, so when you are having Bitcoin you have a rest of mind only thing that affect bitcoin is that the price is not constant you can see bitcoin price high today and later the price decreases, and another thing is the price loss a value while the price of fiat currency doesn't lose value, that is only different between fiat currency and bitcoin as digital currency, bitcoin is a boss of its own nobody controlled it except the Market, you will only hold your coin by yourself.

In a scam between two parties, one would benefit and one wouldn't. Bitcoin is a scam? This is a long term accusation and has never been proven. As far as I know, this originated from instances investors are losing, high market prices that suddenly drops or declines, legaloty of it and the likes. These things are simply due to its characteristics as a cryptocurrency. If you're an investor of Bitcoin who knows what is it as a digital currency, it shouldn't be a problem. In any investment, an investor is required to be 'all-knowing' in order to make valid actions on whatever it is to happen. No investment has no risk, keep this in mind if you are one of those who believes that Bitcoin is a scam. Bitcoin is profitable but due to inconsistencies in its market value and lack of proper knowldege from investor, a wrong decision is being made resulting to loss.
Most likely that's their defense mechanism to ease their regrets on their actions. If hou have bitcoin holdings and the market price declined in an instant, loss is just temporary as long as you do not choose to sell already to a purpose of cutting the loss. Check the charts and that would answer whether recovery has a chance or if it is hopeless. Valid actions will always result to a positive outcome.

It is not funny to me because some people you see viewing Bitcoin as a scam project did not just do that because they are not knowledgeable about it. Most people have full knowledge about bitcoin, but what makes them see it as a scam is their past experience with bitcoin. Some of them bought it at a high price and then later sold it to lose money, so this is what poisoned their minds, and till date some will not come back to bitcoin investment, so you won't blame anyone. The fact that investing in bitcoin is not compulsory makes it a choice for anyone who wishes to do that.

However, if you say someone who thinks bitcoin is a scam is still a slave to fiat currency, what will I call you? because I know that you are also using the same fiat currency as those people are using because you won't tell me that you buy or sell using Bitcoin, so should I call you a slave to fiat because you are using it? Understand that investing in bitcoin doesn't mean you have already learned anything about it because you are also not performing the main function for which the currency was created.

When you start using it as a means of payment in a locality or country, that is when you should see other people as slaves to fiat currency because you are using the easiest way of transacting without any third party getting involved, so leave those who still believe that bitcoin is a scam to do that if you cannot educate them about it because it may be because of past experience or because they have yet to know about it. 

When it comes to paying of task, i know that not all of us would like doing so because we expect this to have been more advanced than what we are seeing today from the government under us but ruling over us, maybe all these are part of the reasons that Satoshi created bitcoin for everyone to remain being decentralized on a digital technology that does not need the payment for tax with bitcoin network.

Taxes?
You want to avoid taxes? Borrow money. Use debt. Well, that's what Kiyosaki is doing that's why he's not paying any taxes, so does other rich businessmen in the US. Many average people are angry at them because the rich aren't paying taxes while they are.

Bitcoin itself isn't a scam, but Bitcoin is a tool that's being used by scammers to scam newbie investors.

Let's face it, as much as we've seen Bitcoin going up in price these past few years, there will still be people who will think that Bitcoin is a scam probably because they got scammed maybe through an investment that these scammers are offering or whatever it is. Let the people think what they want because at the end of the day, we can't control what they think. Instead of focusing on them, just focus on yourself, and your investment. Focus on grow, and don't focus on them. We will not benefit from them.

Let's do our thing, and let them do their thing. They think Bitcoin is a scam? So be it. We don't care.

People with this thought don't know about bitcoin and even with this thought bitcoin remain bitcoin, speech like this doesn't affect bitcoin, the risk and price fluctuation is kinda different from my view, if bitcoin is a scam why do people still profit for investing. Certain questions should be asked if people still view bitcoin investment as a scam scheme cause what story will inspire this thought, bitcoin is said as a risky investment but still it's not a scam scheme

Profit making is totally different, before investing you need to know the right strategy and amount used or rather calculate properly before investing, and secondly everyone investing in bitcoin should know bitcoin investment is not a get rich quick scheme so if investors with similar mindest of getting rich quick invest in bitcoin they might end up withdrawing so early. I have never seen an investment with zero risk but definitely people still invest just like bitcoin investment growing with massive adoption.

It's pretty normal for sure people to think this way, there are a lot of people who lose a huge amount of investment in Bitcoin especially if they invested at the wrong timing, like the last Bullrun the all-time high was around 70k$ when the market drops a huge amount the Bullrun ended drop to 5k$ something like that, your probably gonna lose a lot of money on that, due to FOMO congratulation you just lose a huge amount of your money, they panic sell at that market price. I mean if you just don't have enough knowledge on Bitcoin and are still a newbie on the market you surely gonna think that this is a scam. Not to mention the structure of Bitcoin could easily be a huge scheme where people could get scammed, I mean if the creator of Bitcoin is still alive he could easily drop the market because he simply has a huge amount of Bitcoin that he could use to manipulate the market. If you're going to think about it, it was obviously similar to pyramid schemes out there.

Even though Bitcoin doesnt have some kind of backup and the market price just depends on supply and demand, It surely proves itself to be a great investment, decentralization is probably the best thing that it has in my opinion, compared to fiat money that is being controlled by the government, Bitcoin surely has a lot of advantage compared to it, I mean what was really the point of fiat money, we are working every day for money, fiat money that has an unlimited supply, where the government could print money freely whenever they want to, and then saying about inflation? The truth here is we are slaves of the government because of the fiat money, Bitcoin is going to be our savior when it comes to fiat.

          -   Well, there is nothing we can do if there are people who think that way about bitcoin and that it will never go away, so don't expect that from those types of people.
There are even people who say that bitcoin is a god, even though it is obvious that it is not. These are the people who are blind to the truth; they are not a loss to those of us
who believe in bitcoin, so let's just let them think what they want to think.

Another thing is that people have a different mindset. When they invest in an investment opportunity that is not really a scam, they consider it a scam because the capital they
used did not make a profit, even though they did not find a way to work it out. It's for them to make a profit.

As long as I am certain, I know that bitcoin has long grown pass the stage of skepticism (whether or not it is a scam). Bitcoin has vindicated itself several times amidst all kinds of allegations of it being scam or some kind of Ponzi schemes. Maybe what people should be asking or considering is how long bitcoin is going to last. Whether bitcoin will be in existence as long as internet is functional or it will be defeated by the government one day.

What you call the biggest fraud happens now with bitcoin also. Many people in different countries pay hugely in the name of cryptocurrency tax. The government of many countries have discovered how to successfully task bitcoin or crypto earnings.

Well people lose money in any kind of investment. And if they lose money, they tag it as a scam. In many cases, it only becomes a scam because people don't know how to handle or run their investments. Bitcoin, Etherium, Ripple, and other older coins are already established cryptocurrencies and they have people who made money and are making money out of them. So even though there are those seeing BTC as a scam, it's obvious that it isn't anymore at this point. It's just a little too expensive now for those who are just planning to buy BTC if you're not aiming for a long hold.

There is no doubt about that - but fiat is a scam sponsored by nation states, and few people in real life will dare to say that publicly because those same states have mechanisms to make life miserable for anyone who dares to question such things. If we take a closer look at what is actually the real agenda behind the repetition of the expression "Bitcoin is a scam", then it is quite clearly visible that "they" are saying this for only one reason, and that is the fear of losing influence over people, which is mostly carried out precisely through fiat currencies.

This is why some countries like Turkey or Thailand (maybe others) do not ban Bitcoin as an investment, but they strictly forbid using it as a currency. Of course, I didn't mention China, which banned it almost completely, or India, which does everything to discourage its citizens from using it.

You see, not everyone would accept something new. A lot of people are bent on remaining with the old and never changing or accepting change. So, not everyone would accept Bitcoin. A lot of people, even though they know the fiat currency has the probability of failing, would still put their trust in it because the fiat currency has failed and picked itself from the ground many times. So, I can't really blame anyone

And another reason would be the risk that is attached to Bitcoin. People would call what is a scam, a scam. There's a high probability that their experience with Bitcoin was a terrible loss or maybe they've heard of stories from and about someone who invested their savings in Bitcoin and lost it all. You don't actually expect such a person to believe in Bitcoin anymore. Of course, they already know it as scam, and as such it shall be addressed.

The best thing is to leave people with their different opinions and perspectives. Do you, and follow what you want to.

Well spoken bro, bitcoin has passed the stage of trying to impress or convince someone of its numerous importance or authenticity. Whoever is still in doubt should visit the history books, attest to its longevity, the hurdles it has surmounted and try relating to any scam projects that remains this consistent. Bitcoin is king and  cannot be rebate or measured with any of its competitors presently, maybe something promising might come up in the future, who knows?, but it will surely have a mountain to climb competing with bitcoin.

We're in a continious advancement stage whereby the  goal is to gear towards as much ma adoption as possible and in passing ways to the people and so far there are promising developments such as the bitcoin ETFs where people buy shares from portfolios of bitcoin as stocks. Or are they trying to convince me that the government of El Salvador its scamming his people?, of course not. He took a decision that will remain profitable and present him as a hero in the nearest future

Bitcoin is well above the marks and traces of being a scam project. So while they still call it a scam, lets make the best out of it with regular involvements and continue holdings. The billionaire journey is continuous for all the faithful.