Is Bitcoin a scam: The long debated argument discussion by Bloomberg - Quicktake - page 2.

rdbase

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Bitcoin Conference 2021 live - day 1
Alittle late but it started miami time. Cool

https://www.youtube.com/watch?v=Zp43Ktm3wos
source: bitcoin magazine

Some interesting speakers and best of all, everyone of them are pro bitcoin.
Because why would they invite a party pooper to this convention all that is BTC? Wink

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With this Bitcoin Conference 2021 in Miami rapidly approaching, I was thinking of bringing this discussion back a month & 1/2 from it's last update on the topic.

https://b.tc/conference
The ones I recoginzed were Tony Hawk who apparently has been into bitcoin since 2011 and Floyd Mayweather who is supposedly going to fight Logan Paul the day after the conference ends. Grin

There is a video (I will post it up once the conference is over) which brings to question with these celebrities getting into the space just for the popularity and making money from the sake of saying they hold bitcoin and going to such events to take advantage of the success it has brought to many already.
Just look at the whale pass NFT they are selling just so you can say "Hey, Look what I bought!" and that's about it.
Oh and these whale passes are going for 3 btc so just under $100,000usd at the current price of bitcoin.

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Quote from: AicecreaME on April 02, 2021, 07:06:31 AM

They are paid, whoever made that video including those people on it, typical goons and clowns. Debating against them is useless since they are going to insist that they are right and Bitcoin Enthusiasts are wrong, I mean how ironic, isn't it? They are inventing crappy rumors and news about Bitcoin for whatever reason they have.

I think Bitcoin smashes their egos whenever it makes a new ATH and make their heart hurts because if they just invested on Bitcoin a long time ago, their wealth should've been skyrocketed already like to those early adopters.

It seems these so called bankers are starting to crack under the weight of how much BTC has surged in price and outperformed all precious metals and even entire countries M1 money supplies these being Australia and Canada just recently.
Have seen Peter Shiff(ty) gold baron and Warren Buffet both say the other day they are starting to warm up to bitcoin and crypto now.
Or maybe it was just an april fools joke with the use of deep fake technology. Who knows nowadays really.
As I haven't seen the videos yet but am pretty sure they have been circulating around the internet by now.
Just can't be bothered enough to do a search for such comments like this, because they only happen when BTC is mooning and not when the markets are bearish it seems. Undecided

AicecreaME

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They are paid, whoever made that video including those people on it, typical goons and clowns. Debating against them is useless since they are going to insist that they are right and Bitcoin Enthusiasts are wrong, I mean how ironic, isn't it? They are inventing crappy rumors and news about Bitcoin for whatever reason they have.

I think Bitcoin smashes their egos whenever it makes a new ATH and make their heart hurts because if they just invested on Bitcoin a long time ago, their wealth should've been skyrocketed already like to those early adopters.

Mugtaiya

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Quote from: ?? on ??

Bitcoin is not scam, but bitcoin is popular among scamers using bitcoin

Isn't this is the reason why banks were opposed of using crypto from the very beginning?
They still want to shutdown privacy coins such as monero, zcash & dash stating they are destructive in this very way...
letting scamers get away with their real money, fiat, without a trace.
There in it lies the cross roads of why crypto had been stalled at being widely accepted by the financial industry as a whole.

20kevin20

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Well, journalism should always be taken with a pinch of salt since just the fact that it's on the news does not make the information in any kind of way legitimate.

I don't get how and why people even think decentralization could be compared to centralization. That's exactly the point of BTC - centralization is quick and easy. Tell me who else besides Satoshi has been able to create a successful currency that works without any third party and control. Exactly - nobody... Decentralization will never be as easy as centralization is to build, and we always forget that usually when things are free, you are the product.

This is a great warning to all of us that we should do our own research rather than letting our brains be controlled by mainstream news that have their own interest and sometimes a huge lack of legitimate information.

AniviaBtc

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There are a lot of people who are making profit out of bitcoin and those people who said that bitcoin is a scam might be ignorant in terms of the market.

Bitcoin is a scam, only for those who don't want to study it and for those who are greedy to make transactions in the market in the wrong time.

Also observe the video if the details are accurate and a fact because there are flaws about the video that you should notice and he really lack of information and knowledge towards it.

so98nn

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How about the Military consuming the fuel for their destructive purposes?
Who knows how much amount of electricity is required by the outposts that are in the dessert to keep them cool?

Did we crypto lovers ever asked anything about it?

It has to be below 1% of worlds consumptions. The whole infra of Information tech companies is running 24x7, 365 days, and it has purpose of something.

In similar fashion, we are running ASICS, miners for some purpose which is benefiting the humanity through various usage.

They are simply jealous because their so called bubble became the needle! Grin

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Quote from: tarzan2 on March 29, 2021, 01:54:58 PM

Nothing gets me more upset than when people say that bitcoin is bad for the environment. What's bad for the environment is having a backwards electric infrastructure using outdated tech. That people say bitcoin is somehow responsible for this blows my mind. For fuck's sake wall street is trying to take the moral high ground on the environment, or anything really, makes me froth at the mouth.

Reminisce of what volkswagen tried to pull in doing an ad campaign, in getting everybody to think they were doing a rebranding so to be more environmentally friendly but all the major media outlets got played out like fools thinking it was real.
https://www.usatoday.com/story/money/2021/03/31/volkswagens-voltswagen-vw-april-fools-joke-ihop-marketing-electric-vehicles/4817871001/
Just too bad for them not everybody have long term memory loss of what transpired 6 years ago with them needing to payout billions in damages out to their customers.
https://www.caranddriver.com/news/a15339250/everything-you-need-to-know-about-the-vw-diesel-emissions-scandal/

Not so funny now which was all for a publicity stunt gone wrong.

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Nothing gets me more upset than when people say that bitcoin is bad for the environment. What's bad for the environment is having a backwards electric infrastructure using outdated tech. That people say bitcoin is somehow responsible for this blows my mind. For fuck's sake wall street is trying to take the moral high ground on the environment, or anything really, makes me froth at the mouth.

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Quote from: cr1776 on March 22, 2021, 04:50:22 PM

Quote from: Saint-loup on March 22, 2021, 11:24:35 AM

Quote from: rdbase on March 22, 2021, 09:31:39 AM

A comment I liked from this tweet:
Wages to Freedom Man technologistMoney bag @bitsee2 Mar 19 Replying to @Quicktake and @EdVanDerWalt
Unfortunately an uneducated video. Especially the Visa comment. Visa is not analogous to Bitcoin. Visa does not provide final settlement.

What do you mean by that? What do you call a final settlement exactly?

Final settlement means of the payment can't be reversed. Credit cards can be reversed for 3-6 months. I didn't write the tweet either but that is almost assuredly what they meant.

Now, 3-6 months is a really, really slow payment system. How can someone buy coffee with it?

This is a clear statement of what it means by settlement of the payment method according to when it comes to credit cards.
https://www.businesswire.com/news/home/20210329005171/en/Visa-Becomes-First-Major-Payments-Network-to-Settle-Transactions-in-USD-Coin-USDC

Mugtaiya

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Quote from: Sword555 on March 27, 2021, 06:17:27 AM

Nocoiners will always think that bitcoin is a scam. Especially, from Bloomberg

Dont know what they are complaining about with VISA taking head on now using blockchain technology.
https://decrypt.co/63170/visa-completes-first-cryptocurrency-transaction-on-ethereum

So if it were even a waste of energy more then what an entire country is using in a year,
why would a major corporation be taking on this technology in the first place if it were?

Does not make any sense what so ever these nocoiners you are referring too are even trying to convey towards the public about bitcoin/blockchains usage.

At this point they just sound like hypocrites.

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Quote from: o_e_l_e_o on March 27, 2021, 07:42:14 AM

The Fed's balance sheet is going parabolic. It took 10 years after the 2008 crash before they even started to reduce their outstanding assets, and then since the start of 2020 we've pretty much tripled the balance sheet compared to the entire history of the Fed up until that point. National debt is at an all time high. The deficit is at an all time high. Money printing is accelerating rather than slowing down, never mind any talk of it being reversed. The dollar is a sinking ship.

And it's crazy, really crazy, that no one there seems to be panicking at the moment. I used to think we'd see a different global currency denomination other than in USD but that it wouldn't happen in my lifetime. Now I'm not sure anymore. No one (not I) saw this coming.

Quote from: o_e_l_e_o on March 27, 2021, 07:42:14 AM

Do we know that it is temporary? The fed website still states the reserve requirement is 0% - https://www.federalreserve.gov/monetarypolicy/reservereq.htm. Has there been an announcement regarding a reversing of this policy?

We absolutely don't know, but the notice always says "until further clarification or notice" or some other same meaning crap. Certainly, we should see it as the rate for the foreseeable 8-10 years, if that's how long it took for them to get their act together after the 2009 crash.

Something's got to give, poor Biden's got a long stumble ahead.

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Quote from: Kittygalore on March 27, 2021, 05:30:19 AM

The printing isn't a problem as long as it is regulated

What happens when it isn't being regulated?

The Fed's balance sheet is going parabolic. It took 10 years after the 2008 crash before they even started to reduce their outstanding assets, and then since the start of 2020 we've pretty much tripled the balance sheet compared to the entire history of the Fed up until that point. National debt is at an all time high. The deficit is at an all time high. Money printing is accelerating rather than slowing down, never mind any talk of it being reversed. The dollar is a sinking ship.

Quote from: buwaytress on March 27, 2021, 05:07:30 AM

which discarded (temporarily) fractional reserve last year (yeah, wonderful innit?)

Do we know that it is temporary? The fed website still states the reserve requirement is 0% - https://www.federalreserve.gov/monetarypolicy/reservereq.htm. Has there been an announcement regarding a reversing of this policy?

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Nocoiners will always think that bitcoin is a scam. Especially, from Bloomberg

Kakmakr

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You know, the ....Bitcoin is using more electricity than "insert new country name here" is getting old now. Most of these claims have been debunked many times before. Have anyone calculated how much of that electricity has been generated with "Clean" renewable energy, like Hidro electricity plants and Wind and Solar plants?

Also..... have they compared Bitcoin's footprint with the whole Banking industry yet? (This includes electricity used for CCTV security / Air-conditioning / Computers & Notebooks / Transporting Cash / Manufacturing Coins and Paper notes.) Roll Eyes

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Quote from: buwaytress on March 27, 2021, 05:07:30 AM

Quote from: Kittygalore on March 27, 2021, 04:50:06 AM

~

Unless you're a bank in the US or are part of the Federal Reserve system, which discarded (temporarily) fractional reserve last year (yeah, wonderful innit?), in which case you don't even need to hold reserves. They then went on to infinity printing which Biden's still happy to continue.

Aren't all the banks around the world work that way? The printing isn't a problem as long as it is regulated but considering that a lot has been speculating and saying that the hyperinflation will soon burst in US economy which means that US is not doing a really good job and also they shouldn't have gave big companies a bail out because those money could've been used to help more people, the fault of this companies is being shouldered by taxpayers money.

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Quote from: Kittygalore on March 27, 2021, 04:50:06 AM

You are not burying the banks enough, I mean they operate on fractional reserve banking where they can borrow money even though they do not have anything to make up for it not to mention that they need a lot of paperwork just to work with them. I don't know how they are still doing this kind of debate because it is already pointless unless they know something that the public doesn't know about bitcoin.

Unless you're a bank in the US or are part of the Federal Reserve system, which discarded (temporarily) fractional reserve last year (yeah, wonderful innit?), in which case you don't even need to hold reserves. They then went on to infinity printing which Biden's still happy to continue.

At the same time, NYAG slapped Bitfinex with a fine (or was it a settlement now) for lying about their reserves sheet.

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Quote from: buwaytress on March 23, 2021, 07:45:44 AM

It's only as much a scam as the current financial/banking system. I mean, I get told I have digits in my bank account, and that can magically move almost anywhere I want it to, with the blessings of my banks and if everything goes right.

You are not burying the banks enough, I mean they operate on fractional reserve banking where they can borrow money even though they do not have anything to make up for it not to mention that they need a lot of paperwork just to work with them. I don't know how they are still doing this kind of debate because it is already pointless unless they know something that the public doesn't know about bitcoin.

rdbase

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I don't see why the media keeps on attacking bitcoin with the mining consuming the whole of sweden from a news broadcast I just seen mention this subject.
But there are companies who have come to the defense of bitcoin with their use of blockchain technology looking to combat this stigmatism when it comes to bitcoin's use and the environment.
https://blockchainclimate.org

Those who are still against bitcoin mining do a search for bitfarms.
They are using renewable energy within their bitcoin farms. Cool

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