Topic: Is Bitcoin a scam: The long debated argument discussion by Bloomberg - Quicktake (Read 894 times)

Of course we are not saying it is a scam, it is a talking point to get your views on this and to see what others are saying on the subject.
Such as what Chamath Palihapitiya who holds alot of bitcoin has attested with this recent statement he had made on a podcast Bitcoin is dead in America:
https://www.cnbc.com/2023/04/24/crypto-is-dead-in-america-says-tech-investor-chamath-palihapitiya.html

It is more or less to find out why they have come to this conclusion and if they have changed their views since.

I didn’t watch the video because my network wasn’t stable.Bitcoins is not a scam and majority of us can attest to this but the unbelievable will for ever have a doubt. we may not outrightly blame them because the awareness, publicity, success stories etc are not out there like the negatives.
Yes, a lot believe that Bitcoin isn’t a good investment because of the rise and fall of bitcoin but trust if one understands the market you can make cool cash. My opinion

Late nite television host John Oliver talks about Alex Mashinsky of now defunct Celsius cryptocurrency lender last night:

https://www.youtube.com/watch?v=Z_h4Ql99NmE


To draw more customers into the ponzi scheme, the founder even wore a star wars helmet to look more with the times towards his audience base during one of their promotional livestreams.

Now that BTC has improved itself into the next bullrun up to over $30.5k rising $2k within the past 24 hours, we can discuss this documentary which I found while searching youtube a few months ago:

Crypto: The World’s Greatest Scam. by James Jani

https://www.youtube.com/watch?v=ORdWE_ffirg

So don't get put off by the name of the video as it just their viewpoint by this rather well known youtuber who usually does a thorough investigation for subjects that he reports on, does explain why they have come to this conclusion about bitcoin being the world's greatest scam.

Docufilm about Mark Karpeles and the fall of Mt.Gox with of course the media blaming bitcoin and calling it a scam (it is certainly NOT!):


https://www.youtube.com/watch?v=7E-8-oVXV9A

Good point.

Whenever I hear the mass media calling it a bubble or asking when will the scamfinally go bust?!...
I always refer to the early on pro bono ponzi schemes of all scams of the cryptocurrency space of 2017 Bitconnect:

https://youtu.be/RtBjC5AfvOU

These guys who promoted it all got arrested a few months ago for continuing to pump up this obvious scam worldwide.
https://www.youtube.com/watch?v=5M6-tYLiRLw
https://www.youtube.com/watch?v=kqmI4eKbWYM

Although the "Hey, hey, hey.." guy, Carlos Matos, did not get charged. Releasing a video of how he was duped into it and actually was a victim:

https://youtu.be/3odIbJl-dGM
A well known crypto youtuber tells of his story and the lawsuits against this platform:
https://www.youtube.com/watch?v=rVzG5jOVHRM

That's the only proof that we need to disprove the claim that bitcoin isn't a scam. Plus, bitcoin is already too big to go down in flames plus no one is going to benefit from doing an exit scam in bitcoin because no one knows who is satoshi.

This crypto trillionaire (the first one ) says his account was locked by coinbase and he is on the 6th day of trying to get his account unlocked.
I guess he wants his $20 back.
https://www.youtube.com/watch?v=vhH8EiXQWug
This is some bad publicity for coinbase because this could of happened to anyone and luckily he didn't have more than just this $20 in his account as a vast amount of people have over tens of thousands on their own accounts locked up into trades just like this fellow did with that one trade.

After this story some would say altcoins such as this rocketbunny token is making all of cryptocurrency look bad from when I had seen it mentioned on a news show making funny of cryptotrading.
Coinbase's system seemed to have screwed up and made this guy the richest man in the world surpassing Musk and Besos..
Atleast on his screen.

https://www.dailymail.co.uk/news/article-9708841/Georgia-students-Rocket-Bunny-cryptocurrency-explodes-1trillion-Coinbase-glitch.html

Here is the second video of the first one I posted about a week ago called:
The Insane world of Bitcoin
https://www.youtube.com/watch?v=brABoguf7uc



Describes alot of what was going on with the markets in the past couple of months in the sequel of the series of is bitcoin a scam (of course a rhetorical question ) and what the whales are doing with their bitcoin holdings.
Near the middle of the video questions about crypto influencers such as musk and the like who seem have the power to sway the price of this trusted store of value, which many fail to comprehend at the very start.
Elon gate thread here:
https://bitcointalk.org/index.php?topic=5336007.140

Duh, everyone with the right mind and thinking knows that, the people who said it are just bitter assholes that regretted not buying bitcoin at a really low price because they are skeptical and now they want to make sure that others will share the same misery as them.

Video which explains in a good way on why they can not call it a scam compared to how the current financial system works.
Very informative and narrated in a well and understandable way anybody can see what is laid out for bitcoin to take on the banks and corporate systems.
https://www.youtube.com/watch?v=4ByO8ym-iF8

Should of posted this on the first viewing three weeks ago but have become really busy with other things and summertime upon us.
Got to go out and enjoy your life while you still can and not dwell on such nonsense the people have been fudding about bitcoin lately.
As can be seen by the current price unfortunately.

Every bitcoin user that knows and truly understands how bitcoin works would know that bitcoin is not a scam. No matter the propaganda against bitcoin, it is obvious and the fact remains that bitcoin is not a scam.
Anybody has the right to choose what to believe or not and if some people choose not to accept bitcoin, it doesn't change the fact that bitcoin has come to revolutionise the financial industry and it's a whole game changer.
Trust me, these people that claim bitcoin is a scam would eventually get on the train, only that it would be too late then and they would have missed out on a lot of benefits.

Why would you hold a circle jerk and not invite like minded morons?

Hal Finney was good, he had a good heart, but all the good people in bitcoin have died, disappeared, or suicided; Like they say, only the good die young.

Are computers a scam, is math a scam? No, bitcoin is not a scam, but 99% of the people involved in bitcoin are psychotic sociopaths who would sell their sister for a buck ($1USD).

Algebra is not a scam, but math can be used by criminals to rip people off.

BTC attracts common criminals all over the earth why not, essentially the entire paradigm of non-reversible transactions means there is no law enforcement, that a criminal never gets caught.

The bad of BTC is this entire mind-frame has moved to the general population and world thinking, even VISA transactions are far harder to dispute these days, then entire expectation of the purchase of quality has been destroyed by bitcoin greed. The entire post 1950's process of 'buyer beware' has returned to 'sucker born every minute', and its good. My has the world gone to shit under the bitcoin uptopia.

@fmasta, @Obito & @ILuckyGuyI

This was not the intent from the creation of the subject line in the title.
It is more of why do people call it such still with what it has proven over the years time and time again.
There is a video with the very same name (will post it tomorrow after the last day of the bitcoin conference) yet it discusses why it is not a scam.

It is a discussion about why people still think it is while it certainly is not.

Bitcoin is not a scam or a ponzi scheme. There are still people who are claiming like it is. If it was a ponzi scheme, then it wouldn't even exist for this long. And it wouldn't be adopted by any place. I hope someday these people will understand this also.

Bitcoin being a scam is the funniest thing I have heard and I am just starting my day, if bitcoin is a scam then how come my friend became a millionaire at a young age? And what about the others who made a fortune out of bitcoin? Will they still comsider it as a scam? There's no debate needed in this because bitcoin has already proven itself.

It is sort of funny you mention about him not being invited and I think you are right. The broken heart emojii was him expressing the rejection from the bitcoin community with his recent antics towards what they hold dear.
But they are doing what they should of done from the very start with his tweets about it and just ignore him.
They haven't mentioned his name once since from what I have watched so far for today.
Bravo!

I am excited about the Bitcoin 2021 conference in Miami. If we realize that it is a great celebration because the USA is showing its great support for Bitcoin.

😂 I know who you mean "why would they invite a party pooper to this convention" to Elon Musk. Perhaps the #Bitcoin 💔 meme was due to him not receiving the invitation to this event.

A little more seriously, the US is showing why Bitcoin is a useful digital asset for humanity.

Day 2 of the conference with Bobby Lee from Ballet and several others explaining their products for bitcoin.
https://www.youtube.com/watch?v=VVDNEnRAZU4
Africa is the number one place in the world for bitcoin adoption which is a major achievement for them.
The one speaker from Egypt (Northern Africa) also explains to the audience that Africans are not scammers and should not be associated as such when it comes to these sort of stereotypes in cryptocurrency any longer.

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

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.

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.

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.

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.

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.

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.

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.

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! 

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.

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.

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

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.

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.


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.

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.

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?

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

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.) 

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.

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.

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.

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.

The block reward will not drop to 0 until around 2140, but we will have mined 99.9% of all bitcoin by 2044, at which point the block reward will have fallen to less than 0.1 BTC from its current 6.25 BTC.

What happens is that over time, the fee being paid for transactions contributes more to the total mining reward and the block reward contributes less. The most recent block mined at time of writing, block 675,996, has a total mining reward of 6.98 BTC, of which 6.25 BTC is the block reward and 0.73 BTC is from fees.

Someone just bought at the dip with this tweet just released.
I don't think it was mr.musk as that would be just to obvious.  

Transaction id: https://mempool.space/tx/98af142954ccc235516594fc0d8aa5d67516f1bfec312271ba599f89408b850b

Fair enough.
But this topic had got me thinking.
What happens when the last bitcoin is mined. The miners are used when transactions on the blockchain are put in and it completes when they are confirmed. But once the last amount is done (some have said as soon as 2037) what happens then? No more mining means no more transactions being confirmed?

Yes. The term BTFD is the word to use against these FUDsters.

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.

Visa not being a settlement system is also really important point but doesn't mean anything to the average user. And once we all get on LN (or similar) and accept it as settlement, then it's no point to even compare =)

There's no need for me to watch this video.
I guess that the question "Is Bitcoin a scam?" is rhetorical.The FUDsters will keep asking this question until the end.
I can assume that this is some BS combined with a bit of FUD.Even the comments under the tweet are BS and FUD.


This is the only good comment under the tweet.Just stop thinking and buy the dip.

Electricity is one of the scattered problems when it comes to mining bitcoin today. I know that, but. See the price of bitcoin now. If the upper class continues to support bitcoin through $1m/btc will power companies be harmed? I think it's going to be better. It does not make sense that bitcoin was created and then abandoned for less obvious reasons. But it's been almost 10 years since bitcoin went without any major problems just a few rumors from people who still don't trust bitcoin.

Some things I obviously missed, but all you noticed is just proof that these so-called journalists know a lot less than the average user of this forum - you're going to talk about Bitcoin, and you can't even say the name of the person who invented it properly.

---

I'm only referring to the video you can see if you visit the link from the OP, because it mentions only those two people as some of the critics or skeptics - and we all know that Jamie Dimon changed his mind a long time ago, and that JPM is today a bank that every week gives very positive opinions when it comes to BTC.

At the moment, banks are just trying to slow down the adaptation until they are ready to jump on the BTC train and profit from it. It is only important to them that they earn as much as possible, and it is less important whether they launder money for drug cartels or take fees for crypto exchange/custody.

---

Journalists and their research work, we had this topic on the forum almost 2 months ago. It would actually be more correct for Quicktake to become Slowtake

Bitcoin in Arctic Circle - The northernmost mining farm in the world!

Okay, thanks for clearing that up for us then.
Also Visa has a partnership with crypto.com just last week so they are not looking to avoid cryptocurrency use like the banks have been doing all these years in the past, but embracing it.

Solar and crypto mentioned in the same tweet.
Not so scare as one might think wouldn't you say?

Thought I heard those very same words before.

Who's there to say what's a waste and what is not?

Like when I see someone burning rubber in a car I feel like it's a waste of good tires but for that driver it's fun. It's the same fun someone else pays for when they launch fireworks. It's resources being wasted and air being polluted but someone paid to have some fun this way and someone else was paid to produce them.

If I want to spend my money on mining bitcoin it's my money and my choice. For them it may be a waste but when I see them fueling a V12 car that burns 10 times more than my car to travel the same distance I feel like they're wasting money and resources.

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?

I think it is more likely that the bigger skeptics are the entrenched governmental so-called elites. They know that bitcoin will undermine their ability to skim a percentage every year off of everyone's fiat, seemingly below the radar. So I think the banks are one level removed from the true people who are afraid.  People are catching on that governments are not there for their benefit. The governments are there to benefit the people who are running them so they can control everyone else. They do it by trying to divide people by immutable, irrelevant characteristics such as skin color so that people don't notice the evil that the so-called elite is foisting upon them.

I didn't write the comment to that tweet so I am not exactly sure about the settlement part of it.
But I would imagine they mean the payee purchases something using their visa card then they actually owe the credit card company 30 days after the purchase date for this amount, so they actually are on the hook while bitcoin you are paying with something that you already own. So it is settled once it fully confirms on the blockchain.
Atleast this is how I seen it with just a glance and not overthinking it too much after reading it.

Along with the electricity debate. There are bitcoin farms which use renewable resources such as wind farms and solar power to provide the electricity so to power their entire mining rigs.
I had the foresight to the question coming up with this source for my evidence on the matter:

Mining in the Arctic (Norilsk) using gases
https://twitter.com/Quicktake/status/1372955971367108610

Bitcluster opening a mining farm




The above should settle any argument about "Is bitcoin mining wasting the world's resources in it's power consumption?"

as Gandhi said: "first they ignore you, then they laugh at you, then they fight you, then you win."
we shouldn't waste our time on media outlets that have been going through all these phases so far and are now transitioning to fighting. just let them spread their FUD like they always do and we win...

Well of course they say what they want in public so to keep up appearances. While behind the scenes they are doing whatever it is to quell their own best interests. This is a common human trait, just look at any politician to get a clear view of what I am saying.

Also to the comment about bitcoin taking as much electricity as the whole country of argentina,
You guys do realize the consumption there includes bitcoin mining themselves of the past 5 years.
They run bitmain miners like air conditioners since their electrical bill is like pennies compared to those in the states.
So why wouldnt they want to run 50-100 asic miners in every home if they have such low cost of their own electricity?

It's the same with all the big banks. "Do as I say, not as I do". Publicly, they call bitcoin a scam because they know it threatens the fiat monetary system that they have worked so hard to control. It threatens their ability to suppress the working class, to buy out politicians, to influence elections, to line their own pockets. But they also know bitcoin isn't going anywhere, so while they publicly call it a scam, they work behind the scenes to invest in it so they aren't left behind. While Jamie Dimon goes on television to say "Bitcoin is a fraud and a Ponzi scheme", his own bank is buying bitcoin and recommending to their investors to put a percentage of their holdings in to bitcoin.

It reminds me of that quote by Neil deGrasse Tyson - "The good thing about science is that it's true whether or not you believe in it". Dimon and Buffet can call bitcoin a fraud all they like. Meanwhile, I'll continue to use it to send money to friends and family and purchase goods and services without any centralized third parties, without any middlemen, and without any influence from banks or governments. The good thing about bitcoin is that it works whether or not you believe in it.

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

Why it would be odd while it's true?  
The time frame is the same. In one second or in one year the Bitcoin network consume more electricity than Argentina.



https://www.bbc.com/news/technology-56012952

The Cambridge Bitcoin Electricity Consumption Index : https://cbeci.org

Well we always have two sides of a story, always! For bitcoin, it is either a believer or a non-believer! So there you have it! Non-believers like Jemie Dimon or Warren Buffet will always speak against bitcoin and believes like Elon Musk will always speak in support of bitcoin.

That argument will continue and non-believers will always find ways to bring bitcoin's reputation. The bitcoin market initially used to react to such comments and views but it's now long gone! So the argument will continue while the bitcoin will also continue to flourish!

The biggest skeptics are the banks because they see bitcoin as an adversary to their own current fiat financial system.
Yet big banking corporations are looking towards diversifying their own assets into bitcoin namely J.P Morgan and Goldman sachs
https://www.cnbc.com/2021/02/12/bitcoin-banks-closer-accepting-cryptocurrency-asset-class.html

Even heard a while ago a germany bank has started accepting bitcoin deposits and I think there is one in sweden or somewhere else in europe who has recently started taking in bitcoin as if it were their own local currency.

So how can they say with a straight face that bitcoin is a scam if their counterparts are already accepting it.
Quite outlandish statement from the ones who produced this video while it is a known globally accepted currency already.

I mean, he even gets Satoshi's name wrong at the 1 minute mark, so that should give you a good indication of just how much thought and research went in to producing this awful video.

At 2 minutes they say that the Whitepaper states there would be a cap on supply. This is completely false. The Whitepaper does no such thing.

To state bitcoin has "failed in its goal of displacing the dollar" is also wrong, for two reasons. First of all, that was never a stated goal of bitcoin. Secondly, fiat money has been around for over a thousand years. Bitcoin has been around for 12. The collapse of fiat isn't going to happen overnight.

The electricity impact I have spoken about extensively on this forum, and is a terrible argument.

He ends by saying that we all might as well just stick to centralized payment processors. He has completely failed to understand what bitcoin is trying to achieve, and appears to have taken all his arguments from a cursory 10 minute Google search without doing any research whatsoever in to why they are all wrong.

I watched the video, and I have to admit that it's literally 5 minutes of wasted time, because you won't see anything in it that you haven't already seen at least a hundred times. The biggest skeptics are Bill Gates and Jamie Dimon, a few shots from various stock exchanges and the construction of a mining farm in the Arctic Circle, noting that of course Bitcoin consumes energy like the whole of Argentina.

Yes Bitcoin is an SCAM for all those who are convinced of it, and all who try to convince them otherwise are just wasting precious time to convince them. The media certainly expected the price to plummet again, as was the case in early 2018 - but we must understand that the average journalist who writes about cryptocurrencies knows much less than the average user of this forum.

I have an idea for all these so-called journalists - how about they start constructing some new conspiracy theories, say one that would rely on Bitcoin being the cause of COVID-19, of course for the reason that it would weaken the US dollar and cause the BTC pump

What I know is that miners pay for the electricity they are using and this will contribute to electricity sectors to produce more electricity, some people do complain about this because they think most electricity produces carbon dioxide leading to green house gases, but it is evident that more than 75% miners make use of renewable energy while the use of wind and solar as being increasing. People do not like to face the fact, there are many companies producing this global warming gases, which they do not talk more about unlike bitcoin, the cars people are using, the power plants industries and the rate of bush burning and deforestation all contributing to global warming. I do not think that should be the talk, but miners are moving towards renewable energy production which makes bitcoin mining not hazardous as people think.

Also in the video is about bitcoin as a form of ponzi, that is one of the useless information about bitcoin by critics, can ponzi survive for years if it is ponzi, when all population has being reached, no new investors will come in into ponzi scheme, and the old investors will gain while the new ones will not have new ones to pay for them to earn, thereby the new investors will lose, this will result to the collapse of the ponzi scheme, bitcoin has been existing for ten years now, and will still exists for decade or even centuries, that makes bitcoin different from ponzi, ponzi can never survive for long while bitcoin has survived for long because it is not a ponzi.

The electricity consumption is a too powerful image to narrate Bitcoin to pretend the “casual” reporters don’t fall from it.
The point is that kind of  impariamo is meaningless for a lot of reasons, and anyone pretending to know something about bitcoin, should know how to debunk it.
This is why I created the above thread.

you can find more "debuking" information in this thread created by @fillippone.
https://bitcointalksearch.org/topic/m.56613804

However I like their documentary and the way they are using to narrate a story.
But talking about bitcoin from a "past" perspective or just taking as comparison other assets has been just a fail and time wasting....

sorry didn't watch the video. but reading the comments in the comment section it seems that they are set on BTC fud and pushing their own agenda(very typical). anyway, I found this article regarding the electric usage of bitcoin VS Argentina and it says here that "bitcoin uses more electricity annually than the whole of Argentina". so it is in the 1-year time frame.

https://www.bbc.com/news/technology-56012952

The criticisms against bitcoin made by bloomberg since it has reached well past $60k per coin recently.
So you just knew the big news media outlets were going to put up their views on how is it possible for something they all dismissed as a just a fad several years ago when it rose then dumped in pretty short succession.
But this time it has held strong being very stable just above $57k in it's second huge bull run.

https://twitter.com/Quicktake/status/1372874835832008721

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.

Isn't it odd they compared bitcoin taking as much electricity as the whole country of Argentina to mine it?
Under what time frame?



Post your comments on this argument they have put forth against the cryptocurrency that is taking over the world.