Topic: Logical and mathematical truth of bitcoin - page 3. (Read 402 times)

I think "HYIP cartel" are using Bitcoin for their 200% to 400% profit per month HYIP programs/ponzis since Bitcoin is anonymous and unregulated.

HYIP programs pay high profits for 2 to 3 years and then they shut down.

I havent lost a penny. I just see, that this scheme is much bigger, than anything before it. Few people, who listen me, save a lot of money.
I was in a team, who brought down KairosPlanet scheme, which too milked many people empty, while authorities refused to blacklist it. So in other words: I help people, who are trying sincerely invest money to avoid scam.

There is no mathematical or logical truth in your post. Here are the answers to your questions.


Majority consensus of the users limits it. If a minority tries to change the limit, the minority is exiled.

Majority didnt set cap of BTC ever released, founders of this scheme did.


Decentralized money removes the control over its use by any third party. Volatility can be a problem now, but it won't always be a problem (hopefully).

Yes, it wont be soon. End of BTC is very close. You will see it very soon. Btw, You argue with Your own first point. You promised, minority will be exiled, now You tell, third party can not touch my coin. So can You or not? Do You even understand how impossible it is, what You speak?


The blockchain removes the need for trust in a third party to manage a common pool of value. Bitcoin uses public key cryptography, but public key cryptography isn't sufficient all by itself.

You know nothing about basics of cryptography and computing, right?


Many people don't understand it, but understanding it is not necessary in order to use Bitcoin.

Indeed. To "invest" into something, thats highly volatile and You have no clue about, what is it... Ingenious.


Many are skeptical, and many oppose it because their wealth and well-being are dependent on the survival of legacy currency systems. Either way, unanimous belief in the success of Bitcoin is not required for its success.

Nope, they would not mind to earn 1000% ROI, their well-being would be very high:) They just understand it is very likely a scam.


In order for it to be a scam, someone must be the scammer. Who is the scammer?

Thats an easy answer. As in every scam - early enthusiasts. Bitcoin was first released 10 years ago, right? Despite that 81% of BTC is already released during 10 years! Now the fun part! 19% remaining will be released during next 20 years! Purest scam ever!!


It may be small, but it is not zero, even in practice. Many people earn money from mining, so it can't be zero.

A bit bad language usage here. Its not zero mathematically, its collective ROI is zero! That means, the moment You start mining, You can not assume mathematically, that ROI of mining itself will be positive.


It is not monetary fraud. Where is the fraud? People are not cheated by the concept. How can they be cheated by a concept? BTC is legit. You have provided no information at all to back up your claim.

Fraud is there: people are promised UFO technology, a revolution in money transfers. It will not work, because its impossible!! I provided no information??? I have told You all facts and calculations, all You do, is trying to convince me, Im wrong. Math is not wrong. Can You read graphs? Look any at those, that even You dont deny! For example release frequency of coins! What are the miners going to be paid with until 2040 if 81% of coins are at early scammers already? THINK!

a) why is BTC quantity limited with 21 millions? What limits it?

b) what is the point of decentralised money, if its so volatile, that rate would drop 75% in 6 months (or grows by the same)? this is called a hyperinflation.

c) why is blockchain technology better in 99,99% of transactions, than regular private/public key technology?

d) do You really understand, what is private/public key crypto and blockchain in its core, or they just sound cool?

e) if BTC had at more or less decent chance to boom again, why dont all the richest investors in world buy it?

Maybe it wasnt planned so, but BTC is the most genious scam in the history.

1) The blockchain part or "mining" in case of BTC is a special kind of scam. For getting a coin You must invest into electricity and computing power. In return You get VERY little chance to be awarded with a coin. This chance is so small, it is mathematically ridiculous, but in practise. ZERO! Nada, ничтo, nichts... What kind of decent money is that, that everyone can apply by spending real money but only few of many millions are actually given by basis of pure luck?

2) The coin part of BTC is a monetary fraud. Although people make transactions voluntarely, they are cheated with the very core concept of BTC. While blockchaining may have some usage as a concept as well as cryptocurrency, it does still not mean that BTC is legit.

The amount of electricity consumed has nothing to do with the network throughput. Bitcoins electricity consumption has to do with security. There doesn't need to be this much electricity being used to power Bitcoin. Bitcoin would function just fine if there was half the electricity being used, or even less than that. There are just a lot of miners mining right now because of the gold rush. Bitcoins second layer, the lightning network, will completely solve Bitcoins transaction throughput. The lightning network uses a negligible amount of electricity too.

After reading your message, I have a question for you??? Have you lost a lot of money when buying bitcoin? Apparently Yes, and this is called the cry of your soul that I did not have time to earn good money. I pity you. And I am sad to read such messages where a person is trying to turn the world around and make everyone guilty except himself. Or is this your way of asserting yourself???

Those who want to believe in BTC at all cost, should avoid this topic.
To help some people, who started to think about the core concept of bitcoin, my judgement is:

1) The blockchain part or "mining" in case of BTC is a special kind of scam. For getting a coin You must invest into electricity and computing power. In return You get VERY little chance to be awarded with a coin. This chance is so small, it is mathematically ridiculous, but in practise. ZERO! Nada, ничтo, nichts... What kind of decent money is that, that everyone can apply by spending real money but only few of many millions are actually given by basis of pure luck?

2) The coin part of BTC is a monetary fraud. Although people make transactions voluntarely, they are cheated with the very core concept of BTC. While blockchaining may have some usage as a concept as well as cryptocurrency, it does still not mean that BTC is legit.

Before You attack my opion, try to give logical answer to these questions:

a) why is BTC quantity limited with 21 millions? What limits it?
b) what is the point of decentralised money, if its so volatile, that rate would drop 75% in 6 months (or grows by the same)? this is called a hyperinflation.
c) why is blockchain technology better in 99,99% of transactions, than regular private/public key technology?
d) do You really understand, what is private/public key crypto and blockchain in its core, or they just sound cool?
e) if BTC had at more or less decent chance to boom again, why dont all the richest investors in world buy it?

Maybe it wasnt planned so, but BTC is the most genious scam in the history.

Previous doesnt mean, You absolutely can not make any money in it. The same goes for ponzis and pyramids. If You go in or out right time, You will earn and at some cases earn well!

It does. If the core concept is not viable, its basically the same as there is no real product behind. It is assumed, that 1 transaction takes same amount of energy as household in 1 week. Its so unreasonably expensive, that it makes transactions impossible in large volume.

https://digiconomist.net/bitcoin-energy-consumption

Just think about it and You see, Im right.

P.S. all of the answer is logical according to myself


"mining" supposed to be voluntary and the volunteer get rewarded, not for profit. Also, there's mining-pool to ensure you always get something.

Nope, mining is CLAIMED to be voluntary, but it is driven by price of BTC. People make communities and buy special equipment, to increase their mining odds. And there will NOT always be something to mine. It is confirmed, that number of released coins halves every 5 years. Thats mathematically exponential and will drop to nothing - there will be nothing left to mine.


This statement doesn't make sense, explain it more detail.

One primary quality of frauds is, that there is absence of real product behind deals. Now, if product is very unreasonably uneffective, its the same, as its missing at all. It is estimated, that 1 transaction of BTC takes same amount of power, than household in week. Now, thats just not viable product.


Because Satoshi Nakamoto set it to 21 million and it's coincidence with biggest number of 64-bit floating point number even though there are many other speculation.
But there's no limit and you can change the production/total supply, you just need community approval.

It´s essentially the same, as Nakamoto told, there is 21 million ounces of gold to find, when it finishesh of, community decides, there is more. Both parts of last sentence are not serious.


That's the risk of truly decentralized currency, the exchange price to fiat can be manipulated easily. Also, you already answer the point.

That´s correct, if we have risky business on real product/service. Thats what I am saying: we DONT have a product behind here.


Who claim that?

Enthusiasts. There are very few privileges in BTC compared to, say Paypal. Thats not in accordance with electry consumtion.


There's plenty of explanation about asymmetric cryptography, so of course most bitcoiner already know about it.

They dont understand, that everybody uses it already. Its not an edgeof BTC.


Because investor don't know or don't believe the potential of Bitcoin.

Because they are smarter, than market in average.


Isn't it obvious that miners still get paid by fees in transaction that they included in mined block?

Its not. If one transaction takes same power, than household in week, the price would be not competitive

Let's make it simple,even if it is mathematically ridiculous,as long as more people come to support it,it will become real.No matter how it works,if more people demand bitcoin,of course it will be used and the price will keep in the volatile state.

How excatly is Bitcoin a scam? It doesn't fit under any definition of scam. It especially doesn't fit under the definition of Ponzi or Pyramid scheme.

Those who want to believe in BTC at all cost, should avoid this topic.
To help some people, who started to think about the core concept of bitcoin, my judgement is:

1) The blockchain part or "mining" in case of BTC is a special kind of scam. For getting a coin You must invest into electricity and computing power. In return You get VERY little chance to be awarded with a coin. This chance is so small, it is mathematically ridiculous, but in practise. ZERO! Nada, ничтo, nichts... What kind of decent money is that, that everyone can apply by spending real money but only few of many millions are actually given by basis of pure luck?

Before You attack my opion, try to give logical answer to these questions:

a) why is BTC quantity limited with 21 millions? What limits it?

b) what is the point of decentralised money, if its so volatile, that rate would drop 75% in 6 months (or grows by the same)? this is called a hyperinflation.

c) why is blockchain technology better in 99,99% of transactions, than regular private/public key technology?

e) if BTC had at more or less decent chance to boom again, why dont all the richest investors in world buy it?

Maybe it wasnt planned so, but BTC is the most genious scam in the history.

Previous doesnt mean, You absolutely can not make any money in it. The same goes for ponzis and pyramids. If You go in or out right time, You will earn and at some cases earn well!