Topic: Proof of how FEW people posting here understand how Bitcoin works - page 2. (Read 436 times)
December 12, 2017, 02:50:30 AM
As a "store of value" than yes, Wall Street is running a massive Ponzi scheme on the world. If BTC can be made into a currency, then speculative investing can be justified. I don't have high hopes for BTC unless Satoshi takes control of the project.
December 12, 2017, 02:45:57 AM
In the following thread the OP asks where the profit in BTC come from:
https://bitcointalksearch.org/topic/--2552365
The answers came fast and furious...and they are almost all complete nonsense or otherwise demonstrate zero knowledge of how BTC allows people to profit in and of itself.
The correct answer: Someone bought or mined a coin. In the case of buying they paid the market price which was approximately the cost of electricity involved in mining. This was at the beginning. Assuming it has been mined and sold, the person that bought it held onto it for awhile until the price went up. How did the price go up? It went up because people on podcasts, discussion forums, and by word of mouth began hyping it and telling everyone listening not only wonderful it will be as a currency as well as how much it will be worth due to how much people will be willing to pay for it in the future. As a result of this marketing and hype people began to offer increasing amounts of money to get others to sell it to them. Repeat cycle. New owners of BTC pay the previous owners the original amount plus a premium.
These Bitcoins did not produce any goods or any service. They did not perform work. They did not pay dividends.
Here is where everyone will get mad: PONZI SCHEME.
Go ahead...try to deny it. I don't care anymore. I just posted this to prove that most people posting on this forum and probably the majority of Bitcoin holders have no idea how it works or where/how profits are made. Good luck explaining your way out of this one noobs.
https://bitcointalksearch.org/topic/--2552365
The answers came fast and furious...and they are almost all complete nonsense or otherwise demonstrate zero knowledge of how BTC allows people to profit in and of itself.
The correct answer: Someone bought or mined a coin. In the case of buying they paid the market price which was approximately the cost of electricity involved in mining. This was at the beginning. Assuming it has been mined and sold, the person that bought it held onto it for awhile until the price went up. How did the price go up? It went up because people on podcasts, discussion forums, and by word of mouth began hyping it and telling everyone listening not only wonderful it will be as a currency as well as how much it will be worth due to how much people will be willing to pay for it in the future. As a result of this marketing and hype people began to offer increasing amounts of money to get others to sell it to them. Repeat cycle. New owners of BTC pay the previous owners the original amount plus a premium.
These Bitcoins did not produce any goods or any service. They did not perform work. They did not pay dividends.
Here is where everyone will get mad: PONZI SCHEME.
Go ahead...try to deny it. I don't care anymore. I just posted this to prove that most people posting on this forum and probably the majority of Bitcoin holders have no idea how it works or where/how profits are made. Good luck explaining your way out of this one noobs.
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