Topic: The simple and undeniable reason why all cryptocurrencies will collapse - page 2. (Read 475 times)

Crypto currency is comparable to an asset where your money will work for you. It is being traded and speculated wherein people's faith determines its value which follows the law of supply and demand. It gives freedom to the wealth of the people. The future is already here and this technological advancement is the discovery of this century to transcend how we transact with our finances.

Again, the only thing this demonstrates is your willingness and desire to be coerced and forced by those in authority for the sake of perpetuating the myth that debt is somehow necessary.  If you need those things to sleep soundly at night, go right ahead and keep sucking at that statist teat.  

We don't want or need authority to function.  We don't want or need laws to function.  We don't want or need debt to function.  You, on the other hand, clearly need them, because your system is weak without authority, laws and debt.  We're stronger without them.  

If you tried to introduce those things to Bitcoin, it would actually diminish its function.  All it would add is bureaucracy, delays, cost and a controlling entity that would break fungibility and make it possible to block, reverse or otherwise tamper with transactions.  If not having any authority, laws and debt is the price we pay to have what we have, I'm sold.  

Thank you for your efforts in trying to "warn" me, but all you're really doing is convincing me that it's you who needs to heed the warnings.  It's your system that's under threat of collapse.  Not ours.  As soon as enough people realise they don't need to believe every lie they've ever been told to have an economy (all the lies you're repeating here, in fact), the time of national currencies is over.  It may take a few decades, though, sadly.

Well, if somebody refers to "Tulipmania" then you know how late it is...

I never looked at the crypto as money because it doesn't even have physical form to which I can hold in my hand. The money is different thing and we know very well when we have it physically held in our hands. The smell of it, the color of it and the whole appearance of it is just unforgivable and when you have it you know you feel confident about your survival. Crypto currencies are however very uncertain about the whole thing and they dont even have the stable value. So whatever this article is reading I just perfect one. I agree completely on this Galleli guy who made such assumptions about the cryptocurrency. We can have it to earn money however that is really different thing and we can know it from the whole scenario thats currently going on.

I am trying to warn people that "this time is NOT different" and that Cryptomania is just one of many such financial manias that victimized investors, from Tulipmania right up to Dot-com and beyond.  The difference is of course, that with the Tulipmania for e.g., you at least had actual tulips you could plant in your garden. With the Cryptomania you have useless numerical values.

It is up to you mate on whatever you want to believe in, but for some of us, we believe in this new technology and will be prior not to be too late. And may I ask if why is a negative person like you doing in a place like this?

There is nothing complicated about Ponzi scheme - once you enter into it by throwing away your tangible goods or legally binding instruments (fiat money), the only way for you to benefit from it is if someone else also voluntarily throws away their tangible goods or legally binding instruments.

On the other hand, one you receive fiat money on your bank account you have an instrument that borrowers are legally forced to use until all their debt is paid off. So, you are not dependent on someone's voluntary actions and sooner or later you will come into the possession of tangible goods that borowers are forced to sell to get money for their loan payments. That is why banking system is not a Ponzi scheme.

In the bitcoin system, are you dependent on someone's voluntary actions or is someone legally forced to use bitcoins?  Well, obviously the former is true. That is why bitcoin system is a Ponzi scheme.

Fiat Money?  Less than 10% of "Money" in terms of what people "think" is there; has actually been printed or minted.

Most modern economic systems are based on Fractional Reserve Banking where Money is as Fictitious and Non-Tangible as Bitcoin.

You think when you get you're $500,000 mortgage loan from Bank of America, that $500,000 Check actually has the cash to back it?

It's the same smoke and mirrors as cryptocurrencies.

Cheers!

Strato

the facts provided about the fall of cryptos are logical ones and in some point I do agree with you, in addition the vulnerability of cryptos regarding the speculation is also one of the main problems to fall and be labeled as ponzi scheme.

I don't think any one is really arguing that altcoins are currencies in the traditional sense, most people tend to believe they are assets and as such if they are successful their value should rise over the long term. Bitcoin is more similar to gold than fiat.

I'm more than happy for them to continue.  This thread is perfect, as was the last one I linked to earlier. 

Our response has been as robust as our network.  If the average person were to read all this, they'd recognise right away why Bitcoin needs to exist.  I commend this lunatic person for allowing us the repeated opportunities with every new thread to completely decimate their arguments about what makes fiat "work", thereby proving why Bitcoin is superior in almost every way.   

How pathetic is this dude to go through all this trouble to prove to a community of Bitcoiners that it is a Ponzi scheme. 

Take some time and look at his post history. He is not even hiding the fact that he is shilling & trolling against Bitcoin. If this

was any other forum, his account would have been banned or deleted. Luckily we know that Credit cards and Bank accounts

are just "digital" numbers on a private ledger, so they must be Ponzi schemes too... right. 

The mere fact that you desperately want all of those things to be "needed" is nonsense of the highest order.  Clearly we don't need them at all, otherwise this wouldn't all be working as well as it is.  I don't want my money to represent a system that needs all that centralised crap just to sustain itself and perpetuate the myth that infinite debt is the sensible way to go.  We've already proven beyond doubt that the real value lies in the very basis that we're fully self-sustaining without any reliance on debt.  Every single Bitcoin transaction is further evidence that it works.  

As for ownership, who cares what banks think I do or don't own?  It's none of their business.  Try to take away my ownership of my bitcoins.  Utilise all the contracts, laws, courts and banks you want.  Go on.  Try.  If it's nothing but faith that's keeping my ownership intact, take it away from me.  Show me how easy it is.  Bring to bear every single tool in your arsenal to demonstrate how laughable and worthless it all is.  Take down each and every node on the network who agrees with me that what I own is mine.  I'll wait.

The only way you'll be able to convince the other nodes on the network that I don't own what I own, is if you also manage to convince them they don't own what they own.  Hence, there's an incentive for them to preserve my ownership.

This is more than just faith.  This is consensus.

None of your arguments overcome this.

Of course, cryptocurrencies will never become money, because majority or almost all of it were never been issued by any government entity. You know money is also faith based, but we were forced by governments to have faith in it. So when the government collapse, so is there issued money. But cryptocurrencies, especially bitcoin will never collapse, as long as there is one or two having faith in it.

If its because of faith that bitcoin would collapse, then every other things that have existed or yet to exist wont have a chance because there is no separation of faith in human endeavor. A lot of companies are fighting so hard to keep peoples faith in the product they offer simple because the moment that faith starts diminishing, that is the end of the product. On the forum here, a lot of people have been popular at some point but later stops believing or have faith on the forum so they move on to something else. If the majority does not believe in the forum again, that is the beginning of the end. Why exactly do you think Facebook and Google stops ICOs its because of the fact that they want the faith to be solid.

However, its not only faith that keeps business floating and that is where you are missing it thinking bitcoin relies only on faith but something practical and possible which is the Blockchain that have proven to be one unique development that have not been seen before and that is why despite the opposition against bitcoin, Blockchain remained untouched and as long as that remains, it will always be an effort without action as bitcoin will continue to be in existence.

Means of exchange is changing with respect to time .in the BC age ,the means of exchange was trade by barter meaning if you need fish and I need rice am willing to give you my fish in exchange for rice.after that age it coins that was use to trade, that era also passed. I. Dispersation is currency note which we also use today.but am glad to let you know that internet have come to stay likewise bitcoin and altcoins is wat will replace currency note. The government can't fight technology .life is becoming more easier via the use of the internet and it paskages like crptocurrency.

Faith is an important thing, even God's existence depends on it.

Coming to money and finance, why is gold valuable ? Has it got some miraculous powers over other metals ? It is just because people consider it valuable. The final outcome you are predicting for bitcoins is that they will ultimately collapse. This may happen in future but it will be because of other powerful people wanting it to crash. It has already survived even after so much negativity for more than 8 years and the value had also been increasing consistently. I am still very much hopeful with bitcoins.

Guys, there is nothing complicated about either Bitcoin or its technology, that is why I used Galileo's saying. Bitcoin is a numerical value and this is so obvious that nobody can challenge it without being foolish. Bitcoin technology is means to transfer or store these numerical values, and this is also so obvious that nobody can challenge it. On the other hand, money is either a commodity or a legally binding instrument that originated from debt. The idea that some anonymous person can create money by brute forcing, transferring and storing numerical values is laughable. The fundamental feature of money is its ability to restore ownership rights that are transferred from tangible goods to money. That is why we have things like credit rating, collateral, foreclosure, laws, legally binding contracts, courts, banks assets, etc. All this things are needed for the creation, circulation and withdrawal of representative money and thus, restoration of ownership rights and the protection of money holders since representative money has ZERO intrinsic value. So, believing that sending empty numerical values over the internet has something to do with money is nonsense of a high order.

Why his sounds so familiar to me? Like I we'heard and seen similar stuff millions times before. And always in moment when the cryptocurrency market is mostly in red.
So predictable.
Everyone has the right to believe what he wants but using Galieo for such cheap interpretation is too much for my taste.

Cryptocurrencies have value because people think so, true, the same with fiat. I guess you would have heard about Cowry money or Rai Stones, in the same sense these empty numerical numbers are perceived as money/valuable by the crypto community. At that time the Island of Yap had no fiat system or any currency so they came up with Rai Stones and agreed to give it value and used it as a tool for trading goods and services. Now every country have their own monetary system/policies so today simply empty numerical numbers shouldn't make much sense or have value? Isn't it? There has to be something that makes it different/unique. It's the decentralized Blockchain technology and you don't want to refer to how a distributed ledger based peer-to-peer value transfer system has no utility, not including the unique properties of a few cryptocurrencies. There is value in the ability to save, move, or store numerical numbers in a decentralized, censorship-resistant, trustless, peer-to-peer system. Speculators will abandon when/if price of cryptocurrencies drop sharply, but the ones who believe in creating value in a decentralized environment, don't think would let the cryptocurrencies collapse soon.