Topic: The simple and undeniable reason why all cryptocurrencies will collapse - page 3. (Read 475 times)

As the saying goes there is no such thing as permanent in the world. Even our society has its end and everything in it including our fiat currency our current government will fade. If you read the history there are no kingdoms or dynasties even countries that will last forever they are in the end being destroyed as well as their currencies. Bitcoin and other cryptocurrencies like fiat will also have its time when it will cease to exist but not in my lifetime but possibly in the future.

This sounds remarkably similar to your last thread I saw, where there was a great deal of emphasis on "faith" being the primary driver and that faith alone wasn't sufficient.  It may well be true to say that in the hypothetical situation where every single participant lost faith in Bitcoin, it almost certainly would collapse.  Sounds perfectly reasonable.  But that's also true of every currency that has ever existed or will ever exist.  Maybe consider removing the "crypto" part from the title, then add the word "eventually" and I might even be tempted to agree with you.  

But for now and for the foreseeable future, it's difficult to envision a scenario where all the people across the world who have spent countless hours of their time and effort on Bitcoin would suddenly abandon it all.  Every day, more and more people dedicate their focus to improving and evolving this nascent technology.  We've recognised the advantages and we're not giving up.  We don't just believe the world will be a better place for our efforts, we know it.  People work tirelessly on this and will fight to keep it.  But the best part is, we don't really have to fight, because no one can easily stop us anyway.

If anything, fiat is the stuff many of us are losing faith in.  If you look around the world, it's the traditional currencies that are collapsing.  Nation states have begun their race to the bottom, where, despite being a race, there are no winners.  All the "legal ability", as you put it, in the world isn't going to stop places like Venezuela and Puerto Rico annihilating their own economies.  And I suspect others will soon follow, because they all chase perpetual growth at the expense of common sense.  So in a world capable of being that shortsighted and downright stupid, surely we're better off removing ourselves from such insanity?  We're simply going to sit back and watch them destroy themselves.  

When we talk about the value of X, we are not referring to the technology which is used to exchange, transfer or store X, but we are referring to the practical utility of X. If X is some tangible good, this practical utility is the ability of X to satisfies some human want or need. If X is representative money, this practical utility is the legal ability of X to restore ownership rights of some tangible goods. Bitcoin has none of these abilities, and thus it has no value - it is just an empty numerical value.
Bitcoin technology is simply means to transfer or store numerical values. There is nothing valuable is the ability to transfer or store numerical values. The whole system is just a modern day ponzi scheme.

Very well written argument! I am just surprised that you've taken the pain of creating a whole blog just to prove this point that cryptos are never money and will never be. So it clearly shows that you don't believe in cryptos and trying to infuse us with your belief. I agree with your one point, that crypto is a faith based currency without any inherent value in it. But doesn't the public trust has a value in it? Let it be intangible, but still it has a value.

When you go to a very nice restaurant and the restaurant serves you well, it creates a value for you. So you would want to go back to them and tell your friends to visit them because you were well treated by that restaurant. So the restaurant is creating value for you by serving you well and you are spreading that value to others because you believe that your friends will also get the same treatment if they visit that restaurant. Isn't it a faith based value you are creating for them? Same with the crypto currency. Here we are creating value for the crypto currency by believing in the technology.

Remember the entire market exists for the consumers only. Consumers are the main factor behind any product and services. If there is no consumer exists, probably gold will also not have a value. Today gold is valuable because we consumers believe in it, otherwise it is just a metal like iron.  

So crypto is no different. It can be intangible in nature, but it offers immense values to the consumers. Just to reiterate what Galileo Galilei once said, we haven't yet discovered the true potential of blockchain technology. Once it is discovered, it will be impossible to stop crypto from reaching the moon. Only a fool without any technical knowledge will compare Ponzi with crypto market. So I will gracefully ignore your argument and because it holds no value to me. Good day!

As you already stated, We need to discover, Well, as we all know, Bitcoin is the money of the future because of it's capacity to be use world wide. without having to convert it. People, specially user of this forum has a faith in this technology, because bitcoin technology really surpass all the manual money transfer the we do before.

I am not arguing whether bitcoin is designed to be a currency or whether it is adopted as a currency by millions of people. I have simply showed that bitcoin is not money because by exchanging tangible goods for bitcoin, people are abandoning their ownership rights of something tangible and end up with just having a numerical value that has neither value of its own, nor it represents legal entitlement (right) of its holders to some tangible goods like in the case of representative money. This makes bitcoin a ponzi scheme, and not money or currency.

cryptocurrencies in this context is limited to altcoins only and it is very true. nobody can argue that altcoins are even currencies because they clearly are not. some of them are designed to be currencies but so far they have not achieved the goal of any kind of adoption which means they have failed to be a currency.

but since the article does not clarify this little but key difference i am going to call it FUD because bitcoin IS a currency and it not only is designed to be a currency but also it is adopted as a currency by millions of merchants online and offline all around the world and every month hundreds of millions of dollars worth of transactions are taking place for the sole purpose of buying stuff aka using bitcoin as a currency. you can check stats like what BitPay is releasing yearly.

Galileo Galilei once said, “All truths are easy to understand once they are discovered; the point is to discover them.” Discovering truth about cryptocurrencies (cryptos) and showing that they are not money but faith based schemes that are bound to collapse, is the goal of this article. The first step toward achieving this goal is to explain why economic relations between people, where transfer of ownership rights is taking place, cannot be based on faith, and how, in that regard, cryptos differ from tangible goods and fiat money. After that, we will know what money actually is, and what it represents. Given this knowledge it will become clear why cryptos never were, nor ever will be money. The rest you can read here: https://cryptofraud.wordpress.com/