Why are some individuals hostile to Bitcoin? - page 7.

Shenzou

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Quote from: MrcMrc on August 17, 2021, 05:29:45 PM

For some time now I have constantly come across prominent individuals in society sponsoring hate speech against Bitcoin, most surprisedly These individuals either own traditional financial platforms such as banks and they are expected to be knowledgeable in investment and financial transactions and processes that seek to eliminate all the security challenges faced in the banking system through blockchain technology which give end-to-end encryption that guarantees a high level of security.

What are their motives could it be that they are just anti Bitcoin or attacking Bitcoin because it is a competitor that will soon push them out of business.

You answered your own question, most of the ones that are talking negative about bitcoin are the ones who have interest in its competitors, whether they are bankers or brokers or just normal people who have money invested in stocks, bitcoin and crypto has grown rapidly and they have became the number one investments, and since its volatile it is easier to make profit from it and that made people invest less in stocks and more in crypto, so thier only option is convince people that bitcoin is bad.

iTradeChips

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In my own opinion, basing on what I have observed and read in the past, the reason behind the hate is agenda. These people and corporations that are against bitcoin is not voicing their opposition because of the technology, but because they have their own self interests behind the opposition. Even though these people are billionaires and can easily participate in cryptocurrency, they might have vested interests in traditional investments and banking and don't want cryptocurrency to undermine traditional ways of making money.

Kong Hey Pakboy

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It's simple, they're ignorant and bitcoin doesn't align with their current beliefs and fundamentals that they were taught in their life so they have a hard time being accepting of new ideas. Plus, they probably heard the bad parts in bitcoin so they have a hard time believing that it can be used for good.

LimLims

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Quote from: MrcMrc on August 17, 2021, 05:29:45 PM

For some time now I have constantly come across prominent individuals in society sponsoring hate speech against Bitcoin, most surprisedly These individuals either own traditional financial platforms such as banks and they are expected to be knowledgeable in investment and financial transactions and processes that seek to eliminate all the security challenges faced in the banking system through blockchain technology which give end-to-end encryption that guarantees a high level of security.

What are their motives could it be that they are just anti Bitcoin or attacking Bitcoin because it is a competitor that will soon push them out of business.

Yeah OP, whatever the reason you stated it’s worth mentioning.
But i see something different in my side.
I have seen mostly old people who doesn’t understand the concept of Bitcoin and Cryptos hate it.
I know people have their own choices but it doesn’t mean what you don’t understand is always to be bad.
Moreover i have also seen people hating Bitcoins due to it’s anonymous feature.
Let’s see what the rest of the community says on this matter.

Desyationer

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Because I didn't buy bitcoins in 2011, and I could have bought 10,000 bitcoins in 2011, but I wasted money like a lot of people like me. Now I do not even have 0.0001 and I am afraid to buy now, because it may fall, it is not clear whether it is a peak or there is still a flight ahead.

Dhaniii

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Quote from: MrcMrc on August 17, 2021, 05:29:45 PM

For some time now I have constantly come across prominent individuals in society sponsoring hate speech against Bitcoin, most surprisedly These individuals either own traditional financial platforms such as banks and they are expected to be knowledgeable in investment and financial transactions and processes that seek to eliminate all the security challenges faced in the banking system through blockchain technology which give end-to-end encryption that guarantees a high level of security.

What are their motives could it be that they are just anti Bitcoin or attacking Bitcoin because it is a competitor that will soon push them out of business.

it could be that with the presence of bitcoin a lot of rich people no longer keep money in the bank, in general they start investing in bitcoin, so the level of bank financial hoarding has begun to decline. because one of the tasks of the bank is a place to hoard people's money. the second may be people who hate it because they want to join bitcoin but are stuck in the bitcoin growth system.

Tessnik

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Quote from: Samandra on August 18, 2021, 02:07:49 AM

I have a similar opinion with you on this, there are two classes of people in this 21st century era those that understand the technology and are taking advantage of it and those that are ignorant of the advantages of technologies such as bitcoin and blockchain technology. the bank will never support bitcoin or decentralized financial technology which is possible through the blockchain.

Samandra

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Bitcoin has a certain technical threshold, so it will be more difficult to be recognized. In the information age, this difficulty will soon be eliminated by those who understand technology through learning, so there will be two people who have completely opposite views on bitcoin. One believes in Bitcoin, the other does not understand the basics and firmly opposes bitcoin.

For many government agencies, bitcoin reduces their interests and challenges their fundamental value system and the foundation of survival.

noorman0

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[Nope]No hype delivers more than hope

A person's sentiments are largely influenced by socialite factors. If that person is in an anti-bitcoin environment, the doctrine that will be accepted every day is negative information. Moreover, the environment can clearly give the description that bitcoin will threaten business or life.

Speaking of bankers, the decentralized financial system is very difficult to control. Bitcoin implicitly wants to eliminate 3rd parties (middlemen), of course we know who is the most conspicuous intermediary in traditional finance. Bankers may be able to adopt cryptocurrencies, but blockchain basically includes all the banking features and some of them that customers want are against banking system.

flip4flop

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Much of the hate comes from a general lack of understanding or a perception that the hype makes it just a meme that is worth nothing. In the boomer's eyes if the price can rocket up 40% on a tweet from someone it's not something to take as aserious investment. From that standpoint, it does make it harder to push adoption if you have 10-20% swings in something that is supposed to be a type of currency. On the flip side if the governments end up controlling too much it will just end up like another trading item on the FOREX market that is controlled by large instititutions. It is hard to want either of those outcomes.

Wexnident

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Can be any reason tbh. It's kind of hard to specify why others "hate" on Bitcoin since there are a multitude of reasons possible, but the simplest explanation for the hate is that they simply don't agree with what Bitcoin is. Simple as that. It may be due to the number of scams that have happened due to it (stupid reason yes), its volatility aspect, its decentralized aspect etc, all of those can be summed up by what I said earlier. They may or may not understand it at its core, but nonetheless, they refuse to accept it as it is and honestly, there's not even a reason why we should bother to know why someone hates something. That's just how humans are, they hate something cause they hate it, like cause they like it. Even explaining stuff wouldn't work, even people who understand Bitcoin could hate on it after all. Agree to Disagree.

bbc.reporter

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People who are hostile to bitcoin are those same people who did not understand it, did not invest in it or do not consider it to be a technological innovation. There are some people who have begun to understand it but have also begun to support another coin more vocally hehehe. Is this support hostile to bitcoin?

Mark Cuban says dogecoin is the ‘strongest’ cryptocurrency as a medium of exchange

“It’s a medium that can be used for the acquisition of goods and services,” Cuban tells CNBC Make It. “The community for doge is the strongest when it comes to using it as a medium of exchange.”

In April, Cuban tweeted that dogecoin is the “one coin” that people actually use for transactions, though he has previously said that ether is used as digital currency too.

Source https://www.cnbc.com/2021/08/13/mark-cuban-dogecoin-is-the-strongest-crypto-as-a-medium-of-exchange.html

RILWAN

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Quote from: Hamphser on August 17, 2021, 05:38:00 PM

Quote from: MrcMrc link=topic=5355115.msg57720351#msg57720351 date=1629239385[sub

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specially the government itself.Everything which isnt centralized is really not their taste.

You could really expect those negative thoughts and words against bitcoin and honestly im not really surprised into those after all the years we've been here.

The primary reason there is so much hate for bitcoin is because, most of this bitcoin haters have not really taken they time to study and understand Bitcoin, another second factor why some people/government kick against bitcoin is they inability to control bitcoin as they control the faint currency government can never welcome what they can’t control or regulate.

pooya87

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The reasons are different for different people.
The banksters and generally speaking those who feel threatened by bitcoin's existence are usually at the front line of the hate speech against bitcoin. They are afraid of suddenly becoming obsolete the same way steam engine made a lot of jobs obsolete.
There are also another big group that are at the front lines who are those traders who lose money when bitcoin price goes up. For example those who had short positions worth a lot of money that made them go bankrupt just because bitcoin price went up. So now they wish to bring the price down by their FUD to cover those losses.

so98nn

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I think the comparison between two systems, that is traditional banking and the newly developed blockchain based tech should be off the table by now. I think all of us should get that it's impossible to replace the entire banking system at this point considering how they have been deep rooted throughout the world, with millions of employees working to keep the system active and banker running.

This fact can not be changed now. They could use the blockchain as their platform to run the secure operations but that could take up another level of programming to shift.

So let's accept that we live in modern world with "choices". If you love banking then be a banker, if you love crypto, then be "crypto-er"

MIldic1c

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For most people, there is no ability and energy to evaluate one thing in detail. Even if there is, it is from a different standpoint, so the conclusion is different. Those who stand on the opposite side of Bitcoin will naturally choose to criticize Bitcoin, because Bitcoin is Development should affect the development of their fields. The emergence of new technological innovations will naturally have an impact on traditional industries. This is normal, but for them, Bitcoin is a competitor and will naturally not support Bitcoin.

Roy Asher

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One of the major goals of Bitcoin is to become a new currency in the digital age. Bitcoin is now accepted in more and more fields, and the transaction attributes of Bitcoin itself and its potential for value-added are sought after by many new generations of investors. But Bitcoin is not under supervision. Compared with banks that are strictly regulated by the government, they have a strong competitive advantage. This is the reason why banks are the most nervous. Once more people start to hold and accept Bitcoin and use Bitcoin for transactions , It will make the flow of funds outside the banking system a big blow to the banking industry.Therefore, it is very common for bankers to oppose Bitcoin. They will stand on their side and stand on the same front with the government. No one will choose to lose their own interests.

Dave1

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Quote from: MrcMrc on August 17, 2021, 05:29:45 PM

For some time now I have constantly come across prominent individuals in society sponsoring hate speech against Bitcoin, most surprisedly These individuals either own traditional financial platforms such as banks and they are expected to be knowledgeable in investment and financial transactions and processes that seek to eliminate all the security challenges faced in the banking system through blockchain technology which give end-to-end encryption that guarantees a high level of security.

Who are those individuals? I reckon that they are the old and traditional fart investor.

Yes, and that's why they hated bitcoin or crypto for that matter, because they are bankers, and they view bitcoin as a threat rather than an alternative to the current financial system. Of course, they would love to take advantage of blockchain technology, but bitcoin itself? Nah.

Quote from: MrcMrc on August 17, 2021, 05:29:45 PM

What are their motives could it be that they are just anti Bitcoin or attacking Bitcoin because it is a competitor that will soon push them out of business.

Simple, they don't want to be disrupted, they have been in the business for centuries and they are making money that way.

Ausgewielt

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I saw so many people become poor in America because they play bitcoin. I mean they consider bitcoin as gambling tool, this is very bad. Those people become very poor and sleep on the street at night in cold. This is a big mistake that done by them, this can be bad advertisement for bitcoin. Maybe those people who against bitcoin are saw those people who sleep on the street. However it is not bitcoin fault. People responsible for themselves, as far as I now gambling is always make people poor. In my opinion, if we want to invest in bitcoin then we should not consider it as gambling tool, we should have knowledge about cryptocurrency that we will buy. There are many people who doing day trading only based on luck, it is gambling. I think gambling mostly make people become poor. Bitcoin is not a gambling, I consider it as a currency and investment, I always get profit from bitcoin only by holding it. What I did is buy and sell in correct time.

Tim-BTC

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When human beings criticize what they don't understand, they always seem ridiculous.

How did those who conditioned their reflexes and said it was a scam when they heard about Bitcoin come to this conclusion?

Can they discuss the process of the agreement from a technical level?

Can they explain the application of BTC from the transaction level?

Can they predict the impact from a personal life perspective?

Or can they explain the significance of the public chain to the country from the perspective of GDP more broadly?

In the end, the opponents just have no respect for professionalism and no learning spirit. They googled some concepts and thought they had mastered the truth of the universe.

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