Why Do People Label Bitcoin as a Scam?

betswift

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Quote from: jcojci on Today at 05:41:29 AM

That is make sense because they don't like Bitcoin and even they hate it so they will still say bad things about Bitcoin. We don't have to care with them as they have their own choice so we can let them keep saying bad things about Bitcoin. While we only need to keep focus to our Bitcoin and accumulate more.

They don't want to open their minds so we don't have to bother explaining Bitcoin to them. Let them like that and they will amaze with what happen to Bitcoin later. We also don't have to waste our time to argue them because that will be no use.

Their choice, in fact - and to brag about it is to spend nerves that are really scarce nowadays.
I do think that people like that, big and small, will one day look at BTC differently - and it wouldn't be too late for them to try things out the other way.

Hewlet

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Quote from: Davidvictorson on December 12, 2024, 05:54:45 PM

That it has eventually favoured me doesn’t mean it’s not a scam. Infact he opined that it is unexplainable wealth. This human behaviour that is strange - skepticism persisting even in the face of its success. For me, the real scam is choosing not to understand Bitcoin and missing out on its potential benefits. Share your opinions.

if he invest in real scam, i doubt he will be able to take out a fraction of his capital let alone get the kind of profit he had by investing in bitcoin for the time frame he did. every one is entitled to his opinion and can choose to say whatever they want to say based on their ignorant or refusal to accept the truth or to even do further research into knowing some details that is associated with the thing that they are doing.

a lot of the people that once looked at bitcoin as a scam have changed their mind and have seen that bitcoin has done more good than bad to the society. the risk that is associated with bitcoin is also associated with other investment choice be it related to a physical asset or whatever asset you are considering. profit and losses are part of any investment choice and from all indication, the way people make profit from investing in bitcoin is not far from what is the case with how the effect of demand and supply affect the prices of the regular goods in the market. anyone that fails to understand the effect of demand and supply on the price of things and refuse investing in bitcoin just because of his ignorant, he should have just himself to blame and not expect that bitcoin be tagged scam just to support his ignorant.

jcojci

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That is make sense because they don't like Bitcoin and even they hate it so they will still say bad things about Bitcoin. We don't have to care with them as they have their own choice so we can let them keep saying bad things about Bitcoin. While we only need to keep focus to our Bitcoin and accumulate more.

They don't want to open their minds so we don't have to bother explaining Bitcoin to them. Let them like that and they will amaze with what happen to Bitcoin later. We also don't have to waste our time to argue them because that will be no use.

FortuneFollower

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Quote from: m2017 on December 15, 2024, 04:03:28 AM

Quote from: Davidvictorson on December 12, 2024, 05:54:45 PM

Why are people quick to refer to Crypto specifically bitcoin as scam? This person bought bitcoins worth £383 in May 2022. As at December 6th 2024, it was worth £1,000. This is over 161.1% increase. He withdrew half of it and said he wants to leave the other half. What baffles me is that he still went ahead to say, Crypto is still a scam. That it has eventually favoured me doesn’t mean it’s not a scam. Infact he opined that it is unexplainable wealth. This human behaviour that is strange - skepticism persisting even in the face of its success. For me, the real scam is choosing not to understand Bitcoin and missing out on its potential benefits. Share your opinions.

If this person considers bitcoin a scam, and he made money on this "scam", then who is he in the end? Scamer?

He just quickly (due to disbelief in this asset and fear of going broke) tried to make some money on bitcoin and he succeeded. His attitude towards bitcoin was initially negative (fraud) and even the profit didn't change this, which is not surprising. Because he invested in this asset without faith in the technology and financial asset itself, but only as a quick way to make money on a "scam-scheme" that, for now, can bring profit.

This is not a problem with bitcoin, but a problem with the perception of this person.

Yep. If a person put more time and effort into understanding Bitcoin from the point of its principles and technicalities - a person would never think in such a way.

Vishnum38416

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They may face sca ms from people so they don't always trust Bitcoin and altcoins..

arwin100

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Quote from: fruktik on December 15, 2024, 01:25:03 AM

Quote from: Rockstarguy on December 14, 2024, 10:13:34 PM

That's his problem. It is only someone who doesn't have understanding of what bitcoin is would make a statement like that, for me I think he invested blindly not even trying to about about what bitcoin is all about. I'm not surprise about the statement from him because their are some people who invest in bitcoin blindly, they don't really know what they are investing on but just choose to give a try to see what it can end up to be like. I believe he has a poor understanding towards bitcoin and it is expected of him to say such an ugly statement about bitcoin. I know some persons who invest in bitcoin they still have doubt, it can be an investment that will fail them. Only those who don't have understanding of bitcoin will see it as scam.

It is very strange that people still do not understand the meaning of crypto itself. Why was it invented and for what purpose? Maybe I should explain the essence to them and say that it is a modern electronic payment system that is decentralized? If someone asks me about Bitcoin and crypto, I answer this way. This approach is more understandable to people than abstruse phrases. For many, this information is easily perceived and is absorbed quickly enough.

Common for people doesn't have any knowledge or understand what they are talking about, since usually people will stick only on what they believe is true to them. If they don't know Bitcoin for sure they would say all those nonsense thing. If they would do some research and try to understand about what they are missing on for sure that they realize that he/ she is so wrong for those misleading information he digest from those bad sources.

I will not try to approach and explain something about Bitcoin from those hater since for sure that if they are close minded for sure their thinking or decision will not change, since people doesn't have knowledge provably will remain skeptical even if you presented some good information about Bitcoin to them.

m2017

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Quote from: Davidvictorson on December 12, 2024, 05:54:45 PM

Why are people quick to refer to Crypto specifically bitcoin as scam? This person bought bitcoins worth £383 in May 2022. As at December 6th 2024, it was worth £1,000. This is over 161.1% increase. He withdrew half of it and said he wants to leave the other half. What baffles me is that he still went ahead to say, Crypto is still a scam. That it has eventually favoured me doesn’t mean it’s not a scam. Infact he opined that it is unexplainable wealth. This human behaviour that is strange - skepticism persisting even in the face of its success. For me, the real scam is choosing not to understand Bitcoin and missing out on its potential benefits. Share your opinions.

If this person considers bitcoin a scam, and he made money on this "scam", then who is he in the end? Scamer?

He just quickly (due to disbelief in this asset and fear of going broke) tried to make some money on bitcoin and he succeeded. His attitude towards bitcoin was initially negative (fraud) and even the profit didn't change this, which is not surprising. Because he invested in this asset without faith in the technology and financial asset itself, but only as a quick way to make money on a "scam-scheme" that, for now, can bring profit.

This is not a problem with bitcoin, but a problem with the perception of this person.

Samlucky O

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Quote from: famososMuertos on December 14, 2024, 10:55:49 PM

You really have to understand that Bitcoin is "relatively" new in the world of traditional finance, so for many it still seems like a unicorn, but it doesn't matter what others think, especially this kind of individuals. In fact, there is always resistance in any technological situation that is not understood, but the worst thing is that there is no trust, consequently that is what has made it great among our niche of users, trust.

That's actually true, most people who label bitcoin to be scam are often those who are in traditional banking sector, whom are afraid that bitcoin is coming to take over or deprive them of their benefits or way of making money from traditional banking sector. Infact they label bitcoin as scam because bitcoin posses as a threat to them so they go around speculating that bitcoin is a scam. But of course that doesn't change anything from bitcoin growth, as a matter of fact bitcoin has made their efforts fruitless because it keep on gaining adoption and recognition massively. No matter how anti bitcoin try to tarnish the image of bitcoin the higher bitcoin grows. Some have even quit along the line of wrong speculation and start investing. Michael saylor was one person who never believed in bitcoin but saw bitcoin as an unstoppable revolution and he embraced it fully. Today everyone talks about microstrategy or Michael saylor and their investment strategy but never considered his negative attitude about bitcoin back then.

Kelward

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Quote from: Davidvictorson on December 12, 2024, 05:54:45 PM

Why are people quick to refer to Crypto specifically bitcoin as scam? This person bought bitcoins worth £383 in May 2022. As at December 6th 2024, it was worth £1,000. This is over 161.1% increase. He withdrew half of it and said he wants to leave the other half. What baffles me is that he still went ahead to say, Crypto is still a scam. That it has eventually favoured me doesn’t mean it’s not a scam. Infact he opined that it is unexplainable wealth. This human behaviour that is strange - skepticism persisting even in the face of its success. For me, the real scam is choosing not to understand Bitcoin and missing out on its potential benefits. Share your opinions.

Edit: He mentioned Bitcoin specifically because that was the cryptocurrency he purchased. It's him not me who is using the term 'crypto' and 'Bitcoin' interchangeably. If you need confirmation, you can refer back to the original story for context https://x.com/DrJoeAbah/status/1865108570557059505

It's understandable when people who have not invested and made profits from Bitcoin are insinuating that it is a scam because they don't believe that it's profitable to hold. But for someone that has gotten ROI after a few years of holding Bitcoin to still call it a scam is very unbelievable, some people just talk without knowing the implications of what they're saying. The man should be saying that Bitcoin is amazing, that it's an asset that is decentralized yet it has the potentials to increase in price. I've learnt not to take everything that people says seriously because some makes statements carelessly.

fruktik

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Quote from: Rockstarguy on December 14, 2024, 10:13:34 PM

That's his problem. It is only someone who doesn't have understanding of what bitcoin is would make a statement like that, for me I think he invested blindly not even trying to about about what bitcoin is all about. I'm not surprise about the statement from him because their are some people who invest in bitcoin blindly, they don't really know what they are investing on but just choose to give a try to see what it can end up to be like. I believe he has a poor understanding towards bitcoin and it is expected of him to say such an ugly statement about bitcoin. I know some persons who invest in bitcoin they still have doubt, it can be an investment that will fail them. Only those who don't have understanding of bitcoin will see it as scam.

It is very strange that people still do not understand the meaning of crypto itself. Why was it invented and for what purpose? Maybe I should explain the essence to them and say that it is a modern electronic payment system that is decentralized? If someone asks me about Bitcoin and crypto, I answer this way. This approach is more understandable to people than abstruse phrases. For many, this information is easily perceived and is absorbed quickly enough.

Luzin

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Quote from: famososMuertos on December 14, 2024, 10:55:49 PM

You really have to understand that Bitcoin is "relatively" new in the world of traditional finance, so for many it still seems like a unicorn, but it doesn't matter what others think, especially this kind of individuals. In fact, there is always resistance in any technological situation that is not understood, but the worst thing is that there is no trust, consequently that is what has made it great among our niche of users, trust.

Those who don't understand and tend to just hear from others are more likely to be like what you say. Or those who have been scammed by someone so that they lose money are likely to spread inappropriate news. So far I have more people talking about Bitcoin like gambling. So many people are reluctant to know more. But with the current technological advances, critical organizations should be able to study by conducting various studies to prove. But it seems that rarely people do that, if indeed they don't want to know.

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Quote from: Davidvictorson on December 12, 2024, 05:54:45 PM

Edit: He mentioned Bitcoin specifically because that was the cryptocurrency he purchased. It's him not me who is using the term 'crypto' and 'Bitcoin' interchangeably. If you need confirmation, you can refer back to the original story for context https://x.com/DrJoeAbah/status/1865108570557059505

This is just another human labeling them a "Dr." as considered "highest level of academic graduate degree" yet still lacking basic knowledge on the stuff they entered. He yet can't understand how bitcoin works and the gain he gets called it " unexplainable wealth" and then label it as "scam". I will understand if he's just a college graduate talking, but as "Doctor"? Nevermind.

How much more if he lost most of those £££, we will see a rage of emotions from him lmao.

ThemePen

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Skepticism around Bitcoin and cryptocurrency is interesting. Like you gave example person made a lot of money from Bitcoin they still think it is scam. This shows that people mostly stick to their original ideas even when they see evidence that contradicts them. Person might not understand how cryptocurrency works which could be why they do not trust it. Not learning about Bitcoin and missing out on its benefits might be real problem. People mostly fear what they do not know or believe wrong information or have bad past experiences. But it is essential to keep open mind and be willing to learn about new technologies and investments.

famososMuertos

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You really have to understand that Bitcoin is "relatively" new in the world of traditional finance, so for many it still seems like a unicorn, but it doesn't matter what others think, especially this kind of individuals. In fact, there is always resistance in any technological situation that is not understood, but the worst thing is that there is no trust, consequently that is what has made it great among our niche of users, trust.

Rockstarguy

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Quote from: Davidvictorson on December 12, 2024, 05:54:45 PM

Why are people quick to refer to Crypto specifically bitcoin as scam? This person bought bitcoins worth £383 in May 2022. As at December 6th 2024, it was worth £1,000. This is over 161.1% increase. He withdrew half of it and said he wants to leave the other half. What baffles me is that he still went ahead to say, Crypto is still a scam. That it has eventually favoured me doesn’t mean it’s not a scam. Infact he opined that it is unexplainable wealth. This human behaviour that is strange - skepticism persisting even in the face of its success. For me, the real scam is choosing not to understand Bitcoin and missing out on its potential benefits. Share your opinions.

That's his problem. It is only someone who doesn't have understanding of what bitcoin is would make a statement like that, for me I think he invested blindly not even trying to about about what bitcoin is all about. I'm not surprise about the statement from him because their are some people who invest in bitcoin blindly, they don't really know what they are investing on but just choose to give a try to see what it can end up to be like. I believe he has a poor understanding towards bitcoin and it is expected of him to say such an ugly statement about bitcoin. I know some persons who invest in bitcoin they still have doubt, it can be an investment that will fail them. Only those who don't have understanding of bitcoin will see it as scam.

mirakal

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For obvious reason, those who call bitcoin is a scam are those people who have never understood bitcoin in the first place. Even if they come to invest into bitcoin, but the fact that they aren't aware on how to grow their investment but just continue investing without certain goal, once they lose from this kind of investment, they will surely criticize bitcoin and resort calling this a scam. This is not new anymore, the more people who invest into bitcoin blindly, the more people who will call out bitcoin as a scam once their investment did not work as planned.

LDL

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Quote from: EFS on December 14, 2024, 05:56:48 PM

People can say scam about things they don't know. They heard about Bitcoin late, and when they realize they were late, they say it's a scam. They heard about Bitcoin at the time but wasn't interested in it, they had to watch the whole rise without coins in their hands, they say it's a scam. They didn't understand what Bitcoin is and didn't research it, they think it's a scam based on what they heard from the media and their environment. These examples can be multiplied. The important thing is not what people think. It is what you have learned, what you have added to yourself, your curiosity and research on technology, and knowing what you are investing in. Don't blindly defend or criticize something.

I totally agree with your opinion, especially in countries that don't know much about Bitcoin, the media in those countries spread negative information about Bitcoin, so the people of that country have a negative opinion about Bitcoin, and because of this, most of the people are against Bitcoin and promoted as a scam currency.
Especially if I talk about my country Bangladesh then such idea is right because the media and news papers of my country spread negative information about Bitcoin and as a result most of the people in my country think Bitcoin as a scam booster. Moreover, central banks in my country give wrong information about Bitcoin, so big entrepreneurs know Bitcoin as wrong platform.

EFS

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People can say scam about things they don't know. They heard about Bitcoin late, and when they realize they were late, they say it's a scam. They heard about Bitcoin at the time but wasn't interested in it, they had to watch the whole rise without coins in their hands, they say it's a scam. They didn't understand what Bitcoin is and didn't research it, they think it's a scam based on what they heard from the media and their environment. These examples can be multiplied. The important thing is not what people think. It is what you have learned, what you have added to yourself, your curiosity and research on technology, and knowing what you are investing in. Don't blindly defend or criticize something.

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Quote from: CryptoHeadlineNews on December 14, 2024, 05:18:31 PM

Quote from: Davidvictorson on December 12, 2024, 05:54:45 PM

Why are people quick to refer to Crypto specifically bitcoin as scam? This person bought bitcoins worth £383 in May 2022. As at December 6th 2024, it was worth £1,000. This is over 161.1% increase. He withdrew half of it and said he wants to leave the other half. What baffles me is that he still went ahead to say, Crypto is still a scam. That it has eventually favoured me doesn’t mean it’s not a scam.

Such statement, we ought to have known are attention seeker/grabbers, because it's obvious the individual O.P is referring to, might have said that to gain social media attention, knowing fully well that Bitcoin is never and can never be a scam, because majority of the people who still calls Bitcoin scam might be people who might have fallen victim to scam that claims to be Bitcoin. Why despite not been original.

I've thought about it and i think you're right cause for him to buy Bitcoin at the first place he already knows that it's valuable, if he considers it a scam i don't think he'll even want to spend that amount to purchase Bitcoin just to prove a baseless point, I've come to understand that most of these Bitcoin critics are attention seekers and even got lots of Bitcoin in their portfolio but pretend to hate it.

However i believe their are people who are still very ignorant about Bitcoin, maybe they've been scammed through other cryptocurrencies but then you'll see them thinking investing on Bitcoin is a scam cause it relates with Cryptocurrency, if only they know the truth, even the holy book says that people perish cause of lack of knowledge and that's what affecting those set of people but then a proper enlightenment would make them have a second thought concerning Bitcoin being a scam.

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Quote from: Davidvictorson on December 12, 2024, 05:54:45 PM

Why are people quick to refer to Crypto specifically bitcoin as scam? This person bought bitcoins worth £383 in May 2022. As at December 6th 2024, it was worth £1,000. This is over 161.1% increase. He withdrew half of it and said he wants to leave the other half. What baffles me is that he still went ahead to say, Crypto is still a scam. That it has eventually favoured me doesn’t mean it’s not a scam.

Such statement, we ought to have known are attention seeker/grabbers, because it's obvious the individual O.P is referring to, might have said that to gain social media attention, knowing fully well that Bitcoin is never and can never be a scam, because majority of the people who still calls Bitcoin scam might be people who might have fallen victim to scam that claims to be Bitcoin. Why despite not been original.

Topic: Why Do People Label Bitcoin as a Scam? (Read 626 times)