Topic: Why Do People Label Bitcoin as a Scam? (Read 634 times)

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.

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.

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.

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.

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

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.

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.

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.

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.

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.

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. 

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.

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.

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 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.

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.

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.

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'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.

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.

It is obvious that in 2009 bitcoin was introduced many persons kicked against Bitcoin that which come will be used as a fraudulent activity or fraudulent act, so those people who has such mentality is this praying the news that bitcoin is a scam but people who has tested bitcoin by investing in Bitcoin and they also make a profit in Bitcoin continue to resist such claims that bitcoin is used for scam, it is clear and the understanding that the essence of having Bitcoin is to make easy intercontinental transactions so with the existence of Bitcoin the possibility of making transaction from one country to another has become less stress so that is why bitcoin will continue to have enemy because some of the government officials from different continents best Bitcoin as a method of committing a money laundering from one country to another but that is a false information which doesn't have evidence.

The person needs to answer some question, personally I have a lot of questions to ask concerning bitcoin in relate to scam in his condition. The whole accusation is surprising and as a matter of fact he gained such profit yet talked bad about bitcoin. Bitcoin choice is optional, if anyone should call bitcoin a scam I mean they might have encountered something bad due to carelessness. This is not the first time I’m reading such from the internet but, why should anyone buy and hold what they think is a scam indirectly he’s calling himself a liar.

The set of people who see bitcoin as a scam are those who involve themselves in bitcoin without a full knowledge of how the coin works and  rush into investing because they have seen their friends succeeding from bitcoin they just feel like is a bed of roses you don't just rush into investing without knowing nothing about it at first I thought same but with time I come to understand more about the coin which has helped me so far

Seriously, I don’t even know what to say, but the post is just kind of surprising to me. After the person made money from bitcoin, he insisted that bitcoin is still a scam, seriously the person is just surprising, and maybe he doesn’t even know what he is saying. Since bitcoin is a scam, why did he even invest in what he knows is a scam? One of the question that I will even ask is why did the person think bitcoin is a scam? Maybe he will have some reason for calling bitcoin a scam even after making money from bitcoin.
 
People like this just follow what other people say about bitcoin blindly, but for him to have invested in bitcoin, and he was able to make a profit, then he should know the truth about bitcoin already, or maybe he should do more research about bitcoin. Maybe if he hears something bad about bitcoin, then he should do his research before concluding if bitcoin is a scam or not.

He basically said it because he didn't understand and didn't fully understand bitcoin so he made such a statement. He even said in his next tweet "Crypto is still a scam. Even though it ended up being profitable for me, it doesn't mean it's not a scam." This is very strange, he has been profitable but still remains skeptical of bitcoin. Actually, people like this only really study bitcoin in depth starting from why bitcoin was created and what bitcoin was created for. Because people like this are indeed stubborn, even if they are educated they will still learn it from the beginning in principle.

Although we all here know that Bitcoin itself is not a scam. Bitcoin is a digital currency and is used by many people around the world. Even with Bitcoin, you save assets from inflation. However, there are indeed many scams circulating that use Bitcoin as a cover to deceive people. but, Bitcoin is indeed safe, you just need to be careful of the scams that may be associated with it.

So, from my point of view, Bitcoin is indeed worth buying. However, don't buy it because you are afraid of losing money. Learn first. Bitcoin in the future will become a currency like in El Salvador because of its increasing demand and also a lot of support from big companies and its rapidly growing community.

I'd say it's because of this reason. One, I think he's going to spread false information for fud mainly for him to be able to gather more bitcoin especially this time exchanges supply is decreasing due to many people buying even those who have lots of money acquiring more. Second, if he thinks bitcoin is a scam when why would he leave half of the bitcoin he have and not sell all of it?. I'd say he has some knowledge about bitcoin so if it were me and think bitcoin is a scam then i would have sold all of bitcoin I have rather than keeping half of it.

I could remember few years ago when many people always think that Bitcoin is a scam because there are so many criminals that are using Bitcoin for their illegal activities making the government keep an eye on Bitcoin users think they could be one of the scammers. The current adoption of Bitcoin has made it obvious that Bitcoin is not a scam. Many companies and banks are now putting money into crypto buying more of Bitcoin because they know that it's another quick way to make money from Bitcoin investment. Jus imagine people that bought Bitcoin and kept it many years ago, by now they will be in massive profits which why we need to learn the habits of investing in the future.

Reading through the posts I think I will retreat from even calling him gullible or even being ignorant this man seems learned and to me I think he knows exactly what Bitcoin portrays that’s why he even later on separated bitcoin and other crypto as junks what I see here is a man who has fud bitcoin in the past and his currently not going to retrace his statement about that. He just simply wants to stand on his fud motion and that’s what I think bitcoin will continue to prove wrong.

He certainly knows the asset he has and its potential and believe me he will not sell all and might even stack more. We have seen many of his kind in the past and they ended up been bitcoin maximalist

The guy lacks something that we have: trust and knowledge. Trust, for not having a feeling of security just because he doesn’t fully understand the technology behind Bitcoin. Knowledge, for not recognizing how Bitcoin works as a decentralized, scarce digital asset that thrives on transparency and mathematical rules. It’s fair for him to remain cautious, but labeling Bitcoin as a scam despite personal success reflects a deeper hesitation to engage with something disruptive and unfamiliar. Education is key to overcoming this mindset.

Uneducated, ignorant, financially illiterate people don’t like Bitcoin. Sometimes if somebody doesn’t want to get to understand something then they will just blindly disregard it. I don’t think anybody who spends time researching Bitcoin properly will ignore it. The problem comes when people are unwilling to open their minds to innovation & change. Still, this is not our problem. Let them have fun staying poor.

Reason could be


Lack of understanding of Bitcoin and cryptocurrency
misinformation about Bitcoin
They just hate Bitcoin and thus have to tag it a scam
People has been scammed several times on internet in the name of Bitcoin investment.
People that did ponzi and lost money they don't want to understand or hear anything pertaining digital currency, Because Bitcoin is the most popular cryptocurrency out there.

There is a preconceived opinion that people have about Bitcoin and cryptocurrency that have been plastered to their mindsets because of the negative stories that they have mostly heard from people who have been victims of bad people in cryptocurrency. I would have probably had that kind of opinion of bitcoin or cryptocurrency if I was not introduced to it by someone who did not have a bad intention to scam me, but the intention to help me on my quest for financial independence.
Maybe we should start sharing more of the positive experiences and stories about cryptocurrency to people outside this forum so that at least they know that there is still some positive things happening with cryptocurrency and not the negative news that they are always quick to hear. It will help in shaping their opinions.

So we have a guy who even after booking profit says BTC or Crypto is scam! He must have other source of income where he has to work his ace off and the money he made from here was not of that much stress maybe that's why he called it scam. There are people who had this mindset that they want to work for an hour for $10, but they don't want to make $10 profit from 10 minute trade. (In spot)

This mentality cost them a fortune but it's their mentality, and somehow they even make a living with it too as all five fingers cannot be the same and then their comes diversity too which means every person has their own POV. But this still really awkward to say, maybe he is trying to create cringe content to get some more followers.

I will see this as misleading information and he may just be saying it for mockery on those that are yet to adopt it and they keep calling it scam. His behaviour is very cunning because it’s unusual that you make a lot of profit from an investment and still call it a scam. He went to the extent of withdrawing some part of it and left the rest to grow more in worth and still call it a scam. This is very unbelievable and it may be that he’s just trying to get an attention and not really meaning what he has said about bitcoin. In the face of many that have called bitcoins scam in the past, more than 50% of them have no reason now to call it a scam after seeing the potential it possesses and how valuable it have become for those that have adopted its use over the years now. It is better to focus on the winnings he has made and neglect the misleading information he’s still spreading about bitcoin even when he has made a lot of money from it.

That's actually human behavior,  you can't really change people on how they feel or think about something. Some  people are always negatively minded about something even when they know the truth they keep hiding it. They do it to the extent  they keep critizing it when they are profiting from it. But I hate pretender.  but anyways weather they like it or not bitcoin must surge higher. Just that many people who label  bitcoin as scam are not well knowledgeable about bitcoin and how it work,s  so they think it's some myth beyound human emagination.

There are a lot of those people without a doubt. There are literally millions of people who do not understand what bitcoin is, and how you could make money from it and what the market is and they are just making up assumptions and saying some lies without realizing it, or some say it knowingly.

The latest I heard was from some right winger who said "jews are behind this bitcoin thing to take your money", and I held myself from laughing on his face, I mean I always knew that racists were always people who were dumb, there is no debate about that but I didn't know they were this stupid lol, or maybe I just met the bottom one. In any case, there are a lot of people who have no idea, read some stupid stuff on twitter, and actually believe it.

Third, they fail to make a profit and only experience losses because they do not study Bitcoin and its traces so that when the price of Bitcoin falls or is being corrected, they sell at a loss because they panic. And this causes them to feel disappointed because of their own stupidity and assume and spread that Bitcoin is a scam.

Just ignore people like that because there are still smart and intelligent people who don't care about what they say, and will find out the truth and those who doubt and believe that Bitcoin is a scam will regret it one day and this is for sure.

And the hardest thing for people who have already said that bitcoin is a scam is because they are embarrassed by their own words and then slapped with the opposite reality. It doesn't matter, we need people like this to be a reflection that out there people are starting to deny the facts in order to defend themselves from their mistakes. Lol

Labeling Bitcoin as a scam only has 2 categories:
First because of ignorance and
Second, he already knows about bitcoin and has felt its benefits but is ungrateful and has no shame.

These types of people will always exist in reality. But it's our job to ignore them. They do not understand how Bitcoin works and hopped into in buying Bitcoin just to make a quick profit. Do not worry!

If Warren Buffett couldn't do any damage to the Bitcoin ecosystem, what a common person will do? These kind of words do not really impact anyone I would say. These are personal opinions and doesn't make any sense! Just ignore!

They doesn't have good knowledge for sure, or if they do, they don't like to acknowledge that Bitcoin is unique asset. But perhaps that uniqueness of it people label it as a scam. If there is something new the first reaction is that they resists it because they don't want change.

But for us who embrace that change and invest on Bitcoin and has been at least 2-3 halvings already, the more we stay the more we understand how it works and how we can take advantage of it and make profits. And most likely this is what those skeptics doesn't want to accept as they could be late in the party.

It's quite understandable to say that some altcoins are scam but saying that Bitcoin is a scam means the person doesn't understand the matrix of Bitcoin investment and profitability because for him to say that profit from Bitcoin is not defined for him, that means he doesn't have proper knowledge of the crypto market. If he has a good knowledge about it, he would know it has to do with demand and supply and price always spike during bull season owning to the halving event and deman increase.

Hater is going to hate.
Let him stay in his bubble and rumble.
We, on the other hand, have better matters to attend.
 

He is a skeptic one for sure, but he might distrust Crypto in general but Bitcoin. Although, it seems like he distrusts Crypto and openly talk about it, he is still here for the profit through Bitcoin as he might have seen it as the safest Cryptocurrency, but the way he delivered it sounds like an ignorant, the result of this caused him to sound like a naysayer, just ignored him like how he ignore the need to do more study on technology behind Crypto, don't let a naysayer to intimidate us.

These people don't know the facts presented to them by their surroundings probably and they wouldn't want to dig deeper - why bother?
For them, they are right in all the regards - and they wouldn't even consider digging a bit deeper.

If I meet that person, I will suggest him to sell his crypto and leave it without think to invest again. It seems he doesn't want to learn more about crypto and easily says that crypto is a scam.

Well, I already met a person like him who says bad things but I don't take it seriously. I know that is because he doesn't know the truth about crypto especially Bitcoin.

He should be grateful to see his achievement in making a profit from Bitcoin. It is not good if he says that in public especially if he is a doctor who should be more educated than the people around him. But if someone can not learn more than others, he does not deserve all of his achievements.

It is better to leave him with all of his says because he doesn't want to open his mind and see the reality of his profit. Other people may not get the profit like him so he should be happy seeing that.

Any space has scammers and not-so-good projects.
And just like any space - it has its heroes, in our case, BTC especially.
If people don't want to learn more about crypto or BTC - it's their loss, and it's unfortunate because the possibilities are endless here if you have the resolve and crave knowledge.

He thinks it works like a Ponzi scheme and MLM type of thing where the early investors make money and then people who join late become the victim of that scam. Probably he thinks this is how Bitcoin also works and Bitcoin is going to be zero someday. In this sense, he might call Bitcoin a scam because he does not know how it works. So, please don't count words from noobs.

Bitcoin will never going to be zero. The market will go up and down over the time because of it's nature. But I don't Bitcoin going to be zero because there will be always some investors who will buy the DIP. Now the government and the big companies already joined the party. So, whoever think Bitcoin is scam, keep dreaming.

Some people try to separate bitcoin from cryptocurrencies but the reality is that bitcoin is part of the cryptocurrency industry so if someone says cryptocurrencies are a scam, they are probably referring to bitcoin too.

I do not deny that the cryptocurrency market is full of scams as it is an unregulated and relatively new market. But I disagree saying that crypto is a scam because there are also projects that exist and are developing seriously. Like many people call gambling a scam because there are also a lot of scams that happen in gambling, but as a gambler do you agree with this statement? Obviously you would also deny this statement and assume that they know nothing about gambling. Similar to cryptocurrency, it is not a scam.

Never heard about the guy, but it seems that it's becoming a trend to reevaluate some principles in people's minds once BTC hits something big.
Imagine their faces when it reaches one million after all the fud, hate, and misconceptions.

Surely, anyone can read, learn, and start understanding BTC better to get something out of it - a set of ideas, a dream, a tool for investing, and so much more.
The only thing in question would be the dedication you would need to achieve what you would want.

Did you see where the person also posted that bitcoin or crypto or which ever it means is unexplainable wealth? Which means he did not know what bitcoin is. He did not know if it has limited supply and also he does not know what is driving the price up after a long period of time. He called what he did not know a scam which is definitely wrong.

Bitcoin is frequently labeled a fiddle due to its association with fraud, extreme price volatility, and its ignorance to those used to traditional fiscal systems. Indeed individualities who benefit from it, like the one in the story, may still mistrust it, reflecting fear of the unknown and cognitive conflict. While dubitation is valid, dismissing Bitcoin entirely ignores its growing mileage and eventuality to homogenize finance. The real issue lies in refusing to understand its nuances, which could lead to missed openings. Education and critical thinking are essential for a balanced perspective.

You don't have to take these people seriously. They've made some profits? good for them and still call Bitcoin or crypto as a scam? that doesn't matter. We've been hearing it from so many people in the past, big and small ones that have called it as a scam because of the nature of internet money has been not so new to them that it's been used by scammers. It's funny that someone has made money from it and probably thought of it as a networking that they've earned from other people's money for which technically is right and that's the same with the stock market and other financial markets where other people's involvement is a huge factor.

He was skeptical, but now his bank is already pro-Bitcoin. He’s not the only one who started off doubting; others have changed their view too, especially as more big-name investors have jumped in. Still, when it comes to those big corporate bosses, who knows if they’re being honest? They might just be stirring up FUD so they can quietly grab more for themselves.

But from a regular guy’s perspective, his dislike for Bitcoin feels genuine. That’s normal, though, not really something worth making headlines over, lol.

Jamie Dimon is a classic liar!

What he said repeatedly and what he did are completey different. He said many times as "Bitcoin is a fraud" and in the end, his company JP Morgan Chase opened its gate and provided many services, products to Bitcoin and cryptocurrency users.

The report from BitWise has information on Crypto Adoption by Institutions and it contains information to debunk Jamie Dimon's lies.
Bitcoin is a fraud
JPMorgan to give all wealth clients access to crypto funds.
All the times Dimon may regret..

He was probably expecting a 100x return, but it didn't happen, so he got disappointed and called Bitcoin a scam.

It all started with him seeing Bitcoin as a Ponzi scheme, or maybe whoever taught him just gave him the wrong info. Damn, as if we were born yesterday, you know how it goes, you can’t satisfy everyone, and that’s Bitcoin. of course, it has haters and it has supporters, but the best part is it has way more supporters than haters. That’s why Bitcoin will keep thriving, and so will the people who believe in it.

It helps to know who those people are and know a little about their background. Like when Jamie Dimon calls bitcoin "fraud", it helps to know that he was the CEO of a one of the most corrupt banks in the world called JP Morgan Chase.

With a quick search about this "doctor", it appears that he is somewhat of a politician who has worked with the government of Nigeria. In Nigeria bitcoin was banned until last year, and the ban was lifted by the government only to tax it and create revenue because they realized their ban has not worked and Nigerians have been using bitcoin ignoring the government's ban all this time.

It is clear from the tweet you shared as well that the government is interested in the tax revenue so its employees like this guy, also share that mindset that bitcoin is just for profit making.

So you can expect the "doctor" and "political economy analysis" to still follow the mindset of "bitcoin should be banned because it is scam" narrative.

Whatever explanation, this saying from that investor is misleading.

Bitcoin and cryptocurrency are not same terms, and Bitcoin is not scam, but there are thousands of cryptocurrency are scam. It's right to say most of crypto projects are scam.

That investor has broken mind, he got profit by investment in Bitcoin, and say it is scam, that's good. He can turn to invest in things like gold, stocks and come back to say how do he think about these things.

How many cryptocurrencies failed?

The man is a doctor. He must be capable of learning. So, it's either he is lazy or uninterested to learn Bitcoin or he learned about it but wasn't convinced.

People labelling Bitcoin as a scam aren't necessarily ignorant. It's possible they simply aren't convinced of the technology. They find no value in it, and for many reasons. Some of them may be thinking such a technology can't really function as a currency. Some are probably convinced that the current monetary system that we have today is the best. 

For these people, the price of Bitcoin or profit they get from it doesn't matter. Taleb, for example, would remain against Bitcoin regardless of the price.

I can only wish that we're like them in some sense, that we, supporters of Bitcoin, are truly convinced of the technology and stick with it despite its market performance. Unfortunately, however, it seems many Bitcoin supporters are more ignorant than Bitcoin critics.

so many skeptics are ignorant, and bitter. people like to believe that they are right, despite the fact that bitcoin has been climbing up and breaking ATH by ATH but these people just want to believe that BTC is scam just because they've been holding onto this belief for too long. do you know that there are people out there who believe people getting rich from BTC just an illusion and think BTC can't be converted to any other asset such as fiat and gold despite there's trading volume that amounts to billions everyday? trust me there are many.

i personally have seen too much people shitting on BTC where they don't even accumulate wealth as much as those BTC holders, basically average joe shitting on rich chad, pretty funny sometime.

Pure ignorance and unwillingness to do personal research and financial management. In my country, whenever there is BTC pump, there arises many 'new' startups promising sky high returns. Basically charlatans selling shovels. People believe these stories and put their hard earned money for 300% gain over weekend and get scammed. Thus, it gained a bad reputation (among the ignorant).

In the midst of genuine projects like Bitcoin and all other altcoins, unfortunately another parallel world of scaming schemes exists that promises people fast paying investments especially on social media platforms like Facebook,  Instagram etcetera...and I think this is done by misrepresentation  of BTC as they use some of its success stories to sell their products and in the end it gets labeled 🏷  to be a scam altogether as innocent people don't get what's promised and lose their initial capital too..

Where's the confirmation? I only see "crypto wallet" not each coins he bought.

I will give the confirmation, you're wrong @OP, he bought Bitcoin, Terra, Joe and Shiba Inu. Only Bitcoin perform better than other coins he bought, he also distinguish between "Bitcoin" and "junk".

Most people will call asset or something is scam when the value drop.


https://x.com/DrJoeAbah/status/1856409653376135253

He said crypto scam not Bitcoin, so for me that's different and I'm with him said that crypto is scam because mostly scam, only little part exist with clear development the other just to raise money.
People think that investments that provide big and fast profits are usually scams because they don't know clearly how the Bitcoin market works.

Well, it's his opinion and anybody on the internet can say anything that's on their mind even though in fact, they know deep inside of them that it isn't a scam.

I can say that Bitcoin's a scam, or Bitcoin will go to 0 like Dan Pena is doing. I can also say that Bitcoin will not reach $100,000 in the next bull run if I want to, but of course I don't mean it. It's the same with that person. He bought some Bitcoins and made money from it, but still, he still calls it a scam. Maybe he doesn't understand what Bitcoin is and he just bought because he saw a random person online making money on Bitcoin hence, he invested on it as well, and didn't care to learn about it.

Humans in general is strange. TBH, I'm not bothered anymore if somebody calls Bitcoin a scam. With where it is right now, the only ones that call Bitcoin a scam are those close-minded people and those who don't even know what Bitcoin is.

They do because they don't understand it.  I found bitcoin sometime back in 2013 or 2014, one or the other.  I wasn't scared to hide the fact that I was researching this new technology and as I sat on the trade desk at a very large financial institution I read "Mastering Bitcoin" and oh boy did I take a lot of shit.  But they thing is those who always gave me shit, had no idea how bitcoin worked.  I always ask them one questions.. "what's the blockchain?" When they couldn't answer I'd lecture them on doing their own reserach.

Those are shitcoiners and should not be taken seriously and those set of people should not be given any chance to mislead newbies with they negative perception about Bitcoin despite the fact that they have benefited from their Bitcoin investment and taken profits with remaining investments in Bitcoin to keep growing he still went ahead to tarnished Bitcoin image among unsuspecting newbies who may get deceived by this his way of reasoning I term such people as hypocritical minded people because you still biting the figures that feed you, and I dont know why those that lack basic knowledge about Bitcoin are always quick to make such concluding statements about Bitcoin being scam.

The best thing to do with this kind of people is to make sure you place them in ignore list and never try to convince them in any ways, because for the best of their own knowledge, their suicided in blackmailing Bitcoin in public but went behind to still invest in Bitcoin, and taking gains from they investment.

Another thing is that, those that call Bitcoin scam in public and still invest in Bitcoin in the secret are those that have gone against their religion and country stands against Bitcoin, let say for a religion that see anything internet money as a sin and encouraging their congregation against involving in it, it becomes an easiest technique for them to play such hide and seek game with Bitcoin along the way.

Bitcoin has been called scam by ignorant people who don't know what they are talking about and by people who saw their personal interests threatened by Bitcoin invention. The second group uses the first to reinforce their attacks against Bitcoin, but thankfully in vain, since Bitcoin is growing stronger cycle after cycle.

Unfortunatelly there are also many scammers who adopted Bitcoin to run their criminal schemes, so people who see such schemes tend to connect Bitcoin to crimes, although it's not a smart conclusion, considering Bitcoin is money and that criminals always deal with some kind of money. If it's not Bitcoin, it's going to be any other fiat currency. At same time, people aren't going to call fiat currencies a scam for that reason, right?

Wait a minute, does it mean that some one who was able to acquire Bitcoin and hold for God's know when can not make a little research of what he just made profit with? His ignorance must be very expensive because making mockery of something that he is a part of us really crazy and I think he's just happy because of the profit he has made and he couldn't find something else to write on he's X handle. The only way people especially the media will start seeing Bitcoin as a scam is if the word Bitcoin becomes separated by other cryptocurrency because a lot of people has lost their funds through the purchase of shit coins and some altcoin so whenever they hear cryptocurrency they would not ask if it's Bitcoin or not they will just believe that everything known as cryptocurrency is used to scam.

I didn't see him mention bitcoin, but there is a high chance that he also generalised it and knows about bitcoin and still refers to it as a scam. Some people don't understand how all these things work; they see all crypto as a Ponzi scheme because there is a high chance of always getting profit when you invest in something.
 
They don't do research to know how the market works. I really don't pay attention to such kinds of tweets or talk again because even if you try to advise or talk to such a person, they will always find it difficult to believe you; what they say is what they believe to be real. If all crypto is a scam like he said, then he's probably a scammer for taking advantage of a scam project.

Lots to take from the OP.

Firstly you/everyone needs to separate Bitcoin from Crypto.

Technically he is right by calling Crypto a scam and he is also generalising. Crypto
refers to all other cryptography $hitcoins which are predominantly owned by someone
or a group and so controlled which means they are open to all sorts of scams.

Unfortunately a lot of people lump Bitcoin into the same group as $hitcoins out of ignorance
and lack of understanding.

Over the years the media have attacked Bitcoin and its been associated with organised
crime again by people who dont have a very good understanding of Bitcoin v Crypto^$hitcoins

It is simple - ignorance. Once they start do a lil bit of research or reading, they will surely change their opinion. This technology is not a scam. It is the people who are using it are creating the notion that this tech is a scam. Sooner or later, they will change their stance and won't worry about other people's negative outlook towards this market.

Smiles.. though it's funny but I will say is lack of knowledge.
He invested because he was forced to do so, maybe his friends invested and he decided to do so even as that he wasn't convinced enough to invest in bitcoin.
Those who calls Bitcoin are typical people who are scamming bitcoin by indirectly making profits from it because if it's scam there wouldn't have been a day he could have taken the profit from bitcoin maybe he could had sold and dash away the profits to someone else to enjoy the benefits.
This is how those who lack knowledge behaves when it comes to what they don't have single idea about it.

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