Topic: Why is Bitcoin the Dumbest Thing Ever Invented - page 10. (Read 2676 times)

The cost of producing BTC unit is zero. The cost of producing USD unit iz zero. It's just ading numbers to a database, or a paper medium in case of banknotes. $25K is the cost of a plain brute force random trial and error of finding a number that solves a hash combination. It has nothing to do with the value or the units. Your logic is like setting up a protocol that says: "whoever manages to travel the world in 5 days will get a turd. Then someone spends $25K to complete the challenge, and you conclude: "the turd is worth $25K". Such a way of thinking is as dumb as Bitcoin.

it costs $0.08 to print a $100 bank note
it costs over $25k* of hardware and electric to create 1btc
*$25k Slavic countries low electric -> $150k pacific islands high electric

so if people see the market rate of ~$58k
some see it as great discount to buy. some see it as good profit to sell.

but overall there is real cost underlying bitcoin. thats not at a 0.08% rate, but more so depending on location 45%-280%

also
james under your other alt account in previous years, you said the same stupid stuff of not understanding fiat economics and bitcoin economics.. so why make a new name just to say the same crap. atleast learn from your mistakes and come up with new mistakes, .. or a new idea/theory. why repeat the same crap again

You're really a top notch swindler. You use words to try to make your worthless BTC units look valuable. But doing this here is tragicomical. It's like trying to convince people that turd is more valuable than food.

JamesNZ thinks banks give out peoples money as debt to others.. that alone shows how little he knows about economics of FIAT.. let alone bitcoin
and fiat has been around alot longer than bitcoin so he has had plenty of opportunity to learn about how fiat works, yet he has failed

FIAT mortgages are not about giving your money to mortgage applicants, thus mortgage payers do not owe you.
what actually happens is banks total up the bank account customer holdings and produce a number.. this number is REPLICATED at a ratio to become a new allowance that banks can make(create new money) to offer out as credit/mortgages with stipulations that the receiver has to pay back TO THE BANK over time +interest to refill the used BANKS credit allowance amount OF THE BANKS CREDIT

thus its not actually your money they use in mortgages and mortgage payers are not repaying you...

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as for bitcoin. because it is codified as a rule to produce a set amount over a certain time, which depreciates, it makes bitcoin a strong value unit which has real creation cost which people base underlying value of, and then apply speculated extra amount based on desires, utility and demand which the creates then market rate. the market rate is a variable amount that is more volatile than the underlying value. but bitcoin has a high underlying value compared to the creation cost of fiat. bitcoin has a deflationary production rate, fiat has a inflationary production rate.
new bitcoin units (sats) production rate depreciate in amount over time but the cost of production(mining) increases. there is also an ultimate limit to how many will ultimately be produced, which adds an extra layer to the value, speculation decisions that become the market rate of those wanting bitcoin

bitcoin does have real world utility, which adds an extra layer to the value, speculation decisions that become the market rate of those wanting bitcoin

making bitcoin (said again for emphasis) a stronger value unit compared to fiat

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lets delve into jamesNZ misconceptions of his postal analogy

firstly sats are stamps
stamps are used to pay for parcels but also are contained within the envelops, whereby people can transfer stamps
the envelops are transactions which contain the stamps and show the destination of the stamps
yep stamps pay for the envelop outside of the envelop(tx fee) and also transfered within the envelop(transfer)

there is a underlying cost to the postal service which is rewarded by creating stamps which can be sold to cover costs of the postal system
there is a limit to how many stamps are produced per batch of work done to process envelops. and that amount of stamps reduces every 210,000 batches.
this creates a cost-reward-market economics for the postal service which people then see as collectable and tradable stamp market.
as the postal system gets more popular the underlying processing cost increases and the amount of new stamps decreases over time raising the underlying value of the stamps.
people then ontop of the value then speculate a more volatile market rate retail price of the stamps based on demand, desire and other aspects

so its not "empty envelops"

It's not much different from seeing the value in your bank savings book, but whether you see the physical money. Likewise, when you withdraw money from an ATM, do you think it is an empty machine that will not give out money? If you think bitcoin is not something real or does not have any value or effect then why are you so busy making posts on this forum, shouldn't you be able to ignore bitcoin and not need to think about finding out more about bitcoin.

Bitcoin has value and can be bought and sold for itself so the word empty is completely irrelevant, regarding price fluctuations it already represents how each item has bargaining value and what makes the difference is whether it fluctuates or not. I think what you said is not relevant at all because you are trying to compare something wrong.

If another greater fool, another speculator decides not to buy your Bitcoin, game over. You cannot get yor investment back. Just like in Ponzi schemes. You are the slave of people's will to join the scheme. They must voluntary decide to buy your BTC units. With dollars however I am the master. Via collaterals, the banking system forces debtors to trade labour, services or goods with me. They cannot just voluntary decide not to trade them. This would lead to foreclosures. In foreclosure auctions I am the master again. The banks are liable to sell foreclosured property to dollar holders in order to liquidate the unpaid loans. They issued dollars, and thus they must take them back. It's their liability clearly recorded in their accounting books. So, with dollars I am the master and the banks work for me. They ensure that I get labour, goods or services for my dollars. With Bitcoin you're the slave. Nobody works for you and ensures that you get something valuable in exchange for the system units. The system just stores the units and doesn't care about you. It's crazy how vehemently you and other slaves try to defend such a system. Is this some kind of a Stockholm syndrome?

Dumbest not dubmest

Actually in this case you are talking at the same time saying that you yourself are also a slave in the end because if you consider that investing in bitcoin requires other people to buy bitcoin that we have in the end but at least we can have freedom of control of the bitcoin that we have. But in contrast to your belief where you entrust your dollars to the government then indirectly the concept becomes the same that you are also a slave and worse you are also pressured by the government which does limit you with a centralized scheme owned by the bank.

When you say people who are in bitcoin become slaves then what are you now buddy?

I think for now all you have to do is go back to your respective beliefs, if indeed you believe what you believe in at least you don't judge that other people are wrong because it will show your own stupidity that only wants to be justified by others but you don't respect others properly.

This is the dumbest post I've encountered, even dumber than Bitcoin itself.  People on crack make more sense than this.  Essentially, you're saying that a currency or money can only hold value if its units represent debt obligations. 

I won't engage in such a debate, but I'll point out that regardless of whether Bitcoin fits your narrow definition of "currency", there will always be people (according to your perspective, deluded ones) who perceive it as such.  Hence, it will possess monetary value.  So simple. 

You truly need some type of treatment because whatever you're saying is totally inaccurate. If you trade dollars for Bitcoin then you can trade that Bitcoin back to dollars without waiting for someone else to buy it from you.

You should learn about crypto-currency exchanges, on those exchanges there are 100's of thousands of orders that get filled within seconds. If you really want to trade your dollars for Bitcoin and then you Bitcoin for dollars, you can do that without any issues.

How is investing in something that people need being a slave, but investing in something no one needs being free? If I invest in dollars I hold something that masses of people need for paying off debt owed to banks. I am the master, not the slave. On the other hand, if you traded dollars for Bitcoin you are the slave because you need other people to invest and buy your Bitcoin otherwise you cannot get your dollars back. It's hilarious how you Bitcoin evangelists think that you're the masters while in reality you're the slaves.

For me I think he is just a troll that needs people to actually notice him just like the other fella who always shares post about how he is the original Satoshi Nakamoto and the owner of the forum. Sometimes when I see post like this, ignoring them is probably the best thing but with that being said how can someone even think of uttering such nonsense that Bitcoin is the dumbest thing created, well it's simple if you like being a financial slave to the system then you are free to go but other who don't know the importance of BTC.

Show me the coins. You cannot. A coin is a tangible disc. Bit-coins on the other hand are empty units created by a simple protocol. Regardless if you have 21 or 21 million of empty units they are all equally useless. It's just a number defined by a protocol and not a valuable resource needed by people.

The need is real. If people default on debt that they owe to the banking system their property gets foreclosed. Thus, the units in the banking system that are called fiat money are valuable the same as land, houses, cars, and other tangible property. On the other hand, nobody needs units printed by the protocol of that unknown guy called Nakamoto. People buy those only to sell them in the future for a better price because they believe in the greater fool theory. Practically Bitcoin is a unit-based pyramid scheme. Whoever holds the units can benefit only from contributions of new investors. In a nutshell, all pyramid schemes are dumb. But Bitcoin is the dumbest of them all because enormous amounts of energy are wasted on running it.

You could say the same about the gold. People used gold for 1000's of year for goods and services but they were just pretty looking rocks with no real world value. It wasn't used for electronics, medicine or anything back then. If your logic is correct then an asset with real world value like iron would have been a better currency since it could be used to make armor, weapons, buildings, etc. But it wasn't, gold was the better currency since it was easily identifiable, resistant, and scarce and iron is none those things. Bitcoin is the same way. bitcoin is easily identifiable, resistant and scarce all aspects of gold but with some added bonuses like easy of transfer but also some downfalls like privacy.

Bitcoin serves as a decentralized digital currency, but its value is debated due to its lack of intrinsic value compared to traditional currencies backed by debt.

Judging by your logic, money itself wouldn't mean shit even if you say it's backed by the concept of debt. I mean debt itself is a fucking flimsy concept in itself so why are we even having this type of debate. "Oh you owe me something so you must pay me in this amount of doubloons", What if I were to say "No I don't. The shit I owed you is nothing more than paper and if you really want I could just give you a signed paper saying I already paid you for what I owed?" Or what if we're talking about digital money, the ones you send and receive from Venmo, then I go out there changing all 1s to 0s a la Rick and Morty, what are you going to do about it huh? The only thing that's really saying money's real is the economy that perpetuates it, and the government that benefits off of the concept of financial hierarchy.

So yeah, whatever you say about crypto, the same could be said about fiat. At the end of the day, the only thing that's really differentiating crypto from fiat is the fact that one's tangible and one's not. Matter of fact out of both the latter's being used in scams more than crypto lol.

i'm even too lazy to read what you wrote because most of the points you convey are just you babbling like a stressed person on the side of the road. you omit a lot of points and most of what you say is just your personal opinion, without ignoring the existing facts. that's you saying what you want to say, but this is not the place to lead opinions because most people here already understand bitcoin better than you. so i think you are just wasting your time on this forum because what you say is just nonsense.

Op has been an idiot since birth. at least when he registered an account on the forum and his first few posts. look at his post history, it's not much different from what he's doing now.
I'm sure he'll keep doing it, I'm not really sure he doesn't like Bitcoin. maybe he deliberately created such a topic just for fun.
Look at the account with the negative tag. It's better to ignore Op to avoid his chatter in the future.

OP has proven himself to be an idiot by joining a bitcoin forum and taking the time to write a long post slandering bitcoin and hoping someone here would sympathize. This alone makes me think we should stop wasting our time listening to what he has to say and arguing with him. With this type of person, no matter how we try to explain, they never listen and argue with us fairly. These topics just waste our time when we spend time looking at what they write.