Topic: Why is Bitcoin the Dumbest Thing Ever Invented - page 13. (Read 2676 times)

If bitcoin is a stupid invention then why do you join the bitcoin forum and care about it? Do you think you're smart when you join a bitcoin forum and say that bitcoin is a bad thing? From this alone I can judge how low your IQ is. As for whether bitcoin is good or bad, whether it is a great invention or terrible, there is a global community that evaluates it, and with your limited knowledge, you are not qualified to evaluate bitcoin. Many governments, countries, organizations and companies have recognized bitcoin, do you think you are smarter and wiser than those people? Knowledge is what you need right now.

He thinks that Bitcoin is the "dubmest" thing. Lol. Who is dubm now? 

the dude is a troll who has spent years spamming the forum with his nonsense, it would be best to not engage in any type of conversation with the guy and let him have his fill of posting his BS here in the forum, he'll be gone again soon enough when everyone starts to ignore him.

It has value and it is created by the people so it is volatile but is it not empty now yes there could be a time where bitcoin’s price might decrease to almost nothing in the future but just look at the price right now

It is an asset hence why it has value and as long as someone finds bitcoin valuable and wants to buy it out of someone else’s hands then it will always have value

If you think Bitcoin is dumb then why you're present on this forum? If you don't like the idea of Bitcoin and find it useless then I believe someone like you should not be part of the forum that's a place for Bitcoin community. You need some research I believe, no I think you may need some treatment so you can understand Bitcoin properly.

Suppose that someone invented a crypto postal service. Or is short a crypto-post. Its purpose is to transfer envelopes and boxes quickly, safely, and decentrally. However, there is a catch. The envelopes and boxes are empty. They hold nothing. From the outside, the crypto-post would look similar to a traditional post. Because obviously, a traditional post transfers envelopes and boxes. And that crypto-post transfers them as well. But in reality, it would be the dumbest thing ever invented given that the very reason envelopes and boxes exist is to serve as a container for holding letters, documents, and products. Their purpose is not to be empty.

The so-called crypto-currencies, such as Bitcoin, are exactly like our hypothetical crypto-post. From the outside, Bitcoin looks similar to traditional currencies. It is a system that has units which are transferred between people. If you have a bank account or a banknote, what you have is some name such as USD, and a number that represents the quantity of units in the US banking system. If you have a Bitcoin account you also have a name - BTC and a number that represents the quantity of units in the Bitcoin system. But the catch is that the units in the Bitcoin system are empty. They are just like envelopes and boxes in our crypto-post. They are containers that hold nothing.

On the other hand, units of traditional currencies are containers that hold something. They hold debt. Namely, these units are created as loans of commercial banks to individuals and companies or as purchases of government bonds by central banks. So if you have for example dollars you have units of someone's debt. Practically that means that you have something needed by millions and millions of people for paying off debt that they owe to the US banking system. If your neighbor has a $500K loan with a mortgage on his house, while you have $500K you have something that can save them from the mortgage. You have something needed by them, just like letters, documents, and products transfered via postal service are needed by people.

Given that units in the Bitcoin system are not created as debt, they are empty. They are containers that hold nothing. Often, people say that Bitcoin is simple and thus better than a complex banking system that manages fiat currencies. But of course Bitcoin is simple given that it manages empty units. Fiat currency units hold debt and managing debt is complex. It includes contracts, credit assessments, collaterals, foreclosures, etc. And this requires resources, both material and human. With Bitcoin, a guy just wrote a protocol that tells people: "You have 10 BTC units", "you have 0.5 BTC units", "you have 50 BTC units", etc. But units of what? Units of a company ownership? No. Units of something tangible like a precious metal? No. Units of something intangible like patents, copyrights or software licences? No. In the Bitcoin system people buy and hold units of literally nothing. Units that are empty. That is why it is so simple. Managing empty units is simple. But extremely dumb. Just like it would be managing empty envelopes and boxes in our hypothetical crypto-post. With Bitcoin, such managing even requires the consumption of enormous amounts of electricity. That's why Bitcoin is the dumbest thing ever invented.