Topic: Why is Bitcoin the Dumbest Thing Ever Invented - page 2. (Read 2641 times)
I suggest that you familiarize yourself in more detail with what bitcoin is, as well as what a currency is.
If one day the demand for gold no longer exists, do you think it will still be valuable?
the chances of that happening are far closer to zero than the demand for bitcoin no longer existing. so why don't we just agree that your question is based on a faulty premise that the demand for gold could ever "no longer exist". As long as people exist, the demand for gold will exist. That's not the case with bitcoin. Read that sentence again!Quote
Also, you're claiming gold has uses because it's made into jewelry and used in certain industries...and bitcoin isn't?
gold is a byproduct of the universe. bitcoin is just a figment of our imagination. if all the computers went away, so would bitcoin. why do i even need to explain something like that though? 
On what basis do you assert that the demand for gold will never go away, and that the demand for bitcoin will go away? Are you from the future or do you have a crystal ball? What evidence do you have to prove what you say will happen in the future? Or just pure guesswork like me or anyone else?
I don't like to hypothesize "if" because you also failed to acknowledge it when I hypothesized that gold will no longer be needed in the future. Likewise, the disappearance of computers will never happen.
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So the fact that we use bitcoin as a payment method, a store of value...that's not a use case or uses, what do you call that?
i call that something that can be replaced with something else. what can you replace gold with?Quote
Because bitcoin cannot be touched with hands nor can it be used for jewelry like gold, it is considered useless and has no use case. Is that true in a world gradually digitizing everything we live in?
the chances of bitcoin ending up worthless are far greater than gold ever not having strong demand. make of that what you will.now with all that said, i think bitcoin is an amazing invention but it could always be replaced by something else and probably will someday by something better. what are you going to replace gold with? silver?
You think bitcoin will be replaced, so what will replace bitcoin? To me, this world is very large and colorful, anything can happen, nothing is permanent.
Some people like you might say Bitcoin is the dumbest thing ever invented because they don’t get it or see its value. But others see it as a revolutionary technology that changes how we think about money and finance. It's decentralized, which means no one controls it, and it can be sent anywhere in the world quickly and cheaply. It’s had a huge impact on tech and finance, even if it's not perfect. So, calling it the dumbest thing ever might be a bit harsh, but opinions definitely vary.
You seem to have missed the point of this whole discussion. There's no money in the Bitcoin system. People in the Bitcoin system have numbers that count nothing. Empty numeric units. Money is numbers that count something. For instance, you mined gold or created debt and then you use numbers to count or represent those items. In the Bitcoin system the guy came up with the number 21 million and via his protocol simply assigns units of that number to addresses. Nothing is counted, nothing represented with numbers. It's literally like monopoly money - just digits on the medium. It makes sense because they know very well that numbers on the screen is all they have. But as long as there are enough suckers that want to buy them because they believe that numbers count some magic coins, they'll keep spending energy to get them.
yes that's the key. as long as there are people that will buy them off of them. they'll burn tires or put up solar panels or any number of crazy things just so they can turn a profit at the very end. i really don't think they care about "securing the network" in other words. Quote
It all boils down to ignorance and greed. People are generally ignorant of what money is. And they saw others "profiting off of Bitcoin" so they just want to get in, no matter what. That's why you can sell the digit "1" for $70K or two digits for $1M. It's literal madness.
if bitcoin was the only game in town, maybe i would be more inclined to think of it as "money" but there's litterly tons of cryptocurrencies. they can't all survive. and i'm not sure bitcoin has any advantages over some of them. so why would i want to put all my money in something that might end up going to zero? kind of a rhetorical question for people who are "all in" with bitcoin. but i know they don't worry about that since they think its just always going to go "up".
Some people like you might say Bitcoin is the dumbest thing ever invented because they don’t get it or see its value. But others see it as a revolutionary technology that changes how we think about money and finance. It's decentralized, which means no one controls it, and it can be sent anywhere in the world quickly and cheaply. It’s had a huge impact on tech and finance, even if it's not perfect. So, calling it the dumbest thing ever might be a bit harsh, but opinions definitely vary.
He is nothing but a troll and a person who hates Bitcoin maybe because he made some investment in it in the past and lost money in it by panic selling which is what most newbie investors do and then they start abusing Bitcoin and saying it's a useless thing just like OP.Those who say such things about Bitcoin are the ones who don't have much or any knowledge about it and they don't know how they can utilize it positively, and to be honest, their opinions shouldn't affect us or anyone as long as those reading or listening to them are getting at least some benefit from Bitcoin.
If I'm using Bitcoin for something beneficial for me, whether its the price or any other use case, I wouldn't care what others are saying about it.
Some people like you might say Bitcoin is the dumbest thing ever invented because they don’t get it or see its value. But others see it as a revolutionary technology that changes how we think about money and finance. It's decentralized, which means no one controls it, and it can be sent anywhere in the world quickly and cheaply. It’s had a huge impact on tech and finance, even if it's not perfect. So, calling it the dumbest thing ever might be a bit harsh, but opinions definitely vary.
When people say that they "mine Bitcoin" what this actually means is that the protocol will show them a number on the screen once they solve a hash combination. Literally, they spend energy to get just numbers on the screen. Number that count nothing. It's crazy how dumb this is.
there's even more madness to the story if one is willing to hear it all. once they get the numbers on their screen, they sell those numbers to someone else. so they can get real money...
so as soon as they get it they want to get rid of it, many of them do. how does that make any sense?When people say that they "mine Bitcoin" what this actually means is that the protocol will show them a number on the screen once they solve a hash combination. Literally, they spend energy to get just numbers on the screen. Number that count nothing. It's crazy how dumb this is.
there's even more madness to the story if one is willing to hear it all. once they get the numbers on their screen, they sell those numbers to someone else. so they can get real money...
so as soon as they get it they want to get rid of it, many of them do. how does that make any sense? Having faith that you'll get rich quick in a scheme is not a problem. But constantly misrepresenting the scheme is. If you bought numbers on the screen and then believe you'll be able sell them for a better price that's fine. But if you try to attract buyers by spreading lies that your numbers count a valuable digital asset, money, coins, tokens, energy, work, whatever ... that's a problem. And someone must react to expose those lies.
yes I believe a little honesty is called for on behalf of people "evangelizing" bitcoin. one argument that I hate hearing is "bitcoin is valuable because it cost $XXXX to mine".
If one day the demand for gold no longer exists, do you think it will still be valuable?
the chances of that happening are far closer to zero than the demand for bitcoin no longer existing. so why don't we just agree that your question is based on a faulty premise that the demand for gold could ever "no longer exist". As long as people exist, the demand for gold will exist. That's not the case with bitcoin. Read that sentence again!Quote
Also, you're claiming gold has uses because it's made into jewelry and used in certain industries...and bitcoin isn't?
gold is a byproduct of the universe. bitcoin is just a figment of our imagination. if all the computers went away, so would bitcoin. why do i even need to explain something like that though? Quote
So the fact that we use bitcoin as a payment method, a store of value...that's not a use case or uses, what do you call that?
i call that something that can be replaced with something else. what can you replace gold with?Quote
Because bitcoin cannot be touched with hands nor can it be used for jewelry like gold, it is considered useless and has no use case. Is that true in a world gradually digitizing everything we live in?
the chances of bitcoin ending up worthless are far greater than gold ever not having strong demand. make of that what you will.now with all that said, i think bitcoin is an amazing invention but it could always be replaced by something else and probably will someday by something better. what are you going to replace gold with? silver?
Because it seems none of you actually understand Bitcoin. You just repeat narratives about Bitcoin and at the same time ignore what Bitcoin actually is - a database with data on nothing. A database that stimulates real databases. Real databases contain data on some aspect of reality - for example on the number of actual things or about events that occurred. On the other hand, what is put into the Bitcoin database are units of the number 21 million that an anonymous guy created in their imagination. And then people create narratives trying to come up with a thing held by these units. A thing that doesn't exist in reality. It is both comical and tragic to listen to those narratives.
to an extent what you say is true. bitcoin only has value because everyone agrees it has value. or enough people agree. unlike something like gold that has intrinsic value because it has physical uses.
The value of any asset is determined by supply and demand. If one day the demand for gold no longer exists, do you think it will still be valuable? Also, you're claiming gold has uses because it's made into jewelry and used in certain industries...and bitcoin isn't? So the fact that we use bitcoin as a payment method, a store of value...that's not a use case or uses, what do you call that? Because bitcoin cannot be touched with hands nor can it be used for jewelry like gold, it is considered useless and has no use case. Is that true in a world gradually digitizing everything we live in?
Having faith that you'll get rich quick in a scheme is not a problem. But constantly misrepresenting the scheme is. If you bought numbers on the screen and then believe you'll be able sell them for a better price that's fine. But if you try to attract buyers by spreading lies that your numbers count a valuable digital asset, money, coins, tokens, energy, work, whatever ... that's a problem. And someone must react to expose those lies.
yes I believe a little honesty is called for on behalf of people "evangelizing" bitcoin. one argument that I hate hearing is "bitcoin is valuable because it cost $XXXX to mine".
The whole Bitcoin thing thrives on language manipulations, misconceptions, disinformation and get-rich-quick ideas. No one cares about truth, facts or reality.
because they are all too busy trying to make money off of bitcoin.
That's literally what some people think bitcoin is for so they can make money. they understand that there's really nothing backing up bitcoin, no physical asset. just a group faith that they keep "believing"...The whole Bitcoin thing thrives on language manipulations, misconceptions, disinformation and get-rich-quick ideas. No one cares about truth, facts or reality.
because they are all too busy trying to make money off of bitcoin.
That's literally what some people think bitcoin is for so they can make money. they understand that there's really nothing backing up bitcoin, no physical asset. just a group faith that they keep "believing"... The thing is that in order to justify their huge investments in nothing, people will say anything, no matter how stupid it is.
maybe they should have called it something else other than "mining". because i agree that is a stupid name for doing a bunch of mathematical computations faster than anyone else. maybe they should have just called it "hashing" because when they say "mining" it makes it sound like they are doing something really important. when in reality, they are just trying to pad their own wallet. and run up a big electric bill that raises other peoples' rates. unless they are using solar or something but from what i have seen, many cryptocurrency "miners" don't seem to give a rats ass if their electricity consumption raises normal peoples' rates. and yes in case people wondered why electric utilities keep raising everyone's rates, its because of them.
the world's population admits that digital currency is bitcoin, I say bitcoin is the king of coins, then why is there a statement that creating bitcoin is the stupidest thing? I doubt those who express opinions like that, what do you think, do you agree with me?
The thing is that in order to justify their huge investments in nothing, people will say anything, no matter how stupid it is.
maybe they should have called it something else other than "mining". because i agree that is a stupid name for doing a bunch of mathematical computations faster than anyone else. maybe they should have just called it "hashing" because when they say "mining" it makes it sound like they are doing something really important. when in reality, they are just trying to pad their own wallet. and run up a big electric bill that raises other peoples' rates. unless they are using solar or something but from what i have seen, many cryptocurrency "miners" don't seem to give a rats ass if their electricity consumption raises normal peoples' rates. and yes in case people wondered why electric utilities keep raising everyone's rates, its because of them.
By the way, I see that you compare costs of 'mining gold' to costs of 'mining Bitcoin'. Bitcoin has no costs. There's no such thing as Bitcoin mining. That's just stupid narrative repeated by people. Costs in the bitcoin system refer to a random trial and error of finding a solution to a hash combination. Creating new Bitcoin units has zero cost. It's just a simple function of a code.
yes i do tend to agree that the term "mining" is a bit misleading to what people are actually doing. they're not really doing anything except wasting electricity so they can get more bitcoin. they're not really miners in a traditional sense like a gold miner. gold miners actually find something in the ground. bitcoin "miners" aren't finding bitcoin.
By the way, I see that you compare costs of 'mining gold' to costs of 'mining Bitcoin'. Bitcoin has no costs. There's no such thing as Bitcoin mining. That's just stupid narrative repeated by people. Costs in the bitcoin system refer to a random trial and error of finding a solution to a hash combination. Creating new Bitcoin units has zero cost. It's just a simple function of a code.
yes i do tend to agree that the term "mining" is a bit misleading to what people are actually doing. they're not really doing anything except wasting electricity so they can get more bitcoin. they're not really miners in a traditional sense like a gold miner. gold miners actually find something in the ground. bitcoin "miners" aren't finding bitcoin.
Because it seems none of you actually understand Bitcoin. You just repeat narratives about Bitcoin and at the same time ignore what Bitcoin actually is - a database with data on nothing. A database that stimulates real databases. Real databases contain data on some aspect of reality - for example on the number of actual things or about events that occurred. On the other hand, what is put into the Bitcoin database are units of the number 21 million that an anonymous guy created in their imagination. And then people create narratives trying to come up with a thing held by these units. A thing that doesn't exist in reality. It is both comical and tragic to listen to those narratives.
to an extent what you say is true. bitcoin only has value because everyone agrees it has value. or enough people agree. unlike something like gold that has intrinsic value because it has physical uses.
Bitcoin units are abstractions, representation of the number 21 million created in Satoshi's imagination. Meaning, they don't have value by definition. They have a price. If I create shares of a non-existent company that I named XYZ and then someone "buys XYZ" what is created is price, also referred to as 'market value'. However value or 'real value' is what actual companies, with assets and liabilities, have. And what actual money such as cow, gold or debt have. In the Bitcoin system nothing actual exists. Only an abstraction - that number created in Satoshi's imagination. So there's nothing to assign value to. People just transfer units of that number, pay ask prices in the process and that's it.
By the way, I see that you compare costs of 'mining gold' to costs of 'mining Bitcoin'. Bitcoin has no costs. There's no such thing as Bitcoin mining. That's just stupid narrative repeated by people. Costs in the bitcoin system refer to a random trial and error of finding a solution to a hash combination. Creating new Bitcoin units has zero cost. It's just a simple function of a code.
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