Why is Bitcoin the Dumbest Thing Ever Invented - page 9.

JamesNZ

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Quote from: Webetcoins on May 04, 2024, 01:53:34 PM

Quote from: JamesNZ on May 03, 2024, 02:13:22 AM

Quote from: bettercrypto on May 03, 2024, 01:37:01 AM

You really made a topic just to say that thing about bitcoin. Since you said that, you shouldn't be here on this forum if that's how you feel about Bitcoin. Because most communities on this platform are Bitcoin believers.

So does that mean all Bitcoin investors are dumb investors if that's the case for you, OP? Is that right? although I still understand you somehow because that's your opinion.

Majority of Bitcoin investors don't have a clue what Bitcoin is, that is, how dumb the whole thing is. They saw the rising price and just want to jump on the bandwagon. Majority of Bitcoin miners don't care if Bitcoin is dumb. They see that they can sell the units to the greater fools so they spend energy. When the pool of greater fools dries up then people will realize how stupid it was to follow the Nakamoto protocol.

I don't think they are that many because that is risky and many of us don't want to lose our hard-earned money. And just because a few are dumb, it does not mean that the whole are also like that.

There is nothing wrong with investing when the price is rising. Just take a look at those who do a DCA and once they are in, I'm sure that they will still take time to do a research about it while waiting for good things to happen and this makes them know what to expect and they will now know what to do in case those events occur. BTC itself is not dumb but it's genius because of how it works and what its properties. @bettercrypto BTC haters are here because they want to annoy us more.

There's nothing genius in managing empty envelopes, boxes or units. It is dumb. And spending huge amounts of energy on such managing is extremely dumb.

JamesNZ

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Quote from: Haunebu on May 04, 2024, 12:56:04 AM

It's pretty evident that you are a troll who gets off on rubbing people the wrong way thanks to your trust ratings which say everything about you op. I find it cute that you are trying so hard to convince forum members that Bitcoin sucks.

You should rename this thread as 'Why am I dumb?' instead op since it's a more accurate representation of what you are trying to convey here.

No, a troll is someone who completely ignores the topic at hand and just talks about the person who created the topic.

Webetcoins

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Quote from: JamesNZ on May 03, 2024, 02:13:22 AM

Quote from: bettercrypto on May 03, 2024, 01:37:01 AM

You really made a topic just to say that thing about bitcoin. Since you said that, you shouldn't be here on this forum if that's how you feel about Bitcoin. Because most communities on this platform are Bitcoin believers.

So does that mean all Bitcoin investors are dumb investors if that's the case for you, OP? Is that right? although I still understand you somehow because that's your opinion.

Majority of Bitcoin investors don't have a clue what Bitcoin is, that is, how dumb the whole thing is. They saw the rising price and just want to jump on the bandwagon. Majority of Bitcoin miners don't care if Bitcoin is dumb. They see that they can sell the units to the greater fools so they spend energy. When the pool of greater fools dries up then people will realize how stupid it was to follow the Nakamoto protocol.

I don't think they are that many because that is risky and many of us don't want to lose our hard-earned money. And just because a few are dumb, it does not mean that the whole are also like that.

There is nothing wrong with investing when the price is rising. Just take a look at those who do a DCA and once they are in, I'm sure that they will still take time to do a research about it while waiting for good things to happen and this makes them know what to expect and they will now know what to do in case those events occur. BTC itself is not dumb but it's genius because of how it works and what its properties. @bettercrypto BTC haters are here because they want to annoy us more.

NASdaq

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Bitcoin have value now. It represents electricity behind it at least. And already there are lending protocols, so it represent debt too. All that you wrote could be the right in beggining but not now already

Haunebu

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It's pretty evident that you are a troll who gets off on rubbing people the wrong way thanks to your trust ratings which say everything about you op. I find it cute that you are trying so hard to convince forum members that Bitcoin sucks.

You should rename this thread as 'Why am I dumb?' instead op since it's a more accurate representation of what you are trying to convey here.

JamesNZ

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Quote from: FatFork on May 04, 2024, 12:24:38 AM

Quote from: JamesNZ on May 04, 2024, 12:10:58 AM

Even smart people can have dumb ideas. Satoshi Nakamoto proposed a dumb idea. People feel for it because they saw it as a get-rich-quick scheme. Sure, you hava a distributed database. But empty units that are stored in it are not coins, money, currency or an asset. Proposing something like that was the dumbest thing ever.

Well... as long as it works, right?

What intrigues me, though, is if you think Bitcoin is dumb, why are you still here? You've been doing this for quite some time now – how long has it been? So by your argument, you are at least as dumb as some of us here. Maybe even more, because some of us have actually made some profit investing in Bitcoin over the years. Have you? Wink

I like to debunk popular myths. It's my hobby. Most of the people that I know don't care about Bitcoin nor they want to discuss it. Only in places like this it make sense to post critically or otherwise about it. So...

FatFork

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Quote from: JamesNZ on May 04, 2024, 12:10:58 AM

Even smart people can have dumb ideas. Satoshi Nakamoto proposed a dumb idea. People feel for it because they saw it as a get-rich-quick scheme. Sure, you hava a distributed database. But empty units that are stored in it are not coins, money, currency or an asset. Proposing something like that was the dumbest thing ever.

Well... as long as it works, right?

What intrigues me, though, is if you think Bitcoin is dumb, why are you still here? You've been doing this for quite some time now – how long has it been? So by your argument, you are at least as dumb as some of us here. Maybe even more, because some of us have actually made some profit investing in Bitcoin over the years. Have you? Wink

JamesNZ

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Quote from: Ever-young on May 03, 2024, 09:05:01 PM

Quote from: JamesNZ on May 03, 2024, 02:13:22 AM

Quote from: bettercrypto on May 03, 2024, 01:37:01 AM

You really made a topic just to say that thing about bitcoin. Since you said that, you shouldn't be here on this forum if that's how you feel about Bitcoin. Because most communities on this platform are Bitcoin believers.

So does that mean all Bitcoin investors are dumb investors if that's the case for you, OP? Is that right? although I still understand you somehow because that's your opinion.

Majority of Bitcoin investors don't have a clue what Bitcoin is, that is, how dumb the whole thing is. They saw the rising price and just want to jump on the bandwagon. Majority of Bitcoin miners don't care if Bitcoin is dumb. They see that they can sell the units to the greater fools so they spend energy. When the pool of greater fools dries up then people will realize how stupid it was to follow the Nakamoto protocol.

So then it's some of the Bitcoin enthusiasts who are dumb and not Bitcoin.
You know people have the habit of jumping into things due to hypes and FOMO. Without really understanding how it works they jump on the moving train with high hopes of profitability, and these are the same people who would turn around to call bitcoin dumb and scam because the market failed to go the way they imagined it.

Even smart people can have dumb ideas. Satoshi Nakamoto proposed a dumb idea. People feel for it because they saw it as a get-rich-quick scheme. Sure, you hava a distributed database. But empty units that are stored in it are not coins, money, currency or an asset. Proposing something like that was the dumbest thing ever.

Ever-young

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Quote from: JamesNZ on May 03, 2024, 02:13:22 AM

Quote from: bettercrypto on May 03, 2024, 01:37:01 AM

You really made a topic just to say that thing about bitcoin. Since you said that, you shouldn't be here on this forum if that's how you feel about Bitcoin. Because most communities on this platform are Bitcoin believers.

So does that mean all Bitcoin investors are dumb investors if that's the case for you, OP? Is that right? although I still understand you somehow because that's your opinion.

Majority of Bitcoin investors don't have a clue what Bitcoin is, that is, how dumb the whole thing is. They saw the rising price and just want to jump on the bandwagon. Majority of Bitcoin miners don't care if Bitcoin is dumb. They see that they can sell the units to the greater fools so they spend energy. When the pool of greater fools dries up then people will realize how stupid it was to follow the Nakamoto protocol.

So then it's some of the Bitcoin enthusiasts who are dumb and not Bitcoin.
You know people have the habit of jumping into things due to hypes and FOMO. Without really understanding how it works they jump on the moving train with high hopes of profitability, and these are the same people who would turn around to call bitcoin dumb and scam because the market failed to go the way they imagined it.

Riginac111

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Quote from: Franctoshi on April 26, 2024, 06:06:48 PM

Bitcoin is meant for everybody and not for everyone, meaning, it's certain there will be haters and you aren't the first set of people to
have hated Bitcoin in the past and finally came to embrace it when they discovered they will be the dumbest type of individual to reject Bitcoin. However, all these critics has even helped the Bitcoin network to become a better version of what is today. So, I trust Bitcoin will definitely prove your mindset wrong even though you have nothing to believe about it right now.

The Bottom line is Bitcoin is a Choice, Bitcoin was not program in such a way that it compulsory for everyone to use.

bitcoin is not meant for everyone but it is people that I have the interest on it or develop interest for Bitcoin that will welcome Bitcoin as a good technology and also a good digital currency so I believe that Bitcoin with something that people that have the knowledge can easily follow but if you don't have the understanding of Bitcoin you will not be able to follow Bitcoin that is why I will agree for you that bitcoin is not meant for everybody

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Quote from: JamesNZ on May 03, 2024, 02:13:22 AM

Quote from: bettercrypto on May 03, 2024, 01:37:01 AM

You really made a topic just to say that thing about bitcoin. Since you said that, you shouldn't be here on this forum if that's how you feel about Bitcoin. Because most communities on this platform are Bitcoin believers.

So does that mean all Bitcoin investors are dumb investors if that's the case for you, OP? Is that right? although I still understand you somehow because that's your opinion.

Majority of Bitcoin investors don't have a clue what Bitcoin is, that is, how dumb the whole thing is. They saw the rising price and just want to jump on the bandwagon. Majority of Bitcoin miners don't care if Bitcoin is dumb. They see that they can sell the units to the greater fools so they spend energy. When the pool of greater fools dries up then people will realize how stupid it was to follow the Nakamoto protocol.

There have also been many governments and countries gradually accepting bitcoin as an asset like gold and most recently, the approval of bitcoin ETFs marks a major turning point for bitcoin to become more popular in the future. So, do you think governments, countries, large organizations are stupider than you as they see the potential of bitcoin while you don't?

Additionally, our society uses results as a measure. If you think people who invest in bitcoin are stupid, are you better than those people? Many people become rich and change their lives in a positive way thanks to bitcoin investment, but what about you? Satoshi created bitcoin and was recognized by the whole world, and you created something that everyone recognized? Or just a jealous person wandering around talking bad about others?

pinggoki

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Congratulations OP, you've generated the publicity that you've wanted. Why are you still here? I guess it's a bit dumb of me to respond here when the right thing to do is to ignore the trolls but someone has to say it. If it's really dumb concept to you then shouldn't you justifying it much more clearer than that? Or you shouldn't be in this forum in the first place because you're not seeing the benefits of bitcoin. I don't blame you though, I mean sometimes people are being bitter about things that they can't achieve, were you the kind of person that didn't bought bitcoin when it was still cheap? So now you're slandering bitcoin and don't want others to enjoy it because you've missed out? That's just sad if you ask me.

JamesNZ

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Quote from: bettercrypto on May 03, 2024, 01:37:01 AM

You really made a topic just to say that thing about bitcoin. Since you said that, you shouldn't be here on this forum if that's how you feel about Bitcoin. Because most communities on this platform are Bitcoin believers.

So does that mean all Bitcoin investors are dumb investors if that's the case for you, OP? Is that right? although I still understand you somehow because that's your opinion.

Majority of Bitcoin investors don't have a clue what Bitcoin is, that is, how dumb the whole thing is. They saw the rising price and just want to jump on the bandwagon. Majority of Bitcoin miners don't care if Bitcoin is dumb. They see that they can sell the units to the greater fools so they spend energy. When the pool of greater fools dries up then people will realize how stupid it was to follow the Nakamoto protocol.

bettercrypto

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You really made a topic just to say that thing about bitcoin. Since you said that, you shouldn't be here on this forum if that's how you feel about Bitcoin. Because most communities on this platform are Bitcoin believers.

So does that mean all Bitcoin investors are dumb investors if that's the case for you, OP? Is that right? although I still understand you somehow because that's your opinion.

JamesNZ

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Quote from: franky1 on May 02, 2024, 10:42:29 AM

value is where there has been a cost in somethings creation and someone desires whats been created

creating a mortgage agreement costs nothing.
money creation has no value.

money creation gains value later on once in circulation/in the system

bitcoin however has a cost in its creation.. the mining cost. so has a value upfront at its creation.
yes the value is less than the market rate but thats how value works wholesale value is always under retail price
the difference between wholesale and retail is the speculation based on demand and supply

learn some economics before you disappear for a year and come back with a new name. and lets hope next time you come back with new arguments instead of repeating the same flat and debunked crap you have done previously and currently

Even if the theory that value comes from the costs of production were true, Bitcoin has no cost of production. BTC units are produced by the rules of the protocol, out of thin air. What has costs is finding a number that solves a hash combination. The theory is of course not true. I can set this protocol, that is, a joke:

"find a plate with my name and surname that I have hidden somewhere in the New York. As a reward for finding it you will get that plate".

You spend years and a lot of money to find it, you finally find it and then conclude that this plate is very very valuable because of your search. People would say that you're dumb because you spend so much resources on finding something worthless, because you took my joke seriously. So, the fact that energy is spent on a task specified by the Nakamoto protocol does not mean that the reward for solving it is valuable. It just means that people behave stupidly because they follow the protocol.

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value is where there has been a cost in somethings creation and someone desires whats been created

creating a mortgage agreement costs nothing.
money creation has no value.

money creation gains value later on once in circulation/in the system

bitcoin however has a cost in its creation.. the mining cost. so has a value upfront at its creation.
yes the value is less than the market rate but thats how value works wholesale value is always under retail price
the difference between wholesale and retail is the speculation based on demand and supply

learn some economics before you disappear for a year and come back with a new name. and lets hope next time you come back with new arguments instead of repeating the same flat and debunked crap you have done previously and currently

JamesNZ

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Quote from: franky1 on May 01, 2024, 10:17:27 PM

you talk about turds knowing your body can create your turd from your body at low cost after the utility is finished and its time to reject the waste product and relieve it/release it from the body. to then dispose of it and forget about it. which makes turds useless and of no value

but you dont realise specific units locked within a body and move/transfer within a system and produced in that system to do a function is not a turd it is instead a nutrient the body uses. it doesnt/cant leave the system and is useful within the system.. so within that system you need to understand the cost of that nutrient production, for the need, use, desire and intent of the nutrient has a cost

not the waste junk that gets pushed out and rejected and relieved from the system to decay/waste away

??

Quote from: davis196 on May 02, 2024, 01:06:02 AM

Quote

Given that units in the Bitcoin system are not created as debt, nobody needs them, and thus, they contain no value. They are empty. 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 represent debt and managing debt is complex. It includes credit assessments, collaterals, foreclosures, repossessions, 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 have units of nothing. Units that are empty. That is why it is so simple. Managing empty units is simple. Just like it would be managing empty envelopes and packages in our hypothetical crypto-post. Spending huge amounts of energy on such a system is extremely dumb. Paying huge amounts of money just to hold empty units of that system is extremely dumb as well. That's why Bitcoin is the dumbest thing ever invented.

So you think that debt creates value? Congratulations, you have created an entirely new theory of economy and finance.
So fiat money represent debt and that's why they have value? What kind of debt? Do you think that you could go to a commercial bank(or central bank) and exchange your precious fiat money for gold? Good luck with this. Fiat money aren't backed by anything. Bitcoin/crypto isn't backed by specific assets as well, but the difference is that Bitcoin is deflationary by design and fiat money are designed to lose value(because of the money printing, that is being done by the central banks).
Nobody is forcing you to use BTC, but your government is forcing you to use fiat money as the legal tender.

I don't think that debt creates value. This is factually so. If you have for instance $500K while you friend has a $500K dollar loan with a mortgage on his house you have something that he needs to get rid of the mortgage. $500K is worth the same as his house. If an item is needed by people it has value. Just like food. People need food and that is why food is valuable. The fact that fiat currency units are created as debt means debtors will always need them. On the other hand, nobody needs units in the Bitcoin system. People buy those just for speculative reasons, because they believe in the greater fool theory.

SAHASAN

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Whales are manipulating and create bear trap after halving so that more Leverage trader going to lose and investor are afraid to invest
This is called pure bear trap which is amazing buying opportunity for pure bitcoin lovers and as my opinion.

Just see and wait it will achieve more power and make skyrocket after few months as my opinion.

davis196

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Quote

Given that units in the Bitcoin system are not created as debt, nobody needs them, and thus, they contain no value. They are empty. 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 represent debt and managing debt is complex. It includes credit assessments, collaterals, foreclosures, repossessions, 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 have units of nothing. Units that are empty. That is why it is so simple. Managing empty units is simple. Just like it would be managing empty envelopes and packages in our hypothetical crypto-post. Spending huge amounts of energy on such a system is extremely dumb. Paying huge amounts of money just to hold empty units of that system is extremely dumb as well. That's why Bitcoin is the dumbest thing ever invented.

So you think that debt creates value? Congratulations, you have created an entirely new theory of economy and finance.
So fiat money represent debt and that's why they have value? What kind of debt? Do you think that you could go to a commercial bank(or central bank) and exchange your precious fiat money for gold? Good luck with this. Fiat money aren't backed by anything. Bitcoin/crypto isn't backed by specific assets as well, but the difference is that Bitcoin is deflationary by design and fiat money are designed to lose value(because of the money printing, that is being done by the central banks).
Nobody is forcing you to use BTC, but your government is forcing you to use fiat money as the legal tender.

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you talk about turds knowing your body can create your turd from your body at low cost after the utility is finished and its time to reject the waste product and relieve it/release it from the body. to then dispose of it and forget about it. which makes turds useless and of no value

but you dont realise specific units locked within a body and move/transfer within a system and produced in that system to do a function is not a turd it is instead a nutrient the body uses. it doesnt/cant leave the system and is useful within the system.. so within that system you need to understand the cost of that nutrient production, for the need, use, desire and intent of the nutrient has a cost

not the waste junk that gets pushed out and rejected and relieved from the system to decay/waste away

Topic: Why is Bitcoin the Dumbest Thing Ever Invented - page 9. (Read 2641 times)