Bitcoin Forum

A very very good explanation as to why BTC will crash even though blockchain is a good tehnology.


If you do not want to read the full link below, here is the key part of the comparison:

"… imagine that someone had found a cure for cancer and posted the step-by-step instructions on how to make it on-line, freely available for anyone to use.
Now imagine that the same person also created a product called Cancer-Pill using their own instructions, trade marked it, and started selling it to the highest bidders.

I think we can all agree a cure for cancer is immensely valuable to society (blockchain may or may not be, we still have to see), however, how much is a Cancer-Pill worth?"

Clearly Bitcoin is like cancer-pill - and we have already seen thousands of new coins (cancer-pills) appear. Eventually their price will be almost zero.


The full explanation can be found here: http://www.mrmoneymustache.com/2018/01/02/why-bitcoin-is-stupid/

.... which of course means the same for the alt-coins

Most of the crypto price consists of speculative value. I'm sure that 95% of people involved would never invest in bitcoin or altcoins if they knew the price would be fixed. Hence, cancer pills of certain brand (which would be in limited supply despite the ingredient being open source) would be valuable if you could trade them online and make money flipping them with easy access available to everyone. People love gambling, stock markets, penny stocks, online casionos, sports betting are all blossoming and there's a lot of speculation hungry money in the world.

And by this you also say that Bitcoin is in essence worthless - and only holds whichever low price people emotionally attach to it - like the price of old pokemon cards

So you're going to join the shills from the media in trying to say how Bitcoin is worthless and how it is going to crash and burn. Bitcoin has died so many times I think it can get through 'dying' again.

Bitcoin does have value as well, so your claim about that is just simply invalid. Check out the exchanges bud.

You can also find people who will pay 100s of USD for an old Pokemon card. That does not mean Pokemon cards holds value or is a good investment object.

Bitcoin had its chance - and when the pressure really came on it crumbled by not being able to deliver on neither being a currency nor a store of value nor anything else.

Bitcoin is good , if governments can make tax with them.
otherwise most of county will ban the bitcoin like some of county recently did  :-\ 

BTC is as much an investment as a stock!

If the government legalized it, it would be valuable!

The technology of blockchain and decentralized technology bring new revolution to this era!

What i just feel after reading that comparison is just the fear that some people have because they lost the train of earlier adopters and now want to extol the technology while degrade bitcoin as it is...nothing new, the good news for all of them is that is not so late, they still can come with all of us in this long travel....

Then you clearly have not understood the comparison.

The point is that the technology can be very good - but that does not automatically mean the product (Bitcoin) realistically has a high price

I don't disagree with you, but by the same logic gold is also (mostly) worthless, expect a minor part jewelry and industry, and yet marketcap is trillions. Most of gold value comes from speculation that people believe it will be valuable to others in the future. Even though most people don't need and don't use gold. It has become a store of value in minds of people, so it's possible bitcoin could do the same despite not having much use either.

Not true.

With a stock, you actually own a part of the company.

With BTC you own absolutely nothing.

The problem with that reasoning is in the statement "clearly bitcoin is like cancer-pill". Firstly, that is not clear at all. It is just an analogy. And secondly, the analogy is to the thought-of (not real world) example ! So in my view it is all very far fetched to say the least.

Your reasoning serves only as an argument towards your claims. It is neither very strong, nor conlusive. It is merely an argument in a debate and a weak one to that :)

OK - lets run with the cancer analogy.

Every living person creates thousands of cancerous cells every day, fortunately we have an immune system which attacks them, and kills them so that we stay healthy. We are diagnosed as having "cancer" when the malformed cells start to overload our bodies, and a wekened immune system cannot cope with them. All these so called cancer cures are destructive. They work on killing the cancer cells, but they also kill the beneficial cells, and weaken the immune system. At the same time, they increase the profits of the pharma companies so that they can develop products to weaken otherwise healthy people. Nobody has been cured of cancer, but some have managed to restore their immune systems by ending their poisoning by the "cures".

Now lets look at Bitcoin. The cancer in our society is the banking system, and the increase in debt resulting from zero or negative interest rates. Bitcoin has shown us the way to escape from this unhealthy slavery, and to restore our financial immune systems. There are many people who have, and are, creating alternative and additional remedies. Some of these are fraudulent, and some are useless, but several of them have obvious benefits and are here to stay.

In summary, Bitcoin ( and some other cryptos) will not die as long as there are nodes communicating, and people who perceive value in the transactions, and they realise the storage of wealth provided by good coins.

I respect the author's thoughts, but I agree with his statements in part. I believe that most altcoins will cost 0. But bitcoin and technological altcoins with their product will be in demand.

A price of whatever is worth what is set between the seller and the buyer. Take sports stars, you see them transferring teams now for up to £200 million .. Is that player worth it? No. So how was the fee so high? The value was set between what the seller was prepared to sell for and what the buyer was prepared to buy for ... Same with Bitcoin really

With most stocks these days - all you really own is the debts

With Bitcoin you own a recorded asset on a widely replicated ledger. This asset can be traded, and because of the volume of the asset recording, it is more secure than most bank or stock exchange "assets", which appear to be trasnsient in the modern economy.

Previously, few knew about Bitcoin and really they used it and everyone did not care how much it costs. Now the housewives are on the market and say that it will all collapse. For them, yes, because it may not justify their expectations about the price and not allow them to make money out of thin air. But Bitcoin will not go anywhere and always find his user.

Yeah exactly i agree with you.!!! There are many people who regret upon coming to the crypto world a bit late,but i would like to add one more thing that yes new poeple may be late to catch bitcoin as its expensive now but there are many other new altcoins which have great potential so its never too late.

But if we apply that comparison, gold to bitcoin, and make the assumption that bitcoin remains a store of value or a means of wealth creation, then we must compare the movements of the gold price to that of bitcoin. We can indeed then see a similarity of the price charts of the two. Gold, years ago, was worth just a small fraction of the value it achieved around a couple of years ago, which peaked somewhere around $19k/oz. Since then it's dropped to around $13k/oz and stayed there pretty much. So in two years it hasn't gone back up to its ATH.

So many people on this forum are expecting bitcoin to resurface around its $19k price sometime soon but, if we make that comparison with gold, that kind of price may be off a lot longer than they expect. It's very possible that bitcoin last month was where gold was two years ago.

One difference in the above analogy though is that gold is the cancer pill in the analogy. So although the analogy makes sense, I'm wondering if we're comparing apples with pears. Regardless, even as a store of value, bitcoin would not have infinite value! There has to be some price stabilisation somewhere.

if so how every country has a different currency eg dollar, Rupe, Euro, Rupiah ???
The highest price in hold of Euro, why all countries do not make their currency all Euro ???
You should think before putting the bitcoin the same as cancer pills, because it is so different you can see for yourself the fact that every country has a different currency and has a currency exchange rate.

So let's say BTC is a cancer pill. Than a financial crisis will be a cancer crisis where everybody suddenly gets cancer. What will you do in such a scenario? Where will you put your money in? I would put it in cancer pills, because that will become the currency in such a scenario.

Conclusion: BTC always wins.

With the US debt now surpassing one trillion dollars, and growing fast, after Trump/GOP's MAGA tax cut for their big corporate donors, what is the actual worth of the USD?

Trump even commented publicly that he could easily solve the debt issue by printing more money! WOW!

BOOM - end of conversation

The OP is comparing a real life working technology and a useable product - something which is a fantasy.

BTC has a limited supply -Cancer-pill if/when invented and has eventually a value of close to zero will have unlimited supply

From the mister money link:

"Well, shit. I’ve been watching this situation for a few years,
and assuming it would just blow over so we wouldn’t have to
talk about it here in this place where we are supposed to be
busy improving our lives."

Ah if only http://www.mrmoneymustache.com had seen the
potential of BTC and blockchain he might well have improved
his life. Looks like he might be bitter because the content of
the article is very much in line with the title Why Bitcoin is Stupid

US Debt is actually $21 Trillion dollars.  You are only off by 2100% 

The real problem is that people don't know the difference between deficit and debt.  Since everyone is so stupid, it is easy to get into this situation. 

No bitcoin is not worthless. Its worth so much already as you can see it even crashed $19,000. So why would people buy bitcoin at that price even if there are lots of other coins out there that costs even less? Well, for once, itcoin is universal, its the pioneer in cryptocurrency. Why its price fail? You can see there are lots of negative news that will try to bring the price down and for what reason? Its because the big whales wants to buy them low so they can have so much with them because they know there's no other way bitcoin is going but up.

now mostly young people earn on bitcoins and do not regret it because they are modern

actually no,

cryptocurrencies have value, maybe at the expense of current communal state banker structures and their communist elites that are favored by it, but they also have them. especially for people that arent profiting from the current structures.

currencies arent meant to be inclusive or humanistic, they are a way to store value for time sold, many aspects and dimensions of human life would not be possible to exist without excluding currencies,

though bitcoin is in the long run not going to be a strong cryptocurrency because of its ressource wasting character.

regards

If miners stop minning Bitcoin then Bitcoin will loose all of its value for sure. Bitcoin is a payment protocol and no transaction will be processed of miners stop minning Bitcoin. I think Bitcoin will fall to zero of its payment network is not able to process the exchange of value.
But i don't think that people will stop minning as the moment Bitcoin minning is stopped,minning profitability will shoot to sky so more people will be lured to mine Bitcoin.

You're spot on. If you read the linked article, the first paragraph goes:


So here he is, a guy that was watching Bitcoin when it was in ~$200 range (or lower), patiently waiting for its imminent death - instead witnessing the price continuously going up, bubbles were popping but new ATHs followed, all while Bitcoin and the very idea of cryptocurrency were more and more legitimised and started to break into the mainstream.

You cannot expect the guy not to develop a massive butt-hurt in such scenario. Especially when he's posing as some sort of money-making expert, who just dismissed potentially the most disruptive concept and, almost certainly, the biggest money-making opportunity of his life.
When his entire identity and reputation gets called into question - he will be doubling down on "Bitcoin is a scam" even if BTC replaced fiat one day (never going to happen btw).

He even went as far as to re-define the definition of "investing" to justify missing the train. Classic coping mechanism.

---

From the article:


No it isn't? Primary justification would be decentralisation + network effect. What he did was to build a straw man argument and now he's fighting it bravely. The CancerPill - Bitcoin comparison is simply missed. If it was true - why not creating your own copy of Bitcoin and selling it at say 80-90% of current BTC price? Lets see how far that can take him.

All this somehow remind me of this good ol' meme:

https://i.imgur.com/iSSzhrg.png

Always good to look back in history - this link from early 2018 clearly shows exactly why bitcoin have continued down and down in 2018 - and will continue in that direction

I strongly disagree with your above statement. Everyone thinks in his own way but try to find some valid reasons before to say any coin is worthless. We all know that the FUTURE is belong to BLOCKCHAIN TECHNOLOGY then how it is worthless? I understand that BTC dies many times but it came again with an unexpected bull run. Well, who knows exact!!  :)

The only Cancer in this discussion is the shills that are trying their utmost best to discredit Bitcoin in the eyes of the public.

Why people would come to a Bitcoin forum to talk shit about Bitcoin is beyond me. They look like a bunch of idiots, but we

have to tolerate their nonsense, otherwise people use that as an excuse to cry about censorship and freedom of speech and

all that crap. If you do not like the technology, go troll somewhere else.  ::)

Why people would come to a bitcoin forum to talk shit about bitciin is beyond me. If you do not like the technology, go troll somewhere else.

The comparison is totally wrong, you say that cancer pills refer to altcoins, how is that? it's true that eventually, many alts will perish and disappear as the time pass because they don't have any use or any role in the cryptosphere but a lot of projects got a specific goal and status so they are not the same thus they will continue to improve, fulfill their roles with the help of their vibrant communities.

How can you even say such things towards a system that is indeed helping our community. I beg to disagree but this quote is not true for me since I'm a bitcoin lover and I experienced its goodness personally. Well for me bitcoin is a great system which a human being must get involved so that he/she will receive the benefits that it gives.

I beg to disagree but I see bitcoin in a different way compare to this quote. Definitely bitcoin for me issince such a great system and should be try by each of us. It's helping a lot of people especially the average wage earner. Technically this system was built to help us and make the community to get better and it's doing its job.

Yes - blockchain is a good technology with many uses. But that has nothing to do with the future of Bitcoin - Bitcoin is just a product (and a poor one). Internet is a good technology - but that does not mean that all the internet companies that launched in the dotcom bubble were the future, many went bust. You have to seperate completely between the future of blockchain and the future of bitcoin.

 ;D ;D That's really a good joke buddy. In my point of view, I would consider the banks as a cancer pill because they keep on increasing the charges and take away our money in the form of various deductions. Our money is not ours until the banks hold them. Your opinion doesn't matter as long as it becomes true which I seriously think it won't . Anyway, it's good to keep opinions in front of others but at least provide a valid example if you are sure of what you are saying.

You clearly did not read the article - or if you did you were unable to understand what was meant by a cancer-pill

Just like the first cancer drug to hit the market, Bitcoin is well known and supported. They trust the brand and support it. That makes Bitcoin worth it.

What would you do in such a scenario? I would put it on a cancer pill, because that would become currency in such a scenario. With the current US debt in excess of a trillion dollars and rising rapidly, after cutting the Trump / GOP MAGA tax for the company's major donors, what is the real value of the dollar? WOW! Its worth a lot as you can see it even crashed $ 19,000. Well, once, itcoin is universal, it is the pioneer in electronic money. You can see that a lot of negative news will try to discount and for what reason?

- Every bank in the middle east(except those in UAE and Kuwait) is banning dollar transfer to open accounts in FX trading and any foreign shares investments account.

- They say we are a money launderers but we are not.

- But with the help of BTC, I can open a FX - CFD - Futures account.

- So, BTC(or any blockchain technology) is worth a million dollar to me, without it I am dead.

- Regular banks that freeze, block, confiscate my account because I am doing a legitimate business(FX trading) is the cancerous pill, is the AIDS. 

No. I don't think that way. Though bitcoin has its own challenges of the prices rising and falling but amidst all these challenges, bitcoin is still strong.

Value of a product, service or an asset is mostly determined by people. In fact, it doesn’t need to be valuable. Also, its quantity and popularity has an effect on its value. Since human being is not a reasonable creature, it is not an easy task how he/she thinks.

Everybody has their own opinions with Bitcoin, and I have my idea about it. If you think Bitcoin is not worth it and it will destroy in the future. I think it will continue to exist and develop in the future as more and more people accept it and use it in practice.

Although, thus thread was open long ago but decide to say something since acouple of people have does it already. With that been said. Never mind the OP is just one of those inexperienced cryptonier that believe bitcoin market is just like a moving train that have no rail station where it will stop .

people who think like that are just people who don't believe and don't like bitcoin because they only think bitcoin is just a fraud. just try them and try to get the results, they will be silent and feel guilty. bitcoin won't die, and I'm sure in the future there will be many countries that accept bitcoin.

You shouldn't say like this. by the way cancer can be treated in some cases. Btc is a good option to invest in as it has many benefits and it can make you happy when the price rises and you will earn

I can disagree with you because it is not worthless, i like btc and it has many pros,to my mind this is like the future that we have been waiting for long and it has finally come and now i can see it

the price of coins that copy smack bitcoin - yes, they will definitely cost much less and will gradually tend to zero, but this does not mean that bitcoin itself will cost the same

Bitcoin is easy to use, because transactions with it can be made by any person from any part of the world. If the state will slowly accept bitcoin, it will gradually receive value. I agree with the comparison of bitcoin with gold. I think in the future it will happen.

I think its very different. Bitcoin is a cure on current economic system. I am believe if bitcoin system applied and duplicated in economic system, it will make economic of a country will stronger and much more resistant on crisis.

Good day. Bitcoin has good usage so I won't consider it useless. Bitcoin created millionaires and as for myself, getting involved in cryptocurrency gave me financial abundance every now and then. Choosing the right ICO to join, the right alts to trade and the perfect timing.

bitcoin is the cure for the economic collapse, fiat currencies have been in never ending inflation over time and governments, banks, fed keeps printing it they like, debt is rising, bubble will collapse, and people will turn into bitcoin, its just a matter of time from now...

   If you are not blind and still saw the value of bitcoin at this current market situation than the past value of it when it was created,i think you could say bitcoin is still worth. Bitcoin is not worthless as ling as it has a value,usage,supply and demand even market down.  It still help a lot of people from poverty and also help our economic problem. Don't just be negative in bitcoin because of the value that does not yet increasing. Be fair and look at the bright side of bitcoin. Don't be judgemental.

Bitcoin is still worth it. I do not think it will be worthless because many are benefitting from it. It become they way to change my life until now, just believe that it won't take long that the price going to increase again. Many supports bitcoin, see the positive side and take opportunity.

I agree. He might have missed his chance to invest in Bitcoin which resulted in him making such false claims and bias opinions about Bitcoin. To be honest, people here have already stated his mistakes and for that I don't need any explanation. It's kind of funny how he compares and shows some unreasonable images and comparison.s

bitcoin is very useful and has many functions, but I don't think you know the function of bitcoin and the functions of technology that bitcoin has so you can say that.

The topic is not match or suitable with the contents. Why did you say Bitcoin while your explanation is discussing about altcoins. It supposed to say that "altcoins is like cancer-pill" not Bitcoin. We all know that Bitcoin is has strong value and it is very worth in the digital currency or crypto currency. You should better to state explicitly which coins do you mean.

yes, this applies even not only on the bitcoin market but all products traded in the world. if the same product has appeared (or at least similar) it will make the market crash and finally many of the same products are no longer expensive because of the large supply. in bitcoin is the same, when many new altcoins emerge, they are almost worthless because the similarity of products and bitcoin is already more expensive than they are, so the new coins are hardly of great value.

Why would you write such a weird thing i didn't get it. I believe that you bought bitcoin the highest price like 20k and you lost your money. Otherwise you wouldn't say things like that. I totally disagree with you on this. It depens of the people, just like you and me. I would never say a word like cancer to bitcoin or any other cryptos. I believe that my timing way better than you, because when i get into this bitcoin market the price were $400 and i did manege to collect good amount of bitcoin and around $15k i did sell them all and went to the altcoin market. I was lucky yes but if i were you i try to look the brighter side and try to make money again in this market because still there are great projects out there in the bitcoin and crypto market..

Actually there is but they dont want to announce it in public because if the cure spread then there will be no one will go to the hospitals.

You are right same situation in the cryptocurrency but crypto is already known by many people thats why we are here to support.

bitcoin is a technology that can be utilized depending on who wants to use it, and is detrimental to those who don't want to take advantage of bitcoin

Those social defaulters who are misusing bitcoin for their self interest like using bitcoin in engaging many illegal activities like in selling drugs, explosives, money laundering etc, are the real cancers and these are the people who are spoiling the image of bitcoin and bitcoin legalisation all over the world is the cancer pill to all those cancer people and I don’t think that bitcoin is worthless as bitcoin has always proved its worth by making its existence since more than a decade and now helping millions of people around the world in getting their jobs and I don’t think that bitcoin is worthless.

everyone has their own views and opinions, if you consider bitcoin to be damaging in the future, but in fact bitcoin is getting more popular and many people are interested in bitcoin.

You indirectly want to explain that bitcoin is valuable because the amount is limited, but because there are so many altcoins now, this makes bitcoin worthless. Maybe there are many altcoins that appear and only offer millions of dreams and prizes at the start of the ICO then the price evaporates until it becomes trash at the end of the ICO, it grew a lot of disappointment with investors, maybe that is also the reason why no new investor will push the price of bitcoin up again, maybe it is also necessary to review the ICO or altcoin, so that not too many fail to impress . I hope there is something new that makes bitcoin even more interesting

I'm not agreed that BTC crashed.
If use this theory.. How much will be cost Bitcoin?
You right many shitcoin don't  allow to develop.. It's temporary only.

And yet, bitcoin is well developed, gradually introduced into the world and it is increasingly used. This means that it cannot be useless or equal to zero. Of course not all coins can be realized but bitcoin is capable of it.

Nice methapor like you post is kind  a strange and nice putting that scenario like every scene is coming back/hetting back on us. Agreed many cryptocurrency that is a cancer can ba created but ot depends on how they put it.

A fact that I understand that bitcoin is like a sickness/ ilness that can be point out as cancer. Also bitcoin and ither crypto is not worthless you just need to be patient .

Bitcoin is came from new technology as new online money by power internet connection for easy payment mode
Blockchain is the system use for transfer of bitcoin founds so no need to campare both of them blockchain is and bitcoin are good combination to run properly the digital currency

No it is not, bitcoin is good kind of technology to join in and it will give big oppurtunities to the people especially those who are sufferring financial crises in their life, it they are willing to work hard for it , their work will be worth for this cryptocurrency which differr from other network scheme of investments, bitcoin and cryptocurrency are differrent from others so we can trust it.