Bitcoin Forum

This article has about the same amount of substance to back up his opinion as the ones on many sites that claim that BTC will be worth <insert random made up super $ amount> and goes to show you that there are those on both sides of the BTC value that just espouse speculative value to espouse speculative value.

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I thought we’d finally get rid of bitcoin. But the fake “currency,” which I like to call bitcon, just won’t fade away.

Bitcoin’s price rallied to over $6,600 yesterday, but it had been well under $6,000 last week. Even at $6,600, bitcoin is still worth 70 percent less than it was at the beginning of the year.

I use the term “worth” cautiously because bitcoin is really worth nothing, since it’s backed by nothing or no one. It’s a confidence game that has value only because people are convincing other people that it’s worth something.

Got it! Ponzi scheme. Confidence game. Fraud.

Anyway, bitcoin is headed for a value of zilch. It’s only a matter of when.

Source: https://nypost.com/2018/07/04/why-bitcoin-may-be-soon-worth-nothing/

Yeah, I saw this 'article' show up in my Google news feed this morning. I think it's just click bait because the actual text isn't very long and doesn't give any explanation. He just opens the article up, calls bitcoin a few names, and then leaves. More than likely it's just an attempt to generate web traffic because it's piss poor journalism.

People that don't think btc has intrinsic value don't understand the revolution made possible by the technology behind it.

I love countering poor journalism and what we have here is a prime example.


Statements like this one show that the author has no understanding of value. Personal view doesn't matter when it comes to value, the vote is in the hands of the majority.
For one person a bottle of old wine can be worth $100 at the most, but there are people who are willing to buy it for $1000. This makes that bottle worth $1000, despite what that one guy thinks of it.

From the same author:


Oh, just give it a rest!!!!!!
When you post every week one article against bitcoin is clearly you have an agenda, this is no longer about personal opinion

Same for the OP, alexey14, just stop it:
https://bitcointalk.org/index.php?action=profile;threads;u=893146;sa=showPosts

exactly, the written articles is very short and hanging. he/she called bitcoin is a fonzi scheme and fraud without any explanation why he/she call it that way. the author of that article just look after the value of btc but don't understand the technology behind it .

The opinion expressed by the author in his article is absolutely no better than all those who write about the cryptocurrency. Therefore, I think that it is not necessary to attach special importance to this article. Bitcoin is eternal.

that is all?

you did not use convincing arguments and you do not show some basis for this very serious charge, you are making a very serious charge and you do not show convincing evidence. No one will take you seriously and about bitcoin is not worth anything, you are wrong, In the future bitcoin will be worth much more, there are many countries and people that will use bitcoin.


Proof?

I think personally, his job news is just to give a blow about negative and positive from bitcoin. This is why there is a lot of controversy about bitcoin, if you want to see from 2009 bitcoin prices until now have a good progress. In the future I'm sure bitcoin will be worth more than the present price because of the technology.

i my country journalist or any media station always report the fake news and the bad news. they will not focus on the good news. the same as bitcoin many will ride its popularity and make bad statement to get attention and views.

as we know all bitcoin price and the other cryptocurrencies is still depends on the demand of the user, because as we can see that bitcoin and cryptocurrencies is used by small people so the demand of bitcoin is changed every time, it will be different if the bitcoin is used by all people in the world, the price of bitcoin will more stable than the bitcoin price right now

I do not really believe if bitcoin will soon to be worth nothing because all of this crypto business will become nothing without bitcoin. This situation maybe  happen when there is no one buying bitcoins and all of us will do no more business with bitcoin but for me it is very impossible to happen as time goes by a lot of people are trying to know about bitcoin business.

Bitcoin users are  continuously increasing in numbers. More investors are coming up. Bitcoin will never be worthless!

Those people claiming bitcoins will be worth nothing soon are those without a penny invested in it discouraging people from acquiring it or those that hold bitcoins but sold off and expecting others to lose their own too.

Ha! I can easily recreate an article just as this one explaining why USD may soon be worth nothing. It's also only a confidence game and when people's confidence is gone about it, see how high the fall would be. Mind you, USD isn't backed by anything except the US gov't which is still up to now pumping money on their economy relentlessly. That in itself suggests that it's losing value a lot faster than normal inflation. As for bitcoin, many of these 'writers' only look at the way how bitcoin fell from an artificially-made price which bitcoin users know would not hold for long. Similar articles appeared after the 2013 ATH lost momentum, but where are we right now?

I totally disagree with ths thread subject since this is just to make baseless opinion that can discredit btc to the bitcoin community. In my opinion, people should familarize and study more about bitcoin to become successful with your involvement with bitcoin investment. People also should understand that fluctuations is normal in the crypto market due to it's volatility in nature.

In my opinion banks all over world are trying to degrade bitcoin and other cryptocurrencies.They speculate mostly negative views about cryptocurrencies and investment in them.Still only few % of people in world know about the benefits of blockchain technology and uses them in their daily life.There are few drawbacks like regulation etc but with blockchain technology this cryptocurrency market will rock very soon and Bitcoin is the first digital currency so its price will rise with awareness and demand as we progress further.

Just like some people here in the crypto currency community that loves Bitcoin so much, I disagree with what it said that the Bitcoin may soon be worth nothing. Why? Because in today's day, the current situation is rapidly changing because of our fast growing community that almost everything around us is surrounded by digital technologies. And the Bitcoin is just just at its downfall but not die. Sooner or later the price of the Bitcoin will rise again and turn back the normal state of the community's prosperity.

I don't think if Bitcoin will be worth nothing due of bitcoin is very popular now and Banks want to remove bitcoin existence cause they are afraid that they might replace bitcoin soon so they're making articles to degrade bitcoin. I believe that bitcoin will more valuable in the future so better to hold bitcoin now.

bitcoin is not valuable, meaning bitcoin will die. do you think this market condition is a sign of bitcoin will be destroyed quickly?

finally, we can not accept bitcoin death, because bitcoin volatility always creates a bullish market, we just wait time.

your topic has no strong foundation, so your topic is just making speculation without conclusion.

it seems like these days people keep sharing their wishes and call them "analysis" and pretend their wish is a prediction of the future. if for example they wish for the price to come down so they can buy to make profit then they say price will fall and then try to come up with any reason they can think of to back it up. the same is true with the ridiculous rises but at least "rise" is more realistic than these doomsday topics because rise will eventually happen.

What a poor article :D
What's the sense to spread fud and lies? no one will ever beat bitcoin, keep in mind when you read poor articles of poor journalists ;)
Make your own research, and you will fond why btc is so massive.

Absolutely. The "journalists" of these click bait articles always win, because when Bitcoin's on the rise it's an article about how it'll go to $30,000 in no time, and when Bitcoin's on the slide it's an article about how the end is near.

I always read the negative articles because I want to see if any of them make a complete argument...none of them do. They always omit the reasons why it could take off, therefore the real answer is "wait and see".

even during rise we see FUD because bitcoin is not on the rise 24/7 even in a bull market like last year that price was going up we have had drops (corrections to be exact) and if you check the news history versus price history you can see that during each dip we had a lot of FUD about how bitcoin is going to fail and die, blah blah :D
that has to tell you enough about the main purpose of 90% these articles.

Good news to reduce the interest of insiders buying bitcoin. Then how much reward do you get for making this kind of news? Are you also part of those who want the bitcoin value down, then expect to buy as much bitcoin as possible when the price is low?

I think you didn't quite understand the OP. These are the exact words of John Crudele, a NY Post columnist. OP only quoted the text from the NY Post article. The journalist obviously holds a grudge against Bitcoin and this 'article' is nothing more than a personal attack. Objective journalism has turned into subjective one  ;D

I realy don't know why people every article they read find relevant. Not every news you read is actual news and don't forget that news often can be manipulated, especialy when they refer to Bitcoin and cryptocurrencies in general.
Use your critical mind and don't let be influenced by all kind of rubbish.

Her analysis is what's happening now. It does not look at its past prices in recent years and how much bitcoin has raised the price. Bitcoin is backed by people who believe it! So it is now bitcoin, formerly used only in gaming points. And it will continue to increase the price for the continued acceptance of these people and of course the governments.

Most of the people that make this kind of statement have not really spend time to study the concept they are talking about or the are looking at one side of the concept. I do not doubt the fact that bitcoin have it own disadvantages, there is nothing on earth the do not have it disadvantages. Just tell the person to go through the internet and look for the advantages of bitcoin. the individual will definitely know that bitcoin worth alot and is here to salvage the whole world from financial bondage.

How many people, so many opinions. Some say that bitcoin has no future. Others 5 years ago buried bitcoin, but nevertheless bitcoin is alive and will continue to live. This is an asset that has gone a long way in 10 years and has shown so many people what it can and how fast it can rise. This is the most volatile asset that is available in the 21st century. Neither oil nor gold can match its rapid rise and fall.

It's possible that bitcoin will worth nothing in the future, but that future is way too far yet. And if bitcoin dies, another coin will dominate the market again. So much disappointments for the one who wrote the article, He/she will probably die 1st before the bitcoin worth nothing.

This is the investment market in technology. At the moment, the trend of technology is getting people interested. And blockchain technology is a pretty good technology to be able to thrive.

Have you actually read the article though? you are just the same with the author, just giving speculation with no evidence or explanation at all. And you should the real meaning of value.

I don't agree with the fact that bitcoin worth nothing

Bitcoin is a good coin nowadays. It has strong growth momentum. I expect it will grow at the end of this year. This is a great opportunity for you to invest and earn more

Dont believe it really. Technically bitcoin is backed up by multi billions dollars and million more investors every other year. I guess this promotion will also rise dramatically faster now as the bitcoin is getting more popularity with its good and bad news events lately. This maths is fix and no one can change it. Those who says its not backed up with anything are the one who dont really see its depth and how everything started! You should be seeing this because bitcoin is backed up with real money that floods into it. The real world goes crazy when it moves, I guess the story need to be re-written on that matter.  :D

Bitcoin may soon be worth nothing because the value is dropping, users interests were listed as the lowest of all. Bitcoin is dropping because there are better coin out there that also has a good future like bitcoin before.

Another kind of fake news that has been released this article just wants attention to gain impression to the public, It's been how many years now but still, bitcoin is still standing strong as of now right? Give that guy a jacket from Wowowin!!

Actually even I saw this article shared in twitter feed and i was shocked that people really don't know anything about the cryptocurrency and Bitcoin in detail so that they can provide a good value in their article and I am also thinking how could one write an article in a reputed websites without any rock strong values and deeper knowledge about the topic. This can really put people's mind in a dilemma whether to trade the bitcoins or not.

Those reasons probably contribute to why bitcoin is dropping and is staying low but not in any case result to btc going to zero. I think it's too late for btc to lose value already. Too many support that will keep it afloat no matter what gets thrown at it.

Well a lot of people call Bitcoin fraud and worth nothing, but when the price soaring high they will back and invest in Bitcoin, it's true that Bitcoin is not being backed up by anything, but the one that makes Bitcoin valuable because of the people's support, most people interested in Bitcoin because it got unique feature and it can be used as currency and asset

I think everyone should be really be careful of those articles circulating around. Well the only argument that keeps popping is not bitcoin is not back up by anything and based on pure speculation. But guess what, they are also speculating on the price. Lol. How ironic. They kept saying that bitcoin will down, blah, blah but behind they have their own agenda, buy it when the price really hit rock bottom because they really know that bitcoin and crypto can offer, big potential money. How ironic.!!!

The worth of something still depends on how people would perceive it. It is about supply and demand because one thing may be valuable in one place but in another it may be nothing so it would depend on how people would value something. Even if there are many people who would say that bitcoin is worth nothing, if there are still people who are willing to buy it then it would still have worth because it has a demand. With the increasing adoption of cryptocurrency, I don't think bitcoin would be worth nothing sooner since it is the king of cryptocurrency and no coin has stolen its position yet.

I can never understand the naysayers of Bitcoin. It's like there is almost literally no reason to dislike Bitcoin so strongly. You can't just call it a ponzi scheme, then put your fingers in your ears and say "lalalalalala" and hope it crashes to $0. These people will be waiting forever. I bet the dude that wrote this article has been waiting for Bitcoin to crash to $0 since Bitcoin hit parity with the dollar.

Why do people call Bitcoin a pyramid or Ponzi scheme? Bitcoin doesn't fit under the definition of any of these scams. Because of that, you can't call Bitcoin something it very obviously is not. That just shows you have no argument against Bitcoin in the first place. Right now the only argument naysayers grab onto is "It's a ponzi that uses too much electricity!1!1!!!". Really, are all the naysayers hardcore environmentalists? Yeah lol, I doubt they worry about energy consumption anywhere else.  They only like to pick on Bitcoin... Why?

Because they missed out maybe?

Don't get me wrong, Bitcoin does use a lot of energy, but it's so blown out of proportion it's ridiculous. Compare Bitcoins energy consumption to all of the industries Bitcoin is disrupting. It is just a drop in the bucket. Why aren't they complaining about this if they care about energy consumption so much?

You bet buddy!
For me it's looks the same.
I also want to say that the process is already going and you can't stop it. All this ICO, cryptocoins, smartcontracts etc. You can't stop it.
And also you can't stop it because it can decide a lot of problems in our world.
For someone of course it will not a good idea but for as usual people it will help a lot.

Just as expected and we can really read up positive and negative words from different side. Some would be optimistic and some would be negative at all times. We do have our own will to judge but I would ask you this. Why you are on this forum by the way? This is a bitcoin forum and if you don't trust up btc itself then this forum wont suited you out.
As a bitcoin enthusiast we do able to know on whats the risk behind and its movement so its not really surprising at all as long you can utilize the volatility you can make money.

Saying that bitcoins will be worth nothing just because of an article is a very bad way to believe on because you should conduct your own research in order to get legitimate informations.

Just because he made a statement to back up his opinion doesn't mean it was true. Not all evidence were true. That is just a silly prediction that want to cause others mind confusion. You'd be a fool if you get easily believed in such kind of trap.

Once we can find out something better than bitcoin the it will be soon worth nothing to talk but this fact will not be able to happen in our world at least 10 centuries .  

Every person has their own opinion. MY own opinion is that bitcoin is the best ever currency of the world. I think that very soon bitcoin is going to become a legal currency throughout the world. Bitcoin is going to become popular even in backward countries, even there we can see people taking interest in bitcoin. I think that their interest in bitcoin will continue and very soon bitcoin will become the world most popular currency of the world.

These article will always be there and people would always call or name Crypto as "Another type of MLM schemes" because whenever people stop buying, it price wouldn't move
Well, for me Bitcoin is more of something like an Artwork type of investment

It does not have a fix value, unlike products which people can set hey lets sell this for $5 and people buy for $5
Crypto are not the same, it will only have value when people think it have value, that's the main point of why Bitcoin can be worth few thousand or even 20 thousand

Sure, except that some opinion are absolutely B.S and the only thing that has no value is the article since obviously the author could not sit down to get to know the value that bitcoin actually brings. Maybe and just maybe he feels fiat does not have any value as well, since from all angle, the value that bitcoin brings is far more than what fiat has ever brought in so many years of its existence. What perturbs me is people or journalists with no clue coming out to embarrass themselves.

It would be easy to criticize something without knowing. Writing against something needs to have a solid data to convince the audience. How can it be worth nothing were in fact it highly in demand? It will be worth nothing if nobody believes in the technology. Fake news is also rampant these days.  So it is important to read from a reliable source.

The thing is though, the writer of this doesn't need for us to believe it. He doesn't have to convince the audience at all. They only have to make the audience intrigued enough to click the link and maybe even read it. Making the audience share it to other people will mean the world to the writer as he/she is getting more revenue from this. More clicks, more money for them. The usual "Bitcoin is the future" isn't gaining that much attention anymore. Thus, writers are writing about how bitcoin is worth zero. I just sold some of my bitcoins. Last time I checked, bitcoin isn't worth cheap, it's worth a lot. It's worth far from nothing.

I don't understand his point of claiming that bitcoin will be worth nothing because it's not backed by anything. Fiat money isn't backed by anything too. It WAS backed by gold, but not anymore, yet here we are. We still have fiat money. We have not got rid of it after centuries. Bitcoin is a medium. We use it to transact with each other quickly and cheaply. We are giving bitcoin value because it can do something. It's utilitarian.

You have done well in that even if you are an enthusiast, for the mere fact of bring such discouraging news to the forum shows that you are doing more in promoting the prediction of the article than you imagine as this could cause a spike in the mind of one newbie that is trying hard to get a footing and for a article to have been linked to New York times would give it the publicity and credibility to cause the intended panic of the writer. I am however glad that since the time this was posted, the market has rendered this impotent just like every other article that have been written against the continued popularity of bitcoin and when we face another downward there would be more of this and we will still prove them wrong.

Another article about nothing. If it can be called an article at all. This statement is not supported by any facts. The price has fallen so it is a scam - the whole view of the author.

It depends on trust, people will say bitcoin will not be worth anything if he doesn't like or don't believe in bitcoin, and otherwise bitcoin is the best crypto coin that will grow in the future for those who believe in bitcoin. It all depends on trust, but if we look at the crypto market that bitcoin becomes the highest, I think bitcoin will continue to be of high value.

This is not a decent article that explains nothing other than a personal agenda or criticism against bitcoin I saw a lot of articles from them about bitcoin and most of them are just like this one, typical one that says bitcoin is a fake currency, fraud, nothing backs it, Ponzi and more that it clearly shows what their understanding about bitcoin, they are waiting to fade it away?

Not really, you claim that the article has as many substance than those that claim that bitcoin can reach a particular price, but those that think that a particular price is possible at least have the technology of bitcoin on their side, the people that say that bitcoin going to be worth nothing is because they think bitcoin is a confidence game, if that is true then fiat suffers from the same weakness with the difference that bitcoin is superior to fiat in almost every aspect except adoption.

If the people around the world lost confidence on the dollar and the credit of the US the dollar will collapse in a matter of days, this is not true for bitcoin because at least there is the blockchain behind it that is a tamperproof method to record the transactions that have occurred over the network.