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Author Topic: anyone read this article: The scam called Bitcoin?  (Read 4314 times)
LakeBTC
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June 15, 2015, 02:59:20 AM
 #1

Sometimes it's hard to tell whether Bitcoin is more like Ponzi scheme or a pyramid scheme.

Whatever it is, though, it isn't a currency. It's a tech stock. Each Bitcoin is really a share in a system that seems to make it cheaper to transfer things online - money, stocks, bonds, even the deed to your house - by cutting out the middleman. Well, kind of. Bitcoin doesn't remove the middleman so much as replace him with middlemen who don't make you pay much, but make society as a whole do so instead. Is this progress?

[...]

And the final conclusion is "The future might not belong to Bitcoin, but it should to its technology."




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June 15, 2015, 03:13:07 AM
 #2

[...]
And the final conclusion is "The future might not belong to Bitcoin, but it should to its technology."


Seems to be the new approach by main stream media: Bitcoin - boo! Blockchain - yay!

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June 15, 2015, 04:39:27 AM
 #3

Yes, I have read the article. And even though I dislike the article & its negative tones about Bitcoin, I do see the author's point (and it has been brought up before). I.e.- Person A plans on not spending their Bitcoin because they hope the price will increase in the future and they'll be rich, so they let person B spend theirs. Person B does the same thing and doesn't spend any of their BTC, and the economy dries up because of no people spending it.

However, I disagree because I love to spend BTC and do it all the time! It is a streamlined, non-invasive way of buying everything, and you often find cheaper prices listed for goods compared to higher prices for Credit Card & PayPal, because of the processing fees the vendor has to pay with cards. I find it beneficial and enjoyable to spend BTC, and I still believe it will increase in price in the future. So if the price increases any BTC holdings I have will be worth more, and I still helped the BTC
 economy along the way.


[...]
And the final conclusion is "The future might not belong to Bitcoin, but it should to its technology."


Seems to be the new approach by main stream media: Bitcoin - boo! Blockchain - yay!

I agree, everybody is taking about blockchain technology now that they have finally noticed it. I still think any discussion of blockchain tech. is positive for BTC though, it's just more and more overall exposure.  Cool

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June 15, 2015, 05:20:20 AM
 #4

Quote
And the final conclusion is "The future might not belong to Bitcoin, but it should to its technology."
Agree with this! A lot of applications are built on the blochchain concept! Like Nasdaq are considering to integrate blockchain technology to its trading platform, Hyperledger, colored coin, sidechains etc 
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June 15, 2015, 07:19:31 AM
 #5

[...]
And the final conclusion is "The future might not belong to Bitcoin, but it should to its technology."


Seems to be the new approach by main stream media: Bitcoin - boo! Blockchain - yay!

yet they fail to understand that those two work together and they are inseparable, unless they want to build their own fork with a different, yet more shitty(very probable) coin than bitcoin

their fud will not touch anybody anymore, but only those that don't know anything about bitcoin, which are becoming less and less every new day
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June 15, 2015, 07:19:32 AM
 #6

Once new innovation comes out, ppl can like or dislike it and have their own valid reasons. Never mind time will tell everything.

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June 15, 2015, 10:42:21 AM
 #7

[...]
And the final conclusion is "The future might not belong to Bitcoin, but it should to its technology."


Seems to be the new approach by main stream media: Bitcoin - boo! Blockchain - yay!

That is probably because of two reasons:
The ones behind these news are late to the party and are trying to accumulate cheap coins.
The ones behind these news are trying to create their own crypto currency.


 
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June 15, 2015, 10:47:08 AM
 #8

[...]
And the final conclusion is "The future might not belong to Bitcoin, but it should to its technology."


Seems to be the new approach by main stream media: Bitcoin - boo! Blockchain - yay!

good luck disconnecting the blockchain from the mining infrastructure as a scheme ...unless you want to spend .what is it 6 years or so making your own
blockchain and/or coin tokens etc or just use the existing large worldwide bitcoin blockchain (or heck litecoin blockchain for that matter)

so yeah re-invent the wheel and/or expect the blockchain now to run w/o compensation in BTC to the people mining and keeping the infrastructure up

sheesh...reporting is dead these days

 

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June 15, 2015, 11:00:46 AM
 #9

personally i dont like those articles with that type of negative feelings about our BTC, but this is obvious.

now seems like ppl are diverting attention to blockchain instead the whole thing, maybe is a good movement from the elite to distract us? Tongue

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June 15, 2015, 11:01:56 AM
 #10

I don't know whether the author did even consider bitcoin as a currency in the first place where you can actually use it and spend rather than treating it as purely investment.

The author assumes that everybody holds on to their coins hoping that price will increase someday to be able to sell off and for it to happen there must be new buyers and so that's how he arrive to that conclusion on ponzi scheme. But nevertheless, all of that arguments were never taken into account if bitcoin as a currency did function as it was intended to be for example to facilitate cross border transaction and such, so I would say it's rather unfair to label bitcoin as a scam.

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June 15, 2015, 11:35:21 AM
 #11

I dig this guy's assessment -

http://www.zerohedge.com/news/2015-06-14/global-macro-investor-interview-raoul-pal

'Bitcoin’s block chain is essentially the world’s biggest ledger. It’s unique because ledges work like you record the buy, I record the sell, that’s how it works; but with bitcoin you record the buy, I record the sell and he records both transactions. So it’s a tri-party ledger and that means that it’s a much more robust system. If you go bankrupt there’s somebody else who can prove what has happened.

So it’s a proof of ownership system and it’s enormous. It is by far the largest thing since the development of the internet in terms of the amount of computing power used. And we can put anything on the block chain, like house documents, insurance documents, whether there’s need to be proof of that contract’s existence.

But the real value by far is going to be the global securities and custody industry, because that is where the rotting heart of the leverage lies – where collateral is reused 20-30 times without you even realizing. If you own some US government bonds, you don’t realize that they get used 40 times by everybody else in the system. Your bonds that you own and that you bought.

But with the block chain we can move the entire securities industry onto this ledger system where it will be monitored and kept and stored in real time. So you will never get into a situation like Lehman where nobody knew who owned what assets. And to own a part of the block chain you have to pay in bitcoins and that’s why it has a real value, ignoring the transactional elements, which are also interesting. This is the big deal, it is revolutionary to the world of finance'


I'm not massively sold on it as the idea of a currency still. As the backbone of finance and notary systems it makes more sense.

As we've seen repeatedly, lots of people are getting boners for the blockchain. I can foresee them becoming comfortable with seeing bitcoin as the gateway to blockchain access rather than a separate entity.

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June 15, 2015, 11:51:50 AM
 #12

Only because there is no bank Bitcoin became a scam? Only because the price will rise and some people, not everyone, will profit from it?
I'm a enthusiast and want it to worth more but I use it, bought tons of things no matter the price.

Also, the pollution item is such a BS. The banks needs tons of data centers split across the world, those things consumes a lot of electricity aswell.

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June 15, 2015, 12:55:37 PM
 #13

"The scam called Fiat"

The longest running scam in history of mankind.

I read somewhere that in the future ATMs will come with a printing machine attached.. Just BYO paper..


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June 15, 2015, 01:04:33 PM
 #14

"The scam called Fiat"

The longest running scam in history of mankind.

I read somewhere that in the future ATMs will come with a printing machine attached.. Just BYO paper..


Haha, you are so right here. I wonder: are writers of these articles completely oblivious to facts, uneducated or just want to discredit bitcoin? Do they know that in a Ponzi Scheme,
the founders persuade investors that they will profit for SURE. Bitcoin does not make such a guarantee, you can lose your money. Also there is no central entity, just individuals building a decentralized network and economy.


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June 15, 2015, 03:31:18 PM
 #15

WTF? This Matt O'Brien guy again? I just read some half-a-dozen or so anti-Bitcoin articles in the Washington Post authored by this guy, and now it seems that he is authoring articles for the New Zealand Herald as well. A trans-continental anti-Bitcoin author? Who is really sponsoring this idiot? I am not ready to blame Jeff Bezos, as he seems to be a genuine guy...

Some of the articles authored by him:

The Atlantic:

Bitcoin Is No Longer a Currency
Why Bitcoin Will Never Be a Currency
Bitcoin Is the Segway of Currency

Washington Post:

Bitcoin isn’t the future of money — it’s either a Ponzi scheme or a pyramid scheme
Bitcoin revealed: a Ponzi scheme for redistributing wealth from one libertarian to another

New Zealand Herald:

Matt O'Brien: The scam called Bitcoin
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June 15, 2015, 03:36:28 PM
 #16

WTF? This Matt O'Brien guy again? I just read some half-a-dozen or so anti-Bitcoin articles in the Washington Post authored by this guy, and now it seems that he is authoring articles for the New Zealand Herald as well. A trans-continental anti-Bitcoin author? Who is really sponsoring this idiot? I am not ready to blame Jeff Bezos, as he seems to be a genuine guy...

Some of the articles authored by him:

The Atlantic:

Bitcoin Is No Longer a Currency
Why Bitcoin Will Never Be a Currency
Bitcoin Is the Segway of Currency

Washington Post:

Bitcoin isn’t the future of money — it’s either a Ponzi scheme or a pyramid scheme
Bitcoin revealed: a Ponzi scheme for redistributing wealth from one libertarian to another

New Zealand Herald:

Matt O'Brien: The scam called Bitcoin
I try and disregard the overly obvious shit media, this guy is saying what he thinks businessmen want to hear which is the rumor they've heard that Bitcoin is bad but the blockchain is good.

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June 15, 2015, 03:59:04 PM
 #17

This article is poorly written and shows a severe lack of research into the topic.  It is either clickbait or blatant trolling.  I wish people writing these things would take five or ten minutes to read something about bitcoin, instead of just making stuff up on the spot. 

Clickbait, I think I am going with clickbait on this one.
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June 15, 2015, 04:04:13 PM
 #18

In my opinion its a commodity like precious metals. 

Not really a stock, because there is no central company.

The article isn't that great.

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June 15, 2015, 06:50:34 PM
 #19

Once new innovation comes out, ppl can like or dislike it and have their own valid reasons. Never mind time will tell everything.

Yes and people who are not aware about the new innovation or who dislikes the new innovation especially the older generation they will definitely say that it is a scam as they are not willing to learn new things.
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June 15, 2015, 08:03:18 PM
 #20

A blockchain without coins would not be decentralized because nobody would care

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