Bitcoin is neither a currency nor a store of value !

[hello_good_sir]

Bitcoin is not a currency.

It’s too volatile to be used as a currency. Nobody will use it to trade if it can gain/lose 10% in just one day! And it’s not just a question of maturity, it’s a design issue. The quantity of money flowing needs to be in line with economic growth. It cannot be constant or follow a predictable function because economic growth is more complex than that. You need some form of intelligence, human or artificial to calibrate the quantity of money. You need some sort of feedback loop to offset unpredictable human behaviour storing currency. Ok central bank gurus have been screwing us but we have to admit that they have maintained inflation within boundary.

Bitcoin is not a store of value.

Like god, silver or any currency Bitcoin is not a store a value because it doesn’t pay any dividend! Don’t make that mistake. And actually it’s worse because it’s actually an asset with negative interest rate! It has a very high burning rate with miners burning millions every day just to maintain the consensus! This is pure value destruction and I’m not even speaking about the environmental cost. You have to see mining fee as a powerful gravity force, the higher Bitcoin is the stronger the force to bring it back to ground level! And ICOs are another form of burning fee. Most ICOs are scams and you will never see back the money they are burning.

So what is Bitcoin?

It looks like a scam, it smells like a scam, it’s definitively a pyramid scam. Given human appetite for gambling it could still rise much much higher at some point it will collapse with or without regulatory help. At the end Bitcoin is a great experiment but a failed experiment. Yes we need an alternative to central bank but Bitcoin is not that alternative.

Bitcoin is a currency. Bitcoin is used as a medium of exchange every single day across the globe by countless amounst of people. Even if the fees are high, it is still a currency. Your claims are baseless and meaningless at best.

Bitcoin is a store of value. Store of value do not need to pay dividends. I'd argue that gold and bitcoin are the two best store of values right now.

It's not a pyramid scam. Everything is traded on an open market. You do not refer people to bitcoin and get paid that way. I hope you can realize this.

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[FrueGreads]

Well you have the right to an opinion but I do think you are wrong. The only reason bitcoin is so volatile right now, is because it is still in it's early days. Bitcoins are still far from it's limit cap, and it's slowly being bought as users get to know it, and trust the network and the community. Once it gets mass adoption, it's price will no longer float like this. As for it's value, it couldn't be more transparent than it is. Since it has a limit, it will only be regulated by supply and demand, so if people recognize it's value, then you can't really deny it. If at some point users decide that they don't want bitcoins anymore, and decide to sell them, then it's value will drop. But that is not a scam, that is just reflection of the true value people confer to BTC. If they trust it however, I don't know why they will do that, so I think it will perfectly work as a currency. People confer it value, and trade it for other goods.
If you say that right now it's not practical because it's volatile, and you pay high fees to buy just a cup of coffee with it, then I agree, but that will change with the lightning network.

As for a store of value, I really think you are wrong. Right now, I think this i the best function for bitcoin. A store of value is the purpose of an asset that can be retrieved, saved and exchanged at a later time because it holds purchasing power. Bitcoin actually shines here right now in my opinion. You need to mine it, and it cost money to do so, you have a limit cap, and planed halves. They will get more and more difficult to get, will require more work to be mined, so as it's demand increases, it's value will increase as well. This looks to me like a good store of value.

Finally bitcoin will actually get the best of both worlds, (precious metal and money), because they are limited and have value (like gold) and will be easy to exchange and trade for common goods (like money).

[Milo_Kidd]

Bitcoin is not a currency.

It’s too volatile to be used as a currency. Nobody will use it to trade if it can gain/lose 10% in just one day! And it’s not just a question of maturity, it’s a design issue. The quantity of money flowing needs to be in line with economic growth. It cannot be constant or follow a predictable function because economic growth is more complex than that. You need some form of intelligence, human or artificial to calibrate the quantity of money. You need some sort of feedback loop to offset unpredictable human behaviour storing currency. Ok central bank gurus have been screwing us but we have to admit that they have maintained inflation within boundary.

Bitcoin is not a store of value.

Like god, silver or any currency Bitcoin is not a store a value because it doesn’t pay any dividend! Don’t make that mistake. And actually it’s worse because it’s actually an asset with negative interest rate! It has a very high burning rate with miners burning millions every day just to maintain the consensus! This is pure value destruction and I’m not even speaking about the environmental cost. You have to see mining fee as a powerful gravity force, the higher Bitcoin is the stronger the force to bring it back to ground level! And ICOs are another form of burning fee. Most ICOs are scams and you will never see back the money they are burning.

So what is Bitcoin?

It looks like a scam, it smells like a scam, it’s definitively a pyramid scam. Given human appetite for gambling it could still rise much much higher at some point it will collapse with or without regulatory help. At the end Bitcoin is a great experiment but a failed experiment. Yes we need an alternative to central bank but Bitcoin is not that alternative.

What ever you are talking about that "bitcoin is a scam" is now just a word. You know why?. No one will used it if it is a scam. No one will believe in this kind of thing if this thing is a worthless one. So try figure out why there's a lot of people who wants earn and have this. It is for the reason that bitcoin is proven. And will be the best digital coin ever used in transacting and trading online.

[Bestwishes745]

Bitcoin is not a currency.

It’s too volatile to be used as a currency. Nobody will use it to trade if it can gain/lose 10% in just one day! And it’s not just a question of maturity, it’s a design issue. The quantity of money flowing needs to be in line with economic growth. It cannot be constant or follow a predictable function because economic growth is more complex than that. You need some form of intelligence, human or artificial to calibrate the quantity of money. You need some sort of feedback loop to offset unpredictable human behaviour storing currency. Ok central bank gurus have been screwing us but we have to admit that they have maintained inflation within boundary.

Bitcoin is not a store of value.

Like god, silver or any currency Bitcoin is not a store a value because it doesn’t pay any dividend! Don’t make that mistake. And actually it’s worse because it’s actually an asset with negative interest rate! It has a very high burning rate with miners burning millions every day just to maintain the consensus! This is pure value destruction and I’m not even speaking about the environmental cost. You have to see mining fee as a powerful gravity force, the higher Bitcoin is the stronger the force to bring it back to ground level! And ICOs are another form of burning fee. Most ICOs are scams and you will never see back the money they are burning.

So what is Bitcoin?

It looks like a scam, it smells like a scam, it’s definitively a pyramid scam. Given human appetite for gambling it could still rise much much higher at some point it will collapse with or without regulatory help. At the end Bitcoin is a great experiment but a failed experiment. Yes we need an alternative to central bank but Bitcoin is not that alternative.

What ever you are talking about that "bitcoin is a scam" is now just a word. You know why?. No one will used it if it is a scam. No one will believe in this kind of thing if this thing is a worthless one. So try figure out why there's a lot of people who wants earn and have this. It is for the reason that bitcoin is proven. And will be the best digital coin ever used in transacting and trading online.

This is seriously so absurd to call bitcoins scam when we all know they are not. There is nothing wrong with bitcoins or in using bitcoins. They are very much useful coins rather they have beaten traditional best investments like real estate and gold. So it is just mere hatred to call bitcoins scam.

[soham]

Bitcoin is not a currency.

It’s too volatile to be used as a currency. Nobody will use it to trade if it can gain/lose 10% in just one day! And it’s not just a question of maturity, it’s a design issue. The quantity of money flowing needs to be in line with economic growth. It cannot be constant or follow a predictable function because economic growth is more complex than that. You need some form of intelligence, human or artificial to calibrate the quantity of money. You need some sort of feedback loop to offset unpredictable human behaviour storing currency. Ok central bank gurus have been screwing us but we have to admit that they have maintained inflation within boundary.

Bitcoin is not a store of value.

Like god, silver or any currency Bitcoin is not a store a value because it doesn’t pay any dividend! Don’t make that mistake. And actually it’s worse because it’s actually an asset with negative interest rate! It has a very high burning rate with miners burning millions every day just to maintain the consensus! This is pure value destruction and I’m not even speaking about the environmental cost. You have to see mining fee as a powerful gravity force, the higher Bitcoin is the stronger the force to bring it back to ground level! And ICOs are another form of burning fee. Most ICOs are scams and you will never see back the money they are burning.

So what is Bitcoin?

It looks like a scam, it smells like a scam, it’s definitively a pyramid scam. Given human appetite for gambling it could still rise much much higher at some point it will collapse with or without regulatory help. At the end Bitcoin is a great experiment but a failed experiment. Yes we need an alternative to central bank but Bitcoin is not that alternative.

Bitcoin is not a place for negative people like you and I believe you are just trying discourage people by spreading negative thoughts. Blockchain technology has not relation with pyramid system whatsoever. It is a completely different technology that has created a parallel economy of 67 billion USD worldwide. These people are not fools.

It's fair that you don't want to use or invest in bitcoin. That's completely acceptable. But discouraging other people is just not a good thing. Spread love, not hate and certainly don't discourage anyone if you can't help them. So I will ignore your comments gracefully and continue with my bitcoin journey. 

[xuan87]

Thank you for the opinion but I am not agree with you, Bitcoin volatility is high because the popularity of Bitcoin just increasing so there are a lot of people used Bitcoin for trading and transactions, even though the price fluctuate a lot, it is very efficient to be used to pay someone abroad, and Bitcoin is not as perfect as good or silver but it does give profit, so I don't care whatever people describe it, as long as it is giving me profit and it is valuable then it is an asset and if Bitcoin is a scammed Japan won't legalize it

[Tsuloid]

Hello, JP Morgan strikes again, apparently some people are unaware of the characteristics of a pyramid scam, where the participants fund the promotion and charge for participation of the upper levels of the pyramid. This is not bitcoin, but if it should be seen as a product that increases its value, because it is a scarce and limited good, besides the mining process requires security and compliance of transactions, I think that the processes of encryption require expensive technology and processes ( high consumption of electricity), blockchain technology has come to stay that's why decentralized contracts are becoming more secure

[iamTom123]

Hello, JP Morgan strikes again, apparently some people are unaware of the characteristics of a pyramid scam, where the participants fund the promotion and charge for participation of the upper levels of the pyramid. This is not bitcoin, but if it should be seen as a product that increases its value, because it is a scarce and limited good, besides the mining process requires security and compliance of transactions, I think that the processes of encryption require expensive technology and processes ( high consumption of electricity), blockchain technology has come to stay that's why decentralized contracts are becoming more secure.

They are just spreading FUD from a higher level of the echelon. JP Morgan's Dimon is a big joke because they are actually dealing with clients who are into Bitcoin and they are doing the trading on their behalf...why would you say something uncalled for when you know that your firm is servicing clients who are pro-Bitcoin? It is becoming like a big joke...a laughingstock and I think Dimon knows it by now.

Well, anyway, to say that Bitcoin can go so big and then collapse is just a prediction and projection and with Bitcoin it is safe to say that it is unpredictable. Who would have thought that it can easily recover from the China debacle recently? Many people are predicting that Bitcoin will crash once China will close its doors but we are seeing a resilient and re-surging Bitcoin right now.

People who are proclaiming to the whole world how bad Bitcoin can be are just here to gain some attention and maybe get some traffic for their sites or probably just want to be included in the Bitcoin history. Nice try but no thanks!

[ipanks]

Bitcoin is not a currency.

It’s too volatile to be used as a currency. Nobody will use it to trade if it can gain/lose 10% in just one day! And it’s not just a question of maturity, it’s a design issue. The quantity of money flowing needs to be in line with economic growth. It cannot be constant or follow a predictable function because economic growth is more complex than that. You need some form of intelligence, human or artificial to calibrate the quantity of money. You need some sort of feedback loop to offset unpredictable human behaviour storing currency. Ok central bank gurus have been screwing us but we have to admit that they have maintained inflation within boundary.

Bitcoin is not a store of value.

Like god, silver or any currency Bitcoin is not a store a value because it doesn’t pay any dividend! Don’t make that mistake. And actually it’s worse because it’s actually an asset with negative interest rate! It has a very high burning rate with miners burning millions every day just to maintain the consensus! This is pure value destruction and I’m not even speaking about the environmental cost. You have to see mining fee as a powerful gravity force, the higher Bitcoin is the stronger the force to bring it back to ground level! And ICOs are another form of burning fee. Most ICOs are scams and you will never see back the money they are burning.

So what is Bitcoin?

It looks like a scam, it smells like a scam, it’s definitively a pyramid scam. Given human appetite for gambling it could still rise much much higher at some point it will collapse with or without regulatory help. At the end Bitcoin is a great experiment but a failed experiment. Yes we need an alternative to central bank but Bitcoin is not that alternative.

why you said like that? do you used bitcoin or not? if you use bitcoin, what you do with your bitcoin? did you buy something in online or offline with your bitcoin? if yes, then do you think bitcoin is currency or not? what we use to pay something?

actually i have much more question for you but i think its enough. for now bitcoin is not yet a currency but in future, i think bitcoin will be one of currency which will be like a bridge between offline and online world so we can use bitcoin for both purpose. until now, bitcoin can be used for buying something or paying something or send the amount into other wallet.

[BarbieCasino]

Good for you as that is your own opinion which we both know you are trying so hard just to paint bitcoin black. Waste of space! 2 activity, 2 posts and that is the first thing you came to this forum just to drop ?
You are sure really doing a good job all over the internet to drop the price for your own good. It is working as gullible people are falling for it.

I think bitcoin is now famous enough that we can believe in it that someday the price of the bitcoin will be high enough and now no one can paint bitcoin as black money the circle of the bitcoin is getting more and more huge a lot of people are using bitcoin for the source of income so there are a lot of positive features of this currency has and it is increasing the more resources.

[NeuroticFish]

It looks like a scam, it smells like a scam, it’s definitively a pyramid scam.

<sarcasm>Thanks for your valuable input, much appreciated.</sarcasm>

So you made the account to say this. Well, you smell much more a scam than Bitcoin.
You sound like somebody that is either paid by banks, either speculator wanting desperately to get attention for more FUD and price drop.


PS. Its history until now still recommends it as a pretty good store of value.

[dunfida]

Bitcoin is not a currency.

It’s too volatile to be used as a currency. Nobody will use it to trade if it can gain/lose 10% in just one day! And it’s not just a question of maturity, it’s a design issue. The quantity of money flowing needs to be in line with economic growth. It cannot be constant or follow a predictable function because economic growth is more complex than that. You need some form of intelligence, human or artificial to calibrate the quantity of money. You need some sort of feedback loop to offset unpredictable human behaviour storing currency. Ok central bank gurus have been screwing us but we have to admit that they have maintained inflation within boundary.

Bitcoin is not a store of value.

Like god, silver or any currency Bitcoin is not a store a value because it doesn’t pay any dividend! Don’t make that mistake. And actually it’s worse because it’s actually an asset with negative interest rate! It has a very high burning rate with miners burning millions every day just to maintain the consensus! This is pure value destruction and I’m not even speaking about the environmental cost. You have to see mining fee as a powerful gravity force, the higher Bitcoin is the stronger the force to bring it back to ground level! And ICOs are another form of burning fee. Most ICOs are scams and you will never see back the money they are burning.

So what is Bitcoin?

It looks like a scam, it smells like a scam, it’s definitively a pyramid scam. Given human appetite for gambling it could still rise much much higher at some point it will collapse with or without regulatory help. At the end Bitcoin is a great experiment but a failed experiment. Yes we need an alternative to central bank but Bitcoin is not that alternative.

Seriously? You are on a bitcoin forum and you do say such thing on bitcoin itself? Then I would say all people here would really oppose on the things you do said on here.No one says that bitcoin is a currency but its a digital currency which do have a new way payment innovation and its not a store of value but I would say that Bitcoin isn't a scam.Let me tell you,is there a scam that would able to give you money? Opportunity is here but we wont really rely on it too much since we do know the risk.

[litcoi]

This is my insight, full of common sense and precious intelligence. BTC arose from nothing, maybe a lot of anger and angst, but nothing much. And it became this, this monstrosity eight years later. Bless SN. Think, if tomorrow it ALL died, then after a few stunned days, won't it come back again? The seeds in people's minds and hearts are still there, even more so now. The internet, cheap electricity, is still there. Come, don't you see that only by taking down the internet can BTC die? It may fade and transfer its life force to another, but the idea and the execution is out. Take my wisdom and internalize it. This, this thing can only grow and metamorphosize, thorium reactors/ big data/ cheap storage/ etc will feed it until Elon Musk is right, and we evolve out of our carbon-based forms into new silicon-based life, complaining and FUDing all the while, just as the apes did when sapiens arose.

[bamboylee]

Do we really need a newbie account to tell us that bitcoin is a scam. And really, a pyramid scam? Do we recruit anyone to join bitcoin? This is a failed attempt to bring bitcoin down.

[Lanatsa]

Do we really need a newbie account to tell us that bitcoin is a scam. And really, a pyramid scam? Do we recruit anyone to join bitcoin? This is a failed attempt to bring bitcoin down.

Its not actually a thing that could able to take bitcoin down knowing that hes not the only one who do say that bitcoin is a scam but there are lots of famous people did really say such thing but eventually it didnt really make some effects. Bitcoin isnt a scam and now its standing for 8 years already and lots of people did make huge money on it and even become millionaires.How this thing become scam?

[Bagaji]

I don't agree with your submission that bitcoin is neither aaa currency nor a store of value, this is because I believe that bitcoin serve as a digital currency and as a store of value over time.

[Skyborn]

Bitcoin is not a currency.

It’s too volatile to be used as a currency. Nobody will use it to trade if it can gain/lose 10% in just one day! And it’s not just a question of maturity, it’s a design issue. The quantity of money flowing needs to be in line with economic growth. It cannot be constant or follow a predictable function because economic growth is more complex than that. You need some form of intelligence, human or artificial to calibrate the quantity of money. You need some sort of feedback loop to offset unpredictable human behaviour storing currency. Ok central bank gurus have been screwing us but we have to admit that they have maintained inflation within boundary.

Bitcoin is not a store of value.

Like god, silver or any currency Bitcoin is not a store a value because it doesn’t pay any dividend! Don’t make that mistake. And actually it’s worse because it’s actually an asset with negative interest rate! It has a very high burning rate with miners burning millions every day just to maintain the consensus! This is pure value destruction and I’m not even speaking about the environmental cost. You have to see mining fee as a powerful gravity force, the higher Bitcoin is the stronger the force to bring it back to ground level! And ICOs are another form of burning fee. Most ICOs are scams and you will never see back the money they are burning.

So what is Bitcoin?

It looks like a scam, it smells like a scam, it’s definitively a pyramid scam. Given human appetite for gambling it could still rise much much higher at some point it will collapse with or without regulatory help. At the end Bitcoin is a great experiment but a failed experiment. Yes we need an alternative to central bank but Bitcoin is not that alternative.

You're wrong on all 3 your statements. You need to understand that bitcoin still only has a marketcap of 100 billion dollars. It will become stable once we hit 1 trillion dollar cap. You should do more research and you will find out you're wrong on the other point as well.

[speedy963]

Well you have the right to an opinion but I do think you are wrong. The only reason bitcoin is so volatile right now, is because it is still in it's early days. Bitcoins are still far from it's limit cap, and it's slowly being bought as users get to know it, and trust the network and the community. Once it gets mass adoption, it's price will no longer float like this. As for it's value, it couldn't be more transparent than it is. Since it has a limit, it will only be regulated by supply and demand, so if people recognize it's value, then you can't really deny it. If at some point users decide that they don't want bitcoins anymore, and decide to sell them, then it's value will drop. But that is not a scam, that is just reflection of the true value people confer to BTC. If they trust it however, I don't know why they will do that, so I think it will perfectly work as a currency. People confer it value, and trade it for other goods.
If you say that right now it's not practical because it's volatile, and you pay high fees to buy just a cup of coffee with it, then I agree, but that will change with the lightning network.

As for a store of value, I really think you are wrong. Right now, I think this i the best function for bitcoin. A store of value is the purpose of an asset that can be retrieved, saved and exchanged at a later time because it holds purchasing power. Bitcoin actually shines here right now in my opinion. You need to mine it, and it cost money to do so, you have a limit cap, and planed halves. They will get more and more difficult to get, will require more work to be mined, so as it's demand increases, it's value will increase as well. This looks to me like a good store of value.

Finally bitcoin will actually get the best of both worlds, (precious metal and money), because they are limited and have value (like gold) and will be easy to exchange and trade for common goods (like money).

I totally agree with your opinion buddy. To think that bitcoin was just starting and not yet even reaching from its cap, there have been so many speculations to what might happen next or in the next few years that  will come, but still nobody is really certain to what will be happening next in line. Its because it is only limited and important, many would do anything just to have a piece of those coins, or maybe this will cause a big ruckus in the future, specially those who have lots of those coin.

[kevpantof]

Good for you as that is your own opinion which we both know you are trying so hard just to paint bitcoin black. Waste of space! 2 activity, 2 posts and that is the first thing you came to this forum just to drop ?
You are sure really doing a good job all over the internet to drop the price for your own good. It is working as gullible people are falling for it.

I think bitcoin is now famous enough that we can believe in it that someday the price of the bitcoin will be high enough and now no one can paint bitcoin as black money the circle of the bitcoin is getting more and more huge a lot of people are using bitcoin for the source of income so there are a lot of positive features of this currency has and it is increasing the more resources.

You are very much right and I will second you without having a second thought. This is just a misconception by the ones who don’t believe in Bitcoin yet that it is of no use and that it has no value. The truth is that there is no other valuable thing like that of Bitcoin in the present day.

[amaral1977]

Did you create the account just to FUD? are you new in the forum or just created an alt account to bring value down. Some will actually thank you for that, if they get cheaper coins.

As being a pyramid. Everything is. That modern banking system. Huge pyramid that as to adjust from time to time.