Bitcoin is neither a currency nor a store of value !

[spngebob]

The goal of any currency is to maintain its value constant at least on the short term for the people who are using it and Bitcoin cannot achieve this with a fixed quantity of tokens. You can call it a collectible item like stamps or trading cards or consider it as some form of cybernetic art but please don’t call it a currency!

It is also not a store of value as it doesn’t produce useful work. No work = no dividend = stay away from it!

What is the reason behind your FUD?
If you don't like it don't use it.

I’m not an anticrypto, I think Bitcoin is a great experiment but a failed one and hopefully we can design a proper crypto currency.

It looks like you are against crypto, seeing bitcoin as failed experiment while it is used worldwide as payment method and more countries are accepting it.

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[davids]

Bitcoin is an asset where bitcoin differs from other assets is that it does not have an underlying use. One can invest in jewelry or gold, for instance. Bitcoin, by contrast, is used to hide wealth, conceal illegal transactions and to trade in order to gain or lose value.

[CASPER_TEAM]

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.

sounds like opinion of the man, who didnt get "on train" in time and now very sad about that

[lordquanta]

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.

* First two sentences are correct. HIGH Volatile nature of bitcoin made it a lesser currency and much of investment instrument.  Next lines are of pure non-recyclable  garbage value. You admit that So called Central bank gurus screwing this world royally. Just because they have maintained inflation within boundaries does it give permission to screw entire society? No, it does not.

* Bitcoin as a crypto-currency is a store of value. And does not have to yield any dividend like gold, silver because bitcoin is a CURRENCY and currencies do not yield dividend. Investment instruments like stock, real-estate, commodity, fixed deposites etc yield dividend. Get your basics clear before  sharing an opinion.

* Bitcoin is not a pyramid scam. You have shown your level of ignorance by concluding bitcoin as pyramid. First read and understand what is a pyramid scam, then understand what is crypto currency.
* Stop creating spam threads.

[d4z]

So euhm, I c you're a new user. You are probably just doing this to lower the price of bitcoin and let people overthink. I don't really think you're worth to get an explanation of this.

[Blacksou]

The fact that there is a strong consensus against my comment is a good sign that Bitcoin is a pyramid scam. When you cannot find new people to join the party then the party will end and it will hurt badly.

If you want to understand what a currency should be then read Hayek.

Bitcoin is a world wide web cellular automata burning real people money in order to survive.

[White Christmas]

It is currency, I can pay my bills using it if I want to, I just prefer to convert is first. Yes, because of that volatility. Also why it can't be considered a surely secure store of value, at least if you want the value to stay the same. Still, even with fluctuations, it still does go up.

It'll only really stabilize once it's all mined out. And do you even know what a Ponzi is?

I agree, for me its a currency becauae I can used it to buy things that I Want and need in my life.  But yes we need to convert it first into fiat because only few accepts it as rule of payment. Also because still it was not fully legalized by the government. You can also used bitcoin as a store of value the fact that its value was not stable and it changes every single which can give you more profit as the price continue increasing.

[arpon11]

In reality bitcoin is more of store of value than any others system in history. Bitcoin cannot depreciate every others store of value depreciate. Bitcoin is not a scam and we should not see it as such as bitcoin has never defraud any person as a system.

[Gozie51]

Cryptos/bitcoin are the new form of currency and people should understand that its volatility is the way it is designed which makes it unique. If it drops down, you wait for it to go bullish to take your turn. Is a store of value.

[audaciousbeing]

Sometimes, I wonder what people seeks to achieve by wiping up unnecessary sentiments on things that have been settled even before a lot of us came to know about bitcoin. And all those disadvantages OP is itemizing are even some of advantages in which is keeping a lot of us glued to bitcoin.

1. Bitcoin is not a currency.

Yet a lot of companies have started accepting as a medium of exchange with several others planning to activate and join the league of those who can see the future and want to be part of it.

2 Bitcoin is not a store of value.

Yet I have not seen any investment that would turn out what it has done in the past 5 years not even the real estate business have turn out much and the most interesting is that, the return went to the individual rather than conglomerates that would pay investors pennies in the case of other lines of investment.

Whether bitcoin is scam or not, its meant for the future to decide as well as the general population of the community.

[andrey755]

Any currency can depreciate in the event of a disaster or bad news. According to your version, it is better not to try to make money with the help of modern technologies, because this is fraud

[triads]

Day-to-day volatility is a function of market maturity and depth. Those are still developing
with BTC. Over time, as price discovery works, that will settle.

You are conflating (i.e. confusing) that with long term trend changes caused by coin supply
not "flowing needs to be in line with economic growth". By itself, you might have a
reasonable argument with that, but conflating the two instead shows you just have a poor
understanding of volatility and markets.

[danherbias07]

Yes it is a scam where many people have profited from.
I really loved this scam since I have felt a lot of convenience in my life now instead of just leaning on my job which will take me years before I can afford what I want.
This scam made my life easier. We should be embracing this scam.

[bitcoinrays]

It is currency, I can pay my bills using it if I want to, I just prefer to convert is first. Yes, because of that volatility. Also why it can't be considered a surely secure store of value, at least if you want the value to stay the same. Still, even with fluctuations, it still does go up.

It'll only really stabilize once it's all mined out. And do you even know what a Ponzi is?

I can't believe you are taking your time to explain to the OP. I am sure he is not even coming back to this forum since he has completed his mission. He sure definitely knows what ponzi is and he sure knows everything he has written is bullshit.

[Glorious04]

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.

Is it your opinion or you just read it somewhere? If it is your view of bitcoin well i hope you are serious because seriously there are millionares out there who should give their credit to bitcoin.

[baradfo]

The goal of any currency is to maintain its value constant at least on the short term for the people who are using it and Bitcoin cannot achieve this with a fixed quantity of tokens. You can call it a collectible item like stamps or trading cards or consider it as some form of cybernetic art but please don’t call it a currency!

It is also not a store of value as it doesn’t produce useful work. No work = no dividend = stay away from it!

I’m not an anticrypto, I think Bitcoin is a great experiment but a failed one and hopefully we can design a proper crypto currency.

Actually the goal of currency is to trade store of value, not remain constant. Even fiat currencies change in price through inflation/deflation. Look at what happened in Greece, Italy, Spain, Venezuela, and Zimbabwe. Just because you don't understand it doesn't mean it's not currency. People use it every day around the world as currency.

What work does fiat currency produce? It's just a form of something perceived of value being transferred to another, and doesn't pay dividends itself.

If you think it's a scam, then stay away from it and go about your slave wage life. Why spread FUD in a forum specifically for cryptocurrencies?

[Gozie51]

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.

So many people have heard of bitcoin but they are being traditional ,thus living in the euphoria of antiquity and not wanting to grab the benefits that new era brings like bitcoin. They are just marvelling at the "mysteries" of bitcoin .

[Harlot]

From what I know gold, silver, or any fiat currency does not pay dividends to people. Stocks in the stock market are the ones who pay divdends. So using the same logic you have I guess that they are also a scam as what you said it. But looking at the price now and looking at how many well known people are into Bitcoin I don't think that calling it a scam currency will make you a believable person as even your own arguments are wrong.

[Razick]

1. Last I checked, a currency is anything that can be traded and has value for other things. Also it should not be an item, but something like a precious metal or whatever. Bitcoin fits all of these categories. It can be divided infinitely, it has value (each one takes over $1,000 worth of electricity to produce and also it is backed by nodes worldwide) and is actually a better currency than anything else in history including gold!

[baradfo]

The fact that there is a strong consensus against my comment is a good sign that Bitcoin is a pyramid scam. When you cannot find new people to join the party then the party will end and it will hurt badly.

If you want to understand what a currency should be then read Hayek.

Bitcoin is a world wide web cellular automata burning real people money in order to survive.

You come on a forum for bitcoin and cryptocurrencies, then trash talk it, then expect everyone to say you are right? Why'd you come to this forum in the first place? Just because there is a consensus against your purely contradictory opinion doesn't mean anything other than you came to the wrong place to spread your FUD.

What exactly are you referring to with Hayek? He existed in a state where monetary policy was dictated by governments, bitcoin and other cryptos are contrary to that model and completely different. You should try to understand rather make blanket statements that don't support your theory and then dismiss any argument to the contrary.