Forbes Magazine calls Bitcoin a "Great Scam"

[NiceSoft12]

https://www.forbes.com/sites/jayadkisson/2017/12/28/the-great-bitcoin-scam/#1c08edf75c1e

[Kajune]

They are made by mad peoples who are jealous of other peoples who have gain wealth using bitcoin while they don't have any, they want to crash bitcoin price so that they can affort it.


So don't listen to any mad peoples, only sell or buy your bitcoin when you see profit and not what mad peoples say.

[talkbitcoin]

what else is new?

reading the article it is not exactly calling bitcoin scam, it even starts with "bitcoin itself is not scam". but continues to make it look like shit!

the author of the article, Jay Adkisson, is either the least educated person in the world or purposefully tries to undermine the technology.
i can write an article saying Dollar is a scam because it is a piece of paper and compare it with coins made of gold and say because gold has intrinsic value, dollar is a big scam. that is exactly what he did there.
he doesn't understand how the cryptography of bitcoin works and how the amounts in circulation are all accounted for. and compares it with random numbers!

[RobertoMakeli]

https://www.forbes.com/sites/jayadkisson/2017/12/28/the-great-bitcoin-scam/#1c08edf75c1e

this new made by people who don't know anything about bitcoin or thay don't want to see other people make money from bitcoin. never care about them bro

[12tribes]

I clicked on the link and this is what he said
"At the outset, let me clarify that Bitcoin itself is not a scam, but how Bitcoin is being sold is a scam"
Lets not misquote what is said in the magazine. I am absolutely sure some will leave comments here without finding out what is said.

[cherryscarlett]

This is normal, and a few years ago many newspapers reported that bitcoin was a huge hoax, but this year the same newspaper had a different view.

[CryptoBry]

what else is new? reading the article it is not exactly calling bitcoin scam, it even starts with "bitcoin itself is not scam". but continues to make it look like shit! the author of the article, Jay Adkisson, is either the least educated person in the world or purposefully tries to undermine the technology. i can write an article saying Dollar is a scam because it is a piece of paper and compare it with coins made of gold and say because gold has intrinsic value, dollar is a big scam. that is exactly what he did there. he doesn't understand how the cryptography of bitcoin works and how the amounts in circulation are all accounted for. and compares it with random numbers!

We have to understand that we are not anymore in the honeymoon stage as far as the mainstream media is concerned. In the many months that the media discovered Bitcoin you would expect many praises and positive news and opinions but as time goes on when the media started to scrutinize the nooks and crannies of Bitcoin they will start to focused on negativity surrounding the topic. This is actually a cycle with the media. This is akin to the love and hate relationship other politicians have with the media.

We also have to pinpoint out that the mainstream media is never the best source of opinions, ideas and anything in between for Bitcoin as they really don't know anything about it and whatever knowledge they have can be based on what they hear from other people who have similar dislike for Bitcoin. The only thing that can silence these critics if if Bitcoin will still be here maybe five years from now and still having a good value on its own.

[fiulpro]

It's more like bankers and other business men are trying to put their words in other's mouth.. it's literally something that shouldn't matter to us at all because we are in this and we all are earning through bitcoins one way or the other and I haven't heard of a scam that pays people, it's really shameful that without proper knowledge and exploration, people go ahead and print things like this and that too.. something this big... Forbes magazine is world renowned , I think they should learn about everything more before printing anything like this.

[hkdfgkdf]

what else is new?

reading the article it is not exactly calling bitcoin scam, it even starts with "bitcoin itself is not scam". but continues to make it look like shit!

the author of the article, Jay Adkisson, is either the least educated person in the world or purposefully tries to undermine the technology.
i can write an article saying Dollar is a scam because it is a piece of paper and compare it with coins made of gold and say because gold has intrinsic value, dollar is a big scam. that is exactly what he did there.
he doesn't understand how the cryptography of bitcoin works and how the amounts in circulation are all accounted for. and compares it with random numbers!

Yeah, I also read the article and at least he clarifies that bitcoin itself is not a scam but the rest is how it works as a scam. You know most of the people doesn't take time to read the whole article and just judge what the headline tells. The author must have headline like how bitcoin scam works. Well Im not good at writing articles but lot of people might misunderstand it. He should at least add some benefits and opportunities that could get from bitcoin. They must know that staining the image of bitcoins matters specially those who work hard to earn extra income.

[lillyann]

This is normal, and a few years ago many newspapers reported that bitcoin was a huge hoax, but this year the same newspaper had a different view.

Every now and then such articles appear. Nothing special. I would not care if there are so many companies investing .

[wiro 212]

https://www.forbes.com/sites/jayadkisson/2017/12/28/the-great-bitcoin-scam/#1c08edf75c1e

It's natural for people who do not know about bitcoin, and also they do not have bitcoin. do not listen, it's important to stay focused on bitcoin because it will make a profit.

[talkbitcoin]

what else is new? reading the article it is not exactly calling bitcoin scam, it even starts with "bitcoin itself is not scam". but continues to make it look like shit! the author of the article, Jay Adkisson, is either the least educated person in the world or purposefully tries to undermine the technology. i can write an article saying Dollar is a scam because it is a piece of paper and compare it with coins made of gold and say because gold has intrinsic value, dollar is a big scam. that is exactly what he did there. he doesn't understand how the cryptography of bitcoin works and how the amounts in circulation are all accounted for. and compares it with random numbers!

We have to understand that we are not anymore in the honeymoon stage as far as the mainstream media is concerned. In the many months that the media discovered Bitcoin you would expect many praises and positive news and opinions but as time goes on when the media started to scrutinize the nooks and crannies of Bitcoin they will start to focused on negativity surrounding the topic. This is actually a cycle with the media. This is akin to the love and hate relationship other politicians have with the media.

We also have to pinpoint out that the mainstream media is never the best source of opinions, ideas and anything in between for Bitcoin as they really don't know anything about it and whatever knowledge they have can be based on what they hear from other people who have similar dislike for Bitcoin. The only thing that can silence these critics if if Bitcoin will still be here maybe five years from now and still having a good value on its own.

very true.

but there is also a big difference between having an opinion about bitcoin and its future or in general about cryptocurrencies and publishing something about basics of bitcoin without understanding them first.

i mean we are not talking about some small time website or news agency, Forbes is a big place and you would expect the journalists to at least put a little effort into doing a research before writing something! even if it is misinformation, lies, or even FUD!

[Nilda]

Please read the article before commenting. I would like to think that his statements were taken out of context. But in simple terms, he doesn’t like cryptocurrency. The funny thing is there’s a bitcoin ad in his page.

[NiceSoft12]

Please read the article before commenting. I would like to think that his statements were taken out of context. But in simple terms, he doesn’t like cryptocurrency. The funny thing is there’s a bitcoin ad in his page.

I think that ad depends on what your interest and searches are.... It probably comes from an adservice like google ads.

[krishnapramod]

I wouldn't have wasted a few minutes if I had checked the author's bio first. Nothing new, the same old repetitive stuff, just numbers, not backed by anything/no intrinsic value, and tulip bubble.

The only difference between Bitcoin No. ABC123 and $1 Bill No. L88793293J is that at the end of the day, the $1 bill physically exists and has a face value that is worth something, i.e., Fred could take the $1 bill and buy something off the $1 menu at McDonalds. The same situation occurs with credit card transactions, whereby the credit card processing company assigns are unique value to each transaction, but the number itself has no value.

The guy should read this article, You Don’t Understand Bitcoin Because You Think Money Is Real

Bitcoin is an illusion, a mass hallucination, so one hears. It’s just numbers in cyberspace, a mirage, insubstantial as a soap bubble. Bitcoin is not backed by anything other than the faith of the fools who buy it and of the greater fools who buy it from these lesser fools. And you know? Fair enough. All this is true.

What may be less easy to grasp is that U.S. dollars are likewise an illusion. They too consist mainly of numbers out there in cyberspace. Sometimes they’re stored in paper or coins, but while the paper and coins are material, the dollars they represent are not. U.S. dollars are not backed by anything other than the faith of the fools who accept it as payment and of other fools who agree in turn to accept it as payment from them. The main difference is that, for the moment at least, the illusion, in the case of dollars, is more widely and more fiercely believed.

All the common arguments against cryptocurrencies such as bitcoin, and the blockchain technology that undergirds them, invariably fail to take this fact — the provisional and fragile nature of ordinary money — into account. Cryptocurrencies cannot be understood even a little bit by anyone who thinks money is real, solid, or “backed by” anything other than human trust in institutions whose stability is always uncertain. A U.S. dollar is “backed by” “the full faith and credit of the United States.” But what exactly does this mean?

It means that if you take one dollar to the U.S. Treasury and ask them to redeem it, they will: They’ll give you…one dollar. Or four quarters, if you want, probably.

The unfortunate fact is that monetary crises in unstable governments like those of Greece, Venezuela, and Spain have already precipitated a number of spikes in the crypto markets.

There are a few radical differences between cryptocurrencies and U.S. dollars. For example, the transactions conducted in the bitcoin system are recorded in an unfalsifiable ledger that relies not on the authority of banks or governments, but on the strength of a public computer network that (theoretically, at least) anyone is free to join. Also, again, the supply of bitcoins is ultimately fixed.

It's difficult for people like the author to understand the concept of be your own bank because they don't want to think that that the money in their bank account is not their property, that the banks cannot go under debt. For them the idea of Bitcoin as numbers that are propagated digitally through a secure global peer-to-peer network is too much to grasp.

https://medium.com/@mariabustillos/you-dont-understand-bitcoin-because-you-think-money-is-real-5aef45b8e952

[sclmte]

I clicked on the link and this is what he said
"At the outset, let me clarify that Bitcoin itself is not a scam, but how Bitcoin is being sold is a scam"
Lets not misquote what is said in the magazine. I am absolutely sure some will leave comments here without finding out what is said.

Your right. as stated in the article, "let me clarify that Bitcoin itself is not a scam" but how Bitcoin is being sold is a scam. The scam in Bitcoin is in talking average man-on-the-street investors into investing in Bitcoin by intentionally obfuscating what it really is. I think there is someone misunderstand everything he wants to impart from that article.

[coinycoiny]

Well, think that was a pretty accurate view of the current bitcon market.

Didn't  even have to mention the lack of scaling/fees to prove his point either.

[eternalgloom]

That was hard to read, why do they have to put an article onto 4 different pages for Gods' sake?

I also find it very short sighted of the author that he immediately states that Bitcoin has absolutely no intrinsic value and then goes ahead to compare it to a paper $1 note.
Come on, is it so difficult to even entertain the thought that Bitcoin derives at least some value out of being used as a method of exchange?

He then goes on a tangent about the numbers of Bitcoin hold absolutely no value, I can't even begin to understand how you could focus on something like this, while missing what's so revolutionary about Bitcoin in the first place.

[sabrikks]

I think his statement was taken out of context, and after reading the article there is nothing really important, only clickbait title

[Red-Apple]

this is like a reminder that shows how scared they are of bitcoin!

as Andreas Antonopoulos said, bitcoin is an exit sign for everyone to get out of the corrupted currencies and the corrupted banking system. you can't expect them to remain silent while bitcoin gains more power everyday. even if they can slow it down by FUD, they will consider it a success.