Forbes Magazine calls Bitcoin a "Great Scam"

[mayax]

I think the writer of the article has a one-sided look at bitcoin. While many industries are adopting blockchain technology and typically bitcoin, the leading economics magazine claims that bitcoin is a scam. I do not think that a scam like bitcoin can last for so many years, I feel that the newspaper is quite funny when it comes to that.

what industries adopt bitcoin? I only see big companies who dumped BTC, like Steam.

don't make confusion between a data base (blockchain) technology and Bitcoin.

[NUFCrichard]

Its really not a great arguement, he basically says it has no value because it has no value.
The dollar on the other hand has value because we all agree that it has value. Well that's the same for Bitcoin.

Share prices and commodities are the same, markets decide the price. You may find the market decided price to be too high or too low, but it is what it is, it isn't a scam!

Bitcoin might be overvalued, or undervalued, it isn't a scam though. It is a weird bubble too, if it is a bubble. It went crazy for a while a month ago, but now hasn't crashed. The next move will be interesting

[fulmetal08larz]

There have been so many articles regarding bitcoin spreading negativities and FUD which results to more people getting interested and curious about bitcoin. It does not matter whether the news about bitcoin is positive or negative, I think it's due to these publicity stunts why bitcoin is gaining popularity across the world. Those who invests in bitcoin must know both sides of the coin.

[wilhb81]

Meh, just another boring and ridiculous piece of article, wrote by a self claimed educated person who know nothing about Bitcoin. I won't be surprised, if he talks bad about Bitcoin... Better stop wasting time reading this type of b******t and move on to other more useful articles  

[daniweb]

It makes sense since Forbes has the back of wealthy people who have a lot at stake in the current financial system. Of course they don't want Bitcoin to replace the old system since they would lose tremendously

[mayax]

It makes sense since Forbes has the back of wealthy people who have a lot at stake in the current financial system. Of course they don't want Bitcoin to replace the old system since they would lose tremendously

is it not the BTC media propaganda (like Coindesk, Cointelegraph and so on) , backed  of wealthy people who have a lot at stake in the current BTC market?  It's the same shit.

[stompix]

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.

I wasted only 5 second on it.

Clicking to see if the title was really the same.
I checked the first paragraph and when I saw ...

At the outset, let me clarify that Bitcoin itself is not a scam, but how Bitcoin is being sold is a scam. More about that below.

I immediately closed it.

The Forbes magazine has no opinion of itself.
Unlike other newspapers it only relies on co-authors or contributors for most of its magazine articles.
And lately they choose the ones that attract attention ...clickbait.

And to make thing worse, forget about Forbes.
There are a lot of people on this forum who run blogs and spam the board with it that write down FUD articles for the same purpose. Hits and fame. And this while they are bitcoin holders.

Just ignore them and watch a failarmy video instead of reading the "press".

[FabZel]

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

Most of the people do not know how to use bitcoin that is why they call it a scam. At some point, bitcoin is not a scam or a hoax. You should just need to know and to learn what is bitcoin and how to use it.

[buternasek]

they are just people jealous, they make statements that drop the bitcoin ..
we will not be affected by such a cheap issue, they just do not know the bitcoin yet, someday they will regret what it says about the bit...

[OmegaStarScream]

I stopped reading in the first page. "Bitcoin is just a number"   I could say the same thing for fiat, It's just a paper backed by nothing. I suggest no one read this article, you will be wasting your time.

[newinbtc]

Some rich people Aware this news like fire in market to reduce down the rate of bitcoin and then they invest large amount in bitcoin and made huge profit.This repeats everytime. we know bitcoin is not fake We use bitcoin regularly they why we are in worried ? lets Retweet on twiiter That bitcoin is not scam and We support bitcoins

[Dapper]

Scam or not it's increased my net worth by more than all of my income sources combined, so I'm happy.

[QuestionAuthority]

That is too funny, he reduces bitcoin to rubble in just a few paragraphs:

“At the outset, let me clarify that Bitcoin itself is not a scam, but how Bitcoin is being sold is a scam. More about that below.

To start out, it is important to understand what Bitcoin really is. It would be easy to bore you with a discussion of the technology, about peer-to-peer servers and sophisticated algorithms, but that is not what you need to know.

What you need to know about Bitcoin is that distilled to its technological essence, each Bitcoin is simply a number. That's it: A number. It is simply a series of digits, with each number being assigned to each Bitcoin.

To illustrate, I'll randomly pull a $1 bill from my wallet, which bears No. L88793293J. Assuming some minimal level of competency by the U.S. Treasury, no other bill bears that number.

The face value of a $1 bill is, of course, just $1 dollar. But two people could privately agree that No. L88793293J is actually worth $5,000.

To illustrate Fred wants to buy Joe's golf clubs, but Fred doesn't want his wife to know -- at least just yet -- that he spent $5,000 for golf clubs. So, Fred and Joe agree that No. L88793293J is worth $5,000 and Fred gives No. L88793293J to Joe. Fred then tells his wife that he bought the clubs for the $1 bill. At some later time, when Fred's wife doesn't care so much, Fred pays $5,000 to Joe for No. L88793293J, and gets the $1 bill back.

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.

By contrast, Bitcoin has no intrinsic value -- it is just a number. The number may have an agreed value between two parties, but the number itself has no value. Consider a bank account number, such as Wells Fargo Account No. 456789. The depositor and Wells Fargo essentially agree that the account designated by No. 456789 has the value of what the depositor puts into it, less what the depositor takes out. But the number itself, No. 456789 has no value. 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.”

I don’t know why you are all so upset. There is not one lie in the article.

[natka]

I'm very interested in what is fraud itself? Personally, I do not see any deception in Bitcoin. Not without that, there are certainly bad people on the sites, but you need to be careful and everything will be fine.

[dx_twisted]

The author already indicated that Bitcoin is not a scam. Instead, it was being sold more of a scam. And I have to agree with his article, as it was clearly on point. He just laid out the truth behind the business of Bitcoin or would I rather say digital currencies. In reality, majority of the general public are not really aware what was the reason behind all current events that is happening with the digital economy. 'Scammers' continue to lure unsuspecting people because of its heralded market value. As an ambitious person, there's a huge possibility that they will fall on what was handed (spoonfed) to them, as most of us would want to make a fortune out of a small value of investment. At the end of the day, these so called 'Scammers' are getting physical money, with a stable value that you can hold and control for a long period of time while the price stays the same. Wherein, Bitcoin is just an infinite number created from a source code with no assurance or stable price which one day might be diminished.

[QuestionAuthority]

The author already indicated that Bitcoin is not a scam. Instead, it was being sold more of a scam. And I have to agree with his article, as it was clearly on point. He just laid out the truth behind the business of Bitcoin or would I rather say digital currencies. In reality, majority of the general public are not really aware what was the reason behind all current events that is happening with the digital economy. 'Scammers' continue to lure unsuspecting people because of its heralded market value. As an ambitious person, there's a huge possibility that they will fall on what was handed (spoonfed) to them, as most of us would want to make a fortune out of a small value of investment. At the end of the day, these so called 'Scammers' are getting physical money, with a stable value that you can hold and control for a long period of time while the price stays the same. Wherein, Bitcoin is just an infinite number created from a source code with no assurance or stable price which one day might be diminished.

Exactly right! I was wondering if someone was going to give an honest appraisal of the article instead of just doing what the Legendary staff members want people to do and: “suggest no one read this article, you will be wasting your time.” I would be embarrassed to be a supposedly respected staff member of this forum and give that kind of self serving advice to forum visitors. Shame on you. Let people find out for themselves.

[LeGaulois]

It makes sense since Forbes has the back of wealthy people who have a lot at stake in the current financial system. Of course they don't want Bitcoin to replace the old system since they would lose tremendously

Nah... it's just this author. For a long time now Forbes is covering the Bitcoin topic with some really great articles by authors with a lot of knowledge such as  Roger Aitken and Laura Shin see here https://www.forbes.com/search/?q=bitcoin#2977265f279f

The author in the OP is just a jealous dude and has the interest to talk bad about Bitcoin ( i think it's his only article about BTC)

[mayax]

The author already indicated that Bitcoin is not a scam. Instead, it was being sold more of a scam. And I have to agree with his article, as it was clearly on point. He just laid out the truth behind the business of Bitcoin or would I rather say digital currencies. In reality, majority of the general public are not really aware what was the reason behind all current events that is happening with the digital economy. 'Scammers' continue to lure unsuspecting people because of its heralded market value. As an ambitious person, there's a huge possibility that they will fall on what was handed (spoonfed) to them, as most of us would want to make a fortune out of a small value of investment. At the end of the day, these so called 'Scammers' are getting physical money, with a stable value that you can hold and control for a long period of time while the price stays the same. Wherein, Bitcoin is just an infinite number created from a source code with no assurance or stable price which one day might be diminished.

Exactly right! I was wondering if someone was going to give an honest appraisal of the article instead of just doing what the Legendary staff members want people to do and: “suggest no one read this article, you will be wasting your time.” I would be embarrassed to be a supposedly respected staff member of this forum and give that kind of self serving advice to forum visitors. Shame on you. Let people find out for themselves.

it seams that they want to create a cult called, BTC. you cannot say anything with a relative negativity against BTC because you are called, FUD-er, troll and so on....

this article has common sense and it says the truth.

[MrJake]

Actually, i do prefer to let them create that kind of stereotype about BTC because these people are the ones who complicates regulations too much and would likely to create problems. Let people who have open mind maximize BTC.

[Haterstestbtc]

Actually, i do prefer to let them create that kind of stereotype about BTC because these people are the ones who complicates regulations too much and would likely to create problems. Let people who have open mind maximize BTC.

Yeah! you are correct mate. But for me and the entire bitcoin community is just a blackpropaganda to convince people not to join in bitcoin. Criticism is always there and they only thing you is nevermind because you will gain nothing. One thing i can say in this kind of people they are envious.