Forbes Magazine calls Bitcoin a "Great Scam"

[NiceSoft12]

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

You sure about that? Some citing please?

[Chrystora123]

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

the article I think is just an expression of heartache someone who suffered a loss, the author has the right to say anything...
the most important I already feel the benefits of Bitcoin 

[btcminer6212]

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.

I think this is only a news and i am hearing this kind of news not only from now but since the day i am into bitcoin world and cryptocurrency. altrough forbes is a very high standared magasine  but i don't think it can decrease its popularity in those who are well aware of it. I did not even bother reading the article because I have been hearing those words from the media and the people all around me almost everytime. It is important to really institute to ourselves that it is ip to us to educate people and not to just let this be.

[btcblockchain]

International magazines keep saying the same Bitcoin scam and many govt gave notice to bitcoin warnings if bitcoin reach 1 million dollars then also they will say it is scam

[Argoo]

Bitcoin because of its high price, which is based only on the speculative speculative demand for it, can be called a financial bubble, but not fraud. In bitcoin, there is no deception, so there is no fraud here. Bitcoin is based on real advanced technologies, it is a really existing digital currency, which is recognized as a measure of value and means of payment by many countries.

[QuestionAuthority]

International magazines keep saying the same Bitcoin scam and many govt gave notice to bitcoin warnings if bitcoin reach 1 million dollars then also they will say it is scam

Does anyone on this forum actually know how to read? The author says, in plain language, that bitcoin is NOT a scam. The way bitcoin is being marketed is the scam.

The author postulates that people (like the cheerleaders on this forum and elsewhere) are presenting this computer generated number as if it has some intrinsic value. That is the scam because it’s simply not true.

Cheerleaders on this forum would have you believe that the US dollar is not backed by anything either and that is simply not true. The US dollar is backed by consumer confidence in a government with the largest military infrastructure in the world that is willing to fight to ensure its survival.

Bitcoin is backed by the belief that no one will change bitcoin at some point in the future to have more than 21m coins (which may or may not be true). They tell you that scarcity creates value. If scarcity creates value then let me sell you some of my belly button lint. It’s pretty scarce so it must be priceless.

His argument is: If you don’t fall for the “short supply makes it valuable” argument then bitcoin is just a number like any other number. It has no value.

I don’t know how to make it any more clear for you people.

[sofi@]

Bitcoin is not a scam but the way people use it is something developers cannot control like the promotions of mining site which do not really give bitcoin they will ask you to upgrade your system but after buying their so called equipment you will receive nothing. This is just a sample of scam that involves bitcoin and I'm sure there are more illegal activities that uses the name of bitcoin. They are right bitcoin is not a scam only the way it is being marketed.

[jjacob]

International magazines keep saying the same Bitcoin scam and many govt gave notice to bitcoin warnings if bitcoin reach 1 million dollars then also they will say it is scam

Does anyone on this forum actually know how to read? The author says, in plain language, that bitcoin is NOT a scam. The way bitcoin is being marketed is the scam.

The author postulates that people (like the cheerleaders on this forum and elsewhere) are presenting this computer generated number as if it has some intrinsic value. That is the scam because it’s simply not true.

Cheerleaders on this forum would have you believe that the US dollar is not backed by anything either and that is simply not true. The US dollar is backed by consumer confidence in a government with the largest military infrastructure in the world that is willing to fight to ensure its survival.

Bitcoin is backed by the belief that no one will change bitcoin at some point in the future to have more than 21m coins (which may or may not be true). They tell you that scarcity creates value. If scarcity creates value then let me sell you some of my belly button lint. It’s pretty scarce so it must be priceless.

His argument is: If you don’t fall for the “short supply makes it valuable” argument then bitcoin is just a number like any other number. It has no value.

I don’t know how to make it any more clear for you people.

The article title is nothing but click bait. Bitcoin in its current form is something which every individual can analyze and evaluate. If the way Bitcoin cheerleaders are marketing it is a scam, so is the way the detractors like Jamie Dimon go about disparaging it. The media unfortunately highlights only the extreme views of both sides.

[maianh09]

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

I think this is what the profit bitcoin brings so crazy there is not anything that can be done besides ponzi so calling bitcoin is great scam is reason
.

[QuestionAuthority]

International magazines keep saying the same Bitcoin scam and many govt gave notice to bitcoin warnings if bitcoin reach 1 million dollars then also they will say it is scam

Does anyone on this forum actually know how to read? The author says, in plain language, that bitcoin is NOT a scam. The way bitcoin is being marketed is the scam.

The author postulates that people (like the cheerleaders on this forum and elsewhere) are presenting this computer generated number as if it has some intrinsic value. That is the scam because it’s simply not true.

Cheerleaders on this forum would have you believe that the US dollar is not backed by anything either and that is simply not true. The US dollar is backed by consumer confidence in a government with the largest military infrastructure in the world that is willing to fight to ensure its survival.

Bitcoin is backed by the belief that no one will change bitcoin at some point in the future to have more than 21m coins (which may or may not be true). They tell you that scarcity creates value. If scarcity creates value then let me sell you some of my belly button lint. It’s pretty scarce so it must be priceless.

His argument is: If you don’t fall for the “short supply makes it valuable” argument then bitcoin is just a number like any other number. It has no value.

I don’t know how to make it any more clear for you people.

The article title is nothing but click bait. Bitcoin in its current form is something which every individual can analyze and evaluate. If the way Bitcoin cheerleaders are marketing it is a scam, so is the way the detractors like Jamie Dimon go about disparaging it. The media unfortunately highlights only the extreme views of both sides.

Of course it’s click bait BUT if the article was talking about “The Great Bitcoin Scam” and it was about how evil Butterfly Labs was or what a scumbag Mark Karpeles was everyone would cheer the author for his insight.

All of these idiot sig campaigners are not even reading the article and commenting on it so they can earn a little beer money. At least attempt to read it before you comment is all I’m sayin. Earn your beer money. Either that or they have the comprehension skills of a 10 year old.

[Scorpion]

I don't even know how these uneducated fools are able to claim they're journalist or experts at anything oh well, they're going to be lost when blockchain disrupts every industry and way of life to make humanity better.

[crisnel26]

Well most of banked based systems say that bitcoin is a scam because it will affect their business once bitcoin established its name in the whole world.

[cryptonomicon25]

People have been calling bitcoin a scam at worst and a bubble at best since it was released. It's definitely not a scam, and I don't believe it's a bubble either. Unlike many other altcoins where the price is simply speculative, bitcoin is traded against in exchanges millions of times a day and is accepted by real-world merchants, which gives it value.

[coinycoiny]

....and I don't believe it's a bubble either. Unlike many other altcoins where the price is simply speculative, bitcoin is traded against in exchanges millions of times a day and is accepted by real-world merchants, which gives it value.

Bitcoin is purely speculative. It's only bought because people think they can sell for more later. That's it.

[cryptonomicon25]

....and I don't believe it's a bubble either. Unlike many other altcoins where the price is simply speculative, bitcoin is traded against in exchanges millions of times a day and is accepted by real-world merchants, which gives it value.

Bitcoin is purely speculative. It's only bought because people think they can sell for more later. That's it.

For some people yes, they are only buying for the investment. But there are many businesses who accept bitcoin in everyday transactions as an alternative to fiat. It is not purely speculative, though its speculative value is higher than its value as an actual currency.

[Don Pedro Dinero]

Forbes Magazine calls Bitcoin a "Great Scam"

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

I think the subject of this post is quite baity because it is an article written where the author expresses his opinions and we can see at the top: "Opinions expressed by Forbes Contributors are their own." So it isn't Forbes actually saying it is a Great Scam.

Forbes recently published also this one: https://www.forbes.com/sites/ktorpey/2017/12/28/will-bitcoins-lightning-network-kill-off-altcoins-focused-on-cheap-transactions/3/# where the author seems to know about bitcoin (unlike the first one).

So, better think twice before putting those headings and not commenting anything else.

[Kemarit]

....and I don't believe it's a bubble either. Unlike many other altcoins where the price is simply speculative, bitcoin is traded against in exchanges millions of times a day and is accepted by real-world merchants, which gives it value.

Bitcoin is purely speculative. It's only bought because people think they can sell for more later. That's it.

For some people yes, they are only buying for the investment. But there are many businesses who accept bitcoin in everyday transactions as an alternative to fiat. It is not purely speculative, though its speculative value is higher than its value as an actual currency.

I skipped reading page 4 because I already got his point:

1. Bitcoin is based on speculation
2. Bitcoin can be manipulated

But I don't know where is the scam in there?

And his analogy is very crappy as well. I'm not familiar with the author but just like any other written articles out there. Most of the time they are all garbage and just riding on the popularity of bitcoin to write something that sometimes is doesn't really make sense at all. And Yes, I(WE) understand his point no need to rub it in. That's why we almost reminded newbies who is opening thread asking advises about what bitcoin is and we told them the truth. Its not a quick rich scheme,  the market is speculative and there are big entities from behind who manipulates the price, which are the whales. Nothing that I can found in the articles that we haven't already know. What a complete rubbish article if you are going to ask me.

[Johndamba21]

I feel like that article comes from the great misunderstandings all of the old major projects such as PAYPAL and the CREDIT CARD have brought in in terms of skepticism. Majority of all the new projects under the world's belt have come under skepticism, and you can see some of those projects actually flourishing.

You may never really know if they were right, or vice versa, we all just have to wait and see

[Mike Mayor]

If you read the article the first line says he wants to make it clear he is not saying bitcoin is a scam and that the way it's sold is. Which is a load of crap. He basically goes on to eject more crap from his mouth then actually explains why Bitcoin has value whilst at the same time claiming is has none. Also claims Bank ransactions are not real with real value yet supports it then says the same about Bitcoin but doesn't support it. A highschool child with no knowledge of Bitcoin could have made better articles.

[TeLlMeFrY]

Everyday are released more and more articles saying that BTC and crypto is scam or things like that. However, they are made for people that don´t know what they are talking about or just want to destroy crypto for any reason, so you shouldnt be worried.