Forbes Magazine calls Bitcoin a "Great Scam"

[iram1011]

First of all, title subject seems to be misleading here as at no point Forbes Magazine identifies "Bitcoin as a Great Scam", it is only that one of their contributor identifies it as a "Great Scam".

I think he is unable to understand the ethics of modern day currency and cannot see the necessity of a currency which is independent of the government and unties the whole world. If you want to mock down a technology without even understanding about it that is you’re take, but there would be less or no effect on bitcoin community by such "Scam" talks which are only purposed for publicity.

[denzkilim]

Did Forbes mention the mega high transactions fees or do they just want punters to move along and
play on the other slot machines and remain unaware about the fees for moving BTC that we have been
hot with.

I think we are being played when the elephant in the room is fees 

They're just spreading FUD to make the price low so that they're whale bosses can buy at lower price, This is a very cheap tactic that let the whales buy for lower prices. Remember we are in the "digital currency" era expect money wars in a very usual but unusual way(if you know what i mean).

[johnrickdalaygon]

Sad to hear But for me bitcoins is not a scam it is like a fiat that can also been used in bad or good even it was a scam. It also depends on how to used it, people overused the good benefits of a bitcoins. Bitcoins is not a scam it will depends on the people on how they used it.

[tot-o]

Bitcoin issue?
Haha that there problem..... Anyone can make issue to a thing that is worthwhile discriminating or let's say to talk about it...
Don't mind them...

[Indrawan77]

Well it's not entire false, but I already heard this concern long time ago and nothing can be do about it, crypto currencies will stay famous and valuable if the people keep using it and it's true that bitcoin and other coins are high risk investment, but to call it scam or ponzi scheme is something I don't like, some people failed to understand that bitcoin is a currency, it is  never intended for investment

[kuberayt]

Obviously the author of that article has a paid agenda, but then again we need to take a calm approach at it. Not everything in it is bad, but obviously malinformed. Now a lot of people will complain that they're losing money during a pullback, but this is the time that we need to believe in this the most.

[cozk]

So, Bitcoin may be limited to 21 million numbers, but that doesn't mean that somebody else can't come up with a similar algorithm and thereby create their own unique set of numbers, i.e., their own cybercurrency.

There would still be 21 mil. bitcoins. Who care if there is other currencies ? Last i heard the wasnt only the USD on the financial markets.

This article does not make any sense...

[batang_bitcoin]

Obviously the author of that article has a paid agenda

Most likely a paid article that wants to spread people another FUD. They want to use forbes in this case since it was a well "trusted" agency and a very popular magazine worldwide. They shouldn't take this type of paid article but it only shows that they are only for the profit without criteria of checking on what the article's intention for the attacked topic/entity.

[Spoetnik]

Did Forbes mention the mega high transactions fees or do they just want punters to move along and
play on the other slot machines and remain unaware about the fees for moving BTC that we have been
hot with.

I think we are being played when the elephant in the room is fees  

They're just spreading FUD to make the price low so that they're whale bosses can buy at lower price, This is a very cheap tactic that let the whales buy for lower prices. Remember we are in the "digital currency" era expect money wars in a very usual but unusual way(if you know what i mean).

Actually the tactic is to cry FUD.. for bucks (real bucks)
You all have been doing it since day one here.
None of you addressed what was actually said.. you just posted ponzi rhetoric.

You know people call things scams because of HOW they work.
None of you are addressing that.
You ignore the assertion and play an unrelated irrelevant cliche'd retort.
Probably because you can't think of any type of relevant defense.

All you need to do is look at the context.
This forum !
A forum that permits scams and 1.5 million accounts (many part of puppet farms) all bullshiting to make real cash money FIAT profits.

..off of anything that is paying out.

Why would Forbes matter ?
Because it's outside the ShitcoinTalk echo chamber of greedy idiotic little profiteer investard pieces of shit's crypto propaganda.

You think the loser noobs here and old school sleaze balls are going to admit to any criticism ?
Think they will validate "FUD" ?
no matter how much it's deserved ?
Ohhhh hell no.

When a broken currency hits 15 fucking grand and it doesn't even work like one i have to laugh till i fucking puke.
A real "investor" would see the product itself is complete dog shit and walk away.
Ohh not you fucking morons. LOL
You pile on pushing the price more and more cheering like idiots.

I like Bitcoin.
I can't stand all of you.

[Wyne]

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!

Yes, I agree with you. Maybe, Jay Adkisson do not know the history and concept of money.  Before, people uses gold bars as what Aristotle said that only rare earth metals can be use as money for transaction because you can divide it into smaller pieces or you can form or mold it into a bigger one. So, everybody can also write an article stating that a dollar is a scam because it do not contain any rare metal and do not have intrinsic value.  But the concept of money changes as the time goes by, according to Plato, anything can be consider as money even it has no intrinsic value as long as it was agreed and accept by the people as the mode of transaction. Meaning flat money do not have value unless it was agreed and accept by the people.  With the same concept, bitcoin do not have value unless it was accept and agreed to use by the people.  That is why bitcoin mining was introduced and that is why blockchain is important.  Without prior understanding of how bitcoin works, judging it as a scam is really easy.  But if you will study and understand how it works and its concept, people will gain a better and broader understanding about bitcoin. Maybe Jay Adkisson need to study first the concept of money prior to writing any article like this.

[boboking]

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!

Yes, their usual title will be calling it a scam  and lazy people will assume that it is a scam sinve they will not read the whole article.

[Futurm]

Isn't that normal? In the years since I know bitcoin, almost every year there have been media claims that bitcoin is a hoax, and this year is no exception, hh, these fools.

[poplolnman]

So, Bitcoin may be limited to 21 million numbers, but that doesn't mean that somebody else can't come up with a similar algorithm and thereby create their own unique set of numbers, i.e., their own cybercurrency.

There would still be 21 mil. bitcoins. Who care if there is other currencies ? Last i heard the wasnt only the USD on the financial markets.

This article does not make any sense...

Yeah completely doesn't makes any sense, the opinion seems like come from someone that know nothing about Bitcoin, just make a random comparison without a clear point, this simply a trash. The only great scam are those people who manages our money in the bank.

[Clegive8V]

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

Sounds like this down after bitcoin save it first place in 2017.
all just say it is bubble and real price for it is only about 1000$.
No one say bitcoin is scam for it technology.
Keep this comment for the future. Within several years, you will find this magazine opens the door to dollar financing or uses it as part of a promotional campaign.

Forbes Magazine calls Bitcoin a "Great technology" 2024
so Great Scam to  bubble to Great technology

[rachelia13]

The article is too long and quite boring to read, using many weird metaphores that may not able to be into my head.
But still, i kinda know his point. He doesn't mean that bitcoin is a scam, because of course it's not.
He means that bitcoin is actually doesn't have value at all. Bitcoin is just a number, it has no value at all. Moreover it doesn't have a shape. Unlike the $1 bill that has shape, and surely has its value.
But still, he doesn't know the advantages of bitcoin yet that's why he still say those useless things.

[heureca]

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 agree with you. In my mind the author of this article do not understand blockchain technology and see price speculations only

[Man21]

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.

Yes. They are just crazy people who make bad news. I think you are right that they are jealous.
Eventhough there are so many bad news about bitcoin, i will always invest on it.

[BitChief]

Isn't that normal? In the years since I know bitcoin, almost every year there have been media claims that bitcoin is a hoax, and this year is no exception, hh, these fools.

I agree, nothing to see here. Just the usual mainstream media talk down

[QuestionAuthority]

The article is too long and quite boring to read, using many weird metaphores that may not able to be into my head.
But still, i kinda know his point. He doesn't mean that bitcoin is a scam, because of course it's not.
He means that bitcoin is actually doesn't have value at all. Bitcoin is just a number, it has no value at all. Moreover it doesn't have a shape. Unlike the $1 bill that has shape, and surely has its value.
But still, he doesn't know the advantages of bitcoin yet that's why he still say those useless things.

For someone that supposedly doesn’t understand, you came closer than anyone else in this thread. Bravo!

The reason he is is saying those things is to warn people. Think of it this way, Wall Street investing isn’t a scam. The way the Bernie Madoffs of Wall Street sell the investments is a scam. If you look at all of the crooked pitch men of Wall Street it’s enough to make you never want to invest in their schemes. Wall Street investing isn’t really worth all that much to the average investor anyway and the risk is way too high for something with very little value.

Same with all of the scams in bitcoinland. If you look at all of the crooked pitch men in bitcoinland it’s enough to make you never want to invest in their schemes. Bitcoin investing isn’t really worth all that much to the average investor anyway and the risk is way too high for something with very little value.

The last thing he said is, “So, if you find the idea of thinking of Bitcoin as simply a number is too simplistic, then just think of it as a money bag with a lock, the internet version of this. Money goes from transmittor to transmittee, and the transmittee gets a unique code to unlock the bag. What's that really worth?”

[Mandoy]

Forbes Magazine can call bitcoin anything they want. They can call bitcoin a scam, a bubble a fraudulent investment and many more negative accusations. But, we the bitcoin enthusiasts who have been engaging in bitcoin for a long time have known the truth. If bitcoin is a scam we are not enjoying huge profits today. And if bitcoin is a scam then it was already a goner years before.