Let's bury Bitcoin and cryptocurrencies once and for all

[DayRider]

Exposing crypto currencies as ponzi schemes and showing that they never had nor ever will have anything to do with money is an incredibly easy task to do. All one needs to do is to look at one simple concept -the concept of number. A number is defined as a mathematical object used to count, measure, or label things. Now, given this concept let us ask one simple question: What 'thing', is measured, counted, or labeled, with the number called bitcoin?
.... the rest you can watch in this short Youtube video:
https://youtu.be/gcNngl8fCUY

[emuLOAD]

You are asking a meaningless question here, bit the answer is easy, you are measuring ownership of a scarce resource.

[DayRider]

You are asking a meaningless question here, bit the answer is easy, you are measuring ownership of a scarce resource.

From when is number a scarce resource?

[jlanzago]

You clearly do not understand the concept of value. Would you compare a dollar bill to a number? What about 1 yen - it is the same number but worth much less than 1 dollar. Cryptocurrencies will not go anywhere, in fact adoption is just starting in my opinion.

[Skieleton]

Exposing crypto currencies as ponzi schemes and showing that they never had nor ever will have anything to do with money is an incredibly easy task to do. All one needs to do is to look at one simple concept -the concept of number. A number is defined as a mathematical object used to count, measure, or label things. Now, given this concept let us ask one simple question: What 'thing', is measured, counted, or labeled, with the number called bitcoin?
.... the rest you can watch in this short Youtube video:
https://youtu.be/gcNngl8fCUY

And what is money? It only recognizes papers as a value. Why BTC can not be money. It's a contractual issue. Depends on demand and supply ...

[teejaymuna]

There's very little you can do about that fella. You have to join the bandwagon or stay where you are. Bitcoin is here to stay.

[DayRider]

You clearly do not understand the concept of value. Would you compare a dollar bill to a number? What about 1 yen - it is the same number but worth much less than 1 dollar. Cryptocurrencies will not go anywhere, in fact adoption is just starting in my opinion.

Dollar bill is paper that represents legally enforceable claim which originated from loan contracts. Number on it is a mathematical object that measures the size of this claim. Bitcoin is a number in digital form. You cannot compare a number - an abstract mathematical object, to a legal claim - a property.

[Sinistlercoin]

You are asking a meaningless question here, bit the answer is easy, you are measuring ownership of a scarce resource.

I question the legitimacy of bitcoin being a real resource. Furhermore, the number of total bitcoin may be somewhat scarce, but the fact that it can be acquired by anyone who wants it means it is not really scarce, and the price people are willing to pay for it makes it less scarce as it is easily divided into fractions of a bitcoin.

[DayRider]

Exposing crypto currencies as ponzi schemes and showing that they never had nor ever will have anything to do with money is an incredibly easy task to do. All one needs to do is to look at one simple concept -the concept of number. A number is defined as a mathematical object used to count, measure, or label things. Now, given this concept let us ask one simple question: What 'thing', is measured, counted, or labeled, with the number called bitcoin?
.... the rest you can watch in this short Youtube video:
https://youtu.be/gcNngl8fCUY

And what is money? It only recognizes papers as a value. Why BTC can not be money. It's a contractual issue. Depends on demand and supply ...

In a banking system all money comes from debt. So when new money, dollars for e.g., are created, in the same time, some individual, company, or organization became legally obligated to pay these dollars back. That's the nature of debt - it must be paid. In other words, every dollar that is currently in circulation, must eventually be returned to FED or commercial banks. That means that those who received dollar loans and put dollars into circulation are forced to get these dollars back by selling their goods or services to people who have dollars. Otherwise they will fail to make necessary loan payments and as a result they will be taken to court and the banks will seize their property.
So due to the fact that dollars come from debt and debt must be paid, people who have dollars do not have just a piece of paper with some numbers on it, but instead, they have legally enforceable rights to goods or services of people who received the loans. Dollar is therefore a property, which is by definition a resource with real or intrinsic value.Regarding cryptocurrencies, since they didn't originated from debt, nobody is legally obligated to use them to repay the debt, which is why cryptocurrency holders have nothing but mere numbers. And if a situation occurs where nobody wants to accept cryptocurrencies in exchange for goods and services, no legally enforceable right exist upon which they can get some kind of value out of them. Hence, all that these people have is hope and faith that someone will exchange their numbers for something useful.

[felipe04]

You don't know crypto that's why you tell us this and base on your rank you only newbie that don't understand crypto at all,crypto for me bring so much conveniece because here i can earn while learning knowledge and i need this in life because of the transaction and good to save my money here not like bank.

[baradfo]

Exposing crypto currencies as ponzi schemes and showing that they never had nor ever will have anything to do with money is an incredibly easy task to do. All one needs to do is to look at one simple concept -the concept of number. A number is defined as a mathematical object used to count, measure, or label things. Now, given this concept let us ask one simple question: What 'thing', is measured, counted, or labeled, with the number called bitcoin?
.... the rest you can watch in this short Youtube video:
https://youtu.be/gcNngl8fCUY

And what is money? It only recognizes papers as a value. Why BTC can not be money. It's a contractual issue. Depends on demand and supply ...

In a banking system all money comes from debt. So when new money, dollars for e.g., are created, in the same time, some individual, company, or organization became legally obligated to pay these dollars back. That's the nature of debt - it must be paid. In other words, every dollar that is currently in circulation, must eventually be returned to FED or commercial banks. That means that those who received dollar loans and put dollars into circulation are forced to get these dollars back by selling their goods or services to people who have dollars. Otherwise they will fail to make necessary loan payments and as a result they will be taken to court and the banks will seize their property.
So due to the fact that dollars come from debt and debt must be paid, people who have dollars do not have just a piece of paper with some numbers on it, but instead, they have legally enforceable rights to goods or services of people who received the loans. Dollar is therefore a property, which is by definition a resource with real or intrinsic value.Regarding cryptocurrencies, since they didn't originated from debt, nobody is legally obligated to use them to repay the debt, which is why cryptocurrency holders have nothing but mere numbers. And if a situation occurs where nobody wants to accept cryptocurrencies in exchange for goods and services, no legally enforceable right exist upon which they can get some kind of value out of them. Hence, all that these people have is hope and faith that someone will exchange their numbers for something useful.

You clearly understand the fiat banking system, based on debt. This is why cryptocurrencies and blockchains are so revolutionary, they don't revolve around debt. You should continue the research with an unbiased viewpoint to actually see what the potential is and get out of your slave wage mentality. If you don't want to do that, you're just trying to rank up to spam more on this forum.

[emuLOAD]

You are asking a meaningless question here, bit the answer is easy, you are measuring ownership of a scarce resource.

From when is number a scarce resource?

since blockchain technology invented digital scarcity. that's basically the Whole point of the technology behind Bitcoin etc.

[emuLOAD]

Exposing crypto currencies as ponzi schemes and showing that they never had nor ever will have anything to do with money is an incredibly easy task to do. All one needs to do is to look at one simple concept -the concept of number. A number is defined as a mathematical object used to count, measure, or label things. Now, given this concept let us ask one simple question: What 'thing', is measured, counted, or labeled, with the number called bitcoin?
.... the rest you can watch in this short Youtube video:
https://youtu.be/gcNngl8fCUY

And what is money? It only recognizes papers as a value. Why BTC can not be money. It's a contractual issue. Depends on demand and supply ...

In a banking system all money comes from debt. So when new money, dollars for e.g., are created, in the same time, some individual, company, or organization became legally obligated to pay these dollars back. That's the nature of debt - it must be paid. In other words, every dollar that is currently in circulation, must eventually be returned to FED or commercial banks. That means that those who received dollar loans and put dollars into circulation are forced to get these dollars back by selling their goods or services to people who have dollars. Otherwise they will fail to make necessary loan payments and as a result they will be taken to court and the banks will seize their property.
So due to the fact that dollars come from debt and debt must be paid, people who have dollars do not have just a piece of paper with some numbers on it, but instead, they have legally enforceable rights to goods or services of people who received the loans. Dollar is therefore a property, which is by definition a resource with real or intrinsic value.Regarding cryptocurrencies, since they didn't originated from debt, nobody is legally obligated to use them to repay the debt, which is why cryptocurrency holders have nothing but mere numbers. And if a situation occurs where nobody wants to accept cryptocurrencies in exchange for goods and services, no legally enforceable right exist upon which they can get some kind of value out of them. Hence, all that these people have is hope and faith that someone will exchange their numbers for something useful.

that's all well and good. except the very same caveat applies to any currency. the very moment people decide to stop accepting it, legal tender or not they become just as meaningless. Even a gold standard currency can become worthless the minute those controlling it choose to stop releasing the gold.

If everything breaks down, then crypto is actually more survivalistic than any single "regular" currency. Yes, you don't have piles of printed paper to stuff a deposit box with, but that paper indicates something just as tangible and similarly fungible as cryptocurrencies do. ANY system collapses the moment people chose to stop accepting it as a system. that's not a discovery.

[yoseph]

You are asking a meaningless question here, bit the answer is easy, you are measuring ownership of a scarce resource.

If bitcoins was easily acquired it would have made it worthless in the international market team fact that people are buying thousands of machines just to mine it alone should tell you that it's a valuable resource which can't be discredited easily as you think.

[Saimabutterfly]

Why are you shouting scam scam scam here? We are all dedicated crypto currency and we love it. and What you said is just a pure non sense.

[vicvicto17]

Don't spread anything bad about crypto they have a real future uses which we need to gather.. you're just a newbie that ones to create fud news. We crypto community wants to spread awareness and good governance.

[HasHe]

Exposing crypto currencies as ponzi schemes and showing that they never had nor ever will have anything to do with money is an incredibly easy task to do. All one needs to do is to look at one simple concept -the concept of number. A number is defined as a mathematical object used to count, measure, or label things. Now, given this concept let us ask one simple question: What 'thing', is measured, counted, or labeled, with the number called bitcoin?
.... the rest you can watch in this short Youtube video:
https://youtu.be/gcNngl8fCUY

And what is money? It only recognizes papers as a value. Why BTC can not be money. It's a contractual issue. Depends on demand and supply ...

Yes.Money is just a small piece of paper.USD is published and issued infinitely and it is not backed by gold.Bitcoin is far better from that.It gives assurance that the concerned person only is the owner of that num ber,i mean bitcoin and it is free from inflation.It could not be devalued as it was done by indian government by devaluing high value notes.

[MiiDoViic]

Exposing crypto currencies as ponzi schemes and showing that they never had nor ever will have anything to do with money is an incredibly easy task to do. All one needs to do is to look at one simple concept -the concept of number. A number is defined as a mathematical object used to count, measure, or label things. Now, given this concept let us ask one simple question: What 'thing', is measured, counted, or labeled, with the number called bitcoin?
.... the rest you can watch in this short Youtube video:
https://youtu.be/gcNngl8fCUY

oh thank you so much for defining what a number is could've never guessed .
Did you ever hear of the theory of value ? There is no value without exchange . Bitcoin has an exchange ,thus it has a value.
the Price and numbers alone aren't a factor to determine weither bitcoin is a scam , same goes for every fiat currency.

[Re3urst]

Exposing crypto currencies as ponzi schemes and showing that they never had nor ever will have anything to do with money is an incredibly easy task to do. All one needs to do is to look at one simple concept -the concept of number. A number is defined as a mathematical object used to count, measure, or label things. Now, given this concept let us ask one simple question: What 'thing', is measured, counted, or labeled, with the number called bitcoin?
.... the rest you can watch in this short Youtube video:
https://youtu.be/gcNngl8fCUY

And what is money? It only recognizes papers as a value. Why BTC can not be money. It's a contractual issue. Depends on demand and supply ...

In a banking system all money comes from debt. So when new money, dollars for e.g., are created, in the same time, some individual, company, or organization became legally obligated to pay these dollars back. That's the nature of debt - it must be paid. In other words, every dollar that is currently in circulation, must eventually be returned to FED or commercial banks. That means that those who received dollar loans and put dollars into circulation are forced to get these dollars back by selling their goods or services to people who have dollars. Otherwise they will fail to make necessary loan payments and as a result they will be taken to court and the banks will seize their property.
So due to the fact that dollars come from debt and debt must be paid, people who have dollars do not have just a piece of paper with some numbers on it, but instead, they have legally enforceable rights to goods or services of people who received the loans. Dollar is therefore a property, which is by definition a resource with real or intrinsic value.Regarding cryptocurrencies, since they didn't originated from debt, nobody is legally obligated to use them to repay the debt, which is why cryptocurrency holders have nothing but mere numbers. And if a situation occurs where nobody wants to accept cryptocurrencies in exchange for goods and services, no legally enforceable right exist upon which they can get some kind of value out of them. Hence, all that these people have is hope and faith that someone will exchange their numbers for something useful.

I'll have to agree with you. The only thing that has every created wealth for me was learning skills and talents that are valuable in the marketplace. So far, fiat (USD) is the only useful currency. It has enabled me to buy real estate (now worth >$1.5MM in equity), which ALSO generates income for me every month. I could stop working today and easily live off the real estate INCOME.

Bitcoin and cryptocurrency will NEVER PRODUCE CASH FLOW, so therefore cannot be valuated. I work in a very technologically oriented field within medicine as a physician, and I have played around buying some crypto. I am still not seeing very much utility. >95% of people buy crypto NOT to actually use it in the way it was intended, rather to hold and speculate that it will rise in value. That is dangerous and just foolish.

Until a real use for cryptocurrency is realized, I will not put more than 0.5% of my assets into cryptoassets.

[boakyei]

A ponzi scheme and it has been in existence for nine years without intellectuals in investment and money not finding out. Look at the number of invested hardware ,publications and resources into cryptocurrencies, how do you term this as ponzi scheme.