Bitcoin is creating money out of thin air

[First77]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

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[Baimovic]

wrong statement, I think he does not understand bitcoin well. maybe some senior can explain bitcoin to him.

[Tubsie]

Its not Creating money in my Opinion.
Money is being put in to it which gives it value.

Ofc bitcoin is a big treat for regular money, and if people keep putting cash in to Bitcoin the value will only go up.
And create more money

[Dapper]

They key is to have enough converted to fiat, land, and gold before the music stops.   What's funny are the people who complain about the music. 

[SerioGiocatore]

Bitcoin is digital currency but that doesn't mean it's not real.

[Nerman]

What he said is applicable to everything that has value. So in that sense he is wrong.

Anything is valued on what people are willing to pay them.

If a Superman comics can cost up to $2,000,000 then why not bitcoin.

[sabine80]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

Bitcoin creates no new money. bitcoin is the reason, why its change from a person to another. but bitcoin itself makes no new money. its only a ware that people trade. the number of euros, dollars of other fiat never change because of bitcoin. that is maybe a difference.

[First77]

What he said is applicable to everything that has value. So in that sense he is wrong. Anything is valued on what people are willing to pay them.If a Superman comics can cost up to $2,000,000 then why not bitcoin.

25,000,000 people worldwide accept Bitcoin. how does Bitcoin become money ??

USA and Saudi Arabia signed $350,000,000,000 deal for 10 years in US Dollars. That's money.

[christian07]

First talk here in our country bitcoin is scam and more on investing with more on losing it so i think they don't it really that's why some people talk about like that,I think also if you experience crypto in bad way like your trading go wrong i'm sure you will say it's not good,or you only read about crypto in bad statements or news.Moreover they think about like that and we cannot change that because they don't know really what can crypto brings to many users of it.

[First77]

Its not Creating money in my Opinion.
Money is being put in to it which gives it value.

Ofc bitcoin is a big treat for regular money, and if people keep putting cash in to Bitcoin the value will only go up.
And create more money

Money is being put in Bitcoin that only takes Bitcoin price high, that is ponzi scam. Only New investor's money increases the value of bitcoin

[care2yak]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

then he's referring to banknotes as well. creating money out of a blank sheet.

banknotes are just printed on paper and is backed by the word of the government. the government says that banknotes/fiat are valuable and the people believe it. when the government devalues money, or declares that a certain banknote series will no longer be accepted as payment, people will believe it. if you keep a large amount of that banknote series that was devalued by the government, that would mean you're instantly broke!

[Sasha Lumerin]

bitcoin is not like what he say, look it went to 1 to 1000 and drops again 200 and then jumped on 17000, it is not just a quick buy and sell but How the strong hand wins the reward, bitcoin is the future we can't deny it

[Kotone]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

ANYone and everyone who has not been understanding of bitcoin can easily say that especially when they not fully understand the mechanics of it. However for us we all know that this is not drawn from nothing this is what we all worked hard for

[LuckyHopper18]

I think the chairman don't understand a thing about cryptocurrency that is why he made that statement. Although bitcoin has no physical representation, digital currency is true and real.

[Yakamoto]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

I mean, it depends on what he meant by the statement. I need a lot more context before I would be able to give an informed opinion on whatever this guy would be saying since there are two possible things he could have meant:

1) Bitcoins are being created out of thin air, which is technically true although there are certain limits on the creation of them, or,
2) Bitcoin is making gains for people who invested into it out of thin air and there's nothing to back it up, which is an intangible comment and you can't do more than speculate on this.

Could you potentially post the entire statement so I could narrow down what he was referencing?

[bitzzz]

Digital asset real exist. Bitcoin is real because it can not be deleted from the world. you can have it personally with your own key. It is more safe than the money you stored in bank.

[jaylhynne018]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

no not its not a scam because if bitcoin is creating money out of thin air why we cannot scammed from the start so bit coin is not a scam!

[clickerz]

I think the chairman don't understand a thing about cryptocurrency that is why he made that statement. Although bitcoin has no physical representation, digital currency is true and real.

He is amybe true but its the supporters like all of us here that gives value to bitcoin. Yes its started from noting but as many people join and contribute their money or funds  buy bying the bitcoin, it grows to unprecedental rate.The more people believes in bitcoin and support it but buying it, the more bitcoins value will increased.

[Fappanu]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

At the time of our day, there are many who are united, just because of envy so others are just getting rid of what should not be broken. Bitcoin is used by people to make enough money, so they can spend it. More people are receiving or using bitcoin than other cyptocurrency. They dislike other people to mislead information that is being shared with people who do not know these things. And as for scammers, you have to worry about the things you do. You're doing something wrong and please make a changes in your life.

[rphk]

probably he is scammed by some sites by investing and not knowing which is best and way to earn bitcoins, bitcoin is not actually scam , people make scam and by using anything like bitcoin or fiat currency , bitcoin good crypto currency , that is reason people need to be aware & learn also that which are the scam sites etc , and ways to earn and spend bitcoin in legit way .

[Colorblind]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

Everything that based on information has been created out of thin air. For dogs neither dollars, nor bitcoins not anything else have any value whatsoever. We are those who creates value and we are those who assign that value to the paper/digital assets. Dollars, Euros other fiats have no preassigned value, they being printed at will by regulators and financial institutions then dumped on our heads. Bitcoin does not even exists in physical form, created by the collective agreement  So speculation on that matter is rather pointless. Also Ex-RBI chairman demonstrates ignorance and overconfidence in his own experience - that is unfortunately typical for someone who was sitting on the cloud for too long, long enough to believe he knows everything and need merely a glance to judge.

[asus09]

this end many post slopes as the bitcoin value weakens. I think this is a method to panic the beginners, and they will buy large quantities when the rate drops. classic story
then don't mind.

[louie69]

       Bitcoin is not creating money because it is already a digital money that many people value it thats why from digital you can convert it to become real cash.

I would have to disagree that bitcoin is creating money out of thin air probably because bitcoin may have no value if its not real. Bitcoin is the first ever decentralized digital currency and a worldwide payment system.
Bitcoins are produced to payback those people who are engage in bitcoin operations such as mining for instance and this can can be converted into other flat currencies.

[krishnapramod]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

Ex-RBI chairman, precisely governor. Where is the source?

RBI did said investors and users should exercise caution before using Bitcoin, but don't remember reading any former RBI governor calling out Bitcoin as money out of thin air.

In fact, the last thing former RBI governor Duvvuri Subbarao said about Bitcoin, just a week ago, was somewhat positive.

Bitcoin has started its journey when I was governor at RBI. Since then, central banks and regulators have been keeping an eye on it. But of late, it has become hugely popular creating a debate over its regulation. But, I feel it is premature to take a decisive action on bitcoin and other cryptocurrencies,” said Subbarao. The blockchain technology behind bitcoin has even other applications also. It’s a technology innovation. We need to strike a balance between regulation and growth of cryptocurrencies. Regulators should keep a close watch on them,” further said Subbarao.

Now whoever said it, should first understand the concept of proof-of-work, what Bitcoin mining is.

http://www.newindianexpress.com/business/2018/jan/04/too-early-to-take-decisive-action-on-bitcoins-says-former-rbi-governor-duvvuri-subbarao-1744131.html

[majest3]

This is no different to a bank and it fractional reserves, they create money from nothing every day. Reserve banks around the world create money from thin air, they just use debt to do it, by issuing bonds. The reality is that without debt there would be no fiat money. Bitcoin is the new evolution that creates a store of value not attached to debt . I know which l would rather have !!

[nurilham]

       Bitcoin is not creating money because it is already a digital money that many people value it thats why from digital you can convert it to become real cash.

yes really, Bitcoin does not bother to make fiat money because Bitcoin exchange rate is high and many people who want it

[jjacob]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

He is an ex-RBI Chairman. He knows that all of today's currencies are created of thin air. Money is created by just adding a couple of zeros to the fed's balance sheet. Even the notes that you use on a daily basis are just printed, without any asset backing it.
He is factually correct, but so what? 

[karamoris]

no dear i am not agree with you its a wrong idea

first of all btc its a complete digital crypto currency its 100% decentralized .

[Manuj]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

I would say, he is telling the truth. Out of really thin air, a total of more than 220 Billion in USD are now being siphoned off into Bitcoin. This is thin air just the same. But who will tell us which one will be supported by the people or not? It has just so happened that people are really caught by the features offered by Bitcoin. I am one of them. Now, are you going to join us? Let thin air be thin air but we are making much money here.

[First77]

Ex-RBI chairman, precisely governor. Where is the source?

It was an senior former employee of RBI who had given an interview on CNNIBN news channel

I am into Gold and Silver and I do not look at Bitcoin. Just passing on information.

I say with $16,000 a person can buy 1000 ounces of Silver. Why buy one Bitcoin for $16,000 ??

[RoxasXIII94]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

indeed, it asks people to invest in digital currency though

[Tonicantik]

First talk here in our country bitcoin is scam and more on investing with more on losing it so i think they don't it really that's why some people talk about like that,I think also if you experience crypto in bad way like your trading go wrong i'm sure you will say it's not good,or you only read about crypto in bad statements or news.Moreover they think about like that and we cannot change that because they don't know really what can crypto brings to many users of it

[vincentbeth934]

Clearly, a lot of people still believe in the Bitcoin Blockchain's capabilities beyond any manual or man-mage computing systems. I would understand why many of you still doubt it and how important it is to have such technology.

[Bestprint]

It is definitely a technology not seen before. And if we were to talk about currencies, all currencies were created out of thin air by countries as well. The more valuable it is, the higher the price.

[TorbiK]

Yeah, electricity that consumes mining pools to maintain the network Bitcoin was considered to be air? Or equipment for mining? That's what everyone says, who does not understand a damn thing.

[sclmte]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

ANYone and everyone who has not been understanding of bitcoin can easily say that especially when they not fully understand the mechanics of it. However for us we all know that this is not drawn from nothing this is what we all worked hard for

Exactly. For those people who dont have any idea what bitcoin really is, are those the one that keep on giving negative issues about bitcoin. Which in fact they have no idea what they are saying about. Some people chose to believe that bitcoin is a scam. But we, who believe and understand everything about bitcoin will definitely reap all of its benefits.

[cl37007]

Bitcoin is a representation of value. The banks print money at will, if that isn't creating money out of thin air I don't know what is.

Shares for example are only worth what people will pay for them, same goes for crypto.

Hecis just some guy who doesn't like crypto and spreading FUD.

[Harlot]

There is sense to what he is saying but I don't believe that Bitcoin is a scam. I believe that its value is only created by us but the price of Bitcoin is not made purely by demand as the price of Bitcoin is also played by the whales that is why giving it an exact value is hard. There are many indicators that made him believe that Bitcoin is a scam or a bubble and that is of course fast growth and Bitcoin having no fair market value that on a investor's perspective is a big no for any investor.

[Ailcab]

Right. Bitcoin is legal and I think people think its not because of the crazy profit investors earn once it has a good market value. It create a good income though.

There is sense to what he is saying but I don't believe that Bitcoin is a scam. I believe that its value is only created by us but the price of Bitcoin is not made purely by demand as the price of Bitcoin is also played by the whales that is why giving it an exact value is hard. There are many indicators that made him believe that Bitcoin is a scam or a bubble and that is of course fast growth and Bitcoin having no fair market value that on a investor's perspective is a big no for any investor.

[levvv]

I think this is so wrong in many levels. That is the statement of who doesnt know bitcoin at all.
Bitcoin gained its value because the demands of people, that makes the bitcoin price increase, not same with money out of thin air

[First77]

25,000,000 people worldwide accept Bitcoin. how does Bitcoin become money ??

People hoping to attend an upcoming conference dedicated to cryptocurrencies have been told they must pay for their tickets in regular old dollars because using crypto is too slow and expensive. 

The North American Bitcoin Conference (TNABC), which will be held in Miami next week, said on its website that it has closed payments using bitcoin and other cryptocurrencies due to network congestion and manual processing.

https://www.rt.com

[fenican]

Any new product that is economically useful creates money out of thin air - it's not a zero sum game.

[karamoris]

no its a wrong concept i think u haven't proper idea about btc .Bitcoin is digital currency but that doesn't mean it's not real. its secure and safe

[supermine]

There is sense to what he is saying but I don't believe that Bitcoin is a scam. I believe that its value is only created by us but the price of Bitcoin is not made purely by demand as the price of Bitcoin is also played by the whales that is why giving it an exact value is hard. There are many indicators that made him believe that Bitcoin is a scam or a bubble and that is of course fast growth and Bitcoin having no fair market value that on a investor's perspective is a big no for any investor.

As you said the price of bitcoin is very expensive due to huge demand for it,and the demand is created by huge whales.But bitcoin was not a scam it has the value and it is not constant because of the limited quantity.A small change in the demand of bitcoin will change the price also.
But people are saying bitcoin as bubble for over a decade now but still bitcoin holding its position in crypto currency market.I too have faith in that bitcoin will be the future currency and the price of bitcoin is still in the early stages the price will increase in the coming days.

[Desperaboss]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

That is what banks do as well every day but no one bats an eye. Some people really have to understand how our financial system works.

[First77]

That is what banks do as well every day but no one bats an eye. Some people really have to understand how our financial system works.

USA sold $110,000,000,000 worth of arms and weapons to Saudi Arabia. The deal was in US Dollars. That is $110,000,000,000 worth of steel, explosives, computer systems, wiring etc..

[First77]

Russian President Vladimir Putin:

It is known that there is nothing behind a cryptocurrency. It can be a means of payment but not a store of value. Now, people themselves bear the risks [of buying cryptocurrency]

[pawanjain]

There are many accusing Bitcoin because many people are making good money out of it. Bitcoin is not making money out of thin air because there are thousands of people investing in it. There are thousands of transactions taking place everyday and the miners have to do lots of work in order to mien those transactions and maintain the network. There are many people like Jamie Dimon, Roger Ver who will accuse BTC to manipulate it's price and make more money for themselves. Don't listen to such people and concentrate on increasing your capital.

[Happiest]

You wouldn't blame him for saying such, Bitcoin indeed has pulled a lot of people out from poverty even a country too, just take a look at Zimbabwe, a lot of their citizen have really pulled out of poverty because of this and living a better live.
Bitcoin is a welcomed development.
So even it is creating money out of thin air; which i doubt it is,  we should make good use of it and create good investment out of it.
Even countries whom have banned their citizens from making use of Bitcoin can't stop the Bitcoin evolution.

[nikjain422]

I don't think that is true and so easy.People are becoming wealthy because of there skills,ability and luck and if that is in quick time that doesn't mean it is fraud or scam.Bitcoin is creating money from it's investors and investors are getting full reward of their investment.There are some people who will tell negative even when the prices are going up and going down so nobody should believe on what such nonsense people tell and just follow your heart and mind and back your knowledge.

[el kaka22]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

Banks are just printing money out of nothing.
Yes, printing money based on gold reserve is no more being followed by most of the countries as they do keep inflating their currency based on bail out situations. But bitcoin has many reason to protect an individual from such bad economy policies.

Calling bitcoin as a scam is just due to lack of awareness on bitcoin ecosystem. Bitcoin will dominate from common people to a country's economy too. Then these people will learn and will regret for their words.

[krogothmanhattan]

How is Bitcoin created out of thin air?

Consider the mining equipment needed, and of course the thousands of dollars required to run the mining equipment to get just one bitcoin.

    Look at this chart the cost of electricity per state..thats not free! If anything in the state of NY it over $6000 to mine just one bitcoin!

          

    Rather its the bankers using quantitative easing and printing money out of thin air that are the problem.

     They are also inflating the money supply and reducing the purchasing power of the US dollar...ergo the following chart

          

[yoseph]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

Banks are just printing money out of nothing.
Yes, printing money based on gold reserve is no more being followed by most of the countries as they do keep inflating their currency based on bail out situations. But bitcoin has many reason to protect an individual from such bad economy policies.

Calling bitcoin as a scam is just due to lack of awareness on bitcoin ecosystem. Bitcoin will dominate from common people to a country's economy too. Then these people will learn and will regret for their words.

It is not really creating money out of thin air, we all know that people are rewarded after their computers or mining hardware solve complicated calculations, there is no way that it is totally free in the least.

[Fretcy]

That's right it is somewhat like that bitcoin is creating money out of thin air, when we check the price change since its inception there is a tremendous increase in the price of bitcoins it was less than a penny now it is more than $ 13000 USD, this network has the capacity to eliminate poverty and unemployment issues from the world which are the major issues of the world and this technology can help to improve the economic conditions of the world, which is infact good for the country and for the whole world.

[First77]

It is not really creating money out of thin air, we all know that people are rewarded after their computers or mining hardware solve complicated calculations, there is no way that it is totally free in the least.

Billionaire investor "Warren Buffet" said "Bitcoin will end up badly" 

[krogothmanhattan]

It is not really creating money out of thin air, we all know that people are rewarded after their computers or mining hardware solve complicated calculations, there is no way that it is totally free in the least.

Billionaire investor "Warren Buffet" said "Bitcoin will end up badly" 

  What else is the likes of him and Jamie Dimon have to say but that?? They are part of the problem where is Bitcoin is the solution to the mess they created and were a part of!

 Does anyone still remember 2008? Trillions of dollars lost because  of the mess they got us in with the housing market!!!!

[Glutius]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

Most likely this person does not understand what he is talking about. Only without understanding the technology, you can say such nonsense. Either it is said specifically for political manipulation.

[Kommer]

Just nonsense, everything has the price people are willing tto pay for it, the samen for bitcoin

[pitiflin]

That's what all assholes who don't know shit about bitcoin have to say. More of this shit is yet to come. The more popular bitcoin gets, more bullshit comes from people's mouth. Especially from those people who are well known for being a corporate. If they really think bitcoin is a scam or a bubble, then why don't they provide enough proof to prove themselves. Fucking sell-outs.

[seeya999]

Bitcoin is an abstract concept and this type of bad press is what creates panic and a black cloud around the cryptocurrencies world. Definitely BTC philosophy doesn't go along with what this guy does for a living so these statements are a reflect of political manipulation

[mOgliE]

Well, what is your point? Do you agree with him?

If so, I strongly advise you to sell the bitcoin you have (if you have some) and leave the community.

If you don't, why do you spread things like this? I mean such a post without any argument or explanation... It is quite empty 

Bitcoin is not a scam. You can find frauds and scams involving bitcoin, of course, but it is not the whole story. Bitcoin is not just "air". Do you really need to print something or have it in your hand for this thing to have value? Of course, this cannot be the opinion of a bank, or its chairman...

[mafia22]

The stability of the system is based on the number of users who have an official client running. While their majority, Bitcoin does not threaten anything.

[vintages]

Lol...this made me laugh. His statement is more like he is pained and whining. I  the man is probably a banker or even from a government agency from a bitcoin banned state. This is usually there words. This people should understand that bitcoin is a work of technology that have come to stay. It creating money out of thin or it shouldn't be their major concern.

[First77]

Does anyone still remember 2008? Trillions of dollars lost because  of the mess they got us in with the housing market!!!!

and those stock markets crashes  and silver price crash   

[winyau8888]

Printing fiat money without assets is creating money out of thin air also. It is much worst thing ever. They just do not want people to get rich. They need to be the top the the chain. However, cryptocurrency changed everthing and they are afraid!

[scarjoe]

it is creating a money but it is not a scam.

[Shreek]

They key is to have enough converted to fiat, land, and gold before the music stops.   What's funny are the people who complain about the music. 

narrow thinking, and I think the statement is just to make everyone laugh and then leave without having a good impact for others.

[senin]

The expression that bitcoin creates money from the air does not correspond to reality. Bitcoin is only a digital medium of the money that was invested in it. When investing people give their real money and buy a certain bitcoin or several bitcoins for them. Therefore, the foregoing is clearly not true.

[xiaopang11]

Start I also have the same idea, I also believe that the currency is a scam, later when I gradually understand the COINS, I think that the currency is a digital currency can create value in the near future, I believe that the currency will replace the existing currency

[TheUltraElite]

OP needs to learn about mining and what is a POW proof of work scheme. Its how new bitcoins are mined. The mined bitcoins is the proof of the work done by the miners that is the hashing processes.

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   Angry

He is an idiot if he said that. Or its a fake news.Or its paid news. Get used to it because fake news and FUD propaganda news is what is running the world at this time. You need keep your head straight and not get influenced by every other news article.

Also OP should link the article where it was found - otherwise this has no credibility.

[ngefek berat]

Bitcoin is a type of digital currency that can rely on someone to make a profit so the statement you mentioned above in my opinion is very unreasonable.
The reason,bitcoin in fact even improve one's economy and until now still continue to experience a very large enthusiasts.

[Walrus1]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

shit the stock market created trillions out of thin air

[boboking]

Printing fiat money without assets is creating money out of thin air also. It is much worst thing ever. They just do not want people to get rich. They need to be the top the the chain. However, cryptocurrency changed everthing and they are afraid!

This is exactly what i am thinking of, they are just against Crypto that is it. They are the one that scams billions of people on a daily basis.

Sad to say but some people believes this type of propaganda.

[Mohamme]

What about gold? What is gold worth? Is gold also  creating money out of thin air? This man's comments are really interesting. Like a fool.

[iamryan]

No, Bitcoin is not generating money out of thin air, but generating money from a “proof of work” which is a mathematical algorithm.

[darrly]

Its not creating money out of thin air. People are investing and putting money to it that is how it makes money. Now it has gain popularity, more people investing to it means more money.

[jbkg111816]

Those who think bitcoin is a scammed are those who do not understand bitcoin very well because bitcoin is something created to let people enjoy financial freedom for themselves.

[ethereumhunter]

Its not creating money out of thin air. People are investing and putting money to it that is how it makes money. Now it has gain popularity, more people investing to it means more money.

I think bitcoin is double our money as a long-term investment and if we can buy bitcoin when the price is down, then imagine if the price is back increase and how much money we can make. and now, people investing their money in bitcoin because they want to make more money in the future and I am sure that they still do this even if the bitcoin price is too expensive for them. bitcoin is not creating money but bitcoin is helping us to make another money by investing.

[HG_Lincs]

wrong statement, I think he does not understand bitcoin well. maybe some senior can explain bitcoin to him.

THANK YOU!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[UAE Seasider]

You have to laugh at these people, trying everything they can to put people off involvement with Bitcoin or other digital currencies. Fractional reserve lending is possibly the biggest financial  scam of all time and allows banks to lend out 9 times what they take in from deposits. They just type numbers into a computer to change your balance with a loan now that really is money out of thin air.

[pocketfullofpoke]

Let this man express his thoughts about bitcoin. We all have our own perspective towards digital currencies and it is not new to us that while we enjoy the profit that we got from bitcoin, there are also these people backlashing bitcoin and the cryptoworld in general.

[dvillier]

That is the thing that all butt holes who don't know poo about bitcoin need to state. A greater amount of this poo is yet to come. The more famous bitcoin gets, more horse crap originates from individuals' mouth. Particularly from those individuals who are outstanding for being a corporate. In the event that they truly think bitcoin is a trick or an air pocket, at that point for what reason don't they give enough verification to substantiate themselves

[zabjerr]

maybe it's true that creating the money from the top is streaming down the air because the satellite above wiping the wifi signal so we got online so we bitcoin and earn money with bitcoin, and that's because it's a creation the smart person internet and computer where the bitcoin came from or created

[Tossiss]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

So where is Scam here?
many economics say bitcoin is bubble and Gambling. who trust in bitcoin will win others will loss

[First77]

So where is Scam here? many economics say bitcoin is bubble and Gambling. who trust in bitcoin will win others will loss

Bitcoin $12,000 now

[bitfocus]

This is a real bullshit. that person has zero ideas about Bitcoin, Blockchain and the whole process, also, he seems has no interest learning It! Whatever, no cheap punk like him can change or stop the Bitcoin Revolution.

[onnz423]

Bitcoin isn't creating money out of thin air, it is creating a store of value out of thin air, similar to how credit systems work. Bitcoins are produced, fiat currency exchanges hands in conjunction with bitcoin transactions, the amount of money in the world hasn't changed, the amount of value in the world has. Cryptocurrencies are a symbol of the future, physical items as a store of value are outdated, gold doesn't have $1,300 of usable value per ounce, and yet people still buy it as its value is recognised as $1,300/oz.

[First77]

Bump

[johny.valencia2]

You need to giggle at these individuals, taking a stab at all that they can to put individuals off association with Bitcoin or other advanced monetary forms. Fragmentary save loaning is conceivably the greatest money related trick ever and enables banks to loan out 10 times what they take in from stores. They simply type numbers into a PC to change your adjust with an advance now that truly is cash out of nowhere.

[Rath_]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

I'm surprised that many people actually believe in this. Many people think that Bitcoin is just a number in a computer which can be changed by anyone. What about governments who print more money every time they don't have enough of it to cover expenses? Why people are not against of online banking which in my opinion is less secure than Bitcoin because banks are responsible for the security of your money. If Bitcoin is money created out of air then fiats are too.

[Englebabylove]

I don't know who this is, why we're going to believe what he said, so many famous economists say the development of the currency is very good, will become the mainstream of future currency, no one is to promote

[Snail2]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

Like central banks? I don't think so. We have a 21million cap. Also miners not printing money, they buying/developing/manufacturing hardware, using their own electricity, processing transactions and keeping the network alive, then get paid for that. This guy obviously have little idea about how crypto working.

[tarable]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

Like central banks? I don't think so. We have a 21million cap. Also miners not printing money, they buying/developing/manufacturing hardware, using their own electricity, processing transactions and keeping the network alive, then get paid for that. This guy obviously have little idea about how crypto working.

means it is not necessarily true yes, because the financial world is not the air, but the effort we must do diligently without any complaining.

[TeLlMeFrY]

There are many people with completely apposite positions about Hitchin. And he is one of them. So you shouldn't be worried, just make your own research and decide what is your position by yourself

[nicko122]

Many will disagree with this point of view. People for some reason perceive bitcoin and other crypto currencies skeptically. This way of investing is no worse than the rest, and at the moment is the most profitable.

[Virtual miner]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

I'm surprised that many people actually believe in this. Many people think that Bitcoin is just a number in a computer which can be changed by anyone. What about governments who print more money every time they don't have enough of it to cover expenses? Why people are not against of online banking which in my opinion is less secure than Bitcoin because banks are responsible for the security of your money. If Bitcoin is money created out of air then fiats are too.

I think by creating money in thin air he does not means that it is being mined up in thin year. He means that the value is increasing without any solid backing news or actions. Obviously everyone once in their journey would surely have doubted btc that what if it happens to be a scam? It has actually shown the traits of a great bubble so far. Its graph shows a great ascend so far with no major descents.

[First77]

Silver is $18/ounce. This shows "Bitcoin is creating money out of thin air"

[First77]

Investors “should be prepared to lose all their money” in Bitcoin - Steven Maijoor, chairman of the European Securities and Markets Authority,

https://www.zerohedge.com/news

[Genemind]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

FUD everywhere, if people will get carried away easily, bitcoin will surely fall. Actually, it's not the news that brings bitcoin down, it's those people who panic on selling when bad news about bitcoin comes out. Some good investors see it as an opportunity to buy more.

[gabmen]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

FUD everywhere, if people will get carried away easily, bitcoin will surely fall. Actually, it's not the news that brings bitcoin down, it's those people who panic on selling when bad news about bitcoin comes out. Some good investors see it as an opportunity to buy more.

Bitcoin already has a solid base so i don't think it will fall because of weak hands panicking. Whales are just waiting to take advantage of this when it happens and when they move, price will eventually be bullish again leaving those who panicked in regret

[First77]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

Share price of many companies have gone up +1000% in 3 to 5 years. $5 share becomes $50 in 3 years.

Central banks must talk about stock markets also.

[First77]

You need to giggle at these individuals, taking a stab at all that they can to put individuals off association with Bitcoin or other advanced monetary forms. Fragmentary save loaning is conceivably the greatest money related trick ever and enables banks to loan out 10 times what they take in from stores. They simply type numbers into a PC to change your adjust with an advance now that truly is cash out of nowhere.

Top banks suspend accounts of major Bitcoin exchanges in India

MUMBAI: Top lenders including State Bank of India, Axis BankBSE 1.12 %, HDFC BankBSE 1.00 %, ICICI Bank and Yes Bank have suspended some accounts of major Bitcoin exchanges in India, suspecting dubious transactions, three people aware of the development said.

The banks have also sought additional collateral from the promoters of these exchanges on their borrowings and have capped cash withdrawals from the few accounts that are still operational.

The banks are scrutinising current accounts held by top Bitcoin exchanges, a second person said. Action has been initiated against the top 10 Bitcoin exchanges including Zebpay, Unocoin, CoinSecure and BtcxIndia, said four people aware of the matter.

https://economictimes.indiatimes.com

[First77]

US dollar, Euro, UK pound, Chinese Yuan, Yen, Indian Rupee and others are digital currency when you pay at shops, bills, online shopping by credit cards or debit cards.

Who says Bitcoin is the only digital currency ??

[vkwame30]

Mining  of bitcoin is not a thin air, and remittance  of bitcoin from one end to another  too a thin air. Bitcoin in an is a pure business

[DanWagner]

Investors “should be prepared to lose all their money” in Bitcoin - Steven Maijoor, chairman of the European Securities and Markets Authority,

https://www.zerohedge.com/news

Well it isn't that bad of advice , you should at least take it into account if you are invested. I don't think it will happen soon but we don't know what kind of regulations are coming to crypto. So while it has a promising future everyone should be careful.

[First77]

Mining  of bitcoin is not a thin air, and remittance  of bitcoin from one end to another  too a thin air. Bitcoin in an is a pure business

Bitcoin from 1 cent to $20,000 in 10 years is not "money from thin air"  ?? 

[Photographer]

All the money of the world except gold is created out of thin air. The difference between Bitcoin and FIAT is that with Bitcoin there are rules, Bitcoin is deflationary - has a limited supply. FIAT money can be created in unlimited quantities.

[zarados]

Ex-RBI chairman said, "Bitcoin is creating money out of thin air". It is the biggest scam of all.   

Bitcoin is creating money out of thin air, indeed bitcoin looks like that, but the reality is not. People just keep their trust in this technology, and from that trust to produce value. As confidence increases, the value increases, so the person who has entrusted his money to bitcoin, is rewarded with the increase in the value of his assets. How can this be said to be a scam. In the meantime, a $10 fiat money just need a few cents for the making, but given a $ 10 value, does he think this is not a scam?

[Cryptotina]

If BTC is a scam, heck it is the best rewarding scam ever made then, to which I DON'T MIND. Its no scam, no one earn from a scam apart from the scamer.

[imapessimist]

Bitcoin is not creating money out of thin air.  Money in money out.  Losers and winners.  Not everyone can be a winner.  Everyone must be careful and make sure they're not a loser.  For every cent lost is somebody else's cent gained.  No more can be taken out that is put in.   

[kcirnhoj15]

Its not Creating money in my Opinion.
Money is being put in to it which gives it value.

Ofc bitcoin is a big treat for regular money, and if people keep putting cash in to Bitcoin the value will only go up.
And create more money

You're right ! Bitcoin is just like a fiat that deposited on a bank.

[ngefek berat]

This is not real because bitcoin is a decentralized currency that is using a blockchain system and can be used by anyone in the search for income at any time so existence becomes a very important factor to improve life for the better.

[jakezyrus]

Bitcoin is not creating money out of thin air.  Money in money out.  Losers and winners.  Not everyone can be a winner.  Everyone must be careful and make sure they're not a loser.  For every cent lost is somebody else's cent gained.  No more can be taken out that is put in.   

yeah right bitcoin is not directly creating a money rather the people who buy and sells it or in short because of the demand and supply but still majority of us are still winners or gainers as we can still manage to earn something on bitcoin but of course there were few that is unfortunat and probably loose thier invested capital because they dont have the patience to wait and control thier emotions whenever the market is down.

[marcuslong]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

Well, That is one of his big wrong statement. Bitcoin will never be a scam because many people are trusting it and they are now gaining profit and a lot of money because of it. Well, We cannot handle bitcoin by our physical hand but we can handle of it by our electronic devices and internet connection. Bitcoin is now accepted in many countries (including Philippines) and it is now exchange in to money. So that, It is not a scam.

[First77]

you have to look at it this way; bitcoin is a digital currency and it is creating money because investors are willing to put money into it. Therefore, it is not creating money out of thin air.

Bitcoin, altcoin, dogecoin, oilcoin and many more.. crypto currencies are giant HYIPs (High yield investment programs)

[WhaleHunter]

Every time a value is created without someone having done a reasonable work for that, that value has been created out of thin air. If you make a fork of Bitcoin and call it Bitcoin Cash or whatever, here you have suddenly billions of $ of value created out of thin air.

[bunsd]

Give you an easy to understand explanation. Bitcoin is someone who gives you a math problem. There are 100 answers to this question. The purpose of bit-software is to compute these 100 answers by computer. If you figure out one answer, you get a bitcoin, the answer exists on your hard drive. That is, if you lose the hard drive or Formatting your hard drive, your bitcoin is gone. The answer is unique, and the total number of answers is also fixed. If you calculate this answer, others can only calculate other answers. Some people are willing to spend money on these bitcoin (which is equivalent to the ancient shellfish as the currency of similar nature). Finally, the transaction was generated.

[dashchain]

Bitcoin accumulated the amount of mining machine and electricity costs. Mine machine as a fruit tree, the power as the sun. Mine loss, ecological operation of the entire bitcoin network are lossy, but also as a cumulative.
Is this not the value of its birth?

[yytcoin]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

It sounds like unrealistic and unreliable news for many people to come out without fully understanding bitcoin. If the Ex-RBI chairman puts it this way, I can only think of him as unprofessional and need more professional The prestigious people come to me to answer, or I can understand this for him, not on this bitcoin.

[Icaxx]

wrong statement, I think he does not understand bitcoin well. maybe some senior can explain bitcoin to him.

We dont need to explain him what bitcoin really is. He is clever person but stupid in the same way.
However, it will not change anything in our bitcoin market and it will not make big issue.
We are a loyal bitcoiner will always support bitcoin can be a real digital currency in the future.

[Sean25pogi]

Yes, every time past the money you invest in bitcoin will generate income. So it is a big convenience to you that you earn without doing anything.

[Excellence91]

My advice to you is to stay away from such school of thought because BITCOIN is very real and not a scam.

[aeternus]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

That is exactly what fiat does right? The biggest difference is that the rate at which bitcoin is creating new money is slowing down, and it will eventually reach zero and no new coins are ever going to be created, but this is not the case with fiat, fiat generation is only going up as time goes on we only need to have a look at the US dollar supply to understand that.

[valentine401]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

That is exactly what fiat does right? The biggest difference is that the rate at which bitcoin is creating new money is slowing down, and it will eventually reach zero and no new coins are ever going to be created, but this is not the case with fiat, fiat generation is only going up as time goes on we only need to have a look at the US dollar supply to understand that.

I think that the chairman is a little bit biased by telling that bitcoin is a scam. The growth of bitcoins is also depending on the supply and demand in the market and the value will only grow if there's a lot of people who are investing and makes the supply decrease.

[mrcash02]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

That is exactly what fiat does right? The biggest difference is that the rate at which bitcoin is creating new money is slowing down, and it will eventually reach zero and no new coins are ever going to be created, but this is not the case with fiat, fiat generation is only going up as time goes on we only need to have a look at the US dollar supply to understand that.

Yes, that is what fiat does. I believe the difference is that Bitcoin has a maximum limit everyone knows (21.000.000 of coins), while fiat can be infinite if the authorities wish, they just need to print money all day long. Bitcoin is exactly the opposite of fiat, it's simpler, but has more structured rules. That is very beauty: At same time it's less complexed and bureaucratic it's more well designed and elaborated!

[Willitivity]

Bitcoin has become a great wonder to so many people therefore there are some many descriptions as regards to it.
This statement is not true when you view Bitcoin from an investment approach, money is pushed from the outside into Bitcoin to increase the value, Bitcoin doesn't create those money.

[Rubble898zaitO]

"Bitcoin is creating money out of thin air".  I don't agree with this, Bitcoin is real and is not a scam.  Maybe he doesn't fully understand Bitcoin and how it works that's why he said that.

[rudox]

He did not understand the blockchain technology on which bitcoin is being driven. Investments are made into Bitcoin where the forces of demand and supply determine the price. That is simple.

[vaughn125]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

lol. what else is new? all throughout the existence of bitcoins in the world, it has been called a scam by countless people for countless times already. and look where we are now from day one. clearly these people are just either stupid, lazy or jealous. stupid because they do not understand what they are criticizing completely. lazy because they prefer to know too little to nothing about bitcoins and stay the same even when they already have a lot of resources they can use to help them learn more about it. not to mention the fact that all the information about bitcoins and the crypto world is just lying around everywhere waiting to be read. jealous because unlike all the risk takers in the crypto world that have already gained millions if not thousands, they cannot take risks in to something they completely do not have calculations to that can guarantee them success if they ever decided to invest. that is why they just spread fuds that are baseless piece of crap. but they, that's their call, not ours. so just let them whine all they want. it won't be our loss but theirs.

[Slark]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

While it is kinda true that with numerous bitcoin forks we had over the recent year.
We created airdrop of altcoins and this move can be something that resembles creation of money of a thin air.
However, this is only a really minor issue and compared to the usual quantitive easing of fiat it is totally insignificant.
To be honest that man sounds totally like a hypocrite saying something like this.

[crypto_razas]

Bitcoin gained its value because the demands, that makes the bitcoin price increase. People putting real money into it.

[Freddyclose]

Bitcoin does not create anything, it just moves the money.

[Aura]

What really is the difference with fiat? Fiat currency is essentially just an agreement between us and the central that it can be used as a means to pay for services and goods. This is actually the same with Bitcoin, we just recognize value to it and decide it can be used as a payment method. The big difference that makes me think this statement applies more for fiat is that central banks can really print more money, thus bring more units in circulation. Bitcoin has a fixed supply, so it can't create new units out of thin air.

[icanscript]

We know more or less what happened after people learned how to extract and use coal, oil or other hydrocarbons - the flowering of industry, capitalization, global warming. Crypto-currencies seem to be something utterly immaterial, but the calculations that support them consume so much energy that bitcoins, ethereums and other virtual money can change not only the global financial system, but the air of the whole planet.   

[Krakenproto]

No, Bitcoin is creating coins out of thin air and we give the Bitcoin value with buying it.
Don't listen to those FUD people, because they want to you to believe that Bitcoin is worthless.
They are to greedy...or they don't know much about it.

[BitcoinBallerina]

No it is not. It uses algorithms to create bitcoins.

[keyzersoze]

Well, it’s creating solutions for many problems, out of thin air also.
Then you have the Pow process, that is resource intensive and costs money.
While as my little kids can draw a 100$ bill on a piece of paper, and call it money.

[angaper]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

Actually there is some truth in that expression. At least it never ceases to amaze me the easy wayin which it is enough for a group of supposed developers to announce a new hard fork so that overnight that new altcoin is worth millions of dollars. Of course this is absolutely insane, and is a clear sign that the technology that supports a cryptocurrency is no longer the most valuable thing to consider, because any shitcoin can generate a lot of money by pure speculation.

[dificanovi]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

those who call bitcoin are scams because they do not understand with bitcoin. at this time already many people who believe with bitcoin because they have earned money from bitcoin. people who are new to bitcoin and have not earned money from bitcoin then they have a sense of doubt with bitcoin so they say bitcoin is a scam.

[First77]

The Finance Minister of India has openly refuted the acceptance of Bitcoin as legal tender in India.

http://www.zeebiz.com/india

[First77]

Actually there is some truth in that expression. At least it never ceases to amaze me the easy wayin which it is enough for a group of supposed developers to announce a new hard fork so that overnight that new altcoin is worth millions of dollars. Of course this is absolutely insane, and is a clear sign that the technology that supports a cryptocurrency is no longer the most valuable thing to consider, because any shitcoin can generate a lot of money by pure speculation.

Bitcoin $1 to $1000 in 7 years. This month I got $20 from online surveys (that is $4/hour work).

Bitcoin will shut down all the businesses and end world economy with gambling money

[Quonelet]

They key is to have enough converted to fiat, land, and gold before the music stops.   What's funny are the people who complain about the music. 

Of course many are getting rich, and they are not jealous. Many people are trying to think that it is not a good thing and it only brings misfortune. I do not think they will stop that, but I believe in Bitcoin because it helped me change my life.

[xugzr272186]

Bitcoin is digital currency but that doesn't mean it's not real.

Although Bitcoin may not be issued by a particular agency, it also requires computers to be generated after a large number of calculations according to a particular algorithm and also need to be paid.

[First77]

Although Bitcoin may not be issued by a particular agency, it also requires computers to be generated after a large number of calculations according to a particular algorithm and also need to be paid.

Bitcoin $1 to $1000 in 7 years. THAT'S NOT MONEY FROM THIN AIR ??

[KwizatzHaderach]

I think value is being created by being a means of payment or as a storage of value.
Bitcoin's value is dictated by people's perception. Same as fiat money.

[First77]

I think value is being created by being a means of payment or as a storage of value.
Bitcoin's value is dictated by people's perception. Same as fiat money.

Billionaire "Warren Buffet" said "Bitcoin will end up badly"

[imapessimist]

It seems like money from thin air.  That people can buy so cheap as a few pence and then years later they can sell for even 20k.  That is quite a miracle where all that money has come from. 

[dinofelis]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

He's wrong.  Bitcoin is created out of hot air (of ventillators of proof of waste machines).

[First77]

It seems like money from thin air.  That people can buy so cheap as a few pence and then years later they can sell for even 20k.  That is quite a miracle where all that money has come from. 

Bitcoin $1 to $100 in 7 years looks OK. 

[gabmen]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

He's wrong.  Bitcoin is created out of hot air (of ventillators of proof of waste machines).

Its anything but a scam. Same thing with fiat which makes a useless paper worth a lot. That's usually what scared bankers call bitcoin to make people believe it's not worth anything where in fact, it's the same concept that runs paper money

[First77]

Its anything but a scam. Same thing with fiat which makes a useless paper worth a lot. That's usually what scared bankers call bitcoin to make people believe it's not worth anything where in fact, it's the same concept that runs paper money

After 100 years in world economy, Gold is $1350/ounce only

[Cryptosaint$]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

And how is fiat any different?

You believe the legal tender in your wallet is real money... Both fiat and btc are based off of perception and trust. Neither is a scam. Toss that word out you infant.

[queenlaurel]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

That is so wrong. How can it come out of thin air? People are investing and the investment grows into something bigger. Bitcoin is the new gold. We use money to get more money. In this case we investment to get coins.

[NadiaHel]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

Well, my answer to this sir should be: "Contemporary art market". Just that.

[laracastvue]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

You can explain to the chairman how the market works. The value of bitcoins is increasing because of supply and demand in the market, bitcoin is not a scam because there are a lot of people who are investing on it and the supply is decreasing, that is the reason why the value is very expensive because there's so much demand on it.

[JL421]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

Clearly he's mistaken. Earning through bitcoin requires knowledge and speculation and so is stocks, so it doesn't mean that stocks is viable whereas btc is a scam. Hardwork and capital investments are essential to earn profits through btc. If the market suppl were more it would be much more stable.

[First77]

That is so wrong. How can it come out of thin air? People are investing and the investment grows into something bigger. Bitcoin is the new gold. We use money to get more money. In this case we investment to get coins.

I give 1000 kilos wheat and I get a laptop/computer looks better. Barter system is the best form of decentralization.

[Stingray1970]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

Fiat money is also created out of thin air.

[Gabb]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

Actually, money is not being created out of thin air. The money has to come from someone's pockets and usually comes from a lot of speculators who have just discovered this business and are willing to take great risks in order to get easy profits. And a lot of them, in fact, end up losing it to fill the pockets of the smartest.

[First77]

Actually, money is not being created out of thin air. The money has to come from someone's pockets and usually comes from a lot of speculators who have just discovered this business and are willing to take great risks in order to get easy profits. And a lot of them, in fact, end up losing it to fill the pockets of the smartest.

That's GIANT PONZI SCHEME or FRAUD SCHEME

[Stingray1970]

Actually, money is not being created out of thin air. The money has to come from someone's pockets and usually comes from a lot of speculators who have just discovered this business and are willing to take great risks in order to get easy profits. And a lot of them, in fact, end up losing it to fill the pockets of the smartest.

That's GIANT PONZI SCHEME or FRAUD SCHEME

Isn't that the case with fiat as well ? If not, why ?

[iwishicouldfly]

Actually, money is not being created out of thin air. The money has to come from someone's pockets and usually comes from a lot of speculators who have just discovered this business and are willing to take great risks in order to get easy profits. And a lot of them, in fact, end up losing it to fill the pockets of the smartest.

That's GIANT PONZI SCHEME or FRAUD SCHEME

Isn't that the case with fiat as well ? If not, why ?

Not saying bitcoin is a ponzi scheme but it has all the characteristics.  FIAT is backed by governments, crypto is unregulated.  it is extremely hard for it to lose 50% of it's value in days.  Bitcoin could be $1000 in months for all we know, unlikely but definitely possible.   Don't know anyone hyping up the USD saying "put all your cash into the dollar! MASSIVE GAINS!".  That to me screams, ponzi.  FIAT is a terrible store of wealth too though due to inflation but there's much better investments to be had than crypto.

[imapessimist]

A friend of mine said it is a Ponzi scheme.   I am beginning to think so too with all this talk that people must put lots of money in and never take there money out even when the price goes down.  So what happens to that money.  Somebody else will take it out. 

[First77]

A friend of mine said it is a Ponzi scheme.   I am beginning to think so too with all this talk that people must put lots of money in and never take there money out even when the price goes down.  So what happens to that money.  Somebody else will take it out. 

How did Bitcoin get $350,000,000,000 ??

[petrov trevor]

Bitcoin does not create money, only central banks create it

[BlackRacerX]

LOL. Obviously, whoever that guy is, doesn't know a thing or two about bitcoins. Bitcoins technically has value and therefore can be trade to money. Someone or something has to benefit from these bitcoins and I don't think you can't get money out of thin air. Buying software is almost the same as buying and selling bitcoins.

[legenduim]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

those who call bitcoin are scams because they do not understand with bitcoin. at this time already many people who believe with bitcoin because they have earned money from bitcoin. people who are new to bitcoin and have not earned money from bitcoin then they have a sense of doubt with bitcoin so they say bitcoin is a scam.

Certainly, they do not understand Bitcoin. By the way, why do not they call fiat money scam? Today many countries have too much paper money, and in reality it does not cost anything. Many people take credits to buy almost everything. Isn’t it the greatest scam?

[pvk444]

Bitcoin does not create money, only central banks create it

Not quite. Money is everything that people accept as payment. Bitcoin IS money. It does not "create" it.

[lesya-ya]

Bitcoin eventually gained popularity, people began to pay real money to buy bitcoy so they could conduct business with these sellers on the Internet. Bitcoin creates money from the air or not, it solves each individually.

[First77]

LOL. Obviously, whoever that guy is, doesn't know a thing or two about bitcoins. Bitcoins technically has value and therefore can be trade to money. Someone or something has to benefit from these bitcoins and I don't think you can't get money out of thin air. Buying software is almost the same as buying and selling bitcoins.

The Indian Finance Ministry on Thursday made bitcoin illegal and announced an upcoming ban.

“The government does not consider cryptocurrencies as legal tender or coin and (will) take all measures to eliminate the use of crypto assets,” Finance Minister Arun Jaitley said.

https://www.rt.com/business

[weblouartisan]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

Bitcoin is creating money out of thing air because of the demand in the market and that makes the value of bitcoins grow even better. It is not a scam because people are working to earn it even those who are running a mining rig is paying for their electricity consumption in order to earn cryptocurrency.

[RomanPetrush]

Don't agree with that statement. Bitcoin has some features which will affect on our lifestyle. For example, you just could have encrypted money and you don't need to save them in the bank. You don't need a safe, all you need is to remember your passwords. It's difficult to remember but that's possible. Easy to save your pass keys in encrypted file and ect.

[isomoyes]

In that time it's goes wrong. But it's not impossible. Who knows what's happen in the future. Bitcoin really making money it's ok but not this far.

[hubbida]

Gridcoin is a great coin because you're contributing your processing power to science and then getting coins for it. All other coins or more like an exchange of paying for electricity and equipment for coins, which is still significant, but with Gridcoin you're actually making a positive impact on the world. That's very valuable in the long run and I think people will wake up to this very soon.

[PatronRH]

Yeah maybe but that thin air has a high value. I know bitcoin is digital but it has value a lot of things that normally we don't really need has a really high price such as a t shirt signed by a celebrity. And we really focus on this that 100 dollar bill that you have doesnt actually cost a 100 dollars so why not bitcoin?

[Dogeboi3210]

He doesn't know what he is talking about.
Bitcoin is supported by the trust of holders, just like gold or fiat money. Gold and money would not worth anything if it was not given trust. Same thing with Bitcoin and other cryptocurrency.

[seoincorporation]

That's funny, and it is becoming a kind of tradition. Every year there are someone who gives the same senseless speech.
Well, to those ones to believe BTC is based on air, I will say: “Ok, so, what is your opinion about Contemporary Art market? Do you know they can sell you the authorization (only a paper where you are allowed to do something, usually sing out by the “artist”) to put some rubble in your dining room, for the reasonable price of $1,000.000 dollars?”

Contemporary art market is thin air, indeed, it has become the best way to clean dirty money, I’m afraid!!! But everybody looks to the other way, for this is “art”.  Nevertheless, how they love to say senseless but beautiful phrases like the one you posted about BTC market!!! We should just laugh!!! ;P

[Emitdama]

They key is to have enough converted to fiat, land, and gold before the music stops.   What's funny are the people who complain about the music. 

Of course many are getting rich, and they are not jealous. Many people are trying to think that it is not a good thing and it only brings misfortune. I do not think they will stop that, but I believe in Bitcoin because it helped me change my life.

Bitcoins are amazing and people are changing their lives with this spectacular coin. Bitcoins help them to increase their financial states and these people are working hard to make this happen. But yes some people are jealous for others as they have nothing to be happy for themselves so they better ruin their life on delousing from some other successful person. They must not be doing this, it isn’t professional and ethical.

[Glydel1999]

Yes, every seconds that passed by the bitcoin creats money for you so all investment that you made in their company and management will be worthy and paid-off in future.
Bitcoin helps every individual in the whole world to earn income in easy way.

[elizavetausova0112]

Well, not out of thin air! Very many people work hard and a lot! work out a strategy advise! I do not think it's easy

[lunaalthea]

It is actually funny how they think bitcoin or cryptocurrency in general is considered scam just because it is not backed by any government and no intermediary. When the reason why money existed is for people to establish a value and convenient for people to exchange goods and services. We the market, the people, create value out of thin air. We create our own demand, but sadly because of politics, big corporations or capitalism in general, we have become puppets of the economy. And now that crypto is born, people tell its scam because it gives people financial freedom?? That is hilarious and down straight ill information

[marjil]

It's not exactly out of thin air as it has to be mined which requires huge computing power and electricity but it has no physical form, which may be what he meant.

[owlman]

It is actually funny how they think bitcoin or cryptocurrency in general is considered scam just because it is not backed by any government and no intermediary. When the reason why money existed is for people to establish a value and convenient for people to exchange goods and services. We the market, the people, create value out of thin air. We create our own demand, but sadly because of politics, big corporations or capitalism in general, we have become puppets of the economy. And now that crypto is born, people tell its scam because it gives people financial freedom?? That is hilarious and down straight ill information

It really is! I also hold this opinion. This information is provided not just for that, but with further self-profit or with fear of increasing popularity and all the advantages of crypto currency.

[aeternus]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

That is exactly what fiat does right? The biggest difference is that the rate at which bitcoin is creating new money is slowing down, and it will eventually reach zero and no new coins are ever going to be created, but this is not the case with fiat, fiat generation is only going up as time goes on we only need to have a look at the US dollar supply to understand that.

I think that the chairman is a little bit biased by telling that bitcoin is a scam. The growth of bitcoins is also depending on the supply and demand in the market and the value will only grow if there's a lot of people who are investing and makes the supply decrease.

A little bit biased seems like an understatement, he claims bitcoin is a scam despite the fact fiat does the same and it is way worst since they keep printing more of it without any limit in sight, if the US said they were putting a limit to the amount of dollars they are ever going to print even if that ceiling was very high that will automatically make it more valuable and that is exactly the concept of bitcoin but he cannot understand that because he is paid to not understand it.

[w5pn73]

Actually, bitcoin is the reward miners get for solving a block, fiat is just press a button and print..so sad 

[GolemTrader]

Almost everyone who says this is just looking for attention and ends up retracting their statement later- I am sure this case will not be any different.

[Aziel29]

I cant 100% say that it is created out of thin air but i have watched something that depicts where the btc money itself  was created in japan and the limited of coins is what makes it expensive, there are only limited amount that the amount of every cryptocurrencies are very small compared to the total population of the world, it doesnt have a definite value and that makes it valuable when the supply is very few and yet the demand is very high.

[CNJP15171821]

wrong statement. Bitcoin is a digital currency and many of us using it.

[princesspoppy]

Bitcoin is not made from thin air as well as the money invested in it. Bitcoin has value because it is widely accepted and people or market increases its value by investing money in bitcoin. It is not a scam just like what they say, rather as an investment ( which is more implemented than being a currency) where people invest money to it that make its price grow the way it is today.

[salterious]

Technically hes not wrong because one minutes its not there, and the next it is. What they conveniently left out though is the process of which Bitcoins get created costs thousands and thousands of dollars meaning that currency is actually worth the electricity spent on it. Whereas the US dollar is backed by nothing, yet they have the audacity to ask "what is Bitcoin backed by"? Ridiculous

[SaShiRaJaVu]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

I am not sure he understood bitcoin and how it evolved,people are investing money into it and so is the reason it has a valuation,if someone is ignorant even if he is a retired RBI chairman,if he does not know anything,he has to make sure he learns about it and then make a comment rather than going with the flow to create a sensational news.

[LudiAAA1]

No, Bitcoin is generating money out of a “proof of work” math algorithm. See these math ... A lot of other answers have covered very well what happens during B

[First77]

Bitcoin is not made from thin air as well as the money invested in it. Bitcoin has value because it is widely accepted and people or market increases its value by investing money in bitcoin. It is not a scam just like what they say, rather as an investment ( which is more implemented than being a currency) where people invest money to it that make its price grow the way it is today.

Even a HYIP gets $50,000,0000. Those 10% after 10 days

[joebrook]

No, Bitcoin is generating money out of a “proof of work” math algorithm. See these math ... A lot of other answers have covered very well what happens during B

People are using their computing power to do those work and just because they can't be seen by the eye doesn't mean that money is being created out of thin air.

[Derizo]

Unfortunately there are people who think so and don't want to accept cryptocurrency as something valuble. Right now it's a new century, of technology and it's clear there are people who aren't keeping up with the progress.

[BADecker]

Actually, Bitcoin is money created out of thick air. Fiat is created out of thin air. Why? Because there are loads of people involved in the creation of the programming necessary for Bitcoin. But fiat increases are dictated by a relatively small number of people in the Federal Reserve Bank.

[andreevaviktoriy77]

This is a digital currency that can be withdrawn as well as with bank cards withdrawing money, after withdrawal they are already material and then you can already touch them to feel that they are not from the air but real.

[First77]

Unfortunately there are people who think so and don't want to accept cryptocurrency as something valuble. Right now it's a new century, of technology and it's clear there are people who aren't keeping up with the progress.

If Bitcoin is to be used as currency/payments then 1 Bitcoin = $100 is the right price. Not any more..

Bitcoin has become a hub for criminals and this could supply money for war. $50 billion can do wonders with weapons and guns

[chikading2016]

Yes, every seconds that passed by the bitcoin creats money for you so all investment that you made in their company and management will be worthy and paid-off in future.
Bitcoin helps every individual in the whole world to earn income in easy way.

Yes, you are right. Bitcoin create money in just a glance if we do the right way and right decision making in investing. Earn income more than what we think it doubled, doubled or more. It is a futuristic way to help every body's financial problem.

[mx667]

This is a digital currency that can be withdrawn as well as with bank cards withdrawing money, after withdrawal they are already material and then you can already touch them to feel that they are not from the air but real.

Maybe that is right. I am thinking the same way too. At that time I am not quite sure about what is Bitcoin and what is the purpose when I first knew Bitcoin. But I do not worry anymore and do not care anymore because all I think about is the profit I can get from Bitcoin. I am always wondering and questioning about the Bitcoin system. Who create Bitcoin, how create the Bitcoin and what is the purpose of the maker. I begin questioning a lot of questions like that when I first knew Bitcoin. But now I think I do not care anymore at least until I get rich.

[natalagerman95]

Well, I would not say that from the air, you can get generosity in bounty companies if you follow all the points and wait for your tokens.

[First77]

Yes, you are right. Bitcoin create money in just a glance if we do the right way and right decision making in investing. Earn income more than what we think it doubled, doubled or more. It is a futuristic way to help every body's financial problem.

Man selling 8000 Bitcoins

https://bitcointalk.org/index.php?topic=2698402.0

[mezzaluna]

Bitcoin is part of the Cryptocurrency system which is based on the Blockchain Technology and it is not creating money out of thin air. It is the electronic money you have on the internet and you can get this money whenever you want because it is entitled under your ownership. You can have electronic wallets that only you can access thru Private Keys and other security measures that is hard to hack.

[First77]

Bitcoin is part of the Cryptocurrency system which is based on the Blockchain Technology and it is not creating money out of thin air. It is the electronic money you have on the internet and you can get this money whenever you want because it is entitled under your ownership. You can have electronic wallets that only you can access thru Private Keys and other security measures that is hard to hack.

Bitcoin price has gone up 100,000 times in 8 years

[CryptoCoin8487]

Yes, you are right. Bitcoin create money in just a glance if we do the right way and right decision making in investing. Earn income more than what we think it doubled, doubled or more. It is a futuristic way to help every body's financial problem.

Man selling 8000 Bitcoins

https://bitcointalk.org/index.php?topic=2698402.0

i cant billive what is this man thinking about he's 8000 bitcoin if thats true its very hard for him to withraw that anormous amount off money in one time im suure that government will surely freeze that money aand question him until he got problem. if i were on him i will put it in a cold storage wallet and slowly withdraw it until i withdraw it all.

[First77]

Vitalik Buterin also said "“If you're trying to figure out where to store your life savings, traditional assets are still your safest bet"

https://www.rt.com/business

I think Gold and Silver are traditional assets

[First77]

i cant billive what is this man thinking about he's 8000 bitcoin if thats true its very hard for him to withraw that anormous amount off money in one time im suure that government will surely freeze that money aand question him until he got problem. if i were on him i will put it in a cold storage wallet and slowly withdraw it until i withdraw it all.

If true, why will people buy Bitcoin ?? That man has $100,000,000 of Bitcoins.

[shoujiuhaituo7]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

He may be right that bitcoin is creating money out of thin air.

If there is no value, why so many people accept bitcoin, and the price is still high.

Gold is valuable because people around the world recognize it, so gold is valuable.

It is reasonable to exist.

[Tujinn]

The principle of earning is to place Bitcoins on third-party resources that offer a high percentage. Most newcomers invest in high-yield projects and most often remain in the losers. Professionals recommend using projects that offer a low level of profit - about 3%. It's easy to calculate how to get 1 Bitcoin for free in such a project. Although, it is very difficult to do this. It is necessary to invest in it about 30-40 Bitcoins. It is recommended that you use resources that have recently worked in the market. Moreover, the funds received should be immediately displayed.

[First77]

Professionals recommend using projects that offer a low level of profit - about 3%.

3% profit every month would be HYIP/ponzi.

Bitcoin has gone up 100,000% in 9 years. That is 800% profit every month

[aeternus]

It is actually funny how they think bitcoin or cryptocurrency in general is considered scam just because it is not backed by any government and no intermediary. When the reason why money existed is for people to establish a value and convenient for people to exchange goods and services. We the market, the people, create value out of thin air. We create our own demand, but sadly because of politics, big corporations or capitalism in general, we have become puppets of the economy. And now that crypto is born, people tell its scam because it gives people financial freedom?? That is hilarious and down straight ill information

It is incredible how the economy knowledge has been so distorted to the point we have to endure this, money was first created to facilitate the transactions between people, that is all, if gold was chosen over many cultures was not because it had some inherent value it was because it was the best tool for the job, but economists are making it seem as if bitcoin is bad simply because it has no backing, as long as bitcoin has all the right characteristics for the job then it is not a scam and it will be used by people as money because is the best currency currently available.

[XbladeX]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

If you thing that is made out of thin air then maybe try do it ?
Can you create out of thin air on your own ? NO ?
So its take time / energy and efford to do so.
Bitcoin is somehave energy backed and have fair distrybiution becouse of that.

[First77]

It is incredible how the economy knowledge has been so distorted to the point we have to endure this, money was first created to facilitate the transactions between people, that is all, if gold was chosen over many cultures was not because it had some inherent value it was because it was the best tool for the job, but economists are making it seem as if bitcoin is bad simply because it has no backing, as long as bitcoin has all the right characteristics for the job then it is not a scam and it will be used by people as money because is the best currency currently available.

What is Bitcoin 800% profit every month for 9 years ??  

[UAE Seasider]

Well he seems like a very well educated gentleman.... Not!

Maybe he would be kind enough to elaborate the practice of Fractional Reserve lending, and explain to us how a bank been able to lend out 9 times notional value of what is deposited is not actually creating money out of thin air? At least Bitcoin has proof of work and time and power spent by the miners in its creation.

[super5star]

Yes, you are right. Bitcoin create money in just a glance if we do the right way and right decision making in investing. Earn income more than what we think it doubled, doubled or more. It is a futuristic way to help every body's financial problem.

Man selling 8000 Bitcoins

https://bitcointalk.org/index.php?topic=2698402.0

If you have ICO tokens it is good for you to hold, holding is best for investors as they hold and wait it will be sure that profit will become your future, bitcoin is money generators, but I think by creating money in the thin air it does not mean that it is being mined up in thin year. Buying tokens is being best for people who are investing and waiting long, so! It is best in thin air as well.

[Lorna t]

Fist ask here for our country that bitcoin is not a scam and way to earn bitcoins .and bitcoin is not actually a scam .people are really scams because they know how to lie and by using that anything like bitcoin or Fiat currency is bitcoin always and what is the good cryptocurrency this is the reason people need to be aware and study it should be the real scam on site etc.and how to earn and spend bitcoin in legit way and many people accept or use bitcoin than other cryptocurrency everyone is dislike other people to mislead information its a shared  with people I know not about it and as for scammer we should worry about things that we have made something wrong and please do what should change your life.

[SaiWAFU]

It's not.Let's put it this way, if you have credit card you can so transactions using it then you have to pay for it with actual money. Bitcoin is like the other way around, you have to pay/invest first then you can do transactions with stores/shops that accepts bitcoin as payment though.

[First77]

Mining  of bitcoin is not a thin air, and remittance  of bitcoin from one end to another  too a thin air. Bitcoin in an is a pure business

FBI/Federal police shut down "12dailypro HYIP' that was paying 25% profit every month. HYIP are ponzi scams

Past 3 years, Bitcoin profit was 55% every month ($1000 to $20,000)

[idgaf007]

Maybe he needs to understand the technology behind cryptocurrencies. Creating something out of nothing is possible but if people don't give value to it that means it would be useless. the reason why bitcoin is going up in value is it's limited supply and the technology behind it.

[Aleksandr_ov]

it's the same thing that Facebook share cost 1 dollar and became 10 dollars! 9 dollars from where did they come if the number of users remained the same?

[TooDumbForBitcoin]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

  It is like Jamie Dimon's (JP Morgan CEO) statement about "bitcoin is a fraud" for which he after apologized. Just wait some time..

[DBronze98]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

Big investors do not dare invest in things that are too risky like the crypto, and they start to scoff at things they do not. So do not worry too much about this, it's like a circular investment, the failed investors will profit the winners.

[KingOfWinterfell01]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

You can't make money out of thin air. You technically lose the bitcoin you sell for money. You sell your bitcoins to something that is as temporary as money. It's not about getting where the money is but the fact that you traded pure potential for money.

[voron84-05]

   If you look at the people are busy with different work in the bitcoine ecosystem, count how much they spend on it time and resources,
how much energy is spent, how large is the already large infrastructure around this whole community.
   Is this money from the air?

[PilosopongTacio]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.  

I think he got it all wrong. Bitcoin value is increasing fast due to the cause of supply and demand. While bitcoin is increasing drastically in demand and people are now learning about it everyday, investments grow too he just misunderstood bitcoin thats why it seems like a scam for him.

[First77]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

Big investors do not dare invest in things that are too risky like the crypto, and they start to scoff at things they do not. So do not worry too much about this, it's like a circular investment, the failed investors will profit the winners.

Super-HYIP

[MrCrank]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

Wrong!
How can make money from air?
Bitcoin is powerful blockchain system.. and very huge bussines machine using new technolodgy.
It's not scam this is really, dude

[jona]

The big scammers are the government they scam the poor to their pocket,the rich also scam the poor to their own pocket.For bitcoin it is no scam. 

[Dmitry.Vastov]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

Bitcoin is not the scam, it's just the rubbish rumor because BTC is the boon for the humanity and BTC could never be the scam because investing into BTC has provided employment and so huge profit to millions of people so BTC could never be the scam, moreover BTC is an asset which can be saved for the future generation and a resource and obviously the day will come when BTC would be able to replace paper currency and would be used by everyone.

[niteroy]

What he said is applicable to everything that has value. So in that sense he is wrong. Anything is valued on what people are willing to pay them.If a Superman comics can cost up to $2,000,000 then why not bitcoin.

25,000,000 people worldwide accept Bitcoin. how does Bitcoin become money ??

USA and Saudi Arabia signed $350,000,000,000 deal for 10 years in US Dollars. That's money.

If you look at the essence of Bitcoin, you can understand that Bitcoin does not create money, Bitcoin is money, digital money based on mathematical code. Once people paid with silver and gold coins, but they were replaced by paper banknotes, later bank cards appeared, but all these types of money had a centralized system of issuing and controlling the amount of money being issued. That's why Bitcoin came to replace the old money, which is based on the revolutionary blockchain technology and the emission is strictly subject to the mathematical code laid down in Bitcoin, so it can not be compared with the traditional dollar, euro, pound, etc.

[MaxKnoblauch]

US dollar, Euro, UK pound, Chinese Yuan, Yen, Indian Rupee and others are digital currency when you pay at shops, bills, online shopping by credit cards or debit cards.

Who says Bitcoin is the only digital currency ??

[First77]

US dollar, Euro, UK pound, Chinese Yuan, Yen, Indian Rupee and others are digital currency when you pay at shops, bills, online shopping by credit cards or debit cards. Who says Bitcoin is the only digital currency ??

There is all kinds of "Water Filters store" (commercial systems also with 10,000 gallons/day pure water capacity) on my Twitter page. See it (below) to know how international payments and buying is done with digital currency.

[sergeykravcov177]

Bitcoin yes it turns out creates money from the air because in the first place it is a digital currency and secondly it is money that is taken from long or fast waiting and raising prices for bitcoins.

[Verona25]

The absence of a central node of the administration of the administration means that they are not legally and regionally banned from Bitcoin's Internet money when transferring within the Bitcoin system is not subject to jurisdiction.

[rosepetals]

Bitcoin is digital currency but that doesn't mean it's not real.

Bitcoin is a currency that we cannot hold but its very valuable.High technology has come up with this new creation of currency that has already high value at the coin market capitalization.It is known as the strongest digital currency of all time because it is the pioneer coin that makes other coins exist. The concept of being decentralized has attracted more investors that made it so popular but as governments cannot take part of its growing community some treat bitcoin as a threat to the economy.It is real that were already seeing bitcoiners have change their life and became wealthy through their efforts and patience because early adoptors of bitcoin that hodl has earned high profit when the demands goes high.

[boy130]

Lol, he says that bitcoin is creating money out of thin air, and yet fiat currency is made out of paper, and digital fiat made of binary code. In reality, currencies are given their value based on their utility, if people believe bitcoin has utility value, then its worth will increase. This principle worked for gold, grain, silk and cotton, and will continue to work for bitcoin and similar currencies.

[Menawi12]

The dollar also made out of thin air. The Fed always print money as they like and they never audited. There is not a clear report about the amount of the circulation of dollars in the market and that triggered the economic crisis continued. On the other hand, bitcoin have a limited supply that nobody could control and bitcoin have transparency in transactions

[Zeque02]

The dollar also made out of thin air. The Fed always print money as they like and they never audited. There is not a clear report about the amount of the circulation of dollars in the market and that triggered the economic crisis continued. On the other hand, bitcoin have a limited supply that nobody could control and bitcoin have transparency in transactions

Bitcoin can create money through investment and giving extra job to people. It is safe to invest bitcoin as long you keep with you your password. Its value is not stable but it increases which is a good point of view why its good to invest bitcoin.

[First77]

Bank-wire transfers are the oldest form of digital money/payments. Bitcoin no longer is a revolution which was "big talks" all over.

Bitcoin is failing in all the uses it was talked about (no tax etc../revolution). Now Bitcoin is just a speculative/super-hyip asset and it is no comparison to gold, silver, land, real estates etc..

[btcbrady]

The Federal Reserve is creating money out of thin air.  Bitcoin is rising in value because people see the use for it and the problems it is solving when compared to our Fiat currency.

[First77]

Reserve bank of India (RBI) has ordered Indian banks to stop supporting bitcoin transactions.

[Spaffin]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

Bitcoin itself does not create money, so this statement is not true. Bitcoin is just a form, a shell. To make it gain value, it needs to be pumped up with money. We buy bitcoin and thereby increase its cost. You can also ask another question: if we bought bitcoin for 20,000 dollars, then its course dropped significantly, where did the air go?

[First77]

The Federal Reserve is creating money out of thin air.  Bitcoin is rising in value because people see the use for it and the problems it is solving when compared to our Fiat currency.

You are using that money to buy Bitcoins

[satecream]

that was funny statement for all i see, i think he don't research properly about bitcoin and i think he not read after all, bitcoin not made any money it supply are enough and not create any new btc again, and price are rising high because of the supply are low and many people are using it, that man is just a shame

[Kopceak_MD]

As from the air? He creates out of electricity. That is, we buy electricity for $ 6000. Strange we are people) 

[brickafterbrickwalldpt]

I strongly disagree with this statement. Isn't printing fiat creating money from the air? They have no value at all, they are claimed to have value because central bank supports certain fiat. I don't think that there is any currency that is backed by real gold. Even the USA decided to get rid of gold parity few decades ago. They are simply taking advantage of people who don't know how money and Bitcoin work. They can easily persuade anyone that Bitcoin is just a few numbers on a couple computers. We could say the same about banking these days if we had to describe it like that.

[dancingnancy]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.  

Ignorant. If he's not even sure about how blockchin works in general what's the point of creating statements. Surely he's knowledgeable about how money works he might just not agree with the fact that people will reduce their interests towatds banks and laymen will start trading on crypto.

[martirosyan666]

Bitcoin eventually gained popularity, people began to pay real money to buy bitcoy so they could conduct business with these sellers on the Internet. Bitcoin creates money from the air or not, it solves each individually

[lisasteca]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

I will never understand these bullshitter assertions. They criticize the btc as scam but do not see that even the fiat currencies are now only pieces of colored paper often without a real wealth behind.

[First77]

I will never understand these bullshitter assertions. They criticize the btc as scam but do not see that even the fiat currencies are now only pieces of colored paper often without a real wealth behind.

Federal reserve USA will be the next to stop banks from working in anyway with Bitcoin when Donald Trump has personally taken up drug cartel issues from Mexico

[AnnaGeraMsk]

an interesting fact who can answer who thinks that bitcoin is money from the air, When the company goes with the product on the exchange its capitalization is 100 bucks and then it went to the stock exchange and the price rose to 500 bucks, an increase of 5 times, like the company it went up by 400 bucks?)) Why do you think that the company selling the product does not make air from the demand

[KevinHD]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

Well definitely, Bitcoin had been generalized to be a scam. But that's where most were wrong. Bitcoin is just a currency implied on our modern technology. Its just like the normal fiats. It grew its price base on the exchange on market, and therefore not a scam at all. It's just being used as a front.

[kache2018]

I do not understand why people say such a thing. Instead of making ridicule of what bitcoin does to people, why don't you shut your mouth and do your thing. You are not even helping. Just keep quiet and leave everything to bitcoin. This is not a scam.

[MEMEX]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

Currency is a means of payment or a medium of exchange which is mutually agreed upon by the community, although made of wood or stone. So as long as the community thinks bitcoin is valuable then bitcoin is valuable. Even regardless of the technology behind it though.

[First77]

I do not understand why people say such a thing. Instead of making ridicule of what bitcoin does to people, why don't you shut your mouth and do your thing. You are not even helping. Just keep quiet and leave everything to bitcoin. This is not a scam.

Reserve bank of India (RBI) has ordered Indian banks to stop supporting bitcoin transactions. In a way, Bitcoin got banned in India.

[Iam_phaith]

Bitmart a global digital asset trading platform is giving 20 Free BMX = Register + 2FA and 10 Free BMX = Invite 1 friend + 2FA
https://www.bitmart.com/?r=9iFw85

After registering on the official website, binding your account to a mobile phone number, and setting up Google Authenticator, you will earn 20 BMX.
Each friend you invite must also set up multi-factor authentication, after which you will earn 10 BMX.
All coins will be sent to your account in 7 to 10 days.
The maximum referral bonus each user can receive is 3,000 BMX (300 friends).

[beami]

Ex-RBI chairman said, "Bitcoin is creating money out of thin air". It is the biggest scam of all.   

A very wrong statement. Bitcoin never creates money from thin air. I'm sure the person who says this is actually not very well informed about Bitcoin and jumps to conclusions only from personal opinions. Please understand first about Bitcoin, do not spread the news that is not true like this.

[First77]

A very wrong statement. Bitcoin never creates money from thin air. I'm sure the person who says this is actually not very well informed about Bitcoin and jumps to conclusions only from personal opinions. Please understand first about Bitcoin, do not spread the news that is not true like this.

$0.10 to $10,000 in 9 years is money from thin air.

[ClaraLuV]

For early investors it was like making money out of thin air but now its not that easy as they say because in the early stages it did not have that much value compared to the current rate it was nothing anyone could buy them but those who want to get into the bitcoin network the value of bitcoins have come upto $ 8768 USD which not a small amount for a normal person to get that amount.  The users need to work hard in order to achieve a certain proportionate amount of satoshi's and one satoshi is the smallest unit of bitcoins.

[Veterock]

I agree that this is a huge soap bubble, but the worse it is if it is a great opportunity to earn?)

[Bitcoincole]

I don't think it is from thin air  since it already exist for almost a decade now. Moreover, its value was then very small and now very expensive compared to fiat because many investors believe in it and until now cryptocurrency is widely known even to third world countries. It is not scam though there are peole who took advantage to its decentralization and they are the scammers and not bitcoin itself.

[befriendmywater]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

I do not think Ex-RBI's words are true. Maybe he is creating a FUD to panic and sell off everything related to bitcoin.
I have witnessed so many cases and bitcoin is still strong at the moment. That's bullshit news and hope you do not believe it. Trust the future of bitcoin and its scale, you will get more profit.

[zhundy]

As you said the price of bitcoin is very expensive due to huge demand for it,and the demand is created by huge whales.But bitcoin was not a scam it has the value and it is not constant because of the limited quantity.A small change in the demand of bitcoin will change the price also.
But people are saying bitcoin as bubble for over a decade now but still bitcoin holding its position in crypto currency market.I too have faith in that bitcoin will be the future currency and the price of bitcoin is still in the early stages the price will increase in the coming days.

[Menawi12]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

Bitcoin creating from proof of works. Miners get their bitcoin as reward from their works on blockchain. Actually dollars made from thin air and they just printed money without proper audits

[Jorge158]

That's a false statement since people have to convert their fiat into Bitcoin and gain profits depending on the market price. Bitcoin is just like all investments which can generate you much profit depending on the demand of the market.

[leavolnhals]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

Maybe bitcoin is cheating the traders like us. We can not know behind the bitcoin there are those who are holding it and operating it. All information is strictly confidential and only insiders know the truth. But anyway it's giving us a lot of profit, trust it at the present time and make money from it.

[jikurpa]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

sorry if this is a fraud why many bitcoin investors are successful by benefiting from the investment, if it is bitcoin it is a fraud why there are still many investors who invest in it a little my thinking

[Ucihashin]

They key is to have enough converted to fiat, land, and gold before the music stops.   What's funny are the people who complain about the music.

[ondabeat]

bitcoin our country is a fraud and more about investing with more losses, that's why some people talk about it like that, i think also if you experience crypto in a bad way like your trade is wrong i'm sure you will say it is not good, or you just read about crypto in statements or bad news.

[Janation]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

sorry if this is a fraud why many bitcoin investors are successful by benefiting from the investment, if it is bitcoin it is a fraud why there are still many investors who invest in it a little my thinking

Bitcoin is not a fraud, but if it is then why a lot of governments of every country supports Bitcoin? Bitcoin may have a surprising price every now and then but we all know that Bitcoin's price is dependent on the demand and supply. With a lot of whales, a lot of supporters and users of Bitcoin, it is far from being a fraud, it is just becoming more of an asset.

[daxiake]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

then he's referring to banknotes as well. creating money out of a blank sheet.

banknotes are just printed on paper and is backed by the word of the government. the government says that banknotes/fiat are valuable and the people believe it. when the government devalues money, or declares that a certain banknote series will no longer be accepted as payment, people will believe it. if you keep a large amount of that banknote series that was devalued by the government, that would mean you're instantly broke!

Very right. I would rather say that Central Banks and big financial institutes PULL MONEY FROM THIN LAYER. No paper currency has ever retained its value over time. Central banks prints more and more currency notes to reduce their debt, while increasing inflation. BTC is a new financial system that will bring transparency and is the main reason why more and more people are attracted towards it.

[jhonvir666]

nope !! it is not so much that bitcoin creates hard-earned air money and explains how to make a bitcoiner succesful. for my opinion bitcoin is a digital currency of all countries admired by the members here because the bitcoin is many of the people who have been successful in living are also a cryptocurrency for investment and more. about bitcoin money we must first work harder and well done so that we can get the bitcoin payroll kit and there we can see the money that we make a sum of money not just the wind. because of our effort and patience we get our desired patches of bitcoin.

[brylle34]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

its either of this three, he does not now bitcoin that's why he is saying this kind of things, or he know bitcoin but he had lose his profit thats why he saying negative things about bitcoin, or this he knows bitcoin and he is causing fear, uncertainty and doubt, usually evoked intentionally in order to put a competitor at a disadvantage (FUD), to buy cheap because he miss to buy recently while the value is on dip, to bad for him , bitcoin will now get back to its current heights.

[BitcoinPanther]

To say that Bitcoin makes money out of thin air simply indicates that the person has no acquaintance whatsoever with the favored cryptocurrency of our time.

Remember that behind every bitcoin is an algorithm executed by machines (tangible, physical, uses electricity, has a value, and definitely not made out of thin air), making this digital currency something of value already to start with.

We purchase software and mobile apps every now and then, these are digital in nature, yet we never think of it as something made out of thin air, do we?

[bce]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

if this is a fraud why many investors are continuing to invest and earn their investment profits and that is not a lie and it has been proven

[saiful1234]

Bitcoin creating from proof of works.The price of bitcoin is very expensive due to huge demand for it. It is far from being a fraud. It is just becoming more of an asdet.

[sureshotcoin]

yes bitcoin is making money from networks decentralised through mining if u take it as money it is money if u take it as currency it is currency it is how we treat

[simongoat]

Its strange that someone from the world of banking accusations about money being created out of thin air. Does he not know how FIAT currency and fractional reserve banking work? The banks have been creating money out of thin air for years in such a crazy and stupid system. The only reason why everyone doesn't know it exists is because no one could ever think our so called advanced financial system could run in such a corrupt and biased way. But it does.

[Jocuserious]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

Bitcoin is a degital currency,not real money like that.monay can make people also them.bitcoin to doller then sell claim and got money.its price creating reason demand to it fair.it will go to back current higher price.

[eifer0910]

If they did it in a wrong manner or they did it in scamming other people then this is true but for me proven and tested that bitcoin is not scammed and I earn money in a good way and not by hurting other people.

[Gatot84]

For me bitcoin as a great miracle for the crowd, therefore there is some description about it. This question is incorrect when you look at the bitcoin of the investment approach is money is pushed from the outside to bitcoin to increase its value and bitcoin does not create money.

[s4l1wu]

yeah im agree sir. that was too much scam on project right now, it was so rude i think

[TomUyamot]

Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

From somebody's point of view, it could also be true. To be fair with these people who are not yet deeply involved with Bitcoin, they must be wondering why the price is so high and yet there is really nothing valuable in a monetary way that each Bitcoin is representing. This was also my question before I came into Bitcoin and trusted it. But it seems to me that the value comes basically from the agreement among people, and eventually of the rising demand. 

[Arifulislam1010]

Bitcoin is not generate money out of air . I think bitcoin is double our money . Somesay bitcoin is bubble and Gambling but i dont think so bitc oin is the best asset for our future its have no doubt if we save it and hodl it for long term.

[money1122]

They key is to have enough converted to fiat, land, and gold before the music stops.   What's funny are the people who complain about the music.

[humakaita]

Bitcoin creates money with reality and bitcoin is completely without fraud because all transaction data can be viewed transparently in blockchain, and this is really real technological advancement and bitcoin is not inflationary like paper money.

[artichandra]

Hopefully that person assumes wrong and not yet know the bitcoin completely. Or maybe he just saw a lot of scam that is on bitcoin so think that way.

[Rarahumaira]

Maybe he does not know what a bitcoin is so he can only say that bitcoin is a scam. If you understand how to find bitcoin. It will prove that bitcoin is not a scam.

[First77]

Maybe he does not know what a bitcoin is so he can only say that bitcoin is a scam. If you understand how to find bitcoin. It will prove that bitcoin is not a scam.

Reserve Bank of India has instructed banks not to support Bitcoin transactions.

[kamilah147]

Hopefully that person assumes wrong and not yet know the bitcoin completely. Or maybe he just saw a lot of scam that is on bitcoin so think that way.

as you say, that people who do not know bitcoin any further, sometimes the person just concludes what he has heard in any respect, and does not see in terms of positive.

[Choghonl]

Creating bitcoin out of thin air? its actually correct in someway because you can just actually wait and earn as the price of the currency rise up but it isnt actually just that way to earn bitcoin you actually need to cost some sweat for you to be successful in bitcoin you need to put some effort in mining and if your willing to invest you should perhaps it boost your chances its not creating money out of thin air its creating money through hardwork and passion just like any other jobs.

[1C6fV5DtakfKANLJ8GUV7hCaA]

He's an idiot not knowing the technology behind it. Man why are these people not researching enough before they make such bold statements like that.

[CyM99]

Before saying bitcoin is an air, people have to re-evaluate the true value of bitcoin, the advantages it gives investors. At present the world is accepting and using bitcoin, in the future bitcoin will prove the advantages that it brings.

[kakajones25]

The stability of the system is based on the number of users who have an official client running. While their majority, Bitcoin does not threaten anything.