Bitcoin is creating money out of thin air

[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.

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[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