Bitcoin is creating 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