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.   

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.