Bitcoin is creating money out of thin air

[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.

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[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