Bitcoin is useless

[katiecbell]

In your statement above we know that bitcoin has a lot of issues. Just like the transacations fees cost is expensive, transactions takes long, and not accepted yet in any countries. But I disagree to your point that bitcoin is scam and useless, when you check the feedback about bitcoin from many users it has helping a lot. At some point bitcoin has indeed very useful to many so we can also make some research about bitcoin pros and cons.

Either he hates Bitcoin or does not understand it at all. Nobody can deny the fact that Bitcoin is a life changer. Those people amaze me the most who call Bitcoin as a Ponzischeme or a fraud. If this was true then why do we see people becoming rich and financially stable by investing in this coin? Also theses FUDs and FOMOs are getting on my nerves now. Whenever there is a downfall, a huge wave of bad news appears in the digital world.

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[bubble pop]

I am amazed with number of people being fooled with BTC:

1. Transactions takes hours
2. Fees are high
3. Development team sucks, uncapable solve scalability issues for years
4. Its not anonymous, every solution to make it, failed so far
5. Its centralized: who is biggest hash power owner? Who is biggest miner hardware provider? Who owns most of bitcoins? What is % of Bitcoins in coldstorage and what in exchanges ( Ye Mt Gox )
6. There is 0 economics for BTC, it just tight to USD with liquidity providers, cut that and try to value pizza box with just BTC
7. Its not store of value, its not digital gold, and it will never be 100k USD. Because it has no value. It has value only for energy probiders, hardware manufactures and random phils.
8. Its not insured, If some crap happened to your BTC, its gone.
9. Bitcoin has a limited supply, but it does not help much. Bitcoin has a code that can be amended and its enough of small group of people to work together to support that. Question really is: do someone need that hassle? No really. Bitcoin has satoshis, that currently meaningless and just nice numbers after dot, but this a very well painless way to inflate any crypto currency and its up to liquidity providers. Again it falls to point #5 and #6. Added on 24/01/2018

Such crap will never be used in payments, noone wants to support Terrabytes or Petabytes of data.

Its funny to observe how uneducated shills trying to make casual office landline phone to look smart phone.

BTC is scam of the century, stay away.

UPDATE 23/01/2018:

useless, guys the fact that some of you become reach and wealthy does not make Bitcoin useful. You wealth does not come from values that are used in propaganda.

1. Why I am still here? I believe there are technologies that are better maintained and lead than BTC, I prefer put money in something that bring value, has use-case and been used.
2. LN is panacea! Well not, so far its more dream than reality, no doubt it will be delivered in one or other way, but it will not solve all problems and so far it has more questions than answers.

UPDATE 24/01/2018:

Everyone is amazed of why I called it useless, well, recently Stripe dropped support for Bitcoin payments. This is the prove of Bitcoin being useless. Stripe was not the only one in recent months to do so. It should ring a bell.

UPDATE 29/01/2018:
Few points were made here that are unfair:

1. Bitcoin is a first one, its revolutionary and so on and so forth, wrong, Bitcoin is a client that is build on top of practices that were developed and test long time before Bitcoin e.g. Proof of Work, Hashcash, eCash, bit gold, Merkle Tree, Peer-to-Peer,Byzantine fault tolerance etc.

2. Bitcoin is still in development and it needs a time and so on and so forth, really? its a 10 years old technology. Its usage is very easy predictable, no rocket science here. Scailibility problems were addressed long time ago. But like in every corrupted government, Bitcoin has biased devs, greedy miners and exchanges driven by capitalists. Why to care about tech? When everyone is just become wealthy on nothing. This is why its scam and this is how it become useless, because everyone only cares about price, not utility on day-to-day basis. Typical ponzi game.

3. Bitcoin is store of value, fake as is. Everything that has Blockchain underneath is store of value, Bitcoin is neither exception nor unique here. And again it has no value, because there is no utility. Remove exchanges from equation, and tell me how much BTC will be worth 1 pizza?

UPDATE 30/01/2018:

Bitcointalk, and many other crypto related forums are heavily manipulated by bots, the amount of useless posts and conversation is just crazy. Even look at this thread, so much messages about "it will make me reach", "it growing", "I am going to be wealthy" so much manipulation, only in ponzi game this possible. It proves just on how bitcoin is useless, because 90% of people just copy paste message from bots, even not knowing basic fundamentals.

For this thing I respect your own opinion,perspective in our life we all have that. Let's be realistic theres always a pro and cons and if thats what you think about bitcoin then no problem it's your choose anyway. But for me there's nothing wrong with bitcoin policies I think it's fair and I'm very thankful because of it's existence.

[miltonpogi]

Bitcoin will never become useless, because it plays a different role from other cryptos, and as of now its popularity is increasing in any part of the world. Bitcoin can be use in transaction and exchange of a works
 and this process make the Bitcoin more stronger.

[warunacrypto]

which person is telling BTC is useless those people really dont know under value it and they want to destroy the market every time,those people need to do the things there doing, any field mislead people any where we can find.

[Dawnpercy19]

I think no for me. Bitcoin is useful for me and this help me to earn money. For me bitcoin is very useful but if you using bitcoin you need take time and wait for it for your transaction and other you do. Wait for it

[jaycobe24]

I think its not because bitcoin is really useful and i earn money to bitcoin. Whose saying that bitcoin is useless that peron didnt know the value of bitcoin because they didnt tyr it then if they gets there money impossible if they say it again bitcoin is useless.

[Nenni]

only people who do not know and do not understand bitcoin who say that bitcoin is useless, for me bitcoin very useful because I can have income from bitcoin, add knowledge and insight for me

[Neerajkumar]

Bitcoin is not useless and only those can say so who have no knowledge about it and its users and also the present market value of it.The present market of bitcoin is increasing at a rapid speed and investors are taking part in it with full enthusiasm and are earning huge profit through it.By this only one can decide whether it's useful or useless.

[Prodigye]

I agree to some extent, but changes are being introduced like the lightning network and the donations from other firms will further contribute to improvement.

[Bitcoin_Delivery]

only people who do not know and do not understand bitcoin who say that bitcoin is useless, for me bitcoin very useful because I can have income from bitcoin, add knowledge and insight for me

Correct. when you say useless you mean not knowing that many people are helped by the presence of bitcoin. for example nowadays many people are getting work from bitcoin salary from bitcoin requirement of bitcoin

[Kalemder]

Bitcoin is the first crypto currency. There is nothing special about it. But even this is enough. In the future coins like etherum will be used.

[dinofelis]

I am amazed with number of people being fooled with BTC:

... snip ...

I agree with most of what you say.  However, my point is: bitcoin's strength is EXACTLY that it is perfectly useless, and has no fundamentals.  I used to estimate its true economic utility at about $20 when Silk Road was running, using Fisher's formula for the value of money, but I forgot that it wastes also about the electrical power of Denmark continuously.  So its net economic utility is essentially a negative number.  Things which have negative utility are called "toxic waste" or something.  

With its fundamentals guaranteed on the negative side, there is absolutely no correct price evaluation possible.  $1 is as crazy as $ 1M.  Or, seen the other way around, $1M is not more crazy than $1.  And this is bitcoins' strength: it acquired value, and it doesn't have any.  As such, ANY value is as good as any other.  That's the PERFECT speculation asset.  Any asset that risks to have fundamentals, will be drawn to those fundamentals.   The further it gets away from it, the stronger market analysts will see it is over or under evaluated.  But if there isn't any, $1M is not more crazy than $1.  There's no rational argument to say that it is 20 times over evaluated.  Any guess is as crazy as any other.  Now that bitcoin has competition, we have a whole lot of such things that can rise and fall to the whims of the mood of the day: the perfect financial speculation market, way way better as a casino and continuous greater fool game than "classical" finance.

As such, bitcoin is pure belief.  There's nothing rational about it.  It is simply a story about greed, lies, deceit, wrapped up in a libertarian utopia. And that's a powerful thing.  Look at world religions, and their stories full of lies and deceit, wrapped up in a story about good and bad.  Look at how powerful such bogus bullshit can be.  Religions have moved more people, and done more harm, for longer periods than any form of rational behaviour.   A big portion of the world population is religious, and adheres to stories that, if they weren't known to be religions, and one told them to you for the first time, would make you roll on the floor laughing (if you didn't got bored before).  From the sun travelling in a boat through the heavens, over a woman made out of a man's ribs, over a guy born out of a virgin, walking on water and another one sitting on a flying horse, pick your favourite.  Kings were made because of such stories ; millions fought and died because of such stories ; most of the economic output of a civilisation was invested in such stories.

The power of pure empty bogus is not to be underestimated.  This will fly very, very high.

[odolvlobo]

I agree with most of what you say.  However, my point is: bitcoin's strength is EXACTLY that it is perfectly useless, and has no fundamentals.  I used to estimate its true economic utility at about $20 when Silk Road was running, using Fisher's formula for the value of money, but I forgot that it wastes also about the electrical power of Denmark continuously.  So its net economic utility is essentially a negative number.  Things which have negative utility are called "toxic waste" or something.  

Consider that the value an asset can be the discounted value of its future utility. The absurd price for bitcoin that we are experiencing seems to be based on its perceived future utility, and people must think it will be very valuable in the future. That is why they give it such a high value today. Now, it is obvious that much of the value is based on fantasy, wishful thinking, greed, and ignorance. Nonetheless, it is what it is.

[MCVXYZ]

You said that fees are high,first of all i think you have never used it because fees are not high,bitcoin is not for microtransactions anymore,try to send  good amount of your funds with btc and you will never use another payment system,and what about anonymity,of course it may be revocated if investigative authorities have doupt in transaction but its not as bad as you think,you only see bad sides of this system because you dont know how it works;i’v had same thoughts,anyway it will be better if you read more about it

[Gyfts]

I said this before, but BTC doesn't have any valuable technology that supports it. There are other crypto's that lend itself to more than what Bitcoin is right now, and what it can/will be in the future. Bitcoin has the mainstream attention which is the literal only reason the price dominates other coins. Give it 10-15 years when the technology of crypto's mean more than the popularity and you'll see other coins take the spotlight.

[millgates]

Don't you know that most of remittance service charge upto 6% of total money transferred while you can send a million usd in form of bitcoin only with low fee and don't need military security. You only need a few click then transactions will done. You actually can set how much the transactions fees, think again dude.

[izzabel]

I am amazed with number of people being fooled with BTC:

1. Transactions takes hours
2. Fees are high
3. Development team sucks, uncapable solve scalability issues for years
4. Its not anonymous, every solution to make it, failed so far
5. Its centralized: who is biggest hash power owner? Who is biggest miner hardware provider? Who owns most of bitcoins? What is % of Bitcoins in coldstorage and what in exchanges ( Ye Mt Gox )
6. There is 0 economics for BTC, it just tight to USD with liquidity providers, cut that and try to value pizza box with just BTC
7. Its not store of value, its not digital gold, and it will never be 100k USD. Because it has no value. It has value only for energy probiders, hardware manufactures and random phils.
8. Its not insured, If some crap happened to your BTC, its gone.
9. Bitcoin has a limited supply, but it does not help much. Bitcoin has a code that can be amended and its enough of small group of people to work together to support that. Question really is: do someone need that hassle? No really. Bitcoin has satoshis, that currently meaningless and just nice numbers after dot, but this a very well painless way to inflate any crypto currency and its up to liquidity providers. Again it falls to point #5 and #6. Added on 24/01/2018

Such crap will never be used in payments, noone wants to support Terrabytes or Petabytes of data.

Its funny to observe how uneducated shills trying to make casual office landline phone to look smart phone.

BTC is scam of the century, stay away.

UPDATE 23/01/2018:

useless, guys the fact that some of you become reach and wealthy does not make Bitcoin useful. You wealth does not come from values that are used in propaganda.

1. Why I am still here? I believe there are technologies that are better maintained and lead than BTC, I prefer put money in something that bring value, has use-case and been used.
2. LN is panacea! Well not, so far its more dream than reality, no doubt it will be delivered in one or other way, but it will not solve all problems and so far it has more questions than answers.

UPDATE 24/01/2018:

Everyone is amazed of why I called it useless, well, recently Stripe dropped support for Bitcoin payments. This is the prove of Bitcoin being useless. Stripe was not the only one in recent months to do so. It should ring a bell.

UPDATE 29/01/2018:
Few points were made here that are unfair:

1. Bitcoin is a first one, its revolutionary and so on and so forth, wrong, Bitcoin is a client that is build on top of practices that were developed and test long time before Bitcoin e.g. Proof of Work, Hashcash, eCash, bit gold, Merkle Tree, Peer-to-Peer,Byzantine fault tolerance etc.

2. Bitcoin is still in development and it needs a time and so on and so forth, really? its a 10 years old technology. Its usage is very easy predictable, no rocket science here. Scailibility problems were addressed long time ago. But like in every corrupted government, Bitcoin has biased devs, greedy miners and exchanges driven by capitalists. Why to care about tech? When everyone is just become wealthy on nothing. This is why its scam and this is how it become useless, because everyone only cares about price, not utility on day-to-day basis. Typical ponzi game.

3. Bitcoin is store of value, fake as is. Everything that has Blockchain underneath is store of value, Bitcoin is neither exception nor unique here. And again it has no value, because there is no utility. Remove exchanges from equation, and tell me how much BTC will be worth 1 pizza?

UPDATE 30/01/2018:

Bitcointalk, and many other crypto related forums are heavily manipulated by bots, the amount of useless posts and conversation is just crazy. Even look at this thread, so much messages about "it will make me reach", "it growing", "I am going to be wealthy" so much manipulation, only in ponzi game this possible. It proves just on how bitcoin is useless, because 90% of people just copy paste message from bots, even not knowing basic fundamentals.

Bitcoin is not useless  it is very much helpful as long as you have a patient effort and interest bitcoin will also help you for everthing

[ronics]

 
Why it is said that bitcoin is useless and not so much you know.bitcoin and a crypto only and not perpect for all it serve .it does not mean that it is useless .you just know and bitcoin you can say that bitcoin it is very great that it is all now helping and becoming wealthy and most of it has become a millionaire. And I'd we only know the bitcoin thoroughly here and make you big and learn all the ways I can make money here especially the investor here is really enough .so let's not say that its useless because of its name bitcoin is really what you want to register here.bitcoin is the way to make money anyway to our future .

[deisik]

I agree with most of what you say.  However, my point is: bitcoin's strength is EXACTLY that it is perfectly useless, and has no fundamentals.  I used to estimate its true economic utility at about $20 when Silk Road was running, using Fisher's formula for the value of money, but I forgot that it wastes also about the electrical power of Denmark continuously.  So its net economic utility is essentially a negative number.  Things which have negative utility are called "toxic waste" or something.  

Consider that the value an asset can be the discounted value of its future utility. The absurd price for bitcoin that we are experiencing seems to be based on its perceived future utility, and people must think it will be very valuable in the future. That is why they give it such a high value today. Now, it is obvious that much of the value is based on fantasy, wishful thinking, greed, and ignorance. Nonetheless, it is what it is.

I'd rather say people are thinking about potential future profits which they could make by buying Bitcoin low now and selling it high later. They don't care a lot about how valuable it might be in the distant future. Really, how can folks estimate Bitcoin's future utility? Further, if it actually were so, then you would have to explain the insane volatility we are experiencing all the time. According to my megavolatility theory, we should see it increase as the prices grow (and this is exactly what we see, by the way) but that wouldn't be so if we were actually getting closer to the future you describe or imagine

In other words, it is no more than rabid speculation and unbridled hype

[jaysabi]

Really ? If it is useless, why do you waste your precious time here spreading FUD ? The market will decide if it is useless, not from a clueless/uneducated person like yourself.

The price is indicative of value, not utility. The market isn't currently deciding it's useful so much as deciding it's valuable, and the value assessment is being derived purely from speculation and neophytes chasing get-rich-quick schemes. In this respect, it's value proposition is wildly skewed and irrational, or what economists call a "bubble."