Bitcoin is like cancer-pill, almost worthless

[freightjoe]

A very very good explanation as to why BTC will crash even though blockchain is a good tehnology.


If you do not want to read the full link below, here is the key part of the comparison:

"… imagine that someone had found a cure for cancer and posted the step-by-step instructions on how to make it on-line, freely available for anyone to use.
Now imagine that the same person also created a product called Cancer-Pill using their own instructions, trade marked it, and started selling it to the highest bidders.

I think we can all agree a cure for cancer is immensely valuable to society (blockchain may or may not be, we still have to see), however, how much is a Cancer-Pill worth?"

Clearly Bitcoin is like cancer-pill - and we have already seen thousands of new coins (cancer-pills) appear. Eventually their price will be almost zero.


The full explanation can be found here: http://www.mrmoneymustache.com/2018/01/02/why-bitcoin-is-stupid/

[freightjoe]

A very very good explanation as to why BTC will crash even though blockchain is a good tehnology.


If you do not want to read the full link below, here is the key part of the comparison:

"… imagine that someone had found a cure for cancer and posted the step-by-step instructions on how to make it on-line, freely available for anyone to use.
Now imagine that the same person also created a product called Cancer-Pill using their own instructions, trade marked it, and started selling it to the highest bidders.

I think we can all agree a cure for cancer is immensely valuable to society (blockchain may or may not be, we still have to see), however, how much is a Cancer-Pill worth?"

Clearly Bitcoin is like cancer-pill - and we have already seen thousands of new coins (cancer-pills) appear. Eventually their price will be almost zero.


The full explanation can be found here: http://www.mrmoneymustache.com/2018/01/02/why-bitcoin-is-stupid/

.... which of course means the same for the alt-coins

[MadAndHoldersPattern]

Most of the crypto price consists of speculative value. I'm sure that 95% of people involved would never invest in bitcoin or altcoins if they knew the price would be fixed. Hence, cancer pills of certain brand (which would be in limited supply despite the ingredient being open source) would be valuable if you could trade them online and make money flipping them with easy access available to everyone. People love gambling, stock markets, penny stocks, online casionos, sports betting are all blossoming and there's a lot of speculation hungry money in the world.

[freightjoe]

Most of the crypto price consists of speculative value. I'm sure that 95% of people involved would never invest in bitcoin or altcoins if they knew the price would be fixed. Hence, cancer pills of certain brand (which would be in limited supply despite the ingredient being open source) would be valuable if you could trade them online and make money flipping them with easy access available to everyone. People love gambling, stock markets, penny stocks, online casionos, sports betting are all blossoming and there's a lot of speculation hungry money in the world.

And by this you also say that Bitcoin is in essence worthless - and only holds whichever low price people emotionally attach to it - like the price of old pokemon cards

[squatz1]

So you're going to join the shills from the media in trying to say how Bitcoin is worthless and how it is going to crash and burn. Bitcoin has died so many times I think it can get through 'dying' again.

Bitcoin does have value as well, so your claim about that is just simply invalid. Check out the exchanges bud.

[freightjoe]

So you're going to join the shills from the media in trying to say how Bitcoin is worthless and how it is going to crash and burn. Bitcoin has died so many times I think it can get through 'dying' again.

Bitcoin does have value as well, so your claim about that is just simply invalid. Check out the exchanges bud.

You can also find people who will pay 100s of USD for an old Pokemon card. That does not mean Pokemon cards holds value or is a good investment object.

Bitcoin had its chance - and when the pressure really came on it crumbled by not being able to deliver on neither being a currency nor a store of value nor anything else.

[mrox2011]

Bitcoin is good , if governments can make tax with them.
otherwise most of county will ban the bitcoin like some of county recently did   

[xieqieshangu9]

BTC is as much an investment as a stock!

If the government legalized it, it would be valuable!

The technology of blockchain and decentralized technology bring new revolution to this era!

[okae]

What i just feel after reading that comparison is just the fear that some people have because they lost the train of earlier adopters and now want to extol the technology while degrade bitcoin as it is...nothing new, the good news for all of them is that is not so late, they still can come with all of us in this long travel....

[freightjoe]

What i just feel after reading that comparison is just the fear that some people have because they lost the train of earlier adopters and now want to extol the technology while degrade bitcoin as it is...nothing new, the good news for all of them is that is not so late, they still can come with all of us in this long travel....

Then you clearly have not understood the comparison.

The point is that the technology can be very good - but that does not automatically mean the product (Bitcoin) realistically has a high price

[MadAndHoldersPattern]

Most of the crypto price consists of speculative value. I'm sure that 95% of people involved would never invest in bitcoin or altcoins if they knew the price would be fixed. Hence, cancer pills of certain brand (which would be in limited supply despite the ingredient being open source) would be valuable if you could trade them online and make money flipping them with easy access available to everyone. People love gambling, stock markets, penny stocks, online casionos, sports betting are all blossoming and there's a lot of speculation hungry money in the world.

And by this you also say that Bitcoin is in essence worthless - and only holds whichever low price people emotionally attach to it - like the price of old pokemon cards

I don't disagree with you, but by the same logic gold is also (mostly) worthless, expect a minor part jewelry and industry, and yet marketcap is trillions. Most of gold value comes from speculation that people believe it will be valuable to others in the future. Even though most people don't need and don't use gold. It has become a store of value in minds of people, so it's possible bitcoin could do the same despite not having much use either.

[freightjoe]

BTC is as much an investment as a stock!

If the government legalized it, it would be valuable!

Not true.

With a stock, you actually own a part of the company.

With BTC you own absolutely nothing.

[Pan Troglodytes]

A very very good explanation as to why BTC will crash even though blockchain is a good tehnology.


If you do not want to read the full link below, here is the key part of the comparison:

"… imagine that someone had found a cure for cancer and posted the step-by-step instructions on how to make it on-line, freely available for anyone to use.
Now imagine that the same person also created a product called Cancer-Pill using their own instructions, trade marked it, and started selling it to the highest bidders.

I think we can all agree a cure for cancer is immensely valuable to society (blockchain may or may not be, we still have to see), however, how much is a Cancer-Pill worth?"

Clearly Bitcoin is like cancer-pill - and we have already seen thousands of new coins (cancer-pills) appear. Eventually their price will be almost zero.


The full explanation can be found here: http://www.mrmoneymustache.com/2018/01/02/why-bitcoin-is-stupid/

The problem with that reasoning is in the statement "clearly bitcoin is like cancer-pill". Firstly, that is not clear at all. It is just an analogy. And secondly, the analogy is to the thought-of (not real world) example ! So in my view it is all very far fetched to say the least.

Your reasoning serves only as an argument towards your claims. It is neither very strong, nor conlusive. It is merely an argument in a debate and a weak one to that

[Jet Cash]

OK - lets run with the cancer analogy.

Every living person creates thousands of cancerous cells every day, fortunately we have an immune system which attacks them, and kills them so that we stay healthy. We are diagnosed as having "cancer" when the malformed cells start to overload our bodies, and a wekened immune system cannot cope with them. All these so called cancer cures are destructive. They work on killing the cancer cells, but they also kill the beneficial cells, and weaken the immune system. At the same time, they increase the profits of the pharma companies so that they can develop products to weaken otherwise healthy people. Nobody has been cured of cancer, but some have managed to restore their immune systems by ending their poisoning by the "cures".

Now lets look at Bitcoin. The cancer in our society is the banking system, and the increase in debt resulting from zero or negative interest rates. Bitcoin has shown us the way to escape from this unhealthy slavery, and to restore our financial immune systems. There are many people who have, and are, creating alternative and additional remedies. Some of these are fraudulent, and some are useless, but several of them have obvious benefits and are here to stay.

In summary, Bitcoin ( and some other cryptos) will not die as long as there are nodes communicating, and people who perceive value in the transactions, and they realise the storage of wealth provided by good coins.

[Alex_nutis]

A very very good explanation as to why BTC will crash even though blockchain is a good tehnology.


If you do not want to read the full link below, here is the key part of the comparison:

"… imagine that someone had found a cure for cancer and posted the step-by-step instructions on how to make it on-line, freely available for anyone to use.
Now imagine that the same person also created a product called Cancer-Pill using their own instructions, trade marked it, and started selling it to the highest bidders.

I think we can all agree a cure for cancer is immensely valuable to society (blockchain may or may not be, we still have to see), however, how much is a Cancer-Pill worth?"

Clearly Bitcoin is like cancer-pill - and we have already seen thousands of new coins (cancer-pills) appear. Eventually their price will be almost zero.


The full explanation can be found here: http://www.mrmoneymustache.com/2018/01/02/why-bitcoin-is-stupid/

I respect the author's thoughts, but I agree with his statements in part. I believe that most altcoins will cost 0. But bitcoin and technological altcoins with their product will be in demand.

[CryptoBeefy]

A price of whatever is worth what is set between the seller and the buyer. Take sports stars, you see them transferring teams now for up to £200 million .. Is that player worth it? No. So how was the fee so high? The value was set between what the seller was prepared to sell for and what the buyer was prepared to buy for ... Same with Bitcoin really

[Jet Cash]

With a stock, you actually own a part of the company.

With BTC you own absolutely nothing.

With most stocks these days - all you really own is the debts

With Bitcoin you own a recorded asset on a widely replicated ledger. This asset can be traded, and because of the volume of the asset recording, it is more secure than most bank or stock exchange "assets", which appear to be trasnsient in the modern economy.

[TorbiK]

A very very good explanation as to why BTC will crash even though blockchain is a good tehnology.


If you do not want to read the full link below, here is the key part of the comparison:

"… imagine that someone had found a cure for cancer and posted the step-by-step instructions on how to make it on-line, freely available for anyone to use.
Now imagine that the same person also created a product called Cancer-Pill using their own instructions, trade marked it, and started selling it to the highest bidders.

I think we can all agree a cure for cancer is immensely valuable to society (blockchain may or may not be, we still have to see), however, how much is a Cancer-Pill worth?"

Clearly Bitcoin is like cancer-pill - and we have already seen thousands of new coins (cancer-pills) appear. Eventually their price will be almost zero.


The full explanation can be found here: http://www.mrmoneymustache.com/2018/01/02/why-bitcoin-is-stupid/

Previously, few knew about Bitcoin and really they used it and everyone did not care how much it costs. Now the housewives are on the market and say that it will all collapse. For them, yes, because it may not justify their expectations about the price and not allow them to make money out of thin air. But Bitcoin will not go anywhere and always find his user.

[Adioliver]

What i just feel after reading that comparison is just the fear that some people have because they lost the train of earlier adopters and now want to extol the technology while degrade bitcoin as it is...nothing new, the good news for all of them is that is not so late, they still can come with all of us in this long travel....

Yeah exactly i agree with you.!!! There are many people who regret upon coming to the crypto world a bit late,but i would like to add one more thing that yes new poeple may be late to catch bitcoin as its expensive now but there are many other new altcoins which have great potential so its never too late.

[marjil]

Most of the crypto price consists of speculative value. I'm sure that 95% of people involved would never invest in bitcoin or altcoins if they knew the price would be fixed. Hence, cancer pills of certain brand (which would be in limited supply despite the ingredient being open source) would be valuable if you could trade them online and make money flipping them with easy access available to everyone. People love gambling, stock markets, penny stocks, online casionos, sports betting are all blossoming and there's a lot of speculation hungry money in the world.

And by this you also say that Bitcoin is in essence worthless - and only holds whichever low price people emotionally attach to it - like the price of old pokemon cards

I don't disagree with you, but by the same logic gold is also (mostly) worthless, expect a minor part jewelry and industry, and yet marketcap is trillions. Most of gold value comes from speculation that people believe it will be valuable to others in the future. Even though most people don't need and don't use gold. It has become a store of value in minds of people, so it's possible bitcoin could do the same despite not having much use either.

But if we apply that comparison, gold to bitcoin, and make the assumption that bitcoin remains a store of value or a means of wealth creation, then we must compare the movements of the gold price to that of bitcoin. We can indeed then see a similarity of the price charts of the two. Gold, years ago, was worth just a small fraction of the value it achieved around a couple of years ago, which peaked somewhere around $19k/oz. Since then it's dropped to around $13k/oz and stayed there pretty much. So in two years it hasn't gone back up to its ATH.

So many people on this forum are expecting bitcoin to resurface around its $19k price sometime soon but, if we make that comparison with gold, that kind of price may be off a lot longer than they expect. It's very possible that bitcoin last month was where gold was two years ago.

One difference in the above analogy though is that gold is the cancer pill in the analogy. So although the analogy makes sense, I'm wondering if we're comparing apples with pears. Regardless, even as a store of value, bitcoin would not have infinite value! There has to be some price stabilisation somewhere.