Bitcoin is like cancer-pill, almost worthless

[Wulanayu]

if so how every country has a different currency eg dollar, Rupe, Euro, Rupiah
The highest price in hold of Euro, why all countries do not make their currency all Euro
You should think before putting the bitcoin the same as cancer pills, because it is so different you can see for yourself the fact that every country has a different currency and has a currency exchange rate.

[ChinkyEyes]

So let's say BTC is a cancer pill. Than a financial crisis will be a cancer crisis where everybody suddenly gets cancer. What will you do in such a scenario? Where will you put your money in? I would put it in cancer pills, because that will become the currency in such a scenario.

Conclusion: BTC always wins.

[JuniAiko]

With the US debt now surpassing one trillion dollars, and growing fast, after Trump/GOP's MAGA tax cut for their big corporate donors, what is the actual worth of the USD?

Trump even commented publicly that he could easily solve the debt issue by printing more money! WOW!

[aoluain]

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.

BOOM - end of conversation

The OP is comparing a real life working technology and a useable product - something which is a fantasy.

BTC has a limited supply -Cancer-pill if/when invented and has eventually a value of close to zero will have unlimited supply

From the mister money link:

"Well, shit. I’ve been watching this situation for a few years,
and assuming it would just blow over so we wouldn’t have to
talk about it here in this place where we are supposed to be
busy improving our lives."

Ah if only http://www.mrmoneymustache.com had seen the
potential of BTC and blockchain he might well have improved
his life. Looks like he might be bitter because the content of
the article is very much in line with the title Why Bitcoin is Stupid

[RawDog]

With the US debt now surpassing one trillion dollars, and growing fast, after Trump/GOP's MAGA tax cut for their big corporate donors, what is the actual worth of the USD?

Trump even commented publicly that he could easily solve the debt issue by printing more money! WOW!

US Debt is actually $21 Trillion dollars.  You are only off by 2100% 

The real problem is that people don't know the difference between deficit and debt.  Since everyone is so stupid, it is easy to get into this situation. 

[keycellko]

No bitcoin is not worthless. Its worth so much already as you can see it even crashed $19,000. So why would people buy bitcoin at that price even if there are lots of other coins out there that costs even less? Well, for once, itcoin is universal, its the pioneer in cryptocurrency. Why its price fail? You can see there are lots of negative news that will try to bring the price down and for what reason? Its because the big whales wants to buy them low so they can have so much with them because they know there's no other way bitcoin is going but up.

[elizavetausova0112]

now mostly young people earn on bitcoins and do not regret it because they are modern

[KingScorpio]

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/

actually no,

cryptocurrencies have value, maybe at the expense of current communal state banker structures and their communist elites that are favored by it, but they also have them. especially for people that arent profiting from the current structures.

currencies arent meant to be inclusive or humanistic, they are a way to store value for time sold, many aspects and dimensions of human life would not be possible to exist without excluding currencies,

though bitcoin is in the long run not going to be a strong cryptocurrency because of its ressource wasting character.

regards

[stayeduptolate]

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/

If miners stop minning Bitcoin then Bitcoin will loose all of its value for sure. Bitcoin is a payment protocol and no transaction will be processed of miners stop minning Bitcoin. I think Bitcoin will fall to zero of its payment network is not able to process the exchange of value.
But i don't think that people will stop minning as the moment Bitcoin minning is stopped,minning profitability will shoot to sky so more people will be lured to mine Bitcoin.

[pawel7777]

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
...

You're spot on. If you read the linked article, the first paragraph goes:

Well, shit. I’ve been watching this situation for a few years, and assuming it would just blow over so we wouldn’t have to talk about it here in this place where we are supposed to be busy improving our lives.

So here he is, a guy that was watching Bitcoin when it was in ~$200 range (or lower), patiently waiting for its imminent death - instead witnessing the price continuously going up, bubbles were popping but new ATHs followed, all while Bitcoin and the very idea of cryptocurrency were more and more legitimised and started to break into the mainstream.

You cannot expect the guy not to develop a massive butt-hurt in such scenario. Especially when he's posing as some sort of money-making expert, who just dismissed potentially the most disruptive concept and, almost certainly, the biggest money-making opportunity of his life.
When his entire identity and reputation gets called into question - he will be doubling down on "Bitcoin is a scam" even if BTC replaced fiat one day (never going to happen btw).

He even went as far as to re-define the definition of "investing" to justify missing the train. Classic coping mechanism.


From the article:

This separation is important because the usefulness of Blockchain is the primary justification people use for the big dumb Bitcoin lottery.

No it isn't? Primary justification would be decentralisation + network effect. What he did was to build a straw man argument and now he's fighting it bravely. The CancerPill - Bitcoin comparison is simply missed. If it was true - why not creating your own copy of Bitcoin and selling it at say 80-90% of current BTC price? Lets see how far that can take him.

All this somehow remind me of this good ol' meme:

[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/

Always good to look back in history - this link from early 2018 clearly shows exactly why bitcoin have continued down and down in 2018 - and will continue in that direction

[itglobe]

I strongly disagree with your above statement. Everyone thinks in his own way but try to find some valid reasons before to say any coin is worthless. We all know that the FUTURE is belong to BLOCKCHAIN TECHNOLOGY then how it is worthless? I understand that BTC dies many times but it came again with an unexpected bull run. Well, who knows exact!! 

[Kprawn]

The only Cancer in this discussion is the shills that are trying their utmost best to discredit Bitcoin in the eyes of the public.

Why people would come to a Bitcoin forum to talk shit about Bitcoin is beyond me. They look like a bunch of idiots, but we

have to tolerate their nonsense, otherwise people use that as an excuse to cry about censorship and freedom of speech and

all that crap. If you do not like the technology, go troll somewhere else. 

[Jedabucol]

Why people would come to a bitcoin forum to talk shit about bitciin is beyond me. If you do not like the technology, go troll somewhere else.

[riosakamoto]

The comparison is totally wrong, you say that cancer pills refer to altcoins, how is that? it's true that eventually, many alts will perish and disappear as the time pass because they don't have any use or any role in the cryptosphere but a lot of projects got a specific goal and status so they are not the same thus they will continue to improve, fulfill their roles with the help of their vibrant communities.

[Ahimoth]

if so how every country has a different currency eg dollar, Rupe, Euro, Rupiah
The highest price in hold of Euro, why all countries do not make their currency all Euro
You should think before putting the bitcoin the same as cancer pills, because it is so different you can see for yourself the fact that every country has a different currency and has a currency exchange rate.

How can you even say such things towards a system that is indeed helping our community. I beg to disagree but this quote is not true for me since I'm a bitcoin lover and I experienced its goodness personally. Well for me bitcoin is a great system which a human being must get involved so that he/she will receive the benefits that it gives.

[AliMan]

if so how every country has a different currency eg dollar, Rupe, Euro, Rupiah
The highest price in hold of Euro, why all countries do not make their currency all Euro
You should think before putting the bitcoin the same as cancer pills, because it is so different you can see for yourself the fact that every country has a different currency and has a currency exchange rate.

I beg to disagree but I see bitcoin in a different way compare to this quote. Definitely bitcoin for me issince such a great system and should be try by each of us. It's helping a lot of people especially the average wage earner. Technically this system was built to help us and make the community to get better and it's doing its job.

[freightjoe]

I strongly disagree with your above statement. Everyone thinks in his own way but try to find some valid reasons before to say any coin is worthless. We all know that the FUTURE is belong to BLOCKCHAIN TECHNOLOGY then how it is worthless? I understand that BTC dies many times but it came again with an unexpected bull run. Well, who knows exact!! 

Yes - blockchain is a good technology with many uses. But that has nothing to do with the future of Bitcoin - Bitcoin is just a product (and a poor one). Internet is a good technology - but that does not mean that all the internet companies that launched in the dotcom bubble were the future, many went bust. You have to seperate completely between the future of blockchain and the future of bitcoin.

[pawanjain]

  That's really a good joke buddy. In my point of view, I would consider the banks as a cancer pill because they keep on increasing the charges and take away our money in the form of various deductions. Our money is not ours until the banks hold them. Your opinion doesn't matter as long as it becomes true which I seriously think it won't . Anyway, it's good to keep opinions in front of others but at least provide a valid example if you are sure of what you are saying.

[freightjoe]

That's really a good joke buddy. In my point of view, I would consider the banks as a cancer pill because they keep on increasing the charges and take away our money in the form of various deductions. Our money is not ours until the banks hold them. Your opinion doesn't matter as long as it becomes true which I seriously think it won't . Anyway, it's good to keep opinions in front of others but at least provide a valid example if you are sure of what you are saying.

You clearly did not read the article - or if you did you were unable to understand what was meant by a cancer-pill