Bitcoin is a scam?!

[Digital Mutant]

I am a newbie and i asked few people, and these people are people.i respect, because in terms of current news or financial situations of different countries, they are always updated or knowledgable about this topic, but how come when i asked them about bitcoin, they said it is a scam, what are the resons for them to say so?
I am new and haven't read much so i just want to get your POV.
TIA for your comments.

There is an important thing here that must be explained.

Scams are everywhere, in every market, at the supermarket, at the ironmongery. There are also a lot of clinics and medics that don't do their job professionally, dentist without licence...the stock market is full of shitstocks ( as in crypto we have a lot of shitcoins ), Goldman Sacks is an example, bubbles everywhere and fake stocks that people buy with no knowledge.

So when people say bitcoin is a scam ask them why they think so. Because in 100% of the cases is that they don't have the knowlege of what bitcoin represent. and maybe they have heard that from someone who have heard it from someone who......or simply they don't understand it.

This is the reason why I always suggest people to learn and study a lot and ask to veterans about the origin, the solidity, the guarantee  and the high potencial of Bitcoin. And we as community have to help each other to be prepared to defend Bitcoin against negationists.

So you can say that it is an investment in early developing with an high risk, but definitively it is not a scam. It is the contrary, it is the fusion between technology and money.

Not only banks are watching blockchain and cryptocurrency growth, but also big services groups and holdings around the globe are ready to tokenize their structures.
They are ready because after the globalization the majority of them have digitalized their businesses and the next step is adapting their business to the actual trend, that's blockchain!

What make bitcoin legit as cryptocurrency is tha fact that millions of people have adopted it and that at the end is a business of $500B! much more important at this point that a lot of big holdings and manufacturer around the world.

And the more important thing is that as investor (if you have invested in ) you are part of it.

[1714969481]

1714969481

[1714969481]

1714969481

[1714969481]

1714969481

[1714969481]

1714969481

[phillymogul]

"Define scam" is what I would ask these people. There are no financial instruments which have never lost money for people, investors or entire countries. From real estate to government bonds to traditional stocks and precious minerals -- they all rise and fall. Now are there "scammers" in the bitcoin community? Well are there scammers in the world? Of course the answer is absolutely yes. Why is this?

Because the saying is that "A fool and his money are easily parted". There are always those who will seek money and to separate it from foolish owners.

Be careful. Do research. Don't invest what you can't afford to lose. And repeat after me, "bitcoin is not a scam."

[Thirdspace]

they are always updated or knowledgable about this topic, but how come when i asked them about bitcoin, they said it is a scam, what are the resons for them to say so?

the next few questions you should ask them are,
"have you ever trade or use bitcoin before?" and
"how long have you known or involved directly in the crypto world?"
or simply ask "how would a scam done on a distributed ledger"

those "knowledgable" people that you asked and answered "bitcoin is a scam"
most likely are people who watch from the side and only read bad negative news coverage on bitcoin
or simply butt-hurt investor that lost $$ in BTC scam on shady start-up bitcoin related companies

[duke7]

Why do you think Bitcoin is a scam?

Bitcoin is a digital currency, with an awesome technology which finally solved the double-spend problem. It has many interesting features of money, similar to gold: scarcity, valuable, store of value... and sometimes better than gold: liquidity, easily transportable, easy to divide in smaller units... It's fast (10 minutes) and reasonably cheap to transfer, and you don't need a bank or middlemen.

Now you can argue if one bitcoin should be valued $0.01 or $1 million, but the price is only what people is willing to pay for it. And the more people who want to buy it, the higher price will go.

The same house has a different price if it is in the middle of nowhere town or in a big city like Manhattan / Paris / etc. Same house - but different value. One painting of random unknown painter is worth $0 and one painting by Picasso or Rembrand is millions $. Why? Because they are scarce (a small quantity) and many people want them so the price raises.

Some people may think Bitcoin is a scam because it is volatile and change over time. But... food prices change, dollar price changes, gas price changes, house prices change, stocks prices change, gold-silver price change... With one difference: fiat (dollar) is inflationary and Bitcoin is deflationary.

Wanna know what is a scam? Fiat money and (private) bankers printing money non-stop, devaluating currencies. Also Fractional Reserve banking. Google that if you don't know what it is.

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning" ~ Henry Ford

[ferall]

Christ, another troll thread.

[hias]

Why do you think Bitcoin is a scam?

Bitcoin is a digital currency, with an awesome technology which finally solved the double-spend problem. It has many interesting features of money, similar to gold: scarcity, valuable, store of value... and sometimes better than gold: liquidity, easily transportable, easy to divide in smaller units... It's fast (10 minutes) and reasonably cheap to transfer, and you don't need a bank or middlemen.

Now you can argue if one bitcoin should be valued $0.01 or $1 million, but the price is only what people is willing to pay for it. And the more people who want to buy it, the higher price will go.

The same house has a different price if it is in the middle of nowhere town or in a big city like Manhattan / Paris / etc. Same house - but different value. One painting of random unknown painter is worth $0 and one painting by Picasso or Rembrand is millions $. Why? Because they are scarce (a small quantity) and many people want them so the price raises.

Some people may think Bitcoin is a scam because it is volatile and change over time. But... food prices change, dollar price changes, gas price changes, house prices change, stocks prices change, gold-silver price change... With one difference: fiat (dollar) is inflationary and Bitcoin is deflationary.

Wanna know what is a scam? Fiat money and (private) bankers printing money non-stop, devaluating currencies. Also Fractional Reserve banking. Google that if you don't know what it is.

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning" ~ Henry Ford

Duke7 is pointing out a very important issue you need to understand if you want to know if Bitcoin is a scam. Scam is a very widely used phrase and many things in daily life are scams however since they are accepted by society and are not obviously they are not called scams.
The biggest one of all is our monetary system. If you are really willing to invest quite some time to understand how money is created and how powerful it is in shaping society regarding dependency and control, you will understand why the idea and the technology of Bitcoin has a radical potential. Maybe you should try to learn more about money first and then try to understand Blockchain technology and the possibility how it can transform the way we use money nowadays.

And yes Bitcoin works in my opinion similar to pyramid-scheme, however as already mentioned by duke7 there are many similar pyramid schemes types in which we believe and participate in daily life. So far this type of system is stable in long term it is widely accepted, there is no problem or scam. However always understand that a nothing on earth can grow endless (except the stupidity of us humans), so everything has to die/shrink/crash/go down at some point.
And keep in mind, if you can make a lot of money in a short period of time, there is mostly a high risk involved or it is a kind of scam.

[dothebeats]

Depends on how you view bitcoin. Some prominent people think that bitcoin is one huge Ponzi scheme since the price grew big because the first people who bought it will get the money of the last people who bought it, so technically once these pioneers think that they already have profited well, they'd just dump (or "exit" in ponzi terms) the whole scheme until they buy back in the lowest point (or build another ponzi) hoping to get profits again. Some say that this isn't a scam since bitcoins can be traded unlike ponzi which once you come in, you need to wait for the operators to give you your share of the day/week/month.

On the other hand, you can take a look at fiat; the banks are printing more and more paper money once they "deem the need for it" and without any other plausible reasons. They are printing money out of air, which is basically bollocks since you are technically using a worthless paper to pay for valuable goods. For me, it is a greater scam compared to bitcoin since bitcoin is backed by something to say the least (hash power) while fiat? Nope.

[paulmaritz]

I am a newbie and i asked few people, and these people are people.i respect, because in terms of current news or financial situations of different countries, they are always updated or knowledgable about this topic, but how come when i asked them about bitcoin, they said it is a scam, what are the resons for them to say so?
I am new and haven't read much so i just want to get your POV.
TIA for your comments.

The internet itself was at the beginning accused of being a scam, a funding mechanism for terrorism, etc. Yet, very few people I know don't use the internet today. The same is true for Bitcoin. Those who call it a scam don't understand that it is something of immense value - a decentralized digital currency that enables peer-to-peer transactions. Either that or they're getting paid to call it a scam.

[TerezaMay]

I am a newbie and i asked few people, and these people are people.i respect, because in terms of current news or financial situations of different countries, they are always updated or knowledgable about this topic, but how come when i asked them about bitcoin, they said it is a scam, what are the resons for them to say so?
I am new and haven't read much so i just want to get your POV.
TIA for your comments.

There is an important thing here that must be explained.

Scams are everywhere, in every market, at the supermarket, at the ironmongery. There are also a lot of clinics and medics that don't do their job professionally, dentist without licence...the stock market is full of shitstocks ( as in crypto we have a lot of shitcoins ), Goldman Sacks is an example, bubbles everywhere and fake stocks that people buy with no knowledge.

So when people say bitcoin is a scam ask them why they think so. Because in 100% of the cases is that they don't have the knowlege of what bitcoin represent. and maybe they have heard that from someone who have heard it from someone who......or simply they don't understand it.

This is the reason why I always suggest people to learn and study a lot and ask to veterans about the origin, the solidity, the guarantee  and the high potencial of Bitcoin. And we as community have to help each other to be prepared to defend Bitcoin against negationists.

So you can say that it is an investment in early developing with an high risk, but definitively it is not a scam. It is the contrary, it is the fusion between technology and money.

Not only banks are watching blockchain and cryptocurrency growth, but also big services groups and holdings around the globe are ready to tokenize their structures.
They are ready because after the globalization the majority of them have digitalized their businesses and the next step is adapting their business to the actual trend, that's blockchain!

What make bitcoin legit as cryptocurrency is tha fact that millions of people have adopted it and that at the end is a business of $500B! much more important at this point that a lot of big holdings and manufacturer around the world.

And the more important thing is that as investor (if you have invested in ) you are part of it.

Goldman Sacks - why this is shit?