The simple and undeniable reason why all cryptocurrencies will collapse

[fxsurfer]

Galileo Galilei once said, “All truths are easy to understand once they are discovered; the point is to discover them.” Discovering truth about cryptocurrencies (cryptos) and showing that they are not money but faith based schemes that are bound to collapse, is the goal of this article. The first step toward achieving this goal is to explain why economic relations between people, where transfer of ownership rights is taking place, cannot be based on faith, and how, in that regard, cryptos differ from tangible goods and fiat money. After that, we will know what money actually is, and what it represents. Given this knowledge it will become clear why cryptos never were, nor ever will be money. The rest you can read here: https://cryptofraud.wordpress.com/

[Red-Apple]

Discovering truth about cryptocurrencies (cryptos) and showing that they are not money but faith based schemes that are bound to collapse, is the goal of this article.

cryptocurrencies in this context is limited to altcoins only and it is very true. nobody can argue that altcoins are even currencies because they clearly are not. some of them are designed to be currencies but so far they have not achieved the goal of any kind of adoption which means they have failed to be a currency.

but since the article does not clarify this little but key difference i am going to call it FUD because bitcoin IS a currency and it not only is designed to be a currency but also it is adopted as a currency by millions of merchants online and offline all around the world and every month hundreds of millions of dollars worth of transactions are taking place for the sole purpose of buying stuff aka using bitcoin as a currency. you can check stats like what BitPay is releasing yearly.

[fxsurfer]

Discovering truth about cryptocurrencies (cryptos) and showing that they are not money but faith based schemes that are bound to collapse, is the goal of this article.

cryptocurrencies in this context is limited to altcoins only and it is very true. nobody can argue that altcoins are even currencies because they clearly are not. some of them are designed to be currencies but so far they have not achieved the goal of any kind of adoption which means they have failed to be a currency.

but since the article does not clarify this little but key difference i am going to call it FUD because bitcoin IS a currency and it not only is designed to be a currency but also it is adopted as a currency by millions of merchants online and offline all around the world and every month hundreds of millions of dollars worth of transactions are taking place for the sole purpose of buying stuff aka using bitcoin as a currency. you can check stats like what BitPay is releasing yearly.

I am not arguing whether bitcoin is designed to be a currency or whether it is adopted as a currency by millions of people. I have simply showed that bitcoin is not money because by exchanging tangible goods for bitcoin, people are abandoning their ownership rights of something tangible and end up with just having a numerical value that has neither value of its own, nor it represents legal entitlement (right) of its holders to some tangible goods like in the case of representative money. This makes bitcoin a ponzi scheme, and not money or currency.

[InahC]

As you already stated, We need to discover, Well, as we all know, Bitcoin is the money of the future because of it's capacity to be use world wide. without having to convert it. People, specially user of this forum has a faith in this technology, because bitcoin technology really surpass all the manual money transfer the we do before.

[avikz]

Galileo Galilei once said, “All truths are easy to understand once they are discovered; the point is to discover them.” Discovering truth about cryptocurrencies (cryptos) and showing that they are not money but faith based schemes that are bound to collapse, is the goal of this article. The first step toward achieving this goal is to explain why economic relations between people, where transfer of ownership rights is taking place, cannot be based on faith, and how, in that regard, cryptos differ from tangible goods and fiat money. After that, we will know what money actually is, and what it represents. Given this knowledge it will become clear why cryptos never were, nor ever will be money. The rest you can read here: https://cryptofraud.wordpress.com/

Very well written argument! I am just surprised that you've taken the pain of creating a whole blog just to prove this point that cryptos are never money and will never be. So it clearly shows that you don't believe in cryptos and trying to infuse us with your belief. I agree with your one point, that crypto is a faith based currency without any inherent value in it. But doesn't the public trust has a value in it? Let it be intangible, but still it has a value.

When you go to a very nice restaurant and the restaurant serves you well, it creates a value for you. So you would want to go back to them and tell your friends to visit them because you were well treated by that restaurant. So the restaurant is creating value for you by serving you well and you are spreading that value to others because you believe that your friends will also get the same treatment if they visit that restaurant. Isn't it a faith based value you are creating for them? Same with the crypto currency. Here we are creating value for the crypto currency by believing in the technology.

Remember the entire market exists for the consumers only. Consumers are the main factor behind any product and services. If there is no consumer exists, probably gold will also not have a value. Today gold is valuable because we consumers believe in it, otherwise it is just a metal like iron.  

So crypto is no different. It can be intangible in nature, but it offers immense values to the consumers. Just to reiterate what Galileo Galilei once said, we haven't yet discovered the true potential of blockchain technology. Once it is discovered, it will be impossible to stop crypto from reaching the moon. Only a fool without any technical knowledge will compare Ponzi with crypto market. So I will gracefully ignore your argument and because it holds no value to me. Good day!

[fxsurfer]

Galileo Galilei once said, “All truths are easy to understand once they are discovered; the point is to discover them.” Discovering truth about cryptocurrencies (cryptos) and showing that they are not money but faith based schemes that are bound to collapse, is the goal of this article. The first step toward achieving this goal is to explain why economic relations between people, where transfer of ownership rights is taking place, cannot be based on faith, and how, in that regard, cryptos differ from tangible goods and fiat money. After that, we will know what money actually is, and what it represents. Given this knowledge it will become clear why cryptos never were, nor ever will be money. The rest you can read here: https://cryptofraud.wordpress.com/

Very well written argument! I am just surprised that you've taken the pain of creating a whole blog just to prove this point that cryptos are never money and will never be. So it clearly shows that you don't believe in cryptos and trying to infuse us with your belief. I agree with your one point, that crypto is a faith based currency without any inherent value in it. But doesn't the public trust has a value in it? Let it be intangible, but still it has a value.

When you go to a very nice restaurant and the restaurant serves you well, it creates a value for you. So you would want to go back to them and tell your friends to visit them because you were well treated by that restaurant. So the restaurant is creating value for you by serving you well and you are spreading that value to others because you believe that your friends will also get the same treatment if they visit that restaurant. Isn't it a faith based value you are creating for them? Same with the crypto currency. Here we are creating value for the crypto currency by believing in the technology.

Remember the entire market exists for the consumers only. Consumers are the main factor behind any product and services. If there is no consumer exists, probably gold will also not have a value. Today gold is valuable because we consumers believe in it, otherwise it is just a metal like iron.  

So crypto is no different. It can be intangible in nature, but it offers immense values to the consumers. Just to reiterate what Galileo Galilei once said, we haven't yet discovered the true potential of blockchain technology. Once it is discovered, it will be impossible to stop crypto from reaching the moon. Only a fool without any technical knowledge will compare Ponzi with crypto market. So I will gracefully ignore your argument and because it holds no value to me. Good day!

When we talk about the value of X, we are not referring to the technology which is used to exchange, transfer or store X, but we are referring to the practical utility of X. If X is some tangible good, this practical utility is the ability of X to satisfies some human want or need. If X is representative money, this practical utility is the legal ability of X to restore ownership rights of some tangible goods. Bitcoin has none of these abilities, and thus it has no value - it is just an empty numerical value.
Bitcoin technology is simply means to transfer or store numerical values. There is nothing valuable is the ability to transfer or store numerical values. The whole system is just a modern day ponzi scheme.

[DooMAD]

This sounds remarkably similar to your last thread I saw, where there was a great deal of emphasis on "faith" being the primary driver and that faith alone wasn't sufficient.  It may well be true to say that in the hypothetical situation where every single participant lost faith in Bitcoin, it almost certainly would collapse.  Sounds perfectly reasonable.  But that's also true of every currency that has ever existed or will ever exist.  Maybe consider removing the "crypto" part from the title, then add the word "eventually" and I might even be tempted to agree with you.  

But for now and for the foreseeable future, it's difficult to envision a scenario where all the people across the world who have spent countless hours of their time and effort on Bitcoin would suddenly abandon it all.  Every day, more and more people dedicate their focus to improving and evolving this nascent technology.  We've recognised the advantages and we're not giving up.  We don't just believe the world will be a better place for our efforts, we know it.  People work tirelessly on this and will fight to keep it.  But the best part is, we don't really have to fight, because no one can easily stop us anyway.

If anything, fiat is the stuff many of us are losing faith in.  If you look around the world, it's the traditional currencies that are collapsing.  Nation states have begun their race to the bottom, where, despite being a race, there are no winners.  All the "legal ability", as you put it, in the world isn't going to stop places like Venezuela and Puerto Rico annihilating their own economies.  And I suspect others will soon follow, because they all chase perpetual growth at the expense of common sense.  So in a world capable of being that shortsighted and downright stupid, surely we're better off removing ourselves from such insanity?  We're simply going to sit back and watch them destroy themselves.  

[Mandoy]

Galileo Galilei once said, “All truths are easy to understand once they are discovered; the point is to discover them.” Discovering truth about cryptocurrencies (cryptos) and showing that they are not money but faith based schemes that are bound to collapse, is the goal of this article. The first step toward achieving this goal is to explain why economic relations between people, where transfer of ownership rights is taking place, cannot be based on faith, and how, in that regard, cryptos differ from tangible goods and fiat money. After that, we will know what money actually is, and what it represents. Given this knowledge it will become clear why cryptos never were, nor ever will be money. The rest you can read here: https://cryptofraud.wordpress.com/

As the saying goes there is no such thing as permanent in the world. Even our society has its end and everything in it including our fiat currency our current government will fade. If you read the history there are no kingdoms or dynasties even countries that will last forever they are in the end being destroyed as well as their currencies. Bitcoin and other cryptocurrencies like fiat will also have its time when it will cease to exist but not in my lifetime but possibly in the future.

[krishnapramod]

When we talk about the value of X, we are not referring to the technology which is used to exchange, transfer or store X, but we are referring to the practical utility of X. If X is some tangible good, this practical utility is the ability of X to satisfies some human want or need. If X is representative money, this practical utility is the legal ability of X to restore ownership rights of some tangible goods. Bitcoin has none of these abilities, and thus it has no value - it is just an empty numerical value.
Bitcoin technology is simply means to transfer or store numerical values. There is nothing valuable is the ability to transfer or store numerical values. The whole system is just a modern day ponzi scheme.

Cryptocurrencies have value because people think so, true, the same with fiat. I guess you would have heard about Cowry money or Rai Stones, in the same sense these empty numerical numbers are perceived as money/valuable by the crypto community. At that time the Island of Yap had no fiat system or any currency so they came up with Rai Stones and agreed to give it value and used it as a tool for trading goods and services. Now every country have their own monetary system/policies so today simply empty numerical numbers shouldn't make much sense or have value? Isn't it? There has to be something that makes it different/unique. It's the decentralized Blockchain technology and you don't want to refer to how a distributed ledger based peer-to-peer value transfer system has no utility, not including the unique properties of a few cryptocurrencies. There is value in the ability to save, move, or store numerical numbers in a decentralized, censorship-resistant, trustless, peer-to-peer system. Speculators will abandon when/if price of cryptocurrencies drop sharply, but the ones who believe in creating value in a decentralized environment, don't think would let the cryptocurrencies collapse soon.

[BingoDog]

Why his sounds so familiar to me? Like I we'heard and seen similar stuff millions times before. And always in moment when the cryptocurrency market is mostly in red.
So predictable.
Everyone has the right to believe what he wants but using Galieo for such cheap interpretation is too much for my taste.

[fxsurfer]

Guys, there is nothing complicated about either Bitcoin or its technology, that is why I used Galileo's saying. Bitcoin is a numerical value and this is so obvious that nobody can challenge it without being foolish. Bitcoin technology is means to transfer or store these numerical values, and this is also so obvious that nobody can challenge it. On the other hand, money is either a commodity or a legally binding instrument that originated from debt. The idea that some anonymous person can create money by brute forcing, transferring and storing numerical values is laughable. The fundamental feature of money is its ability to restore ownership rights that are transferred from tangible goods to money. That is why we have things like credit rating, collateral, foreclosure, laws, legally binding contracts, courts, banks assets, etc. All this things are needed for the creation, circulation and withdrawal of representative money and thus, restoration of ownership rights and the protection of money holders since representative money has ZERO intrinsic value. So, believing that sending empty numerical values over the internet has something to do with money is nonsense of a high order.

[zigfridkr]

Galileo Galilei once said, “All truths are easy to understand once they are discovered; the point is to discover them.” Discovering truth about cryptocurrencies (cryptos) and showing that they are not money but faith based schemes that are bound to collapse, is the goal of this article. The first step toward achieving this goal is to explain why economic relations between people, where transfer of ownership rights is taking place, cannot be based on faith, and how, in that regard, cryptos differ from tangible goods and fiat money. After that, we will know what money actually is, and what it represents. Given this knowledge it will become clear why cryptos never were, nor ever will be money. The rest you can read here: https://cryptofraud.wordpress.com/

Faith is an important thing, even God's existence depends on it.

Coming to money and finance, why is gold valuable ? Has it got some miraculous powers over other metals ? It is just because people consider it valuable. The final outcome you are predicting for bitcoins is that they will ultimately collapse. This may happen in future but it will be because of other powerful people wanting it to crash. It has already survived even after so much negativity for more than 8 years and the value had also been increasing consistently. I am still very much hopeful with bitcoins.

[tosindesign]

Means of exchange is changing with respect to time .in the BC age ,the means of exchange was trade by barter meaning if you need fish and I need rice am willing to give you my fish in exchange for rice.after that age it coins that was use to trade, that era also passed. I. Dispersation is currency note which we also use today.but am glad to let you know that internet have come to stay likewise bitcoin and altcoins is wat will replace currency note. The government can't fight technology .life is becoming more easier via the use of the internet and it paskages like crptocurrency.

[audaciousbeing]

Galileo Galilei once said, “All truths are easy to understand once they are discovered; the point is to discover them.” Discovering truth about cryptocurrencies (cryptos) and showing that they are not money but faith based schemes that are bound to collapse, is the goal of this article. The first step toward achieving this goal is to explain why economic relations between people, where transfer of ownership rights is taking place, cannot be based on faith, and how, in that regard, cryptos differ from tangible goods and fiat money. After that, we will know what money actually is, and what it represents. Given this knowledge it will become clear why cryptos never were, nor ever will be money. The rest you can read here: https://cryptofraud.wordpress.com/

If its because of faith that bitcoin would collapse, then every other things that have existed or yet to exist wont have a chance because there is no separation of faith in human endeavor. A lot of companies are fighting so hard to keep peoples faith in the product they offer simple because the moment that faith starts diminishing, that is the end of the product. On the forum here, a lot of people have been popular at some point but later stops believing or have faith on the forum so they move on to something else. If the majority does not believe in the forum again, that is the beginning of the end. Why exactly do you think Facebook and Google stops ICOs its because of the fact that they want the faith to be solid.

However, its not only faith that keeps business floating and that is where you are missing it thinking bitcoin relies only on faith but something practical and possible which is the Blockchain that have proven to be one unique development that have not been seen before and that is why despite the opposition against bitcoin, Blockchain remained untouched and as long as that remains, it will always be an effort without action as bitcoin will continue to be in existence.

[zenrol28]

Of course, cryptocurrencies will never become money, because majority or almost all of it were never been issued by any government entity. You know money is also faith based, but we were forced by governments to have faith in it. So when the government collapse, so is there issued money. But cryptocurrencies, especially bitcoin will never collapse, as long as there is one or two having faith in it.

[DooMAD]

That is why we have things like credit rating, collateral, foreclosure, laws, legally binding contracts, courts, banks assets, etc. All this things are needed for the creation, circulation and withdrawal of representative money and thus, restoration of ownership rights since representative money has ZERO intrinsic value. So, believing that sending empty numerical values over the internet has something to do with money is nonsense of high order.

The mere fact that you desperately want all of those things to be "needed" is nonsense of the highest order.  Clearly we don't need them at all, otherwise this wouldn't all be working as well as it is.  I don't want my money to represent a system that needs all that centralised crap just to sustain itself and perpetuate the myth that infinite debt is the sensible way to go.  We've already proven beyond doubt that the real value lies in the very basis that we're fully self-sustaining without any reliance on debt.  Every single Bitcoin transaction is further evidence that it works.  

As for ownership, who cares what banks think I do or don't own?  It's none of their business.  Try to take away my ownership of my bitcoins.  Utilise all the contracts, laws, courts and banks you want.  Go on.  Try.  If it's nothing but faith that's keeping my ownership intact, take it away from me.  Show me how easy it is.  Bring to bear every single tool in your arsenal to demonstrate how laughable and worthless it all is.  Take down each and every node on the network who agrees with me that what I own is mine.  I'll wait.

The only way you'll be able to convince the other nodes on the network that I don't own what I own, is if you also manage to convince them they don't own what they own.  Hence, there's an incentive for them to preserve my ownership.

This is more than just faith.  This is consensus.

None of your arguments overcome this.

[Kprawn]

How pathetic is this dude to go through all this trouble to prove to a community of Bitcoiners that it is a Ponzi scheme. 

Take some time and look at his post history. He is not even hiding the fact that he is shilling & trolling against Bitcoin. If this

was any other forum, his account would have been banned or deleted. Luckily we know that Credit cards and Bank accounts

are just "digital" numbers on a private ledger, so they must be Ponzi schemes too... right. 

[DooMAD]

How pathetic is this dude to go through all this trouble to prove to a community of Bitcoiners that it is a Ponzi scheme. 

Take some time and look at his post history. He is not even hiding the fact that he is shilling & trolling against Bitcoin. If this

was any other forum, his account would have been banned or deleted. Luckily we know that Credit cards and Bank accounts

are just "digital" numbers on a private ledger, so they must be Ponzi schemes too... right. 

I'm more than happy for them to continue.  This thread is perfect, as was the last one I linked to earlier. 

Our response has been as robust as our network.  If the average person were to read all this, they'd recognise right away why Bitcoin needs to exist.  I commend this lunatic person for allowing us the repeated opportunities with every new thread to completely decimate their arguments about what makes fiat "work", thereby proving why Bitcoin is superior in almost every way.   

[BitChief]

Galileo Galilei once said, “All truths are easy to understand once they are discovered; the point is to discover them.” Discovering truth about cryptocurrencies (cryptos) and showing that they are not money but faith based schemes that are bound to collapse, is the goal of this article. The first step toward achieving this goal is to explain why economic relations between people, where transfer of ownership rights is taking place, cannot be based on faith, and how, in that regard, cryptos differ from tangible goods and fiat money. After that, we will know what money actually is, and what it represents. Given this knowledge it will become clear why cryptos never were, nor ever will be money. The rest you can read here: https://cryptofraud.wordpress.com/

I don't think any one is really arguing that altcoins are currencies in the traditional sense, most people tend to believe they are assets and as such if they are successful their value should rise over the long term. Bitcoin is more similar to gold than fiat.

[maaydin]

the facts provided about the fall of cryptos are logical ones and in some point I do agree with you, in addition the vulnerability of cryptos regarding the speculation is also one of the main problems to fall and be labeled as ponzi scheme.