Bitcoin is a coin with nothing backing it up? Price of it leading forward?

[Simvolickk]

So you guys think that BTC as one of the crypto which is not backed by anything and also doesn't provide any service or value will increase in it's value?
As a crypto enthusiast, I really want to believe that bitcoin will recover and go back as I also hodl alts whos price is directly correlated to the price of BTC which is a very big disadvantage of crypto in general.
Bitcoin is a coin with nothing backing it up? Price of it leading forward?

[1714941188]

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[First77]

I think "HYIP cartel" are using Bitcoin for their 200% to 400% profit per month HYIP programs/ponzis since Bitcoin is anonymous and unregulated.

12dailypro HYIP had collected $300 million and it was shut down by FBI.

HYIP programs pay high profits for 2 to 3 years and then they shut down.

[Simvolickk]

Is this even a good thing then for the Bitcoin? And what happens after this Cartels decide to sell their bitcoins? The market collapses... What is the reason for bitcoin being the king of all cryptos?

[shaw1]

Seriously, people? Bitcoin is a coin with nothing backing it up?

I'm sorry.
Care to look up the definition of money?

something generally accepted as a medium of exchange, a measure of value, or a means of payment

Let's check some boxes, here.
Is it a medium of exchange? Yep.
Does it provide a measure of value? Yep.
Can it be used as a means of payment? Yep.

Huh. Almost like it is the very definition of money.

And bitcoin does have something backing it up.
Electricity.

Each bitcoin is created through expending huge amounts of electric power. You can't (currently) create it any other way, without this massive expenditure.

So your argument is invalid.

@First77, you keep on trolling about bitcoin, and HYIP programs. To answer your points briefly.
1. Bitcoin is anonymous. Nope. Not even close. You need to learn more about bitcoin.
2. Bitcoin is unregulated. Nope. Not even close, again. Bitcoin is *less* regulated.

So you're wrong. Also, you know a lot about ponzi schemes for a guy so dead set against them.
People aren't investing in bitcoin to go play in ponzi schemes.

@Simvolickk, dumps happen. They happen in the fiat world all the time. It just doesn't create waves quite as large. If others (anyone, really) dumps their coin, all they are doing is providing someone who is more patient with a great deal.

There is no collapse. Bitcoin is king because it was first. It has the name brand. And it is a tried and true model.
You want other cryptos to be on top?
Guess what. 99% of coins are derived from bitcoin, or are derived from a coin that was derived from bitcoin.

[allen67]

In crypto market bitcoin is the best coin among all others. Bitcoin maintains their performance when they started their journey. It is also less risky project. That’s why peoples are connecting with this coin. I believe in near future price will more increase.

[Cryptorouter]

I dont think that bitcoin is not backing up anything. And fully agreed with @shaw1. It has huge prospect in future. People still have faith on bitcoin since it has made so many people rich but poor to the foolish.

[hassan2654]

If you ask about the back up for bitcoin then from my opinion bitcoin itself is its backup. Being decentealized the bitcoin will fall to the ground and againg come back with a blast in the very next period.

[Pursuer]

why should we try and explain what backs bitcoin? you should be the one explaining why you think nothing is backing bitcoin and also more importantly you should explain why you think something should back a currency for it to be a currency.

doesn't provide any service or value

and this part is just pure bullshit.

...

stop feeding the trolls like  First77. let him repeat the same idiotic comment another thousand times until he is blue in the face, or finger in this case. nothing is going to change

[alinalovedoogie]

This idea is in fact completely wrong that bitcoin has no backup. It is indeed an intangible currency. But its state of medium does not make it worthless. As a matter of fact, it has monetary value, it is a medium of exchange and if it had no backup, it wouldn’t be at the top in the market.

[dellmoon]

It is hoped that soon Bitcoin I'll recover it's price and gain back the previous position. If you think that nothing is backing up Bitcoin, then nothing is backing up the fiat money also. Let's see what happens next!

[PROFIT_REVIEW]

Bitcoin is backed by people and this is its most valuable resource. Thanks to people, bitcoin develops and rises in price, as many believe in this technology and understand that its cost is much more expensive.

[Dexion]

bitcoin not like some other coin, tether backed up by USD, GLX backed up by gold and other materials, petro is backed by oil, and today Ripple is backed up by the bank.

if bitcoin is backed by something like gold, then bitcoin fluctuations will follow gold.

this is one of the reasons I am interested in bitcoin, so bitcoin will not be affected by the global crisis.

[pitiflin]

So you guys think that BTC as one of the crypto which is not backed by anything and also doesn't provide any service or value will increase in it's value?
As a crypto enthusiast, I really want to believe that bitcoin will recover and go back as I also hodl alts whos price is directly correlated to the price of BTC which is a very big disadvantage of crypto in general.
Bitcoin is a coin with nothing backing it up? Price of it leading forward?

The fuck? You really aren't a crypto enthusiast. I bet you don't even know what that means. Bitcoin has the whole market backing it up, if it had no backing up, the price won't even be a dollar. Bitcoin is not backed by insurance or other monetary assets, but there's no need for it to be backed up. You're thinking like a stock market person, you're seeing the worth and other bullshit, but bitcoin is decentralized for a fucking reason, just read it about it man. You brain might just end up working.