Don't buy bitcoin because it won't be fine

[dmcx]

You may have been mistaken, or have seen a good source of good or fake. I think it is now time to buy the best bitcoin, for the end of this year will have the price increase or not or can also sell when the price high.

[fxsurfer]

Let's move away from the theory and look at the practical side of the issue. Here I have Bitcoins, which I can store as an asset (which can multiply by the way), pay for some goods and services or transfer them to Fiat and buy as you say any utilizable resources. So I see absolutely no problemma in owning bitcoins.

Madoff investors also saw no problemma.

[walemil]

Bitcoin has been with us for ten good years and it has been fulfilling exactly the reasons it was created. Anyone can have a contrary view and back it up with points but one has to stand firm for what he believes in. As for me, I know that bitcoin will always be fine.

[yulchatar]

You wrote a rather long text I didn't even read it completely. I saw a call not to buy bitcoin at the end. You can do this if you don't want to but why do you encourage others to do this? Your arguments are inconclusive. If you don't consider bitcoin is a currency, well, let it be a commodity. And you can exchange this product for anything. Then exchange again and so endlessly. Similarly, we can exchange gold, silver. Perhaps you are so negative because you are disappointed in the price of bitcoin. But I can calm you down, he will restore and it will happen pretty soon.

[fxsurfer]

If such statements were true on the matter then we'd never see Bitcoin or any other Altcoin come as far as they have nor would see people make any sort of profit from it, which they are already and not be able to use cryptocurrency for some everyday uses which we see in a lot of countries now which accept it as payment for services and other things. If people believed that this was a ponzi scheme it would've never come as far as it did nor would we see people who invested in Bitcoin when it wasn't worth anything hardly to be rich now. As we're moving towards the digital age with each passing day people become more aware of the importance of cryptocurrency.

Not uses of cryptocurrency but transfers of cryptocurrency. Transfers from one address to another. Nearly everything that is in existence has the capacity to be transferred from one address to another, either electronically or manually. However, that does not mean that everything has the capacitly to be used, consumed or practically utilized for satisfying human needs. And it is the capacitly to satisfy human needs why things are produced and why they came to the market in the first place. For e.g. there are lots of people who have needs to consume goods or services they don't own. But how can they get them? Well, by borrowing them, with the implied or expressed intention of returning the same or an equivalent good or service in the future. And here is where the bank kicks in with its product - dollar. Dollar is produced to satisfy needs of these people. This product is composed of two crucial parts: contract and collateral. These two components guarantee that those who traded produced dollars to people for their goods and services, return goods and services back to people, which happens every time their contract obligates them to make loan payments. Hence, dollar is a product like food or clothing, with the capacity to be used, consumed or practically utilized by its end users (borrowers). Bitcoin on the other hand has no such capacity, which is why it can only be passed from address-to-address, from hand-to-hand, from member-to-member. And this is exactly how classical fraudulent schemes operate.

[Lomberjack]

Bitcoin will be fine I guess, it will recover again next year and much bigger and better. Like in 2016, bitcoin's price is very low and when 2017 comes, it rises so fast that many people became wealthy. So don't ever lose hope now.

[Rashid555]

Is it fine to buy bitcoin is amateur question and we can say that bitcoin is the first free currency for the world where the intermediary were not involved when it was using for the online payment and banks were surprised that the huge online payments are done through bitcoin even a jet could purchased in the past so  from this we can say that bitcoin buying is not a problem but it is the real money which will be use for many purpose in the coming years.

[V1saya]

Blablabla. So how about fiat money? You can touch it but can you utilize it? You cannot eat it nor use it as an ingredient into something. Ah! So it can buy things that are of used. Same with bitcoin then? 

[sheenaedago]

That's your opinion but my opinion even I don't have enough money to buy bitcoin I will choose to believe that it will rise again. Did you know that recovery is real? In due time bitcoin and altcoins will recover again no matter what will happen in the market. It takes time before it will happen.

 
   I believe that bitcoin has a capacity to surpass allthroughout the circumstances around in the world of crypto. It will recover immensely by the good and positive motivations with the accurate vision of people. And maybe it take a long period of time, so buy while its on deep.

[fxsurfer]

Is it fine to buy bitcoin is amateur question and we can say that bitcoin is the first free currency for the world where the intermediary were not involved when it was using for the online payment and banks were surprised that the huge online payments are done through bitcoin even a jet could purchased in the past so  from this we can say that bitcoin buying is not a problem but it is the real money which will be use for many purpose in the coming years.

All those epithets you used for bitcoin cannot change the fact that in the bitcoin circulation chain nobody is able utilize bitcoin for satisfying their needs, like in the case of dollars, goods, services and similar utilizable resources..., which is why such resources can be obtained from new investors only. And this is the definition of a ponzi or pyramid scheme. Hence, you are using semantics to escape this fact.

[FedorIzmailov]

I see nothing similar between bitcoin and ponzi scheme. You can just as well say that the dotcom was exactly the same as the Ponzi scheme, but what did we get in the end?

[maxilopez]

I also think that buying Bitcoin is already too late and there is a high probability that you will get involved with nothing if you invest your funds in it

[Kakmakr]

What other value does a Dollar bill have other than burning it when you need a fire or using it to sniff cocaine? The Bitcoin token is not a physical thing, so people obviously think it has no tangible value, but they are wrong. The token is only a representation of the value that it holds.

The token is also the same as the digital version of Fiat currencies. <Numbers on a computer> The big difference is that the Bitcoin token is not controlled by a government. 

[AutoBlockX]

Well that’s not entirely true. Though the Bitcoin cannot directly be used, utility and security tokens are there for that exact purpose. For instance, the AutoCoin, which is a security token dedicated for the automotive industry helps you in buying and selling cars. All you’ll need is this AutoCoin and you’ll be able to buy a commercial or luxury car using this token. So, while there are many coins that are just there for transferring, others can be used too.

[Babyrica0226]

In my opinion, I do not agree with your point of view: You do not think it is an asset or a payment method. If it is not an asset, not worth it, why do so many people want it. If it is not a payment method, why Starbucks or Dell allow customers to pay by bitcoin

Maybe that person really doesn't know about the deep catch of bitcoin. In fact, there are still other merchants were bitcoin was also accepted as payment in the other country. Like here in my country there is a restaurant who is bitcoin accepted aside from cash, and credit card. Which means these merchants knows that bitcoin has a better future because of its potentiality.

[TheGodFather]

In a fraudulent investment scheme, like Ponzi, investors transfer their utilizable resources, be it money, goods or services, and then they end up to with something which has zero utilization capacity, like promise or non-binding record of investment. After the investment, the only possible way for them to get utilizable resources back is if new investors join the scheme and in that way bring such resources with them.

The opposite is true in a legitimate investment business, where investors transfer one type of utilizable resource and in return they receive another type of such resource. An utilizable resource is anything that can be practically utilized by humans. For e.g. a car can be practically utilized for driving, a dollar for loan payments, a stock for participation in company's profitability, food for providing nutritional support, a raw material for producing finished products etc. Hence, an utilizable resource is not something that is just passed from hand-to-hand on a market for investing or speculation purposes, but something which has final users who will consume, utilize or otherwise put the thing to practical use. And this practical use by final users is how things got to the market in the first place. For e.g. dollars got to the market because they have final users the same as food. In other words, loan contracts and collaterals force people to use dollars for loan payments the same as hunger forces people to use food. Since all dollars (either paper or digital) are loan based, they are not just passed from hand to hand, but also utilized by borrowers who are forced to give goods and services to dollar investors, speculators, or regular users, when loan payment liability must be fulfilled. In the same way hungry people are forced to give money goods or services to food producers.

In a fraudulent investment scheme there are no final users, which is why a thing that lures members into the scheme is just passed from hand-to-hand, from member-to-member... until it is realized that the only profit can come from utilizable resources invested into the scheme.

And this finally brings us to bitcoin and the following question. When investors transfer their utilizable resources like money, goods or services into bitcoin do they end up with another utilizable resource, i.e. a resource which can be utilized by some final user? Well, the obvious answer is: no, they do not. Instead, they end up only with a record in a table(blockchain) or in other words, only with a number associated with their bitcoin address. And this number cannot be practically utilized like food is utilized by hungry people or dollar by borrowers, but it can only be passed from address-to-address, from hand-to-hand,  from member-to-member. And this is exactly how classical fraudulent schemes operate - they use something to lure people into the scheme, but the thing itself is non-utilizable, which is why it is just passed from one person to another. Once people realize that profit or utilizable resources can come from new investors only, the whole scheme collapses. And this is the ultimate fate of bitcoin. So, do not buy it.

Update 1:
I see a lot of posters are unable to differentiate between the therms "usage of bitcoin" and "transfer of bitcoin". "Using" X is not the same as "transferring X". If I say that iPhone has a use, that mens it is used as communicating device, music player, gaming console, camera, and so on. If I say that dollar has a use, that mens it is used by borrowers for fulfilling their loan obligations - which is the reason it came into existence in the first place. Passing iPhone or dollars from hand to hand is not usage - it is transfer. Nearly everything that is in existence has the capacity to be transferred from one person to another, either electronically or manually.

However, that does not mean that everything has the capacitly to be used, consumed or practically utilized for satisfying human needs. And it is the capacitly to satisfy human needs why things are produced and why they came to the market in the first place. For e.g. there are lots of people who have needs to consume goods or services they don't own. But how can they get them? Well, by borrowing them, with the implied or expressed intention of returning them back in the future. And here is where the banks kick in with their product - dollar. Dollar is produced by the banks to satisfy needs of these people. Its main feature is that it is composed of two crucial parts: contract and collateral. These components guarantee that borrowers who traded produced dollars to people for their goods and services, return goods and services back to them, which happens every time their contract obligates them to make loan payments.

Hence, dollar is product like food or clothing, with the capacity to be used, consumed or practically utilized by its end users - borrowers.

Bitcoin on the other hand has no such utilizable capacity - it cannot be used, which is why it can only be transferred - i.e. passed from address-to-address, from hand-to-hand, from member-to-member. In other words, in the bitcoin circulation chain, nobody is able use bitcoin, like in the case of dollars, goods, services and similar utilizable resources..., which is why such resources can be obtained from new investors only. And this is the definition of a classical ponzi or pyramid scheme.

The Investment sites are the problem, not the Bitcoin itself.  There are a lot of ways to earn bitcoin instead of those Ponzi Schemes. The best one is on trading websites. You can earn a lot of money by just buying and selling altcoins in exchange of profit. You can do it at the same time while earning it on gambling site as well.

[SnapDown22]

Basically, bitcoin has a very good development and continues to provide good points for its holders, if it is able to manage bitcoin then the results obtained also do not disappoint, all this depends on those who buy and manage it.

bitcoin has a very good development and continues to provide good points for its holders, and I think that it gets maximum results and can be used correctly if bitcoin is very helpful

[Little_king]

U really need an orientation to change your thinking because in yr outline of what money is and how it can be used with Bitcoin use I see no difference in the of value for both , money comes in form of physical then because their was no internet and also note that money also came later when there was development , they use goods for goods in exchange for each other before they graduate to money level as the world get civilized, so we are in era of digital now which Bitcoin is taking the place so if you don't believe in it, then you have something to be worried about in near future .
If you look from letter post then to email sending cause of internet then you should think of fiat to digital , except if you want the world to be stagnant which I not possible we need new development and that is why we call it development and civilized world.

[denzkilim]

you can play with words all you like but that will never change any facts about bitcoin.
bitcoin matches the definition of a currency, a medium of exchange and a payment system perfectly well https://en.wikipedia.org/wiki/Currency and it has been designed to do that in a decentralized manner and has been doing exactly that in the past 10 years.

The OP is just a plain FUD spreader that only wants to spread FUD to Crypto Currency communities and hopes that some people will believe on what he is saying.

Basically, bitcoin has a very good development and continues to provide good points for its holders, if it is able to manage bitcoin then the results obtained also do not disappoint, all this depends on those who buy and manage it.

Agreed on what you said. Bitcoin is one of the best innovations that happened to the digital era world and this technology makes our lives easier than before and gives freedom to every user that uses this technology. Every year the Bitcoin/Crypto Currency community is growing and there are a lot of people diving in the crypto space.
Sooner or later this technology will be used by the majority of the techie people all over the world especially those highly developed countries that accept modern technologies in the societies.

Hi, very good text about Ponzi scheme!

But I think Bitcoin does not fulfil those attributes.

Bitcoin has a use, more than one.

I disagree with your opinion.

Very well said. I think if the OP is not spreading FUD he is just an ignorant when it comes to technology developments in our world and having a very toxic way of thinking on every innovation that the worlds offer.

[pixie85]

Being invisible for you doesn't mean it is a Ponzi nor it has no value. do you know even what Ponzi is!!!
It is a digital currency, you can't touch it, you can't see it.
If you can't use it doesn't mean that other people can't. Most of us use it regularly to buy goods and pay other Bitcoiners.

A payment is the transfer of an item from one party to another, and not the usage of an item. Everything that exists on Earth can be transfered from one party to another, but that doesn't render it usable. So, the fact that you regularly buy goods and pay Bitcoiners with bitcoin has nothing to do with usability of bitcoin. Usability is the capacity of an item to satisfy human needs.

You don't have to be the item that holds value to be usable.
A thing that makes this item safe is usable.
A thing that moves it around is usable.
A thing that stores it is usable.
Even if the sole use of Bitcoin was to be an emergency store of value for when your country goes bankrupt or gets nuked by neighbors it would still be one. Only you don't want to acknowledge it.