Simple and undeniable proof that Bitcoin is a scam

[Dapper]

Everyone is entitled to their own opinion.   Look at all the people who think that XRP, BCH, PAX, etc. are the future of crypto.  LOL.

[Krsps]

Bitcoin now accepted:
Cheap air
Expedia
Microsoft
Wikipedia
Overstock.com
Tiger direct.com
KFC
Subway Subs
Name cheap
Playboy
A.T.&T.
Starbucks
Hotels
You can buy gifts cards for
Amazon.com
K-mart
Home depot and hundreds of others business.
Video games
And now so many online stores and business from newspapers to charities, to real estate, to shop keepers restaurants, and growing...

https://99bitcoins.com/bitcoin/who-accepts/

As an addendum to this, if you are buying a gift card at less than cost price, then you are almost certainly buying a gift card which has been stolen, or bought with stolen ("carded") credit card details. If this gift card is reported as being stolen or fraudulent obtained, and you use it, you will obviously lose the value as the card, and also run the risk of losing your account. With Amazon this can also mean a permanent blacklist of your address and other accounts details (email, credit card number, etc.)

If you are going to trade bitcoins for gift cards, best to stick to a big retailer such as Bitrefill.

...Although, I've seen even most trusted users turning into scammers, ...

- By either giving you a used gift card number
- Or giving you a gift card worth less than what's promised
- Worst would be when they leave you without giving anything to you and just run away with your BTC,

And as you know, BTC is irreversible so you can't even claim anything back. So, be very much aware of the purchases you make and always look for a very trustworthy guy to purchase such things. I won't advice about any escrow because my experience says that nobody will accept to become an escrow for such deals due to the fact that they can't check the gift card for you and they won't bet their dignity for some bucks where you may come up and say that the escrow cheated you by redeeming the code himself.

Since I put buying gift cards with btc as partial proof its not a scam,  I would hate for anyone to get scammed by buying gift cards.

So I am including some information brought up by other members to beware of buying gift cards and only buy from sites that are more reliable. One is Bitrefill.

There are infinite ways to get scammed, unfortunately.

[42K]

I think everyone is entitled to his or her opinion. There's no way bitcoin can be scam because what bitcoin is marvelously doing in cryptocurrency is  really great. There are times coins that are created into the system tend to be scam but that shouldn't be applied to bitcoin. Bitcoin will forever survive.

[Kapyong]

Bollocks.

'Scam' means a dishonest rip-off.

There is no dishonesty in BTC, and no-one is being ripped off.

[giantrobot]

Your article is great and detailed, your opinion has been discussed from many previous articles, but in my personal opinion Bitcoin is the currency that holds the virtual currency market.
Like gold, silver and diamonds, Bitcoin has no real value. Its value depends on rarity as well as depending on the ability to hold the market so it has a high price when converted into currency. You know, our market will grow in the direction of cash removal and replacement with virtual money, so the value of virtual money has been determined to be converted from cash. That's why high-value Bitcoin is not so strange because it is a potential currency.

[ghost424]

There is one simple and quick way to determine that Bitcoin is scam, and that is: market price evaluation. In the case of legitimate market instruments, one can easily evaluate whether they are overpriced or underpriced in the market. However, in the case of Bitcoin this is impossible.

Examples:

If a bond with a face value of 1,000 dollars, a coupon of 5% and maturity in 2 years, is priced at 500 we immediately know it is underpriced. If priced at 2,000, we know it is overpriced. If an egg is priced the same as pizza we immediately know it is overpriced because these items are used for satisfying human needs and we empirically know that the utilization capacity of egg is lower that that of pizza. If a guy was granted a loan in the amount of 1000 units of fiat money and used only his Dacia Logan as collateral, but then he manages to buy a brand-new Bugatti Veyron for that money, we immediately know that one unit of his money was overpriced because the utilization capacity of Dacia Logan is lower than that of Bugatti Veyron. And finally, if the book value of a stock is 50 dollars we know that if it is priced at 10 it is underpriced, if priced at 1,000 it is overpriced.

As we can see, in all these examples we have objective, neutral and price independent factors that set up the level for determining whether something is overpriced or underpriced.

How can we do that for Bitcoin? What objective measurements set up the above mentioned level? How would we know if Bitcoin is underpriced or overpriced? Well, it is impossible to know this. Bitcoin is not a company, so it cannot be evaluated through book value or earnings. It is not a debt asset like bonds or fiat currencies, so it cannot be evaluated through face value or collateral. Bitcoin is not good or service, so it cannot be evaluated through utilization capacity. In short, it is impossible in principle to know whether Bitcoin is overpriced or underpriced. And that simply confirms the fact that there is nothing behind Bitcoin. There is no underlying value for evaluating the investment into Bitcoin.

This can be best seen through the comparison with fiat. Although, at first sight, it seems that fiat currencies have no underlying value, this is not true. Why? Well, because today's dollars or euros are debt based assets, i.e. they are products designed for people who want to consume goods and services today and return them in the future. These people are called borrowers. When the banks grant them loans, new dollars or euros are put into cirtualtion, which are then used  for access to the pool of goods and services that gets filled via economic activity of the general population. But since borrowers have to repay their debt with salaries they received for their economic activity - for their contribution to that pool of goods and services, this reduces their purchasing power, i.e. access to the pool. In this way they return goods and services back to the general population. All this is backed by collateral, and in case of borrowers default, their land, cars, houses and other property will end up in the pool of goods and services for the general population to buy with fiat that borrowers put into circulation. Now, are miners - those who put bitcoin into circulation, and in that way also receive goods and services from the general population, obligated to return goods and services back to the general population? No , they are not.  Is bitcoin backed by land, cars, houses and other property of Bitcoin miners? Obviously it is not. So fiat currencies are debt assets backed by collateral and this is their underlying value. Bitcoin on the other hand has no such value, and it is a scam - fake money/asset, designed to extract goods and services from the general population.


That is why one can invest into Bitcoin only on the basis of guesses, opinions, beliefs, or conjectures about its future value. These are then spread through advertisements and propaganda to attract new investors. And this is exactly how investment scams operate - in the absence of underlying value, all kinds of manipulative tactics are used to attract new investors.

Bitcoin is therefore a classical investment scam. It's just that it's well masked as a market instrument.

The statement is somehow misleading and might give people the idea to stop supporting Bitcoin. Some users have already used Bitcoin as their front on their Business to give people hope because if they are only given the Good Side of Bitcoin, then people will already believe it. Some investors do not have enough knowledge to know what is true about Bitcoin. If you are defaming Bitcoin and telling people that it is an scam, then why do you keep using it and why the effort to defame it? Can you gain something from it? Everybody here in the forum must have gained something from Bitcoin not just Financially but also the Knowledge it gave us about Blockchain Technology.

[joe50]

If BTC is scam, i believe everything is scam, GOLD, USD, all currency.
The value of USD back years and what it can purchase back years is nothing to compare this era. Everyday, all currency depreciate and things goes higher than expected and more money required to purchase stuff. Everything is scam.

[Johnzky]

You are correct

The problem is that many Bitcoin "investors" in here are either too stupid to understand they have been scammed, or are too ashamed to admit it.

Instead, like a sultry 4-year old, they stomp their feet and cry "FUD" and "Buy the dip" and "HODL"

So why still in here?whats the purpose of you and OP being in cryptocurrency if the legitimacy of the first and pioneer crypto coin(in which Bitcoin)is a scam?

Does it much more better if you and your folks leave this market and find your life outside this community?we are all free choose which way to go and we fin bitcoin as valid.so if in your part that this is scam the free to go and let us stay here

[Turk Ace]

NICE FUD POST XD XD XD get a life kay?

I am still waiting for your proof? Why are you even here? Spamming up the forum your complete and utter shit. Do you even know what you are talking about or did you just copy paste this to trigger people?
Nothing you said makes any sense and clearly have no understanding of how trade worls and why we use currrency. I suggest you gain a basical understanding of the economy.

You are correct

The problem is that many Bitcoin "investors" in here are either too stupid to understand they have been scammed, or are too ashamed to admit it.

Instead, like a sultry 4-year old, they stomp their feet and cry "FUD" and "Buy the dip" and "HODL"

Why are you here?
Well I have a house full of stuff I bought with this so called "scam" I also have work because of it.

You are correct

The problem is that many Bitcoin "investors" in here are either too stupid to understand they have been scammed, or are too ashamed to admit it.

Instead, like a sultry 4-year old, they stomp their feet and cry "FUD" and "Buy the dip" and "HODL"

So why still in here?whats the purpose of you and OP being in cryptocurrency if the legitimacy of the first and pioneer crypto coin(in which Bitcoin)is a scam?

Does it much more better if you and your folks leave this market and find your life outside this community?we are all free choose which way to go and we fin bitcoin as valid.so if in your part that this is scam the free to go and let us stay here

Lol ikr. The person is clearly a moron xD

[killat]

As a lot of people said before me, money in general is a scam. We print papers and agree they have x value. They don't have it inherently.

Once upon a time, a country could print money only if it had gold to back it up. Now that's not true anymore, so goverments (actually the private banks that print money for them) make money appear from thin air.

[erricducducan26]

You've choosen a really hyping title ha

[Meysa_richa]

If true this Bitcoin is a fraud, then the person who did it is a super person or a large group.
For being able to deceive people all over the World.
And this is amazing!

[rodel caling]

I don't think Bitcoin is a scam, they used to scam people, yeah, but its not a scam.

Just listen to this guy and get all answers: https://www.youtube.com/channel/UCJWCJCWOxBYSi5DhCieLOLQ

Exactly mate bitcoin is useful for good and to give convient to the users, people are the scammers not the bitcoin itself, scammers use bitcoin for bad intentions to get easy and quick earnings.
Simple to enjoy how to avoid become a scam victims use bitcoin wisely do not trust without any investigation or study about the project you want try to invest.

[mirakal]

Bitcoin to survive this long, I don't think we can still call it a scam, it's like you are calling a gold a scam because bitcoin is a gold in the internet and it has even better usage than gold. Bitcoin has increase its adoption as it's already accepted in big companies now, and those gambling industry are benefiting a lot with bitcoin also and personally I do gamble and I enjoy being anonymous using bitcoin, so as long as bitcoin is not ban, we will see an increasing demand from that industry alone, how about the demand on other industry as well, I'm sure if we will sum up it will be huge.

[Daniel91]

Bitcoin to survive this long, I don't think we can still call it a scam, it's like you are calling a gold a scam because bitcoin is a gold in the internet and it has even better usage than gold. Bitcoin has increase its adoption as it's already accepted in big companies now, and those gambling industry are benefiting a lot with bitcoin also and personally I do gamble and I enjoy being anonymous using bitcoin, so as long as bitcoin is not ban, we will see an increasing demand from that industry alone, how about the demand on other industry as well, I'm sure if we will sum up it will be huge.

Bitcoin has more and more users every day and also more and more merchants are adopting bitcoin, even governments or state-owned firms as Croatian post recently.
After all, if I can pay for a product or service with bitcoin and a merchant can get a fiat money for that bitcoin easily and immediately, what is the problem here?
Isn't the pension system a real fraud?
Pensioners receive money from younger people who are still working but there are less and less young people every day and the pension system collapsing like a tower of cards
It's classic ponzi in my opinion.

[Zionatin]

Such a troll post. Are you trying to ee how many people you can annoy? If bitcoin is a scam then I love this scam. In fact it is the best scam ever. I would use this scam 100x before I ever use fiat again. Fiat is worse then a scam so what does that make fiat?

Don't feed the troll please. Unless you feed him so fat he pops ^^

[elisabetheva]

If true this Bitcoin is a fraud, then the person who did it is a super person or a large group.
For being able to deceive people all over the World.
And this is amazing!

agree, why so far many people have used and done a lot of activities with bitcoin. if it is indeed a fraud, then so many people in this world have been lied to and deceived? does that make sense? no one forbids giving a different statement, but the majority of the statements are decisive.

[antisocial77]

honesty i didnt read it. its obvious that you posted this just for fun (i hope) if  you are serious, its worse, means you dont know anything about it and you have to research better and dont make us laught at you.

[Ryker1]

If true this Bitcoin is a fraud, then the person who did it is a super person or a large group.
For being able to deceive people all over the World.
And this is amazing!

agree, why so far many people have used and done a lot of activities with bitcoin. if it is indeed a fraud, then so many people in this world have been lied to and deceived? does that make sense? no one forbids giving a different statement, but the majority of the statements are decisive.

Well, that is a meaningful reply from you. Those who did not understand what and how bitcoin it works may think about that fraud. But the fact is not, besides bitcoin help to the community(us) to sustain the financial problem. Weak people are in this way. In my own, I don't think that bitcoin is a scam. Indeed, maybe because there are some people who are trying to scam others using bitcoin but the bitcoin itself is really legit. Really depends on you on how you understand what is this all about.

[muhhentuhhen]

I don't think that it's scam  Behind BTC is very strong technology called blockchain.In my opinion bitcoin is proven legit.

Bitcoin is often called a scam or a pyramid by those who did not buy it, for example, for $ 100, and now, watching the current rate, bite their elbows and console themselves with the fact that "all this will collapse soon." Another category of people who consider Bitcoin a scam is those who have a bitter experience in dealing with cryptocurrency fraud. Some guys, due to their lack of education, do not even try to understand what trading is.