Simple and undeniable proof that Bitcoin is a scam

[dohh]

In my opinion. if bitcoin is a fraud then the financial authorities in each country must ban and ban this currency. however, investors do not feel cheated and the financial authorities in each country also do not prohibit the use of crypto. Crypto prices are largely determined by supply and demand so we cannot control or determine crypto prices.

Its a very good fraud and authorities are stupid. Even with much more obvious frauds they take time, before they act. Kairosplanet is a perfect sample how slow the authorities are.

[Lochshire]

Can you please answer one simple question: how can you utilize bitcoin, or in other words, what can you do with Bitcoin besides transfer it to another person? When you answer it you will grasp the full stupidity of links you provided.

Your argument seems to hinge on this single premise: That bitcoin has no intrinsic value other than something for people to trade back and forth.

If you look at every non backed currency in the world you will see the same thing. No value other than as a "product" to be transferred between people. Bitcoin is only a scam as far as pretty much every paper currency in the world is a scam.

[evichi]

The fluctuation in bitcoin price comes as a result of pure buying and selling of the cryptocurrency. When more people buy bitcoin, the value simply goes up, when people sell bitcoin, the price geos down. The value at each point in time reflects the activities being performed with bitcoin. It is far from being a scam                                                         

[loveinberlin]

I don't agree that this is the undeniable evidence that btc is a scam because it is a good coin with the huge potential and I m sure it will prove this in 2019 as most experts believe in its power

[fxsurfer]

Can you please answer one simple question: how can you utilize bitcoin, or in other words, what can you do with Bitcoin besides transfer it to another person? When you answer it you will grasp the full stupidity of links you provided.

Your argument seems to hinge on this single premise: That bitcoin has no intrinsic value other than something for people to trade back and forth.

If you look at every non backed currency in the world you will see the same thing. No value other than as a "product" to be transferred between people. Bitcoin is only a scam as far as pretty much every paper currency in the world is a scam.

Fiat currencies are debt based assets, i.e. products designed for people who want to consume goods and services today and return them in the future. These people are called borrowers. With newly produced fiat they have access to the pool of goods and services which 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 - 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 receive goods and services from the general population, obligated to return goods and services back to the general population? Obviously not.

So Bitcoin has nothing to do with fiat currencies. The latter are debt instruments. The former is scam designed to steal good and services from the general population.

[1993jochico]

tl;dr

Simple words that will affect you.

"if you dont really believe in bitcoin why are you here and wasting your time in this what you call scam?"

No one is concern on other peoples money, thats how people think then you cant say that you are here just to enlighten us.

[dohh]

tl;dr

Simple words that will affect you.

"if you dont really believe in bitcoin why are you here and wasting your time in this what you call scam?"

No one is concern on other peoples money, thats how people think then you cant say that you are here just to enlighten us.

You see, You are wrong here. There are many people, who put justice ahead of self-interests. If You dont care its a scam and You are OK scamming other people´s money, I am not...
My story is very simple: my brother came to me last year (december 2017) and wanted to borrow money, because he had "an extremely profitable investment opportunity". Well... my brother is a good person. A good truck driver and he can fix almost anything, that breaks down. But he is not home in IT, economics, math. He has a wife and he is a loving father of 2 lovely children. The sum, that he wanted to borrow, was worth half of his household. He just wanted to earn profit, to allow bigger house for his family.

I saved him from BTC, accidentally. If he asked from somewhere else... Anyway, if there is just one person like my brother, reading this site, changing his mind about putting his hard-earned money into BTC, then my job here is done. If there is really none... then well... thats my time wasted and thats also a risk, Im willing to take.

[mindrust]

I remember these type of posts in 2015 while the price went down to $200 from $1200.

If you don't be careful, you'll find yourself selling your coins for a loss. This is what this posts aims.

Good old FUD.

Just like op thinks bugatti veyron is a better car than dacia and he sees the reason about the price of a bugatti, apparently people think the same for bitcoin since it is the leading crypto currency.

To him bugatti and dacia prices makes sense apparently. Try to explain a bugatti's price to somebody who lives in Africa. He'll look at you like your a lunatic.

For most people, spending that much money on a car (no matter how good it is it is still a car) is a crazy idea. Op finds that perfectly fine but when people decide to do the same for btc, he goes nuts. Hypocrisy.

[btc-room101]

Wow does the OP realize that not one in a 1,000 on this board can understand what he just said?

BITCOIN is proof that the education system has collapsed, and that the majority coming out are morons.

We all know that the majority of our HODL-ers are 'millennial' and such, just getting by, but trying to get rich quick, and bitcoin came along and promised them the moon.

But you can't explain this concept of intrinsic value to a moron? How its impossible.

Just like when you ask the morons, "Where is the missing $600 Billion USD going to come from to bring BITCOIN back to prior values", they will not answer the question, because they're incapable of such thought.

...

OP is correct, you can be QUANT, or a math or physics guy and bitcoin makes no sense, there is no way to even calculate volatility, or any common mean-reversion algo, largely now because of the parabolic-rise and its collapse.

BITCOIN is what it is, "Virtual Money", really no different than money used in "Farmland", or any VR program online, the fact that it can be traded in the physical world is very thin,

But while the MORONS feel confident that bitcoin will return to the 'moon' the quants scratch their ass and say "How do we model this bitch?" and you can't guess you can't model virtual-currency, using physical asset modelling, so maybe we need to find a new way to model virtual assets, but the models would still worthless in the real world.

[btc-room101]

I remember these type of posts in 2015 while the price went down to $200 from $1200.

If you don't be careful, you'll find yourself selling your coins for a loss. This is what this posts aims.

Good old FUD.

Just like op thinks bugatti veyron is a better car than dacia and he sees the reason about the price of a bugatti, apparently people think the same for bitcoin since it is the leading crypto currency.

To him bugatti and dacia prices makes sense apparently. Try to explain a bugatti's price to somebody who lives in Africa. He'll look at you like your a lunatic.

For most people, spending that much money on a car (no matter how good it is it is still a car) is a crazy idea. Op finds that perfectly fine but when people decide to do the same for btc, he goes nuts. Hypocrisy.

It's the theory of large numbers, back in 2015 when capitalization was in the millions, anything was possible, including 2x-4x roller coaster rides,

In 2017 when BITCOIN came near $1 Trillion USD capitalization you entered astronomic happenstance, there is no way for this bitch to go back up there, its down for the count.

All parabolic rises end this way, in the TOILET

[btc-room101]

How can we do that for Bitcoin?

mining cost equilibrium is the bottom line value

its its cheaper to mine then buy people mine if its cheaper to buy than mine people buy.

so look for the most effiecient mining cost and you learn the bottom line mining cost which miners wont sell below
you soon learn the number of times the price went below bottomline mining costs ovr many years is negligable because people are not fooilish

Mining was rational when profitable and you could sell to a sucker, as you mined, HODL was always a MORON position.

Buying BTC with real cash, was NEVER rational.

Getting BTC for free 2009-2014 by mining was rational, buy bitcoin is when the exchanges showed up and pimps, and the bullshitters and pump&dump team that run btc today.

Now that mining is no longer profitable, the easy game is over, now only morons will buy bitcoin, which means its going to zero, because the smart guys will sell-out, and find a new ponzi.

[VaLeRaaa]

I don't agree that this is the undeniable evidence that btc is a scam because it is a good coin with the huge potential and I m sure it will prove this in 2019 as most experts believe in its power

A well-known political figure also expressed a similar opinion.

“Blockchain itself is a mathematical technological concept and an interesting and important methodology,” the tech investor said. “Cryptocurrencies — bitcoin and all the others — that’s a Ponzi scheme.”

Barak said he doesn’t believe that “it’s possible to make a currency in this way in the current generation.” Accordingly, he will not invest in crypto. “I wouldn’t invest in anything that’s related to cryptocurrencies,” he said.
https://www.ccn.com/bitcoin-is-a-ponzi-scheme-says-former-israel-prime-minister-ehud-barak/

[mindrust]

It's the theory of large numbers, back in 2015 when capitalization was in the millions, anything was possible, including 2x-4x roller coaster rides,

In 2017 when BITCOIN came near $1 Trillion USD capitalization you entered astronomic happenstance, there is no way for this bitch to go back up there, its down for the count.

People said the same thing when btc reach $10bn for the first time and went down to 2-3bn. We are only above x7 of the previous ATH Market Cap. That's nothing. We will be looking at a multi trillion market cap in a few years.

All parabolic rises end this way, in the TOILET

Really? All parabolic rises you said?

How about this?



and...



Now show me the dead fucking parabolic rise in 2014 if you can fucking find it on the chart you fucking genius newbie account.

Mining was rational when profitable and you could sell to a sucker, as you mined, HODL was always a MORON position.

Buying BTC with real cash, was NEVER rational.

Getting BTC for free 2009-2014 by mining was rational, buy bitcoin is when the exchanges showed up and pimps, and the bullshitters and pump&dump team that run btc today.

Now that mining is no longer profitable, the easy game is over, now only morons will buy bitcoin, which means its going to zero, because the smart guys will sell-out, and find a new ponzi.

According to you nobody should be mining now, yet people still do! What about that??? Did you know there was a difficulty adjustment in case people stop mining? Do you? Apparently you don't.

Go read a book moron.

[btc-room101]

It's the theory of large numbers, back in 2015 when capitalization was in the millions, anything was possible, including 2x-4x roller coaster rides,

In 2017 when BITCOIN came near $1 Trillion USD capitalization you entered astronomic happenstance, there is no way for this bitch to go back up there, its down for the count.

People said the same thing when btc reach $10bn for the first time and went down to 2-3bn. We are only above x7 of the previous ATH Market Cap. That's nothing. We will be looking at a multi trillion market cap in a few years.

All parabolic rises end this way, in the TOILET

Really? All parabolic rises you said?

How about this?



and...



Now show me the dead fucking parabolic rise in 2014 if you can fucking find it on the chart you fucking genius newbie account.

Mining was rational when profitable and you could sell to a sucker, as you mined, HODL was always a MORON position.

Buying BTC with real cash, was NEVER rational.

Getting BTC for free 2009-2014 by mining was rational, buy bitcoin is when the exchanges showed up and pimps, and the bullshitters and pump&dump team that run btc today.

Now that mining is no longer profitable, the easy game is over, now only morons will buy bitcoin, which means its going to zero, because the smart guys will sell-out, and find a new ponzi.

According to you nobody should be mining now, yet people still do! What about that??? Did you know there was a difficulty adjustment in case people stop mining? Do you? Apparently you don't.

Go read a book moron.

Well your 2014 graph clearly shows a 75% loss after a parabolic-rise, and that by definition is  a toilet run in loss.

Your second graph 2017 parabolic ponzi rise, just shows the bitcoin going to $21k, but fails to show it falling to $3k, which is another 90% loss, that wiped most people out.

All parabolic rises end this way,

Now the problem now is where do you folks get the new $600 billion USD to get btc back up to or above $21k??

You don't, you can't,

When people lose 75%, or 90% of their money, and they bought shit on margin, they're wiped out for life.

Most of the morons bought in the recent sucker rally on credit-cards, and they're in debt for life. They're screwed, and people like you don't even care.
Lastly, please don't post charts, we have all seen these stupid charts they don't help the discussion.

[mindrust]

Most of the morons bought in the recent sucker rally on credit-cards, and they're in debt for life. They're screwed, and people like you don't even care.

These are assumptions.

I bought when it was $15k. I didn't go all in however like you think i did. I was Dollar cost averaging like I was doing since the previous year.

Weren't there people who bought btc with credits? Probably yes. Are they morons? Yes they are. How can people's stupidity affect bitcoin's intrinsic value? It doesn't.

If those people haven't had bought bitcoins in 2018 January, they were going to buy something else and still going to lose their money.

That's called dumb money.

And again, even if they were dumb in 2014 just before Gox collapsed, they still did well in 2018. They weren't that dumb after all!! (unless they were using borrowed money)

You like to throw assumptions without anything to back it up.

In other means,

You are FUD'ing. Go do it more. I'm buying all your cheap coins. Make it cheaper. See you in 2021. I don't think you'll be around. Time will tell.

[pat4cryptoreal]

This analysis of yours sounds legit and current. But let me just tell you that it is just an hypothesis that you have not gotten a concrete prove yet. Do more research to validate your assumption. Some of the technology you are thinking they are widely accepted across the globe may not survive if they pass through the amount of pressure and attack bitcoin is passing through.

[HeRetiK]

Monetary transactions are enabled by internet and miners equipment, not by Bitcoin.

The internet alone, by itself, does not enable monetary transactions.

What do you think pays for the mining infrastructure?

Transaction is an instance of buying or selling something. Of course, the internet alone does not enable the buying or selling of something, but what that has to do with the topic at hand?

Because you stated above that transactions are enabled by the internet and miners.

Obviously the internet by itself can't enable transactions, so in this case miners are required.

But what do you think pays for mining?

(spoiler alert: Bitcoin does. No native token, no mining, no permissionless monetary transactions via the internet)


To repeat: The utility of cryptocurrencies such as Bitcoin is monetary transactions. Whether Bitcoin is overpriced or undervalued is a different question, of course. But if you accept that banks, credit card companies and money transmitters (and by extension their respective stocks and bonds) have utility, you also have to accept that cryptocurrencies do. Everything else is just cherry picking.

[FuryBeast]

Bitcoin is not scam. At least it's supported by the blockchain technology. Bitcoin is very manipulative, but this doesn't mean it's scam.

[pucunghul]

I never thought bitcoin was a scam, which was used to deceive people in the form of investment, if bitcoin is a scam bitcoin won't last for 10 years, and there is a lot of evidence bitcoin isn't a scam because there are many, successful people and become billionaires the result of investing and trading in bitcoin.

[sinkfish]

bitcoin is proven legit, the price is manipulative, but doesnt mean its a scam.