Bitcoin Is The Most Ridiculous Invention Ever Made

[fxsurfer]

https://youtu.be/pSbSKGDypPY

The above video shows that by buying Bitcoin one is selling ownership of something and buying ownership of nothing. This is because Bitcoin is just a fancy name for changed digits, and the fact is that something cannot appear or disappear by changing digits. Since Bitcoin is the first time in human history that people voluntarily and massively give up something to become the owners of absolutely and literally nothing, this makes Bitcoin the most ridiculous invention ever made.

[LoyceMobile]

In short:
Fiat is based on debt, Bitcoin is based on trust.
I know what I prefer!

[fxsurfer]

In short:
Fiat is based on debt, Bitcoin is based on trust.
I know what I prefer!

Ponzi is also based on trust. So?

[Silberman]

That wall of text could work against all of those that do not really understand bitcoin or why it exist, but you are not going to convince anyone in the forum with that logic, if you do not feel comfortable investing in bitcoin because to you it has no value then you do not have to do it, invest in all of those things that you think are real and in 20 years we will see who was right.

[Lilmon]

You get something extremely important out of your rant, which literally everything costs nothing, we usually give price to the things we want, for example, why certain airplane tickets cost more in season than out of season?, so it is with other events and other temporary items, things have the value that we give them

[tdrinker]

All value is based on that which people attribute to it, there is no such thing as intrinsic value. If you're dying of thirst then suddenly a bottle of water at $100 looks like a great deal, otherwise you might think paying $5 for it is a rip off. Perception is everything.

[coolcoinz]

Are you aware that when you trade goods, services or fiat currencies for Bitcoin, you actually bought nothing. In other words, by buying Bitcoin you sold the ownership of something and bought the ownership of nothing. Bitcoin is the first time in human history that people voluntarily give up something to become the owners of absolutely and literally nothing.

And what happens when someone pays for your goods with a card? A third party payment processor logs the transaction on their servers and messages your bank that it took place. You don't get any physical item, you don't get money. Only thing that changes are some digits on a privately own mainframe. How is that different from the blockchain? Let's start by saying that blockchain cannot be changed or erased, but the mainframe can. Blockchain can't go bankrupt, but both the payment processor and your bank can. Even your country that issues cash (that you aren't getting for that transaction because it was digital) can go bankrupt.
I'll take my coins, thank you.

[acheampong64]

First of all, all your long essay proves you don't know the main reason for the existence of Bitcoin. I think you should read the Bitcoin Whitepaper and then watch the movie "Dope" and then read the article about the woman who paid her workers with Bitcoin and then read the tweets of Craig wright (not his supporter bit he's got sound arguments about the use case of Bitcoin).
All your argument is based on trading (and that's not the absolute Bitcoin purpose).

[aliashraf]

In short:
Fiat is based on debt, Bitcoin is based on trust.
I know what I prefer!

Ponzi is also based on trust. So?

Bitcoin is based neither on debt nor on trust, What are you noobs talking about?

Bitcoin is based on work, the only source of value. Right now the only fair trade in the globe is trading goods and services for bitcoin, trading a product of work with another product of work, pretty much like old good days when gold and silver were being used as medium of exchange.

I didn't bother reading your op, just the few first lines, you have no clue, instead of wasting your time typing nonsense in gibberish, try catching-up with literature and science related to monetary systems and economics.

[franky1]

Let's compare this to fiat currencies because their misconception is the main reason why people fail to realize that by owning Bitcoin they own nothing. So, let's assume that you traded your car for 10,000 dollars. Now, the question is what do you own after such transaction? Do you own nothing or do you own something? Well, you own something. Namely, your own debt certificates. These certificates are either digital or paper. If you received banknotes you become the owner of paper debt certificates. If you received numerical value on your bank account you become the owner of digital debt certificates. With these certificates you are entitled to goods, services or property of borrowers. Let's explain how this ownership is utilized in practice.

^ FAIL
when you sell a car for FIAT. you dont own FIAT. you hold FIAT. but the FIAT is not yours.
its under licence by a government. they can take it from you without notice. they can freeze accounts they can tax it. they can do what they like, because its theirs.

with bitcoin you own the private key that secures that you have full ownership control of the bitcoin linked to the private key

i dare you to have a bitcoin private key and a bank account. and truly ask yourself. who controls what
go on try to move your fiat out of an ATM for more than $500 amount.

try spending a substantial amount ($10k) fiat via a bank account without the bank asking questions.
you do not own FIAT. they are just letting you handle it under their licence terms

try crossing a state/country border with $10k see how much FIAT you get to own without question

as for saying bitcoin is a nothing value.

bitcoin has a cost value.
im not talking about speculative price of the volatile market. im talking about the underlying value. the cost of its creation.

PoS coins for instance have no underlying value. as the underlying cost is zero. but bitcoin does have a underlying value.
you might wanna research that.

FIAT (not talking about market rate of loaves it would buy or rate compared to other currencies on forex) fiats underlying value is of the cost in its creation too. which is things like yes the debt (mortgage/credit agreement) that created the promissory note. but also the minimum wage laws that value a $7.50 as being an hours worth of sweat labour

.. one thing i do find funny.
a patent /copyright is just an idea. yet you argue people do have ownership of something. even if its just an idea.. but then try to say bitcoin idea is not real........ pick a hypocrisy and stick with it. you cant be right on both sides of a table especialy if a patent/copyright may not even come with any creation cost

[coolcoinz]

try spending a substantial amount ($10k) fiat via a bank account without the bank asking questions.
you do not own FIAT. they are just letting you handle it under their licence terms

try crossing a state/country border with $10k see how much FIAT you get to own without question

I was watching a series about debt collectors in the UK the other day, and they knocked on the door of one lady asking that she cleared the debt right away or they'd start removing goods. She asked them to wait and went to the bank. Came back minutes later saying that her withdrawal attempt triggered some scam alerts in the bank. She had to call the police to her home, to confirm the paperwork the bailiffs had, go with her back to the bank and vouch that it's not a scam. Even when she did all of it they didn't allow her to withdraw the full amount! And the best part is that she was only asking for £10k of her own money, deposited on a personal account.

[franky1]

I was watching a series about debt collectors in the UK the other day, and they knocked on the door of one lady asking that she cleared the debt right away or they'd start removing goods. She asked them to wait and went to the bank. Came back minutes later saying that her withdrawal attempt triggered some scam alerts in the bank. She had to call the police to her home, to confirm the paperwork the bailiffs had, go with her back to the bank and vouch that it's not a scam. Even when she did all of it they didn't allow her to withdraw the full amount! And the best part is that she was only asking for £10k of her own money, deposited on a personal account.

"cant pay we will take it away"
shows how much she "owns" if people can just come in and take thing from her(bailiffs)
show how much she "owns" if people can refuse to give her it(banks)

id love to see a bailiff try to acquire someones bitcoins. or a bank try to freeze a persons private key.. oh wait they cant. because THEY dont own it.. only you do

[MagicalToast]

Bitcoin is the most nonsensical invention in human history because not only that people trade their valuable possessions for nothing, but they even pay fees to exchanges in order to perform these ridiculous trades.

I'm guessing that's what the 0x team had in mind - having a tokenized "representation" of clear ownership of those valuable possessions, pared with decentralized exchanges to cost near-nothing to exchange them.

[minairia3]

I think OP has some misunderstanding or lack of understanding about bitcoin in general or the cryptocurrency. There has been numerous references in the net about the argument why btc or other p2p is much better than Fiat.

[avikz]

In the world of Bitcoin nothing of that is needed. That's because Bitcoin is ownership of nothing. And to create or transfer "nothing" one doesn't need an intermediary or agent. Bitcoin is the most nonsensical invention in human history because not only that people trade their valuable possessions for nothing, but they even pay fees to exchanges in order to perform these ridiculous trades.

Pessimistic person sees a glass half filled with water as "half empty" and optimistic sees it as "half filled. The choice is ours on which side we want to be. While I respect your views as an individual, I don't share your pessimism at the same time.

[franky1]

In the world of Bitcoin nothing of that is needed. That's because Bitcoin is ownership of nothing. And to create or transfer "nothing" one doesn't need an intermediary or agent. Bitcoin is the most nonsensical invention in human history because not only that people trade their valuable possessions for nothing, but they even pay fees to exchanges in order to perform these ridiculous trades.

Pessimistic person sees a glass half filled with water as "half empty" and optimistic sees it as "half filled. The choice is ours on which side we want to be. While I respect your views as an individual, I don't share your pessimism at the same time.

pessimistic person sees a half empty glass.........
optimistic person sees its half filled glass......
realist person sees its not empty, and even if it was. atleast they have a glass

[Harlot]

What you are saying is like not until other assets are liquidated to Fiat all of them have zero value in your point of view. Stocks, Gold, Silver, and Gas for you does not have any value not until those owner of the assets have sold it to Fiat. Well of course your next possible argument will be they are different as their value is determined by other people pricing them and it is called "demand". Well to tell you the truth cryptocurrencies also work that way their are people who are determining prices in the buy side always no matter if this cryptos only exist in 1s and 0s these people are putting a value into it.

[12tribes]

While you are entitled to your opinion, there is much sense in it to the investors promoters and programmers in the bitcoin business and crypto currency at large. I don't need to understand what happens when the bank I use tell me that I have just received an alert that my bank account has been credited. I don't see how the money moves but that's what actually happens. Believe what you choose to believe. Cheers fella!

[Velkro]

Are you aware that when you trade goods, services or fiat currencies for Bitcoin, you actually bought nothing. In other words, by buying Bitcoin you sold the ownership of something and bought the ownership of nothing.

Whole your reasoning is flawed. If you buying gold, you trade goods, services or fiat currencies for it. You actually bought nothing, couple atoms dig up from dirt without value except people agreed to gold is valuable. Nothing else.
In Bitcoin you are owner of digital asset with limited availability (12 000 000). Gold has infinite amount out there so it inflate.

We can share arguments on and on but in the end, if you really understand invention and revolution, what bitcoin trully is, you wouldn't write things like that.

[koppees]

Well, now it is. The inception of derivatives and other financial products built on cryptocurrencies took away one thing the value of BTC was based on - its limited supply. Look at Cryptocompare BTC market data. About 1/3 of the trading volume comes from BitMex exchange, which is actually trading a derivative called a "perpetual contract", instead of actual BTC. Not one spot trading exchange can come even remotely close with their volumes to BitMex. With the 200x leverage what BitMex offers for trading, it virtually expands BTC supply to 200 times. Plus CBOE and CME futures, and such. The more of these financial products based upon cryptocurrencies are being created, the less scarce blockchain based coins will become. The whole cryptomarket works now exactly like the fractional reserve banking, where the real money (reserves) created by the central banks, make only a fraction (about 5%) of the total money supply, the rest of 95% is just private banking sector created IOU contracts called credit, built upon the reserves.