Bitcoin Is The Most Ridiculous Invention Ever Made

[_Miracle]

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

Ponzi is also based on trust. So?

fxsurfer,
Ever heard of fractional reserve banking?

[miropp]

It is strange to call bitcoin a fraud. You will see how many people were able to get rich with the help of bitcoin. That's one. Secondly, we cant say that bitcoin is an empty space, because in the world there are already several places where you can pay bitcoin. This suggests that bitcoin is developing. If he was a fraud, he wouldn't have existed for so long.

[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?

fxsurfer,
Ever heard of fractional reserve banking?

Can you please make an argument?

[_Miracle]

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

Ponzi is also based on trust. So?

fxsurfer,
Ever heard of fractional reserve banking?

Can you please make an argument?

You want a free lesson in economics on a bitcoin chat board?
Your points simplified:
Banks don’t keep your money, they only have to keep a fraction of it, then they lend out the rest.
No problem, right? Because in the US our deposits are insured by the government.
-A government that is trillions of dollars in debt and our deposits are backed for a reason: because there were actual times historically when people couldn’t get their money out of banks.

And fiat is a medium of exchange with the US dollar being backed by nothing but “the full faith and credit of the US government” since it was taken off the gold standard in 1971---never mind how much less you can buy with that dollar every year since its inception.

Everything’s market value is worth what a willing and able buyer believes it to be and at this moment bitcoin is worth about $3753. Per coin whether you agree or not.


If you don’t understand the concept of intangible assets AND you are posting your assertion on a chat board, on the internet (just worthless strings of code): what can anyone tell you?

You seem to have the desire to know about banking, economics ect.
Do some reading: depressions/recessions, Adam Smith, Keynes, Milton Friedman, hell… read Karl Marx or Google.

[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?

fxsurfer,
Ever heard of fractional reserve banking?

Can you please make an argument?

You want a free lesson in economics on a bitcoin chat board?
Your points simplified:
Banks don’t keep your money, they only have to keep a fraction of it, then they lend out the rest.
No problem, right? Because in the US our deposits are insured by the government.
-A government that is trillions of dollars in debt and our deposits are backed for a reason: because there were actual times historically when people couldn’t get their money out of banks.

And fiat is a medium of exchange with the US dollar being backed by nothing but “the full faith and credit of the US government” since it was taken off the gold standard in 1971---never mind how much less you can buy with that dollar every year since its inception.

Everything’s market value is worth what a willing and able buyer believes it to be and at this moment bitcoin is worth about $3753. Per coin whether you agree or not.


If you don’t understand the concept of intangible assets AND you are posting your assertion on a chat board, on the internet (just worthless strings of code): what can anyone tell you?

You seem to have the desire to know about banking, economics ect.
Do some reading: depressions/recessions, Adam Smith, Keynes, Milton Friedman, hell… read Karl Marx or Google.

Ok, so what that has to do with topic at hand?

What do some historical or present-day problems with dollar debt certificates have to do with the fact that they represent the ownership of borrowers' loan debt - i.e. something, while bitcoin represents the ownership of nothing?

Did you even read the opening post?

[_Miracle]

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

Ponzi is also based on trust. So?

fxsurfer,
Ever heard of fractional reserve banking?

Can you please make an argument?

You want a free lesson in economics on a bitcoin chat board?
Your points simplified:
Banks don’t keep your money, they only have to keep a fraction of it, then they lend out the rest.
No problem, right? Because in the US our deposits are insured by the government.
-A government that is trillions of dollars in debt and our deposits are backed for a reason: because there were actual times historically when people couldn’t get their money out of banks.

And fiat is a medium of exchange with the US dollar being backed by nothing but “the full faith and credit of the US government” since it was taken off the gold standard in 1971---never mind how much less you can buy with that dollar every year since its inception.

Everything’s market value is worth what a willing and able buyer believes it to be and at this moment bitcoin is worth about $3753. Per coin whether you agree or not.


If you don’t understand the concept of intangible assets AND you are posting your assertion on a chat board, on the internet (just worthless strings of code): what can anyone tell you?

You seem to have the desire to know about banking, economics ect.
Do some reading: depressions/recessions, Adam Smith, Keynes, Milton Friedman, hell… read Karl Marx or Google.

Ok, so what that has to do with topic at hand?

What do some historical or present-day problems with dollar debt certificates have to do with the fact that they represent the ownership of borrowers' loan debt - i.e. something, while bitcoin represents the ownership of nothing?

Did you even read the opening post?

Yes I did, apparently you don't see the correlations so we're done. Good luck.

[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?

fxsurfer,
Ever heard of fractional reserve banking?

Can you please make an argument?

You want a free lesson in economics on a bitcoin chat board?
Your points simplified:
Banks don’t keep your money, they only have to keep a fraction of it, then they lend out the rest.
No problem, right? Because in the US our deposits are insured by the government.
-A government that is trillions of dollars in debt and our deposits are backed for a reason: because there were actual times historically when people couldn’t get their money out of banks.

And fiat is a medium of exchange with the US dollar being backed by nothing but “the full faith and credit of the US government” since it was taken off the gold standard in 1971---never mind how much less you can buy with that dollar every year since its inception.

Everything’s market value is worth what a willing and able buyer believes it to be and at this moment bitcoin is worth about $3753. Per coin whether you agree or not.


If you don’t understand the concept of intangible assets AND you are posting your assertion on a chat board, on the internet (just worthless strings of code): what can anyone tell you?

You seem to have the desire to know about banking, economics ect.
Do some reading: depressions/recessions, Adam Smith, Keynes, Milton Friedman, hell… read Karl Marx or Google.

Ok, so what that has to do with topic at hand?

What do some historical or present-day problems with dollar debt certificates have to do with the fact that they represent the ownership of borrowers' loan debt - i.e. something, while bitcoin represents the ownership of nothing?

Did you even read the opening post?

Yes I did, apparently you don't see the correlations so we're done. Good luck.

Sorry but there is no correlation between certificates of loan debt and numerical marks in the blockchain that represent nothing. I cannot see something that does not exist.

[otong]

It is strange to call bitcoin a fraud. You will see how many people were able to get rich with the help of bitcoin. That's one. Secondly, we cant say that bitcoin is an empty space, because in the world there are already several places where you can pay bitcoin. This suggests that bitcoin is developing. If he was a fraud, he wouldn't have existed for so long.

yes, because the one who created bitcoin doesn't know what he created he created for his needs he doesn't know the benefits so humans don't know what bitcoin is before it has become soaring in the world

[H1N1]

Bitcoin was created because the founder satoshi wants to make peer to peer payment system.
He would use bitcoin as the peer to peer currency, so it is not a 'nonsense invention', it is make sense for me.
But i still wonder about the value of btc, why it's value is so expensive.

[MiiDoViic]

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 and massively give up something to become the owners of absolutely and literally nothing.

Never new that nothing could at one point cost 20k$ . We are living in a digital age my friend , all of our time is spent on the internet and most of our daily life matters are run through it.  A car for example is given that value because of the prices of its parts with the commision of the company , same goes for for bitcoin , many computing power goes into mining a bitcoin thus give it a price of the electricity and the time of the miner , yes it might be overpriced but atleast it's something .

[3kpk3]

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).

Well said. I honestly did not have the patience to read through the wall of text, but understood the gist of it and you provided the perfect response. I watched the movie that you mentioned recently and had a blast.

So many vendors are already using Bitcoin on a regular basis, but they never advertise their dealings which is the reason so many people like op think that Bitcoin is useless while the reverse is actually true.

Bitcoin is leading a new generation of payment methods whether anyone likes it or not even though its value will continue fluctuating on a regular basis.

[fxsurfer]

Bitcoin was created because the founder satoshi wants to make peer to peer payment system.
He would use bitcoin as the peer to peer currency, so it is not a 'nonsense invention', it is make sense for me.
But i still wonder about the value of btc, why it's value is so expensive.

Payment is the transfer of something from one party to another for goods or services. Payment is not the transfer of nothing(the ownership of nothing - bitcoin).  And transferring nothing, is indeed a 'nonsense invention'. Regarding value, it's a subjective concept. Throughout history, people saw "value" in many investment scams and thus wasted a lot of money for their subjective concepts. Eight years ago, a programmer saw value of two Papa John’s pizzas in 10,000 bitcoins. A year ago, people saw value of a brand new car in 1 bitcoin. So, this thing is entirely subjective. But, it cannot change the objective fact of bitcoin being the ownership of nothing and hence a 'nonsense invention'.

[fxsurfer]

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 and massively give up something to become the owners of absolutely and literally nothing.

Never new that nothing could at one point cost 20k$. We are living in a digital age my friend , all of our time is spent on the internet and most of our daily life matters are run through it.  A car for example is given that value because of the prices of its parts with the commision of the company , same goes for for bitcoin , many computing power goes into mining a bitcoin thus give it a price of the electricity and the time of the miner , yes it might be overpriced but atleast it's something .

Well, if you give someone your 20K$ car for free  - as a gift,  and then mark this event with a numerical symbol in some database, that doesn't mean this numerical symbol costs 20k$. Same goes for bitcoin.

[Godday]

Bitcoin was created because the founder satoshi wants to make peer to peer payment system.
He would use bitcoin as the peer to peer currency, so it is not a 'nonsense invention', it is make sense for me.
But i still wonder about the value of btc, why it's value is so expensive.

I think bitcoin is not a discovery, but someone's creation, so that they know that someone's creation can develop. but indeed the fact that bitcoin is able to grow rapidly, because the longer the bitcoin enthusiasts are already quite a lot, to the point that sometimes we cannot count them.

[bitbunnny]

Bitcoin was created because the founder satoshi wants to make peer to peer payment system.
He would use bitcoin as the peer to peer currency, so it is not a 'nonsense invention', it is make sense for me.
But i still wonder about the value of btc, why it's value is so expensive.

I think bitcoin is not a discovery, but someone's creation, so that they know that someone's creation can develop. but indeed the fact that bitcoin is able to grow rapidly, because the longer the bitcoin enthusiasts are already quite a lot, to the point that sometimes we cannot count them.

Exactly, Bitcoin was not discovered but invented and with a purpose. But some didn't bother to get informed first before they start to write nonsense.
So far I have learned that in periods when price is low many users are so frustrated and angry that such posts with not much sense appear. First of all they show how they don't know anything about Bitcoin, how it's functioning or any other basics so there is no point in explaining.

[fxsurfer]

Bitcoin was created because the founder satoshi wants to make peer to peer payment system.
He would use bitcoin as the peer to peer currency, so it is not a 'nonsense invention', it is make sense for me.
But i still wonder about the value of btc, why it's value is so expensive.

I think bitcoin is not a discovery, but someone's creation, so that they know that someone's creation can develop. but indeed the fact that bitcoin is able to grow rapidly, because the longer the bitcoin enthusiasts are already quite a lot, to the point that sometimes we cannot count them.

  You people really live in a fantasy world. Bitcoin is neither discovery nor creation. Bitcoin is a fancy name for process of increasing or decreasing values in a database. You cannot call this trivial process a creation or discovery, it's nonsensical.

[Halmater]

Value of a service or an asset is only determined by people. People tend to give more value the things that are useful, benefitable or promising. I think that cryptocurrencies have a potential to make our life easier and they offer many opportunities. I don't say cryptocurrencies are perfect and there are many things to criticize. Since cryptocurrencies are not a part of traditional market or economies, people like you may think that they have right to look down cryptocurrencies. But you don't have this right.

[Gagah119]

Regardless of the invention or not, Bitcoin has changed the financial system now to be more transparent, maybe it will still need a long process to be perfect.

[shoreno]

Bitcoin was created because the founder satoshi wants to make peer to peer payment system.
He would use bitcoin as the peer to peer currency, so it is not a 'nonsense invention', it is make sense for me.
But i still wonder about the value of btc, why it's value is so expensive.

I think bitcoin is not a discovery, but someone's creation, so that they know that someone's creation can develop. but indeed the fact that bitcoin is able to grow rapidly, because the longer the bitcoin enthusiasts are already quite a lot, to the point that sometimes we cannot count them.

  You people really live in a fantasy world. Bitcoin is neither discovery nor creation. Bitcoin is a fancy name for process of increasing or decreasing values in a database. You cannot call this trivial process a creation or discovery, it's nonsensical.

its still called a creation and invention because the computer and internet were both invented by genius investors and eventually satoshi also created a new payment system called cryptocurrency  .  we cant call it nonsense because both technology are verry helpful to humans   .  whats nonsense is the hater and bashers that keeps on creating nonsensical thread in order to spread lies and fuds   .   well thanks to them because crypto can make more noise and can be easily recognize by the netizens   . 

[Pyr3x]

I don't think the existence of bitcoin is meaningless. The main thing for what it is created-to change the existing financial system and to secure it. If the whole world accepts digital currency it will be very useful for all of us.