Bitcoin Is The Most Ridiculous Invention Ever Made

[bigbosma]

And I believe that bitcoin is one of the most useful inventions of the 21st century. The main thing now is to start using it correctly, not just as an investment tool. If you use it for its intended purpose, it will become clear all the benefits and uniqueness of bitcoin and cryptocurrency in general.

[fxsurfer]

And I believe that bitcoin is one of the most useful inventions of the 21st century. The main thing now is to start using it correctly, not just as an investment tool. If you use it for its intended purpose, it will become clear all the benefits and uniqueness of bitcoin and cryptocurrency in general.

By what logic is altering and storing digits into the database the most useful inventions of the 21st century? Are you kidding?

[fxsurfer]

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.

How is manipulating digits related to financial system? How is trading goods, services or fiat currencies for nothing useful?

[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.

Bitcoin cannot be a payment system in principle, since a payment is the transfer of SOMETHING from one party to another, and not a process of changing digits. Something cannot appear or disappear by changing digits.

[akram143]

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.

Bitcoin cannot be a payment system in principle, since a payment is the transfer of SOMETHING from one party to another, and not a process of changing digits. Something cannot appear or disappear by changing digits.

I think there is no invention will not came out in the future like Bitcoin because we are getting huge income from this invention and lots of people will be a millionaire by using this method so I appreciate accept Bitcoin is the toughest invention that made in this world.

[DooMAD]

Something cannot appear or disappear by changing digits.

Except that's precisely how the money in your bank account works.  The entire global economy is built on something appearing from nothing.  Try again.

[fxsurfer]

Something cannot appear or disappear by changing digits.

Except that's precisely how the money in your bank account works.  The entire global economy is built on something appearing from nothing.  Try again.

Wrong. The money in bank account is created out of loan contract and collateral. Watch the video.

[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.

Bitcoin cannot be a payment system in principle, since a payment is the transfer of SOMETHING from one party to another, and not a process of changing digits. Something cannot appear or disappear by changing digits.

I think there is no invention will not came out in the future like Bitcoin because we are getting huge income from this invention and lots of people will be a millionaire by using this method so I appreciate accept Bitcoin is the toughest invention that made in this world.

No, you are getting huge income from other people's investments. Bitcoin is just a fancy name for digits - i.e. mathematical abstractions. Abstractions cannot generate income.

[Kimi80]

The interest of majority is to gain some profit. Most of the people even do not care what bitcoin is, the only thing that they care is a possibility to be richer tomorrow than they are today. In theory it can sound ridiculous but I believe that there are people that gain lots of fortune and for them, investing in something called bitcoin turn to be the best investment of their life.

[DooMAD]

Something cannot appear or disappear by changing digits.

Except that's precisely how the money in your bank account works.  The entire global economy is built on something appearing from nothing.  Try again. 

Wrong. The money in bank account is created out of loan contract and collateral. Watch the video.

You don't need collateral to have an overdraft.  New fiat digits are always on hand to appear out of nowhere if they're needed.  Any excuse will do.  And it has become wholly reckless.

You can claim it's all based on the ownership of "debt certificates", but in the grand scheme of things, the system can't cope with the entire debt being paid back.  If that happened, there wouldn't be enough "money" (read: debt) left in the economy for it to function.  What's the sense in having ownership of a debt that can never be repaid without destroying the economy?  Hence the need to create ever-increasing quantities of "money" (debt) from nothing.  You can describe it a loan contract to make it appear as something rational, but it's still ridiculous in practice.  If the average person had even the slightest idea about how the banking system really worked, they'd be far more skeptical of it.

Bitcoin solves this insanity.  It proves beyond doubt that you don't need debt for an economy to function.  Debt may have some advantages, but it has enough disadvantages that people would naturally want an alternative.  And that's precisely what Bitcoin gives them, along with numerous other benefits like privacy and freedom.  Call it "nothing" all you like.  It's everything to some people.

[Ultimist]

In fact, there are different opinions about what bitcoin can be attributed to. Someone considers it a currency, someone considers it investment instrument and someone equates it with gold. But to call bitcoin an empty place is wrong, I believe. If he has any value, it means something.

[Distinctin]

In fact, there are different opinions about what bitcoin can be attributed to. Someone considers it a currency, someone considers it investment instrument and someone equates it with gold. But to call bitcoin an empty place is wrong, I believe. If he has any value, it means something.

Digital currency isn't a joke and it have a market value just like of bitcoin.  I know many were still doubts about these and exactly they don't know anything about it.
We are using digital form of payment before bitcoin's creation just like ATM and we are integrated into it.
Bitcoin doesn't have value for those people who only think nega but for us,  it is over valued.

[fxsurfer]

Something cannot appear or disappear by changing digits.

Except that's precisely how the money in your bank account works.  The entire global economy is built on something appearing from nothing.  Try again.  

Wrong. The money in bank account is created out of loan contract and collateral. Watch the video.

You don't need collateral to have an overdraft.  New fiat digits are always on hand to appear out of nowhere if they're needed.  Any excuse will do.  And it has become wholly reckless.

You can claim it's all based on the ownership of "debt certificates", but in the grand scheme of things, the system can't cope with the entire debt being paid back.  If that happened, there wouldn't be enough "money" (read: debt) left in the economy for it to function.  What's the sense in having ownership of a debt that can never be repaid without destroying the economy?  Hence the need to create ever-increasing quantities of "money" (debt) from nothing.  You can describe it a loan contract to make it appear as something rational, but it's still ridiculous in practice.  If the average person had even the slightest idea about how the banking system really worked, they'd be far more skeptical of it.

Bitcoin solves this insanity.  It proves beyond doubt that you don't need debt for an economy to function.  Debt may have some advantages, but it has enough disadvantages that people would naturally want an alternative.  And that's precisely what Bitcoin gives them, along with numerous other benefits like privacy and freedom.  Call it "nothing" all you like.  It's everything to some people.

You have two groups of people - those willing to borrow goods and services and those willing to lend goods and services. Fiat currencies are instruments that connect these two groups. Plain and simple. Eventual problems with these instruments have nothing to do with Bitcoin. Bitcoin is not lending your goods or services to miners  - Bitcoin is giving your goods and services for digit alteration. So, given your logic, the solution for the problems that occur with instruments that enable borrowing and lending goods and services, is to give your goods and services for free. Are you serious or are you joking?

[Gibreil]

And I believe that bitcoin is one of the most useful inventions of the 21st century. The main thing now is to start using it correctly, not just as an investment tool. If you use it for its intended purpose, it will become clear all the benefits and uniqueness of bitcoin and cryptocurrency in general.

Definitely yes! It is the most useful and valuable invention of millenials. We just do not know its real use because we made it for profits. But I assure that later on, all of us will give thanks to Satoshi Nakamoto because our life becomes good and easy. All of things can be bought all around the world without any interference specially, the legal one. And lastly, for the world to become one. It is because of cryptocurrency which made by satoshi.

[Ezenwanyi1]

I diagree with you that bitcoin is the most ridiculous invention ever made in recent times.
When we talk about bitcoin, we are talking about the blockchain technology.
Besides, you can't judge the invention of bitcoin using the prevailing market conditions, as a matter of fact , bitcoin is still at it's early developmental stahlge and so there are still much rooms for improvement.
Blockchain technology has been adjudged the biggest technology invented in recent times.

[DooMAD]

So, given your logic, the solution for the problems that occur with instruments that enable borrowing and lending goods and services, is to give your goods and services for free. Are you serious or are you joking?

If you're certain that's the logic, why not take this user up on their generous offer?  You're getting something for nothing then, right?

[Red-Apple]

your whole problem which is obvious from your posts here is that you are too caught up in only one way (government printing limitless money as they please and fully control everything) that you are having a very hard time accepting the fact that it is not the only way to have a "currency". in fact it is not even the first method of creating a currency. it was introduced recently and was widely accepted everywhere because a group could take the whole power in their hands.

[fxsurfer]

So, given your logic, the solution for the problems that occur with instruments that enable borrowing and lending goods and services, is to give your goods and services for free. Are you serious or are you joking?

If you're certain that's the logic, why not take this user up on their generous offer?  You're getting something for nothing then, right?

If I had Bitcoin('nothing'), why would I sell it for $1 if there are 'greater fools' who will pay $3.5K USD for 'nothing'? The fact that Bitcoin is ownership of nothing doesn't mean I am stupid.

[ChiNgadOr]

Your post is "is the most nonsensical invention in human history"... after the finantial crisis of 2008, there is no doubt that social order needed a change urgently. We shouldt depend that much on banks and goverments.. that was pretty clear in the last decade! thanks God we got BTC today!

[pawanjain]

The same goes with fiat currencies bud! You are giving up ownership of some thing to get ownership of bits of paper.
The value of money is the same, the thing is that cash is here replaced by cryptocurrency.
If this makes the invention of bitcoin ridiculous then I wonder how ridiculous would it be to use fiat currency. We can't
I believe I have made the point and comparison clear.