Bitcoin Is The Most Ridiculous Invention Ever Made

[fxsurfer]

Well it depends on how you viewed it, how you see it.. maybe to some yes it is, but for some it is not, because no matter how ridiculous it is there are still people who believe on it, accept it and invest in it because they see in the past how people profit from it, and how bitcoin affect the ones' economy, people and community. It was made with a purpose and those who believe on it benefit from it as well.

You talk about Bitcoin like it is something, like it is an actual thing or even a person: "see it", "believe in it", "invest in it", "profit from it", "benefit from it". Unfortunately Bitcoin is just a fancy name for changed digits in a distributed spreadsheet, it is just a mathematical abstraction, and not an actual thing. Actual things don't appear or disappear by changing digits. People profited or benefited from other people's actual things like dollars, goods or services, not from changed spreadsheet digits. No one can benefit from that. No one can benefit from Bitcoin.

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[jabrix]

Bitcoin is not just worthless because is exist in digit because it a mathematical computer coding and at that it will have it worth at the end because the bitcoin network have it own worth and even if it dollars rate reduced to nothing the real quantity still remains the same and once the worth rise again it will bounce back to it ever rising rate.

Bitcoin is coding in a computer network that is interrelated between users, so that data released or entered into the network are all known to each other, so there is no leakage or manipulation.
So from that the price created is not related to other fiat currencies such as the dollar, but on the basis of agreement on the results of buying and selling in the market that is in the network.
This is not something ridiculous, but a discovery that revolutionized the financial system that has been carried out for tens or hundreds of years.

[Digitalbitcoin]

Yes. Bitcoin is the most ridiculous invention ever.

But we must have to take it in a positive way, not in negative.

Actually, it has no value but just because of its characteristic to transact and trade online against fiat take itself much higher. Along with this feature, Bitcoin is based on a blockchain platform, this also takes bitcoin to uniqueness and transparency. But what about actual usage.

[johnny508]

When comparing bitcoin with real world assets like real estates, Gold, Company shares and fiat currencies yes it seems like a ridiculous invention mainly because we are not use to it in the past and it is not tangible like other assets but it holds a similar or more value like any other commodity because investors and traders has given a value for it so doesn't matter it seems like ridiculous from the out side bitcoin have every feature to become a trading asset in a market

[KingScorpio]

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

fiat is also based on trust,

bitcoin is based on attention,

if bitcoin loses attention it also loses value.

[davit putra]

I think bitcoin is not a silly discovery, but a recent discovery for the future. Like a paper currency that is only a piece of paper but you believe it has value, isn't that still a paper.

[kingpin4321]

Bitcoin is not a currency note it's a digital currency that's means it's based on technology.
If you know more about bitcoin you would know that it can be converted into other currency through exchanges

[abstractednerve]

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

Ponzi is also based on trust. So?

There is a difference between Ponzi trust and Bitcoin trust. People don't trust Ponzi, they just want to earn quick money so they take a risk, But bitcoin is different here, bitcoin was nothing, but by the all support and trust, bitcoin is the base of the crypto market and you know how big is bitcoin market! A good reader never feard to invest in crypto, rather they trust on it and they believe ina bright future with it.

[bdbabiak77]

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.

This needs to be read out loud carefully. Truest statement on this forum in a while .... Glad someone else has a brain, isn't just a cheerleader for our destruction...

[deisik]

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

Ponzi is also based on trust. So?

There is a difference between Ponzi trust and Bitcoin trust. People don't trust Ponzi, they just want to earn quick money so they take a risk, But bitcoin is different here, bitcoin was nothing, but by the all support and trust, bitcoin is the base of the crypto market and you know how big is bitcoin market! A good reader never feard to invest in crypto, rather they trust on it and they believe ina bright future with it

There is certainly a difference between Ponzi and Bitcoin

But it is not in the matters of trust. Ultimately, it all comes down to trust (or faith if you please), and it is the same with Ponzi as well as Bitcoin (and fiat, for that matter). People buy whatever they are buying in a Ponzi scheme believing that they will be able to profit even if they know beforehand that many will lose all. It is not particularly different with Bitcoin (if we discard the losing all part, of course). So the difference is necessarily elsewhere

[fosco333]

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.

But the process of buying and selling were continuing in the past, that made bitcoin valuable.
Peoples were buying with lower price, and selling with higher price in the market of exchange.
Therefore, the price of bitcoin was continuing to rise and sometimes get corrected back if too high.

[Nurul_]

although the most ridiculous discovery. but I was very impressed. with the bitcoin digital world. because the presence of Bitcoin is very helpful for my economic growth, bro. without bitcoin I certainly can't have a good enough economy like now.

[Blockchainer06]

Talk about the rationality of Bitcoin:

1. In terms of technical structure, it is a more advanced currency than currencies or precious metals that can play a monetary role. 0 loss, anonymous payment, and high unforgeability

2. To build a Bitcoin system, the fundamental reason lies in the social distrust of the government. The existence of Bitcoin is in fact a disguised deprivation of the government's Seigniorage and tax rights, making inflation technically impossible.



So bitcoin is the best tool and means for anarchists to realize. If we really want to discuss how to treat bitcoin, we need to solve the problem of how to treat the government first. It's a matter of buttocks deciding the head. Triggered from the perspective of government management of society, Bitcoin is just a Ponzi scheme; but from the perspective of free anarchists, Bitcoin is an epoch-making emergence.

[matchi2011]

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.

But the process of buying and selling were continuing in the past, that made bitcoin valuable.
Peoples were buying with lower price, and selling with higher price in the market of exchange.
Therefore, the price of bitcoin was continuing to rise and sometimes get corrected back if too high.

It relied with people who can take the risk of buying it and holds waiting for the new price to earned, bitcoin gained the attentions and trust of people
who loves finding new ways of keeping an assets, for many people who didn't bothered to know invest they can easily say bad things as they don't
have any the ideas regarding to blockchain technology, they based bitcoin with how current movement happens but not the technology.

[maldini]

this is only a matter of different viewpoints, bitcoin varies in each person's view, some call it gold and some call it silliness like you. But when you think of old developments, you might think bitcoin is ridiculous but when you think of future developments, everything you think is ridiculous becomes real

[deisik]

2. To build a Bitcoin system, the fundamental reason lies in the social distrust of the government. The existence of Bitcoin is in fact a disguised deprivation of the government's Seigniorage and tax rights, making inflation technically impossible

I can't say that I disagree with this claim, conceptually

But to actually get there we need true, run-away acceptance of Bitcoin everywhere by virtually everyone and almost entire abandonment of fiat currencies by wide masses of population. It looks unlikely in the foreseeable future. So while Bitcoin may in fact be a challenge to governments and an epoch-making emergence from anarchists' point of view, the governments couldn't care less until and unless common people en masse start using it. In simple terms, what anarchists think and do is irrelevant simply because they are inconsequential

[reality18]

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.

Do you actually buy into this idea? If yes, then you sound entirely ridiculous as well. How then do you classify fiat which was created out of nothing (mostly papers) yet human beings decided to give it value? If you can answer this, then you are right with your concept.

[bitfocus]

if you have no trust in Crypto or BTC, why are you using a crypto ad in your footer, mr. hypocrite?

[poptok1]

You talk about Bitcoin like it is something, like it is an actual thing or even a person: "see it", "believe in it", "invest in it", "profit from it", "benefit from it". Unfortunately Bitcoin is just a fancy name for changed digits in a distributed spreadsheet, it is just a mathematical abstraction, and not an actual thing. Actual things don't appear or disappear by changing digits. People profited or benefited from other people's actual things like dollars, goods or services, not from changed spreadsheet digits. No one can benefit from that. No one can benefit from Bitcoin.

And yet, here we are. Most of us as we writing here, believes that the idea of bitcoin is somewhat beneficial.
Fact is that most of the world's economy today is built on the premise of changing digits. Without a doubt such mechanism is beneficial but one question remains, for whom? Ordinary citizen that will try to "change the digits" in his favour will certainly end up in a cell block.
This phenomenon that one can become his own bank and accountant, must be worth something and thankfully it is.
Now, if anyone is given this chance to operate on same level as the "house" is than truly equal outcome can be achieved. It is not guaranteed of course, because moving "digits" alone is not enough any more. Once again process of financial operations was humanized, influence and economic power ratios were readjusted, this alone simply must be beneficial to us all.

[Ezenwanyi]

It's a free world and so people have the right to air their opinions.
Those who are of the opinion that bitcoin is the most ridiculous invention ever say that based on their own peculiar experiences and researched.
And that right is respected here.
Personally, I think bitcoin invention is the most ever powerful invention in recent times.
The blockchain technology is said to be one of the biggest technologies of our time.