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Author Topic: Bitcoin Is The Most Ridiculous Invention Ever Made  (Read 20208 times)
deisik
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February 11, 2019, 11:32:33 AM
Merited by poptok1 (1)
 #141

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

I definitely support this stance

What's more, if we start to think about it, we will inevitably arrive at a conclusion that "changing digits" is not in fact the worst form of a "mathematical abstraction and not an actual thing", even without taking into account that the best part of the modern economy is like that exactly. The worst thing is that decisions we make, life preferences we have, and choices we pick are coming from what may be even more abstract than digits in an obscure server somewhere "out there". So it doesn't really matter because the very idea of profits and benefits as such is no less abstract

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February 11, 2019, 11:37:52 AM
 #142

The value of it is $3650 approximate and you think it is worth nothing ?
then how about the corrupt system where they print 0.15 dollars of paper turning it into money and lending it out to the kinds of people like you and putting interest in it. That's how ridiculous the fiat system is.

 
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February 11, 2019, 11:48:50 AM
 #143

The value of it is $3650 approximate and you think it is worth nothing ?
then how about the corrupt system where they print 0.15 dollars of paper turning it into money and lending it out to the kinds of people like you and putting interest in it. That's how ridiculous the fiat system is.
There have been divided opinions about Bitcoin and tend to question its potential and credibility. However, for those who are well-aware and educated about this invention, they know how beneficial and profitable Bitcoin is. It is a total breakthrough, an invention, a technology that brings quality of life. It may not be widely-accepted for now, but I believe that its demand will continue to increase.

 
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February 11, 2019, 12:24:33 PM
 #144

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

This is one of the best explanation i have ever read. i totally agree with you man, with fiat, you don't own it, you just hold it because the Government lets you to, while with bitcoin, you are the only person that has control over your funds directly.
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February 11, 2019, 12:36:04 PM
 #145

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

So you are back at it

I haven't heard you talk about Bitcoin mining costs for some time, I mean, after you and people who supported the idea that Bitcoin couldn't possibly crash below 6k because "so were the mining costs" back in the day were proved flat-out wrong. Now, when the dust has settled a little, you are back to your element and started to preach the same bullshit about production costs determining value of something again

Somehow I thought that people can learn at least the hard way but I was obviously wrong (well, actually I think that most people can't learn at all, either way)

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