The Truth That Will Eventually Kill Bitcoin

[antikvark]

In the below 6-minute video, it is explained why Bitcoin is a fraud where a gift record is falsely presented to the public as a market item.

https://youtu.be/LlPwmW4XphE

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[AB de Royse777]

In the below 5-minute video, it is explained why Bitcoin is a fraud where a gift record is falsely presented to the public as a market item.

https://youtu.be/0azLw8iPQZU

Stop watching BS.

Printing out dollar backing by loans? That's BS.

[Nadziratel]

In the below 5-minute video, it is explained why Bitcoin is a fraud where a gift record is falsely presented to the public as a market item.

https://youtu.be/0azLw8iPQZU

Well, You've already solved a big mystery about Bitcoin... Congratulations.
So why are you still here?
Yes bitcoin is a fraud and you shouldn't be here anymore. Go and find new things for you.

[MURONDI]

very strange if there is someone who hates bitcoin but still likes being in the bitcoin community, Your place should not be here, I'm sure almost every bitcoin holder already knows the benefits and risks when using bitcoin, maybe you are a person injured because of bankruptcy in bitcoin 

[ice18]

The explanation on this video is totally BS! I think who created this video totally hate bitcoin because he only learned it lately and cannot afford to buy because its too valuable like gold, go and make another video entitled "fiat is fraud".

[antikvark]

The explanation on this video is totally BS! I think who created this video totally hate bitcoin because he only learned it lately and cannot afford to buy because its too valuable like gold, go and make another video entitled "fiat is fraud".

What's wrong with hating frauds? What's wrong with warning people about frauds? Especially people in a community that has most fraud victims?

Fiat currencies are fraud? Based on what have you concluded that? On corrupt governments abusing fiat monetary system? That's like saying that houses and cars are fraud because governments are destroying them in wars.

Fiat currencies are not fraud. They are actual market items that grant its holders the non-monetary repayments, which realises prior to every loan payment, as explained in the video. Cryptocurrencies on the other hand, are records (gift records/scheme membership records) that are falsely presented to the public as market items. For that reason they are fraud. This won't change by calling someone hater.

[YOSHIE]

In the below 5-minute video, it is explained why Bitcoin is a fraud where a gift record is falsely presented to the public as a market item.

https://youtu.be/0azLw8iPQZU

How many people are already rich with Bitcoin, How many people are having a hard time in economic life.
Bitcoin is the best solution for people today, you need to know that.

1. 5 People Who Became Rich Because of Bitcoin, And Their Stories.

I saw a new YouTube video made on January 10, 2020.



Bitcoin has evolved from 2009, very far from the ridiculous videos made, by irresponsible people.
It looks like you need to get to know Bitcoin even further in this Forum and also out there.
Bitcoin is currently the most trusted and honest in the whole world.

that's what you need to remember.

[antikvark]

In the below 5-minute video, it is explained why Bitcoin is a fraud where a gift record is falsely presented to the public as a market item.

https://youtu.be/0azLw8iPQZU

How many people are already rich with Bitcoin, How many people are having a hard time in economic life.
Bitcoin is the best solution for people today, you need to know that.

1. 5 People Who Became Rich Because of Bitcoin, And Their Stories.

I saw a new YouTube video made on January 10, 2020.

https://zizihub.com/0bc4.jpg

Bitcoin has evolved from 2009, very far from the ridiculous videos made, by irresponsible people.
It looks like you need to get to know Bitcoin even further in this Forum and also out there.
Bitcoin is currently the most trusted and honest in the whole world.

that's what you need to remember.

People are not rich with Bitcoin - that is with a record, but with actual market items that were invested into the Bitcoin scheme because investors were lured into a false belief of records being market items. Regarding trust. The fact that people trust in other people's intentions to give their market items for free to someone just because this gets recorded numerically on the blockchain, doesn't make blockchain records market items.

[CryptoBry]

In the below 5-minute video, it is explained why Bitcoin is a fraud where a gift record is falsely presented to the public as a market item.

https://youtu.be/0azLw8iPQZU

Well, You've already solved a big mystery about Bitcoin... Congratulations.
So why are you still here?
Yes bitcoin is a fraud and you shouldn't be here anymore. Go and find new things for you.

very strange if there is someone who hates bitcoin but still likes being in the bitcoin community, Your place should not be here, I'm sure almost every bitcoin holder already knows the benefits and risks when using bitcoin, maybe you are a person injured because of bankruptcy in bitcoin 

No, the author of that video and OP must be feeling like they need to save the world from the financial destruction that Bitcoin can be bringing to all of us who are here in this industry. And maybe the intention can be valid but no thanks we don't need at this time better luck next time around. People who think that Bitcoin can just be another scam or a ponzi that can crash later should look back at the voluminous 10-year history of this asset. Definitely, Bitcoin is staying here for the next 10 years while its critics can already be in the kingdom come.

[Thekool1s]

Thank you for exposing banks in your video... At 0:34 the video mentions the dollars are created by giving out "loans" in this case it was $10,000. What the video failed to show is that the repayment of that loan isn't $10,000 but rather a standard interest rate will be applied on it... So when only $10,000 were "created" the "Borrower" in the real world would have to return back $12,500... The $2,500 which didn't even exist in the first place will have to be repaid. That's how economic debt increases every single day... That's how banks are a scam! You are returning something doesn't even exist yet...

Moving on to Bitcoin not having an "Economic value". Let's define first what is "Economic value"? Simply put

Economic value can be described as a measure of the benefit from a good or service to an economic agent. It is typically measured in units of currency. Another interpretation is that economic value represents the maximum amount of money an agent is willing and able to pay for a good or service.

Consider the agent buying a service from a miner... The service is moving Bitcoins from one address to another which requires POW ^{( proof of work )}... The currency paid for this service is FIAT. In simple words, the agent is paying for the hashing power he is technically renting... So my question to you now is how is bitcoin a fraud again?

[Bonenx14]

everyone has different opinions, if you don't like bitcoin then it's a good idea to find a new place and tell this to people who don't know bitcoin. if you attach to this forum I think you are misplaced, here is the scope of crypto and when you make a rejection then you must present information that has a high argument.

[antikvark]

In the below 5-minute video, it is explained why Bitcoin is a fraud where a gift record is falsely presented to the public as a market item.

https://youtu.be/0azLw8iPQZU

Well, You've already solved a big mystery about Bitcoin... Congratulations.
So why are you still here?
Yes bitcoin is a fraud and you shouldn't be here anymore. Go and find new things for you.

very strange if there is someone who hates bitcoin but still likes being in the bitcoin community, Your place should not be here, I'm sure almost every bitcoin holder already knows the benefits and risks when using bitcoin, maybe you are a person injured because of bankruptcy in bitcoin 

No, the author of that video and OP must be feeling like they need to save the world from the financial destruction that Bitcoin can be bringing to all of us who are here in this industry. And maybe the intention can be valid but no thanks we don't need at this time better luck next time around. People who think that Bitcoin can just be another scam or a ponzi that can crash later should look back at the voluminous 10-year history of this asset. Definitely, Bitcoin is staying here for the next 10 years while its critics can already be in the kingdom come.

It's not the financial destruction that Bitcoin can be bringing to people, but just the classical transfer of market items (economic value) for the majority to the minority. Bitcoin is simply the same old value-redistribution scheme dressed up in a new uniform. These schemes work because people always fall for the get-rich-quick plans no matter how nonsensical they are.

[antikvark]

Thank you for exposing banks in your video... At 0:34 the video mentions the dollars are created by giving out "loans" in this case it was $10,000. What the video failed to show is that the repayment of that loan isn't $10,000 but rather a standard interest rate will be applied on it... So when only $10,000 were "created" the "Borrower" in the real world would have to return back $12,500... The $2,500 which didn't even exist in the first place will have to be repaid. That's how economic debt increases every single day... That's how banks are a scam! You are returning something doesn't even exist yet...

Moving on to Bitcoin not having an "Economic value". Let's define first what is "Economic value"? Simply put

Economic value can be described as a measure of the benefit from a good or service to an economic agent. It is typically measured in units of currency. Another interpretation is that economic value represents the maximum amount of money an agent is willing and able to pay for a good or service.

Consider the agent buying a service from a miner... The service is moving Bitcoins from one address to another which requires POW ^{( proof of work )}... The currency paid for this service is FIAT. In simple words, the agent is paying for the hashing power he is technically renting... So my question to you now is how is bitcoin a fraud again?

Hi, thanks for the first non ad hominem comment.

Why would interest have to be paid monetary? Interest is just the cost lenders charge for borrowing money and this charge can be paid in a number of non-monetary ways — in goods, services, bonds, stocks, commodities... So, if the banks would stop creating new dollars and completely abandon them as means of exchange, the borrowers would simply pay the interest in some non-monetary assets.

Regarding the economic value of Bitcoin. There is none. Bitcoin is just a record, while an economic value exists outside the record - in market items, as explained in the video. The agent buying a service from a miner simply means that miner uses electricity to transfer record from one virtual address to another and to maintain this record. And this obviously  doesn't make this record a market item with an economic value.

[Thekool1s]

The agent buying a service from a miner simply means that miner uses electricity to transfer record from one virtual address to another and to maintain this record. And this obviously  doesn't make this record a market item with an economic value.

According to who exactly? The agent decides what's value for them... In bitcoin's case, it's renting the "hashing power" that is the market item...

Why would interest have to be paid monetary? Interest is just the cost lenders charge for borrowing money and this charge can be paid in a number of non-monetary ways — in goods, services, bonds, stocks, commodities...

No matter how you try to spin it, at the end of the day you will have to pay back to the bank in form of "cash". That's why we have an ever going debt. No matter what wording you want to use you will end up with an ever-increasing debt... This "system" has scammed people for centuries it's about time it is replaced by something better. No economist will even try to argue about the ever-going debt... You will never see this figure go down and that's a fact... https://www.economist.com/content/global_debt_clock

[BrewMaster]

and even after more than a week people are still wondering why Google (owning Youtube) keeps on removing a lot of cryptocurrency related videos on youtube platform. THIS is the answer why! they are simply cleaning up a lot of garbage like what OP posted from their platform to make it cleaner .

[antikvark]

The agent buying a service from a miner simply means that miner uses electricity to transfer record from one virtual address to another and to maintain this record. And this obviously  doesn't make this record a market item with an economic value.

According to who exactly? The agent decides what's value for them... In bitcoin's case, it's renting the "hashing power" that is the market item...

Why would interest have to be paid monetary? Interest is just the cost lenders charge for borrowing money and this charge can be paid in a number of non-monetary ways — in goods, services, bonds, stocks, commodities...

No matter how you try to spin it, at the end of the day you will have to pay back to the bank in form of "cash". That's why we have an ever going debt. No matter what wording you want to use you will end up with an ever-increasing debt... This "system" has scammed people for centuries it's about time it is replaced by something better. No economist will even try to argue about the ever-going debt... You will never see this figure go down and that's a fact... https://www.economist.com/content/global_debt_clock

Hashing power is simply the power a computer uses to maintain the record. Power is indeed an economic value, but this value has already been spent for said purpose. It is not stored somewhere for the bitcoin holders to utilize it in the future. A miner simply invested the power (electricity) to maintain the record. His/her investment is his/her gift to the people that have virtual addresses associated to this record. The record itself is economically valueless as it just contains alphanumerical symbols that point to themselves.

Regarding debt. There is nothing wrong with debt as it is just agreements between people and such agreements exist from the beginning of times. Given that the population grows the debt agreements grow as well. The problem is government debt, which is political question that has nothing to do with whether something is or is not market item, or whether it has or has not economic value.

[Thekool1s]

It is not stored somewhere for the bitcoin holders to utilize it in the future.

Why does it need to be stored? If you look at bitcoin from a technical perspective you are basically getting "unspent Outputs" which you can "spend" in future, so that point is satisfied if you ask me... We can argue all day about this as "value" is something subjective. We all believe 1$ is 1$ cuz of our "Collective Subjectivity". This article^[1] sums up the whole situation beautifully do give it a read...

Regarding debt. There is nothing wrong with debt as it is just agreements between people and such agreements exist from the beginning of times. Given that the population grows the debt agreements grow as well. The problem is government debt, which is political question that has nothing to do with whether something is or is not market item, or whether it has or has not economic value.

Agreed. But when the "Money" in question is being created out of thin air at One's will then it will end up in one big clusterfuck!

Source:
[1] https://hackernoon.com/what-gives-cryptocurrencies-value-d5e8aee1466d

[Baby Dragon]

very strange if there is someone who hates bitcoin but still likes being in the bitcoin community, Your place should not be here, I'm sure almost every bitcoin holder already knows the benefits and risks when using bitcoin, maybe you are a person injured because of bankruptcy in bitcoin 

It's because they are looking for another opportunity to ruin bitcoin's reputation, they are thinking how they can change people's perspective. They don't understand that despite of that people are still into bitcoin because of it's capabilities and potentialities to change their life into something better, they underestimate it without even looking on people's experiences on it which is great and amazing. People these days should open their eyes and minds that people judge something they can't even reach, they hate something they can't have and we have to accept and respect it. We can't avoid the risk because it's part of our journey and sometimes our decision never turns out great but our differences between those kind of people is that we never let it as a hindrance to achieve our goals. Also, people mistake bitcoin as fraud because it was being used to deceive people and into other illegal activities, they don't analyze the difference between the two.

[antikvark]

It is not stored somewhere for the bitcoin holders to utilize it in the future.

Why does it need to be stored? If you look at bitcoin from a technical perspective you are basically getting "unspent Outputs" which you can "spend" in future, so that point is satisfied if you ask me... We can argue all day about this as "value" is something subjective. We all believe 1$ is 1$ cuz of our "Collective Subjectivity". This article^[1] sums up the whole situation beautifully do give it a read...

Regarding debt. There is nothing wrong with debt as it is just agreements between people and such agreements exist from the beginning of times. Given that the population grows the debt agreements grow as well. The problem is government debt, which is political question that has nothing to do with whether something is or is not market item, or whether it has or has not economic value.

Agreed. But when the "Money" in question is being created out of thin air at One's will then it will end up in one big clusterfuck!

Source:
[1] https://hackernoon.com/what-gives-cryptocurrencies-value-d5e8aee1466d

You are constantly missing the point of the video. Bitcoin, from a technical perspective, is a record in a database associated to a virtual address of an individual. Economic value is a thing outside the database, a thing that is actually owned by that individual. And now the point: if there is nothing outside the database, then no economic value exists and nothing is owned by the individual. In the case of stocks, apples and dollars, the things that are owned are: equity, want-satisfying power, and the right to non-monetary repayments. In the case of Bitcoin, nothing is owned outside the database. There is only a record in this database what exists. So, that has nothing to do with subjectivity, but with the fact that Bitcoin is simply a record confirming that one individual gave a gift (an economic value outside the database) to another individual.

[Thekool1s]

You are constantly missing the point of the video.

No, your lack of ability to understand bitcoin's technical side isn't my issue but rather yours... "Unspent Outputs" are what you would say Bitcoin's "market item" is... Do give Bitcoin's whitepaper a read and once you understand the concept of "Unspent Outputs" we can continue from there...

P.S I like how you are ignoring the points I made about FIAT.