The Truth That Will Eventually Kill Bitcoin

[ice098]

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

Just 30 persons who have watched the video and there is no one who subscribe the channel, so I don't believe at all.

And I believe this kind person who just spread bad news about bitcoin because he hasn't knew bitcoin as a whole and I'm sure he hasn't got anything from bitcoin. Most likely, he just person who know bitcoin on the internet and never try to find more about it. Simply will just like this, I'll believe if there is anyone who tell that bitcoin is fraud or scam if he has tried to own bitcoin, but there is no one. But I'll believe if there is someone who has got a lot of money from bitcoin because there are many proof about it.

The person behind that video is literally an ignorant. He just made that video only for himself. I am sure he just wanted to be famous through the use of posting malicious video about bitcoin without knowing that if what he said will eventually turn out a lie he can be put inside the jail by thr crypto team because that is "libel." For those who had watched the video please dont easily believe on that video without any proof.

[bitcoindusts]

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

Just 30 persons who have watched the video and there is no one who subscribe the channel, so I don't believe at all.

And I believe this kind person who just spread bad news about bitcoin because he hasn't knew bitcoin as a whole and I'm sure he hasn't got anything from bitcoin. Most likely, he just person who know bitcoin on the internet and never try to find more about it. Simply will just like this, I'll believe if there is anyone who tell that bitcoin is fraud or scam if he has tried to own bitcoin, but there is no one. But I'll believe if there is someone who has got a lot of money from bitcoin because there are many proof about it.

I think someone wants to add more views on that video.  Honestly, I don't bother clicking the link.  If that is too urgent then he can just post the list of reason why Bitcoin is a fraud.  And presenting this kind of negative stuff about Bitcoin is normal for those who really don't understand what Bitcoin is and how it  is valued in the market.  Aside from this one, others also say that Bitcoin is a Ponzi scheme and isolating the Bitcoin case not comparing it to other which if they do will found out that everything in the market is like a "ponzi scheme" which will nullify their claims about Bitcoin.

[HardFacts]

No matter what you believe about BitCoin, it can be traded and there is a lot of money to be made if one can predict the price swings !!!

I finally gave in and bought some BitCoins.  Even if they go down in the long term, I can be out of the market whenever needed.  For now, I can take advantage of the price spikes     Just get a good secure Wallet like Electrum and start trading

[Polar91]

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.

Basically, with people already rich with knowledge about bitcoin and cryptocurrency, it is hard to just provide a thread that will aim to turn the table suddenly. I hope OP, you should first have the strong source of information about this, because bitcoin is proven in different ways, and cryptocurrency supporters will just hate people spreading this kind of thoughts, though, I am not against your opinion, I highly appreciate if you support bitcoin because believe me or not, it doesn't have intention to bankrupt people because it isn't the same with your banks.

[d5000]

My opinion on this topic may be a bit unpopular in this community: at least in the first part of the video, there is some truth in it. But the general conclusion is wrong, and the point that it's similar to a ponzi is blatantly false.

OK, let's discuss that:

That video is basically about the discussion of the "intrinsic value" of Bitcoin. First, as the video correctly states, Bitcoin's value comes "out of thin air" because it depends entirely on the willingness of people giving a "market item" (be it fiat, dollars or anything else) for it (I actually disagree of that being a "gift", it's an economic exchange like buying a collectible, for example). People buying bitcoin are expecting to be able to sell it at least for a similar value.

However - and here the video is correct - it can not be guaranteed to Bitcoin "hodlers" that they will be able to re-sell the BTC for the same value. This is basically the "price stability" problem I have discussed in several occasions. In my opinion, this problem can only be solved with adoption as a currency. If there are merchants willing to sell you an item for a fixed price in BTC (which is currently very seldomly ocurring) and guaranteeing this price for some time, then you would have the guarantee that you could exchange your Bitcoins to "market items" for a forseeable value (I proposed a system to do that some time ago). Speculation and hodling wouldn't solve the problem because the price instability would persist even if BTC is worth 1 million USD.

But now to the conclusion that Bitcoin is a "fraud" or "ponzi". No, it simply isn't, period. Frauds and ponzis have the characteristic that they promise you a return. That's why they collapse, not because them not having an "intrinsic value". They collapse because old buyers depend from an increasing amount of money put in from new buyers to pay the "promised returns". Bitcoin can perfectly work with a totally stable influx of money and other market items, because it doesn't depend on increasing returns.

Bitcoin isn't promising anything. Bitcoin "bulls" and Bitcoin scheme operators may be promising high returns, but this isn't a problem of Bitcoin itself. These bulls/scheme operators may be scammers, but they're not Bitcoin.

[HardFacts]

But now to the conclusion that Bitcoin is a "fraud" or "ponzi". No, it simply isn't, period. Frauds and ponzis have the characteristic that they promise you a return. That's why they collapse, not because them not having an "intrinsic value". They collapse because old buyers depend from an increasing amount of money put in from new buyers to pay the "promised returns". Bitcoin can perfectly work with a totally stable influx of money and other market items, because it doesn't depend on increasing returns.

Bitcoin isn't promising anything. Bitcoin "bulls" and Bitcoin scheme operators may be promising high returns, but this isn't a problem of Bitcoin itself. These bulls/scheme operators may be scammers, but they're not Bitcoin.

ABSOLUTELY WRONG !!!!

A Ponzi Scheme can appeal to the GREED of people, that invest hoping for a higher return.  A " Promise " is not required, a strong hope or expectations of gains can make a ponzi scheme.  No one cares if it is a promise, or a good sales job.

People buy BitCoin because they expect its price to go to the moon.  Exactly the same as a Ponzi Scheme.  And BitCoin is absolutely dependent on someone willing to pay a higher price.

You can have your own opinion on weather it is a Ponzi Scheme or something better, the but what this guy posted above is WRONG, WRONG, and just plane WRONG.  Never listen to people that post bad information.

Hard Facts

[boyptc]

Thanks to the posts of other members here, I don't have to watch the video.

So probably the video contains the FUD that it describes about bitcoin and probably describing it as a ponzi. Know the difference first between that and distinguish why bitcoin is far from that description.

[diahsw]

in my opinion it depends on us to judge for ourselves, what we feel when we invest in bitcoin, is the bitcoin that we feel is deceptive, or are we even excited .. make conclusions on yourself .. !!

[blckhawk]

The low-quality video spills its inability to be a reputable means of argument. First off, cash is actually made out of thin air. The government prints such to regulate the flow of the money in the market, and is intentionally inflationary. They could print it as they wish, and its value is only backed by the government's words, or some say their gold reserves.

People just think it is a Ponzi scheme because they are uneducated of what Bitcoin really is, and what it is capable of. No one controls Bitcoin, unlike Ponzi schemes which has a team offering you something that they clearly know has no value. Bitcoin is not made to be a scheme, it is made to be an alternative means of payment. And the price increase to such level we have now is only because many people trust in it, and therefore hold it.

[ballerin and giroud]

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

Another FUD right? But we don't care about them. You can see bitcoin price has been increasing currently and at least it will makes there is no one/thing which can be able to kill bitcoin. As long as the people or user still believe that bitcoin is have a value then bitcoin will always be alive and also if the internet and electricity still be there bitcoin will be alive. Bacause of that I will not believe if there if there is someone who stated that bitcoin will be die not for those reason.

[d5000]

A Ponzi Scheme can appeal to the GREED of people, that invest hoping for a higher return.  A " Promise " is not required, a strong hope or expectations of gains can make a ponzi scheme.  No one cares if it is a promise, or a good sales job.

People buy BitCoin because they expect its price to go to the moon.  Exactly the same as a Ponzi Scheme.

People also buy stocks, gold, houses, or even stamps because they expect their price to go to the moon Are they all Ponzi victims?

You can't forbid people to speculate on the value of goods and assets. But the essence is that the following statement is wrong:

And BitCoin is absolutely dependent on someone willing to pay a higher price.

Those that want the price seeing to go to the moon are dependant on that, yes. But again: They're not Bitcoin. The "greedy speculators" are a (certainly not small) class of Bitcoin users. But there are other classes of users, e.g. those using it for international transactions or on the black market. For them, Bitcoin is also useful if the price falls a bit. It would even be useful for certain groups if the price crashed to less than a dollar per unit.

One of the biggest challenges for Bitcoin is to achieve these "non-speculator" user groups to eventually constitute the majority of the Bitcoin user base. It's a long way to that, but steadily growing adoption "as a currency" could do the trick.

[TastyChillySauce00]

The video seems to have been taken down. Perhaps it was disinformation, because it has been proven a long time ago that you can make an asset valuable just by buying and selling it. Just like how people discovered platinum and oil and started trading with those. It's just that in bitcoin's case, it's monetary properties are mathematical instead of physical. It's not like I can make fake bitcoins and undermine it's value.

And currency is what most of people agreed to use and deemed to have value because people says so meanwhile paper money is just made out of thin air and backed up by nothing. There are some people out there that are still thinking these paper money backed up by gold but truthfully speaking they are just few decades behind because paper money is no more backed up by anything other than speculation debt and loan. Using the same logic I could say paper money is the same bullshit and even worse it can't even record anything but just a useless paper with fancy colour.

[AbuBhakar]

in my opinion it depends on us to judge for ourselves, what we feel when we invest in bitcoin, is the bitcoin that we feel is deceptive, or are we even excited .. make conclusions on yourself .. !!

For so many time bitcoin been killed, been tagged as not worth it but see it's still gaining popularity and gets attention by different countries. It will depend on how we will take advantage on it's use and importance. Its been useful for me and been a good investment vehicle. Don't be swayed by FUD make our own research is needed.

[yulionoo]

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

do not like bitcoin and assume bitcoin is a fraud that is your right. but you shouldn't make that post in this forum. those of us in this forum are people who believe in bitcoin. although bitcoin has made some people suffer losses but I'm sure there are more people who benefit from the presence of bitcoin. many people achieve financial freedom because of bitcoin. if you feel disadvantaged investing bitcoin it's your fault not bitcoin.

[Dart18]

Posting bitcoin is something of a fraud in bitcoin community.
I can tell you have the courage but also foolish.

You know there are a lot of bitcoin supporters here and would bash anyone who tells bitcoin is something that is just a fraud.
You might not like it but sorry, that is how it is here.

Try anti-bitcointalk.org. That is, if there is one. 

[znation]

What is the purpose of this article about Bitcoin, if you are not interested in Bitcoin then you are here to prove what it is, do not see about a problem that judges the whole system.

[bitvalak]

My advice stop watching content like that because it will damage your own mind and create a mental block for yourself.
But if you fully trust what is in the content it is your right. Let's toast to see the triumph of Bitcoin in the future. 

[chaoscoinz]

I think that the infrastructure of Bitcoin and the cryptocurrency community/following have grown way too large and successful to go away anytime soon. There are many merchants that now transact with cyrptocurrency. Adoption of cyrptocurency is starting to make it's way into major corporations like Facebook who is at the helm of congress trying to get representation and approval for its Libra platform, that could potentially increase adoption significantly.
Here is an a short video explanation presented by CNBC a major news and media outlet giving a sweet presentation on the value of Bitcoin and why it isn't fraudulent.

 Digital Currency Has Real Value — Here’s Why | CNBC
https://www.youtube.com/watch?v=mwEXxC_rIHA

Just my two cents   

[Doranile432]

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

With this your greatest discovery you shouldn't be here, if you can't find answers yourself you will end up believing in what you here from others, just exactly what you watch in the video, how fraud can it be when digital currencies are triumphing every where? You need to learn a lot

[supercanada1]

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

With this your greatest discovery you shouldn't be here, if you can't find answers yourself you will end up believing in what you here from others, just exactly what you watch in the video, how fraud can it be when digital currencies are triumphing every where? You need to learn a lot

Yes it is not a fraud. Instead of believing in what he has watched in the video he should gain more knowledge about this discovery. This greatest innovation is changing the life of common people in many ways. It is also true that there are fraud traders in this market but the business itself is not fraud. The time will come soon when everyone will be familiar with this digital currency, it will reach to the further heights of establishment and no one can deny the use and importance of it.