A Late Show with Stephen Colbert calls bitcoin a scam

[glowing10]

If he said that the twitter hack is a bitcoin scam, then he is right but if he said in general that BITCOIN is indeed a scam then he is one of those people who doesn't have any knowledge about bitcoin or the whole cryptocurrency. Some of my friends think that way but i try to explain every single thing about Bitcoin so they could understand it.

Whenever such things happen and ransom amount is asked in bitcoin, people feel that bitcoin itself is a scam because they associate that all bad things is because if bitcoin. But once they know and understand how it works, how beneficial it has been to millions of people they would know the story from both side rather than knowing the half of it. We will have all types of people some will like it and some will dislike this so nothing to worry about it.

[DoubleEdgeEX]

Some learn sooner, some learn later. He can found a club with Peter Schiff, Nouriel Roubini and some others that deny changes. Think of how all those old fashioned busienss where bashing BTC up to a few months ago, and look at the now, JP Morgan, Paypal, Mastercard, and many more. Even Goldman is working on some crypto products, in their case it´s more look what they are doing instead of listing to what they are saying.

[witcher_sense]

Maybe Stephen Colbert has a little knowledge about bitcoin, but the way he explains it, he emphasize the meaning of bitcoin scam as anything involving bitcoin or in my understanding any scam that involves bitcoin.

The main problem with the definition of "bitcoin scam" he is using is that it requires further explanations in order to understand what is going on. It doesn't even matter whether you are a proponent of bitcoin or vice versa, hater, if you don't ask, you will end up with conclusion that bitcoin scam means bitcoin is scam, because even bitcoin network involves bitcoin, therefore meets the definition of bitcoin scam.

And again, why should we even mention the name of currency involved in illicit activity? I don't see reasons other than they make us to believe that bitcoin is a bad currency because it is used in scams.

[Debonaire217]

In a wider umbrella or shallow point of view of different person especially those who aren't really familiar with bitcoin, it is easy to say that bitcoin is scam. With the recent hack of twitter accounts, the way they conclude about it is unreasonable, there are many factors how accounts could be hacked. If these people knowing that they have a reputation conclude that fast, he/she might have a different intention which aims to divert the attention or somehow reduce bitcoin adoption.

[amishmanish]

I like watching Colbert. He used to sound way more funny with all the additional sound effects and crowd cheering noise etc before the pandemic. Post pandemic, it had been a bit dull and I had stopped watching. Amonst Seth Meyers, Trevor and him, i feel Trevor took to the unedited version the best. His joke delivery still seems to be natural. I think he intentionally used that pause and controversial statement, "A Bitcoin Scam is anything involving Bitcoin". He would have hoped for this to explode with all those crypto shills flooding his youtube comments explaining bitcoin or just bad-mouthing him.

Unfortunately, its a little late to do that. If he wanted shills, he should have named something like Tron, EOS or any of the 100,000 TPS, "insert a letter"oS shitcoins out there. The link would have spread to the telegram and shitty grammar comments would have poured in. Bitcoiners don't care anymore Stephen. If you really want their attention, Please educate yourself and cover it properly.

[ChiBitCTy]

Perhaps those who prepared the issue are illiterate. Or they understand everything perfectly and made such a statement on purpose to attract attention to themselves.

This is actually a great point.  I think that most of the show is written by the staffs writing team and likely very little is written by the actual host themselves as they surely have to get prepared for all others sorts of things.  Colbert is a smart dude too, I'd like to think he knows better.

[CODE200]

That is normal thinking of a person who doesn't know things about bitcoin, that is why there are many people who do not use or explore cryptocurrency because they don't think that online money is legit. Just like my friend, he knows that there is a word online money but he doesn't want to try or even explore it because of thinking that it is fake. The only real-world is legit for them.

What isn't normal is when we let them to have that kind of mindset for life. We should let them know, we should let them become enlightened about the good benefits and advantages of bitcoin towards person's financial status. Digital currency lacks promotion especially in those rural areas and even in urban areas that doesn't recognize digital money as a real money. If you tried to explore cryptocurrency, you will always go to a point where scam will be a topic and a warning for you to be knowledgeable about the damage and losses that it can make to your assets. Explore and explore before you make a conclusion and mindset toward something so that you will know how to determine between real and fake money, real and fake offers, real and fake giveaways.

[MainIbem]

Journalists will always look for a catchy headline to attract the most attention to their news headline. If the hacker is requesting for Bitcoin as settlement, it there means the hacker know the value of Bitcoin to have so demanded.

Also note that there is still a section of the media that still do not like Bitcoin and so will always report in the negative.

[canaris1985]

I've never favoured Colbert cause of him always shing his agenda. Now he's completely lost all my respect

[ChiBitCTy]

I've never favoured Colbert cause of him always shing his agenda. Now he's completely lost all my respect

I'm guessing you're referring to his political stance, which as an independent who dislikes both sides ( left and right ) I can agree that it gets to be over the top a bit.  This sure didn't help much with those sitting on the fence w/him whom are bitcoin advocates lol.

[Sadlife]

Statements like that are obv from the people that don't know anything about Bitcoin.
What givesd Bitcoin this reputation is, that there is a lot of scam involving Bitcoin and these always make it to the press...
So people hear a scam that involves Bitcoin so Bitcoin must be Scam....
So I guess every FIAT is a Scam too?

Or this maybe another scheme by the media to create FUD to the people in order for them to avoid buying it. It's really intriguing how they release such statements when the Cryptocurrency market is pumping while the stock and dollar is going down.

I'd expect in the following days that more media platforms will release negative feedback to Bitcoin calling it a scam. When really the biggest scam of them all is Fiat with unlimited money printing.

[LogitechMouse]

We've heard numerous negative statements already regarding Bitcoin.

Bitcoin is dead.
Bitcoin is a scam
Bitcoin will lose value in the future.
Bitcoin is a shitcoin.
Bitcoin doesn't have any value.

And many more. The only thing that we can do now is to move on since all of these negative comments doesn't have any effect on the price of it already unlike the last years where whenever a famous name says negative about it, the price instantly go down and vice versa.

[Shasha80]

Lots of people like Stephen Colbert don't really have knowledge of Bitcoin, so if there is a scams incident that involves
Bitcoin then automatically Bitcoin must be scams. But it is strange not to apply to Fiat, and therefore must be more and
more promotions regarding Bitcoin. So many people can be educated and no longer say Bitcoin is a scams.

[minersday]

Well, you should understand that we live in a world where people are entitled to their personal opinions. Whether Bitcoin is a scam or not, the entire Bitcoin and cryptocurrency ecosystem do not care what Stephen  Colbert thinks about Bitcoin.  Bitcoin has been around a decade now, and he is now seeing that Bitcoin is a scam? Why do people give a F**k what Stephen Colbert thinks about Bitcoin ? Bitcoin is beyond this scam issues.

[coolcoinz]

Funny thing, but in the beginning of the part about Bitcoin (3:34) he says "bitcoin scam is anything involving Bitcoin".
So, folks, remember this one. Stephen knows what he's talking about and he's is telling you that if you buy Bitcoin, hold Bitcoin, trade Bitcoin, pay someone with Bitcoin, it's all a Bitcoin scam...

[charlesmichel1]

It wasn't the first when bitcoin was called a scam or a ponzi scheme. Did it affect the industry? No.

[Twinkledoe]

I really like such sayings, when someone says that bitcoin is a scam or that this is the most ordinary bubble, and then after a while he looks in amazement as bitcoin grows and continues to repeat that it is a scam, realizing that he missed an excellent opportunity. The reasons, as always, lie in ignorance.

Most individuals that call bitcoin a scam has less to no knowledge about the true nature of bitcoin or crypto. Because even if he just needs one hit in google, he's lazy to do it considering that he is a well-known media personality. Of course, crypto users like us know better about such accusation because it stemmed from ignorance. I am betting once he educated himself about crypto, he will change his viewpoint on crypto and eat his words.

[Finestream]

It wasn't the first when bitcoin was called a scam or a ponzi scheme. Did it affect the industry? No.

So there's no need to explain it's effect as it's close to none, lol..

Stephen Colbert is not a crypto man, so he has no influence here, what he did is just he give curiosity to the people, the way he deliver his statement looks bad but if one is not lazy to make a research, for sure he will get the right answer and would know that bitcoin is legit.

Headline that is misleading is catchy all the time, so I don't trust these kind of people and they are all paid.

[Chris Barth]

I think I've seen some people who still call bitcoin a scam (knowing fully well that it isn't). These people don't want to say it because they don't want themselves believing in it. However, if you'd ask me; it's too late for anyone to stop bitcoin, so, we move!

[carlfebz2]

It wasn't the first when bitcoin was called a scam or a ponzi scheme. Did it affect the industry? No.

So there's no need to explain it's effect as it's close to none, lol..

Stephen Colbert is not a crypto man, so he has no influence here, what he did is just he give curiosity to the people, the way he deliver his statement looks bad but if one is not lazy to make a research, for sure he will get the right answer and would know that bitcoin is legit.

Headline that is misleading is catchy all the time, so I don't trust these kind of people and they are all paid.

Paid or not it doesnt matter because all of the words comes out into their mouth is BS. They should have at least some time even reading up the most basic information before tending to make or say up some words.

This isnt something new to bitcoin though yet its been like this when it comes to criticisms, misconception to those people who dont have much idea on what it is.

It doesnt really give out any effect and you are right, this would rather just make some curiosity and for people who would really tend to research about it, would really realize the other way around.