Don’t fall for weak Bitcoin-FUD on Twitter

[1miau]

Recently, some people spread very weak FUD on Twitter about Bitcoin’s digital scarcity:


https://twitter.com/_benkaufman/status/1343839142287990784

Their "creative" arguments:

Because it is possible to split Bitcoin into very small units (Satoshis), Bitcoin isn’t scarce and therefore the Limit of 21 Million Bitcoin would be meaningless. Because people just need to split Bitcoin into smaller units and everyone can finally own some.

Please don’t fall for such low-level FUD. ^^

It is not true, that amounts are getting more when you split it into smaller pieces. Splitting a pizza into 4 pieces will result in 4 x 1/4 = 1 Pizza, for example.
The whole Pizza is always 1 Pizza.

It’s just not possible to increase something by splitting it into different pieces.
Same as for Bitcoin: nobody can create more Bitcoin by splitting it into smaller pieces…

1 Bitcoin is always 100,000,000 Satoshis

[The Cryptovator]

Haters raising up again. Most likely they hadn't hold bitcoin or they want to buy it dip. These are just stupid and pointless comments. Presenting wrong information and spreading FUD. At least those have basic knowledge about bitcoin technology, they will ignore such as comments. I like your example that you made on the OP regarding Pizza. Satoshi is unit of bitcoin, it wouldn't compare to Bitcoin and these are two different word and meaning as well. The limit wouldn't exceed 21 million any way

[RapTarX]

Holy Crap! Such stupid arguement. There will be 21 million BTC only, dividing them into small parts like mBTC, uBTC, satoshi doesn't make it more than 21 milion BTC. They don't know how fiat USD is formed from cent to USD. Did you reply in the tweet?

[JeotQ]

Won't take such very serious because many are already regretting not buying bitcoin and Ethereum when there was enough chances, now all they can pull off is FUD stunts, it's not going to work hahahaha, even if some newbies believes such it can't stop bitcoin from reaching a new ATH this time

[1miau]

Holy Crap! Such stupid arguement. There will be 21 million BTC only, dividing them into small parts like mBTC, uBTC, satoshi doesn't make it more than 21 milion BTC. They don't know how fiat USD is formed from cent to USD. Did you reply in the tweet?

I didn't reply but the Tweet linked above (from Ben Kaufman, he's positive about Bitcoin) is trying to get it right "math is hard". 
Peter McCormack also retweetet it and called out the FUD.

As a result from the last bull market we know: some money isn't smart and these are the same people buying shitcoins like BSV or XRP because it's "cheap", a YouTuber recommended to buy or other crazy, clueless conclusions. I'm also expecting a new Shitcoin bullrun because many people have learned nothing or are too lazy to do own research.
At least it would explain why centralized Shitcoins like XRP are still at 9,000,000,000$ marketcap, insane.

[JeromeTash]

This kind of FUD always surfaces whenever the Bitcoin price starts reaching new levels and starts making headlines even on mainstream media. I believe this are the very guys who kept talking about how Bitcoin is a bubble which was about to burst, how Bitcoin was dead when the price dropped, and now it's a bitter pill for them to swallow seeing the new Bitcoin price

[Findingnemo]

So called social media influencers are always stupid, they doesn't even know splitting something doesn't increase the actual product in any manner, is there anyone got bad influence after seeing such stupid statements from these spammers.

Surprisingly ethereum break $900 when no ie expecting, there are YouTubers start promoting altcoins with their idiotic market. Famous quote for successful investor is Buy the Fud Sell the Fomo, so its time to buy bitcoin nothing else.

[TryNinja]

Don't feed the /r/Buttcoin'ers!

This is how they spend their day:

[hatshepsut93]

This is almost a tradition in Bitcoin - whenever price rises, trolls emerge and start spreading FUD. Happens on this forum too - brand new accounts create multiple topics per day with claims that Bitcoin will crash, and of course they don't back their claims with any evidence.

Haters raising up again. Most likely they hadn't hold bitcoin or they want to buy it dip.

People who want to buy the dip just wait patiently. These people who spread FUD either just trolls who hate cryptocurrency, because they are envious of other's gains, or they are hired by banks or governments. A few years ago it was proved that Poland was paying some bloggers to make anti-Bitcoin content.

[Ryker1]

Well, they are bitcoin haters and those people who believe in their arguments are those people who don't know what is bitcoin and what is its function. It is clear on their arguments that they dont have enough knowledge of bitcoin, they don't even know when bitcoin is divided into a fraction number it will remain the same supply of 21 million. Perhaps this FUD is a part of those whales trying to get down bitcoin and invest more once they had successfully spread their FUD to the innocent people who dont know what is bitcoin.
That is right, dont feed this troll, haters are everywhere when they saw that bitcoin now becomes most popular because of the expensive price they will create a drama like this.

[Welsh]

This is almost a tradition in Bitcoin - whenever price rises, trolls emerge and start spreading FUD. Happens on this forum too - brand new accounts create multiple topics per day with claims that Bitcoin will crash, and of course they don't back their claims with any evidence.

I feel like its usually a little more believable than this though. This, is easily disapproven with simple mathematics, that you are taught at a very young age. Usually, its best to spread FUD that can't be easily verified, therefore it creates an element of doubt. However, this is just plain stupid.

I guess despite this being a very poor attempt of creating FUD, for those that aren't familiar with Bitcoin they wouldn't know what the decimals mean, and that might start confusing those that aren't familiar with the structure of Bitcoin. Still, I can't really see many falling for this?

[JHORN]

Some are intentionally spreading FUD so that they can drag bitcoin price down but the truth is this FUD isn't enough to hurt bitcoin, those who are investing big money in bitcoin are strong entities, rich millionaires etc, not some twitter users, what those FUDers on Twitter are trying to accomplish can only work on altcoins not bitcoin, it's way out of their league

[casperBGD]

~snip
At least it would explain why centralized Shitcoins like XRP are still at 9,000,000,000$ marketcap, insane.

yeah, this is really a mystery, but one should be aware that there are many things like this one on the stock market as well, retail buyers do not have much experience, but want to earn some and just put their money based on internet advise

XRP marketcap was close to $100 billion at one moment, in the beginning of 2018, really insane, but shit happens

[tranthidung]

https://twitter.com/_benkaufman/status/1343839142287990784

I saw this tweet and it was released last week, not today. I agree that it is a most stupid, brainless FUD.

1 Bitcoin is always 100,000,000 Satoshis

I love the chart from coinmarketcap but not the original chart. The one I love is after all indicators: marketcap, Price, and 24h volume are hidden. What is left after that?

• Only one orange horizontal line that represents 1 BTC is always 1 BTC
• 1 satoshi is always 1 satoshi
• Only 2 things change:
  
  • Price of bitcoin/ satoshi
  • The changes in intensity of bitcoin usage to satoshi usages in transactions

Sources

• coinmarketcap.com
• Bitcoin: An Unprecedented Experiment in Fair Distribution

[boyptc]

There are too many of them, that's why I only check tweets there if something is useful and encouraging rather than useless tweets and arguments.

Newbies can easily be affected by those words.

[1miau]

Peter Schiff, showing his lack of knowledge about Bitcoin once more:

[FUD]

https://twitter.com/PeterSchiff/status/1352625339944607744
[/FUD]

But maybe he's just intentionally pushing FUD here, I can't imagine he's really believing what he's saying here... 

[SquirrelJulietGarden]

Peter Schiff, showing his lack of knowledge about Bitcoin once more:

How stupid he demonstrated he is?

The satoshi unit was not chosen arbitrarily by satoshi who explained it clearly.

My choice for the number of coins and distribution schedule was an educated guess.  It was a difficult choice, because once the network is going it's locked in and we're stuck with it.  I wanted to pick something that would make prices similar to existing currencies, but without knowing the future, that's very hard.  I ended up picking something in the middle.  If Bitcoin remains a small niche, it'll be worth less per unit than existing currencies.  If you imagine it being used for some fraction of world commerce, then there's only going to be 21 million coins for the whole world, so it would be worth much more per unit.  Values are 64-bit integers with 8 decimal places, so 1 coin is represented internally as 100000000.  There's plenty of granularity if typical prices become small.  For example, if 0.001 is worth 1 Euro, then it might be easier to change where the decimal point is displayed, so if you had 1 Bitcoin it's now displayed as 1000, and 0.001 is displayed as 1.

As an amusing thought experiment, imagine that Bitcoin is successful and
becomes the dominant payment system in use throughout the world.  Then the
total value of the currency should be equal to the total value of all
the wealth in the world. Current estimates of total worldwide household
wealth that I have found range from $100 trillion to $300 trillion. With
20 million coins, that gives each coin a value of about $10 million.

So the possibility of generating coins today with a few cents of compute
time may be quite a good bet, with a payoff of something like 100 million
to 1! Even if the odds of Bitcoin succeeding to this degree are slim,
are they really 100 million to one against? Something to think about...

https://nakamotoinstitute.org/mempool/the-bullish-case-for-bitcoin/
https://pastebin.com/Na5FwkQ4
https://www.mail-archive.com/cryptography@metzdowd.com/msg10152.html

Another stupid point is: the comparison of bitcoin and satoshi is stupid as the comparison of $ and cent in their values. I can not step in his shoes to understand his logic to make the comparison.

[akirasendo17]

These people who spread fud, have two agenda's break bitcoin so that they can reenter in a profitable price for them then spread reality so that price will pump for them to profit
the second one, is they don't want to putdown bitcoin because they don't like it and they are leaning toward something that they think they are more profitable, sometimes they are also paid to say those things to the public because it will insert fear to the people, there are other things that, associated with their actions.

[pooya87]

Because it is possible to split Bitcoin into very small units (Satoshis), Bitcoin isn’t scarce and therefore the Limit of 21 Million Bitcoin would be meaningless. Because people just need to split Bitcoin into smaller units and everyone can finally own some.

This argument blows up fiat into pieces. Imagine the same thing about fiat. Unlike bitcoin USD has unlimited supply with no cap, it can also be split into smaller units, in fact some online wallets done it before and funny enough some altcoin exchanges have expanded their setting to USD and divided it to 8 decimal places. If the same FUD idiots think about that their brain will melt