Is Bitcoin a scam: The long debated argument discussion by Bloomberg - Quicktake

[davis196]

There's no need for me to watch this video.
I guess that the question "Is Bitcoin a scam?" is rhetorical.The FUDsters will keep asking this question until the end.
I can assume that this is some BS combined with a bit of FUD.Even the comments under the tweet are BS and FUD.

Love how everyone becomes so philosophical whenever bitcoin dumps.

Just stfu and buy the dip.

This is the only good comment under the tweet.Just stop thinking and buy the dip.

[buwaytress]

It's only as much a scam as the current financial/banking system. I mean, I get told I have digits in my bank account, and that can magically move almost anywhere I want it to, with the blessings of my banks and if everything goes right.

Visa not being a settlement system is also really important point but doesn't mean anything to the average user. And once we all get on LN (or similar) and accept it as settlement, then it's no point to even compare =)

[Mugtaiya]

The biggest skeptics are the banks because they see bitcoin as an adversary to their own current fiat financial system.

I'm only referring to the video you can see if you visit the link from the OP, because it mentions only those two people as some of the critics or skeptics - and we all know that Jamie Dimon changed his mind a long time ago, and that JPM is today a bank that every week gives very positive opinions when it comes to BTC.

At the moment, banks are just trying to slow down the adaptation until they are ready to jump on the BTC train and profit from it. It is only important to them that they earn as much as possible, and it is less important whether they launder money for drug cartels or take fees for crypto exchange/custody.

I had the foresight to the question coming up with this source for my evidence on the matter:
Mining in the Arctic (Norilsk) using gases
https://twitter.com/Quicktake/status/1372955971367108610

Journalists and their research work, we had this topic on the forum almost 2 months ago. It would actually be more correct for Quicktake to become Slowtake

Bitcoin in Arctic Circle - The northernmost mining farm in the world!

Fair enough.
But this topic had got me thinking.
What happens when the last bitcoin is mined. The miners are used when transactions on the blockchain are put in and it completes when they are confirmed. But once the last amount is done (some have said as soon as 2037) what happens then? No more mining means no more transactions being confirmed?

There's no need for me to watch this video.
I guess that the question "Is Bitcoin a scam?" is rhetorical.The FUDsters will keep asking this question until the end.
I can assume that this is some BS combined with a bit of FUD.Even the comments under the tweet are BS and FUD.

Love how everyone becomes so philosophical whenever bitcoin dumps.

Just stfu and buy the dip.

This is the only good comment under the tweet.Just stop thinking and buy the dip.

Yes. The term BTFD is the word to use against these FUDsters.

[rdbase]

Someone just bought at the dip with this tweet just released.

“Someone just transferred 12,000 #bitcoin  off of Coinbase, that's over half a billion dollars. They bought the dip.”
https://twitter.com/documentingbtc/status/1374356761000431620?s=21
Elon is that you?

I don't think it was mr.musk as that would be just to obvious.  

Transaction id: https://mempool.space/tx/98af142954ccc235516594fc0d8aa5d67516f1bfec312271ba599f89408b850b

[o_e_l_e_o]

What happens when the last bitcoin is mined. The miners are used when transactions on the blockchain are put in and it completes when they are confirmed. But once the last amount is done (some have said as soon as 2037) what happens then?

The block reward will not drop to 0 until around 2140, but we will have mined 99.9% of all bitcoin by 2044, at which point the block reward will have fallen to less than 0.1 BTC from its current 6.25 BTC.

What happens is that over time, the fee being paid for transactions contributes more to the total mining reward and the block reward contributes less. The most recent block mined at time of writing, block 675,996, has a total mining reward of 6.98 BTC, of which 6.25 BTC is the block reward and 0.73 BTC is from fees.

[rdbase]

I don't see why the media keeps on attacking bitcoin with the mining consuming the whole of sweden from a news broadcast I just seen mention this subject.
But there are companies who have come to the defense of bitcoin with their use of blockchain technology looking to combat this stigmatism when it comes to bitcoin's use and the environment.
https://blockchainclimate.org


Those who are still against bitcoin mining do a search for bitfarms.
They are using renewable energy within their bitcoin farms.

[Kittygalore]

It's only as much a scam as the current financial/banking system. I mean, I get told I have digits in my bank account, and that can magically move almost anywhere I want it to, with the blessings of my banks and if everything goes right.

You are not burying the banks enough, I mean they operate on fractional reserve banking where they can borrow money even though they do not have anything to make up for it not to mention that they need a lot of paperwork just to work with them. I don't know how they are still doing this kind of debate because it is already pointless unless they know something that the public doesn't know about bitcoin.

[buwaytress]

You are not burying the banks enough, I mean they operate on fractional reserve banking where they can borrow money even though they do not have anything to make up for it not to mention that they need a lot of paperwork just to work with them. I don't know how they are still doing this kind of debate because it is already pointless unless they know something that the public doesn't know about bitcoin.

Unless you're a bank in the US or are part of the Federal Reserve system, which discarded (temporarily) fractional reserve last year (yeah, wonderful innit?), in which case you don't even need to hold reserves. They then went on to infinity printing which Biden's still happy to continue.

At the same time, NYAG slapped Bitfinex with a fine (or was it a settlement now) for lying about their reserves sheet.

[Kittygalore]

~

Unless you're a bank in the US or are part of the Federal Reserve system, which discarded (temporarily) fractional reserve last year (yeah, wonderful innit?), in which case you don't even need to hold reserves. They then went on to infinity printing which Biden's still happy to continue.

Aren't all the banks around the world work that way? The printing isn't a problem as long as it is regulated but considering that a lot has been speculating and saying that the hyperinflation will soon burst in US economy which means that US is not doing a really good job and also they shouldn't have gave big companies a bail out because those money could've been used to help more people, the fault of this companies is being shouldered by taxpayers money.

[Kakmakr]

You know, the ....Bitcoin is using more electricity than "insert new country name here" is getting old now. Most of these claims have been debunked many times before. Have anyone calculated how much of that electricity has been generated with "Clean" renewable energy, like Hidro electricity plants and Wind and Solar plants?

Also..... have they compared Bitcoin's footprint with the whole Banking industry yet? (This includes electricity used for CCTV security / Air-conditioning / Computers & Notebooks / Transporting Cash / Manufacturing Coins and Paper notes.) 

[Sword555]

Nocoiners will always think that bitcoin is a scam. Especially, from Bloomberg

[o_e_l_e_o]

The printing isn't a problem as long as it is regulated

What happens when it isn't being regulated?



The Fed's balance sheet is going parabolic. It took 10 years after the 2008 crash before they even started to reduce their outstanding assets, and then since the start of 2020 we've pretty much tripled the balance sheet compared to the entire history of the Fed up until that point. National debt is at an all time high. The deficit is at an all time high. Money printing is accelerating rather than slowing down, never mind any talk of it being reversed. The dollar is a sinking ship.

which discarded (temporarily) fractional reserve last year (yeah, wonderful innit?)

Do we know that it is temporary? The fed website still states the reserve requirement is 0% - https://www.federalreserve.gov/monetarypolicy/reservereq.htm. Has there been an announcement regarding a reversing of this policy?

[buwaytress]

The Fed's balance sheet is going parabolic. It took 10 years after the 2008 crash before they even started to reduce their outstanding assets, and then since the start of 2020 we've pretty much tripled the balance sheet compared to the entire history of the Fed up until that point. National debt is at an all time high. The deficit is at an all time high. Money printing is accelerating rather than slowing down, never mind any talk of it being reversed. The dollar is a sinking ship.

And it's crazy, really crazy, that no one there seems to be panicking at the moment. I used to think we'd see a different global currency denomination other than in USD but that it wouldn't happen in my lifetime. Now I'm not sure anymore. No one (not I) saw this coming.

Do we know that it is temporary? The fed website still states the reserve requirement is 0% - https://www.federalreserve.gov/monetarypolicy/reservereq.htm. Has there been an announcement regarding a reversing of this policy?

We absolutely don't know, but the notice always says "until further clarification or notice" or some other same meaning crap. Certainly, we should see it as the rate for the foreseeable 8-10 years, if that's how long it took for them to get their act together after the 2009 crash.

Something's got to give, poor Biden's got a long stumble ahead.

[Mugtaiya]

Nocoiners will always think that bitcoin is a scam. Especially, from Bloomberg

Dont know what they are complaining about with VISA taking head on now using blockchain technology.
https://decrypt.co/63170/visa-completes-first-cryptocurrency-transaction-on-ethereum

So if it were even a waste of energy more then what an entire country is using in a year,
why would a major corporation be taking on this technology in the first place if it were?

Does not make any sense what so ever these nocoiners you are referring too are even trying to convey towards the public about bitcoin/blockchains usage.

At this point they just sound like hypocrites.

[rdbase]

A comment I liked from this tweet:
Wages to Freedom Man technologistMoney bag @bitsee2 Mar 19 Replying to @Quicktake and @EdVanDerWalt
Unfortunately an uneducated video. Especially the Visa comment. Visa is not analogous to Bitcoin. Visa does not provide final settlement.

What do you mean by that? What do you call a final settlement exactly?

Final settlement means of the payment can't be reversed. Credit cards can be reversed for 3-6 months. I didn't write the tweet either but that is almost assuredly what they meant.  

Now, 3-6 months is a really, really slow payment system.  How can someone buy coffee with it?

This is a clear statement of what it means by settlement of the payment method according to when it comes to credit cards.
https://www.businesswire.com/news/home/20210329005171/en/Visa-Becomes-First-Major-Payments-Network-to-Settle-Transactions-in-USD-Coin-USDC

[tarzan2]

Nothing gets me more upset than when people say that bitcoin is bad for the environment. What's bad for the environment is having a backwards electric infrastructure using outdated tech. That people say bitcoin is somehow responsible for this blows my mind. For fuck's sake wall street is trying to take the moral high ground on the environment, or anything really, makes me froth at the mouth.

[Mugtaiya]

Nothing gets me more upset than when people say that bitcoin is bad for the environment. What's bad for the environment is having a backwards electric infrastructure using outdated tech. That people say bitcoin is somehow responsible for this blows my mind. For fuck's sake wall street is trying to take the moral high ground on the environment, or anything really, makes me froth at the mouth.

Reminisce of what volkswagen tried to pull in doing an ad campaign, in getting everybody to think they were doing a rebranding so to be more environmentally friendly but all the major media outlets got played out like fools thinking it was real.
https://www.usatoday.com/story/money/2021/03/31/volkswagens-voltswagen-vw-april-fools-joke-ihop-marketing-electric-vehicles/4817871001/
Just too bad for them not everybody have long term memory loss of what transpired 6 years ago with them needing to payout billions in damages out to their customers.
https://www.caranddriver.com/news/a15339250/everything-you-need-to-know-about-the-vw-diesel-emissions-scandal/

Not so funny now which was all for a publicity stunt gone wrong.

[so98nn]

How about the Military consuming the fuel for their destructive purposes?
Who knows how much amount of electricity is required by the outposts that are in the dessert to keep them cool?

Did we crypto lovers ever asked anything about it? 

It has to be below 1% of worlds consumptions. The whole infra of Information tech companies is running 24x7, 365 days, and it has purpose of something.

In similar fashion, we are running ASICS, miners for some purpose which is benefiting the humanity through various usage.

They are simply jealous because their so called bubble became the needle! 

[AniviaBtc]

There are a lot of people who are making profit out of bitcoin and those people who said that bitcoin is a scam might be ignorant in terms of the market.

Bitcoin is a scam, only for those who don't want to study it and for those who are greedy to make transactions in the market in the wrong time.

Also observe the video if the details are accurate and a fact because there are flaws about the video that you should notice and he really lack of information and knowledge towards it.

[20kevin20]

Well, journalism should always be taken with a pinch of salt since just the fact that it's on the news does not make the information in any kind of way legitimate.

I don't get how and why people even think decentralization could be compared to centralization. That's exactly the point of BTC - centralization is quick and easy. Tell me who else besides Satoshi has been able to create a successful currency that works without any third party and control. Exactly - nobody... Decentralization will never be as easy as centralization is to build, and we always forget that usually when things are free, you are the product.

This is a great warning to all of us that we should do our own research rather than letting our brains be controlled by mainstream news that have their own interest and sometimes a huge lack of legitimate information.