Bye Bye Bitcoin

[zanezane]

I opened my phone and turned on the Internet connection in it and I was bombarded by notifications, Gmail spams, Facebook notifications, Messenger chats and others but one thing that piqued my interest was this article in Google News. It talks about how bitcoin should be banned or something, I tried to read the whole article but I feel like it's just a rant about how bitcoin is worthless and the value of it is based on faith in reality it's the same as fiat, it's just that it's backed by the government that's why it has value, I mean if you go back to bronze age and you ask for a blacksmith to make you a sword and you pay the blacksmith a piece of paper telling the blacksmith that it has value, the blacksmith would probably laugh at you and just give you the sword for free since you aren't right on the head.

Here's the link to that article: https://thehill.com/opinion/cybersecurity/564696-bye-bye-bitcoin-time-to-ban-crypto-currencies

[mk4]

From the article: "I’ve never quite understood why cryptocurrencies are worth anything. Of course, the untraceable payments are worth a lot to ransomware hackers, cyber criminals and money launderers."

Just from reading the first 2 sentences alone from that article, you'd immediately realize you're about to read pure crap.

[The Cryptovator]

So many ads in this article. I try to read it and when read a couple of lines then ads popping up which discourages me to read all the articles. What I realize the article trying to say Bitcoin is not worth anything. This isn't new for us, many people already want to prove Bitcoin is worthless. But at the end of the day, nothing happens. Most likely no one can prove worthless Bitcoin. It will just exist as a dream. As much as a ban will happen, it will be more popular, doesn't matter price dump or pump, it's a different story.

[Yogee]

The article is not to be taken seriously. He's just repeating the criticisms of bitcoin that most or us already know. Ignore, move on and focus on accumulating more BTC while critics continue to cry watching from the sidelines.

From the article: "I’ve never quite understood why cryptocurrencies are worth anything. Of course, the untraceable payments are worth a lot to ransomware hackers, cyber criminals and money launderers."

Just from reading the first 2 sentences alone from that article, you'd immediately realize you're about to read pure crap.

The article is about cybersecurity so it's clear that the author would never understand.

[hazenyc]

From the article: "I’ve never quite understood why cryptocurrencies are worth anything. Of course, the untraceable payments are worth a lot to ransomware hackers, cyber criminals and money launderers."

Just from reading the first 2 sentences alone from that article, you'd immediately realize you're about to read pure crap.

+1

Seriously, it was fine when six or seven years ago there were some self-proclaimed experts explaining how Bitcoin is untraceable and anonymous and hence the perfect tool for criminal activities. What really shocks me though is that sometimes on TV or in the newspapers there are still academics, like professors in economics, who talk the way about Bitcoin that newbies talked about it in 2012/2013. That's just shocking and concerning at the same time when you know these guys are giving economics classes.

[zanezane]

From the article: "I’ve never quite understood why cryptocurrencies are worth anything. Of course, the untraceable payments are worth a lot to ransomware hackers, cyber criminals and money launderers."

Just from reading the first 2 sentences alone from that article, you'd immediately realize you're about to read pure crap.

I tried to read a bit further into the article but all I've read was just pure blasphemy on bitcoin and most of the claims can easily be countered in an argument.

What really shocks me though is that sometimes on TV or in the newspapers there are still academics, like professors in economics, who talk the way about Bitcoin that newbies talked about it in 2012/2013. That's just shocking and concerning at the same time when you know these guys are giving economics classes.

I think the reason for these people still think this way is that they aren't fully immersed in the product and they all base their opinions on what's already in the air and just pick up and recycle then say something and sound intellectual. I think the only way is for us to introduce bitcoin to these people because most of them are just ignorant.

[Kakmakr]

The funny thing is.... these Fiat slaves (media shills) are more than willing to accept that a government "promise" to validate the worth of a piece of paper are worth more than a technology that are not manipulated by any government or centralized entity. 

When I ask "gamers" if they think a "skin" for a game has any value, they quickly say "YES" !!!..... but ask them if a Bitcoin (code) has any value.. then suddenly it has no value. (I think a lot of gamers are still butt hurt that GPU prices increased... since Crypto mining are using GPU's to mine Crypto)

So what I am trying to say is this.... Your opinion on Bitcoin's value comes from your agenda towards this technology. (Most gamers hate Crypto because it pushed up the prices of GPU's and most Fiat slaves hate Bitcoin, because it introduced a viable competition to the only thing they know.) 

[Charles-Tim]

---snipped---

Just know that Fiat is not a stable currency, it is controlled by the government, its value will decrease over long time period. Alternative to Fiat is good, Bitcoin is alternative to Fiat while it remain individual to be wise enough that Bitcoin is an appreciative asset unlike Fiat which is depreciative.

I’ve been asking the same question: Who needs cryptocurrencies? Apart from the nasty uses and wild speculative value swings, data mining to produce bitcoin is a serious environmental hazard, using huge amounts of electricity by rows and rows of computers.

It should be that is Bitcoin resulting to global warming, the green energy used to mine bitcoin is increasing, if the miners are able to pay electricity bill, or able to power their own mining machines, that should not be a problem.

I’ve never quite understood why cryptocurrencies are worth anything.

I will be specific. Bitcoin is deflationary, it is an appreciative asset, it reach all-time-high and will still reach all-time-high. Fiat is inflationary, controlled by the governments, and the central control is declining Fiat's value.

But is it a usable means of exchange?

I have exchanged Bitcoin to Fiat countless number of times, it is very suitable means of exchange for me and many other Bitcoin users. But, Bitcoin to be a store of value should be the best.

Yet the epidemic of hugely disruptive ransomware attacks in recent months

Can people make use of something useless, bitcoin are useful, people are using it, criminals are people, but a lot of bitcoin used for criminal purposes has been recovered back. In my country, terrorist called Boko Haram, bandits and other kidnappers demand for Fiat not Bitcoin not cryptocurrencies, the Fiat payment is direct, which is beyond traceable.

[zanezane]

The funny thing is.... these Fiat slaves (media shills) are more than willing to accept that a government "promise" to validate the worth of a piece of paper are worth more than a technology that are not manipulated by any government or centralized entity. 

When I ask "gamers" if they think a "skin" for a game has any value, they quickly say "YES" !!!..... but ask them if a Bitcoin (code) has any value.. then suddenly it has no value. (I think a lot of gamers are still butt hurt that GPU prices increased... since Crypto mining are using GPU's to mine Crypto)

So what I am trying to say is this.... Your opinion on Bitcoin's value comes from your agenda towards this technology. (Most gamers hate Crypto because it pushed up the prices of GPU's and most Fiat slaves hate Bitcoin, because it introduced a viable competition to the only thing they know.) 

I think the GPU stuff isn't an issue for somme because it's not like you can get good just by getting a better GPU, in my opinion the gamers that whine about GPU prices are really bad at playing so they try to focus the blame on other things. Regarding media shills or just shills, probably the reason for their shilling is they're paid. It's not like fiat is altogether bad, it's the people that back fiat and try to badmouth bitcoin as a worthless when they are essentially the same.

[acroman08]

I opened my phone and turned on the Internet connection in it and I was bombarded by notifications, Gmail spams, Facebook notifications, Messenger chats and others but one thing that piqued my interest was this article in Google News.

saw this article on my Opera browser yesterday. the author never bothered looking deeper into bitcoin because if he had, he wouldn't have said what he said in the first sentence of his article. you can't really take someone seriously if they already have the main motive before they starting writing this article.

[bL4nkcode]

The very first sentence says it all "I’ve never quite understood why cryptocurrencies are worth anything". Definitely, not an opinion people here would care.

Why there are still writers write a subject they don't fully understand?  ┐(￣ヮ￣)┌

[maju69]

Based on the article I conclude: that the article was created on the basis of dislike or excessive hatred. Does not feel the source as it should be presented in the article. The author of the article tries to bend the facts that have been proven and we can witness. Even a layman who doesn't own Bitcoin and cryptocurrency if he reads this article, who is this person will laugh.
Because there are no values or lessons to be learned. The more you read to the end the more I want to meet the maker and spill a glass of Beer over his head.
Let the garbage articles strewn on the road that will only be used as welding for sleeping street dogs.

[haidil]

It turns out that there are still articles like this when the whole world has recognized the existence of Bitcoin. usually this is just to scare away beginners who want to dive into the world of cryptocurrency.
excerpt from that damn article

How should governments respond? Besieged with cyberattacks, the Biden administration has been struggling with this question of cybersecurity with few clear answers. Cyber offense still seems to beat cyber defense.

Like trying to pit the government against the government and trying to turn the truth out of it. I hope dai isn't Warren's stooge. LOL

[Oceat]

We should not believe everything what we read on the internet and let's always check the source carefully because fake news are everywhere. We can't trust anyone who published some news/article especially if it's not a known source. People would always make a fake news/article just to make some money through incentives despite of what was the real story they always tend to make them interesting by making some stories or adding up some stories.

Better read somewhere else where they know what they were doing. Perhaps, a newspaper headlines but I don't know if people would still rely on news paper when they have phones on their hands already.

[Smartvirus]

Upon seeing this post, two possible possibilities came to my mind. One was how the theme would have circulated about, you actually loosing interest in bitcoin as a whole because, I have a lot of faith in bitcoin to serve as a world widely used currencysome aday amongst other uses. While two, would be about you living the forum for good just as Lauda did some time ago. Apparently that's not it but then the regular FUD that goes around when ever bitcoin seems to be having some bullish moves. Well, its never inevitable by the way.

Again, everything has got zero value until we award them some. Its the way it is. How cam you tell a monkey or some wild animal that money is actually of more value than the food placed before them. A cup of water in the desert could be worth more than a cow and I can tell you that. Value is what the world apparently agree unconsciously to award a thing. Its life!

[hatshepsut93]

From the article: "I’ve never quite understood why cryptocurrencies are worth anything. Of course, the untraceable payments are worth a lot to ransomware hackers, cyber criminals and money launderers."

Just from reading the first 2 sentences alone from that article, you'd immediately realize you're about to read pure crap.

It's a typical "ban something that criminals use, that will surely stop crime" thinking. They don't realize that if you ban Bitcoin and crypto, it would only benefit criminals, because now they will be more careful and there will be no compliant exchanges to snitch on them and freeze their funds. It's a mindset of totalitarians to view banning as a solution to every problem.

[Fortify]

I opened my phone and turned on the Internet connection in it and I was bombarded by notifications, Gmail spams, Facebook notifications, Messenger chats and others but one thing that piqued my interest was this article in Google News. It talks about how bitcoin should be banned or something, I tried to read the whole article but I feel like it's just a rant about how bitcoin is worthless and the value of it is based on faith in reality it's the same as fiat, it's just that it's backed by the government that's why it has value, I mean if you go back to bronze age and you ask for a blacksmith to make you a sword and you pay the blacksmith a piece of paper telling the blacksmith that it has value, the blacksmith would probably laugh at you and just give you the sword for free since you aren't right on the head.

Here's the link to that article: https://thehill.com/opinion/cybersecurity/564696-bye-bye-bitcoin-time-to-ban-crypto-currencies

Bitcoin was the first and will long be known for that fact, however in producing such a low amount of 21 million it may have effectively ruled itself out of being useful in the long run. In order to be an effective currency, rather than a speculative asset like gold, it needs to be used regularly and the fees will need to be any rival payment systems that are already in existence. It has a use-case for transferring money over borders rather effectively, but you might argue that this is generally abused by the super rich than being helpful to the average user. That brings us back to day-to-day transactions, which cannot be effectively achieved by Bitcoin because there is a large lag time issue to resolve compared to existing electronic payment networks - this is a major disadvantage.

[milewilda]

From the article: "I’ve never quite understood why cryptocurrencies are worth anything. Of course, the untraceable payments are worth a lot to ransomware hackers, cyber criminals and money launderers."

Just from reading the first 2 sentences alone from that article, you'd immediately realize you're about to read pure crap.

Just really an obvious thing that the article writer itself doesnt really have much idea on what is bitcoin and would rather just telling on the basics about the cons of decentralized and anonymous payment system?
Its indeed a pure crap and i dont know on why the topic title itself is telling about bye bye bitcoin? Bye for what? We do have lots of negative sentiments and it cant really be count already by our fingers
and look on what happened? I did even rise up and leaving those no coiners or doubters in the bottom and majority of them is already having some regrets on why they havent
able to enter earlier and might able to make some good profits.

[Slow death]

It's unbelievable that some people still carry on with this backward thinking. when most people or even if it's a person is willing to pay for something, then it's because that person saw value in something they want to pay, and no one can say that something is worthless because something has value to someone who is willing to pay. we have examples of shitcoins, they have value, even if I or someone else says they are shitcoins, but there are people who are willing to pay for shitcoin so shitcoin has value. I don't know why there are still people who are arguing about this type of subject just when this market is already at a very high level of adoption

[franky1]

bitcoins VALUE is based on cost of obtaining it. mainly it vibrates around the mining cost..(currently $25k china-$34k usa)
same as gold (mining cost is about $900)

bitcoins PRICE is value+ speculation.
same as gold (mining cost +speculation= spot price)

do not confuse value vs price

many times the speculation layer will bounce the price up 3x of value.. EG the $62k price while the value was more of the $20k-$30k range

if gold could be mined in peoples back yard using a spoon and a coffee filter for $2 per ounce. people would sell it speculatively all the way down to a support of about $4-$5
but because its $900. speculatively it goes above $1k but stays below $2k

bitcoin is the same.. if it cost $2 to mine 1 btc.. the price would fall the the $5 area

value is not price and price is not value.
the difference between the two is the speculative bit.. but that does not mean bitcoin is only specuiative