[VIDEO] Bitcoin is like a token of Trump's bankrupt casino

[Antithesis]

https://youtu.be/p37Wg6h2PJ4

The linked video explains the difference between traditional financial instruments and bitcoin. Both traditional financial instruments and bitcoin are essentially numbers stored on some media. Either on plastic, paper, metal or digital. However, there's one huge difference between the two. Traditional financial instruments are redeemable by the issuer. Meaning, the issuer withdraws instrument units from the market, and in the process pays the redemption value to the holders. Once the units are withdrawn they ceased to exist. New units are then created again, and the whole process repeats itself. Also, a fixed or expected redemption value is what we use to determine whether a particular market price of an instrument is cheap or expensive.

On the other hand, bitcoin is not redeemable by their issuers. The issuers of bitcoin never withdraw its units from the market in order to pay something to holders, which is why bitcoin has zero redemption value. What that means is two things. First, any price of bitcoin above zero is infinitely expensive (price of bitcoin devided by zero redemption value gives infinity). Second, bitcoin is similar to a losing lottery ticket, to a stock of a bankrupt company, to a currency of a former county or to a casino token of a bankrupt casino. That's because, all mentioned instruments are numbers on some media, but their units are not redeemable by the issuer. Just like the bitcoin units are not.

[fiulpro]

https://youtu.be/52DuIE1-tJY

The linked video explains the difference between traditional financial instruments and bitcoin. Traditional are redeemable, while bitcoin is not. Which makes bitcoin equivalent to a losing lottery ticket. Or, similar to a stock of a bankrupt company, a currency of a former county or a casino token of a bankrupt casino.

Not really for sure. I do think there is a lot of definitions that you are ignoring themselves right by now. Lottery tickets are unexpected, sudden, not even as a further as well. Bankrupt casino?? I don't really think it works like this for sure. You have to do research on it for sure.

Redeemable ?
I do not think that might work out the way you would have expected it to, since nothing is non redeemable you have to work hard for it hands down. It's the same for both traditional currencies and cryptocurrencies as well.

[odolvlobo]

The linked video explains the difference between traditional financial instruments and bitcoin. Traditional are redeemable, while bitcoin is not.

Bitcoins are redeemable. I just redeemed some bitcoins for plane tickets.

The fundamental difference between dollars and bitcoins is that bitcoins are scarce and energy must be consumed in order to create them, while it costs nothing to create an infinite number of dollars.

[Antithesis]

https://youtu.be/52DuIE1-tJY

The linked video explains the difference between traditional financial instruments and bitcoin. Traditional are redeemable, while bitcoin is not. Which makes bitcoin equivalent to a losing lottery ticket. Or, similar to a stock of a bankrupt company, a currency of a former county or a casino token of a bankrupt casino.

Not really for sure. I do think there is a lot of definitions that you are ignoring themselves right by now. Lottery tickets are unexpected, sudden, not even as a further as well. Bankrupt casino?? I don't really think it works like this for sure. You have to do research on it for sure.

Redeemable ?
I do not think that might work out the way you would have expected it to, since nothing is non redeemable you have to work hard for it hands down. It's the same for both traditional currencies and cryptocurrencies as well.

You gave the opinions about some points not related to this topic. Watch the video. I don't know what you are talking about.

The linked video explains the difference between traditional financial instruments and bitcoin. Traditional are redeemable, while bitcoin is not.

Bitcoins are redeemable. I just redeemed some bitcoins for plane tickets.

That's trading not redeeming. The later is when the issuer of an instrument withdraws it out of circulation and pay redemption value in the process. Watch the video.

[Fortify]

The linked video explains the difference between traditional financial instruments and bitcoin. Traditional are redeemable, while bitcoin is not. Which makes bitcoin equivalent to a losing lottery ticket. Or, similar to a stock of a bankrupt company, a currency of a former county or a casino token of a bankrupt casino.

Just from your poor grasp of how Bitcoin works, it is definitely not even worth checking out the video. Bitcoin at it's heart is a currency, it is a currency whereby one unit is currently worth around 50,000 dollars when converted via an exchange or peer to peer transaction. You might not like that fact, there may not be much logic behind why so many people put such a high value on this particular currency, but it is the present reality that we live in. Currency is just a store of value. As we see with El Salvador, who have made it legal tender (AKA redeemable) what you have said is untrue and the pace is going against you every day. It feels like you either sold out too early or are just jealous that you missed out on the huge gains it has made since inception.

[KennyR]

Maybe for the users who invested long back and cashed it out at the wrong time it seems like a losing lottery ticket. For the present day investors it isn't the right statement, because now people get into the investment with perfect understanding about the market. Earlier everything is made out of some sort belief and on random choice. So, we can't be judgemental on bitcoin as a losing lottery ticket. As of now it is the winning lottery ticket for everyone.

[dunfida]

https://youtu.be/52DuIE1-tJY

The linked video explains the difference between traditional financial instruments and bitcoin. Traditional are redeemable, while bitcoin is not. Which makes bitcoin equivalent to a losing lottery ticket. Or, similar to a stock of a bankrupt company, a currency of a former county or a casino token of a bankrupt casino.

None of the above i shall say.

Bitcoin isnt something a lottery ticket since we arent doing gambling on here on putting at stake to make lots but rather this is mainly focused on p2p payment system which is totally decentralized.

Earning money or profits is just a bonus and this is a wrong main perception of those people who dont know even with the basics on why Bitcoin exist on the first place.

Centralized and decentralize which they are totally different and to those who do support BTC do knows on whats the reason.

[Sanitough]

Bitcoin does not make everyone rich, but there are people who made a fortune because of bitcoin, well, personally I'm thankful I was able to invest on bitcoin early as it makes me profitable and was able to cash out. For some people who invested and got easily panic, it's the right definition for them, but they cannot blame it on bitcoin but on their actions, lack of knowledge resulted in weak hands.

[nelson4lov]

https://youtu.be/52DuIE1-tJY

~Snipped

None of the above i shall say.

Bitcoin isnt something a lottery ticket since we arent doing gambling on here on putting at stake to make lots but rather this is mainly focused on p2p payment system which is totally decentralized.

Earning money or profits is just a bonus and this is a wrong main perception of those people who dont know even with the basics on why Bitcoin exist on the first place.

Centralized and decentralize which they are totally different and to those who do support BTC do knows on whats the reason.

That's the problem I've had with a lot of people. Bitcoin was originally made to just serve as a store of value and not even as an asset that would yield returns or profit. Rather, it's supposed to just be like a global currency for citizens of the world to use but the volatility has given people different perceptions about it enough for them to forget the original purpose and it's bad. Bitcoin != Lottery.

[GeorgeJohn]

Bitcoin does not make everyone rich, but there are people who made a fortune because of bitcoin, well, personally I'm thankful I was able to invest on bitcoin early as it makes me profitable and was able to cash out. For some people who invested and got easily panic, it's the right definition for them, but they cannot blame it on bitcoin but on their actions, lack of knowledge resulted in weak hands.

Cryptocurrency and more especially bitcoin make human being rich base on individual perception and it's strategies to carry on it's primary function's, so to be rich via anything you adventure into is base your plan A and plan B towards the stuff and more especially your engagement, your determination, your decision, everyone is licensed to secure profit in cryptocurrency industry, which can equally i another means called richness.

[Slow death]

Which makes bitcoin equivalent to a losing lottery ticket.

I thought I had seen it all from bitcoin critics, but you outdone yourself, how can you buy bitcoin with a lottery ticket?

take $1000 buy bitcoin

take $1000 buy lottery

after 3 months see what will be with you that will allow you to take and buy things, I don't understand why people don't accept bitcoin and are making meaningless comparisons. Fiat has its purpose, lottery has its purpose and bitcoin has its purpose, everyone has their roles, there is no need to compare them

[arwin100]

https://youtu.be/52DuIE1-tJY

The linked video explains the difference between traditional financial instruments and bitcoin. Traditional are redeemable, while bitcoin is not. Which makes bitcoin equivalent to a losing lottery ticket. Or, similar to a stock of a bankrupt company, a currency of a former county or a casino token of a bankrupt casino.

Your just comparing it on other side of it maybe you really didn't understand how bitcoin works and what people supposed to be look at it since if you just take it for invest then hoping to earn huge money in quick instance like betting on lottery then you might get it in wrong way, you will lose your bitcoin if you didn't think smart on how you use it and also you are easily affected on certain situation but if you know how to use it well then you have a chance to collect your profits on daily basis with proper strategy regarding on how to defy the volatile market.

[thecodebear]

The OPs description alone is so absurd, there is no reason to watch the video. Such a description could only come from someone who doesn't know the first thing about Bitcoin. This is the uphill battle of educating the public. Gradually, over many years, people will stop spouting these outrageous lies and actually start to understand a little bit about what Bitcoin is and how it works. At this point every year we've got tens of millions of people at least getting a basic bitcoin education. Eventually the person who said that Bitcoin is a losing lottery ticket will start to learn as well.

[mindrust]

https://youtu.be/52DuIE1-tJY

The linked video explains the difference between traditional financial instruments and bitcoin. Traditional are redeemable, while bitcoin is not. Which makes bitcoin equivalent to a losing lottery ticket. Or, similar to a stock of a bankrupt company, a currency of a former county or a casino token of a bankrupt casino.

Hundreds of thousands of people that won the bitcoin lottery disagree with you. I agree that bitcoin is a lottery ticket but I am not sure if it is the losing lottery ticket, yet. It is simply because it is still going up. If one day btc becomes near worthless, then I would say you were right, but not now.

If you turned your 100 bucks into 200, that's a win no matter how you look at it. It doesn't matter if it was bitcoin, stocks or pet rocks that did it, it was a winning ticket.

[yhiaali3]

This comparison is not accurate, why is Bitcoin a non-redeemable currency? There are a lot of times that even from wallets that lost the private key, bitcoins have been recovered, also it is not difficult to recover bitcoins in case the transaction is canceled, it is not impossible at all. It is quite possible to recover bitcoins while losing some additional fees, of course.
Also, don't forget that banknotes can be non-refundable in addition to being perishable or lost or even food for mice!!!

[wajik-tempe]

Totally wrong, as long as we're not put our money on futures exchange, it's far from gamble but it's just a normal investment but with more volatile market.
We won't lose anything if we bought bitcoin but just losing the value if the price is bearishing, so as long we are not sell our bitcoin, we can't be called losing instead of just have to hold longer. This will happen on all stocks investment. So this is normal, people who play futures and got liquidated is close to gambling.

[Wexnident]

Man watching the beginning of the video where it compared winning tickets to fiat/dollar, and losing tickets to Bitcoin, I already knew it was a rather stupid argument. In the first place, it was a wrong convention to have the idea of generating profits from Bitcoin as its original purpose, since it is a currency at its core. Its increasing value is simply attributed to the supply and demand since it has a limited supply and growing demand, unlike dollar which has pretty much an infinite supply (albeit controlled).

[Darker45]

Didn't click on the link.

Whatever redeemable may mean to you and whether or not Bitcoin is redeemable according to such definition, I don't care much. The point is that Bitcoin is not a failure simply for being different from the traditional. Bitcoin's main point is that it is opposite to the traditional.

If Bitcoin is a losing lottery ticket, I'd be collecting as many as I can. If it's a stock of a bankrupt company, I'd be buying as much as I can.

[Antithesis]

The linked video explains the difference between traditional financial instruments and bitcoin. Traditional are redeemable, while bitcoin is not. Which makes bitcoin equivalent to a losing lottery ticket. Or, similar to a stock of a bankrupt company, a currency of a former county or a casino token of a bankrupt casino.

Just from your poor grasp of how Bitcoin works, it is definitely not even worth checking out the video. Bitcoin at it's heart is a currency, it is a currency whereby one unit is currently worth around 50,000 dollars when converted via an exchange or peer to peer transaction. You might not like that fact, there may not be much logic behind why so many people put such a high value on this particular currency, but it is the present reality that we live in. Currency is just a store of value. As we see with El Salvador, who have made it legal tender (AKA redeemable) what you have said is untrue and the pace is going against you every day. It feels like you either sold out too early or are just jealous that you missed out on the huge gains it has made since inception.

This topic has nothing to do with how Bitcoin works. Instead, it simply states two facts. First, the number that your wallet application reads from the digital media is non-redeemable. Second, numbers on losing lottery tickets are also non-redeemable. The same as numbers on paper stock or bond certificates of bankrupt companies and corporations. The same as numbers on metal/paper coins/banknotes of former countries. And the same as numbers on plastic tokens of bankrupt casinos. Which makes your bitcoins equivalent to the said things. It also states that paying $50K or even a dime for bitcoin is silly. That's all what this topic is about.

When someone states the fact that a particular car is engineless, it's pretty ridiculous to respond by saying: "you don't know how car works".

[Antithesis]

Maybe for the users who invested long back and cashed it out at the wrong time it seems like a losing lottery ticket. For the present day investors it isn't the right statement, because now people get into the investment with perfect understanding about the market. Earlier everything is made out of some sort belief and on random choice. So, we can't be judgemental on bitcoin as a losing lottery ticket. As of now it is the winning lottery ticket for everyone.

This topic is not about people and how much money they made.