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

[pooya87]

Some people are still resisting to accept the reality that bitcoin is a medium of exchange, aka a currency.
I am sitting at home and are purchasing anything online of offline locally or from the other side of the world without needing any middleman, now if you want to call it whatever else including "lottery ticket" that doesn't change what bitcoin really is. I like to call US dollar "toilet paper" and wipe my ass with it but that doesn't change the real purpose of it!

[noorman0]

Explanation is too complicated. Basically the borrower has to pay back to the bank (and that can't be interpreted as withdrawing from the market) because that is an obligation in the agreement and has guaranteed other valuables (property assets).

The bank is just a third party for which you say fiat is redeemable. Nowadays there are many third party bitcoin lending services and they can also redeem your bitcoins. Banks are also the first medium to circulate money to the public where miners play this role (through p2p or the central exchange).

[davis196]

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.

I'm not going to waste my time watching a FUD video.
What do you mean by "redeemable"?You can sell BTC for fiat money.This makes BTC redeemable.
What do you mean by "traditional financial instruments"?There are stocks,bonds,mortgages,different kinds of loans,futures,call and put options.They are all traditional financial instruments,but they are different from each other.You can't just put them in one big group.
You are probably butthurt,because you have lost some Bitcoins,that's why you are hating on BTC and trying to spread FUD.Don't waste your time and move on.Losing money and making mistakes is a part of life.

[AicecreaME]

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.

Actually it's quite the opposite. Bitcoin is like a winning lottery ticket for most people nowadays. Back then, bitcoin's strength wasn't really seen by people. Only a few people have predicted it will have a high value and trusted their gut feeling. They are considered as the lucky ones because they managed to invest in its low position way back and hold it until now. Hence, bitcoin is like a winning lottery ticket that they have decided to hold onto until the moment they actually won because they trusted its potential. Although let's face the fact that bitcoin is not a get-rich-quick scheme. It takes time to make a profit. You need to have a lot of patience and determination to hold until you reach your target. It's considered as a store of value by most right now because of its nature which is decentralized. Despite being known to be a store of value, bitcoin is slowly fulfilling its original purpose which is to be a currency or as a medium of exchange. There are countries that are slowly transitioning and being open to bitcoin as their mode of payment which makes the mass adoption of bitcoin come to happen right before our eyes in a steady manner.

[wissy]

Thats a damn good lottery ticket then. If you bought it any time before April 2021, everyone won a decent amount of money. I don’t see such a good odds in any lottery.
But yes, we are listening the same FUD every few years and yet BTC is only climbing up.

[Antithesis]

Explanation is too complicated. Basically the borrower has to pay back to the bank (and that can't be interpreted as withdrawing from the market) because that is an obligation in the agreement and has guaranteed other valuables (property assets).

The bank is just a third party for which you say fiat is redeemable. Nowadays there are many third party bitcoin lending services and they can also redeem your bitcoins. Banks are also the first medium to circulate money to the public where miners play this role (through p2p or the central exchange).

Everyone can lend dollars or bitcoins and receive them back. But this is not puting them on the market or issuing them. Nor this is withdrawing them from the market or redeeming them.  Only the issuer can withdraw and redeem a financial instrument. If you lend a bond to your neighbor and then receive the bond back, that doesn't mean the bond is redeemed. Only the bond issuer can do that by paying face value.

[Antithesis]

Thats a damn good lottery ticket then. If you bought it any time before April 2021, everyone won a decent amount of money. I don’t see such a good odds in any lottery.
But yes, we are listening the same FUD every few years and yet BTC is only climbing up.

If I give you $50K for a losing lottery ticket this won't make it a winning one, but the deal would certainly make me stupid, or lucky if I find a greater fool.

[noorman0]

Everyone can lend dollars or bitcoins and receive them back. But this is not puting them on the market or issuing them. Nor this is withdrawing them from the market or redeeming them.  Only the issuer can withdraw and redeem a financial instrument. If you lend a bond to your neighbor and then receive the bond back, that doesn't mean the bond is redeemed. Only the bond issuer can do that by paying face value.

No, money issuers never redeem anything. The money in circulation will not be withdrawn from the market except to renew the ones that have been physically damaged. As I said, bankers (who serve society in general) are only third parties as first dealers. You have to understand why fiat is always devalued. You should also learn how the bank's fractional reserve system works, how that banker with their rights can easily double digits of money just from their teller's computers.

The fact that people rarely know is that the government only publishes the amount of physical money circulating, if you know the amount of money circulating in banks, you will be surprised that physical money is currently unable to cover it (if all customers withdraw all their savings). So, what you believe that fiat can be redeemed is wrong.

[zanezane]

I don't know how exactly do they think that bitcoin is analogous to a losing lottery ticket because with what bitcoin's showing, I don't think that it's a losing lottery ticket because there's a lot of testaments to prove you wrong.

[Antithesis]

Everyone can lend dollars or bitcoins and receive them back. But this is not puting them on the market or issuing them. Nor this is withdrawing them from the market or redeeming them.  Only the issuer can withdraw and redeem a financial instrument. If you lend a bond to your neighbor and then receive the bond back, that doesn't mean the bond is redeemed. Only the bond issuer can do that by paying face value.

No, money issuers never redeem anything. The money in circulation will not be withdrawn from the market except to renew the ones that have been physically damaged. As I said, bankers (who serve society in general) are only third parties as first dealers. You have to understand why fiat is always devalued. You should also learn how the bank's fractional reserve system works, how that banker with their rights can easily double digits of money just from their teller's computers.

The fact that people rarely know is that the government only publishes the amount of physical money circulating, if you know the amount of money circulating in banks, you will be surprised that physical money is currently unable to cover it (if all customers withdraw all their savings). So, what you believe that fiat can be redeemed is wrong.

It's not wrong. It's your lack of understanding how the banking system works. When a bank issues a loan it literally creates numbers out of thin air. When the loan gets paid, number are literally destroyed - they are zeroed out in the balance sheets of the banks. They no longer exists in circulation. With new loans they are put back in circulation, and the whole process repeats itself. Before zeroing, numbers were redeemed, meaning the banks, via borrowers, paid non-monetary value to their last holders. Bitcoin is never withdrawn from circulation. Rather it is in an infinite circulation chain, were it just serves as a gift verification like in Ponzi schemes, where you give something to someone for free and then you are verified as a member. Bitcoin is simply digital verification of membership in Ponzi-like scheme. It has nothing to do with money or redemption. All legit money in the form of a financial instrument is redeemable.

[Kong Hey Pakboy]

Thats a damn good lottery ticket then. If you bought it any time before April 2021, everyone won a decent amount of money. I don’t see such a good odds in any lottery.
But yes, we are listening the same FUD every few years and yet BTC is only climbing up.

And a losing one at that, imagine the winning one which doesn't exist to be honest. I give this person a 6 for originality with the FUD that he presented, no China or other generic FUD BS.

[Antithesis]

Thats a damn good lottery ticket then. If you bought it any time before April 2021, everyone won a decent amount of money. I don’t see such a good odds in any lottery.
But yes, we are listening the same FUD every few years and yet BTC is only climbing up.

And a losing one at that, imagine the winning one which doesn't exist to be honest. I give this person a 6 for originality with the FUD that he presented, no China or other generic FUD BS.

How is stating facts FUD?

[hd49728]

When you know what is the total supply of Bitcoin. How it will be halved after 4 years. How it will become more valuable with halving, adoption. You will realize that if you buy Bitcoin, you don't buy a lottery ticket. What you buy is a get-rich ticket.

2036: 99.6% of Bitcoin will be mined (reward era 8 ). 15 more years. Do you know Bitcoin already existed 12 years. Only 15 more years, total mined Bitcoin will be 99.6% of its total supply.

https://en.bitcoin.it/wiki/Controlled_supply

[Antithesis]

When you know what is the total supply of Bitcoin. How it will be halved after 4 years. How it will become more valuable with halving, adoption. You will realize that if you buy Bitcoin, you don't buy a lottery ticket. What you buy is a get-rich ticket.

2036: 99.6% of Bitcoin will be mined (reward era 8 ). 15 more years. Do you know Bitcoin already existed 12 years. Only 15 more years, total mined Bitcoin will be 99.6% of its total supply.

https://en.bitcoin.it/wiki/Controlled_supply

There's no such thing as mining Bitcoin. There's only software that stores numbers on a digital media via some protocol. Although, I don't know what that has to do with the topic at hand.

[eaLiTy]

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.

Have you heard about companies getting bankrupted and their stocks going to zero, do you think those are redeemable. When you compare something you need to have some facts as if these traditional investments levitate above the rest  .

You can simply search on google about how many companies went down in the last ten years where investors lost billions. When it comes to BTCitcoin as long as you are holding the private key you are able to redeem the coins.

[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.

Have you heard about companies getting bankrupted and their stocks going to zero, do you think those are redeemable. When you compare something you need to have some facts as if these traditional investments levitate above the rest  .

You can simply search on google about how many companies went down in the last ten years where investors lost billions. When it comes to BTCitcoin as long as you are holding the private key you are able to redeem the coins.

Point? In the video it's explicitly stated that bitcoin is like a stock of a bankrupt company.

Regarding the last point. You are not able to redeem Bitcoin, but sell it. Only the issuer of an instrument can redeem it and then the instrument units cease to exist.

[dunfida]

https://youtu.be/p37Wg6h2PJ4

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.

Inflation is always been a problem but doesnt mean that Bitcoin would really be like a lottery ticket.We arent talking about chances on getting rich on here since we do talk about its use case

which we cant really deny that it is something revolutionary since we could really have an option for us neither dealing with traditional fiat or something which is decentralize and anonymous.

We could make our own choice but doesnt mean that we could just simply abandon fiat because it is still really be the main thing which been used.

[dothebeats]

Your comparison is just off, I should say. If bitcoin is like a lottery ticket to which a lot already bet on, the people have already defeated the house and won against the lottery. If bitcoin is a lottery ticket, it is damn hell of a rigged one--in favor of the people at that, and I'd bet my cash there in a heartbeat.

Also, stocks of a bankrupt company? Who would, in their sane mind, even want to acquire stocks of a bankrupt company anyway? If your definition of bankrupt is hundreds of billions of $ in market capitalization, then you have a few screws loose in your head.

[Tessnik]

Your definition of Bitcoin is peculiar to you alone, Bitcoin to me is not a losing ticket unless jump in and out of Bitcoin at the wrong timing, bitcoin is a store of value, and with the right application of knowledge and good timing, Bitcoin will be a lifesaver and a means to financial independence. I will suggest you work on your perspective, and you will begin to see Bitcoin global economic advantage.

[Kakmakr]

In the world of a Fiat slave..... "Money" or "Wealth" has to have "Intrinsic" value and it has to be backed by some centralized and regulated entity, so they will NEVER see the benefit of Bitcoin, because they are the sheep of the world and they have to have some authority that needs to guide them.

A Lottery ticket is worthless the moment when the draw are done.... (if you won nothing) but a bitcoin can be used to give you a guaranteed profit, if you manage it correctly. (Buy Low & Sell High) ...... the only resemblance between the two..... it is a gamble, like buying shares or Stocks.