Why is Bitcoin the Dumbest Thing Ever Invented

[JamesNZ]

Suppose that someone invented a crypto postal service. Or in short a cryptopost. Its purpose is the reliable and decentralized transfer of envelopes and packages. However, there is a catch. The envelopes and packages are empty. They contain nothing. From the outside, the cryptopost would look similar to a traditional post. Because obviously, traditional post transfers envelopes and packages. And that cryptopost transfers them as well. But in reality, it would be the dumbest thing ever invented given that the purpose of a postal service is to transfer letters, documents and products, not empty containers.

The so-called cryptocurrencies, such as Bitcoin, are exactly like our hypothetical cryptopost. From the outside, Bitcoin looks similar to traditional currencies. It is a system that has units transferred between people. If you have a bank account or a banknote, what you have is some name such as USD, EUR, or GBP, and a number that represents units in a banking system. If you have a Bitcoin account you also have a name - BTC and a number that represents units in the Bitcoin system. But the catch is that the units in the Bitcoin system are empty. They are like envelopes and packages in our cryptopost. They are containers that contain nothing.

On the other hand, units in the banking systems are containers that contain something. They contain debt. Namely, these units come into existence when central banks purchase government bonds or when commercial banks issue loans. That means they are the units of debt. So, if you have for example dollars, you own a resource needed by the US government and masses of individuals and companies for paying off debt owed to the US banking system. If your neighbor has a dollar loan with a mortgage on his house, while you have dollars, you own what they necessarily need to get rid of the mortgage. Just like food is what people necessarily needed to get rid of hunger. If you have what satisfies people's needs, then you own a valuable resource.

But if we were now to ask: "Unit of what resource is BTC and what needs does that resource satisfy?" Bitcoin supporters wouldn't be able to name something actual. Instead, they would offer only generic answers: "BTC is a coin, a digital asset, a currency, a store of value, a token, or money." Money, for example, has always been something actual - livestock, tobacco, metal, and, currently, debt. Because to determine value and be able to trade rationally we need to have something. Even casino or gaming tokens are units of something actual - the liability of their issuers to redeem them for a specific amount of money or in-game items. With their value depending on the size of that liability.

However, Bitcoin supporters can never name something actual. When they talk about BTC units they always use generic terms. This is like if a guy would store this in a spreadsheet: 'Bob - 10 ABC', suggesting that Bob owns 10 units of an item called ABC. Then we ask: "What is ABC?" As a response, the guy offers this generic answer: "ABC is a digital asset". We ask again: "What exactly is that digital asset? Explain what Bob actually owns. There are a lot of digital things: songs, pictures, computer programs, movies, documents, etc. Tell us what ABC is so we can determine its value." But the guy continues with the generic talk: "ABC is a precious item, a revolution, a future of the digital world." Such generic answers would nicely demonstrate that Bob owns no digital asset. That the number 10 attributed to his name represents empty numeric units. Units that contain or count nothing.

So what the Bitcoin author did was come up with a number - 21 million. Then he wrote a protocol that assigns units of that number to addresses and stores everything in a spreadsheet called blockchain. But these numeric units are empty. They count nothing. In the case of real money or real tokens, first, there's something actual to which a value can be assigned - gold, debt, liability to redeem, etc. Then, numbers on paper or electronic medium are used to count those items, that is, to express their quantity. However, in the case of Bitcoin, first, there was nothing. Then a guy used his imagination to come up with the above-mentioned number. And units of that number are all that people get by joining the Bitcoin system. There are no coins or tokens to be counted. There is no money or asset to be owned or assigned value to. If you have Bitcoin this is like having Monopoly money or play money for kids - you have numbers but own no resource. With the difference that you have them on the screen instead of on paper.

People currently pay $70K to have "1" or $700K to have "10" on the screen. Also, the Bitcoin system consumes enormous amounts of electricity - 141-160 terawatt-hours annually according to some estimates. Imagine the absurdity of giving up 700 thousand units of a resource that can delete a mortgage or pay off a government bond, only to have something that everyone can get in an instant by pressing two keys on the keyboard. Or the absurdity of spending as much electricity as the entire country of Norway on managing a spreadsheet with data on nothing. That's why Bitcoin is the dumbest thing ever invented.

[SamReomo]

Bitcoin is the dumbest thing ever invented.

If you think Bitcoin is dumb then why you're present on this forum? If you don't like the idea of Bitcoin and find it useless then I believe someone like you should not be part of the forum that's a place for Bitcoin community. You need some research I believe, no I think you may need some treatment so you can understand Bitcoin properly.

[btc78]

Given that units in the Bitcoin system are not created as debt, nobody needs them, and thus, they contain no value. They are empty. They are indeed like envelopes and packages in our hypothetical crypto-post. Spending energy on maintaining the system where people transfer empty units, envelopes or packages is dumb. Spending money just to hold those empty units, envelopes or packages is dumb. In short, Bitcoin is the dumbest thing ever invented.

It has value and it is created by the people so it is volatile but is it not empty now yes there could be a time where bitcoin’s price might decrease to almost nothing in the future but just look at the price right now

It is an asset hence why it has value and as long as someone finds bitcoin valuable and wants to buy it out of someone else’s hands then it will always have value

[acroman08]

the dude is a troll who has spent years spamming the forum with his nonsense, it would be best to not engage in any type of conversation with the guy and let him have his fill of posting his BS here in the forum, he'll be gone again soon enough when everyone starts to ignore him.

[SomeGuyInOz]

He thinks that Bitcoin is the "dubmest" thing. Lol. Who is dubm now? 

[fuguebtc]

In short, Bitcoin is the dumbest thing ever invented.

If bitcoin is a stupid invention then why do you join the bitcoin forum and care about it? Do you think you're smart when you join a bitcoin forum and say that bitcoin is a bad thing? From this alone I can judge how low your IQ is. As for whether bitcoin is good or bad, whether it is a great invention or terrible, there is a global community that evaluates it, and with your limited knowledge, you are not qualified to evaluate bitcoin. Many governments, countries, organizations and companies have recognized bitcoin, do you think you are smarter and wiser than those people? Knowledge is what you need right now.

[YUriy1991]

Given that units in the Bitcoin system are not created as debt, nobody needs them, and thus, they contain no value. They are empty. They are indeed like envelopes and packages in our hypothetical crypto-post. Spending energy on maintaining the system where people transfer empty units, envelopes or packages is dumb. Spending money just to hold those empty units, envelopes or packages is dumb. In short, Bitcoin is the dumbest thing ever invented.

Why rhetoric, just logic OP, if BTC is not interesting why are so many people and big institutions present?

In 2010 maybe BTC was like a bedtime story with the price of 1 piece of BTC started trading for only $ 0.08 per coin and now the price has reached 64K.



I think you can read the chart.

[kryptqnick]

Well, there will always be deniers and sceptics, no matter how far Bitcoin comes. Just for the record, Bitcoin has experiences enormous growth over its existence, it has over a trillion dollars capitalization, it is of interest to major investment companies, it has great liquidity, and it's a part of school curriculum in a major European country (France).
For something so empty and dumb, it's doing remarkably well and has no sign of stopping. It's only getting bigger and more widely recognized over the years.

[Dunamisx]

But the catch is that the units in the Bitcoin system are empty. They are just like envelopes and packages in our crypto-post. They contain nothing. They are units of ownership in nothing.

If i were you, i would rather maintain silence when i have no idea on what am saying, are you telling me that when you offer a service to someone and you get paid with money, that is also making a payment out of vanity, have you learnt about bitcoin mining, what proof of work is and how it works, how are the block rewards earned distributed, know this today, bitcoin is a digital currency which you have to earn by mining it and you aren't doing this for nothing sake, don't confused others if you're confused already.

[DooMAD]

If there were such a thing as debt-based postal services, some senders or recipients would occasionally have to be declared bankrupt or the entire system would collapse in upon itself.  It's the only way such systems can function.  And if all of the debt within the postal system was paid off, the entire system would, once again, collapse in upon itself.  It's the only way such systems can function.

That's a special kind of dumb.  One we aren't going to repeat here.

There are numerous reasons why Bitcoin is designed to avoid being debt-based, but OP is too much of an imbecile to understand the rationale.

[hd49728]

Why rhetoric, just logic OP, if BTC is not interesting why are so many people and big institutions present?

In 2010 maybe BTC was like a bedtime story with the price of 1 piece of BTC started trading for only $ 0.08 per coin and now the price has reached 64K

Going through many years, fud, Bitcoin is not dead.

https://buybitcoinworldwide.com/bitcoin-is-dead/
https://99bitcoins.com/bitcoin-obituaries/

Look at these sites with given information that is proof that "Bitcoin is not a dumbest thing ever invented" to against OP.

[Cantsay]

There’s no way I’m going to spend my time reading a post from someone who has been trolling the community for more than a year - and has managed to earn himself a tag for ban evasion.

When you finally have a good topic or something more reasonable to write about let us know and maybe then you’ll get some good responses from the community for now just by reading your title I don’t feel anyone should waste their time here.

[Kelward]

Like the OP I was in denial about the value and use case of Bitcoin, in it's early days , but as time went by, me and probably millions of others have come to understand that it's an asset that is a store of value. Over the years Bitcoin has proven to be a reputable crypto coin, and it's adoption is increasing everyday, people are using it to make payments for goods and services, and most importantly individuals, groups, companies and countries are hodling it as investment asset. Something that is a scam can not gain so much ground in just over one decade, compered to gold that has been from the word's creation. I advice the OP to accumulate and hodle Bitcoin now because in the next decade, he'll say had I known I would've bought Bitcoin when it's price was still $63k.

[Raflesia]

Bitcoin is the dumbest thing ever invented.

Yes think of it that way to make you happy and you should also think of the founder of microsoft who until today you still use the application on your laptop or maybe even some people who have quite a large following like Saylor are stupid people too in the end because they apart from being a microsoft bitcoin maximalist also even make it a payment option
You talk too much buddy but in the end you are a mistake if you talk like this in the bitcoin forum because in the end it will only be used as a joke even if your fingers continue to type here.

My advice is that for now you should look for a bitcoin hater forum so that you can make your argument justified because for here I think it's not the right place for you But if you insist on it hopefully it will work lol

[Natsuu]

the dude is a troll who has spent years spamming the forum with his nonsense, it would be best to not engage in any type of conversation with the guy and let him have his fill of posting his BS here in the forum, he'll be gone again soon enough when everyone starts to ignore him.

I hope he find way to get through that because he created a downhill cell for himself. Trolling and spreading false information would lead you to nothing. I think this may serve as lesson to others now and especially to those who are just finding information about crypto that this is not a relevant inforation for that. OP posted this for clout.

Crypto and BTC have never been a dumb thing. It is both become a appreciating asset with great deal of volume and also provide insight for future transactions.

[Belarge]

If you think Bitcoin is dumb then why you're present on this forum? If you don't like the idea of Bitcoin and find it useless then I believe someone like you should not be part of the forum that's a place for Bitcoin community. You need some research I believe, no I think you may need some treatment so you can understand Bitcoin properly.

We know how the market operates. Infact this current generation is blessed with modern technology and knowledge, they make everything running swiftly when it comes to tasks. Bitcoin is the dumbest thing ever invented? This is precisely one of the unwise trends I've come acrossed on the forum. There are some topics that doesn't deserved attention because the topic is entirely not relevant, we can stay up all day and not comprehend the body of the message.

[batang_bitcoin]

Given that units in the Bitcoin system are not created as debt, nobody needs them, and thus, they contain no value. They are empty. They are indeed like envelopes and packages in our hypothetical crypto-post. Spending energy on maintaining the system where people transfer empty units, envelopes or packages is dumb. Spending money just to hold those empty units, envelopes or packages is dumb.

I have bolded the part for you where the value starts from it. The miners of gold can also be said that gold has no value because it just represents some shiny metal that has been dug from many ruins and mountains.

In short, Bitcoin is the dumbest thing ever invented.

Okay, you can say freely anything you want to say and trolling on a Bitcoin forum but can't change the fact that it's now $63k.

[Smartvirus]

The so-called crypto-currencies, such as Bitcoin, are exactly like our hypothetical crypto-post. From the outside, Bitcoin looks similar to traditional currencies. It is a system that has units which are transferred between people. If you have a bank account, what you have is some name such as USD, and a number that represents the quantity of units in the US banking system. If you have a Bitcoin account you also have a name - BTC and a number that represents the quantity of units in the Bitcoin system. But the catch is that the units in the Bitcoin system are empty. They are just like envelopes and packages in our crypto-post. They contain nothing. They are units of ownership in nothing.

Well, if you look at it this way, you might not find value in anything that isn’t tangible. The world has gone paste where we place value only in that which is tangible. For instance, our fiat could be regarded as mere paper and nothing more, isn’t it. It’s just a paper that comes with government backing and have got some special embedded character to enable it serve as a currency, that’s what differentiates it from counterfeit currencies.
Now, what do you really get when you buy a program online? You get a copy of some written codes into a working app or folder and it performs a designed function and you value it for that.

Now Bitcoin is more than all of that as, it’s decentralized, it just doesn’t need the validation of any individual to work but, a people who are ready to use it for day to day transactions.

[Franctoshi]

Bitcoin is meant for everybody and not for everyone, meaning,  it's certain there will be haters and you aren't the first set of people to
 have hated Bitcoin in the past and  finally came to embrace it when they discovered they will be the dumbest type of individual to reject Bitcoin. However, all these critics has even helped the Bitcoin network to become a better version of what is today. So, I trust Bitcoin will definitely prove your mindset wrong even though you have nothing to believe about it right now.

The Bottom line is Bitcoin is a Choice, Bitcoin was not program in such a way that it compulsory for everyone to use.

[Mrbluntzy]

From the title of this topic alone, someone will know that this is just a bunch of shit crap.

In the history of blockchain, you didn't mention any of the shit coins and dead coins as the dubmest invention but you label Bitcoin as one, that's to show how dumb you are already.