Why is Bitcoin the Dumbest Thing Ever Invented

[ALLON2017]

It is usless as a means of payment but not dumb

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[harapan]

Suppose that someone invented a crypto postal service. Or is short a crypto-post. Its purpose is to transfer envelopes and packages quickly, safely, and decentrally. However, there is a catch. The envelopes and packages are empty. They contain nothing. From the outside, the crypto-post would look similar to a traditional post. Because obviously, a traditional post transfers envelopes and packages. And that crypto-post also transfers envelopes and packages. But in reality, it would be the dumbest thing ever invented because it transfers envelopes and packages that contain nothing.

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.

On the other hand, units of traditional currencies are units of ownership in debt. That means that they are not empty. They contain value. Namely, these units are created as loans of commercial banks to individuals and companies or as purchases of government bonds by central banks. So if you hold for example dollars you own units of someone's debt. Practically that means that you own something needed by millions and millions of people for paying off debt that they owe to the banking system. You own something that can save people from liens that banks have on their property. If your neighbor has a dollar loan with a mortgage on his house, while you have dollars you have something very valuable to them. Something that can be used to pay off their mortgage. In other words, you have units that contain value.

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.

I think you have a problem with reading,learning and understanding.Even the history of bitcoin's invention never mentioned it or recorded it as a dumb decision.Look right here,its okay for you not to trust bitcoin,I mean you should like you have every right not to trust it,and it didn't start from you either ways.

Bitcoin is a choice and its not for everyone,if bitcoin seems stupid to you,doesn't seem the same way to others.That's why we all have different understanding towards life and we're meant to approach life with knowledge and enthusiasm.
Spreading false information and trolling bitcoin will do you no good,it's obviously inappropriate,maybe you were paid to do this and its so embarrassing...Go and refurbish your knowledge about bitcoin and come back here to testify.

[jcojci]

It's okay if you think Bitcoin is the stupidest thing ever invented. But thanks to Bitcoin, which you think is stupid, many people have improved their lives. They invest in Bitcoin because they believe Bitcoin can help them live better and they have proven that. Bitcoin now also has a value that can make people interested in investing. So let us fools continue investing in Bitcoin while you can do other things you like. We still believe Bitcoin can provide something good for our lives.

[NotATether]

You, sir, should apply for a federal agency job.

https://fbijobs.gov/

I'm sure they would be thrilled to hire anti-bitcoin people like you who would like to destroy it.

[JamesNZ]

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.

So it is true what they say about you? You're like a cult. Only cultists don't tolerate criticism.

Regarding the rest. I don't think that Bitcoin is dumb. I literally proved it's dumb. You're mining, storing and transferring units of ownership in nothing. The system doesn't manage units in a company like the ones that deal with stocks or units in debt like the ones that deal with bonds and fiat currencies. It manages no tangible value such as gold. It manages no intangible value such as computer software, parents or copyrights. It manages empty units. Literally like that hypothetical crypto-post that manages empty envelopes and packages. This is dumb.

[SamReomo]

The system doesn't manage units in a company like the ones that deal with stocks or units in debt like the ones that deal with bonds and fiat currencies.

I think you're not sure about the concept of Bitcoin, it's basically a decentralized system that's not owned or controlled by a company. It even doesn't work like traditional banks where debt is the main runner of the fiat system.

It's simply a p2p payment solution where community decides its value. If community keeps holding Bitcoin that they purchase then its value will connote to grow no matter if it gets 1 billion people who criticize it. Bitcoin doesn't have to manage units like a company as it allows the community to do that.

[JamesNZ]

The system doesn't manage units in a company like the ones that deal with stocks or units in debt like the ones that deal with bonds and fiat currencies.

I think you're not sure about the concept of Bitcoin, it's basically a decentralized system that's not owned or controlled by a company. It even doesn't work like traditional banks where debt is the main runner of the fiat system.

It's simply a p2p payment solution where community decides its value. If community keeps holding Bitcoin that they purchase then its value will connote to grow no matter if it gets 1 billion people who criticize it. Bitcoin doesn't have to manage units like a company as it allows the community to do that.

You don't get it, do you? Transferring empty units is not a solution to anything. What problem of a postal service would be solved if people would send empty envelopes to each other? Someone sends you 5 empty envelopes. You pay them $100,000. Then you keep them for a month. After that you send them to someone else. The recipient pays $200,000 for them, keeps them for a few days and then sends them to someone else for a certain amount. And so they go round and round. Empty envelopes go from person to person. Is this a solution to something? No, this is stupidity. A simple pyramid scheme. The same is true for those empty BTC units that you people send to each other.

[FatFork]

<cut>
No, this is stupidity. A simple pyramid scheme. The same is true for those empty BTC units that you people send to each other.

Hahaha!  Sure, buddy, keep telling yourself that.  Bitcoin must cause you heartburn every year, like clockwork.

This was also you. No?
https://bitcointalk.org/index.php?topic=2239552.0

Almost seven years have passed since then. And Bitcoin is still alive and kicking! So, good luck with your Bitcoin doomsday predictions.

[currencykaka]

I first learned about Bitcoin in 2013 while perusing the internet. Initially, I was doubtful. I mean, virtual currencies? It seemed too good to be true. But the more I learned about its underlying technology, the more captivated I grew. Fast forward to now, and I can firmly state that Bitcoin has transformed my perspective on finance and technology. Its decentralized nature, along with blockchain technology, provides unprecedented levels of security and transparency. Furthermore, the potential for global financial inclusion is enormous.

Explore the world of Bitcoin and discover why so many people trust in its genius.

https://currencykaka.com/

[Zoomic]

This very invention you think is dumb has saved lots of people over the years. Since its creation, it has stood the test of time and it is still standing. This explains why the value keeps appreciating as time goes by, those who appreciate the value of Bitcoin are already making a fortune out of it. Our ideologies cannot be thesame, You call it dumb, I call it a life's saving invention. There is no point recruiting more people to view Bitcoin the way you view it, if just like you they sense something fishy about Bitcoin, they can always avoid it. Bitcoin is open to everyone who sees it for what it is, your criticism may be right to you but I know what I believe about Bitcoin.

Hey! Bitcoin just witnessed it's 4th halving. We are anticipating lots of good news this season. You can stick around to enjoy these benefits or take the exit door.

[GbitG]

I didn't read what you have written in this post because I have seen you in the past and I know what you keep doing. I just had a quick look at your post history, and it seems like you are on a mission to make Bitcoin look negative in the eyes of the public, but let me tell you, you are in the wrong place because those who are in this forum are true believers of Bitcoin, and your words or logics won't make them change their minds at all.

Besides, I don't understand how one can say so much and still make no sense. When you want to attack a certain thing, you are supposed to do enough research about it and understand it very well first before you start attacking it. You seem to have less knowledge and understanding of Bitcoin itself. So your first step should be to do some research and spend some time before you come back here and waste more of our time.

[Miles2006]

This post is just too lengthy and empty in essence this is a perfect example of empty quantity, almost everyone here is talking about your post and I didn't care to read but it came to my understanding people like you need help or rather people like you should not voice out some certain things, if bitcoin is not working for you it's okay and I don't understand cause I don't care to know why but it's not proper calling bitcoin names here like what do you expect from forum members here? Keep short and watch your post or since bitcoin is a dubmest like you said we should start clapping? It's obvious people still spread false news and it seems it will not end. Like I said earlier people like you need help so it's best you take the advice above written by NotATether

[DooMAD]

Debt-based money versus Bitcoin:



There's no contest.  Debt-based money is just a vicious scheme to generate income for banks.  There's no actual need for it.  It's just something people have been indoctrinated to accept.

[JamesNZ]

<cut>
No, this is stupidity. A simple pyramid scheme. The same is true for those empty BTC units that you people send to each other.

Hahaha!  Sure, buddy, keep telling yourself that.  Bitcoin must cause you heartburn every year, like clockwork.

This was also you. No?
https://bitcointalk.org/index.php?topic=2239552.0

Almost seven years have passed since then. And Bitcoin is still alive and kicking! So, good luck with your Bitcoin doomsday predictions.

If you wanna have a rational discussion on a forum you have to actually address the arguments offered. It's pretty dumb expressing your personal frustrations with other forum users and ignoring the topic at hand.

[JamesNZ]

This very invention you think is dumb has saved lots of people over the years. Since its creation, it has stood the test of time and it is still standing. This explains why the value keeps appreciating as time goes by, those who appreciate the value of Bitcoin are already making a fortune out of it. Our ideologies cannot be thesame, You call it dumb, I call it a life's saving invention. There is no point recruiting more people to view Bitcoin the way you view it, if just like you they sense something fishy about Bitcoin, they can always avoid it. Bitcoin is open to everyone who sees it for what it is, your criticism may be right to you but I know what I believe about Bitcoin.

Hey! Bitcoin just witnessed it's 4th halving. We are anticipating lots of good news this season. You can stick around to enjoy these benefits or take the exit door.

How can transferring empty units, packages or envelopes from one person to another save anyone? I know that none of you believe in that nonsense that you preach here. All of you just wanna dump that empty BTC units on someone else for a price better than you paid for them. End of story. Just be honest and admit the truth. Portraying Bitcoin as some kind of deity that will save humanity makes you people look like a cult.

[JamesNZ]

Debt-based money versus Bitcoin:



There's no contest.  Debt-based money is just a vicious scheme to generate income for banks.  There's no actual need for it.  It's just something people have been indoctrinated to accept.

Debt based money means that millions upon millions of people need that money to satisfy the debt. They need it like they need land, houses, cars... because that property is what they will lose if they default on the debt. Simply put, being backed by debt is what gives money value. If you hold that money you have something people will always need. Bitcoin,on the other hand, is backed by nothing. Nobody needs it. It's just empty units that people buy in the hope of dumping them on someone else for a better price. It's a simple unit-based pyramid scheme.

[DooMAD]

There's no contest.  Debt-based money is just a vicious scheme to generate income for banks.  There's no actual need for it.  It's just something people have been indoctrinated to accept.

Debt based money means that millions upon millions of people need that money to satisfy the debt. They need it like they need land, houses, cars... because that property is what they will lose if they default on the debt. Simply put, being backed by debt is what gives money value. If you hold that money you have something people will always need. Bitcoin,on the other hand, is backed by nothing. Nobody needs it. It's just empty units that people buy in the hope of dumping them on someone else for a better price. It's a simple unit-based pyramid scheme.

The "need" is artificial.  The "need" is for banks to turn a profit.  Ordinary people don't "need" any of that.

A pyramid scheme is one where money flows from the bottom to the top.  And that's invariably what happens in debt-based economics.  Money flows up to the banks for absolutely no sane reason.  Those parasitic bankster leeches feed on the masses.

You're clearly okay with artificial theft, so feel free to continue advocating for that.  You aren't going to convince many people here, though.  As you've likely noticed with your... how many accounts is it now?  I've honestly lost track.  Looking forward to your next empty facade where you spout the same tired nonsense under another alias.

[teamsherry]

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.

If bitcoin is dumb then fait is even more dumber, now let's do a comparison real quick, bitcoin has a fixed number of coins that can ever be creates and supply making it to be immune to inflation or value depreciation over time, but your local fait which I believe you so love is been printed everyday and inflates every day, is that the freedom you want, where you work Labour woths less every fucking day that the bank pri to money.

You know nothing bro if not, you wouldn't be saying this and this is just the one comparison I feel you can comprehend. Bitcoin hater🤬

[NotATether]

A pyramid scheme is one where money flows from the bottom to the top.  And that's invariably what happens in debt-based economics.  Money flows up to the banks for absolutely no sane reason.  Those parasitic bankster leeches feed on the masses.

You're clearly okay with artificial theft, so feel free to continue advocating for that.  You aren't going to convince many people here, though.  As you've likely noticed with your... how many accounts is it now?  I've honestly lost track.  Looking forward to your next empty facade where you spout the same tired nonsense under another alias.

I know your motto is "leave no FUD unchallenged" but the guy you are talking to is a serial spammer, as you might be aware. Best to just put him on ignore.

[DooMAD]

A pyramid scheme is one where money flows from the bottom to the top.  And that's invariably what happens in debt-based economics.  Money flows up to the banks for absolutely no sane reason.  Those parasitic bankster leeches feed on the masses.

You're clearly okay with artificial theft, so feel free to continue advocating for that.  You aren't going to convince many people here, though.  As you've likely noticed with your... how many accounts is it now?  I've honestly lost track.  Looking forward to your next empty facade where you spout the same tired nonsense under another alias.

I know your motto is "leave no FUD unchallenged" but the guy you are talking to is a serial spammer, as you might be aware. Best to just put him on ignore.

Fully aware, yep.  But because not all users might be aware, I'll usually counter a few of the spurious arguments first, then they go on ignore.  And we'll probably do this little dance again upon their next reincarnation.