Why is Bitcoin the Dumbest Thing Ever Invented

[DyllanGM]

Some people like you might say Bitcoin is the dumbest thing ever invented because they don’t get it or see its value. But others see it as a revolutionary technology that changes how we think about money and finance. It's decentralized, which means no one controls it, and it can be sent anywhere in the world quickly and cheaply. It’s had a huge impact on tech and finance, even if it's not perfect. So, calling it the dumbest thing ever might be a bit harsh, but opinions definitely vary.

[GbitG]

Some people like you might say Bitcoin is the dumbest thing ever invented because they don’t get it or see its value. But others see it as a revolutionary technology that changes how we think about money and finance. It's decentralized, which means no one controls it, and it can be sent anywhere in the world quickly and cheaply. It’s had a huge impact on tech and finance, even if it's not perfect. So, calling it the dumbest thing ever might be a bit harsh, but opinions definitely vary.

He is nothing but a troll and a person who hates Bitcoin maybe because he made some investment in it in the past and lost money in it by panic selling which is what most newbie investors do and then they start abusing Bitcoin and saying it's a useless thing just like OP.

Those who say such things about Bitcoin are the ones who don't have much or any knowledge about it and they don't know how they can utilize it positively, and to be honest, their opinions shouldn't affect us or anyone as long as those reading or listening to them are getting at least some benefit from Bitcoin.

If I'm using Bitcoin for something beneficial for me, whether its the price or any other use case, I wouldn't care what others are saying about it.

[larry_vw_1955]

It makes sense because they know very well that numbers on the screen is all they have. But as long as there are enough suckers that want to buy them because they believe that numbers count some magic coins, they'll keep spending energy to get them.

yes that's the key. as long as there are people that will buy them off of them. they'll burn tires or put up solar panels or any number of crazy things just so they can turn a profit at the very end. i really don't think they care about "securing the network" in other words.

It all boils down to ignorance and greed. People are generally ignorant of what money is. And they saw others "profiting off of Bitcoin" so they just want to get in, no matter what. That's why you can sell the digit "1" for $70K or two digits for $1M. It's literal madness.

if bitcoin was the only game in town, maybe i would be more inclined to think of it as "money" but there's litterly tons of cryptocurrencies. they can't all survive. and i'm not sure bitcoin has any advantages over some of them. so why would i want to put all my money in something that might end up going to zero? kind of a rhetorical question for people who are "all in" with bitcoin. but i know they don't worry about that since they think its just always going to go "up".

[JamesNZ]

Some people like you might say Bitcoin is the dumbest thing ever invented because they don’t get it or see its value. But others see it as a revolutionary technology that changes how we think about money and finance. It's decentralized, which means no one controls it, and it can be sent anywhere in the world quickly and cheaply. It’s had a huge impact on tech and finance, even if it's not perfect. So, calling it the dumbest thing ever might be a bit harsh, but opinions definitely vary.

You seem to have missed the point of this whole discussion. There's no money in the Bitcoin system. People in the Bitcoin system have numbers that count nothing. Empty numeric units. Money is numbers that count something. For instance, you mined gold or created debt and then you use numbers to count or represent those items. In the Bitcoin system the guy came up with the number 21 million and via his protocol simply assigns units of that number to addresses. Nothing is counted, nothing represented with numbers. It's literally like monopoly money - just digits on the medium.

[Iranus]

If one day the demand for gold no longer exists, do you think it will still be valuable?

the chances of that happening are far closer to zero than the demand for bitcoin no longer existing. so why don't we just agree that your question is based on a faulty premise that the demand for gold could ever "no longer exist". As long as people exist, the demand for gold will exist. That's not the case with bitcoin. Read that sentence again!

Also, you're claiming gold has uses because it's made into jewelry and used in certain industries...and bitcoin isn't?

gold is a byproduct of the universe. bitcoin is just a figment of our imagination. if all the computers went away, so would bitcoin. why do i even need to explain something like that though?  

On what basis do you assert that the demand for gold will never go away, and that the demand for bitcoin will go away? Are you from the future or do you have a crystal ball? What evidence do you have to prove what you say will happen in the future? Or just pure guesswork like me or anyone else?
I don't like to hypothesize "if" because you also failed to acknowledge it when I hypothesized that gold will no longer be needed in the future. Likewise, the disappearance of computers will never happen.

So the fact that we use bitcoin as a payment method, a store of value...that's not a use case or uses, what do you call that?

i call that something that can be replaced with something else. what can you replace gold with?

Because bitcoin cannot be touched with hands nor can it be used for jewelry like gold, it is considered useless and has no use case. Is that true in a world gradually digitizing everything we live in?

the chances of bitcoin ending up worthless are far greater than gold ever not having strong demand. make of that what you will.

now with all that said, i think bitcoin is an amazing invention but it could always be replaced by something else and probably will someday by something better. what are you going to replace gold with? silver?

You think bitcoin will be replaced, so what will replace bitcoin? To me, this world is very large and colorful, anything can happen, nothing is permanent.

[ektotanes]

I suggest that you familiarize yourself in more detail with what bitcoin is, as well as what a currency is.

[FatFork]

You seem to have missed the point of this whole discussion. There's no money in the Bitcoin system. People in the Bitcoin system have numbers that count nothing. Empty numeric units. Money is numbers that count something. For instance, you mined gold or created debt and then you use numbers to count or represent those items. In the Bitcoin system the guy came up with the number 21 million and via his protocol simply assigns units of that number to addresses. Nothing is counted, nothing represented with numbers. It's literally like monopoly money - just digits on the medium.

Oh wow, you finally getting the hang of it! A whole new kind of money, right? Like Monopoly money, only... not worthless and infinitely reproducible? And here I thought Bitcoin was some kind of elaborate social experiment. But hey, at least you're finally grasping the basic concept. Slow clap for you.

[larry_vw_1955]

On what basis do you assert that the demand for gold will never go away,

let me know when mankind gets the ability to synthesize new stable elements in large quantities and one of them happens to have the properties of gold.

You think bitcoin will be replaced, so what will replace bitcoin? To me, this world is very large and colorful, anything can happen, nothing is permanent.

i know it's going to be replaced. i just don't know what with exactly. and i don't know exactly when. we're only about 15 years in and bitcoin has some strong competitors like ETH. not everyone uses bitcoin. even today. some people use things like ETH. something like Ethereum would be a likely candidate to replace bitcoin though. something that does more than bitcoin. is more technogically advanced. doing things like smart contracts, etc. that's all just my opinion.

[JamesNZ]

You seem to have missed the point of this whole discussion. There's no money in the Bitcoin system. People in the Bitcoin system have numbers that count nothing. Empty numeric units. Money is numbers that count something. For instance, you mined gold or created debt and then you use numbers to count or represent those items. In the Bitcoin system the guy came up with the number 21 million and via his protocol simply assigns units of that number to addresses. Nothing is counted, nothing represented with numbers. It's literally like monopoly money - just digits on the medium.

Oh wow, you finally getting the hang of it! A whole new kind of money, right? Like Monopoly money, only... not worthless and infinitely reproducible? And here I thought Bitcoin was some kind of elaborate social experiment. But hey, at least you're finally grasping the basic concept. Slow clap for you.

Don't you get tired of playing dumb? If I take a piece of paper, put the digit "1" on it and someone pays $70.000 for that paper, that's not value but price. Value can only be assigned to something actual - gold, debt, liability to redeem, picture, company, computer program, patent, etc. In the Bitcoin system you have nothing actual. The system just calculates numbers, assign them to addresses and shows them on the screen. Digits are all that you have after "buying" or "mining Bitcoin". This is literally like having Monopoly money. And of course, digits are infinitely reproducible. Look, 1356367885433.... i can do that until the cows come home. It's hilarious how a guy set a system to sell you digits, you bought them, and now you're forced to play dumb to hide the fact that you participate in the dumbest invention in human history.

[FatFork]

Don't you get tired of playing dumb?

I could ask you the same thing. You've been trotting out the same wrong arguments for years, and nobody here gives a damn anymore.  Get a clue and come back with something original.

Value can only be assigned to something actual - gold, debt, liability to redeem, picture, company, computer program, patent, etc.

Again with this narrow-minded (and frankly, stupid) argument? By whose definition? How do you define "something actual"? Or do you think that, for example, ideas and thoughts cannot have value?
But... we already talked about this a few years ago, haven't we? It's astounding how you ignore facts that don't fit your narrative.

Oh, and here's the kicker! Bitcoin is essentially a computer program. So you just contradicted yourself in one sentence. Congratulations!

and now you're forced to play dumb to hide the fact that you participate in the dumbest invention in human history.

Again, by whose definition? Yours? Let's be honest, your previous blunders haven't exactly screamed 'financial' nor 'technology guru.' So, I'm genuinely curious - what qualifies you to be the authority on this subject?

[JamesNZ]

Don't you get tired of playing dumb?

I could ask you the same thing. You've been trotting out the same wrong arguments for years, and nobody here gives a damn anymore.  Get a clue and come back with something original.

Value can only be assigned to something actual - gold, debt, liability to redeem, picture, company, computer program, patent, etc.

Again with this narrow-minded (and frankly, stupid) argument? By whose definition? How do you define "something actual"? Or do you think that, for example, ideas and thoughts cannot have value?
But... we already talked about this a few years ago, haven't we? It's astounding how you ignore facts that don't fit your narrative.

Oh, and here's the kicker! Bitcoin is essentially a computer program. So you just contradicted yourself in one sentence. Congratulations!

and now you're forced to play dumb to hide the fact that you participate in the dumbest invention in human history.

Again, by whose definition? Yours? Let's be honest, your previous blunders haven't exactly screamed 'financial' nor 'technology guru.' So, I'm genuinely curious - what qualifies you to be the authority on this subject?

Ideas are something actual, computer programs are something actual. But when you pay $700,000 you didn't buy 10 ideas or 10 computer programs. You bought two digits -  "1" and "0". In other words, you bought 10 units of a number 21 million. Units that count nothing actual. It is crazy how you Bitcoin evangelists keep mentioning actual things, such as gold, paintings, collectables, ideas, computer programs,.. but are unable to answer what actual thing do you have when you bought xx BTC units. And when simple syllogisms show that you have nothing than you engage in ad hominem attacks, play dumb or simply trolling the discussion. You're a perfect example of such behavior.

[FatFork]

Ideas are something actual, computer programs are something actual.

Oh, good! So we agree that at least the 'idea' of Bitcoin is something actual? And what about the implementation of that idea? Is it also something actual or non-existent?

But when you pay $700,000 you didn't buy 10 ideas or 10 computer programs. You bought two digits -  "1" and "0". In other words, you bought 10 units of a number 21 million. Units that count nothing actual.

This just shows how much you misunderstand Bitcoin. It's like watching a toddler try to explain astrophysics.  Nobody "buys an idea" with Bitcoin. The idea, and even the code itself, is open-source and free. You pay for what that idea and implementation create:  a secure, transparent, and verifiable digital ledger.  That's the value.  It may not represent value to you, but that's your choice. People are free to make their own choices. Respect that.

It is crazy how you Bitcoin evangelists keep mentioning actual things, such as gold, paintings, collectables, ideas, computer programs,.. but are unable to answer what actual thing do you have when you bought xx BTC units. And when simple syllogisms show that you have nothing than you engage in ad hominem attacks, play dumb or simply trolling the discussion. You're a perfect example of such behavior.

Right back at you. You cherry-pick examples to push your narrative, conveniently ignoring facts like the digital ownership aspect of Bitcoin. If you don't appreciate simple syllogisms in my replies, try forming a coherent argument first. As for ad hominem attacks, let's get this straight. You spout nonsense about invisible things having no aesthetic value, then try to play the victim when I call out your boneheaded mistake. Did you conveniently forget that gem you dropped earlier? So when your flimsy arguments crumble, you resort to childish name-calling, then have the gall to point fingers? Hilarious.

[JamesNZ]

Ideas are something actual, computer programs are something actual.

Oh, good! So we agree that at least the 'idea' of Bitcoin is something actual? And what about the implementation of that idea? Is it also something actual or non-existent?

But when you pay $700,000 you didn't buy 10 ideas or 10 computer programs. You bought two digits -  "1" and "0". In other words, you bought 10 units of a number 21 million. Units that count nothing actual.

This just shows how much you misunderstand Bitcoin. It's like watching a toddler try to explain astrophysics.  Nobody "buys an idea" with Bitcoin. The idea, and even the code itself, is open-source and free. You pay for what that idea and implementation create:  a secure, transparent, and verifiable digital ledger.  That's the value.  It may not represent value to you, but that's your choice. People are free to make their own choices. Respect that.

It is crazy how you Bitcoin evangelists keep mentioning actual things, such as gold, paintings, collectables, ideas, computer programs,.. but are unable to answer what actual thing do you have when you bought xx BTC units. And when simple syllogisms show that you have nothing than you engage in ad hominem attacks, play dumb or simply trolling the discussion. You're a perfect example of such behavior.

Right back at you. You cherry-pick examples to push your narrative, conveniently ignoring facts like the digital ownership aspect of Bitcoin. If you don't appreciate simple syllogisms in my replies, try forming a coherent argument first. As for ad hominem attacks, let's get this straight. You spout nonsense about invisible things having no aesthetic value, then try to play the victim when I call out your boneheaded mistake. Did you conveniently forget that gem you dropped earlier? So when your flimsy arguments crumble, you resort to childish name-calling, then have the gall to point fingers? Hilarious.

Hahaha. Let's tray again: what actual thing do you have when you bought 10 BTC units for $700,000?

I say you have nothing actual in the amount of 10 but two digits, or 10 units of a number 21 million. You have what I can get right now by pressing two keys on the keyboard.

But you keep insisting it is something else. Then it's simple: what is it?

Other Bitcoin evangelists said it is energy, work, a commodity, a collectible-like thing, token, coin, digital asset, but couldn't show anything except digits on the screen. Now you say it is a ledger, suggesting that you bought 10 ledgers. This is stupidity of a high order. There's only one ledger. It is stored on many computers and free for everyone to download. Why would you pay for something you can get for free?

So, you play stupid. You know very well that you have nothing in the amount of numbers shown on the screen. You know the truth. But you're to embarrassed to admit that. To admit that you participate in the dumbest scheme ever. A scheme where tons energy or money are spend on watching numbers on the screen. What's even more dumb is that you and your Bitcoin bros created the whole religion out of it and you make statues of an anonymous person that invented the scheme. It's no wonder more and more people view you as a crazy cult.

[NotATether]

~garbage~

You're still peddling that BS?

Get a life, bro.

[FatFork]

Hahaha. Let's tray again: what actual thing do you have when you bought 10 BTC units for $700,000?

I say you have nothing actual in the amount of 10 but two digits, or 10 units of a number 21 million. You have what I can get right now by pressing two keys on the keyboard.

But you keep insisting it is something else. Then it's simple: what is it?

Other Bitcoin evangelists said it is energy, work, a commodity, a collectible-like thing, token, coin, digital asset, but couldn't show anything except digits on the screen. Now you say it is a ledger, suggesting that you bought 10 ledgers. This is stupidity of a high order. There's only one ledger. It is stored on many computers and free for everyone to download.

Look, you seem confused. I never said you buy 10 ledgers. Don't twist my words. BTC units represent ownership on a secure, decentralized network. You're invested in a system.
Let me ask you this analogy: When you send an email or use DNS to access a website, what are you buying exactly? It's not a physical object, but you're paying for access to a service or a secure network. Similar concept with Bitcoin – you're buying ownership within a secure, decentralized network. There's value in that. You may not see it, but that's your problem.

Now, regarding the "ad hominem" comment, let's keep things civil. Like I said, some find value in Bitcoin, some don't.  I'm not here to convert you, but I do believe in respecting others' financial choices, even if they differ from mine.

Why would you pay for something you can get for free?

No, you actually can't. You can get a similar effect using another, more or less decentralized network, similar to Bitcoin, but it's not exactly the same.

It's no wonder more and more people view you as a crazy cult.

Again, by whose opinion? Yours? Why is that relevant?

[Cryptohygenic]

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,

You might intend to discourage investors or who maybe interested to invest in bitcoin but while yourself had already made mentioned of this bitcoin criterial values, you ended up encouraging them to embrace bitcoin which you have already made a clear and admiring definition of it.

[JamesNZ]

Hahaha. Let's tray again: what actual thing do you have when you bought 10 BTC units for $700,000?

I say you have nothing actual in the amount of 10 but two digits, or 10 units of a number 21 million. You have what I can get right now by pressing two keys on the keyboard.

But you keep insisting it is something else. Then it's simple: what is it?

Other Bitcoin evangelists said it is energy, work, a commodity, a collectible-like thing, token, coin, digital asset, but couldn't show anything except digits on the screen. Now you say it is a ledger, suggesting that you bought 10 ledgers. This is stupidity of a high order. There's only one ledger. It is stored on many computers and free for everyone to download.

Look, you seem confused. I never said you buy 10 ledgers. Don't twist my words. BTC units represent ownership on a secure, decentralized network. You're invested in a system.
Let me ask you this analogy: When you send an email or use DNS to access a website, what are you buying exactly? It's not a physical object, but you're paying for access to a service or a secure network. Similar concept with Bitcoin – you're buying ownership within a secure, decentralized network. There's value in that. You may not see it, but that's your problem.

Now, regarding the "ad hominem" comment, let's keep things civil. Like I said, some find value in Bitcoin, some don't.  I'm not here to convert you, but I do believe in respecting others' financial choices, even if they differ from mine.

Why would you pay for something you can get for free?

No, you actually can't. You can get a similar effect using another, more or less decentralized network, similar to Bitcoin, but it's not exactly the same.

It's no wonder more and more people view you as a crazy cult.

Again, by whose opinion? Yours? Why is that relevant?

Interesting, now it is a network. First it was some magic invisible coins. Then energy, work, commodity, whatever. A now it is a network. Ok let's see. A network is computers linked together. So you're saying that when you bought Bitcoin you own computers. And if for instance I join the network to "mine" Bitcoin you own a part of my computer. But... that's not true. I am the only one who owns my computer. Owning bitcoins doesn't mean owning computers linked together. So, you talk nonsense.

Why is it so hard for you to admit something so obvious? That by buying Bitcoin you have nothing actual but just units of a number 21 million. That you have what everyone can create in an instant by pressing keys on the keyboard. And that it is stupid to spend tons energy or money to get just numbers, to have just digits on the screen. But instead, you try to find excuses for that stupidity. By doing so you embarrass yourself more and more with each new post here.

[FatFork]

Interesting, now it is a network. First it was some magic invisible coins. Then energy, work, commodity, whatever. A now it is a network. Ok let's see. A network is computers linked together. So you're saying that when you bought Bitcoin you own computers. And if for instance I join the network to "mine" Bitcoin you own a part of my computer. But... that's not true. I am the only one who owns my computer. Owning bitcoins doesn't mean owning computers linked together. So, you talk nonsense.

Look, buddy, I get it. You're confused, and that's okay.  But if you're so determined to misunderstand everything, then this conversation is a waste of time. Again, don't twist my words! Nobody said you own actual computers when you buy Bitcoin. That's a ridiculous take.

Bitcoin ownership grants you a stake in a distributed ledger. Yes, it's a secure network that verifies and records transactions. (It has always been.) You're essentially buying into a system that eliminates the need for a central authority, like a bank.

Seems like you're stuck on the idea of a physical good.  Bitcoin is different.  It's a new digital asset class, and if you're not interested, that's fine.  But stop with these nonsensical claims about owning computers.  Do some actual research and stop talking nonsense.

Why is it so hard for you to admit something so obvious? That by buying Bitcoin you have nothing actual but just units of a number 21 million. That you have what everyone can create in an instant by pressing keys on the keyboard. And that it is stupid to spend tons energy or money to get just numbers, to have just digits on the screen. But instead, you try to find excuses for that stupidity. By doing so you embarrass yourself more and more with each new post here.

Seriously, with ad hominem comments again? Can't we just have a normal discussion?

By the way, you've conveniently dodged my questions. When you send an email or use DNS to access a website, what exactly are you buying?

[JamesNZ]

Interesting, now it is a network. First it was some magic invisible coins. Then energy, work, commodity, whatever. A now it is a network. Ok let's see. A network is computers linked together. So you're saying that when you bought Bitcoin you own computers. And if for instance I join the network to "mine" Bitcoin you own a part of my computer. But... that's not true. I am the only one who owns my computer. Owning bitcoins doesn't mean owning computers linked together. So, you talk nonsense.

Look, buddy, I get it. You're confused, and that's okay.  But if you're so determined to misunderstand everything, then this conversation is a waste of time. Again, don't twist my words! Nobody said you own actual computers when you buy Bitcoin. That's a ridiculous take.

Bitcoin ownership grants you a stake in a distributed ledger. Yes, it's a secure network that verifies and records transactions. (It has always been.) You're essentially buying into a system that eliminates the need for a central authority, like a bank.

Seems like you're stuck on the idea of a physical good.  Bitcoin is different.  It's a new digital asset class, and if you're not interested, that's fine.  But stop with these nonsensical claims about owning computers.  Do some actual research and stop talking nonsense.

Why is it so hard for you to admit something so obvious? That by buying Bitcoin you have nothing actual but just units of a number 21 million. That you have what everyone can create in an instant by pressing keys on the keyboard. And that it is stupid to spend tons energy or money to get just numbers, to have just digits on the screen. But instead, you try to find excuses for that stupidity. By doing so you embarrass yourself more and more with each new post here.

Seriously, with ad hominem comments again? Can't we just have a normal discussion?

By the way, you've conveniently dodged my questions. When you send an email or use DNS to access a website, what exactly are you buying?

Hahaha, this is crazy. First you say that you own a ledger. Then I demonstrate how stupid it is to say something like that. Then you say that you own a network. I show the stupidity of that as well. And now, you say that you own a stake in a ledger. So, you're saying the same thing as before - that when you bought Bitcoin you own a ledger. Why are you embarrassing yourself so much? I know that you Bitcoin evangelists are brainwashed to repeat that mantra about decentralized ledger but this is too much even for people like you? Why? Why are you doing this?

[FatFork]

Hahaha, this is crazy. First you say that you own a ledger.

That's a lie! I never said that. Show me where I supposedly said that.

Then you say that you own a network.

That's another lie! I never said that either. The proof that you are a liar is right here in this thread. My posts are unedited. 

And now, you say that you own a stake in a ledger. So, you're saying the same thing as before - that when you bought Bitcoin you own a ledger.

Nope! Not even close! I never claimed "you own a ledger". That's three lies in a single post.  Is this your debate tactic? Lies to compensate for a lack of valid arguments?