Bitcoin critic strikes

[kotajikikox]

It has no intrinsic value and is not backed by anything. Bitcoin devotees will tell you that, like gold, its value comes from its scarcity—Bitcoin’s computer algorithm mandates a fixed cap of 21 million digital coins (nearly 19 million have been created so far). But scarcity by itself can hardly be a source of value. Bitcoin investors seem to be relying on the greater fool theory—all you need to profit from an investment is to find someone willing to buy the asset at an even higher price.

I found this article and it goes on about how bitcoin really has no value but it is only a speculative asset. But there has been many places or countries that accept bitcoin as payment. Here are a few of them:

• Where to spend Bitcoin in Portugal? Pizzaria Luzzo in Lisbon is not shy about accepting BTC payments, according to BTCmap. S.L. Benfica was the first European football club that made it possible for fans to pay with Bitcoin for their favorite team jersey, and The Block Lisboa accepts BTC payments in its co-working space.
• Zug in Switzerland is called Crypto Valley. Here, you will find an enthusiastic crypto community where more than 1,000 crypto companies are based. If you travel by public transport in Switzerland, kiosks usually accept BTC payments. The country is a pioneer in crypto, which is reflected in its transparent regulatory framework and investor-friendly attitude.
• There are many Bitcoin-friendly hotels and shops, such as the Bake N More Café, Doge Burger, The Manor Hotel, Palazzo Versace Dubai and car rental companies like One Click Drive, which accept BTC and Ether.

We can say that bitcoin is not only a speculative asset but also something with a purpose. Do you agree with the first article that says bitcoin has no actual value?

[pooya87]

It has no intrinsic value and is not backed by anything. Bitcoin devotees will tell you that, like gold, its value comes from its scarcity

It's always funny whenever I see idiots start a debate with themselves, then debunk themselves and then win that debate with themselves

If we define bitcoin as something that only has value because of its capped supply, then obviously it becomes a useless shitcoin that has no intrinsic value whatsoever! There are a lot of altcoins out there exactly like this.
That's what this idiot did here. He first created a false narrative from some imaginary third parties that he called "Bitcoin devotees" (as if it is a cult!) and then debunked his own false narrative in order to convince the audience of another false narrative they tried to create ("bitcoin has no intrinsic value").

Bitcoin has value because of the utility it provides as a decentralized censorship resistant payment system that works 24/7 and globally. A currency that can be used by anybody from anywhere, in a network that nobody can control, shut down or even restrict or censor.
Having a capped supply (the scarcity thing) is the cherry on top which complements it.

P.S. This useless article from an idiot (not a critic) is from 2021, why share it now?

[Dave1]

We can say that bitcoin is not only a speculative asset but also something with a purpose. Do you agree with the first article that says bitcoin has no actual value?

Isn't it obvious by now that this statement is flawed already? We've seen that it grown tremendously, we have countries and then institutions are already investing on Bitcoin because they know that it has value? It has started the monetary revolution since it's inception.

>> hard cap supply, fixed at 21 million, it makes it the first scarcity-based money in history.
>> decentralization
>> store of value

And as what I said:

>> big corporations like Tesla and Microstrategy is inside the market
>> countries like El Salvador and Bhutan
>> us, retail investors, the un-banked to escape capital control.

[BlackBoss_]

We can say that bitcoin is not only a speculative asset but also something with a purpose. Do you agree with the first article that says bitcoin has no actual value?

You or the others can consider Bitcoin as a speculative asset but the others can consider it differently like an investment asset, store of value, a safe heaven against inflation, whatever.

Do Bitcoin critics actually strike?
I don't think so because Bitcoin adoption has become better over time.
Its legality status in many countries has become better than what it had in the past years.
There are less and less Bitcoin is dead fuds.

Some websites to debunk Bitcoin critics, fuds.
https://endthefud.org/
https://bitcoindeaths.com/
https://99bitcoins.com/bitcoin-obituaries/

[joniboini]

The article is quite old. I wonder what makes you think this is new. Isn't it posted in 2021? Even if it was posted within the last few weeks, I don't think it will change the stance of many people who are into crypto already. If it's targeting the public, I think they'll do their own research if they have an open mind, instead of blindly believing one account or analysis of from a single entity.

[Localhostspeed]

We can say that bitcoin is not only a speculative asset but also something with a purpose. Do you agree with the first article that says bitcoin has no actual value?

It's easy to know when people that are educated and illiterate at the same time. We are no longer in 2013 when anyone can write beliitle Bitcoin because of their ego and refused to admit the importance of Bitcoin. If they are not doing the research, they see Microstrategy buying millions of worth of Bitcoin weekly, a lot of institutions are buying through Blackrock ETFs, Bitcoin acceptance as legal tender in some countries. What more do they need for it to be consider as asset? Sometimes, you let them say what they feel, it doesn't change the sentiment of the market, with time will they will catch up the train and admit their mistakes.

[freedomgo]

Tell that to the so-called “smart money”, the institutional investors who’ve been throwing millions into Bitcoin long before you even heard of it. The system hasn’t changed one bit since day one; the only real shift has been in adoption. And get this, they kept buying even when the price was sky-high. That’s not blind faith, that’s conviction from people who know exactly what they’re holding.

As for the critics? They’re part of the ecosystem. When there are haters, there are also believers. And funny enough, the believers are usually the ones who’ve actually made money with Bitcoin, whether they invested early or use it day-to-day.

[BlackBoss_]

Tell that to the so-called “smart money”, the institutional investors who’ve been throwing millions into Bitcoin long before you even heard of it. The system hasn’t changed one bit since day one; the only real shift has been in adoption. And get this, they kept buying even when the price was sky-high. That’s not blind faith, that’s conviction from people who know exactly what they’re holding.

As for the critics? They’re part of the ecosystem. When there are haters, there are also believers. And funny enough, the believers are usually the ones who’ve actually made money with Bitcoin, whether they invested early or use it day-to-day.

Earlier or later participation in this market means something but not decisive. You can join the market earlier than late comers but if you can not accumulate more bitcoins than them, can not hold your bitcoin a long time for very good ROI, your investment will have less profit than what late comers have.

Smart investors do know power of long term accumulation as well as how long term holding can bring super good ROI for their investment portfolios. Therefore they don't actually mind whether their entry times are later than other investors. They simply build up their investment strategies, focus on accumulating bitcoin, and be disciplined for holding their bitcoins tightly over a long time.

They know and they actually practice DCA and holding.
https://costavg.com/

[FortuneFollower]

The article is quite old. I wonder what makes you think this is new. Isn't it posted in 2021? Even if it was posted within the last few weeks, I don't think it will change the stance of many people who are into crypto already. If it's targeting the public, I think they'll do their own research if they have an open mind, instead of blindly believing one account or analysis of from a single entity.

Yep. BTC has much more use cases than just a thing to speculate, and those that learn their stuff know that and wouldn't be swayed by some critic..

[Die_empty]

We can say that bitcoin is not only a speculative asset but also something with a purpose. Do you agree with the first article that says bitcoin has no actual value?

Who cares about what an ignorant critic says? What is the value of fiat? Fiat is a worthless currency that is uncontrollably printed by the government. I see Bitcoin as an alternative currency and a valuable asset; I don't care what people say.

P.S. This useless article from an idiot (not a critic) is from 2021, why share it now?

Many idiots have changed their perception over the years because Bitcoin has shamed them. Even Trump who called Bitcoin a scam in 2021, used it as a campaign promise to win elections  .

[hero_the_bossman]

Many idiots have changed their perception over the years because Bitcoin has shamed them. Even Trump who called Bitcoin a scam in 2021, used it as a campaign promise to win elections  .

Politicians are a different breed altogether.

They are the fastest to change gloves if it suits them the most.

[freedomgo]

Tell that to the so-called “smart money”, the institutional investors who’ve been throwing millions into Bitcoin long before you even heard of it. The system hasn’t changed one bit since day one; the only real shift has been in adoption. And get this, they kept buying even when the price was sky-high. That’s not blind faith, that’s conviction from people who know exactly what they’re holding.

As for the critics? They’re part of the ecosystem. When there are haters, there are also believers. And funny enough, the believers are usually the ones who’ve actually made money with Bitcoin, whether they invested early or use it day-to-day.

Earlier or later participation in this market means something but not decisive. You can join the market earlier than late comers but if you can not accumulate more bitcoins than them, can not hold your bitcoin a long time for very good ROI, your investment will have less profit than what late comers have.

Smart investors do know power of long term accumulation as well as how long term holding can bring super good ROI for their investment portfolios. Therefore they don't actually mind whether their entry times are later than other investors. They simply build up their investment strategies, focus on accumulating bitcoin, and be disciplined for holding their bitcoins tightly over a long time.

They know and they actually practice DCA and holding.
https://costavg.com/

Yeah, I get it .. I just don’t get why you had to quote my reply just to say your piece.

My point is simple: when people criticize Bitcoin, they should take it up with the investors who had the guts to put in millions , even billions , whether the price was sky-high or where it is now. Critics will always be critics, but like it or not, Bitcoin has been a massive success overall. Some people just can’t seem to enjoy that fact.

[bitzizzix]

The article is quite old. I wonder what makes you think this is new. Isn't it posted in 2021? Even if it was posted within the last few weeks, I don't think it will change the stance of many people who are into crypto already. If it's targeting the public, I think they'll do their own research if they have an open mind, instead of blindly believing one account or analysis of from a single entity.

Of course, everyone today is smart and distrustful because they have adapted to the changing times and ever-evolving technology. This is what makes it difficult for anyone to believe what they already know, especially nonsense that doesn't align with reality. Everyone will certainly do research to confirm its validity.
However, I understand that with something as extraordinary as Bitcoin, there are bound to be haters, but the truth is, it's all just nonsense that no one cares about, especially those who are already involved and own it, and their faith will never waver.

[tabas]

I found this article and it goes on about how bitcoin really has no value but it is only a speculative asset.

Reading this is already conflicting with the topic or subject of Bitcoin being a speculative asset and having no value. Having no value means that it cannot be classified as an asset, speculative or not, because it has no worth.

We can say that bitcoin is not only a speculative asset but also something with a purpose. Do you agree with the first article that says bitcoin has no actual value?

Every asset has its worth and so it comes with a purpose. And the same goes with bitcoin and so other assets, speculative or not. And if I am going to agree with that article that says that bitcoin has no value, we shouldn't be discussing here anything about it anymore.

[aylabadia05]

It has no intrinsic value and is not backed by anything. Bitcoin devotees will tell you that, like gold, its value comes from its scarcity—Bitcoin’s computer algorithm mandates a fixed cap of 21 million digital coins (nearly 19 million have been created so far). But scarcity by itself can hardly be a source of value. Bitcoin investors seem to be relying on the greater fool theory—all you need to profit from an investment is to find someone willing to buy the asset at an even higher price.

Ha ha ha. Just hahaha. Furthermore, it is his right as a human being who has a mind.

We can say that bitcoin is not only a speculative asset but also something with a purpose. Do you agree with the first article that says bitcoin has no actual value?

If Bitcoin is not a valuable asset but only a stupid mind that is not expressed by many bitcoiners, then why many great people with high levels of influence continue to try to adopt Bitcoin as a reserve and not in large quantities.

[fikrett]

We can say that bitcoin is not only a speculative asset but also something with a purpose. Do you agree with the first article that says bitcoin has no actual value?

Every asset has its worth and so it comes with a purpose. And the same goes with bitcoin and so other assets, speculative or not. And if I am going to agree with that article that says that bitcoin has no value, we shouldn't be discussing here anything about it anymore.

We should crave to have our own opinion based on facts and opinions of others combined with said facts, because eventually, you won't be able to go for others to gain knowledge on what to think or what to do, crypto is all about finding your own way and understanding of things.

[Oshosondy]

There will always be bitcoin critics as long as bitcoin continues to increase in value.

Know that in this life, if bitcoin has no value nothing has value. If all gold on earth were taking away from earth today, humans will live and focus on another material to replace gold. The marketcap of gold today is because of the sentiment people have towards gold and not how useful gold is.

Just know that people have sentiment for something and now bitcoin is one of them. Bitcoin is an investment and a hedge against inflation. That are what that makes it useful. Also it is an easy means to send money to anyone all over the world. It is even still more useful than this.

[alani123]

What does have intrinsic value these days?

Even for gold, the speculation is just too much. The price has kept going up way ahead of inflation. So does every precious metal and so called "valuable asset".

Any way, intrinsic value is just a weird way of counting money. And if it's a spectrum bitcoin is higher on that above USD/EUR etc. Does that matter though? No. It's been infinitely more convenient for people to pay with FIAT and I guess that will continue. The current support we see for BTC isn't about bringing a revolution but rather for allowing and even endorsing speculation. So it's just the price going up, not so much the utility or incentives to use it.

[Wind_FURY]

It has no intrinsic value and is not backed by anything. Bitcoin devotees will tell you that, like gold, its value comes from its scarcity

It's always funny whenever I see idiots start a debate with themselves, then debunk themselves and then win that debate with themselves

If we define bitcoin as something that only has value because of its capped supply, then obviously it becomes a useless shitcoin that has no intrinsic value whatsoever! There are a lot of altcoins out there exactly like this.
That's what this idiot did here. He first created a false narrative from some imaginary third parties that he called "Bitcoin devotees" (as if it is a cult!) and then debunked his own false narrative in order to convince the audience of another false narrative they tried to create ("bitcoin has no intrinsic value").

Bitcoin has value because of the utility it provides as a decentralized censorship resistant payment system that works 24/7 and globally. A currency that can be used by anybody from anywhere, in a network that nobody can control, shut down or even restrict or censor.
Having a capped supply (the scarcity thing) is the cherry on top which complements it.

P.S. This useless article from an idiot (not a critic) is from 2021, why share it now?

Actually, "scarcity" and "value" in that context for both Bitcoin and Gold, is actually laughable because if it is what actually gives Bitcoin "value" according to the belief of the people who buy it, then it could be debated that Bitcoin's value is mere "speculative value".

But if you ask me, Bitcoin's main value proposition is Censorship-Resistance which is a "product" of Decentralization. They world may not know it now, but the fact that we can't be stopped from owning any Bitcoin is a spin-off of that.

[hero_the_bossman]

What does have intrinsic value these days?

Even for gold, the speculation is just too much. The price has kept going up way ahead of inflation. So does every precious metal and so called "valuable asset".

Any way, intrinsic value is just a weird way of counting money. And if it's a spectrum bitcoin is higher on that above USD/EUR etc. Does that matter though? No. It's been infinitely more convenient for people to pay with FIAT and I guess that will continue. The current support we see for BTC isn't about bringing a revolution but rather for allowing and even endorsing speculation. So it's just the price going up, not so much the utility or incentives to use it.

Yep.

We need to be happier when different services allow BTC to be used the same way fiat is used, for speculations - I am not too happy about it, rather, it's an aftermath of where BTC has come.