Bitcoin critic strikes

[BitGoba]

Gold has been valued and used as money for thousands of years, but not because it has any inherent or intrinsic value in itself. Rather, gold was widely accepted because it possesses certain characteristics that make it suitable to serve as money. These characteristics include durability, scarcity, and portability. However, it lacked divisibility, so silver coins were used to make smaller payments. Another problem was the difficulty of easy verification, since people started mixing other metals into gold coins. Because verifying the purity of gold was complicated, as well as its storage and safekeeping, banks and paper money eventually emerged as solutions.


Practically nothing in the physical world has all the properties of good money, gold came closest to fulfilling those qualities.Everything changed with the digital age, which made it possible to create a nearly perfect form of money Bitcoin  with superior monetary characteristics.

[EluguHcman]

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.

So if golds value is not determined by it scarcity how what is parameter that justifies it? Bitcoin enthusiasts like me (Us) will always say.... Bitcoin is a digital gold which posseses it valuability and use cases like that of physical gold. It has been proven right from when Bitcoin was launched up to date.

So what is the essence of being skeptic with the insight of the devotees as may say?
Nothing strange this attribute though because such critical minds of people trolling on Bitcoin realistically exists while they are pained inside as they can not change the fact that Bitcoin has realistically of treasury bond.

Let us just say they talks outof ignorance because either Bitcoin and gold marketplaces are open source to checkmate the performance of both assets and do the justification if devotees actually lied.
Also consult from investors about the resilience and achievement while invested on the market if they are just getting fooled behind the scene of Bitcoin development.

[tabas]

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.

While having facts are the right thing, mixing it with opinion might be not good. And that's why these people are telling their opinion, and it's based on what they think about bitcoin and how they feel by the time they publish their articles. It's also the reason why we're on this community because the sharing of knowledge is done here. So for these people, they're the geniuses of their own biases but of course, we know what's the truth and what we're dealing with. Bitcoin is a real asset, it has proven with so many test of time and it's still here despite all the backlashes and FUD that articles like this has been done to attack Bitcoin.

[FortuneFollower]

Gold has been valued and used as money for thousands of years, but not because it has any inherent or intrinsic value in itself. Rather, gold was widely accepted because it possesses certain characteristics that make it suitable to serve as money. These characteristics include durability, scarcity, and portability. However, it lacked divisibility, so silver coins were used to make smaller payments. Another problem was the difficulty of easy verification, since people started mixing other metals into gold coins. Because verifying the purity of gold was complicated, as well as its storage and safekeeping, banks and paper money eventually emerged as solutions.


Practically nothing in the physical world has all the properties of good money, gold came closest to fulfilling those qualities.Everything changed with the digital age, which made it possible to create a nearly perfect form of money Bitcoin  with superior monetary characteristics.

I wanted to say that BTC shines all better than gold once we see for what it is, but you changed the initial picture 

BTC is relatively a new runner in the game, and the more time passes, the better it scores new and new ways to shine..

[Lucius]

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.

---
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?

Everyone is entitled to their own opinion and I don't care who the author of the article is - some will always try to portray Bitcoin as a Ponzi scheme or another internet scam. Some do it because they don't understand what they're talking about, others because they're paid to spread such theories - and I'm sure they'll be talking the same for another 15 years, no matter how successful Bitcoin will be.

Bitcoin definitely has a purpose and there is plenty of evidence for it, so even though most people use it only as an investment, there are also those for whom it enables them to achieve financial independence and use it daily as a currency. This is the most dangerous thing that "they" fear, because people are best controlled if they are dependent on a centralized financial system, whether it is an individual or entire countries that are blackmailed by organizations like the IMF.

[mak013]

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?

The right words for me: "Everything costs as much as people ready to pay for it". So BTC has his price - still people ready to buy or sell it.
But the gold can be used in the real world, to create something material. BTC can`t be used to create something.
As the result: BTC has a price but not a value.

[Satofan44]

Read books, don't waste time on wannabe experts that have more alcohol and narcissism in their bodies than they have working brain cells. This topic has been discussed thousands of times, you can use search to find old arguments. Start with this book, once you understand it properly then you will never question Bitcoin again. After this one you can look for others.

The Bitcoin Standard: The Decentralized Alternative to Central Banking by Saifedean Ammous

All this topic does is invite a lot of low-quality shitpost responses that rehash superficial knowledge of a very complex subject.

[uchegod-21]

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?

I honestly feel that Bitcoin has grown past that stage where people (critics) will still have some negative opinions about it.  The evidences of Bitcoin's growth are right there staring at us in our faces. We have already seen some critics shamelessly retrace their steps and publicly embracing Bitcoin, especially the likes of Donald Trump.

It is indeed laughable seeing some individuals still giving facts that don't hold water about Bitcoin even when they are witnesses to this massive growth over the years. Let's still give them time, in years to come, they will be speaking a different language about Bitcoin.

[Satofan44]

It is indeed laughable seeing some individuals still giving facts that don't hold water about Bitcoin even when they are witnesses to this massive growth over the years. Let's still give them time, in years to come, they will be speaking a different language about Bitcoin.

The article is 4 years old. I have no idea why the thread author is bringing it up now unless he wants to encourage spam posts.

July 20, 2021

It is not a relevant article and he's been proven wrong by the market.

[m2017]

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?

And what value does a green piece of cut paper have? In fact, none, because it also has no intrinsic value. Except for the one that people "invested" - faith in the value (the possibility of using this paper in trade and monetary relations).

Bitcoin is fundamentally (from this point of view) no different.

The current "something with a purpose" of bitcoin is the role as a speculative (and investment) instrument (for the most part).

What you provided in the list of places accepting bitcoin is rather an exception and there are very few such places. Although their number is growing, but not at all quickly. Also, I assume that the owners of these establishments use bitcoin as an advertisement for their establishment to a greater extent than as a real payment method.

[Z-tight]

This is an old article that was wrong when it was written and still wrong today, and in the future i am sure people would read it and wonder how dumb and wrong the writer was. I have a feeling writers like this are simply paid to come up with the best fud they can, even though they know what they are writing is nonsense.

How could the writer miss that BTC has no single point of failure, that no one controls it, that it is a decentralized currency which is censorship resistant and permissionless, and then has a capped supply.

[coolcoinz]

It is indeed laughable seeing some individuals still giving facts that don't hold water about Bitcoin even when they are witnesses to this massive growth over the years. Let's still give them time, in years to come, they will be speaking a different language about Bitcoin.

The article is 4 years old. I have no idea why the thread author is bringing it up now unless he wants to encourage spam posts.

July 20, 2021

It is not a relevant article and he's been proven wrong by the market.

I was looking for this comment.

Why does everybody get into discussion about something without verifying it? I knew something was off when he wrote that nearly 19m has been mined when it's 20!

In 2021 Bitcoin was barely going towards $60k and there were no ETFs and companies weren't saving up in bitcoin.

I've always liked the "no backing" argument. Traditionalists need a name to associate with an asset, like when they buy stock of MSTR they know it's Saylor's company and when they buy bitcoin it confuses them because there's nobody to blame for a potential failure, nobody to blame.

[UchihaSarada]

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.

You said an important truth about scam altcoins and even wrong thinking about how Bitcoin gains its high value.

Rather than talking more, it's better to give people examples.
I use Cryptorank.io and its simple filter to get examples.
https://cryptorank.io/all-coins-list

Click on Filter, Circulating supply, and type 21M to a To box, the site will return some coins with circulating supplies is up to 21 millions. There are many altcoins like this and their prices are not closely to Bitcoin price.

Scarcity itself does not make value.

I want to use Total supply but the filter does not have it so I used Circulation supply.

[pooya87]

Everyone is entitled to their own opinion and I don't care who the author of the article is - some will always try to portray Bitcoin as a Ponzi scheme or another internet scam.

Nobody with half a brain cares about such authors, but unfortunately what these idiots say has a "weight" because of their titles. In this case, the author of this nonsense is a economist and a professor at a university in NY, USA. The problem is because of their position, when the regular people (who don't even know what Bitcoin is) read their nonsense they tend to believe it... So it's no longer mere opinion, it becomes FUD.

[Luzin]

I am quite confused when people say that bitcoin has no value. Let's look at gold and fiat money. Where do they get their value from? I think they get their value from trust and ultimately from agreement. That is why they have survived until now. Is bitcoin any different? I think it is the same, except that there are still those who support it and those who reject it. Not all countries trust it yet. I think gold and fiat currency were also like that in the past—there was opposition. So, are people still not using logic? I think some of the negative opinions are a form of defense against what they perceive as not benefiting them. IMO

[purple_sparkles]

I am quite confused when people say that bitcoin has no value. Let's look at gold and fiat money. Where do they get their value from? I think they get their value from trust and ultimately from agreement. That is why they have survived until now. Is bitcoin any different? I think it is the same, except that there are still those who support it and those who reject it. Not all countries trust it yet. I think gold and fiat currency were also like that in the past—there was opposition. So, are people still not using logic? I think some of the negative opinions are a form of defense against what they perceive as not benefiting them. IMO

For many, bitcoin is something new and incomprehensible, and, as we know, not everyone is ready and willing to move into something new and unknown, since they will have to strain themselves and figure out why, if there is already something old, maybe not so good, but already working. This applies not only to individuals, but also to states, since states are governed by the same people. Before introducing something new and revolutionary, all great inventions are tested by conservative criticism, and bitcoin is no exception.

[slaman29]

You said an important truth about scam altcoins and even wrong thinking about how Bitcoin gains its high value.

Rather than talking more, it's better to give people examples.
I use Cryptorank.io and its simple filter to get examples.
https://cryptorank.io/all-coins-list

Click on Filter, Circulating supply, and type 21M to a To box, the site will return some coins with circulating supplies is up to 21 millions. There are many altcoins like this and their prices are not closely to Bitcoin price.

Scarcity itself does not make value.

I want to use Total supply but the filter does not have it so I used Circulation supply.

Yup. We even have many altcoins now dead with even less than 21 million coins supply.

I always said, scarcity has an effect, but it is only psychological. Somebody who wants to invest $1000 into Bitcoin in 2016 gets maybe 2.5 BTC. Now he gets less than 0.01 BTC. But it does not change that he wants to invest $1000.

And like I said a couple weeks ago, has there ever been an exchange that says, oops we ran out of BTC? I really hate the shitcoin mentality who thinks scarcity and burning will cause price to go up.

[henry_of_skalitz]

Everyone is entitled to their own opinion and I don't care who the author of the article is - some will always try to portray Bitcoin as a Ponzi scheme or another internet scam.

Nobody with half a brain cares about such authors, but unfortunately what these idiots say has a "weight" because of their titles. In this case, the author of this nonsense is a economist and a professor at a university in NY, USA. The problem is because of their position, when the regular people (who don't even know what Bitcoin is) read their nonsense they tend to believe it... So it's no longer mere opinion, it becomes FUD.

"KOLers" of the old world still hold a position in the social structure and overall, so to speak, because not everyone (I would say even the bigger part) goes and seeks truth for themselves - they just stick to what big and shiny heads say.. Unfortunately.

[yhiaali3]

It's not just scarcity that makes Bitcoin valuable. For example, we have a limited number of idiot presidents around the world. Does that make them valuable? Of course not, because nobody likes them.

Joking aside, we've heard a lot of this nonsense, and responding to it has become a waste of time. I'll give them the same answer as Satoshi: "If you don't believe me or don't understand what I mean, I don't have time to convince you. Sorry." I think this is the most powerful response we can give to these people.

[FortuneFollower]

It's not just scarcity that makes Bitcoin valuable. For example, we have a limited number of idiot presidents around the world. Does that make them valuable? Of course not, because nobody likes them.

Joking aside, we've heard a lot of this nonsense, and responding to it has become a waste of time. I'll give them the same answer as Satoshi: "If you don't believe me or don't understand what I mean, I don't have time to convince you. Sorry." I think this is the most powerful response we can give to these people.

All that can be said is: Fudsters are gonna fud, in this year ir in the year of 2125