I propose that Bitcoin is a worthless asset. Please show why I am correct.

[philipma1957]

Very simple My proposal is Bitcoin is worthless.

This thread is for arguments  against the value of Bitcoin.

Any thing in favor of BTC get deleted and placed in a third thread.

[Nathrixxx]

Well, since this isjust about your proposal and you are very sure that this was just to engage with the anti Bitcoin folks out there who always appreciates Bitcoin arguments the wrong way, I know that you are being intentional about this because you are not anti Bitcoin type, but just to make it simple and on topic, I'll try as much as possible to comply with my response in regards to what you have requested.

To start with, market volatility, if we recall how some recent threads we are popping up regarding bitcoin volatility being a bug, we see a lot of panic that comes out of this because of the way the market reacts more often these days, especially, people tend to overreact when there is a fall in the market and start to give series of speculations about the associated risk in Bitcoin volatility forgetting about its relevance.

Furthermore, some will go with the idea that bitcoin is worthless because of the risk in it, the most important aspect of Bitcoin and any other investment that we may try to go into, because we cannot escape taking risk, but the narratives that bitcoin could cause loss of assets and the corresponding risk other users may face like its attack by scammers and hackers make it appear as if it's an untrusted asset or an illicit one, more reasons why some are not adopting it.

Lastly, let's pick it up from the government narratives as well, whereby we can see that some government see bitcoin as a threat to the security challenge we are facing, because so many people are using it as an harboard for financial fraudulent activities, another issue could come up in this manner whereby the mining challenge is more emphasized being environmental disaster, all these are part of what many are saying in complementing that bitcoin is worthless

[NeuroticFish]

This thread is for arguments  against the value of Bitcoin.

I'll try to be the devil's advocate (I hope that it's allowed).

I was told that Bitcoin, like fiat, has no intrinsic value.
And don't tell me that the free market decides its value, cause also fiat has Forex.

[philipma1957]

both replies are on point thank you

[OgNasty]

Since all of the code is open source, anyone can create a new Bitcoin with minimal time, cost, and effort.

When Bitcoin was launched, it wasn't fairly distributed to everyone on the planet.  This gave early adopters an unfair advantage.

Bitcoin Core developers were allegedly employed by Blockstream to allegedly push Blockstream's patented subpar scaling solution on the masses, thus crippling Bitcoin and ending the p2p payment experiment.

Bitcoin will be majority owned by banks and intermediaries one day.  The very people it was created to circumvent.


This is all stated in the name of this proposal.  I believe each of these points have valid counterpoints and I am bullish on Bitcoin.

[Churchillvv]

Bitcoin is worthless, just numbers 21 million is numbers and whatever we call it today is socially constructed, there is no values to bitcoin m, it’s just what we proclaimed in our minds that bitcoin is going to be exchange for something that is this xyz value.

Bitcoin is like fiat but not even better than fiat which is a physical paper, bitcoin is just numbers we see on screen and concluded it will be used to purchase something worth xyz.
Churchill is realistic vs he is against fiat control system that is what they say.

[Nathrixxx]

Maybe confusing enough, that some thought of the limited supply as a serious issue, where on earth can we have just 21 million maximum supply of a globally recognized currency that we want everyone to be fully engaged using, unlike the way we have the endless printing of Fiat currency, but I'm very sure that 21 million bitcoin is not about the figure but value, so some will definitely say it worthless because of this.

[EL MOHA]

Very simple My proposal is Bitcoin is worthless.

It’s said that bitcoin is actually limited but Satoshi or other developers can just simply wake up have a consensus about bitcoin supply been increased and all the holders just have their coins devalued.

Also is just 21 million bitcoin enough for it to be a global currency or can this network actually be able to handle the large number of transactions when it is a global currency.

Also we are mean to understand that 51% attack isn’t actually possible easily but there just some few number of mining nodes with much Hashrate that can team up their power and carry this out, this is why bitcoin is worthless.

Bitcoin is said to be store of value but it falls immediately there is any little news in the market, precious stone are more of store value than bitcoin

[philipma1957]

thank you everyone.

you all followed format and all points have some merit.

[vapourminer]

bitcoin is just a way to say "i have a number that took this much power (compute) to relate (cryptographically and/or mathematically in one particular way) to this other number (private key) that i created with of a pair of dice. and it will go onto a HUGE pile of numbers called a blockchain. thus: PROFIT

much lol

the dice are worth more.

[Chibit01]

Bitcoin don’t have real life value, all we are seeing is speculation how can something which we don’t see with our eyes can’t touch or have what’s protecting it, be valued if not just speculation and the masses agreement.

[Stalker22]

Bitcoin is a worthless asset because it is obsolete.  Its like trying to use a rotary phone in the age of fiber-optic internet; its slow, expensive, and doesnt actually do anything that newer crypto cant do better and faster.

It worked as a digital currency for a while, but failed to adapt to new requirements.

[Lida93]

Hmmm... For the first time am critiquing what I have held high... Bitcoin.

Actually bitcoin isn't online worthless but an anti-government currency created to cause people to antagonise their government all in the name of privacy it claims to provide.  To remind you how worthless bitcoin, you can see that the said creator created it, abandoned it by disappearing with no identity. Who creates something great and hides from it? And to further remind you how worthless it is, transactions are irreversible even when it's obvious you made a mistake to the wrong network address. Imagine how faulty it is.

[Rain1620]

Very simple My proposal is Bitcoin is worthless.

This thread is for arguments  against the value of Bitcoin.

Any thing in favor of BTC get deleted and placed in a third thread.

Bitcoin is dependent on bisecting mechanisms which in the end block rewards are replaced with transactions fees. For bitcoin security to be retained, fees will increase as time goes on for miners to secure the hash rate. Now as fees keep increasing the network utility will be lost gradually as an exchange medium. But if fees are low the network drops as block rewards disappear which will actually leave the ledger insecure and worthless.

Our present economy needs a flexible finance supply to survive liquidity crises and even depts. Bitcoin is unable to foster supply at critical moments leading to indefinite displays, an asset that is unable to support functioning and scalable economy cannot build a financial layer.
The value of Bitcoin is currently gotten from a rotating belief with no certain security model nor a productive utility, it becomes an experiment that could trend toward a value of nothing.

The mining of global Bitcoin requires high electricity more than anything . This is a world facing certain challenges like climate issues, so consuming such amount of electricity to solve a math to secure a digital ledger is typically a waste of utility.

[FirmWars]

You asked for it, although I'm not used to it but I will base my argument on what some Bitcoin critics like Warren Buffett said about Bitcoin's worthlessness, Bitcoin has no intrinsic value, we see that the price normally goes up on when demand is very high, it means that the price is completely based on demand and not even the halving crap that is preached, so if there's no demand and no body buying Bitcoin, what will happen? The price will remain stagnant or dump.

[welovebit]

After spending more than 1 decade here in this community if your view about Bitcoin is its worthless then surely many will be not going to argue about this with you about this because mostly are have not enough time and research about this.
Now I am also feeling its really waste of time with its also creating too many problems for peoples just because of this many governments are already banned this and few are thinking to be about ban.
Anyone who is using this having trauma in his life because its nature is volatile which always keep things in depression using Bitcoin has never been helpful for anyone.

[IjawMan]

Bitcoin is not environmental friendly, evaluate the damages the mining of bitcoin can cause to the environment and tell me it is worth for a 21 million capped currency in a world of over 7 billion humans. What if it was capped to that limited number to create toxic competition for it.

A coin with scalability problem with the small community of adaptors come to think of when the whole world adopts it, the network will be forever congested delaying transaction for weeks to month and with cutthroat fees. Is it not worthless for every person in the whole adopting it if that is what we will have to encounter.

[famososMuertos]

At most, it has trust, and that doesn’t mean anything either, since it’s intangible (just like not being able to physically touch a bitcoin… etc.)

[Majestic-milf]

 Bitcoin is fucking volatile. Can't be relied upon, since one minute it's stable and then the next it's dangling it's dear life like a kite without proper control. It's really worthless and for once I'm beginning to understand why Warren Buffett regards it's as poison.

[Y3shot]

Very simple My proposal is Bitcoin is worthless.

This thread is for arguments  against the value of Bitcoin.

Any thing in favor of BTC get deleted and placed in a third thread.

Yes Bitcoin is very worthless and I see no reason why people are trying to convince others to invest in Bitcoin. The reason it is worthless,  doesn't make people to become rich quick like they desire, and the price of movement of bitcoin is very slow and these are what makes Bitcoin to be worthless. The price of Bitcoin is on the decrease and I'm sure the valid of bitcoin will crash very soon but even if Bitcoin is so worthless,  I will always choose bitcoin among others 😁.