Bitcoin - Highly organized scam/ money grab?

[truthisfreedom]

Consider a few facts.

- We don't even know who developed the concept of bitcoin. Why does the person's identity need to be kept secret?

- Whoever this person is (or organization) is, has generated wealth estimated to be around $6-7 billion by some estimates, possibly more.

- People are throwing money into a monetary unit that is decentralized. I'm no fan of centralized money (ie. the concept of having a Federal Reserve), but at least in that model, the value of monetary units is, in theory, based on a tangible. What is a bitcoin's worth derived from? PURE and utter specualtion, thats it.

- So in other words, bitcoin, which is currently worth about $9000 per unit, could come crashing down at any second, literally.

- Bitcoin mining is extremely costly and can only be done by individuals/ entities with alot of cash to burn (a medium size bitcoin mining facility recently stated that their electricity bill is almost $80,000 monthly).



Who's buying into the hype? Who isn't?

 

[Phlog]

It's clearly a chino-russian plot to destabilise the dollar.

 

[CWMMA]

Scam or not I made out like a bandit.

Probably not a scam.

 

[Phlog]

A coins worth is dependent on what people are prepared to exchange for it. The same as literally everything else.

 

[Jopious Extronimous]

Imagine in 1980 someone decided .com's were the future and he wanted to make them money that replaced the dollar. Only he swore .com's were unhackable and you could store your entire life on them.

Would .com addresses be a successful currency today? I don't think so. And don't anyone respond with "but you have to mine bitcoins" because I'm not talking about the source I'm talking about the inevitable real-world application.

 

[xcvbn]

Imagine in 1980 someone decided .com's were the future and he wanted to make them money that replaced the dollar. Only he swore .com's were unhackable and you could store your entire life on them.

Would .com addresses be a successful currency today? I don't think so. And don't anyone respond with "but you have to mine bitcoins" because I'm not talking about the source I'm talking about the inevitable real-world application.

Blockchain technology and the decentralization of it is here to stay. It's especially beneficial for people maintaining control and ownership of their private information. It will be used in some cases to remove that middle man from possessing, owning, and monetizing their info like Facebook, health insurance companies, tax services, etc.

In a way it's a solution for a problem a lot of people dont realize they have, and combined with the cryptocurrency side, it causes a lot of confusion among the masses.

 

[Bagatur]

I said it before, and I say it again - it is a fucking Ponzi scheme.

 

[Jopious Extronimous]

Blockchain technology and the decentralization of it is here to stay. It's especially beneficial for people maintaining control and ownership of their private information. It will be used in some cases to remove that middle man from possessing, owning, and monetizing their info like Facebook, health insurance companies, tax services, etc.

In a way it's a solution for a problem a lot of people dont realize they have, and combined with the cryptocurrency side, it causes a lot of confusion among the masses.

That's the number 1 reason the whole coin idea of it confuses me. It's clearly a giant tech leap forward for us that I can see having endless applications and truly changing things. I simply don't see the first step being replacing currencies. The whole current pitch of it makes it sound like you could liquidate your entire non-essential life, live in a shack with a bundle of hyper-fast computer parts that are now over-priced, and emerge in years to go buy a brand new mansion with a bundle of cryptocurrency.

From everything I've learned about what this is, that just seems like a complete fantasy on every level.

 

[TheRuthlessOne]

What does Ja Rule think

 

[The Todd]

 

[Jake the Muss]

It appears to have been created by the deep state and banks as controlled opposition.

I came across Bitcoin when it was less than a dollar. I remember kicking myself when it went to $4. However, at the time I got the sense that not investing in it would be the best decision of my life. I fully stand behind that decision today. I may not be as rich as if I had invested in it, but I am far wealthier and happier because of it.

If I had "invested" in Bitcoin, I most likely would've used it for nefarious purposes, which is what it was originally designed to attract. I saw it as a government honey pot. A way for people to rebel against the banking system, to carry out their dark fantasies using the illusion of anonymity, to introduce the framework of a cashless society, to ease some of the dollar's pressure of hyperinflation after a prolonged period of monetary expansion, and to be ultimately used as a scapegoat to collapse the dollar, constitution, society, etc.

There is no way the US government would allow such an insidious idea to cannibalize the dollar unless it was done by design. The US government took out Gaddafi because he was planning to launch a new gold backed African currency that would've competed with the dollar and euro. To think that cryptocurrencies will never be regulated is naïve. In conjunction with the blockchain, authorities will have a nicely packaged audit trail of our perversions, spending and investing habits. To be studied and leverage if we ever get out of line for what is coming down the pike.

All it would take is for one or a series of real or staged terrorist attacks to be financed or washed by Bitcoin or Ether and they will crack down with regulations, and collapse every altcoin with it since those two are the only currencies that are tied to the fiat system.

If you are reading this and you own some crypto you might be thinking, I don't want to convert it to fiat, I will spend it. True, except for the day vendors stop accepting bitcoin, and you are left holding the bag.

 

[Rjay]

It's not an organized scam, just a bubble supported by kool-aid drinkers. There was certainly a couple of large players manipulating the price in the early days but its probably too widespread now and has taken a life of its own. In any bubble some people will make money, but more will be left in tears and Bitcoin will ultimately be no different, tulip bulbs for the next millennium. The most laughable part is the justification that the underlying tech is interesting so bitcoin is a good buy. I bet if sherdog was around during the dotcom bubble it would be full of suckers telling us pets.com is a great buy because this internet thing is really going to take off.

 

[JAEGERX]

well ironically it works similar to the stock market in the sense that it moves by expectations, but it has a major flaw that may tank it and ruin everybody is the fact that is not based on a company owned asset and its not even a derivative, so its not backed by a company and that means its not backed by a nation state, but this whole expectations market its so idiotic that it most likely will adapt the crypto coins based only on the expectations of the people and will become legit, and then Warren Buffet will buy like 10 billion of that shit and that will be that

 

[rj144]

well ironically it works similar to the stock market in the sense that it moves by expectations, but it has a major flaw that may tank it and ruin everybody is the fact that is not based on a company owned asset and its not even a derivative, so its not backed by a company and that means its not backed by a nation state, but this whole expectations market its so idiotic that it most likely will adapt the crypto coins based only on the expectations of the people and will become legit, and then Warren Buffet will buy like 10 billion of that shit and that will be that

There's a thing called a period which will make that post many things called sentences.

 

[Jack Reacheround]

There's a thing called a period which will make that post many things called sentences.

Lol

 

[JAEGERX]

There's a thing called a period which will make that post many things called sentences.

 

[Deleted member 185048]

Consider a few facts.

- We don't even know who developed the concept of bitcoin. Why does the person's identity need to be kept secret?

- Whoever this person is (or organization) is, has raised their net worth to around $6-7 billion by some estimates, possibly more.

- People are throwing money into a monetary unit that is decentralized. I'm no fan of centralized money (ie. the concept of having a Federal Reserve), but at least in that model, the value of monetary units is, in theory, based on a tangible. What is is a bitcoin's worth derived from? PURE and utter specualtion, thats it.

- So in other words, bitcoin, which is currently worth about $9000 per unit, could come crashing down at any second, literally.

- Bitcoin mining is extremely costly and can only be done by individuals/ entities with alot of cash to burn (a medium size bitcoin mining facility recently stated that their electricity bill is almost $80,000 monthly).



Who's buying into the hype? Who isn't?

Yep. The sharks of crypto have turned taking advantage of tards into a science. But It's no different than the current financial system really. It's just how people are and always will be - always capitalizing on others weaknesses.

 

[truthisfreedom]

A coins worth is dependent on what people are prepared to exchange for it. The same as literally everything else.

The dollar was, at least at one point based on gold reserves. bitcoin has no such tangible backing it's worth.

It appears to have been created by the deep state and banks as controlled opposition.

I came across Bitcoin when it was less than a dollar. I remember kicking myself when it went to $4. However, at the time I got the sense that not investing in it would be the best decision of my life. I fully stand behind that decision today. I may not be as rich as if I had invested in it, but I am far wealthier and happier because of it.

If I had "invested" in Bitcoin, I most likely would've used it for nefarious purposes, which is what it was originally designed to attract. I saw it as a government honey pot. A way for people to rebel against the banking system, to carry out their dark fantasies using the illusion of anonymity, to introduce the framework of a cashless society, to ease some of the dollar's pressure of hyperinflation after a prolonged period of monetary expansion, and to be ultimately used as a scapegoat to collapse the dollar, constitution, society, etc.

There is no way the US government would allow such an insidious idea to cannibalize the dollar unless it was done by design. The US government took out Gaddafi because he was planning to launch a new gold backed African currency that would've competed with the dollar and euro. To think that cryptocurrencies will never be regulated is naïve. In conjunction with the blockchain, authorities will have a nicely packaged audit trail of our perversions, spending and investing habits. To be studied and leverage if we ever get out of line for what is coming down the pike.

All it would take is for one or a series of real or staged terrorist attacks to be financed or washed by Bitcoin or Ether and they will crack down with regulations, and collapse every altcoin with it since those two are the only currencies that are tied to the fiat system.

If you are reading this and you own some crypto you might be thinking, I don't want to convert it to fiat, I will spend it. True, except for the day vendors stop accepting bitcoin, and you are left holding the bag.

This is actually a great response, and 100% correct about the government not allowing it if it truly undermined the strength of the dollar. After all, they can't tax it.....so why would they allow it? There is a reason why they are allowing competition to the centralized monetary reason to exist...

 

[Deleted member 185048]

The dollar was, at least at one point based on gold reserves. bitcoin has no such tangible backing it's worth.


This is actually a great response, and 100% correct about the government not allowing it if it truly undermined the strength of the dollar. After all, they can't tax it.....so why would they allow it? There is a reason why they are allowing competition to the centralized monetary reason to exist...

Why couldn't they tax it? Every transaction ever made on the Bitcoin blockchain is visible to the public.

 

[Jake the Muss]

Why couldn't they tax it? Every transaction ever made on the Bitcoin blockchain is visible to the public.

Yup.

Bitcoin does not have any built-in encryption when it comes to broadcasting transactions across it’s P2P network. When your client relays transactions over the network, they pass through your ISP’s gateway servers in plain text. Your ISP can intercept and analyze this traffic, and then determine which of these transactions belong to your IP address (versus those transactions which you are only relaying). The transactions that belong to you will first appear on the network via your IP address, differentiating them from transactions that have already been propagated by other nodes. And then your IP address can be used by your ISP to lookup your personal identity — they have it on file from when you subscribed to their service.

https://99bitcoins.com/know-more-top-seven-ways-your-identity-can-be-linked-to-your-bitcoin-address/