Bitcoin - Highly organized scam/ money grab?

Can it be any worse than money backed by debt, or however that saying goes?
 
truthisfreedom said:
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...
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It was designed to turn our ignorance, frustrations, fears, and greed against us.

I wrote a list of all the things that I had learned and experienced since making that decision. Things I wouldn't have accomplished had I gotten rich off of Bitcoin.

I realized how immature, obnoxious, naïve, reckless, and stupid a move that would've been and it helped me to calm my FOMO anxieties.

With what I know now, I wouldn't trade that list for all the bitcoin gains. Unfortunately, I can't speak for anybody else.
 
It's a fraud. There are like 10 threads on this.
 
Jake the Muss said:
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/

<WellThere>
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It was supposedly about privacy too but they ask more information than the fuckin IRS. The amount of information you must hand over to these people is absurd.
 
MadSquabbles500 said:
Its also easily created by a select few out of nothing, and at their own discretion, and pleasure.
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It isn't created out of nothing. It is created by the federal reserve buying treasury bonds.

How would it rather be instituted? Gold? lol. Just random findings of gold?
 
MadSquabbles500 said:
Can it be any worse than money backed by debt, or however that saying goes?
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Considerably worse.

Creating a cashless society will give the authorities the ability to cut anyone or group off if they ever feel threatened by them.
 
JonesBones said:
It isn't created out of nothing. It is created by the federal reserve buying treasury bonds.

How would it rather be instituted? Gold? lol. Just random findings of gold?
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Bonds can just be issued at whoever's discretion too. I am not alluding to whether our system needs to be changed or not, and what too.

Bitcoin is just a form of electronic money right? Our money right now is basically electronic too. I dont see the difference. If Bitcoin is more accepted, it will become "liquid" too.
 
MadSquabbles500 said:
Bonds can just be issued at whoever's discretion too. I am not alluding to whether our system needs to be changed or not, and what too.

Bitcoin is just a form of electronic money right? Our money right now is basically electronic too. I dont see the difference. If Bitcoin is more accepted, it will become "liquid" too.
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It is a currency that nobody is spending. They are holding it. It can't be used for what it was meant for and is now a collector's item. Nothing more.

Look up how many transactions bitcoin can do compared to visa. Bitcoin is dead. It is a dinosaur. Other cryptos are much more suited.
 
MadSquabbles500 said:
Bonds can just be issued at whoever's discretion too. I am not alluding to whether our system needs to be changed or not, and what too.

Bitcoin is just a form of electronic money right? Our money right now is basically electronic too. I dont see the difference. If Bitcoin is more accepted, it will become "liquid" too.
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The dollar (what visa/ mastercard, and other forms of electronic currency) are backed by the US government via the treasury. All heavily taxed also, I might add.

Bitcoin, has 0 backing, save speculation. We aren't even allowed to know who created it ffs. Also, the government chomps at the bit to tax literally anything that moves. Why arent they even attempting to tax bitcoin transactions? Or the original entity who created it?
 
JonesBones said:
It isn't created out of nothing. It is created by the federal reserve buying treasury bonds.

How would it rather be instituted? Gold? lol. Just random findings of gold?
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The dollar supply is always expanding, which is primarily what inflation is. So it is already primarily a digital currency that is created by institutions. That it is created as debt to private central banks is a feature of the system.
 
Rjay said:
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.
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Tulips were different in that more could be grown and existing ones could die. Also they and aren't suitable for transfer.

The most valuable aspect of Bitcoin is that there will only ever be a certain amount.
 
HIMBOB said:
Tulips were different in that more could be grown and existing ones could die. Also they and aren't suitable for transfer.

The most valuable aspect of Bitcoin is that there will only ever be a certain amount.
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What is the limit for Bitcoin?
 
truthisfreedom said:
The dollar (what visa/ mastercard, and other forms of electronic currency) are backed by the US government via the treasury. All heavily taxed also, I might add.

Bitcoin, has 0 backing, save speculation. We aren't even allowed to know who created it ffs. Also, the government chomps at the bit to tax literally anything that moves. Why arent they even attempting to tax bitcoin transactions? Or the original entity who created it?
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They are trying to tax it.

https://www.ato.gov.au/General/Gen/...rrencies-in-Australia---specifically-bitcoin/
 
I saw some cool conspiracy theory videos awhile back stating it was possibly created by some sort of rogue advanced AI as a way to get people to unknowingly expands it's network, processing power and to acquire more hardware without violating Asimov's 3 laws.

Some actual high level coders who tried to crack it also suspect that.
 
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