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I can't say I agree with this authors points.. most of the problems they outline about bitcoin are also problems with any fiat currency. He keeps calling bitcoi

by ktm5j 6y ago

I can't say I agree with this authors points.. most of the problems they outline about bitcoin are also problems with any fiat currency. He keeps calling bitcoin a 'scam', without defining what entity is perpetrating this scam. Is it the developers of bitcoin or is it the exchanges they talk about? Those aren't the same people. Oh sure, bitcoin is used in crime.. so it's a scam?

heavydukeb 6y ago
I'm not expressing my support for or against the author here, but the statement made about the problems being applicable to any fiat currency is troublesome. Fiat currencies are a store of value because they are backed by a Central Bank and by extension by the economy/economies that Central Bank supports combined with the 'general trust' in the currency. Bitcoin only has the latter, so there is a key difference here.
- gota 6y ago
  Yeah - the 'fiat' in the fiat currency is the trust that the entire population of that country will keep working, paying taxes, and producing wealth - a bit of which they 'owe' me because I hold this piece of paper (or bits in the bank, a trusted institution)
gota 6y ago
Regardless of agreeing/disagreeing with the author, I think it's clear he means it is a scam by all "promoters" of Bitcoin that are in it for the 'Greater Fool Theory' IMO that does not necessarily involve a developer that 'believes in the message' but it does involve every buyer or seller that wants to 'make money'
PragmaticPulp 6y ago
As much as we hear about blockchain, carrying coins across the border in your mind wallet, store of value, and other Bitcoin narratives, most people don’t care about those things. They only care that their number goes up. Why would it go up? Because more people buy Bitcoin. Why would more people buy Bitcoin? Because the number goes up. It’s a great system for early adopters, right up until the music stops. Currently there are a lot of businesses, billionaires, and massive mining corporations heavily invested in keeping the hype going, though.
- woah 6y ago
  The music has stopped more times than I can count at this point
- lostmsu 6y ago
  Have you ever considered, that you think people only care about it going up because you personally only see or hear about it when it goes up?
jqpabc123 6y ago
He keeps calling bitcoin a 'scam', without defining what entity is perpetrating this scam. A more appropriate question would be, "Who is not perpetrating the scam?" Crypto and the exchanges are unregulated --- which means that anyone and everyone can get in on the scam. Example of a bitcoin "pump and dump" scam. The pump --- "Famous wealthy entrepreneur" announces with much fanfare that he bought a large quantity of bitcoin. The dump --- "Famous wealthy entrepreneur" sells said large quantity of bitcoin after the price increases 20% in reaction to his announcement. I am not saying this scam is what happened. I am saying there is nothing currently in place to prevent this sort of scam from happening. Do this with any regulated security and "famous wealthy entrepreneur" would be in legal trouble. Instead, he is scamming naive crypto "investors" for fun and profit and daring the SEC to take action to stop it.

by ktm5j 6y ago

heavydukeb 6y ago

I'm not expressing my support for or against the author here, but the statement made about the problems being applicable to any fiat currency is troublesome. Fiat currencies are a store of value because they are backed by a Central Bank and by extension by the economy/economies that Central Bank supports combined with the 'general trust' in the currency. Bitcoin only has the latter, so there is a key difference here.

gota 6y ago
Yeah - the 'fiat' in the fiat currency is the trust that the entire population of that country will keep working, paying taxes, and producing wealth - a bit of which they 'owe' me because I hold this piece of paper (or bits in the bank, a trusted institution)

gota 6y ago

Regardless of agreeing/disagreeing with the author, I think it's clear he means it is a scam by all "promoters" of Bitcoin that are in it for the 'Greater Fool Theory' IMO that does not necessarily involve a developer that 'believes in the message' but it does involve every buyer or seller that wants to 'make money'

PragmaticPulp 6y ago

As much as we hear about blockchain, carrying coins across the border in your mind wallet, store of value, and other Bitcoin narratives, most people don’t care about those things. They only care that their number goes up. Why would it go up? Because more people buy Bitcoin. Why would more people buy Bitcoin? Because the number goes up. It’s a great system for early adopters, right up until the music stops. Currently there are a lot of businesses, billionaires, and massive mining corporations heavily invested in keeping the hype going, though.

woah 6y ago
The music has stopped more times than I can count at this point
lostmsu 6y ago
Have you ever considered, that you think people only care about it going up because you personally only see or hear about it when it goes up?

jqpabc123 6y ago

He keeps calling bitcoin a 'scam', without defining what entity is perpetrating this scam. A more appropriate question would be, "Who is not perpetrating the scam?" Crypto and the exchanges are unregulated --- which means that anyone and everyone can get in on the scam. Example of a bitcoin "pump and dump" scam. The pump --- "Famous wealthy entrepreneur" announces with much fanfare that he bought a large quantity of bitcoin. The dump --- "Famous wealthy entrepreneur" sells said large quantity of bitcoin after the price increases 20% in reaction to his announcement. I am not saying this scam is what happened. I am saying there is nothing currently in place to prevent this sort of scam from happening. Do this with any regulated security and "famous wealthy entrepreneur" would be in legal trouble. Instead, he is scamming naive crypto "investors" for fun and profit and daring the SEC to take action to stop it.