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Anonymous
How is it a scam? Please explain. |
Anonymous
Exactly, there are so many real world applications of BTC just like gold, as well as the basic intrinsic value of there is cataclysmic events like a solar flare knocks out world power systems for months. |
Anonymous
| It’s a scam that turned my $5000 a few years ago into $120k. Man what a scam! |
Anonymous
| The first to get out of Ponzi schemes are always the ones who get their money back. Eventually some poor losers are left holding the bag! |
Anonymous
| The first entity to hack the blockchain is going to destroy so much paper wealth. It’s just a matter of time. |
Anonymous
I've responded to this question on several prior threads. I started investing in Bitcoin a few years ago when gold did not behave as expected when the fed printed $13 trillion in new dollars and increased money in circulation by 35% virtually overnight. Basic economic theory would suggest gold should have rocketed, based on its 5000 year history as a store of value. And sure, it ran up above $2000 but it didn't reflect the massive devaluation of the dollar. And I concluded the reason was that Bitcoin had taken over a significant share of that role. What we are seeing now with the ETFs is a huge inflow of to Bitcoin and outflow of the gold ETFs, which by the way increased in value 10x over the four years after introduction. So, the use case is as a store of value against recent and future devaluation of the dollar. Given the current debt/GDP it is inevitable that there will be more devaluation in the near future. The second use case is as a form of digital payment. Obviously that's not important for those of us who transact in dollars, but it is important in places with really high inflation like Argentina and El Salvador and Nigeria. The value of transactions as a use case are probably best reflect in the efforts of governments to ban or restrict bitcoin. My view is that all other cryptocurrencies are scams, with the possible exception of Ethereum. As posters up the chain have noted, that doesn't mean there isn't money to be made, but it's just gambling. |
Anonymous
So why did you post a thread pumping crypto rather than just quietly buying more? |
Anonymous
|
BTC is a method of exchange that is electronic and is beyond the control of governments, this brings advantages and disadvantages. It protects you from harmful monetary policy choices like excessive money printing and authoritarian regimes that might arbitrarily seize your assets, but also carries disadvantages in that it’s a become a very useful to criminals.
Gold and physical cash need to be physically carried and stored, and the foot print is large. You can’t carry millions of dollars worth of gold or cash on your person without drawing attention, and it would also be physically cumbersome to do so. There are compelling reasons for BTC to exist. As the world becomes more geopolitically unstable and we see a rise in corrupt jack booted thug states like Russia and China that arbitrarily seize assets from their citizens and idiotic money printing leading to higher inflation we will start to see more uses of bitcoin. In the opening days of the Russian invasion BTC saw a significant price spike due to everyone trying to get their money out of the country. Sure, governments can track bitcoin and regulate the fiat off ramps, but this only works because fiat currency is the dominant method of exchange. If fiat usage declines in the coming decades and people start transacting exclusively in crypto it will become much harder to track and control the flow of digital assets. |
Anonymous
There's minimal legitimate use of BTC for payments, and it sucks for both payments and as a store of value because of its price instability. |
Anonymous
Remind me how a digital currency will work in a world without a power grid? |
Anonymous
You think bitcoin is so embedded in the economy it can’t go away (it’s not and it can) but that the USD is going to go away one day (debatable but lean hard no). |
Anonymous
Different poster. BTC has a lot of demand internationally and IMO is a good way to de-risk from the US market. If you’re the type to buy international funds it wouldn’t hurt to allocate a fraction of that to crypto. If the US market loses dominance in the future it should not affect BTC too much. |
Anonymous
+1 |
Anonymous
If the dollar goes to hell, the world has gone to hell. Bitcoin isn’t going to do much for you. Might as well invest in seashell and bean futures. |
Anonymous
Yes, electricity will go out, but I can still break your head with my gold bar I carry around. It will hurt because their is hardly ever any gold in it. This is like why we need internet for mail if we have USPS. What if power goes down. Well, internet is not just for e-mail and power stays down for a second. |