Let it be known this is all a scam

[redjebo]

The 327543754936743584. post with exact same content just spinned lol
So u not like crypto OK then ignore ? You think people gamble, but is not u problem.
Let people gamble, let lose or make money.
Is not ur business.

Actually it is his business. You don't think a potential meltdown of such scale won't affect everyone? It's everyone's business. The crypto hype is becoming more and more influential, the total market cap is comparable to the GDP of a developed country such as Holland or Turkey.
If/when it crushes down, many of those losing their money will be too broke to pay out their mortgages and loans, or will run back to the banks applying for more loans which many of them won't be able to pay out, creating even deeper social and financial disturbance or worse.

And if it doesn't crush, but keeps growing, what will be the end result - a new cast of super duper "rich" coiners demanding my land, my machines, my businesses in exchange for this new currency they simply "believed" in? Will it be like they go to Lamborghini and say "give us all your lambos we have 100 btc's worth trillion of dollars now all lambos belong to us, keep the change"? Why would it worth trillion of dollars? What work has been put in it, what is this great value it brings into the society?

 

[∂αякѕтαя]

Actually it is his business. You don't think a potential meltdown of such scale won't affect everyone? It's everyone's business. The crypto hype is becoming more and more influential, the total market cap is comparable to the GDP of a developed country such as Holland or Turkey.
If/when it crushes down, many of those losing their money will be too broke to pay out their mortgages and loans, or will run back to the banks applying for more loans which many of them won't be able to pay out, creating even deeper social and financial disturbance or worse.

And if it doesn't crush, but keeps growing, what will be the end result - a new cast of super duper "rich" coiners demanding my land, my machines, my businesses in exchange for this new currency they simply "believed" in? Will it be like they go to Lamborghini and say "give us all your lambos we have 100 btc's worth trillion of dollars now all lambos belong to us, keep the change"? Why would it worth trillion of dollars? What work has been put in it, what is this great value it brings into the society?

Sounds like you salty not being part of “they”.

If it does not have value, it will crash. If it does it will not.

Blockchain is in infancy and yet I see people claiming to know its future. Its laughable. Nobody knows shit. Technology is great but its overvalued.

It might even be better if mod can sticky a thread that says all the negative points about crypto in general so we can have actual decent discussion on currencies instead of “its a scam/bubble/crash/dildo” reply on every other thread in this section.

 

[redjebo]

Sounds like you salty not being part of “they”.

If it does not have value, it will crash. If it does it will not.

Not salty at all, not sure why you lot always feel it's about envy of something. Stop projecting or assuming. Says more about yourselves than anything else.
Just genuinely concerned and baffled as to what makes an asset based on algorithm based on a decades old idea which is a subset of a subset of ideas, based on a world wide popular framework which is a subset of a global network which... so valuable all of a sudden.
Doesn't make sense and does feel as overvalued hype/bubble which may cause a lot of damage not only to those involved in it but to many more.

 

[Lothric]

Is anyone paying attention? If you're in it only for the money - sure, it can be made, but realize it is a game of musical chairs. If you're a "believer" - then I've really got nothing to say to you other than try to be a little more skeptical and hopefully you'll learn something.

Why am I saying this is all a scam?

Ever heard of Mt. Gox? Well, according to it's owner, it was "hacked" for quite a bit of bitcoins some years ago. Now, the owner did not disclose that 'the hackers' had stolen some 600k bitcoins (or whatever the obscene amount was) for some time. But during the time between the hack and when the hack was disclosed to the public - bitcoin went up from $100 to roughly $1k (then crashed when the hack was made public). (read up more about this here: https://cointelegraph.com/news/mt-gox-trial-update-karpeles-admits-willy-bot-existence)

What's so interesting about this story? Nothing.. except for the fact that Mr Karpales (owner of mt gox) - recently admitted to the japanese prosecutors that he ran some fake trading bots to artificially drive the price of bitcoin from $100 to $1000.. He said he did it in an attempt to cover the losses incurred from the alleged hack.

Think about that for a second. How could an exchange manipulate the price of bitcoin so much - and without spending a cent? Well, it's simple.. Exchanges are telling you what the price of bitcoin is going for. It's very easy if it's just 1 exchange.. If it's multiple, it would require some collusion between the exchanges..

Then you have guys like https://twitter.com/bitfinexed - pointing out obvious schemes and people really just don't care.

This is all bullshit, guys. The 'block chain' isn't worth billions of dollars - sorry. It's an unregulated market - think of those wolf of wall street guys in the movie. Or that ben afleck movie? In the stock market, pump and dumps are illegal (even if they do occur)

So, can you make some money? Sure. But you might as well go to the nearest casino and put it all on black or red at this point, because I think this bubble is about to burst.

LMAO, WATCH YOUR MOUTH YOUR INSULTING MY BABY THAT'S ENOUGH
WHO ARE YOU DARE TO SAY THIS?
CLOWN, STOP CREATING FUD ANOTHER JOKE GUY DENYING THE FUTURE TECHNOLOGY BITCOIN HAS SUFFRED ENOUGH BECAUSE OF CLOWNS LIKE YOU SO THAT'S ENOUGH

 

[∂αякѕтαя]

Not salty at all, not sure why you lot always feel it's about envy of something. Stop projecting or assuming. Says more about yourselves than anything else.
Just genuinely concerned and baffled as to what makes an asset based on algorithm based on a decades old idea which is a subset of a subset of ideas, based on a world wide popular framework which is a subset of a global network which... so valuable all of a sudden.
Doesn't make sense and does feel as overvalued hype/bubble which may cause a lot of damage not only to those involved in it but to many more.

Just as you say, it was an idea before. Now becoming reality and hence the evaluation. I want to say overvalued but what do i know?
I inferred you are salty because you were worried they will buy your business off crypto money. Which came off as your jealousy more than your legitimate concern.

 

[mickyfu]

I'm really not sure why people waste their time arguing over crypto. In the end they are just going to make themselves look very foolish when it collapses.

 

[VikingAds]

The potential for crypto and the amount of applications it has are so wide ranging, that when someone makes a generic "it's a scam" or "it will collapse" statement, it just shows how little they know and how narrow minded they are.

It's a bit like saying the Internet is a scam because pets.com lost hundreds of millions in the dot-com bubble. It's ridiculous.

Are a lot of the coins out there a joke? Yes absolutely. Are many of them overvalued? Of course. But that doesn't mean every single coin or the technology behind them have no value or real-world usage. We are at the infant stage, no one knows which ideas or applications will prevail. One thing for sure, this genie is not going back in the bottle

 

[ferg2]

The only people who make real money with crypto (not a few hundred a month) are guys like SatoshiLite who do inside trading and pump and dump schemes.

 

[redjebo]

Just as you say, it was an idea before. Now becoming reality and hence the evaluation. I want to say overvalued but what do i know?
I inferred you are salty because you were worried they will buy your business off crypto money. Which came off as your jealousy more than your legitimate concern.

It's hypothetical, it's not about me in concreteness.
It's a concern as to what makes, say, someone who produced nothing but wasted electricity instead solely to support an idea, which by itself doesn't contribute that much of a value to the rest of us (lower fees (not even that lower), higher speed (not even that higher) or being independent from financial institutions (not as good as it first seems) isn't that much valuable), suddenly an owner of real physical assets equity of high magnitude (the GDP of Holland)? It doesn't add up. And when it doesn't add up it usually ends up badly (remember Greece, 2008 crisis etc).

 

[VikingAds]

Just to add, the thing that everyone in this thread is using (and that they look to for their income and financial security) lost over 5 trillion in a bubble. As in $5,000,000,000,000. That kinda puts things into perspective

 

[∂αякѕтαя]

I'm really not sure why people waste their time arguing over crypto. In the end they are just going to make themselves look very foolish when it collapses.

They will make themselves look foolish only once. Some people here have made fools of themselves by predicting btc collapse since $100.

 

[NxtGenLedz]

They will make themselves look foolish only once. Some people here have made fools of themselves by predicting btc collapse since $100.

That's the thing though: who knows what would have happened if the exchanges weren't faking the upward trend of the price? Whats the point of being involved in this if most of it is fake?

 

[VikingAds]

I don't even understand how you can call something like Bitcoin a scam.

There's no central authority guaranteeing you some sort of % return on your money, or someone saying you'll make x dollars if you invest x. That's not Bitcoin.

If you think 1 Bitcoin is worth $1,000, go put a buy order in at one of the exchanges for $1,000. If you think it's worth $10,000 put that in. If you think $100,000, do that. It's completely up to you.

The market decides the price. The market is made up of people. New people entering the market decide themselves what they think the price of Bitcoin is worth to them. That's it. There's really no illusion or promise of anything.

The price right now is what it is because there are enough people that believe it should be that. If everyone had no faith and thought it was garbage it would drop to 0.

If you trust a 3rd party with your money, that's your call. That has nothing to do with Bitcoin as an entity. If you trust someone like Bitconnect, then you're probably beyond help.

What's so hard for people to get? It's really not that complex at all.

Enough rambling by me!

 

[VikingAds]

That's the thing though: who knows what would have happened if the exchanges weren't faking the upward trend of the price? Whats the point of being involved in this if most of it is fake?

There's price manipulation in most industries. You're talking about an event that happened nearly 5 years ago and making assumptions and black and white statements based on that.

Bitcoin is not Mt. Gox. Mt. Gox was a 3rd party company that scammed people.

If we as the users of an open source technology give overwhelming power to a single authority, then we're idiots and have no one to blame but ourselves.

So don't blame Bitcoin. Blame the idiots who gave all that power to Mt. Gox.

 

[mickyfu]

They will make themselves look foolish only once. Some people here have made fools of themselves by predicting btc collapse since $100.

The real fools will be the ones parted with their money / house / wives / husbands / kids / giros / wages / BHW account / dignity / anal virginity

 

[Safff]

They are holding bro, it will take more than 50 years till all 21 million bitcoins will be mined, and a lot of electric energy. Meanwhile they are moving the price and jump on different alt coins, play with the coin market cap. It may sound like a conspiracy theory, but you don't have to be a genius to do that, and you don't even need 25% of the market cap to do that, even 5% it's enough.

you're totally right mate! In my opinion ofc, Im thinkin in 99% like u Still I think that these ppl can see potential in that technology, they can pupmp n dump (eaening by speculating) and in same time with their experience/cash they can earn much more just by making bitcoin more and more useable (lihtning network? i know, its book-size topic) so they can have another branch of income greetings!

 

[VikingAds]

The real fools will be the ones parted with their money / house / wives / husbands / kids / giros / wages / BHW account / dignity / anal virginity

If you think it's such a joke, why do you invest so much time posting about it? Just looking at your recent post history would make anyone think you've become the official BHW crypto troll.

Surely an easier solution would be just to ignore it and then it won't have any effect on you whatsoever...

 

[mickyfu]

Surely an easier solution would be just to ignore it and then it won't have any effect on you whatsoever...

I'm not too sure what you are going on about, it doesn't have any effect on me at all.

Invest so much time? Probably takes me all of five minutes of my time to write several posts about Crypto. I think I can spare that time.

 

[Lothric]

LMAO, I''m pretty sure 100% that nobody here on this thread except @PinguSpy have even read Satoshi Nakamoto's whitepaper and comprehend the meaning behind of it
Remember Copernicus and Einstein's poor stories?
Too boring to see all these clowns keep saying "it's bubble" that didn't even bothered to read and understand bitcoin whitepaper lmao

 

[VikingAds]

I'm not too sure what you are going on about, it doesn't have any effect on me at all.

Invest so much time? Probably takes me all of five minutes of my time to write several posts about Crypto. I think I can spare that time.

Obviously it does effect you if you feel the need to make hundreds of posts about it. In fact it seems your main purpose on BHW right now is to talk crap about crypto in whatever way you can.

Simply saying something is a scam or making crude jokes doesn't really add anything to the discussion. It just brings things down to dumbass level and no one really learns anything.

Either way carry on and have fun I guess. Reasonable discussion and debate is obviously not possible in such circumstances