Cryptocurrency may be a scam after all

bartosimpsonio

bartosimpsonio

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If you've read my posts here you probably know I always rebuked threads claiming crypto was a scam.

Like I mentioned a couple days ago, I've been reading a few Twitter feeds and I'm beginning to convince myself crypto could turn out to be one of the greatest scams ever.

You people aware that almost all bitcoin traded every day isn't using dollars? You guys know that almost every exchange is creating their own version of "dollars"?

The stuff we see "x dollars" aren't dollars at all. I initially thought this was crazy, but it's true. It's made-up dollars. Unbelievable.
 
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yes, you said it.

As of now, there is not much really backing the extraordinary value of BTC/Crypto except people's beliefs and expectations :)

The blockchain concept IS revolutionary for sure but its too early to price BTC at $10k.
 
Sherb said:
I'm sorry, can you repeat yourself? I'm having a hard time hearing the latest thin Barto conspiracy thread over the sound of Bitcoin plummeting below $10,000 again.
Click to expand...

LOL I hadn't even seen today's bitcoin price. Well I think more and more people are starting to realize this too.

I hope I'm wrong though
 
Here to ruffle some feathers. Dollar itself is a scam. All money is based on a collective illusion (read delusion) that it has value. In that way bitcoin or anything else is the same. Read Sapiens to understand what other illusions your life is based on.
 
Every country is creating their own version of dollar just like crypto currencies but the common thing between these two is that people see value in them.

I think it’s all about value and trust.
 
Almighty Pull said:
As of now, there is not much really backing the extraordinary value of BTC/Crypto except people's beliefs and expectations :)
Click to expand...

Isn't it the exact same for all the world's currencies, including the dollar? Nothing is really backing the dollar either. It costs $0.10 to make a $100 bill. There are essentially infinite dollars that can be printed. The only thing that gives that piece of paper/cotton actual value is people believing in it and using it. It's all based on expectations. At least Bitcoin has a hard cap
 
Also, how exactly is Bitcoin a "scam"? Because the $ equivalent goes down? Or because 3rd party exchanges are manipulating certain aspects of their numbers? Neither of these things makes Bitcoin a scam. Bitcoin offers no promises relating to $ value, nor is it connected to any central department or company. It's decentralized by design. Bitcoin never said it would be worth $1, $100, $1,000 or $1 million.

It's a decentralized digital currency, that offers insanely fast and cheap ways of sending any amount of said currency around the world in seconds to anyone, regardless of their nationality, race or religion. What's the scam exactly?
 
25 Bitcoin Transactions Worth $6 Billion Included in One Block

Several high-value bitcoin (BTC) transactions were included in a single block on June 30.

Bitcoin Block Bot, a Twitter account dedicated to reporting significant bitcoin (BTC) transactions reported that 25 bitcoin transactions worth $6 billion were included in block 583,139 on June 30.

Full story HERE

.
 
bartosimpsonio said:
The stuff we see "x dollars" aren't dollars at all. I initially thought this was crazy, but it's true. It's made-up dollars. Unbelievable.
Click to expand...

Good point, when you grow up you will realize that everything you know is upside down, have double or even triple meaning, deception and lie...

Lets look up Dollar legal definition:

"DOLLAR, money. A silver coin of the United States of the value of one hundred cents, or tenth part of an eagle.
2. It weighs four hundred and twelve and a half grains. Of one thousand parts, nine hundred are of pure silver and one hundred of alloy. Act of January 18, 1837, ss. 8 & 9, 4 Sharsw. Cont. of Story's L. U. S. 2523, 4; Wright, R. 162.
3. In all computations at the custom-house, the specie dollar of Sweden and Norway shall be estimated at one hundred and six cents. The specie dollar of Denmark, at one hundred and five cents. Act of May 22, 1846."

Now, what United States Constitution saying about this:

"No state shall make any thing but gold or silver coin tender in payment of debts
(Article 1 sec 10, US Constitution, Public Law 103 of Dec. 24, 1919 states :
only “gold certificates of the United States payable to bearer on demand shall be and are
legal tender in payment of all debts and dues, public and private. "

So? None of the so called "dollars" we used today are really a dollars... Ok?

Now lets see what Treasury site saying about Federal Reserve Notes:

"Federal Reserve notes are not redeemable in gold, silver or any other commodity, and receive no backing by anything This has been the case since 1933. The notes have no value for themselves, but for what they will buy.
In another sense, because they are legal tender, Federal Reserve notes are "backed"
by all the goods and services in the economy."

>>>> Have no Value by themselves and not backed by Anything!!!

Federal Reserve "Notes" not really a bank NOTE either... (surprise..)

It's a Credit voucher of the Private Bank/Corporation.

So next time anybody claim that you owe them # of Dollars ask them...

What Dollars??? Please define what you mean by Dollar..

Just a hint... In First Account of United States Gov, Dollars was backed by coffee beans... ;)

So, yeah, if you can proof that point, you can pay by coffee beans....

That's is all for your lesson today ... Looked it up and do you own DD...
 
Pigsy said:
Isn't it the exact same for all the world's currencies, including the dollar? Nothing is really backing the dollar either. It costs $0.10 to make a $100 bill. There are essentially infinite dollars that can be printed. The only thing that gives that piece of paper/cotton actual value is people believing in it and using it. It's all based on expectations. At least Bitcoin has a hard cap
Click to expand...
Lol, the dollar has the backing of federal reserves, all the assets of the government (which infact is elected by people) and global trades carried out in USD.
Also, the relative value of USD and all other currencies is decided by World Bank using the PPP for a basket of goods and also the health of the nation's economy, whereas the BTC is just plain and simple, expectations.

I am not saying it will always be this way but as of the current scenario, the price of BTC/Crypto is mostly derived from speculators / traders.
 
Vapys said:
25 Bitcoin Transactions Worth $6 Billion Included in One Block

Several high-value bitcoin (https://cointelegraph.com/bitcoin-price-index) transactions were included in a single block on June 30.

Bitcoin Block Bot, a Twitter https://twitter.com/btcblockbot?lang=en dedicated to reporting significant bitcoin (https://cointelegraph.com/bitcoin-price-index) transactions https://twitter.com/btcblockbot?lang=en that 25 bitcoin transactions worth $6 billion were included in block 583,139 on June 30.

Full story https://cointelegraph.com/news/25-bitcoin-transactions-worth-6-billion-included-in-one-block/amp

.
Click to expand...
why is that relevant to the author post here?
 
All paper money, including the dollar, are scams...but while the scam is still running, make some of it for yourself...:):):)

Almighty Pull said:
Lol, the dollar has the backing of federal reserves, all the assets of the government (which infact is elected by people) and global trades carried out in USD.
Also, the relative value of USD and all other currencies is decided by World Bank using the PPP for a basket of goods and also the health of the nation's economy, whereas the BTC is just plain and simple, expectations.

I am not saying it will always be this way but as of the current scenario, the price of BTC/Crypto is mostly derived from speculators / traders.
Click to expand...


Oh don't get me started... the Federal Reserve.. whats that? The biggest scam ever sold to the USA. An institution started by private concerns to manage the economic affairs of a whole country. Smell the coffee. Why did the dollar go off the gold standard? Simple. So the US can print money whenever it wants. Thats the basic reason for dollar based inflation worldwide. Its a whole treatise, the scam of it all... the borrowed German Gold to the Federal Reserve that never got returned..The trickery of pricing Oil in dollars, or is it the aftermath of the second world war..

Bottomline, don't worry about Bitcoin being a scam, all financial engineering of humans are scams if you look closely enough. Just play your part in the scam and make a bit of it all for yourself and your loved ones...
 
Last edited:
bartosimpsonio said:
If you've read my posts here you probably know I always rebuked threads claiming crypto was a scam.

Like I mentioned a couple days ago, I've been reading a few Twitter feeds and I'm beginning to convince myself crypto could turn out to be one of the greatest scams ever.

You people aware that almost all bitcoin traded every day isn't using dollars? You guys know that almost every exchange is creating their own version of "dollars"?

The stuff we see "x dollars" aren't dollars at all. I initially thought this was crazy, but it's true. It's made-up dollars. Unbelievable.
Click to expand...
No shit Sherlock
 
Barely a 28% dip on the way up and it's panic across the board. Lol

In 2017, we had five major dips, the smallest being the last one which was about 30%.

Bearish retracements in 2017
37%
35%
41%
40%
30%
(20k price reached)
 
Almighty Pull said:
Lol, the dollar has the backing of federal reserves...
Click to expand...

Just to clarify this point, federal reserve acts as a private corporation and member banks earn dividends from it. It is not part of the federal government. The backing of the federal reserve on its own is no different than the backing of a crypto exchange for bitcoin. The collective belief that notes issued from the federal reserve are legal tender is what keeps the scam going. 'Belief' no different than 'belief' of people that bitcoin has value.
 
jefis said:
No shit Sherlock
Click to expand...
This ^


Plus this is how every currency works dumbo. Dollars, euro e.t.c. doesn't have any actual value, just perceived value.
OP just read history and why there was a perceived need to create a currency
 
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