Cryptocurrency may be a scam after all

[shiboshy]

That the reason why i put real in quotation marks

Maybe i will create a thread about the money system to explain how cash etc. Works.

Sorry mate i didn't even notice that, yeah you are damn right. Will make sure to check that out.

 

[CPA Studio]

Dollar was a scam ever since nixon got off the gold standard, So yes crypto will no die as more and more people are getting concerned about their privacy its only going to get stronger.

Privacy Scares === Paranoia === Doing something out of the ordinary === BUYING BITCOIN

 

[bartosimpsonio]

I think you missed one important fact about Bitcoin which is that you CAN NOT destroy IT !
As long as there are miners mining it and users using it there is no way to stop people transact with Crypto.

A major world power can easily disrupt or destroy bitcoin if it ever came to a power politics dispute. Say between China and USA. Whereas China cannot destroy the dollar, unless total nuclear war happened.

Major world powers can as last resort disrupt the internet or electrical power, both are crucial to bitcoin working. Just to give 2 examples.

 

[valentino123]

A major world power can easily disrupt or destroy bitcoin if it ever came to a power politics dispute. Say between China and USA. Whereas China cannot destroy the dollar, unless total nuclear war happened.

Major world powers can as last resort disrupt the internet or electrical power, both are crucial to bitcoin working. Just to give 2 examples.

Don’t those u just listed have alternatives? If the government decide to take these out, can’t bitcoin survive without it? Talking about power, we can also generate power using solar and then the internet, there’s no way u shutting out internet completely in today world.

 

[virtualpurity]

A major world power can easily disrupt or destroy bitcoin if it ever came to a power politics dispute. Say between China and USA. Whereas China cannot destroy the dollar, unless total nuclear war happened.

Major world powers can as last resort disrupt the internet or electrical power, both are crucial to bitcoin working. Just to give 2 examples.

1. If there was a war between China and USA and China tries to destroy the dollar and vice versa than BTC would only grow stronger as it will act as a security for both currencies.

2. " unless total nuclear war happened. " + "Major world powers can as last resort disrupt the internet or electrical power" - Than bitcoin will be the least of our concerns

Cheers

 

[rayblack]

They say Cryptocurrency is best-suited for one use: Criminal activity. Because transactions can be anonymous — law enforcement cannot easily trace who buys and sells — its use is dominated by illegal endeavors. You think it is true?

 

[bartosimpsonio]

1. If there was a war between China and USA and China tries to destroy the dollar and vice versa than BTC would only grow stronger as it will act as a security for both currencies.

2. " unless total nuclear war happened. " + "Major world powers can as last resort disrupt the internet or electrical power" - Than bitcoin will be the least of our concerns

Cheers

As for nr 1 I really doubt that because Bitcoin requires infrastructure that would likely be ruined in a war. If BTC ever became this relevant, the first places to get bombed would be mining operations. Gold is much safer for this.

As for # 2 that is right but Bitcoin wouldn't work in that case so it's not suitable for state-level reserves. Gold is.

 

[loseblue]

A major world power can easily disrupt or destroy bitcoin if it ever came to a power politics dispute. Say between China and USA. Whereas China cannot destroy the dollar, unless total nuclear war happened.

Major world powers can as last resort disrupt the internet or electrical power, both are crucial to bitcoin working. Just to give 2 examples.

A lot of Bitcoin mining is done in Iceland and Europe, are you saying the US would bomb or put sanctions on either one of them? Easily? Or shut down all European countries internet? GL with that. Right now to be profitable you need huge mining farms, but if they did bomb Iceland (ridiculous) they could go back to home PCs doing the mining. They just need the ledger updated and Bitcoin would be safe. GL bombing the whole world..

China can dump its US bonds, they can hype up the trade war, they can use their own stock market as a weapon since today its a world economy. They dont need nuclear bombs, all they need is time

 

[arlind-]

They say Cryptocurrency is best-suited for one use: Criminal activity. Because transactions can be anonymous — law enforcement cannot easily trace who buys and sells — its use is dominated by illegal endeavors. You think it is true?

Bitcoin txs are pseudonymous and its far easier for LE agencies to track illicit trade done in Bitcoin, compared to cash.

 

[didiseo]

Cryptocurrencies had enough time to prove themselves, they didn't go and won't go mainstream. End of story!

Sure they have some use, and we can pay chose to pay some stuff online with them. But mostly here to feed greedy investors who love speculatiion and risky investments. Not much beyond that - which is still a lot of volume.

Wouldn't go as far as OP calling it 'scam', but they are tiny and irrelevant vs money, cash, gold, etc.

 

[loseblue]

Cryptocurrencies had enough time to prove themselves, they didn't go and won't go mainstream. End of story!

Sure they have some use, and we can pay chose to pay some stuff online with them. But mostly here to feed greedy investors who love speculatiion and risky investments. Not much beyond that - which is still a lot of volume.

Wouldn't go as far as OP calling it 'scam', but they are tiny and irrelevant vs money, cash, gold, etc.

Laughable. Enough time... how long did it take for credit cards to go mainstream?
The use cases keeps growing and growing. Just check out some of the developments that are being made

 

[arlind-]

Cryptocurrencies had enough time to prove themselves, they didn't go and won't go mainstream. End of story!

Sure they have some use, and we can pay chose to pay some stuff online with them. But mostly here to feed greedy investors who love speculatiion and risky investments. Not much beyond that - which is still a lot of volume.

Wouldn't go as far as OP calling it 'scam', but they are tiny and irrelevant vs money, cash, gold, etc.

What is 'going mainstream' according to you?

 

[didiseo]

What is 'going mainstream' according to you?

Are you serious? ,

Are we all going to the grocery shop and paying with cryptocoins? Cryptos are tiny tiny tiny, compared to money and their value is inflated, mostly due to interest on it as high risk investment. No value as 'real world' direct transactions.

 

[arlind-]

Are you serious? ,

Are we all going to the grocery shop and paying with cryptocoins? Cryptos are tiny tiny tiny, compared to money and their value is inflated, mostly due to interest on it as high risk investment. No value as 'real world' direct transactions.

You just proved my point.
Bitcoin wasnt made to pay for fucking groceries or pizzaa or fucking coffee or whatever.

 

[didiseo]

Laughable. Enough time... how long did it take for credit cards to go mainstream?
The use cases keeps growing and growing. Just check out some of the developments that are being made

That's a genius comparison. Credit cards coming from an 1950's era when it was completely revolutionary and something no one knew and a product which evolved loads along with peoples lives/needs. We're in 2019, if you're in IM you should have noticed the speed of things is a tiny bit different

Of course, give it time and no one will have cards or money, we will replace everything with cryptocurrency, just because

It's very illogical to believe in cryptocurrencies that way, but fair enough.

 

[hymie48]

I'm surprised to see so many nocoiners here you'd think this place would be all about crypto since you complain about PayPal so much.

 

[didiseo]

You just proved my point.
Bitcoin wasnt made to pay for fucking groceries or pizzaa or fucking coffee or whatever.

Did you anytime decided to check facts and how many patents are related to bitcoin trying to make it commonly accepted and directly transnational (without exchanges).

Main goal was to decentralise and not rely on central authorities control. Nothing to do with the usage being tiny and mostly for speculation (as it ended up being).

 

[b1step-ahead]

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.

Bitcoin designed by a mysterious coder? Hmmmmm

 

[arlind-]

Did you anytime decided to check facts and how many patents are related to bitcoin trying to make it commonly accepted and directly transnational (without exchanges).

Main goal was to decentralise and not rely on central authorities control. Nothing to do with the usage being tiny and mostly for speculation (as it ended up being).

"commonly accepted" - Merchant adoption doesnt matter much when it comes to Bitcoin.
and patents? really?
"directly transnational" - what are you even talking about?

 

[loseblue]

That's a genius comparison. Credit cards coming from an 1950's era when it was completely revolutionary and something no one knew and a product which evolved loads along with peoples lives/needs. We're in 2019, if you're in IM you should have noticed the speed of things is a tiny bit different

Of course, give it time and no one will have cards or money, we will replace everything with cryptocurrency, just because

It's very illogical to believe in cryptocurrencies that way, but fair enough.

And you, the smartest genius here, dont see any comparisons? "give it time and no one will have cards or money" -See here.. this actually makes me think that you arent as bright as you think you are. No cards or money... I hope you can see your genius error here..