Quote from: HabBear on January 13, 2018, 07:19:56 AM

Quote from: chowderhead1976 on November 28, 2017, 07:06:00 PM

~snip~

I'm confused, what part of the summary explains why you don't like Bitcoin?

All you're talking about is the US Dollar and how the US has so much debt that the Dollar is backed by debt. You claim that people seem to ignore this fact. Which may be true, maybe not. The reason people see this debt-backed approach as dangerous is that it builds a house of cards that is so delicate that something as simple as people buying houses they cannot afford can nearly bring the entire system down. When all the banks are operating on debt, it doesn't take many of the debt owners to come collecting before a lot of people are left broke. The system is broken. Bitcoin is a good step toward a better option.

How does this have anything to do with your negative thoughts on Bitcoin? ...your challenge?

I think you've misunderstood what the OP is saying. True he did not mentioned anything about him hating the bitcoin and 'the challenge', its just the summary, have you watched his video (probably not)?

What he's saying is a comparison of the US Dollar as debt back currency vs Bitcoin as not. As we all know, US dollar is a powerful currency it may not be the most valuable but it definitely is.

For the entirety, most people tend to Banks when buying an expensive item for instance a house, so the debt back system of banks comes into play. In fact successful people/companies always tends to banks for their financial matters. Well the simplest way to explain that system is: "take a debt and get the item NOW and pay later".

So as for Bitcoin, he didn't see this currency that way (but its decentralized, that's a big difference). Because of having a big down rate of the bitcoin price, he sees it not as a debt back (well its really not) but more of a failed 'pay $3 and get $30 later' kind of vibe.

So to conclude, if you invest in bitcoin you will be in debt (only) while if you invest to banks you might have a slight interest (not really) and pay later but will still get the item.