Quote from: Red-Apple on March 20, 2018, 08:14:17 AM

Quote from: fxsurfer on March 20, 2018, 07:54:32 AM

Discovering truth about cryptocurrencies (cryptos) and showing that they are not money but faith based schemes that are bound to collapse, is the goal of this article.

cryptocurrencies in this context is limited to altcoins only and it is very true. nobody can argue that altcoins are even currencies because they clearly are not. some of them are designed to be currencies but so far they have not achieved the goal of any kind of adoption which means they have failed to be a currency.

but since the article does not clarify this little but key difference i am going to call it FUD because bitcoin IS a currency and it not only is designed to be a currency but also it is adopted as a currency by millions of merchants online and offline all around the world and every month hundreds of millions of dollars worth of transactions are taking place for the sole purpose of buying stuff aka using bitcoin as a currency. you can check stats like what BitPay is releasing yearly.

I am not arguing whether bitcoin is designed to be a currency or whether it is adopted as a currency by millions of people. I have simply showed that bitcoin is not money because by exchanging tangible goods for bitcoin, people are abandoning their ownership rights of something tangible and end up with just having a numerical value that has neither value of its own, nor it represents legal entitlement (right) of its holders to some tangible goods like in the case of representative money. This makes bitcoin a ponzi scheme, and not money or currency.