Ninjastic
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Re: Why Bitcoin May Soon Be Worth Nothing
by
Fatanut
on 30/07/2018, 13:30:29 UTC
Quote from: burnchan on July 30, 2018, 11:13:14 AM
Quote from: alexey14 on July 05, 2018, 06:25:40 PM
This article has about the same amount of substance to back up his opinion as the ones on many sites that claim that BTC will be worth and goes to show you that there are those on both sides of the BTC value that just espouse speculative value to espouse speculative value.

Why bitcoin may soon be worth nothing:
​
I thought we’d finally get rid of bitcoin. But the fake “currency,” which I like to call bitcon, just won’t fade away.

Bitcoin’s price rallied to over $6,600 yesterday, but it had been well under $6,000 last week. Even at $6,600, bitcoin is still worth 70 percent less than it was at the beginning of the year.

I use the term “worth” cautiously because bitcoin is really worth nothing, since it’s backed by nothing or no one. It’s a confidence game that has value only because people are convincing other people that it’s worth something.

Got it! Ponzi scheme. Confidence game. Fraud.

Anyway, bitcoin is headed for a value of zilch. It’s only a matter of when.

Source: https://nypost.com/2018/07/04/why-bitcoin-may-be-soon-worth-nothing/
It would be easy to criticize something without knowing. Writing against something needs to have a solid data to convince the audience. How can it be worth nothing were in fact it highly in demand? It will be worth nothing if nobody believes in the technology. Fake news is also rampant these days.  So it is important to read from a reliable source.

The thing is though, the writer of this doesn't need for us to believe it. He doesn't have to convince the audience at all. They only have to make the audience intrigued enough to click the link and maybe even read it. Making the audience share it to other people will mean the world to the writer as he/she is getting more revenue from this. More clicks, more money for them. The usual "Bitcoin is the future" isn't gaining that much attention anymore. Thus, writers are writing about how bitcoin is worth zero. I just sold some of my bitcoins. Last time I checked, bitcoin isn't worth cheap, it's worth a lot. It's worth far from nothing.

I don't understand his point of claiming that bitcoin will be worth nothing because it's not backed by anything. Fiat money isn't backed by anything too. It WAS backed by gold, but not anymore, yet here we are. We still have fiat money. We have not got rid of it after centuries. Bitcoin is a medium. We use it to transact with each other quickly and cheaply. We are giving bitcoin value because it can do something. It's utilitarian.