WRONG. When you make ASSumptions like this, you look like a dumb ASS

Don't spread lies about me.

Will I eventually short bitcoin? Most likely. Will I wait for the trend to reverse? Absolutely

Many people won't realize the damage that is cost by wasted resources until it is far too late

We won't be able to stop ourselves from destroying every last resource in the name of greed.



"By November of 2020, it’d use more electricity than the entire world does today. That’s bad. It means Bitcoin emits the equivalent of 17.7 million tons of carbon dioxide every year, a big middle finger to Earth’s climate and anyone who enjoys things like coastlines, forests, and not dying of mosquito-borne diseases. Refracted through a different metaphor, the Bitcoin P2P network is essentially a distributed superintelligence utterly dedicated to generating bitcoins, so of course it wants to convert all the energy (and therefore matter) in the universe into bitcoin. That is literally its job."

(Source: Wired, December 15 2017)

Today’s Bitcoin situation “has aspects of a bubble in the sense that it’s a contagion,” Shiller says. “Bubbles are periods of contagious excitement about some investable asset that is enhanced by public observations of increases in price, and envy of people who made a lot money so easily.”

(Source: Popular Science, 2017).

https://www.popsci.com/too-late-buy-bitcoin

As a phenomenon bitcoin has all the attributes of a pyramid scheme, requiring a constant influx of converts to push up the price, based on the promise of its use by future converts. So the ultimate value for bitcoin will be the same as all pyramid schemes: zero.

(Source: Financial Times, 2017)

https://www.ft.com/content/b5d66ed8-d1b3-11e6-b06b-680c49b4b4c0

its like you didn't even read my point.

if Person B starts off with $1 out of the $2 total he has the same purchasing power as Person A, they both hold 50% of the cash

when Person B ends up with $1 out of $6,000,001 total he loses purchasing power, because he now holds a very small percentage of the cash


WHAT DONT YOU GET?  Its not that hard to understand

I like the way you "structure" your sentence "structure". Get it? Do you GET it?

Redundancy is redundantly cool 

Yeah I'm secretly promoting an Alt. That's my agenda you caught me. Because if I keep it a secret, everybody is magically going to find out about it. That's how advertising and promotion works? Its all a big secret.

... No you F*cking idiot. I don't promote any alts, I only post in the Bitcoin Discussion.

Stop making shit up. You're harming the reputation of every other word you say.

Clown.

Everyone touts that bitcoin is this awesome decentralized currency

No, no it is not. It is very much centralized in China. Mining is cheaper there and 58% of the mining is done in China.

Wow I am shocked a forum administrator voiced his opinion about Tether possibly being a scam.

Doesn't this threaten BTC's legitamacy quite a bit?

No they are definitely losing purchasing power.

Allow me to illustrate:

Theres two people in the world and $2. They each have $1

Person A invests $1 USD in monopoly money in 2010, Person B saves $1 USD in a piggy bank in 2010
Person A now has $6,000,000 USD worth of monopoly money in 2017, While Person B has $1 USD in a piggy bank
Person B wants to join Person A and get some monopoly money. So they buy $1 worth in 2017


Person B has 1 monopoly dollars and Person A has 6,000,0000 monopoly dollars out of the total of 6,000,001 dollars

Therefore, Person B has significantly lost purchasing power. In this case of only two people in the world their purchasing power would drop by a factor of 6 million times. The 6 million number is based on the ACTUAL price increase of bitcoin from 2010 to 2017. This example illustrates how phoney and absurd the price increase of bitcoin is

Does bitcoin fund the North Korean nuclear weapons program?

Likely. North Korea's been mining it and South Korean citizens are in a bitcoin mania, and thus have effectively helped North Korea amass more wealth by bidding the price up.


“It is a fact that North Korea has been attacking virtual currency exchanges,”  Lee Dong-geun

“We don't know how much North Korea has stolen so far, but we do know that the police have confirmed the regime's hacking attempts.”

www.independent.co.uk/life-style/gadgets-and-tech/news/bitcoin-price-latest-updates-north-korea-money-raise-revenue-investment-cryptocurrency-un-sanctions-a8105561.html

Visa: Up to 60,000 transactions per second

Bitcoin: Up to 10 transactions per second

Visa Fees: Cheap

Bitcoin Fees: Absurdly High

Visa Fraud: Company alerts you of the fraud and reimburses you

Bitcoin Fraud: Funds are lost forever and untraceable



Um can someone explain to me again how this is the money of the future? Seems we are taking 1,000 steps backward on this one  

"The Emperor's New Clothes" is a short tale written by Danish author Hans Christian Andersen, about two weavers who promise an emperor a new suit of clothes that they say is invisible to those who are unfit for their positions, stupid, or incompetent. When the emperor parades before his subjects in his new clothes, no one dares to say that they do not see any suit of clothes on him for fear that they will be seen as "unfit for their positions, stupid, or incompetent". Finally, a child cries out, "But he isn't wearing anything at all!"


This is the exact same thing that is happening with bitcoin.

Lets call it the Emperor's New Money

No if Coca Cola was running a Pyramid Scheme/Bitcoin Scheme it would look like this:

Coca Cola makes a new invisible drink no one can see
Coca Cola rewards the first people who help create this invisible drink
Coca Cola uses payments made by new invisible drink consumers to pay the people who help created it
Coca Cola gets additional customers when the people who made the invisible drink tell their friends about it
Coca Cola pays customers to keep recruiting their friends
Coca Cola continues to sell these invisible drinks and gets everyone's money

 Real money is being cashed out to pay for mining expansion which will cause real environmental issues if this keeps up. I wonder what Bitcoin's contribution to global warming is, and how many people will ultimately lose their lives or homes as a result in the long run just from the idiotic waste of energy

The cryptocurrency has wowed markets this year with breakneck gains as investors flocked to an asset that exists only in cyberspace. But the laborious creation of each digital bitcoin by private computer networks has real-world consequences in the form of massive energy use -- including from fuels that cause the most pollution.

Eight 100-meter-long metal warehouses in northern China are a case in point. Bitmain Technologies Ltd. runs a server farm in Erdors, Inner Mongolia, with about 25,000 computers dedicated to solving the encrypted calculations that generate each bitcoin. The entire operation runs on electricity produced with coal, as do a growing number of cryptocurrency “mines” popping up in China.

(Source: Bloomberg)

Tether is a token used to trade cryptocurrency with. The CEO of Tether is also the CEO of BitFinex, the largest crypto exchange in the world. Tethers are supposed to be backed by USD. So, for every Tether they issue, they have a dollar in their bank account. Everytime a new bunch of Tethers is 'created', the price of Bitcoin shoots up, because they buy Bitcoin with it on Bitfinex. Because they are issuing so many Tethers (100 million in a day isn't uncommon), people are starting to doubt whether they actually have the USD to back it. Coupled with the fact that they are far from transparent, delay audits to prove they have the dollars, and they do not have the obligation to trade your Tethers back to USD, it sure looks fishy. You can imagine what will happen if it turns out the Tethers are created out of thin air to prop up the price of cryptos.

Whats your opinion on Tethers?

Bitcoin can be USED as a pyramid scheme even if the creator of bitcoin (some made up dude we don't even know) did have positive intentions.

Its hard to guess his intentions when we don't even know who the heck he/she/they are.


Every person involved in advertisements, affiliate sites, crypto media, faucets, signature campaigns is essentially running their own pyramid scheme. And most of them are clueless they are doing so. But their success directly depends on their ability to recruit the next sucker in line.

Not sure why you are getting caught up on definitions of recruiting vs advertising. Ads are USED to recruit.

Wrong.

Bitcoin has used signature campaigns, faucets, referral bonuses and more to directly reward each person that brings someone else in. This is the exact model used in Pyramid schemes. Each new sucker that buys bitcoin for a higher price than you paid, directly pads your ROI. So there is 100% a correlation between recruiting new investors and the rise in price of bitcoin

The Monopoly Money costs too much real money