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Re: Why Bit Coin Doesn't Work As A Hedge If Fiat Currencies Collapse
Okay, so what will bit coin be worth when fiat is worthless?
Can any coiner honestly answer how your shitcoin has value if the fiat money it's valued on is worthless?
It's hilarious because no bit coiner can ever answer this question.
Can any coiner honestly answer how your shitcoin has value if the fiat money it's valued on is worthless?
It's hilarious because no bit coiner can ever answer this question.
I can answer that question.
The answer is that you are confused. The value of a bitcoin is measured by fiat. It is not based on fiat.
If fiat collapses, what will the value of a gun be? According to you, a gun would be worthless because "the fiat money it's valued on is worthless". But it is not.
Bitcoin is the same as the gun. One of the main features of Bitcoin is that it is a currency whose value is independent of other currencies.
Re: Why Bit Coin Doesn't Work As A Hedge If Fiat Currencies Collapse
Imagine the following scenario:
-world economy crashes
-ALL FIAT dollars are worth ZERO. 0
-bit coin is worth literally nothing because the money that gave it value is gone
-coiner walks into gun dealer and says "I want a gun, I got my bit coins"
-Gun Dealer LOLZ in his face cause bit coin is worth 0
-coiner goes home and kills himself.
-world economy crashes
-ALL FIAT dollars are worth ZERO. 0
-bit coin is worth literally nothing because the money that gave it value is gone
-coiner walks into gun dealer and says "I want a gun, I got my bit coins"
-Gun Dealer LOLZ in his face cause bit coin is worth 0
-coiner goes home and kills himself.
Why Bit Coin Doesn't Work As A Hedge If Fiat Currencies Collapse
Bit coiners always be like:
"Bruh, fiat money is worthless and gonna collapse. Get bit coin bruh"
Okay, so what will bit coin be worth when fiat is worthless?
Can any coiner honestly answer how your shitcoin has value if the fiat money it's valued on is worthless?
It's hilarious because no bit coiner can ever answer this question.
"Bruh, fiat money is worthless and gonna collapse. Get bit coin bruh"
Okay, so what will bit coin be worth when fiat is worthless?
Can any coiner honestly answer how your shitcoin has value if the fiat money it's valued on is worthless?
It's hilarious because no bit coiner can ever answer this question.
This topic was started November 17 last year. I wonder if the thread-starter still thinks that bitcoin is still a Ponzi Scheme. I wouldnt be surprised if this person is into cryptocurrency now. 
YesThe USD is backed by a government with a $1 trillion+/yr military that consists of ICBMs, aircraft carriers, stealth bombers, etc. Gold has some limited industrial uses. Equity shares are backed by corporations with current or future expected earnings. What is bit coin backed by?
The USD is backed by a government that is 20 trillion dollars in debt, with an inflation rate of 2% and forecasted to climb as the government regularly prints more money as and when they see fit. Only about 10% of the world's gold is used by industry - the price is artificially inflated because it is a ponzi scheme by your definition.
The problem with NASDAQ, and all stock markets, is that they are nothing but a Ponzi scheme where people are looking to sell it to the next guy for a higher price. (/s)
The problem with Bit Coin, and all cryptos, is that they are nothing but a Ponzi scheme where people are looking to sell it to the next guy for a higher price.
You are basically saying how markets work - this is how we create value for the fiat currency as well. Bitcoin was made to be a currency and if we will want to use it of course it has to have value tied to it. Because there was no value people started to trade between each other and this is how the market formed itself from the beginning. You can't expect bitcoin to go around markets and be traded because this is how the value is created in the first place.
The USD is backed by a government with a $1 trillion+/yr military that consists of ICBMs, aircraft carriers, stealth bombers, etc. Gold has some limited industrial uses. Equity shares are backed by corporations with current or future expected earnings. What is bit coin backed by?
The average bit coin user appears to
1. have no idea what money actually is
2. have a strong predicament against govermental control in general
3. prefer rationalization over reason, i.e. invents reasons for things he wants to be true like "bit coin's intrinsic value lies in the energy needed to mine it" while discarding obvious counter arguments like "the intrinsic value of my shit is the same whether I press hard or not at all"
4. Have little to no understanding of what constitutes real economic value
Anything else I missed?
1. have no idea what money actually is
2. have a strong predicament against govermental control in general
3. prefer rationalization over reason, i.e. invents reasons for things he wants to be true like "bit coin's intrinsic value lies in the energy needed to mine it" while discarding obvious counter arguments like "the intrinsic value of my shit is the same whether I press hard or not at all"
4. Have little to no understanding of what constitutes real economic value
Anything else I missed?
You people commenting are clueless. I really hope none of you actually have any money invested. Remember the saying " you dont make momey until you sell" absolutely nothing backs bit coin. The "fiat" currency your talking about is the currency that is putting food on your table, a roof over your head and clothes on your back. It is backed by governments and central banks which back all the mortgages and car loans etc with interest rates which are backed by a countries economy. Bit coin has none of that. Its a pipe dream. An interesting dream but that is all. Dont get mad at the truth. Governments have power. Not bitc oin. Governments have armies not bit coin.
The worst part is that when bit coin crashes, due to over supply of random ass bit coins all over the place, there's no backing, it's the common middle class people that are going to have to bail out all the people that lost their fortunes on this scam.
bit coin is for retards, bro
you can't get liquid cash for that shit
try to sell 1000 of your fucking digital fiat bullshit money to normal people
they'll tell you to pound sand like a faggot
do any of you coin retards really think one fucking chinese-made nonsense computer file is worth as much as a fucking brand new Toyota Yaris
no, bro
not a chance
you can't get liquid cash for that shit
try to sell 1000 of your fucking digital fiat bullshit money to normal people
they'll tell you to pound sand like a faggot
do any of you coin retards really think one fucking chinese-made nonsense computer file is worth as much as a fucking brand new Toyota Yaris
no, bro
not a chance
if you are jealous because you dont even have a bitcoin on your wallet, it is not our fault.
lmfao, check my registration date, kiddo. Good point. You've been here since 2011. You must have been pro-Bitcoin at the start.
What changed? What happened that left you bitter about Bitcoin? Tell us your story.
I can't understand why you think this, i have a friend that think the same, but for me bitcoin it isn't a ponzi scheme.
Maybe because you don't have enough money for invest in bitcoin and receive a good earning?
What are are your reasons for think that?
The fact that bit coin is over $10k despite having no intrinsic value makes it a ponzi.Maybe because you don't have enough money for invest in bitcoin and receive a good earning?
What are are your reasons for think that?
The valid currency USD as you have termed is in its last stage as global reserve currency.Its an inflation currency.It is being printed unlimited and sent for circulation.USD just gained its importance after OPEC countries decided to sell crude oil only for USD.Otherwise,this so called valid currency would have been nothing.
Bitcoin is not a ponzi scheme.It has some unique features for which it gets the trust of people world wide.Its true that it has given huge profits to its early adopters.But it is not now in its end phase.Just it has crossed its initial eight years and yet,a long journey is to go.Today's investors will get their returns tomorrow.
If you believe this, you don't understand cryptocurrencies. By definition, they're set out to die eventually. The amount of coins that can be produced is limited, and if you consider that many things result in frozen coins (e.g. deleting your wallet), it's only logical that after all coins have been made, the number can only go down, which will eventually reach critical levels and make the whole system impractical. That's the equivalent of the ultimate fate of the universe for a crypto, and with IRL money that doesn't happen because you can always print more. That doesn't matter much, because in addition to being inherently finite, it's also a speculative bubble that will burst; proof is how unstable it is when reacting to supply/demand (e.g. that one time weeks ago when it dropped $2k because some people shilled another coin).Bitcoin is not a ponzi scheme.It has some unique features for which it gets the trust of people world wide.Its true that it has given huge profits to its early adopters.But it is not now in its end phase.Just it has crossed its initial eight years and yet,a long journey is to go.Today's investors will get their returns tomorrow.
Bit coin is a Ponzi scheme. Don't listen to the bit coin shills on here. The newcomers buying into bit coin and driving up the price are just making the early adopters richer.
That's how stupid people are. A sucker is born every minute. But YOU don't have to be one like all the other bit coiners.
The USD is a valid currency because people are required by law to recognize it's value. It has value because the most powerful superpower on the face of the Earth uses it and backs it.
Where does bit coin get its value from? Some computer nerds living in their mothers' basements and Chinese speculators who say it has value? The few online drug dealers who accept it?
If you can't figure out that buying into a totally faith-based economy, with no regulation whatsoever, of a imaginary currency that only exists virtually, through a broker that has no compelling reason to give you any of your money back other than possible negative word-of-mouth, is a bad idea, then maybe you should really consider spending less time speculating on BTC and more time getting remedial education.
That's how stupid people are. A sucker is born every minute. But YOU don't have to be one like all the other bit coiners.
The USD is a valid currency because people are required by law to recognize it's value. It has value because the most powerful superpower on the face of the Earth uses it and backs it.
Where does bit coin get its value from? Some computer nerds living in their mothers' basements and Chinese speculators who say it has value? The few online drug dealers who accept it?
If you can't figure out that buying into a totally faith-based economy, with no regulation whatsoever, of a imaginary currency that only exists virtually, through a broker that has no compelling reason to give you any of your money back other than possible negative word-of-mouth, is a bad idea, then maybe you should really consider spending less time speculating on BTC and more time getting remedial education.
So you are here since 2011 and are still not capable to write Bitcoin? GTFOH
You either bought this account or you hacked it.
yes probably is not the original owner, because in 2014
https://bitcointalk.org/index.php?topic=514995.msg5689089#msg5689089
this user was able to spell correctly bitcoin
It is not a ponzi scheme. It acts as a store of value
until it's illegal, and then it will be worthless
faith/trust based yes, it ain't a ponzi scheme though. Bitcoin is basically created for the people, by the people who are tired of the trusting the Fiat/Cash that the government manipulates anytime,everytime, whenever, whereever they like.
Bit coin is fiat. It isn't backed by anything.Bitcoin is a currency, not a ponzi scheme.
Bitcoin lacks the fundamental qualities of a proper currency. Any "currency" that requires the user pay 20 dollars per transaction is a complete and utter failure. People use bitcoin not because they use it in day to day transactions, but because they think it will make them rich. Like the tulip mania back in the day.if you are jealous because you dont even have a bitcoin on your wallet, it is not our fault.
lmfao, check my registration date, kiddo. Bit coin is a Ponzi scheme. Don't listen to the bit coin shills on here. The newcomers buying into bit coin and driving up the price are just making the early adopters richer.
That's how stupid people are. A sucker is born every minute. But YOU don't have to be one like all the other bit coiners.
The USD is a valid currency because people are required by law to recognize it's value. It has value because the most powerful superpower on the face of the Earth uses it and backs it.
Where does bit coin get its value from? Some computer nerds living in their mothers' basements and Chinese speculators who say it has value? The few online drug dealers who accept it?
If you can't figure out that buying into a totally faith-based economy, with no regulation whatsoever, of a imaginary currency that only exists virtually, through a broker that has no compelling reason to give you any of your money back other than possible negative word-of-mouth, is a bad idea, then maybe you should really consider spending less time speculating on BTC and more time getting remedial education.
That's how stupid people are. A sucker is born every minute. But YOU don't have to be one like all the other bit coiners.
The USD is a valid currency because people are required by law to recognize it's value. It has value because the most powerful superpower on the face of the Earth uses it and backs it.
Where does bit coin get its value from? Some computer nerds living in their mothers' basements and Chinese speculators who say it has value? The few online drug dealers who accept it?
If you can't figure out that buying into a totally faith-based economy, with no regulation whatsoever, of a imaginary currency that only exists virtually, through a broker that has no compelling reason to give you any of your money back other than possible negative word-of-mouth, is a bad idea, then maybe you should really consider spending less time speculating on BTC and more time getting remedial education.