"Bitcoin is a Fraud" and "Worse than tulip bulbs"

Discussion in 'Currencies' started by TreasureHunter, Sep 15, 2017.

  1. JOHNLGALT

    JOHNLGALT Well-Known Member

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    YEP.
     
  2. JOHNLGALT

    JOHNLGALT Well-Known Member

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  3. JOHNLGALT

    JOHNLGALT Well-Known Member

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    "Bitcoin is a Fraud" and "Worse than tulip bulbs"

    WOW, that is a big statement, however I'll go with @Seven of nine 's opininion on this, she seems to have a level head on her shoulders.
     
  4. southerncross

    southerncross Well-Known Member Silver Stacker

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    All in your mind
    I was a lot like this once, people are quite often able to form an opinion one way or another, without actually understanding a subject or doing any sort of research at all for themselves. It's a bit like making ones mind up about a person they have never met or talked to before after listening to gossip from people they don't really like anyway. Just because one has formed an opinion about something they don't understand or a person they have never met doesn't make them wrong per se , but it does from that point on limit their understanding of a subject and create an unrealistic bias of a person or situation based upon nothing more than opinion, rather than any real knowledge.

    I was once right at the front of the queue here on SS lambasting all the stupid people buying up BTC at $10 or less, No intrinsic value I said, Tulip Mania I shouted, Ponzi scheme I posted, etc etc etc. Mind you I didn't have a clue about what it really was or how it worked at all and I didn't really need to know either, cause it was just stupid internet money right ?

    Poor dumb bastards I muttered as I transferred more fiat for shiney at $35 and $1830 an Oz .

    Do yourselves, (from one ignorant twit to another here) a favour . At least get a tiny bit of understanding of what it is you are actually disparaging before writing it off completely. Bitcoin is not the be all and end all of Crypto's by any stretch of the imagination, it might of been the first sort of mainstream and most well known one but behind that curtain lies a whole other world of doing things in a different way.

    Crypto's are far more than just a fad or a new phenomena, or a great way to make very quick large sums of money or to lose large sums of money very quickly either.
    The underlying technology is a world changer, just as the internet or satellite communications have changed our world over the past few decades, blockchain technology will have profound effects over the next few decades that people have not even thought of yet.

    It will happen whether you like it or not, understand it or not, but acting like an Ostrich and burying your head in the sand or simply writing it off as a fraud or fad is not doing yourself any favours at all, as it is not going to go away any time soon or further off into the distance either.

    You can sit there like those in a deckchair on the Titanic as it went down, or you could maybe put a few hard earned dollars into it and see how it go's for you.

    But before you do either with any conviction, why not at least learn a bit about something that is going to change your world no matter what you think about it ?

     
  5. REDBACK

    REDBACK Well-Known Member Silver Stacker

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    I remember when Gold Pelican said lets see if this thing has legs on the Forum
    I thought Good Grief!This is ridiculous
    Today I also think Good Grief I should have listened.
    REDBACK
    PS All hail to Capitals and bold
     
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  6. Altima

    Altima Well-Known Member Silver Stacker

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    Kinda like your Signature: "Buy now, Cry later!!"

    Wish I was less stubborn last time as well.
     
  7. SilverDJ

    SilverDJ Well-Known Member

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    But that never goes on forever, at least over the medium term.
    Last time Bitcoin soared it came crashing down and stayed there for a year.
     
  8. southerncross

    southerncross Well-Known Member Silver Stacker

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    Last time Bitcoin soared was Sept 2nd, time before that was June 11th. I think it's sorta "different this time round" due to the mass adoption/uptake taking place, sure it will drop off again, but it seems to gain a new floor underneath it everytime we get one of these manic phases.
     
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  9. TreasureHunter

    TreasureHunter Well-Known Member

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    ^
    Right now most "ordinary" people I know have heard of Bitcoin. It's a great invention, nevertheless, but I'm not sure about its future.

    Nevertheless, it's going damn well now again: nearing 6,000 $ and I won't be surprised if it reaches it. But it feels bubble-ish, because it's growing due to scarcity, increasing demand (due to media, mania...), but this is not serious economic growth.

    I'm not sure what role the transactions are playing in its growth. I don't own a single Bitcoin, but many people bought in hoping for a higher price in the end. In fact, I think most people buy Bitcoin for speculative reasons. This is mainly why it's going sky high, so there's not much other force/reason behind it.

    I'm not saying it has no future, but I'm overflowing with doubts, even when seeing it rise...
     
  10. House

    House Administrator Staff Member

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  11. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

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    Bubble or not, as long as one gets off before the drop, it is a great investment.

    Be it property, stocks, Tulips, Bitcoins or PM or oil etc, equal numbers of people are making lots and lots of money and eventually even with legit investment many people will lose money too.

    The goal is to be on the correct side of the curve, people bought silver for $50 which means someone sold them that silver for $50 :)
     
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  12. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

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    PS I am not saying Bitcoin is real money until one can settle contracts over time, without fear of what it will be worth at a later time.
     
  13. TreasureHunter

    TreasureHunter Well-Known Member

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    The Bitcoin Bubble - How Will it End?




    It's a bit like Tulip mania. Perhaps it will surpass it. Then it will pop.

    Currency or not, asset or not, technically a fantastic invention or not, Bitcoin is in a BUBBLE!
     
  14. Seven of nine

    Seven of nine Active Member

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    Thanks John, for the compliment
     
  15. Altima

    Altima Well-Known Member Silver Stacker

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  16. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    +1

    Until a use was found for Bitcoin ie it was assigned value, it was like every other good that had unrealised potential. Like iron ore in the Stone Age, silicon in the industrial age. I used to think it was in bubble territory, but now I'm unsure - there isn't enough crypto market history to know.
     
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  17. tozak

    tozak Well-Known Member Silver Stacker

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    There are 7.6 billion people in the world right now, there are currently 16.6 million Bitcoin with an estimated 25% lost for good, leaves about 12.5 million Bitcoin atm

    So if everyone just buys 0.00164474 Bitcoin each then everyone will all be rich and everyone can retire now and never work again

    It's just simple math, what's not to get ;)
     
  18. JOHNLGALT

    JOHNLGALT Well-Known Member

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    Are you for real?

    You said "everyone can retire now and never work again"


    Question, Who will produce all of the food, clothes, buildings, cars, etc. etc.?


    You may want to think before you speak.
     
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  19. tozak

    tozak Well-Known Member Silver Stacker

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    ^This is exactly my point, still not as good as someone elses quote that said "one day bitcoin will rise so high that one single bitcoin will be able to purchase every asset on the planet earth"
     
  20. systematic

    systematic Well-Known Member

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    There is a difference between "can" and "will" ... if you think about it ...
     

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