The Instigator
harrytruman
Pro (for)
Losing
0 Points
The Contender
Kit-Kat0324
Con (against)
Winning
1 Points

Bitcoin is a scam

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Post Voting Period
The voting period for this debate has ended.
after 1 vote the winner is...
Kit-Kat0324
Voting Style: Open Point System: 7 Point
Started: 12/26/2015 Category: Economics
Updated: 1 year ago Status: Post Voting Period
Viewed: 545 times Debate No: 84294
Debate Rounds (5)
Comments (5)
Votes (1)

 

harrytruman

Pro

What is bitcoin:
Bitcoin is a digital currency, it is made by people called miners. Basically, miners own computers which can make bitcoin, they then sell these bitcoins to the public for real money. Anyone can make more Hitchin, you just need a bitcoin miner, anything from your tablet to smartphone to home computor can be turned into a bitcoin miner, the more powerfully the computer, the more bitcoins it can make.
Why bitcoin is a scam:
1. Anyone can make more, and there is no limit to how many they can make. Supposedly, only 21 million coins can exist, but this is obviously untrue. There is nothing stopping them from making more, as long as their bitcoin miners are working right, they will simply continue making bitcoins. What's stopping them, Hitchin is decentralized, there is no law enforcement making them unable to, there is no app making them unable to make more. There is literally nothing preventing them from making more.
2. Bitcoin acts more like a stock or a bond than a currency. This is why it keeps failing, you see, the price of a stock and or bond is decided by demand, people buy more, they are worth more, people sell more, they are worth less, currencies behave a little differently, there is more in circulation, they are worth less, there is less in circulation, they are worth more. Keep in mind, when people buy Hwitchin, they are buying new bitcoin, newly made. So if people start to buy more, bitcoin miners make more, causing there to be more in circulation, this keeps on going, keep in mind also, the price is going up even though there is more in circulation, so, the price continues to go up, until the numbers are so much, that the markets notice that there is no way that Hutchins are worth their current price, so the price comes crashing down. Hitchin miners make less bitcoin, bitcoin is in deficit, the price as a currency goes up due to low numbers, investors see it and start buying, causing the price to go up, causing more Hutchins. So this is why Hitchin goes up and down repetitively.
3. It is completely anonymous, anyone can sell anything and nosebleeds to know. There is a public leisure for all Hitchin transactions, the catch is that when they are recorded the identities of those involved in the transactions. And their oscillations of transactions every second, and there is no oversight over the ledgure, so the leisure obsolete.
Kit-Kat0324

Con

Bitcoin is not a scam because:

1. Scams require hidden aspects. Bitcoin is a 100% pure and open source.

2. The only people calling this a scam are the ones who don't know anything about it. Is it risky to invest your money into? Yes. Does that make it a scam? No.

3. With Bitcoin, people are in control of their own money. It allows for less dependency for third parties.
Debate Round No. 1
harrytruman

Pro

For one, it is not open source, anyone can do anything with them, and they can make more indefinitely. I know exactly what Hitchin is and I do not like it, which is why I can tell you it is a scam. People are not anymore in control of their money with Hitchin than with dollars, the only difference in control, is that anyone can make more bitcoin, and it'd price fluctuates too much to ever work as a currency.
Kit-Kat0324

Con

Kit-Kat0324 forfeited this round.
Debate Round No. 2
harrytruman

Pro

Harry Truman wins by knockout!
Kit-Kat0324

Con

I really can't see why you would really care about whether Bitcoin is a scam or not.

Bitcoin is an open source because anyone can use it. It is open to the general public and nobody "owns it."

This really isn't something worth debating over.
Debate Round No. 3
harrytruman

Pro

So? Anyone ca use speed, there is no official company named "speed", and speed is not issued by any central authority, anyone can make and sell it! You just ned ingredients
Kit-Kat0324

Con

Kit-Kat0324 forfeited this round.
Debate Round No. 4
harrytruman

Pro

Yeah, that"s right you better forfeit, you are yet to provide a real argument, if you are willing to do so make a new debate about this and cite it o your net argument, unless you forfeit again.
Kit-Kat0324

Con

Kit-Kat0324 forfeited this round.
Debate Round No. 5
5 comments have been posted on this debate. Showing 1 through 5 records.
Posted by andrewnwr 1 year ago
andrewnwr
Give me ONE instance that what you said actually happened and I will gladly admit that you are correct. Unlike you, I have done my research and know that actual facts. As everyone in the debate.org community as my witness, I as you to please give us some evidence that you are correct and are not a liar and creator of false accusations.

This is your chance to recant your statement and correct misinformation. I also request that anyone watching this discussion do their own research to see ANY instance of proof that the bitcoin has gone from $500 to $5 in value at any point in time from a reliable source.

harrytruman,
the difference between you and I is that I have logic on my side and I can prove what I say. What I say is not an opinion, but is mere fact. If you wish to challenge me in a formal debate as well as responding to what I have said here, I accept it. Otherwise, get your facts straight and don't use false information to fuel your convictions.

I await your response.
Posted by harrytruman 1 year ago
harrytruman
bitcoin goes from 500$ to 5$ overnight repetitively, gold never did this.
Posted by andrewnwr 1 year ago
andrewnwr
I agree with your statement, but I feel I have to address one thing. The US dollar has had over a hundred years to acclimate its value to something that is accepted by the general public, bitcoin will most likely do the same thing (eventually) if we give it enough time. If I were to hold an object in front of you that you have never seen before and didn't have anything to compare it to other than existing currency, it would be difficult to figure out what it is worth at first glace, but after looking at other factors (release rate, commonalities, frequency used in the public, etc) you would eventually arrive at something more consistent given enough research is done.
I urge you to check out this link. http://www.proteckmachinery.com...
It shows the price of gold over the last 50 years. Some argue that gold is the most stable currency you can find, as it served us well as currency for hundreds of years. Yet, if you look at the chart that I referenced, it shows that gold fluctuates just as much, if not more, than the bitcoin does.
Posted by harrytruman 1 year ago
harrytruman
You see that is just it, the only difference between paper fiat currency and Hitchin is:
1. When you use Hitchin you deal with many small money printers called miners rather than one big one called a central bank.
2. Paper money is represented on paper, Hitchin is represented only on a Hitchin wallet and exists in no physical forum.
3. Bitcoins fluctuate far more than the U.S. dollar
Posted by andrewnwr 1 year ago
andrewnwr
Bitcoin is a stable platform to release more currency into a given economy. I am not "for it" myself due to the fact that it's algorithm can be changed slightly to become just another bitcoin knock-off (Dogecoin for example). But please know that bitcoin generation is based off of prime numbers/values. For example, with integers, as prime integers increase in value, they space themselves farther and farther apart. (2, 3, 5, 7, 11, 13, 17, 19, 23, 29, 31, 37, 41, 43, 47, 53, 59, 61, 67, 71, 73, 79, 83, 89, 97, 101, 103, etc.) Bitcoin algorithm works with much larger numbers in a different format, but the principle still stands.

Since technology can only advance so fast, it has taken longer and longer for each bitcoin to come out. It doesn't work like money, we can't just "print" more at will. They have to be generated and that is dependent on the amount of finite processing power we have. Even with the worlds fastest super computer, bitcoin generation will slow down to a point that it will stabilize itself to a point that it matches us technologically. https://bitcoinwisdom.com...

I am not arguing for the use of a bitcoin, but I am simply pointing out that arguing that we "will always be making more" does not stand because as paper money has the same (if not worse) availability to do so. And of course we cannot just switch to bitcoin because it would be a flat out technological arms race.

My point is that creating such a weak argument is pointless unless you can properly draw comparison to something that matters. You can replace the words "miners" with "currency printers" and "bit coin" with "paper currency" and argue that paper money is the worst idea for currency in the world.
1 votes has been placed for this debate.
Vote Placed by Kirigaya-Kazuto 1 year ago
Kirigaya-Kazuto
harrytrumanKit-Kat0324Tied
Agreed with before the debate:--Vote Checkmark0 points
Agreed with after the debate:--Vote Checkmark0 points
Who had better conduct:--Vote Checkmark1 point
Had better spelling and grammar:-Vote Checkmark-1 point
Made more convincing arguments:--Vote Checkmark3 points
Used the most reliable sources:--Vote Checkmark2 points
Total points awarded:01 
Reasons for voting decision: Honestly I'm not sure if this is a troll debate or not. Neither side really made convincing arguments for their side. Neither side used sources as well. Ordinarily Pro would get the better conduct point however, he lost them after making a few rude comments such as, "Yeah, that"s right you better forfeit, you are yet to provide a real argument, if you are willing to do so make a new debate about this and cite it o your net argument, unless you forfeit again." That quote is also an excellent example on why Con got points for spelling and grammar. Pro please refrain from making rude comments in a debate and work on your grammar and spelling. Con make longer arguments and get sources.