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  • It is a Ponzi Scheme/Scam/etc. - and why I am playing...

    Let me see if I get this straight..... A "currency" was created out of thin air and now people are spending hundreds of dollars each for one reason: the belief that some other fool will pay more for it later.

    Sounds like a perfect way to gamble a couple hundred dollars and see if this Ponzi Scheme takes off turning my couple hundred into a couple thousand (or more).

    Could I lose it? Of course. But I am having a lot more fun than gambling a couple hundred on a casino boat. Still likely to lose my money but a whole lot better chance of walking away with more money. Play the game. Have fun. Plan on losing your money. But if I catch it just right, and get out JUST IN TIME, then I will benefit while the last ones in lose their money.

    It's a Ponzi Scheme and just remember that - and have fun..............

  • scam -- not backed by anything but faith

    A real national currency, if not backed by gold silver, is backed by the economy and military might and legal system of the issuer. This is backed by nothing, but "faith".

    And also looking at the various exchanges there is a large gap, for example on one exchange now the bid/asked ( in $) is 115.5by 115.8, and on another it is 113.3.. By 113.3..--a potential instant profit on arbitrage--what is that all about??

  • This is an INCREDIBLE scam.

    The difficulty with Bitcoin is the production of Bitcoins, which are unregulated and not transparent to the world. There is nothing to prevent a sudden surge in Bitcoins being dumped by a creator, a major cash-in, and anyone who pays in legal fiat will be left with nothing. Oh, Bitcoins.

  • Yes, it is

    So what makes it better than any other real world currencies? Nothing really. So everyone runs around crazy waving their hands that USD is dying (it will eventually collapse at some point, or other huge implications will happen), but bitcoin is the same, it can be destroyed by the same problems a real world currency can be, its highly volatile and isn't backed by anything (alas usd is not either).

    Besides, you can always hear how the first ppl that started with it very early had some real gains. Sounds pretty much like a pyramid scheme/scam.

    And remember people - think for yourself - did the original creators really wanted to "make the world a better place" or "offer an alternative to fiat currencies to help people" or just to make money.

    For me - well it might not be 100% scam, but it will probably fail anyway as a bad business project.

  • Doesn't add up... Unregulated and without any fundamental value! Derr!

    Consider this an entirely invented medium of exchange that has not basis in fundamental value or agreed and recognised unit of exchange. It is an unregulated finite supply of nothing, artificially inflated to exploit unsuspecting persons. The only persons who win are he early inflators who get out leaving a void of nothing while the unsuspecting persons are left with literally nothing.

  • You lose more than you can get

    All this bitcoin is a big scam, you support the network with hardware, time and electricity to process the transactions but eventually you give way more than you get! The only people who benefit from this currency are the initiators and the people causing the inflation, its a smart scam, a digital one.

  • the latest nonsense, defended by the parochially "knowledgeable"

    There is no supporting, stable (= governmental) infrastructure. Security depends upon software deployed on readily hacked Microsoft Windows platforms. Security depends upon continual re-verification of transaction logs that can be forged and destroyed. "Money" has value because an entity with control over the economic behavior of millions or billions of people--and with governance over trillions or quadrillions of dollars--is willing to back it. Bitcoins are beyond foolishness. Why not peanutbuttercoins?

  • Yes. Bitcoin could be a scam.

    I do not know a whole lot about Bitcoin, but there is always a chance something new is a scam. If people are looking to use it then they should do as much research before hand to get all their facts straight. Right now, there are many scams out in the world and it is important to be on our toes.

  • Anyone can make more Bitcoin

    It seems that anyone can make bitcoin if they are good with a computer and then sell that for real money. Once we all figure out there is an unlimited supply of bitcoin its value will fall like a ton of bricks... Some will get rich and others just scammed

  • Its tricky, but it looks to good to be true

    I've been doing a lot of research and it seems that to get bit coins you must invest i good amount of money, so either buying at bit coin or buying a rig that mines them cost an considerable amount of cash, and the process of mining inst guaranteed income if yu rig isnt top of the line with the most expensive hardware your not making profit, not to mention the cost to constantly update to the latest hardware cost more than is made, in my opinion it seems like a way to make people spend real currency on either the coins or the rig to make a currency that's not back by anything. Sure the first people who got into are making a profit but like any good scheme, thats what happens, you make it look good.

  • Yes Bitcoin is a scam.

    Yes, I think that Bitcoin is a scam and makes people believe that they are receiving free money. Bitcoin is just as open to being scammed as normal, tangible money and I think that just because it is a different way of offering currency people think that they are getting a deal when they are not.

  • Whatever Happened to Ethics?

    BitCoins take advantage of this emerging digital market by selling this "opportunity" to be part of the next BIG THING by preying on the down economy and regular people who will willingly trust, for an amount they normally could afford to lose, that exchange will fulfill its role. Maybe it does for a little bit but meanwhile A LOT of newly entrants are losing money in unviable fluctuations while people in the know, or the technogeek-geniuses, are making a killing by "pretending" to get their digital blocks compromised = only 46% of the pending transactions get refunded, if you're lucky enough to get a refund. Try searching up about these communities' no email back response on your cancelled transaction with your money floating in the air.

    Now, add drug lord money and corrupt gov't officials gambling their bribe money online for complete anonymity---do you see the bigger picture now? I'm sure there are bots tracking all our posts here in the digital cloud right now with the BIG 500 Companies doing analytics on the viability of this digital extension.

    Would you contribute to this QUESTIONABLE underground "over the cloud" trade? I call this the new online gambling. I just hope your mode of payment wasn't digital or you'd have Big Brother all over you not long from now cryptocollecting your info for which 10 years for now could be used to: (fill in blanks here): ie. Take money from your online account incrementally over 40 years without you knowing or just plainly stealing your identity. Remember these underground economy grows exponentially.

    If this free market model constantly attracts new people with ever increasing acceptance of low integrity transactions and the medium of exchange eventually runs out of memory to create new mediocre trading platforms (Bitcoins can only have about $21M digital currency and we now have about $11M floating), what happens next?

    BUBBLE bursts. Creators win and the rest lose. SCAM much?

  • A legal scam

    Polticians will never ban bitcoins. It is a great means for them to get invisible bribes by
    property developers. Anonymous Austrian bank accounts have been gone since 9/11
    Not only drug dealers, mercenaries and paedophiles loves it. The senators will denounce
    it publicly but then watch the bitcoin exchange rate for a good time to cash in their bribes

  • Reminds me of the netbux scam of the early 2000

    It's not similar, that was a money for doing Google searches thing, but here it gives me a bit of the same vibe, Just put your computer to work on its own in order to make easy money for you.

    Also, no centralized backup like a government? I don't see how's that a good idea, this whole bitcoin thing could disappear tomorrow and you can't complain anywhere because there's no one backing it out, at least your cash is backed up by the people that commands pretty much everything around you, the government, with all the good and bad that comes with.

  • Scam scam scam

    To use an old adage from former generations..."If it sounds to good to be true...It is" What is most SHOCKING is that 83 % of respondents are saying it is legitimate. It opens the door to more abuse through the creation of ever more currency. It's supporters propose we replace an imperfect currency system with a much more flawed one.

  • It's a Ponzi Scheme

    In the good old days, fiat currency was linked to commodities (invariably gold or silver).

    When the governments/banks decided to break that link, fiat currency gradually became over-valued. This is mainly due to the 'printing ' of money (mainly by the banks and produced as loans/mortgages, etc.). This is quite bad and is the main reason why the world economy partially collapsed in 2008. However, exactly the same conditions have grown very quickly again and we're due for arguably a bigger fall soon.

    Bitcoin at least has a finite number (2 million). Some see this as an advantage as no more will be 'printed'. However, the value is not finite and therefore each bitcoin value can jump around in value negating the finite number of them available. This just creates the same problem as with fiat currency not back by anything of intrinsic value.

    Bitcoin now can only be mined by individuals or groups that possess very high computing power, far beyond your average PC. This means that the remaining c.12million bitcoins left to be mined (to date) will only be available to a select few. This seems to fly in the face of the libertarian view that everything should be available to everyone.

    Bitcoin is very open to fraud, hacking and god-knows what else. Yes, fiat currency is open to counterfeit but at least you can't hack into a dollar bill or more pertinently a gold bar.

    There are umpteen more reasons why bitcoin is a con but I'll leave that to others.

    If you have bitcoins, change them to something of true value and make your money and then watch and laugh at the johnny-come-latelys joining the pyramid scheme to lose everything they have.

  • Beanie Babies Again

    BTC is a high tech beanie baby fad which attracts druggies, pedophiles and tax cheats. Any btc message board reveals the criminal intents of most of the BTC true believers on it. The technology aspect lends a measure of respect to the scam just because most people don't understand how the btc technology works.

  • If it quacks like a duck...

    There is absolutely no regulation and human nature says this will collapse and someone will hack this. It is inevitable. There is no fundamental reason why I can't just create my own bit coins by exploiting the open source algorithms... However I think it is awesome some are making money on something so ridiculous with clearly zero value.

  • It went parabolic

    The charts on the blockchain website dont demonstrate any drivers behind the rise in price, especially since it has gone parabolic. The only underlying dynamic is hyperdeflationary hoarding. The number one reason for anyone investing in bitcoin is to hoard them and jump off in the future. Of course the issue is that no one knows when it will pop once and for all. Money can be made, but when it all settles down in the end thousands of IT geeks will be left holding the bag.

  • Global Asset Registry

    Currency should not be unique simply because it exists. For example $1 should be (and is) unidentifiable when put next to another dollar (granted your not recording serials). The FED prints bills and burns them and redesigns them to keep this concept valid. That a dollar is a dollar and nothing more. It doesn't matter where it came from.. There is no history of that dollar other than from where the recipient got it.

    Since each Bitcoin can be traced to its origin, any basket of Bitcoin is different from the next. You can't do this with dollar bills. A basket of dollar bills will be the same as the next of its kind.

  • Bitcoin may take Dolla's place, but it will never take gold and silver's place.

    It may not be tomorrow or next year.... But at some point all currencies goes back to 0.00 value.

    It seems to be safe now, but how can we make sure it will always be?

    Gold and Silver on the other hand, are backed up for being the first final solution for trading.
    That's a 5000year history replay, over and over again.

    What would've happen to the entire world holding PM, if Bitcoin takes over as MONEY?

    Would u give your gold to purchase BC?

  • It does not have any value

    A bitcoin is just like a casino chip. It has its value when it's used where it is acceptable. Just like in vegas any casino chips can be used at any other casino. But not in fl. Maybe a couple of chips can be used at other casino but not a bunch. Therefore it's no good when there is a lot of bitcoin to use.

  • Without computers it has no tangible value

    Blackouts, brownouts, satellite failures, Katrina, San Fran Hurricanes, floods, tornadoes, civil unrest, war, electrical storms, manipulation of the power grid and on and on can make one's bitcoins quite useless when they are needed the most.
    The bitcoin idealism I admire and am for. Yet for all practical purposes when the #%#% hits the fan give me silver and gold, there is no better precedent than history, nothing new under the sun.

  • Yes it is

    Bitcoin is a bubble it is bound to burst, now some people will say "but it's currency, I could buy stuff with bitcoin now!" No you couldn't, no one accepts bitcoin, besides, it's value continuously changes and you could "mine" more bitcoin at any time, if I had a bit coin miner I could just say " I want 1000000000000 bit coin, mine" then I have a trillion bitcoin, I buy a mansion, a lot of assets sell my remaining bit coin, bitcoin owners loose trillions? Who cares.

  • Biggest ponzi scheme to go down in history!

    This whole thing relies on the internet. The major internet hub is within the United States of America. If they decide to shut down the internet one day, they can. If they do so, guess who just lost all possibility of transacting these beautiful bitcoins!? All the end users who thought it was a wise investment and purchased these useless virtual coins. It makes me laugh when I see people getting scammed left and right. The biggest winner here: The USA. No wonder the senate backed this currency: "Sure, its a legal currency. Go buy these worthless things and give us your USD account balance in exchange."

    Just to put things in perspective by defining a scam: "Give someone nothing for something".

    Think wisely before you decide to follow the sheep herd.

  • Who controls supply

    All currencies have a governing body that regulates and controls them. Not bitcoin. Who controls the supply or production of bitcoins and whats stopping them from suddenly producing more and devaluing bitcoins overnight. Also do you really think the world governments are not going to crack down hard on bitcoins when they see how much money laundering is going on? Give me a break. Whoever is holding bitcoins at the moment is lucky they made a killing, but I would sell before they come crashing down. Can you pay for your gas with bitcoins? How bout groceries? Nope. Its a virtual currency! In other words a scam just waiting to come crashing down. Take your profits before they evaporate before your virtual eyes.

  • Definitely a Scam.

    It is a scam because the so-called currency has NO backing at all, gold or guns. It is essentially a fictional currency that can be created by anybody out of thin air. If you and I and everyone else create our own currency, then we do not have to work at all. We can just print our own money and use that to buy food and drink and everything else, if anybody produces them at all.

  • If you cant buy milk and pay your rent with it, then its not a currency.

    Since you cant really buy anything with it, all you can do right now (and since this is a scam ) and forever with bitcoin is to gamble with it. Some people will make money with all the ups and downs that are generated from the Dramatic news stories, but that's just a few.

  • Finite Currency = Limited Adoption

    As the currency and market cap is finite, the # of users at any given time would be hundreds or a few thousand which means Bitcoin will never reach mass adoption.

    Last I checked there are 350MM people just in the US alone, so do the math. This will never replace the US economy, or any other economy for that matter.

    Also,because of the limited number of transactions daily (relative to other exchanges), the currency valuation will always be extremely volatile, which is what you're already seeing with Bitcoin. Granted, this may be a good way to circumvent banks either to save transfer fees or hide your money (Great for drug dealers, etc.), but this will never be a viable alternative to the current proven money markets.

  • How Thieves Stole $1 Million In Bitcoins From A 'Bitcoin Bank'

    Sorry a fool and his BitCoin are soon departed, check it out. Bitcoin uses a Peer to Peer network, this alone should send red flags up all around. Bitcoins are the Tulips of the 21st Century do not be part of this house of cards it will end badly save yourself the trouble

  • It's a Ponzi Scheme

    After doing extensive research on Bitcoin, I found Peter Schiff's explanation of Bitcoin to be the best. Bitcoin wants to be the online version of gold, but it does not contain any actual value other than what others are willing to buy it for or what business's are willing to accept it. It is no better than the US dollar, but it will collapse a lot faster, nobody is forcing anybody to use it. If you are looking for a good explanation in detail of the problems with Bitcoin look up Peter Schiff on youtube.

  • It just is.

    Well, you see here, bitcoins is just some scam that nerds and tools use because they think they are better than everybody else. It has no gold backing and is not reliable like the amazing U.S. Dollar. God Bless America! Bitcoins are going to ruin lives and are an evil that our Government and God needs to deal with ASAP and that's the bottom line cause Stone Cold said so!

  • Worthless Bitcoins are worthless.

    It is funny that the Bitcoin supporters compares Bitcoins with gold.
    Surely Bitcoins share many of the favorable properties with gold such as durability, scarcity and divisibility.
    But ultimately for the money to be worth anything it must be backed by power, or the money itself has intrinsic value.

    Gold is not backed by any government but it has many uses which make it valuable. From making electronics to making Jewelries. This is why gold remains as a wanted good even though it is no longer used as currency.
    On the other hand Bitcoins is useless.

    Paper money has no intrinsic value but is granted value by the ruling entities. Its value depends on the power of the government and the wealth under its control. Workers are accepting paper money as payment for their labor because the government assure them they can buy stuff with the paper money, and we trust the government that it can enforce it. If Zimbabwe were using Bitcoin as the legal tender the result would be the same as using paper money - It becomes totally worthless.
    There is no such an entity to grant Bitcoin its value. No one mandate business owners to accept Bitcoin and those who accept Bitcoin can cease to accept it without consequences.

    It would be foolish for any business owner to accept Bitcoin as it is ridiculously easy to mine it when it just come out. If Bitcoin is the real money like its supporters say, then why most of the Bitcoins are horded but not used?

    As Bitcoin has neither of the properties I believe it is worthless and it is a scam to advocate people to buy Bitcoin or accept it as payments.

    By the way Bitcoin having 10 billion market capitalization is not a indication of how large the Bitcoin economy is. Try selling 1% of the Bitcoin in a day and I guarantee the market will crash and burn.

  • Another way to make money without doing any work

    Have those making millions off bitcoins contributed to society or built something, it appears to me the answer is no. What are they therefore getting paid for? I think we have a problem when our monetary systems create millionairs who do nothing for a living and those who work to produce the resource we need, such as food etc., are stuck in poverty. The assessment of wealth should be based on a societies access to resources to sustain itself or to grow. Ths reminds me of a poster by a Cree Indian Poster, which concludes that "money cannot be eaten." And indeed electronic money cannot be eaten. I will contend that when all people in the world discover how to make money by doing nothing finally will we realise that we need to actually work to survive.

  • Grand Ponzi Scheme

    This is a grand deception designed to deprive you of your real money. There is no legitimate creator of this so-called money and no legitimate mechanism to safeguard this 'money'. It is a fraudulent scheme that plays on the weaknesses of the human mind. The Internet can be readily exploited to spin a web of lies - as is the case here.

  • Fiat currency with no originating power

    This is a ridiculous currency whose value is based on people maintaining belief that it has value. The value comes from no hard commodity. It also doesn't come from a government entity that can enforce the value through law. When people lose faith or interest in this group of anonymous techies it will completely collapse.

  • It's designed to sell hardware to greedy geeks

    It's a self referencing recursive system of calculating nothing for the sake of creating value from nothing. It's kid a mythical perpetual motion machine the only possible value it will bring humanity is it will drive the quest for faster, more cost effective hardware. Maybe when the hype and dilation wears off we will have ways of solving real world computing problems faster and cheaper than we do now. Maybe that was the whole idea, and the bitcoin mining muppets fell for it.

  • It's an unregulated fiat currency.

    Sure the dollar is mostly 'digital' today, and of no intrinsic value, but at least it's backed by the US Government as others have said. It's also inherently deflationary, which doesn't encourage anything other than hoarding and speculating. But or me it all comes down to this: 25% of all current Bitcoins are owned by ONE person, and 70% are not traded at all. If this 'currency' were ever to become the global standard in some fantasy world, that one person would be a multi-trillionaire. All for doing some number-crunching years ago when the work was easy. If that sounds reasonable to you, I have some dehydrators in Death Valley I could sell you real cheap.

  • Funny Money: Why Bitcoin Is a Scam Why Bitcoin Is a Scam http://www.good.is/posts/why-bitcoin-is-a-scam/

    “Funny Money: Why Bitcoin Is a Scam Why Bitcoin Is a Scam
    You probably heard of the digital cash after it was rocked by sudden changes in value. A few weeks ago the value of the bitcoin briefly plunged to negative eight cents to the dollar as hackers crashed exchanges and digitally ransacked electronic wallets to the tune of $9 million. A single victim claims that hackers absconded with some 25,000 of his bitcoins, worth, absurdly, approximately $375,000 at present dollar-to-bitcoin exchange rates.”
    http://www.good.is/posts/why-bitcoin-is-a-scam/

    Most retail merchants will not buy into this. There is no regulatory body to protect people’s money. This is a total farce for techno heads that don’t like traditional banking systems and want to revert to bartering – I will give you one of my Bitcoins for two of your chickens. All banking systems are highly regulated for the protection of your money; but, somehow Bitcoin doesn’t need to be. Get real!


    Then there is the problem of converting my Bitcoin balance to real cash. I guess an intermediary like Coinbase will convert my Bitcoins to cash at my bank for a modest fee of 0.5% per transaction. Let me do the math here. Let’s say I need $20,000 deposited into my USAA Bank Account and I have the equivalent of $20,000 in Bitcoins – at a per transaction fee of 0.5%, I would pay $100 for that transaction. Why? Let’s change that to $1 million – the fee is $5,000. I don’t have to pay that at my Bank, i.e., I can do ACH transfers anywhere in the world for no fee, and wire transfers for around $25.

    What about earning interest on my Bitcoin balance? Will I have a Bitcoin checking account and a Bitcoin savings account? Will I earn interest on my Bitcoin funds in my Bitcoin savings account? I do at my Bank. What interest rate will Bitcoin pay and who will pay that interest?

    And, then there are the myriad of illegal money transactions that will be done on Bitcoin that can’t be properly tracked. Just pure nonsense; all Governments need to shut down Bitcoin. And, don’t be fooled; there are many ways that this could be accomplished – Congress will pass additional legislation if needed.

  • Points to consider....

    What happens when the creator sells his 1.6 million bitcoins in the future? What will happen when any of the early adopters sell out their positions? Do you think they are going to be nice and just spend it on goods and services? Or just take a little bit out at a time? They could sell all 50% of the economy of bitcoin overnight, IF they found people to buy them.

    How come no one has seen or has met this creator of the bitcoin software in public???... What's he hiding from? Is he hiding from the central bank thugs or from the people he's trying to scam? Wouldn't the community come to protect him?? Plus with all those bitcoins, money shouldn't be a problem for him now, so what gives.

    How can you prevent a pool from taking over bitcoin? Currently there is holes in the timing of bitcoin transactions and how the blocks get solved. One of the biggest pools solved 6 blocks in a row. This could lead to someone or people in controlling the transactions and block chain in bitcoin.

    Block chain size? Just look at how much the size has increased in the last year. How big is it going to get in the next year. If you think it is out of reach of the small miner, wait till it reaches terabyte size. Then just wait till they start more on the alt-chains, then check the sizing again. Right now someone could start ploughing alt-chain data into bitcoin to bloat it right up and knock off alot of miners.

    You say it isn't control by a central bank. Well, you have a central set of developers working on it... It could turn to a central governing body, then who knows.

    The system isn't designed for everyday retail like a debit/credit card is. There is a delay in timing of the block solving... It can take about an hour to verify that a transaction has been committed. This will take awhile before anything comes along to fix that or to make it easier to integrate instant transaction processing.

    Just for people who say you can't shut off bitcoin. Yes you can, look at what China is doing. The other countries are just watching to see if it works. A government of their size can just simply flick a switch turn up the hashing power of the network and then start solving all the blocks and then crush the network. Probably all within a few hours. They don't have to take it down or shut it off, they just have to make people lose confidence in it.

    From what I understand the hashing difficulty doesn't scale down with the hashing power of the network. So you just need to push it way out of reach of the smaller miner and only the top miners will be able to do anything, then you got control. You control what transactions get processed you control the network.

  • Very obvious scam

    Really people?
    Look, a guy who's too scandalous to tell us his real name goes out and invents a fiat currency that isn't even legal tender, then we find out that it is being used by criminals world wide, then the Hitchin value goes from 5$ to 240$, then to 5$ again, then back to 240$, and thousands of innocent investors trying to earn an honest buck lost millions in this scam, and we're supposed to trust it?
    Common sense.

  • Ob course bit coin is a scam

    It was created by someone who noone knows who he/she is and yet they trust it, in addition to the following facts:
    1. It is not backed by anything, it is the most fiat thing since the federal reserve note.
    2. If it was truly an honest monetary system, why would the creator or creators conceal his/her identity.
    3. Anything so widely trusted can hardly be anything good.

  • An unintentional scam

    Bitcoin has properties of a Ponzi scheme and the community of investors (the latecomers) practice MLM-esque tactics in perpetuating what they believe is going to be a huge financial windfall in a few years. Emotions subvert rational appraisals as each investor watches the price drop and their losses mount. It's a cult, but it wasn't designed as such

  • Bitcoin probably wasn't designed as a fraud but some parasite has attached to the system.

    Miner are required to approve bitcoin transactions. But who will mining when there are no bitcoins left to mine? Someone will end up with once very expensive hardware but now useless. Most will end up with useless currency. What is a bitcoin worth if you can't do any transaction with it?
    There is not much to spend those bitcons those now, but the system already requires enormous calculating power. I think some one is making big bitcoin transactions from one account to another just to make those ASIC hardware useful. And someone is generating false demand for bitcoins by throwing some real money to the system by buying bitcoins. Who may have money to do this. Answer yourself. Cui bono ?

  • BitCoin to me appears to be a scam, if not unreliable.

    1) Nakamoto's true identity remains unknown, and has been the subject of much speculation... With a public paper released in 2008 the founder or creator of the Bitcoin protocol and reference software is alleged to be Satoshi Nakamoto, with a paper published in this name, but so many unconfirmed identities have risen to be the notable figure head with rumors if it being different people or a group of people, which has never been disclosed or publicly confirmed by the BitCoin company. Nakamoto's true identity remains unknown, and has been the subject of much speculation...

    2) Nakamoto is believed to be in possession of roughly one million bitcoins.

    3) Money Laundering & Black Market Funding are a growing concern in BitCoin environment

    4) What happens when the file get so big? Meaning that to verify 1 bitcoin, it has a long history of transactions to validate it's existence?

  • A complete and utter scam!

    Like the Tulips that almost bankrupted the Dutch economy in the 1600's, bitcoin is based on nothing (but they'll tell you it's based on "math". Sure, so were the Tulips.) and answerable to no one.
    And NO one can say for sure who started them, or if the guy (probably yakuza, Japanese mafia) can or can not simply up the value, print off millions for himself, and dump them, leaving everyone else holding the bag of worthless plastic junk.
    They have zero intrinsic value, most financial institutions won't touch them with a 10 foot pole (and for good reason).
    So you really only have faith in your fellow man that they won't monkey with your foolish faith in these worthless tokens. Personally I recommend to everyone to stay as far away from these "magic beans" as possible.

  • Bitcoin no. Blockchain yes.

    Blockchain is interesting and useful. It may thrive. Bitcoin will vanish.

    Bitcoin is a pyramid scheme that preys on the millennial narcissist simpletons that live on reddit bitcoin and atheism boards based on a dead medium of exchange once used for purchasing drugs and a pump scheme that plays to these suckers sense of eliteism.

  • Bitcoin no. Blockchain yes.

    Blockchain is interesting and useful. It may thrive. Bitcoin will vanish.

    Bitcoin is a pyramid scheme that preys on the millennial narcissist simpletons that live on reddit bitcoin and atheism boards based on a dead medium of exchange once used for purchasing drugs and a pump scheme that plays to these suckers sense of eliteism.

  • Was the Microwave a scam?

    I believe we all was skeptical when the Microwave came out but look everyone have one in the homes and offices. I wish I was on the amazing wave. I love the it, because the government can NOT control my Bitcoins. I can be a billionaire and they would not know it.....I love it. Get in NOW while you can. Because this is the NEW wave like the microwave get on board!!

  • Achtung! Betrug! Attention! Fraud!

    Presented as an ingeniously invented virtual currency forged by a brilliant Japanese man whose hidden identity went deliberately exorbitant seeking to magnify its psychological effect. Preceded by grandiose stories of near impenetrable security, hijack proof and plethora of other fantasies. A monetary miracle of 21st century and frantic journalistic quest for recovering the true identity of a mastermind behind it. Meanwhile praised and castigated in countless articles, all to provide further acclamation for its high profit promises.

    Should be considered as a global lottery project designed to lure the profit and turn it into a vastly inflated monetary bubble with a reset cycle. What happens to the assets of its avid investors at the point of collapse is quite easily comprehended.

    The fact this scam never came under sanctions or scrutiny of International financial regulatory bodies is very suggestive regarding its origins.

  • Good Technology,Bad Economics

    I have no qualms about the technology behind it or the fact that it is a decentralized currency however,its economic policy promotes advantage for a few. The perpetually limited supply of Bitcoins coupled with the "need" of its users to convince more people to demand this them only serves to increase the economic power of those earlier users through no further effort on their part.

    To this end it acts as a value printing machine based on the ever increasing difficulty of future users to acquire it,raising its status and thus demand.

    50 individuals hold more than a quarter of all bitcoins,with a further 1000 holding another quarter,combined controlling half of all the bitcoins in existence. Already a ruling-class with the capability to control price and exercise power over all future users of the currency.

    The economics maybe be the opposite of convention,
    yet Its effects are no different to the state of the world today.

  • IT is a scam

    Bitcoin is too easy to get and it makes no logical sense that people can earn hundreds of dollars for next to nothing work while there are people working in factories and earning $20 an hour. Like seriously? Why is this even legal. What has this world come to? Really?

  • Fake money for real goods.

    They will have power to type 1.000.000.000 bit Coins any time, and we will be slaves/workers. If they got this power in this CIA/NSA digital age, you can loose everything. For example, if you are an free reporter and you write an article against government, they can delete you for good.
    Today they control VISA, MasterCard, PayPal etc. But they need more control. They hate real money/cash.

  • It is not a scam but is at the same time.

    Bitcoin supports a very high potential for scammers to conduct their scams in a completely new way. Take for instance ransomware which is specifically using Bitcoin as a payment platform. But it doesn't stop there as there is any number of scams that could be derived using Bitcoin it's silly to think your safe.

  • Biggest scam ever

    Its a huge scam. The USD is worthless, just a bunch of dead guys penned on a piece of paper. Soon countries will start dumping their reserves of the crummy dollar in order to buy bitcoin. Only a fool would think that fiat currencies aren't a scam. Remember, but bitcoin now, not to get rich quick, but to stick it to the crooked banking system.

  • I did a pile of research on Bitcoin / Alt-coin etc IT IS ALL TOTAL BS FRAUD.

    It is ALL A SCAM.
    Let me explain.
    1. ASIC Mining equipment is never sold to the public until the company that manufactured the equipment has waited until it is worthless (aka they plug the gear in themselves and mine bitcoin with it.) If you google this you will find that Butterfly Labs is under federal indictment investigation FOR DOING EXACTLY THAT.
    2. All Alt-coin mining is usually centralized fraud. Those centralized mining sites have a 'one for you two for me' setup to any coins that you find disappear. The smoking gun is that any 'coins found' are 'hand delivered' Funny how that works mining is all super automated. Distribution of wealth suddenly has to get done by hand. FRAUD GOT IT!?
    3. Virtual banks inside the TOR network disappear with millions going missing.

    The reason that the local casino is decorated in shiny bling is because THEY EXTRAPOLATE YOUR MONEY. Gambling is legalized fraud, these alt-coins,bitcoins are not any different. Please have nothing to do with them - it is a giant shark pool.

  • Scam alert! Fakest thing there ever was. For so many obvious reasons.

    This is going to be one of the biggest scams in the history of money. It is backed by nothing, it is worthless, and looks like my microsoft recycle bin. It is so obviously fake that I will never accept it anywhere. People think they can just `create`money, but a piece of metal with a stamp is worthless, in reality, just like a symbol on a computer is, at the end of the day, worthless, because you can`t do whatever you want with it. So yes, it is fake, and should be seen as fake, like an investment in a gold mine that doesn`t really exist.

  • How is it not a scam?

    It is fake money created out of thin air. You can`t control it by the banking system, it supports pirates and criminals, even if it were controllable, who wants to just say it IS money. That is like saying, lets all print a piece of paper off your computer and it counts as money. Plus, there is that issue about passing the buck, it is clearly a ponzi scheme. The built in `deflation` relies on it becoming rare, but new ``alternative `currencies are popping up every day, with most of them going bankrupt in a few weeks. They are simply backed by nothing, and are dangerous because of their difficulty to track. They are way overvalued, and not useful. There is no tax on them either, so there is no government redistribution of wealth, just private owners and those who don`t have any, and arent affected by it. I am not giving away my freedom just to have my digital money in some fake account somewhere, being hacked, stolen, charged fees, dicked around by unregulated theives and hackers. Put simply, I don`t care if it is money, it wont be accepted here.

  • The FTC thinks it's a scam

    Common sense and:

    The FTC has shut down a Missouri-based company accused of scamming customers in its attempts to sell Bitcoin-mining computers and cards.

    Bitcoin, a type of virtual currency, is “mined” online by computers using complicated algorithms. According to CoinDesk, a Bitcoin price index, one Bitcoin was equal to about $432 as of Tuesday afternoon.

    The FTC complaint alleges that Butterfly Labs sold Bitcoin mining machines that did not live up to their promised capabilities. The complaint also alleges that, as of September 2013, Butterfly Labs hadn’t shipped mining computers to more than 20,000 consumers who had already paid for the machines upfront. The products cost anywhere from $149 to nearly $30,000, based on the “power” of the machines.

    “We often see that when a new and little-understood opportunity like Bitcoin presents itself, scammers will find ways to capitalize on the public’s excitement and interest,” said Jessica Rich, director of the FTC’s Bureau of Consumer Protection. “We’re pleased the court granted our request to halt this operation, and we look forward to putting the company’s ill-gotten gains back in the hands of consumers.”

  • Identity "verification" system is crap

    I try to validate my identity. I get 5 questions that I cannot answer. None are relevant to me. None match any account or address I have ever lived. I have a very common name. I complain to BitCoin, they say "sorry just keep trying every 24 hours." So 5 attempts later I still never get a question that I can answer. Not one. It is as if they are questions for someone else. I complain again. Same answer. I have lost my trust in BitCoin. If they cannot fix something that every other financial institution, how can I trust that they art legitimate? Simple, I do not trust them. So... Selling my BitCoins and cancelling my account. This "virtual currency" scam will end badly soon.

  • Is BitCoin A Scam

    I beleive that it IS a scam purely roma functional level. I got a wallet, yet none of the mining software works not even the online mining sites that bnoast high speed and huge payouts (Red Flag). Where am I? Atlantic City?

    The techs at such sites won't even respond when contacted. Scam Scam SCAM

  • Someone else making money, that's all this is.

    Some will say it is a lame argument, however, this is simply someone other than the Fed creating a monetary unit backed by nothing that can fall apart at any time. You purchase bitcoin with currency that already exists, and is supposed to be worthless soon, and hope that in time that it will be worth more than what you bought it for. It sounds like there are a lot of gullible college students, and others, who just don't get it, don't understand what they are talking about, and are simply hoping to buck the system and toss it into someone's face. Whether it is a true Ponzi scheme, I don't know if the definition truly fits. Is it a Fraud? I lean towards that for sure! Think about who is collecting all of those Dollars and other currencies at the buy-in process, why take on a dead or dying currency for this? If it is worthless, or will be shortly, why have lots of it? Think!

  • A pyramid/ponzi mix

    It's purpose is to enrich people that have bought before you. It has no other use except to allow terrorists to move capital anonymously and facilitate money laundering and tax evasion. Stay away from this obvious scam unless you feel like playing a game of hot potato with your money.

  • Bitcoin is for the ELITE

    The barriers to bitcoin make it an 'elitist scam.' You need to have computers, decent processing power, technical know-how, electricity and etc just to get started and the amount of bitcoin you will make is less than what it is costing to de-crap-t bitcoin. This is just another way the rich are going to get richer, and the poor, poorer.

  • It's paddy's dollars

    Just like the same idea Dennis had, Paddy's dollars, only Mac wasn't smart enough to understand the concept. Bitcoin is unregulated and prone to unethical behavior. Nobody has ONCE come out and fully explained why butcoin needs to exist or even how it truly works. Mining? A huge waste of energy and resources to "mine"..??? Get real, produce physical goods invest in viable tangible useful technology. This is nothing more than minecraft for neck beards.

  • Bitcoin novice users read this>>>

    For The Novice Bitcoin Reader,
    This is Bitcoin mining. Yes their are a certain amount of coins or tokens to trade in this version virtual currency. I say this version because there is ltcoin and others that have other version created by private people who wish to start this trend. Look at Kains or something made by a rapper for example
    Bitcoin’s official site however says this in a nutshell. If you allow a supercomputer to send algorithms to your pc so that system can process It’s data better and help solve calculations, then you will receive a certain amount of chances to enter a lottery to win a bitcoin depending on how many algorithms you processed.
    Check it out on bitcoin.Org

    However there are certain things you should consider first, what supercomputer needs over hundred thousand other computers to help solve algorithms to ease the workload on their systems?
    Why is not the experts of bitcoin explaining this true method of bitcoin mining to help you understand?

    Why is the normal answer, ” You are digging for coins on the virtual internet”, knowing this will make the average person think of (Mario brothers finding tokens)?:P

    Last question to ponder why is bitcoin.Org saying the actual value of bitcoin has no cash value, if their is value?

  • Yes, we already have credit card

    A credit card is backed by a bank and only credit worthy people can get it. Most people can get a least 1% cash back on their purchase.
    Bitcoin is not.
    A lot of people claim its open source and therefore transparent. But it is not, the Java code contains precompiled JAR and class file which the user can't looked into and it is receiving secret information from a secret server.

  • Ponzi Scheme! Don't trust it.

    Here's how it works.

    Person A creates cryptocurrency.

    Person B buys a lot of cyrpto currency for cheap at the start of this scheme.

    Person B gets person C,DE,F,G to also buy cyrptocurrency, by doing so the value of the cheap cyrpto currency he bought goes up because people put real cash money into it.

    People C,D,E,F,G end up doing the same thing, Recruiting even more People and they put even more money into it making the value go up and up and making how much it costs to buy the coins go up and up.

    By doing this, The people at the bottom are only adding to the people at the tops pockets. Once its worth enough Person B just sells it and makes a huge profit of all the people who put money into it.

    Just one huge scam, don't take part unless you get in super early and don't mind ripping everyone else off otherwise its very unlikely you will make any profit what so ever.

  • Yes, Bitcoin is a scam.

    Virtual money never works. The goal is for certain individuals to create huge false balances for which no work, product or service has been created. Push a few buttons and "boom",they are instant billionaires. The goal is to crash the economy so people who have purchased gold thinking they will be solvent can turn America into slaves. The best way to prevent this is to refuse to accept Bitcoin and make it clear that gold will not be accepted as payment for anything. Once food,clothing and shelter are at a premium nobody is going to trade shiny rocks or fake money for crops, homes or clothing. In addition once real money loses it's worth millions of homeowners will default on their mortgages but they will never lose their homes as it would be impossible to foreclose on they entire country. Their would also be no market for homes unless the intent is to sell them to the Chinese to solve their population problems and create huge slums for the rest of us. Whining about immigration, national debt, creating fake money and collect shiny objects are all part of the massive capitalist scam to create a superclass society. Why do you think they don't want healthcare for all ? Because if you get sick and die you have solved part of their problems. Big government may not have all the answers but it won't put you out in the street. Avoid this "base of the pyramid" scam and think about the destination I am hypothesizing. Thanks

  • There's no way to win getting in now

    The only people making money are the ones who were in it before or the ones that are selling you the rigs. You can't make any bit coins with your computer anymore, and the difficulties keep on rising. Investing in rigs to make bit coins is a stupid game, the difficulties rise, more faster hardware becomes available and the electricity costs end up being too high for you eventually. Personally a big waste of time, from what I can gather.

  • Value of bitcoin is falling.

    Bitcoins went $1100 to $400 recently, its not a currency its more like a stock. Its value is dependent on what people think it is worth. But bitcoin is a cryptocurrency only it has no company behind it which makes a product and earns revenue its merely bits of code which is your currency value. This was always going to fail, congrats to the early adopters who actually made real money out of it, but I feel sorry for anyone who bought it at $1100/bitcoin or now.

  • What is Bitcoin actually worth?

    Have you looked at coinmarketcap recently? There are at least 200 alt-coins on there. The majority of them with ridiculous and/or plain silly names. At what point has this venture with Bitcoin become an utter joke?

    It is my understanding that, in order for a currency to have any real value, it must trade on its own level. What I mean by that is, you cannot use another currency (like USD) to give it value. Why? Because then it's nothing but a lesser form of the supporting currency.

    For example, I have 472K Dogecoin. Can I go, right now, and buy a 100K house with 100K Dogecoin? No. Why? Because those Dogecoin have no "real world value", apart from their USD value, which, right now is microscopic (millionths of a penny?).

    Only when any coin is traded and used on its own level, will they actually be worth anything. Until then, we're just holding digital bits that we say are worth x amount of real world USD.

    And that's kinda pointless.

    Only when the real world accepts BTC or any other currency on its own terms (can I buy food, pay my bills, ship items, etc. with that currency and not have to have it "converted" to USD value in the process?), it that currency ever be truly real.

    Apart from the USD (or other fiat currency), what is 1BTC actually worth? When 1BTC is worth 1BTC, as-is, by anyone and everyone, we will have succeeded in this adventure.

    Until then, enjoy your "lesser variation of USD" because that's all it really is right now. And that's how it's accepted. And that's just pointless.

  • Is it a scam? Yes and No

    The idea behind bitcoins is not bad, however the seedy side of the Internet embraced it first mainly because of it's ability to be traded anonymously, and the stability is in question even more when we see the number of thefts that have happened. Several businesses like MT. GOX have gone under or closed due to the problems. There is a serious flaw in it and guarding wallets becomes the #1 priority with bitcoins. I label it a scam because of shady nature of the currency; always remember the old anti-scam adage, "If it sounds to good to be true, it likely isn't." I would hope the majority of people demand a much higher standard of excellence before partaking.

  • It is a fraud !

    Logically speaking, it is a mere inconsequential creation of a currency that very likely serves no more than to play 'mind games'. You fall for it, you lose. Besides, wasn't the main idea of this creation to purchase illegal goods ? Under a basis of fraud, it defines itself as a unreliable form of transaction currency. With the highly globalised and maddeningly kinetic world we live in today, this from of invention is equal to 'distraction' that should not be indulged in.

  • Look at the news.

    Bitcoin is already being exposed. It is such a shame that such good idea would actually be worthless. Buying bitcoin is gambling and if i gamble i would rather do it in a casino where i know i have lots of chance to lose but i still have the chance to win but even if i lose, i just gamble which is satisfying.

  • Bitcoin is a scam

    How do you get Bitcoin? You must use the currency of your nation to purchase it. So Bitcoin does not by-pass currency and central banks as advertised. You need your national currency to gain access to it. Thus, Bitcoin’s primary value lies in its stock market price, not in any established market value – perceived, not actual value. And government can shut down Bitcoin anytime it chooses. How? Turn off access to the computer. If you do not think government controls what has access to the Internet, you have not been following the news. Should Bitcoin ever become a real threat to the central banking system, Bitcoin will be shut down.

    Money is a nationally-recognized medium of exchange – like the U.S. dollar (or Federal Reserve Note – bearing in mind that the word “note” also means “loan”) or the British Pound Sterling or the French Franc or the German Deutsch Mark. But money has changed in the past few years. Computers turned “money” into “virtual currencies” or “digital currencies.” The United States Federal Reserve Note is the largest digital currency in the world.

    Digital currencies are, Bitcoin supporters say, the wave of the future. What they neglect to say is that the US Federal Reserve Note is already the world’s largest digital currency.

  • No value behind it.

    Anything that is unregulated such as this is going to be a scam. It will bubble and burst just as any real currency would, only without any regulation, people will be losing more than ever before. It does not take an economist to see how clearly this is being operated as a scam to take advantage of people. Avoid this currency at all costs, currently the BitCoin recently had a market crash and lost 81% of it's value over night. $375 Million dollars just disappeared. Add that to the fact if someone gets a majority of the resources to "mine" BitCoins, they would completely control the economy on them, and you think governments are bad people? I weep for the future of people who heavily invest in these without knowing better. Stay informed, and stay safe.

  • It is a pyramid scheme

    In order for you to cash out, someone ELSE needs to cash in. That makes it the definition of a pyramid scheme. The higher the price goes, the less likely someone will buy in.

    As a currency it could work, except who wants a currency who's value is wildly unpredictable?

  • 21st Century Scam

    Created with nothing to backed it up, no gold and no full faith and credit, it was merely created by digital machine. It may be too late if you want to make profit, the creators and early followers made good money out of nothing! All others or second generation are trying to promote and have more people participate then take the money and run!
    Third generation would hold the empty digital bit coin, out of real money (to buy in), and so it goes.

  • Huge huge scam bitcoin and coinbase is just a scam

    Bitcoin is SCAM AND COINBASE is also a scam. I had 4 bitcoin one day, the next day they were gone. Customer service is non existent. They claim my computer was hacked but the real truth is that coinbase is a scam and bitcoin is a huge scam, do not get involved

  • Huge huge scam bitcoin and coinbase is just a scam

    Bitcoin is SCAM AND COINBASE is also a scam. I had 4 bitcoin one day, the next day they were gone. Customer service is non existent. They claim my computer was hacked but the real truth is that coinbase is a scam and bitcoin is a huge scam, do not get involved

  • The market never offers anything for free. Somebody has to be making a profit. Or why invent it in the first place?

    Whoever "invented" bitcoin didn't do it to make the world a better place. They did it hoping to make a profit in real dollars. The whole idea that the Fed just prints money whenever they feel like it, is simply false. Think of how many U.S. dollars are just sitting in banks and offshore, in accounts held by corporations and individuals. These days billionaires are a dime a dozen. And all that cash has been completely removed from the economy because most will never be spent. The Fed must print more money to replace what is held. If the ultra-rich like the Koch brothers, who's combined net worth exceeds $50 billion, and the many others like them. Would part with some of that money. It would re-enter the economy. And it wouldn't be necessary for the Fed to print so much money. Besides that, until a person can reach into their pocket. And pull out a bunch of bitcoins. They will remain a virtual currency. You may as well use marbles. Anything that can be traded for a given number of dollars, is essentially money. Dollars, for example, are always worth their face value. Bitcoins, on the other hand must be traded for dollars at some point. Otherwise they have no value.

  • This is why we take history.

    I am not sure why we are all so short sighted. In the 1920's stock was unregulated and prices were regulated by speculation. The early people bought in at low rates and moved prices based on speculation. Prices would vary greatly in short periods of time based on speculation. When the time came that people wanted to get out and sell their stocks for maximum profit then the next tier down would sell at lesser value and so forth all the way down to the bottom people who realized the bubble had burst and the stock was not worth the paper it was printed on. The rich had made more money from the middle class to the poor through manipulation of money because they were able to control vast amounts of stock. Right now Bitcoin value is based on speculation and the value fluctuates on speculation. It essentially is an unregulated stock market that the originators are waiting to get to the peak amount of profit they can before they leave the rest of us "holding" nothing but a computer screen of Bitcoins.

  • Gold is always real money

    The real currency is always backed up with real materials
    gold is the real currency
    The current paper money is printed without gold reserves instead of the real currency.
    Just because people believe in paper money, the paper money becomes worth
    bitcoin is the same.

    If you save gold, one day people do not believe in gold anymore,
    but you still have gold, and you can make jewelry with it.
    If you save paper money, one day people do not trust paper money anymore. You just have a useless paper.
    If you save bitcoin, one day people no longer believe bitcoin. You only have digits on a computer screen that can only be seen, but not worth it anymore.

  • Its a very big scam . Why ? Read

    You don't do nothing and you earn the money
    in this world you have to work .
    And if you think im wrong wait till the next 2008 crush will come
    its gonna be so big people will kill them self every day
    the real money will be on pills ( that the people gonna use to relax ) . I know i will get hit also when it comes even that im not involve in all this ... Wait and see i cant say when but every day make it bigger and bigger ..

  • Yes it is a scam

    Read all the yes arguments and then read all the no arguments. The I.Q seems to be on the side of it being a scam. People seem to be jumping on the band wagon of a new thing, and when the whole thing chrashes a large number lose and a small number win, just like so many things going on in this world.

  • The new e-gold

    This has happened before. Look for e-gold in google and read what happened. Those who ignore history are condemned to repeat it. It is another form of falsificating money, with some private entities doing it the legal way. Who is going to take responsibility when the system fails and transactions stop?

  • The new e-gold

    This has happened before. Look for e-gold in google and read what happened. Those who ignore history are condemned to repeat it. It is another form of falsificating money, with some private entities doing it the legal way. Who is going to take responsibility when the system fails and transactions stop?

  • Check the facts.

    Sponsored by Microsoft, this company must have a solid support structure needed to become a company as it is. The fact that there are ATMs roaming around the world is solid proof that they aren't playing around. If something were to happen legally, they have no information against them but the fact that people aren't subject to change.

  • Need More Info On Actual Real Use.

    All I am seeing is "it's open source it can't be a scam" and "Bread companies that now accept it." We need more hard proof not over exaggerated opinions of so called "Experts". This could all very well be the scam of the century or not who knows. My question is what are you getting out of it that you can't get with cash?

  • Cost to mine greater than rewards

    In order to generate any kind of respectable potential outcome, you have to make a large up front cost in hardware investment, something on the order of $2000 - $4000 in ASIC mining hardware. And thats before you factor in your power consumption. Though it's not overtly a scam, unless you have the means to break into mining at 600GH/s to 1TH/s on your own, you're going to end up losing real money in the process. And don't even think about GPU mining, it's dead at this point there is no way to recoup the cost to generate.

  • No tangible value and will fail just like any other Ponzi mechanism.

    It's less than worse to even monopoly money since at least with monopoly money you get some entertainment out of it's use. It's a Ponzi bubble that will only exist as long as the last few people who buy into it and those last people will be the big losers since they will be buying bitcoin at the top of the bubble and the highest price. The idea of making a digital currency that is actually backed by gold would be a better idea if it could be created. But bitcoin isn't this. It's clever and has some short term usability but this utility doesn't offset the downside that the currency can't last and is ultimately doomed to fail.

  • No one or any legal entity can guarantee it.

    BTC is derived from a computing algorithm originally created by a certain person or group. Only they can truly understand how it works and whether there is any back door or virus in it. If the original algorithm creator is NOT able to come out to endorse the BTC-generating and -encrypting algorithm, there is quite much possibility that this BTC game can be manually manipulated behind the scene. It is a highly possible scam.

  • A rose by any other name still smells of scam

    Currencies around the world have value based on REAL gold amount on hand. Some countries tried using diamonds as there holdings (USSR) but diamonds are speculative at best depending on who grades them and how overly inflated the valued are. Gold has a real use, as well as a scientific way to test it's purity. Gold cannot be faked for it's intended uses as well as being an element on the periodic table.

    Bitcoins have no value. The value is not based on any GDP, laborforce, population or even trust in in the ones that set the trade policies. Even the guy that invented this monopoly money is anonymous. Those that "claim" bitcoins are no different than the good ole dollar are either mis-informed, misleading you, delusional or all of the above.

    In smacks of hypocritical to me, to say it is providing people the means to trade currency liberally, but they want real currency from you for it.

    I think everyone has a better chance to convert their Sims ® cash into real money than any of their so called bitcoins.

    If you want to spend money online anonymously just get a gift-card/credit card. Do not invest in or buy into a so-called currency that makes nothing, harvests zero resources, offers no services/labor, has zero assets recognizable outside of bitcoin, and even the founder of the "idea" (scam) is an unknown.

  • Peer To Peer

    Bitcoin States to use peer to peer transactions and also explains miners solve equations towards transactions done. With peer to peer transactions it doest not go through a bank therefore there are no equations that need to be done. Thus I believe Bitcoin is a scan and a false economy.

  • No real value

    There is no real value to it. The will not give you a way to cash in the so called millions you have made. Bank will not honor it and will not allow you to benefit from it. Used to launder money by the people who could not do it earlier.

  • Want to be rich... Fat chance!

    How do you earn bitcoins? Buy? Um, real world money going where? To the early adopters (Ponzi). Besides that defeats the purpose of a new alternative to real currency. Mine? According to their own website you could mine for years and years and not get single bitcoin. Sure you could get a mining contract... Which costs real world currency. Too much real world money going into this!!!!

  • Selling / mining bits?

    So let me get this straight, when it first started it was within very closed circles and mining was easy, then as it gained in popularity mining became not-worth the energy-load. What you buy when you purchase a bit coin is not tangible and has no real value, and when you purchase a bit coin you're purchasing it from that closed circle of people that mined most of the available currency in the beginning before it became popular (Ponzee scheme anyone).

    Bitcoin is a SCAM, people, and there are other digital currencies that have surface on the Net that , while probably not succeeding, WILL succeed in toppling Bitcoin.

  • Btcoin value is pure air and is security is a BIG lie

    A real currency need real physic value or at least a market related system.
    The money value most related to something that has a physical value
    you now can say me that also standard money have no physical value... This is right but the system that rule their values have a direct connection with the world economy. Now in idiocracy many people think that this currency is freedom against banks and governments.
    This is a stupid position because:
    1) without governments permission a bitcoin cannot be used
    2) if bitcoin is freedom against bank and speculation why actually I can trade this junk on many speculative platform for forex?
    You know that some large speculator use a short on bitcoin their value drop? Where is the protection against economic speculation? Is a huge lie.

  • Digital Fairy Dust to Fiat

    Made up money that you turn in for more made up money. The layers of the fake cake keep growing. Keep it real people, The virtual world is a poor substitute to reality. Like it the days of the gold rush, The people that made the most profit were the first miners and the stores that sold the equipment.

  • 10000 People own 75% of all the Bitcoins.

    The purpose of Bitcoin was to create a debt free currency that would provide an equitable payment system for all circumventing the current banking system controls. The later has most definitely been achieved in the short-run but the odds it will stay that way are considerably low. Early adopters are loving the skyrocketing value but for everyone else this currency offers little benefit except that it will draw them into a bubble. While the idea behind its creation is admirable its execution is all but a complete failure. This is looking more like a scheme to convince the public of the benefits of an all digital currency. If Bitcoin succeeds as a currency it will be no different from the majority of it predecessors.

  • It is a big scam

    It is worst than printing mickey mouse money. It just like any number being typed into the keyboard by the issuer or owner of bitcoins is worth hundreds of dollars. Bitcoin is not really circulating and is accepted only by a few people who are betting that they can make real money or profit from it they invest their dollar into bitcoins.

  • Satoshi is missing...

    With Satoshi missing so is Bitcoin's transparency. Being that the creator (Satoshi) is holding the first million bitcoins, it would be very easy for him to create a selling frenzy and crash the bitcoin market all while becoming very very wealthy. Bitcoin is also broken in the sense that there is a trend of people who have bitcoins to be people who value holding bitcoins rather than using it as a day-to-day currency (if Bitcoin was really intended to be a currency).

  • Scamming the Government

    The government needs to get paid. The 50% of congress in USA who are millionaires need your tax dollars so they can get richer. Using BitCoin could deprive them of this luxury. It will be a terrible day when our honest, hard-working, loyal and trusted politician friends do not receive the care they deserve all due to something like BitCoin.

  • Its controlled by a few

    927 wallets own half of the supply, and of those just 47 wallets own 25% of all bitcoins looks like it would be very easy to manipulate. On the exchanges bots trade back and forth between themselves this is starting to look like the stockmarket. I dont think we will be certain of the system till most of the coins are in most of the peoples wallets and not a lucky few.

  • Bitcoins are not Insured

    Anyone can make more Bitcoin It seems that anyone can make bitcoin if they are good with a computer and then sell that for real money. Once we all figure out there is an unlimited supply of bitcoin its value will fall like a ton of bricks... Some will get rich and others just scammed

  • It is a Ponzi scheme

    The currency is not backed by anything other than the full faith and credit of the participants. There is no regulatory authority. Participants can easily manipulate the currency. The end result will be that those who got in early will make money and leave those who come in at the end holding the bag.

  • Yes - A scam

    Millions are being swindled by this scam. The method is the same with all of these scams. A conman starts up the scheme and sells the original stock, in this case, Bitcoin. The clever traders then come in and sell on to celebrities, the ones endorsing the con. At the end, the mugs come in in their millions. The celebrities have all sold out and made a fortune. Who loses? Why the mugs, of course, the suckers. It will come crashing down. Not too late to cash in - do it right now!

  • Cheap atrracts those who have get rich quick in mind

    Seriously has no one ever watched the British classic Only Fools and Horses comedy here? Imagine Del Boy being the Bitcoin inventor! It makes you wonder who is making who rich? The creators or yourselfs?

    If you believe all the hype then fool you once, fool you twice and then the third time is simply egg on your face.

    I just love how people out there say "I've never fallen for an online scame as I am not stupid!"...Need I say more?

  • Pump and dump with no logical backing.

    A lot of people will say that bitcoin has value just like any currency because we give it value. While this is true in a very basic, I know nothing about economies kind of way, it ignores why currency has value. Government backed currency has value because governments back the currency using universally accepted monetary standards. If you print more money than your economy is worth your currency loses value and if your economy is booming and you don't print currency the monetary value increases.

    There is a movement of people that lack economic knowledge that believe that the gold standard was a good way of backing currency. What this idea neglects is that the value of a dollar would be astronomical today based on the current scale of the US economy / population. We would literally be splitting pennies in order to pay for basic goods. This is the real reason the gold standard was abandoned, it wasn't a giant conspiracy made by evil bankers, despite what Alex Jones and company might suggest. Today our money is based on an index of values, three big indexes exist. One is the amount of money vs demand for it, or essentially supply and demand. As mentioned before if there isn't enough money to go around, as was the case under the gold standard, money becomes rare and just like a rare mineral it becomes more valuable. One way to increase its value is to sell bonds, we call these treasury notes, this is essentially removing money from circulation that doesn't yet exist and is paid for by the federal interest rate, or the rate the government charges financial firms for printing money. The third way is to physically buy currency, this removes the bills from the market and creates scarcity which makes the value of the dollar rise, this is typically done by foreign governments through a system called foreign exchange reserves.

    All of these methods can be very confusing if you don't understand the underlying theories, which is how gold standard conspiracy theorists probably came into existence. Just like any conspiracy theory, if you don't understand the dynamics involved it's easier just to make up reasons why it's bad.

  • It’s to good to be true

    Nobody gets a free lunch in this world. I applied for it and I made a big mistake. Several calls from all over the world like New Zealand, Toronto, England Switzerland started calling me everyday. I was scared and I answered the call and I told them to cancel but they did not. They started emailing me and messaging me that I have been applied and told me not long ago that I can win 3k per day. To me personally,it’s obviously a scam. You can’t just make money out of thin air. And if you can, it’s definitely hacking or something and not legitimate money. If you thinking I’m dumb or anything, let me tell you, I’m a thirteen year old kid and I don’t have a freaking credit card!!! ( I told them that to btw when they called me 0) but that’s just me

  • It’s to good to be true

    Nobody gets a free lunch in this world. I applied for it and I made a big mistake. Several calls from all over the world like New Zealand, Toronto, England Switzerland started calling me everyday. I was scared and I answered the call and I told them to cancel but they did not. They started emailing me and messaging me that I have been applied and told me not long ago that I can win 3k per day. To me personally,it’s obviously a scam. You can’t just make money out of thin air. And if you can, it’s definitely hacking or something and not legitimate money. If you thinking I’m dumb or anything, let me tell you, I’m a thirteen year old kid and I don’t have a freaking credit card!!! ( I told them that to btw when they called me 0) but that’s just me

  • Yes its a big scam

    Bitcoin is a ponzi scheme, but when like all ponzi schemes, it started to collapse, but then it was pumped back up again by the whales,& in to another ponzi scheme, & then again & again & so on until there are no more idiot hodlers left to fund the scheme. At any one time, the money put in to buy bitcoin will always be more that the money from the sale of bitcoin (mathematical fact) money in + broker charges & money made by miners & crooked deals etc + the whales are creaming off there profits. So what part of sucker don't bitcoin hodlers get, Contrary to what bitcoin fanatics (anarchists) claim, you only make a profit when you sell (fact). Not what they say, you only make a loss when you sell (nonsense),If you never sell you are a loser, obvious! You can't make a profit untill you sell (FACT) This is the problem with all ponzi, bigger fool schemes, some just don't get that simple fact.

  • Bitcoin is a ponzi scheme,& then another ponzi scheme, untill there are no more suckers left.

    At any one time more money will have bean paid for bitcoin, than its sold for, that is a mathematical fact, because what is taken out can never exceed whats paid in (mathematical fact) & then you take out dealing costs, profits going to miners. Plus the whales are manipulating the market, so what part a hodler dosn,t mean sucker. Most believers in bitcoin are young anarchists.& think(like the hippies did) know it all. Of course bitcoin will fail, but properly regulated crypto currency (blockchain ) may work, but bitcoin is a con, & bitcoin doesn't have a patent on blockchain.

  • I have yet to see a clear two way street...

    Buying bitcoin with government backed currency is not to difficult but try to turn bitcoin back to dollars,yen or euros to purchase goods is a no go as I see it. I don't know of anyone who has been too successful going down to the local grocery store with cash earned from bitcoin to buy the groceries for the week....Just my two bits

  • It doesn't exist.

    Unlike cash, gold, or silver, Bitcoins don't actually exist. How can something that doesn't exist have value? I hear people say the dollar is worthless, but as long as people trade and accept it, it has actual value, and it's backed by the government that issues it. Bitcoins don't exist.

  • Yes it is scam.

    Organization(ex. Bitcoin.Org) can hard fork make new coin
    organization(ex. Bitcoin.Org) can use Crowd psychology control trader buy new coin if you pay product using bitcoin. You can lose money more 10% per day and microsoft steam amazon reject pay with bitcoin. And ico can cheat and no legal support.Bitcoin use speculate no real use. And facebook google twitter ban bitcoin.

  • Technical problems (actual usage)

    Nobody talks about the technical problems with bitcoin, and most people doing small scale buying/selling do not have an understanding of it. The bitcoin frenzy is driven by vested interest (want to see it rise) without warning people the inherent problem: scalability, trust, etc

    Bitcoin is not scalable, original design intent is that nobody trusts anyone in the bc ecosystem, etc. Now look around, you trust an exchange (deviation from original intent), more people involved make the scalability problem worse.

    It has its niche usage, but it's a scam the way it's been pumped up to be.

    Posted by: zbc
  • "Cryptocurrencies are a defective protocol; utilizing faulty logic; under the auspices of a global international Ponzi scheme; nothing short of an act of treason."

    How many people need to be winced -- the evidence is in the hacks? How in god's name can any anonymous person and/or company effect another sovereign country's monetary policy, without that country's debate and/or acknowledgement.

    No anonymous person can in-source/out-source another nations "store of value" or any other absurd lexicon these anarchists choose....

  • Just another way for some "dirty" businesses to legalize their money...

    There is no practical use of it in real life. One cannot by anything using bitcoin. The only purpose of this crypto currency is to change it to a real currency like USD or EUR. Apart from that, there is no gold deposit or any kind of deposit behind this crypto currency. In fact, it is jus a binary code. Nothing more. On the other side, it is an awesome way of washing up "dirty" money from drugs, weapons, other sort of crime. It is almost impossible to track the transactions. I suspect, that is the main reason for bitcoin has become so popular and expensive.

  • No underlying support except greed

    At the end of the day the value of a countries currency is based on the ability of the taxpayers to pay their tax by having a profitable functioning economy regulated by stable government. Take the example of barter type currencies, usually not regulated by government generally fall below currency value because of fees charged. Bitcoin is just a clever game for computer nurds, ie mining and greedy mugs backed up by tether wich appears to have its own set of problems. No one admits to establishing Bitcoin, it has no known board of directors, records are not available to regulators, you can loose access to your records, and their is no tangible value. This is possibly the ultimate ponzi scheme because in this case the greedy mug punter thinks that the value will always increase. The currency is also tainted by its use by those avoiding paying tax and avoiding criminal charges. With all the other cryptos entering the game there is due to be a huge correction which will reveal the truth. If this was not a scam real people with real adresses would stand up and be counted. When this scam fails no one will pay other than the mug punters at the end holding the bag

  • If something seems too good to be true it usually is!

    Okay, so you invest in a made up 'currency' that isn't properly regulated and if you get hacked or scammed there is nothing you can do about it. Sounds pretty dodgy to me! People invest in nonsense like this but the truth of the matter is it just makes the rich even richer and that's about it. This scheme could fall through at any second and then what can you do about it? Absolutely nothing. You get out what you put in and unless you have loads of money to burn it's unlikely that you will make a significant amount doing this. I wouldn't bother it's a total waste of time unless you have a lot of money and have been doing it for some time. Those who have got bitcoins buy then in the hope that someone will be willing to pay a higher price for them

  • Remember Beanie Babies??

    This is the exact same thing. Those were $5 stuffed animals and nothing was truly going to change that. If you bought them BEFORE anyone else, your gamble paid off. But once everyone else got in the game, the bubble poppped, reducing them back to the $5 toys they always originally were. Bitcoin is actually WORSE because you don’t have ANYTHING! At LEAST with Beanie Babies you still had the $5 stuffed animal. Bitcoin is nothing! It’s not even really worth a penny. It’s nothing. It’s mass hysteria and speculation and hope and shoulder shrugging. It’s actually kind of embarrassing if you actually bought into this now.

  • I've been trading on Poloniex and I can assure at 100 % it's a scam !

    Market price is completely manipulated with 20 000$ I made ethereum crash 6 times in a day (10% crash) . Some people wclaim that there is "whales" , but this is just a BOT !
    The fluctuation are completely synthetic , this was easy to buy at the lowest point of the fluctuation , but it will never come over that EXACT position and go down pretty quickly simulating a crash ... AS soon as you sell your position , it'll come to the initial value and make these synthetic fluctuation again. A 10% variation on ethereum is a 13 billion US$ move ... Only for going back to it's initial value !
    I also tried a 3 days position on DASH because it was EXACTLY following the bitcoin charts and guess what ? I bought it when bitcoin was at 13200$ bitcoin gained more than 10 % and DASH was at -0.5% ... If you don't believe me , just try by yourself but from my experience ,the only way to make money is by buying TOKENS from an pre-sale ICO , but this is not guaranteed of course !
    Anyway ,from my personal experience , don't ever try to make a profit by trading on an exchange , this is an unregulated SCAM.

  • Is bitcoin a scam...Yes

    The question is ....If I buy a bitcoin for £1.00 who gets the £1.00 and where did that person get the coin from....If a person is so enthusiastic about bitcoin...Why does he want my horrible dirty ole £1.00 coin any way...Of course its a scam...... Perhaps a ponziscam or a bit of a ponziscam???

  • Of course a scam

    You are paying for something that does not exist, great advertising to keep the scam going. You only make money on paper, was told last night that there are only 3 banks in the whole of the uk , where you can cash in, the only people who say no are investor who will loose when it all comes crashing down

  • Don't go with the flow

    Whenever you see the majority or the public are getting easy money by nothing..Then run away from it. There is something wrong in it.
    If it was true then the current monitory system (the ones ruling the world) will vanish!
    Be smart, and don't get fool.
    At the end this is my my understanding, and I might be wrong.

  • Don't go with the flow

    Whenever you see the majority or the public are getting easy money by nothing..Then run away from it. There is something wrong in it.
    If it was true then the current monitory system (the ones ruling the world) will vanish!
    Be smart, and don't get fool.
    At the end this is my my understanding, and I might be wrong.

  • Less practical than normal currency.

    Normal currency is more practical, widely accept in any place and its value is granted by government and bancks. Criptocurrencies are usefull only for illegal purposes, and have zero intrinsic value, one bitcoin can be traded at US$ 20K today but in some days the bubble can burst and it will traded by pennies.

  • Who is benefiting?

    Bitcoin at its most benign is just a mathematical and computer currency game involving very bright people and at its worst is a intentional disruptive technological experiment to play havoc in the current financial systems. But what it has become along the way is a money-making scheme. Let's see, Bitcoins are created by solving mathematical problems and puzzles by miners who are rewarded with bitcoins. The bitcoins in themselves have no value. But now there are bitcoins out there in cyberspace for sale and which can be bought with real currency that has value with the sellers collecting fees from that currency of real value with each buyer transaction. Now bitcoin has value as more players get in the game and supply and demand takes over. But in the end, the bubble will either burst or the bitcoin currency will just remain a bit player in the real world economy. But like most pyramid schemes, the early adopters will make all the money and the late comers will foot the bill.

  • Who is benefiting?

    Bitcoin at its most benign is just a mathematical and computer currency game involving very bright people and at its worst is a intentional disruptive technological experiment to play havoc in the current financial systems. But what it has become along the way is a money-making scheme. Let's see, Bitcoins are created by solving mathematical problems and puzzles by miners who are rewarded with bitcoins. The bitcoins in themselves have no value. But now there are bitcoins out there in cyberspace for sale and which can be bought with real currency that has value with the sellers collecting fees from that currency of real value with each buyer transaction. Now bitcoin has value as more players get in the game and supply and demand takes over. But in the end, the bubble will either burst or the bitcoin currency will just remain a bit player in the real world economy. But like most pyramid schemes, the early adopters will make all the money and the late comers will foot the bill.

  • Who is benefiting?

    Bitcoin at its most benign is just a mathematical and computer currency game involving very bright people and at its worst is a intentional disruptive technological experiment to play havoc in the current financial systems. But what it has become along the way is a money-making scheme. Let's see, Bitcoins are created by solving mathematical problems and puzzles by miners who are rewarded with bitcoins. The bitcoins in themselves have no value. But now there are bitcoins out there in cyberspace for sale and which can be bought with real currency that has value with the sellers collecting fees from that currency of real value with each buyer transaction. Now bitcoin has value as more players get in the game and supply and demand takes over. But in the end, the bubble will either burst or the bitcoin currency will just remain a bit player in the real world economy. But like most pyramid schemes, the early adopters will make all the money and the late comers will foot the bill.

  • Tulip Mania Reloaded

    I will give you a piece of paper and say that it is worth 20000 dollars. You give me the money and get a piece of paper. Now you will give the piece of paper for a car worth 20000 dollars, but the auto dealer refuses to take the price of paper. You go to court to argue that it is a legit currency, but the government tells you that they cannot back it up since there is already is an official currency. Guess who just got scammed. Now I have one bitcoin and you have 15000 dollars. I give you the bitcoin, and you give me the money. You try to offer the bitcoin for some commodity, but the seller refuses it. You go to court, and the government says it is an illegitimate currency. Guess who is an idiot now.

  • Tulip Mania Reloaded

    The Dutch used to trade tulip bulbs for up to 12 acres of land because tulips were really popular. Eventually, the government said they couldn't back the tulips and people stopped honoring the transactions, and many were left with a whole lot of nothing. Bitcoins are like tulips in disguise, except this time it is a whole lot of nothing. If someone dishonors a transaction with bitcoin, and you sue; the government might say it is an illegimtemate currency. This will cause less people to accept this crap, and the whole value of bitcoin will collapse like a pyramid of cups with not cup in the middle.

  • Tulip Mania Reloaded

    The Dutch used to trade tulip bulbs for up to 12 acres of land because tulips were really popular. Eventually, the government said they couldn't back the tulips and people stopped honoring the transactions, and many were left with a whole lot of nothing. Bitcoins are like tulips in disguise, except this time it is a whole lot of nothing. If someone dishonors a transaction with bitcoin, and you sue; the government might say it is an illegimtemate currency. This will cause less people to accept this crap, and the whole value of bitcoin will collapse like a pyramid of cups with not cup in the middle.

  • Bitcoin is the real deal

    So far i have made 30 million in bitcoin. The biggest losers are the irs and wall street . Americans are looking for something better than wall street or money markets or bonds-do not lose you password. This is best way of hiding money in the world. Madonna could have made a billion dollars. But she's a naysayers like everyone on wall street from jerky bogle to dimon.

  • Supply Demand Scam

    Use greed and technology to create demand for an object. Use the internet to market it and transport it, keeping manufacturing cost low. LImit the supply to drive the price up. Sell it for real currency and deposit that into your wallet. Keep a back door key just in case.

  • It still involves money

    It still relies on money, you need money to buy bitcoins. Somethings that was created out of thin air, with no value. You can't use it at the supermarket. Its the most ridiculous idea yet. It still uses a third party, claiming it doesn't. You are still using your credit card to buy bitcoins.

  • Yes, it is a scam

    Bitcoin lacks control and legitimacy. It's not regulated and its rules are unclear. If you are new to trading, you can lose a lot of money. Maybe a quick easy way to make some extra cash for some currency traders but most people looking for real profit will be disappointed.

  • Laundering Virtual Bitcoin

    It's a great way to transfer dirty money without taxation and government intervention checking account are not monitored in most cases unless you earn interest on the account in the form of points or gifts. Transfering your earned taxed income is a risk you invest into a non tangible monetary unit. You can purchase by selling the Bitcoin at a higher rate from the originally purchased. It similar to stock. My take is this, people will make money only if it continues to rise. The higher the value the heavier the loss for the end users. Previous buyers who sold for a profit win. The Bitcoin is a wooden nickel.

  • Yes it is

    Want to know about

    BITCOIN

    A lot of monkeys lived near a village.

    One day a merchant came to the village to buy these monkeys!

    He announced that he will buy the monkeys @ $100 each.

    The villagers thought that this man is mad.

    They thought how can somebody buy stray monkeys at $100 each?

    Still, some people caught some monkeys and gave it to this merchant and he gave $100 for each monkey.

    This news spread like wildfire and people caught monkeys and sold it to the merchant.

    After a few days, the merchant announced that he will buy monkeys @ 200 each.

    The lazy villagers also ran around to catch the remaining monkeys!

    They sold the remaining monkeys @ 200 each.

    Then the merchant announced that he will buy monkeys @ 500 each!

    The villagers start to lose sleep! ... They caught six or seven monkeys, which was all that was left and got 500 each.

    The villagers were waiting anxiously for the next announcement.

    Then the merchant announced that he is going home for a week. And when he returns, he will buy monkeys @ 1000 each!

    He asked his employee to take care of the monkeys he bought. He was alone taking care of all the monkeys in a cage.

    The merchant went home.

    The villagers were very sad as there were no more monkeys left for them to sell it at $1000 each.

    Then the employee told them that he will sell some monkeys @ 700 each secretly.

    This news spread like fire. Since the merchant buys monkey @ 1000 each, there is a 300 profit for each monkey.

    The next day, villagers made a queue near the monkey cage.

    The employee sold all the monkeys at 700 each. The rich bought monkeys in big lots. The poor borrowed money from money lenders and also bought monkeys!

    The villagers took care of their monkeys & waited for the merchant to return.

    But nobody came!. Then they ran to the employee.

    But he has already left too

    The villagers then realised that they have bought the useless stray monkeys @ 700 each and unable to sell them!
    The Bitcoin will be the next monkey business

    It will make a lot of people bankrupt and a few people filthy rich in this monkey business.

    That' how it will work.

  • Countries create currencies. Not a few computer programs

    Computer programs generating data, albeit in a controlled way and calling it a currency is the problem. The cost of entry to create a new currency is a few computer programmers, computers and a marketing team. Nothing stopping from hundreds of currencies from starting. You don't see new countries starting and making new currencies. Like some people mention on here, the last one out gets to take the losses.

  • This is such an unstable currency.

    Sure the creator of this currency might hold good intentions but the effects might be far from what you had planned. Creating digital currency is unstable for the currency in each country changes from time to time and as it is digital it can be hacked or you data might be deleted and the cash you put into it might be deleted. Impossible to be hacked? Ha ignorant people humans had always advanced to make the impossible into possible. Sure it might have low probability but there is always other people who is above others in ability(hacking). No government backs it up so if the government ends youll have your money? Ummm..... Idiot? If there is no government then the country will be in a state of anarchy. WWIII? Damn you will be dead and money aint worth nothing. Well unless Bitcoin became approved by your country's government then its a scam. Every little thing that is not approved by the government is illegal except if you find loopholes(which is highly unlikely). But my highest concern is that Bitcoin is not a Globally accepted currency.There is no exchange rates like 10 USD=20 Bitcoin(only an example) which is why it is very unstable. And from what I read from money.Cnn.Com it was hacked last 2016. Well if people are gonna use bitcoin I say "Your money, Your problem"

  • Good for money laundering

    The biggest advantage for bitcoin is the anonymity, so even if it is a scam, it will survive as long as there are people who don't want anyone knowing how much money they have or where it came from or goes to. Since it exists digitally, no need for safes or mules, but if the grids go down, you're out of luck.
    Bartering, now there's something that will never go away. Know something that others want and you'll always have an income.

  • It's based on the wrong technology to be something honest

    It's based on blockchain which for it's nature grows in size. When the blockchain size will be too big and block hashes will be too small nodes will diminish in number and miners will no mine anymore stopping the blocks validation. It's not designed to last forever. It's simply a chain letter.

  • It is 100% dependent on every other Real Currency. Thus it's a clever and perhaps inevitable form of SPECULATION.

    Bitcoin depends on REAL Currency to start and stop. Anything that requires you to pay real money in exchange for "digital currency" is no different than any other speculation tool. The people who got in earliest are making the most. So not only is it a scam, it's a pyramid scam, identical to Equity markets but with one crucial difference. Bitcoin has no value outside of the real money people have paid. People talking about "open-source" don't seem to understand that means nothing with real world currency and trade. How do you value Bit-Coin other than by the amount of speculation money invested in it? Without real currency to cash it into, what value does it have, other than everyone agreeing it's somehow real? And finally, once countries nationalize their central banks, what will the point of a bitcoin actually be, other than pyramid speculation?

  • No transparency. The Founder is unknown. This could only work if it was TOTALLY transparent and the founder was purely altruistic.

    Too complicated, and this shrouding of the bitcoin screams deceit and corruption. With everyone trying to make money, it's far from some kind of utopian currency. It's a scam, sham and only a fool would invest in this concept that is backed by nothing, and is way too volatile to be considered a reliable trading platform for goods and services.

  • Has no-one ever read 'The Emporer's New Clothes' ?

    Two clever guys tell the Emperor of StupidLand that they make the finest clothes ever made but they are made of such fine materials you can't see them or feel them. Yet when you wear them, everyone else will say how fantastic you look and if they don't, they are either lying or are too stupid to understand the technical wizadary. So the Emperor orders a suit of this new material and when made, puts it on. The two clever guys say how wonderful he looks so the Emperor calls in his advises for their opinion. No-one wants to look stupid or be thought of as lying, so they all say 'Yes, your Emperousness, you look magnificent'. The Emperor is well chuffed, so he pays the two clever guys half the money in his kingdom, then goes on a tour of his city. All the people turn up and gasp in admiration of the Emperor in such a fine suit of clothes, all of them not wanting to look stupid or be accused of lying. Then a little boy runs up, squeezes through the crowd and says 'Hey ! Why is the Emperor not wearing any clothes ?'

    I'm just waiting for the little boy to shout 'Hey ! Why is there nothing behind Bitcoin ?'

    There is no difference between mining for Bitcoin and hunting for Pickachu on Pokemon Go. In fact, I've just decided that Pokemon aren't electronic monsters, they're actually currency and I've got a Pokemon worth £1,000,000 - but I'll take £500,000 from the first lucky bidder .... Who's first in the queue ? Better be quick because it'll be worth £5,000,000 by the end of the week and you wouldn't want to be the stupid one who missed out on the deal of the century would you ?

  • Duping and misleading

    "signature on the message verifies for everyone that the message is authentic". Fake digital signatures can also be created like fake secured site certificates. Also, the current situation is that everyone is in the attempt that anyhow they can just receive some bitcoins so that it can benefit them in future. Well, the mining itself is costly and time eating but also the other side is that for normal public no potential buyer actually exist. Everyone is waiting for the value to increase more by the passing day, but the bitter truth rather the question is to whom will they sell if no one is gonna buy them?
    It's simply a web for duping people and misguiding them to strengthen illegal trades and practices in my view. A straight "no-no" for me and my dear ones

  • Can be made many currencies like Bitcoin easily

    So why Bitcoin is so costly? Hackable, no legal status in many countries, after all its like a game/software, so why people are mad on Bitcoin, so many options are available more secure and cheap than Bitcoin, I think it's a big scam, within 1 to 2 years Bitcoin will 0 value.

  • Can be made many currencies like Bitcoin easily

    So why Bitcoin is so costly? Hackable, no legal status in many countries, after all its like a game/software, so why people are mad on Bitcoin, so many options are available more secure and cheap than Bitcoin, I think it's a big scam, within 1 to 2 years Bitcoin will 0 value.

  • Can be made many currencies like Bitcoin easily

    So why Bitcoin is so costly? Hackable, no legal status in many countries, after all its like a game/software, so why people are mad on Bitcoin, so many options are available more secure and cheap than Bitcoin, I think it's a big scam, within 1 to 2 years Bitcoin will 0 value.

  • Can be made many currencies like Bitcoin easily

    So why Bitcoin is so costly? Hackable, no legal status in many countries, after all its like a game/software, so why people are mad on Bitcoin, so many options are available more secure and cheap than Bitcoin, I think it's a big scam, within 1 to 2 years Bitcoin will 0 value.

  • Straight up Ponzi

    Having discussed this endlessly with fans of bitcoin, all adherents espouse the same "it's the future, freeing ourselves from government money printing conspiracy" line. Fans have no idea how the economy works or the process of central banking outside of the garbage peddled by the "Zeitgeist" movie, and are uniformally ignorant about everything economic. They just keep parroting the "adoption curve" line, or "institutional investors are about to get in". Too late for that. No one actually has any hard facts. It is all based on rumour. Basically, it can never be used as a currency due to processing issues, and it only maintains value as long as people think it will appreciate against the dollar, which makes it a disaster waiting to happen for the poor fools buying late. This means it is neither a store of value or a medium of exchange.

  • Good paper on topic

    A good paper on the topic is located on Google drive at: https://drive.google.com/file/d/1hgaH8a6-rQ5R3nUDauwHWNJBJ67283U7/view?usp=sharing

    A market can only have one currency reference, so only chance Bitcoin has is if it replaces an existing currency like dollar - not likely to happen since government can create their own cyrptocurrency if they want (e.G. Crpto-dollar)

  • When it sounds to good to be true it usually is

    There are only a small amount of investors that own 40% of market they control the up and down. If they sell off good by Bitcoin jackpots for poor followers who fell for the hype its only matter of time Gov will step in and put regulations in place SCAM

  • It is 1996 NSA Scam Project

    It a NSA test project, there was no Satoshi Nakamoto Just NSA engineer getting rich.

    If bitcoin is so good, why not buy it with your credit card, wait for few week, profit from it. Just do not use your own money.

    If it fail walk away from your credit card company, play them out.

  • IS the US dollar a scam?

    Wars are about the Rothschilds owning or controlling Central Banks. The first step in having a Central Bank established in a country is to get them to accept outrageous loans which puts the country in the debt of the Central Bank and under the control of the Rothschilds . If a country does not accept a Rothschild loan, the leader of this particular country will be assassinated and a Rothschild aligned leader will be put into the lead position, and if the assassination does not work, the country will (be false flagged) and invaded, and have a Central Bank established with force under the name of anti-terrorism. In the year 2000, there were 7 countries without a Rothschild owned or controlled Central Bank: Afghanistan, Iraq, Sudan, Libya, Cuba, North Korea, and Iran. In the 21st Century, we saw Afghanistan, Iraq, Sudan, Libya... Fall under interventions in Rothschilds' interests (Iraq started to trade oil in the EU's Euros in 1999. ...Without UN Security Council support for invading Iraq, the USA invaded Iraq without authorisation, and acted in breach of the UN's Constitution.... Similarly, USA's invasion of Libya was because of the USA's great fear that Libya might lead North Africa into a high degree of economic independence (freedom) with a new Pan-African Currency). ... The only countries left in 2011 without a Central Bank owned or controlled by the Rothschilds' family are North Korea, Iran, and Cuba. http://www.theeventchronicle.com/finance/three-countries-left-without-rothschild-central-bank/# In September 2017, Venezuela went AWOL and started trading oil and gas in Chinese Yuan instead of the US Dollar. https://www.reuters.com/article/us-venezuela-oil/venezuela-publishes-oil-prices-in-chinese-currency-to-shun-u-s-dollar-idUSKCN1BQ2D1 On the 3rd December, Venezuelan President Nicolás Maduro has announced the creation of a new virtual currency in a bid to ease the country's economic crisis. He said the Petro would be backed by Venezuela's oil, gas, gold and diamond wealth http://www.bbc.com/news/world-latin-america-42217798....Guess which country: (North Korea, Iran, Cuba, or Venezuela..) will be invaded next....

  • The US prints dollars without gold backing.

    Wars are about the Rothschilds owning or controlling Central Banks. The first step in having a Central Bank established in a country is to get them to accept outrageous loans which puts the country in the debt of the Central Bank and under the control of the Rothschilds . If a country does not accept a Rothschild loan, the leader of this particular country will be assassinated and a Rothschild aligned leader will be put into the lead position, and if the assassination does not work, the country will (be false flagged) and invaded, and have a Central Bank established with force under the name of anti-terrorism. In the year 2000, there were 7 countries without a Rothschild owned or controlled Central Bank: Afghanistan, Iraq, Sudan, Libya, Cuba, North Korea, and Iran. In the 21st Century, we saw Afghanistan, Iraq, Sudan, Libya... Fall under interventions in Rothschilds' interests (Iraq started to trade oil in the EU's Euros in 1999. ...Without UN Security Council support for invading Iraq, the USA invaded Iraq without authorisation, and acted in breach of the UN's Constitution.... Similarly, USA's invasion of Libya was because of the USA's great fear that Libya might lead North Africa into a high degree of economic independence (freedom) with a new Pan-African Currency). ... The only countries left in 2011 without a Central Bank owned or controlled by the Rothschilds' family are North Korea, Iran, and Cuba. In September 2017, Venezuela went AWOL and started trading oil and gas in Chinese Yuan instead of the US Dollar. ...Guess which country: (North Korea, Iran, Cuba, or Venezuela..) will be invaded next.... http://www.theeventchronicle.com/finance/three-countries-left-without-rothschild-central-bank/# .

  • Only the U.S. Government can print currency

    Digital currency is the future, but not bitcoin. Under the constitution of the United States only the government can print money, unless an amendment is made the Bitcoin cannot work. Who prints bitcoins? How many bit coins does that entity/person get to print. Why do they print that much? All of these are important questions that 90% of bitcoin enthusiasts don't have answers to.

    Here is my predication. Bitcoin will cause the next bubble. Its taking real value and converting to nothing.

  • No underlaying value.

    What value does bitcoin represent?. Dollar represents the U.S economy, Euro represents Eurozone economy. Ecomomies have value because they represent assets which can be used to produce products and by doing so growth/wealth or sold to others who can produce more effective and because of that compensate the cost of buying the asset and still add value. Bitcoin doesn't represent anything of value, there is even no actual material which can be liquidated. So bitcoin is only a speculative item untill people realize there is no value and start dumping it before others do so.

  • Ability to buy currency

    As a service exchange currency it may work with limitation and requiring a long way to achive critical mass.
    As there is has an expectation on exchange rates with the US dollar, it will certainly reach a point were owners will want to cash their gains and the rush will be inevitable.
    The Bitcoin itself may still exist after such bubble, but again the mass suckers shall abandon it after their losses.

  • Bitcoin is total scam backed by Bad actors

    Initially bitcoin sounded good. Free from government and banking influence.
    But looking deeper, imagine one world currency that leads to demise of cash.
    Perfect scenario for a fascist state to control the population and tax it as it wishes.
    I am for the technology the software offers but against token and the Ponzi game.
    Bitcoin never can be a currency being so slow. 7 transaction per second.
    Better technology like Hashgraph capable of. 250000 transactions per second and 50000 times faster than blockchain and much cheaper offers better value.

  • Imaginary money for idiots

    Bitcoin would be great for a role-playing game. It real life, it's a joke. Nerds. Geeks, drug lords, and other assorted misfits delight in it.

    You'd be just as well off investing in South Sea bubbles, tulip bulbs, or
    real estate on Neptune.

    Do what you want. I'm stickling to valid currency,

  • Do Nothing - Get Rich

    The idea of simply purchasing a pricey place of hardware, plugging it in, and allowing it to run 24 hours a day to get you free imaginary money seems too good to be true.

    Break it down to the nuts and bolts and you will find that any program that states you will get money for doing nothing is a scam.

    Multi level marketing is a cousin to this thing. In MLM you do nothing while your downline magically make you money.

    Now, with bit coin, replace that downline friend or relative of yours with a piece of hardware that will be outdated before the year is up and unable to keep up with the mathematics required to mine these imaginary bits of data.

    My least favorite aspect of this ridiculous Kim is “ The more work you do, the harder it is to earn money”. Huh?

    This is like your boss telling you that you will work eight hours a day to earn $100, but every day after x days, you’re going to have to work an additional hour to earn the $100.

    Does anyone else see this?

  • Do Nothing - Get Rich

    The idea of simply purchasing a pricey place of hardware, plugging it in, and allowing it to run 24 hours a day to get you free imaginary money seems too good to be true.

    Break it down to the nuts and bolts and you will find that any program that states you will get money for doing nothing is a scam.

    Multi level marketing is a cousin to this thing. In MLM you do nothing while your downline magically make you money.

    Now, with bit coin, replace that downline friend or relative of yours with a piece of hardware that will be outdated before the year is up and unable to keep up with the mathematics required to mine these imaginary bits of data.

    My least favorite aspect of this ridiculous Kim is “ The more work you do, the harder it is to earn money”. Huh?

    This is like your boss telling you that you will work eight hours a day to earn $100, but every day after x days, you’re going to have to work an additional hour to earn the $100.

    Does anyone else see this?

  • Bitcoin os still experimental

    Bitcoin is under strong expectation between its possible future uses and present state of development.
    In other words, people are selling bitcoin as a completed finished technology with no problems and already able to solve people's lack of confidencial in traditional financial system.
    Who ensure bitcoin will accepted in the future??

  • Bitcoin spread is so large

    Bit coin spread in most of the exchanges are way too much in the range of 10 to 15%. The charges for sending bitcoins also come to more than 10 % for anything less than 100 dollars. It also takes more than 30 minutes to confirm the transaction. So it is a lie that bitcoins are freely and instantly transferable. They charge more fee than VISA or Master and take upto 30 minutes to confirm. If you do all the transactions within and exchange you never know when your bitcoins will evaporate along with the exchange.

  • All money is a scam, but is supported by world governments and economies.

    The money supply of the world is backed up by the World bank who lends money. The money they lend is not backed up by gold or anything, they have the right globally to print as much money as they want, and is backed up by world governments who have public support and confidence. Bitcoin is not backed up by world governments or the world bank, politically it has no support. The value of Bitcoin is supported only by the hope of people hoping gambling on getting rich like a pyramid buying scheme. When it collapses no one is legally responsible, and people will lose. The question is when will public confidence be lost.

    If Bitcoin undermines a national currency it will be attacked by politicians and the media, public confidence will fall rapidly. With political support it will fail eventually. If bitcoin outgrows a local national currency it will collapse.

  • Pump & Dump?

    Did you watch the wolf of wall street? What about a good all Pump & Dump scheme? ICO are like totally unregulated IPO just selling air...
    -20% yesterday, a large holder stated to dump? This is would be quite impossible on stock markets. But un a totally unregulated cryptocurrency market as bitcoin.... Well still possible.

    You not going to tell me the founder of bitcoin did not hold coins for themselves. The question is, how much? What will happen when the will dump?

    Posted by: GC83
  • No backing and unregulated

    Bitcoin technology might be good but you cannot price it . Someone made it look like a big thing and many people started investing .

    Currencies needs to be regulated and moreover we still need fiat to purchase them . If they had any other way to generate / purchase then it would have made more sense

  • If it sounds too good to be true it is .

    Im a realist and i know no one gives you more back than what you put in , this bitcoin is as good as putting your money in a gambling machine , you will lose more than you get in winnings , every time , the only winners here are the people who own Bitcoin the shareholders of the company are the real millionaires.

  • Suspicious that Supporters...

    Or those that are pushing Bitcoin the hardest are those who bought-in at the ground-floor ... Reminds me of brokers who insist their clients buy a stock as they (brokers) bought it at a bargain-basement-rate and are now waiting for the suckers to bit it up.

    Bitcoin has no intrinsic value ... So like the dollar it an fail at any time.

    FDR had the Feds confiscate gold from all safety deposit boxes in an attempt to bolster the dollar (fiat currency) and in its place leave fiat currency. It'll be that much easier for the Feds to confiscate your wealth if it's on-line.

  • Suspicious that Supporters...

    Or those that are pushing Bitcoin the hardest are those who bought-in at the ground-floor ... Reminds me of brokers who insist their clients buy a stock as they (brokers) bought it at a bargain-basement-rate and are now waiting for the suckers to bit it up.

    Bitcoin has no intrinsic value ... So like the dollar it an fail at any time.

    FDR had the Feds confiscate gold from all safety deposit boxes in an attempt to bolster the dollar (fiat currency) and in its place leave fiat currency. It'll be that much easier for the Feds to confiscate your wealth if it's on-line.

  • Empty and valueless

    Empty babbling about open sourced heap of digital currency that cannot be scammed and is the future source or endless wealth! But in reality it is nothing. The value assigned to it is only in the imagination of those who assign that value. There is no intrinsic value to Bitcoin. Worth $7,000 - $10,000 heading for $200,000?? So is pigeon poop!

    Have you made any money using or mining Bitcoin? - No! Do you know anyone who has ever made any money from it? - No! Sure there are plenty of stories out there of unimaginable success and wealth. But they are just as empty and fake as Bitcoin itself.

  • Its no better than money you play with in a game.

    Gold Silver is tangible, something you can hold in your hand, money is merely a commodity, you use the commodity that the market picks best. The dollar was once commodity money, We still use dollars (even though fiat since 1971)because the government forces wages and taxes to be paid in dollars, oil is paid for in dollars (petrodollar). Bitcoin is not a commodity, and is fiat without the government force behind it, it is no better than play money on a board game.

  • Useless to most people.

    It is useless to many people. Most things that people require money to purchase are not able to be bought with Bitcoin. I can't buy anything I need with Bitcoin. Nothing apart from Dominoes pizza will accept Bitcoin in the area that I live in and I would have to drive over an hour to get to the closest Dominoes Pizza. In my entire country there are only to businesses that accept Bitcoin as payment.

  • Life of Bitcoin

    Everything has a finite life and Bitcoin is no exception. New Cryptocurrencies are born everyday. The market no matter how big will become saturated by the new entrants and "value" will plummet when the appetite to buy fades away. Bitcoins value only depends on what someone is prepared to pay for it.

  • Life of Bitcoin

    Everything has a finite life and Bitcoin is no exception. New Cryptocurrencies are born everyday. The market no matter how big will become saturated by the new entrants and "value" will plummet when the appetite to buy fades away. Bitcoins value only depends on what someone is prepared to pay for it.

  • It was created to avoid taxes and regulation !

    First of all - it's not "legal tender" in any country.
    It's a completely "made up" currency.
    Yes, the U.S. Dollar is basically also FIAT money - but it is regulated and controlled by the Federal Reserve and the Full Faith and Credit of the United States. Bitcoin has NO such backing - ANYWHERE !!!!!
    It also is basically a basic pyramid or Ponzi scheme.
    Those who got in first get filthy rich (and will cash in their Bitcoins for
    REAL currency if they haven't done so already) and the rest get left holding the bag. This reminds me of an electronic version of the
    Tulip Bubble or the Dot Com Bubble or the Housing Bubble.
    It's all great if you are in early and don't get caught "holding the bag"
    as many unsuspecting naive greedy speculators no doubt will.
    If the Securities and Exchange Commission ever "legitimize" Bitcoin or other Cryptocurrency and allow it on an exchange -as an ETF or otherwise - I am getting OUT of the Market entirely !!!!!

  • Chasing me for a $300 AUS initial investment with a promise to make it $13,000 in 24 Hours!

    I find it very difficult to believe that the people behind this scam can find the time to call me at least 3 times a day over the last week asking me to deposit the money in an account. How can they be that desperate.
    It's got to be a con and at the end of the day I am a 74 year old pensioner, recently retired 30 June just trying to make a little money to supplement my pension.

  • BITCOIN it self is not a scam, but it enables more SCAMMERs to take money from the 'users'

    How do you ask for money back when the merchant deceased? Dead? Lost his ledger wallet? Pretty much as a user you cannot, there are more merchant on the other side of the debate I think, which make bitcoin more stronger, sending money instant? Well so does vina transfer, the fee is probably less than using btc, try working out the % when converting btc and transferring it into a wallet, on the otherhand, paypal charges 0% for friend's transfer.
    Bottom line BTC is a currency for darknet market, it only stops the government seizing the money out of criminal/scammer hand. Good luck with it.

  • The Bitcoin Scam

    Bitcoin is more controlled by major forces than we know or realize. Just like how the stock market is, and fools who have resources that will never make any impact dance to the tune of AI chips that are tracking their movements, and it's a matter of time people get eaten up. Do we really know the elements who run the world? If we do, we will have no difficulty understanding bitcoin. Yes, it does not mean you can have some fun either if you are prepared to lose.

  • Yes, Bitcoin and cyptocurrency is a scam

    Another cryptocurrency claiming to be better than Bitcoin claimed that the US paper currency is worth nothing yet when someone is asked to invest into that other cryptocurrency, they ask for US currency. That right there is a giveaway. Why would cryptocurrency need US currency to be invested into its own cryptocurrency? Reason? US currency has value and without it, cryptocurrency won't survive.

  • Bitcoin not a currency, blockchain not a useful technology

    Currencies are derived from the intrinsic value of its medium of exchange (silver, gold) or derived from economic activity as in fiat currencies. Bitcoin is neither, - it is a kind of cheque book that could in theory be used to transfer real money. As it stands right now, you pay a couple of thousand dollars for a cheque that has nothing written on it - you are buying an empty bucket.

    Blockchain technology as such is equally useless, and lives on the fact that even people in the finance industry are too lazy to look at what it really is: Nothing but a primitive, distributed databank, whose security concept depends on a resource - hungry lottery in which a large number of 'miners' run ever more complex computations of which the first one who solves the puzzle may 'earn' the reward of a bitcoin. For this to work, the process has to take a minimum amount of time, and be costly - making transactions slow and expensive. So the cost of mining a bitcoin(participating in the lottery) is currently a couple of thousand dollars ... . So, first of all, a kind of cheque is created, that costs several thousand dollars - the kind reader may muse about the usefulness of this. Furthermore, as there is of course no-one paying the miners a couple of thousand dollars for their useless work, they are paid with a part of their own creation - bitcoin, and told, that somehow, this will be worth a lot in the future. This is similar to asking a person to build a car you and then, instead of paying him, breaking off that car's antenna and giving it to the builder, with the kind words that this antenna, with enough faith in it, will one day be worth millions. Brilliant.

  • Double your bitcoins in 10 hours

    I have seen website offering this ,it's seems like putting a bet on at the races ,but bitcoin is dragging more people in on this sort of thing,if you put in $500 and you loose it it may not be the end of your world, this is what the promoters like you may loose your $500 but they gain it and many more like you ,there are a lot of people making money out of it . Most people may have lost money on different investments l am one of them ,I can,t see the need to put money into it unless you think some will give you more for your bitcoin tomorrow I can,t go on for every

  • Double your bitcoins in 10 hours

    I have seen website offering this ,it's seems like putting a bet on at the races ,but bitcoin is dragging more people in on this sort of thing,if you put in $500 and you loose it it may not be the end of your world, this is what the promoters like you may loose your $500 but they gain it and many more like you ,there are a lot of people making money out of it . Most people may have lost money on different investments l am one of them ,I can,t see the need to put money into it unless you think some will give you more for your bitcoin tomorrow I can,t go on for every

  • The truth is irrelevant when it comes to belief

    After watching Trump supporters defend him at all costs, I have come to realize just how far some people will go to stand behind something that they have at all invested in (whether it's money, time, effort, family, religion, or just plain hatred for something that you might not even understand) Trying to explain to someone why bitcoin is indeed a scam can only be successful if that person does not have some personal investment already tied into bitcoins success. If that is the case, there is very little that can be done to convince that person to abandon ship. Many will create a false reality and then preach that reality to others in the hopes of keeping that ship afloat. They will throw useless information at you (usually the same crap that was used to convince themselves that this ship was unsinkable) so that they will not feel stupid for investing in something sooo incredibly stupid. As a last resort, many people who run out of useless information to spout will resort to name calling. See replies.

  • Little intrinsic value. Has perceived value. The universal basis for Ponzi schemes.

    Bitcoin itself is not a scam but the people who are involved in it and supporting it are creating a scam using Bitcoin.
    When used as a transaction processing/management system it's fine.
    But when people start to "invest" in bitcoins then that's where the problem arises. Bitcoin itself has no value. It has participants that supports the system and the participants supports the perceived value. It currently has no enforcement mechanism other than the system itself. It is not backed by assets with intrinsic value. As long as there are enough participants or if the number of participants increase then the value will be stable or grow. If people start to lose interest or get bored of it and the number of participants start to decrease then its hyped up value will go down.

    I suspect the technology was invented by a certain governement that want a faster way to process certain transactions that currently takes several days to process. They came up with this great sounding systems but have not tested it in the real world. They don't want to test in actual use as any problems will have serious consequences. So they put it out in the wild and let the masses test the system.

  • I never invested...

    And here I am with an account I never initiated, well actually they want me to confirm my non account. Looks like a scam and since I have had no dealings or contact with any one person, emails just started arriving in the inbox, does that sound legitimate to you. Something for nothing and nothing is all you will get.
    Apart from grief.

  • It's a pyramid scheme

    All the money people make from bitcoin comes from those buying bitcoin for a higher price than they paid for it. Since the only point in buying bitcoin is to profit from having done so, everyone who owns bitcoin is only interested in gouging cash from the next person who buys it from them. But, most people will never be winners in this system.

  • There is no doubt.

    ANY sort of crypto-currency that is controlled by outside entities is out of OUR control, so it cannot be trusted. The risk is, you lose everything. So what. Start over again. This is a game. If you lose, hopefully you discovered the rules you were unaware of before. The winner of the game i the one that knows all the rules...Or the creator of the game which is usually both anyway. I say watch out below because the world is about to hurl....

  • There can be thounsand of bitcoin clones

    TL;DW In a typical online game, the more time you spend, the more "likehood" that a valuable item will drop for you. The trick is: if you want to be "wealthy" you should: (1) join a new game from the early stage; (2) create a new game; (3) ask people to join your game.

    The same is true for bitcoin, currently there are a few hundreds of bitcoin clones. And you might not know how easy it is to create a new "coin". But any good programmer / software engineer should know that fact.

    Thus, to say: bitcoin does not have any true value. Bitcoin is not backed by a government with a strong economy, strong commitment (i.E. The US Dollar). Bitcoin does not have the uniqueness value (i.E. Gold, natural diamond, art pieces). Bitcoin only has "face value", which is "fake value", which "any similar coin can achieve" by only one mean: marketing. Remmember how people keep selling P-enlargment pills? The same not-working thing under different names.

  • Yes it's a scam!

    Bitcoins are trumpeted as currency but marketed as securities. But it cannot be a currency because it is not legalized as one. Even as securities it is not backed by the credentials of a company. Worst it is buried under tons of computer maze designed to drive you crazy.

    For those who had already been ripped good luck, may force be with you.

  • Value is perception...

    Anything that a large group of people think is of value has value. At one time tulip bulbs were thought to have great value. The reality is that the value of a bitcoin can only be determined by reference to real world currencies, because nothing stands behind it. If people stop accepting it, then the value drops. Once the value starts dropping the rush will be on to convert bitcoins to a currency backed by a legitimate currency.

  • Imagine a bank where your deposit grows if people after you are also depositing and shrinks if people behind are withdrawing.

    It's a very strange intangible 'commodity', where you have no security of stable valuation.
    People who originally hold large quantities are becoming millionaires on the back of late joiners.
    Eventually when it reaches a point when there's no more suckers left to buy a Bitcoin, the price will have no where to go but down.
    And in the ups and downs of the value you will never see Bitcoin being used as a real currency.
    The medium of fast payment is also Paypal and Credit cards but you don't lose your money if it's sitting in PayPal account. Where as if you wanna use Bitcoin as a medium of exchange you better be very careful.

  • Impossibly difficult to even break even

    No matter what you use to mine bitcoin it's never enough to reach targets that allow more than pennies a day to be made. The system readjusts every few days to take into account any abilities any hardware has to crunch the numbers needed to generate enough hashes to gain.
    Now the hardware needs to crunch hundreds of trillions of hashes per second for months on end just to cover initial costs and such gear needs industrial amounts of electricity to run.

  • Yes Bitcoin is a Scam.

    People who think there going to get a massive return on there initial investment are exactly what the originators are looking for . Gullible is right next to stupid in the dictionary of life . The sooner you cash out the better of you'll be. As long as you do it first

  • Surely it is a scam

    It is totally unregulated and not backed by anything. It is a concept. A bunch of anarchist minded cyberpunks found a way to get rich. Since many people dislike the goverment, banks/bankers, bitcoin promises privacy, no fees to banks, no printing money by government all sounds great. But at the end early innovator geeks will cash in their worthless concept coins and many gullible people will end up high and dry!

  • This proves most people are greedy, stupid or Lazy.

    Bitcoin is yet another scam created by clever people to take money from stupid greedy people. I have had this scam explained to me and I stand there in wonder that anyone would believe in it- as it stands.
    There again, I see most of the world believes in a religion with absolutely no evidence. Bitcoin proves us humans really are primitive that this scheme would even get off the ground. If the people who invest in this product would put in the same olevels of energy, money, resources to putting the worlds real problems right then I would have some faith in humanity.

  • Created by Rothschild-like people

    No sane person is going invest the energy needed to continue a cryptocurrency such as bitcoin. Look at the first three letters of this system...'cry'. That is what you'll be doing when the system crashes and all of your fiat currency that you converted to cryptocurrency is gone forever. The complexity of this system is beyond the comprehension of at least 95%; world-wide. The "NO" people rely on the open source notion and bitcoin is private. Baloney. Bitcoin has been hacked and I guarantee you that current evil bankers are soaking up bitcoin fees like a dry sponge in a bucket of water. I'll never consider mining bitcoins since the electricity used to get the currency would go against my environmental beliefs. Who is making the money in this scheme? The accounts who are charging transaction fees. And who are these people collected these fees? Why are there fees? The bitcoin ponzi scheme is doomed to fail.

  • Japan debt to GDP 250%, whilst the 1st world is not that far behind. You figure it out what bitcoin is worth.

    If bitcoin had time tested economic factors tied to it, then it would be legitimate, however the only thing it inspires is the idea of a science fiction reality of a debt free economy with zero consequence.
    It is a propaganda media driven publicity stunt to have people tuned to a fantasy world of cyber wealth beyond imagination and is no more or less a derivative type share holding that has nothing as its basis and a whole lot of BULL CRAP as its propaganda driven confidence, that sucks gullible people to buy into these unethical schemes.

  • It's a pyramid scheme.

    The problem with Bitcoin is the limited amount of bitcoins that can ever be available, so scarcity will only help to drive the price up. They then purport Bitcoin to be the currency of the future, which isn't in control of any government, in order to hook them in.

    The inherent problem with this scheme, is that the only people that are going to make the real money, are the ones that got in at the beginning, as they will have the most coins.

    Also, though it's being plugged as a digital currency, why would you ever bother to spend it when you know the value will only go up? So of course you're going to let it ride. That is where you're being played.

    Sooner or later, this can only collapse, because at some point, those that got in at the beginning, will get out at some point, and all of that bitcoin will be flooding back into the supply, crashing the price.

    Finally, though the fanbois like to proudly claim that Bitcoin isn't hackable, this doesn't mean that your bitcoins can't be stolen, or lost. Meanwhile, crypto is only as strong as its weakest point. If you have an encrypted hard drive, and I know you have the key, even though you refuse to disclose it, I'm not going to bother with brute force cryptanalysis. Why would I do that, when I can beat you with a rubber hose until you give me the key?

    In the end, unless you got in at the beginning, you're going to eventually lose, just like in a pyramid scheme. And, what exactly did you buy into, other than a bunch of imaginary ones and zeros?

  • Yes it is scam

    The scam behind bitcoins are the trading platforms who will
    certainly betray you (see MtGox). The question is not if the scam
    you, the question is WHEN you get betrayed.
    It is easy to buy bitscoins. Maybe they even give it to you
    and but them into the blockchain for your control.
    SELLING is the problem. This is the pont when the deceit comes into
    play. All lawers behind the scam work for their pockets aswell.

  • Scam as in all money

    Money as such is a scam - it hypnotizes the masses into an unreal belief of scarcity where there would be none if distribution of wealth would be on a greed-free basis and as needed. Of course power and politics play into it too. So whoever invented bitcoin may solve the "national" problem but not the money problem as such.

  • Nonsense because there is

    No real economy behind it or any other assets backing it. Anyone remembers the tulip bubble ? Even bill games confirms that one of its main attractions is nonsense

    However, Gates warned: “The customers we’re talking about aren’t trying to be anonymous, they’re willing to be known, so bitcoin technology is key and you can add to it or you could build a similar technology where there’s enough attribution where people feel comfortable that this is nothing to do with terrorism or any type of money laundering.”

  • Yes it is a big scam

    Can anyone who says it is not a scam explain how come no one knows who invented this? Some unknown Takahasi Hashamoto? How come we even don't know that in this 21st century where it is almost impossible to hide anything. 100% of people who have or are buying bitcoins are only trying to get rich quickly ( a trait of lazy people .. They know the probability of getting rich is higher than buying lottery or going to Las Vegas). Definitely some people would get rich. And from where that money would come? You guessed it right. From the pockets of some unfortunate but lazy and greedy who would join the party late :)

  • Bitcoin similar to central banking

    Digits & paper are not money , at best they are currency .
    Already the "miners" who "control transactions" need huge capital/energy consumption , ad will need more , so only big players control the ponzi scheme.
    No transparency on who/why created this.
    Keep in mind legal tender in all transaction is ......(ex. Pound in the uk ). I can transfer large amounts of fiat currency with less than 0.05% with my bank and avoid the doggy "bitcoin market".
    Ps: thousand of years only gold and silver proved fit for the purpose of money , bitcoin is just a smoke screen for people who push their greater fool scam currency .

  • Bitcoin similar to central banking

    Digits & paper are not money , at best they are currency .
    Already the "miners" who "control transactions" need huge capital/energy consumption , ad will need more , so only big players control the ponzi scheme.
    No transparency on who/why created this.
    Keep in mind legal tender in all transaction is ......(ex. Pound in the uk ). I can transfer large amounts of fiat currency with less than 0.05% with my bank and avoid the doggy "bitcoin market".
    Ps: thousand of years only gold and silver proved fit for the purpose of money , bitcoin is just a smoke screen for people who push their greater fool scam currency .

  • Bitcoin has no trusted third party

    Money is a promissory note that is backed by a trusted third party - e.g. a government that backs the legality of it. Gold is a physical commodity that is widely accepted and trusted on it's face for exchange of money or goods and services. A bitcoin has no trusted third party nor is it widely accepted - as such it is worse than fiat money. It is simply a hope that it will grow in value or be accepted by someone. Some may argue that there is no intent to defraud hence it is not a scam - but - it has all the elements of risk opportunism like a ponzi scheme.

  • Not for me

    Another way to take money from silly people that see this is a scam.
    No way i will be getting into such a scam like this i enjoy my money in the bank its safe but this well if your silly enough to give away your money to the top dog go ahead.
    Not for me

  • A 'Digital' Currency

    Q1. Who controls the network and server infrastructure
    A1. The same existing Central Bank** criminals.
    Q2. Who created bitcoin
    A2. The same ** - they can switch it off / steal from it anytime they like !!
    Q3. Blockchain / Bitcoin
    A3. Created by Blythe Masters - JP Morgan,,,,,,,, RUNAWAY!!

  • It might be a scam

    It's all virtual money, what I can say is, bitcoin is just like a game in casino; you put your money and start your gamble game. It's up to you though whether you want to gamble your real money with virtual money. Here are the link that may help: https://cointelegraph.com/news/beware-4-typical-bitcoin-scams-in-mining-investment-wallets-exchange

  • A High Tech Scam

    It certainly was grand for those who started it and could easily mine millions of BC. They were mathematicians and knew that they could end up with a lion's share while still severely limiting the BC supply within a few years, giving the appearance that it would work to keep governments from adjusting the monetary supply at their whim. If enough hype were then generated, they stood to make huge gains as the initiators.

    Indeed, if it were adopted by governments, then it would now work to prevent manipulation of the money supply. But why would any state's government agree to this? There is no way to trace transactions, particularly where the money came from, therefore no way to accurately collect taxes or enforce tax laws. I'm sure it seems a good thing to black marketeers and wannabe anarchists, though!

  • A High Tech Scam

    It certainly was grand for those who started it and could easily mine millions of BC. They were mathematicians and knew that they could end up with a lion's share while still severely limiting the BC supply within a few years, giving the appearance that it would work to keep governments from adjusting the monetary supply at their whim. If enough hype were then generated, they stood to make huge gains as the initiators.

    Indeed, if it were adopted by governments, then it would now work to prevent manipulation of the money supply. But why would any state's government agree to this? There is no way to trace transactions, particularly where the money came from, therefore no way to accurately collect taxes or enforce tax laws. I'm sure it seems a good thing to black marketeers and wannabe anarchists, though!

  • It's a social experiment

    Normally you do some work lets say grow some food or put a roof on a house and you get money and you trade that money for stuff. Food shelter etc. So money is proof of doing some work (or someone else s work). Bitcoin creation is called mining, this way it sounds like some work was done. No real work was done, nothing was produced. But I don't think it was done as a scam. I think It was done just to see if it would work..... A social experiment!

  • Transfers Fees from Merchants to Consumers

    Bitcoin is an invention by libertarians to protect the interests of merchants, and large companies. Bitcoin actually puts the fees of the transactions of transferring money or buying products onto the consumer. The consumer has to buy bitcoin for a fee with standard currency and then when they spend it the merchant is saved fees for the transaction. Bitcoin is a very concept to transfer liability from merchants to consumers. How is this progress?

  • Scam scam scam

    Scam scam scam scam scam scam scam scam scam scam scam scam Scam scam scam scam scam scam scam scam scam scam scam scamScam scam scam scam scam scam scam scam scam scam scam scam Scam scam scam scam scam scam scam scam scam scam scam scamScam scam scam scam scam scam scam scam scam scam scam scam Scam scam scam scam scam scam scam scam scam scam scam scamScam scam scam scam scam scam scam scam scam scam scam scam Scam scam scam scam scam scam scam scam scam scam scam scam

  • Full on scam didn't work first time!

    It's just a cleaver way to scam people out there money. Buying online currency isn't safe more chance getting hit by lighting that benefitting. Only person to benefit is the one sitting at the top of the pyramid the money filters down and guess whos at the bottom people who put all there money into it. Have to be an idiot or money to waist to do this rubbish lol

  • Pay to recruit. High unreal return. Not back by anything. Just an empty pot

    They use money of people who come in later to pay for those before. Just like a pyramid scheme. High and unreal return of the value of the coin. There is no real source of generating for the high payout. In the end it's an empty pot only benefits the people on the upper ladder or have run away before the bubble busted. New comers are suckers. When everyone finds out its an empty pot, no one will want to buy their coins and the value become zeros. You lose money because no government or bank or company will back it up. It's virtual money like Monopoly money. Only worth while you are playing the game

  • Yes scam and its not money its just notepad file

    http://www.theguardian.com/money/2014/mar/01/paypal-bitcoin-scam-ebay


    yes scam and its not money its just notepad file

    you can not trust internet people been hacked

    how you can shop offline with digital money?
    Its just scam and some people will rip others then they will disappear same as Trafic Monsoon , LTW, LikeX, and others, and you see same people jumpping from one to another network marketing

  • There is one born every minute

    I will ask a series of questions which should tell you everything you need to know. Lets get started. Will the Federal government taxman accept Bitcoins? Are Bitcoin users required to take them back? Are Bitcoins widely redeemable? Are Bitcoin values stable from one year to the next?

    Now you understand. Yes, Bitcoin is a scam. The person who invented Bitcoin is brilliant. That person knows that one is born every minute.

  • There is one born every minute

    I will ask a series of questions which should tell you everything you need to know. Lets get started. Will the Federal government taxman accept Bitcoins? Are Bitcoin users required to take them back? Are Bitcoins widely redeemable? Are Bitcoin values stable from one year to the next?

    Now you understand. Yes, Bitcoin is a scam. The person who invented Bitcoin is brilliant. That person knows that one is born every minute.

  • Medium of exchange, unit of measure, store of value:

    These are the requirements of money and obviously bitcoin falls flat on its face as a Store of Value due to volatility (too many participants don't know what it is or are looking for the greater fool).

    What is it worth? Nothing, because it is always priced in other currencies which do have the backing of governments through taxation, military, legislation, gold, silver, etc.

    Without fiat money the world economy could use gold and get along fine. Gold is scarce and input resource costs are known giving gold its stability over 6000 years.

    What would an economy with bitcoin look like? How would its value be determined? With gold we know its value based on input costs and gold is valuable because a lot goes into getting a little bit of tangible gold. It's value is such that when people look for gold they are passing up easier opportunities such as farming, fishing, construction. What does that say about bitcoins value when people flock to Iceland to setup mining operations.

    But what about bitcoin? Because it cannot store value its value like gold will be based on the input costs, or it should, however what happens currently is people exchange their currencies and buy in, see the problem. It will never be adopted by the masses because most people don't understand it, those that do likely won't want the few inventors or early adopters to have more wealth than god. If a transaction takes more than an hour how will that work when we measure real world transactions in fractions of a second. Though the decentralization aspect is nice how do you reverse a transaction in the event of fraud, from being scammed. The reality is a centralized body is required to lay the ground rules for commerce.
    Those that use bitcoin either don't understand money or have never had a transaction go wrong.

  • Jim coins! Now avail!

    I'm working w some TOP distributors..In TOP places...Give me $11?! Il give u a minimum of 10...Websites everywhere are taking Jim coins...Just email ur info to me...555-5555.Ur a moron to buy bit coins.Com...Jim coins r better than bit cons..They're their sexier online step bro for currency for legit funk morons

  • All money is a scam and not backed up with anything.

    Owning a land is the only real correscy in the world. Moneys value will fall every year 3,5%. This will keep caddle in hamster wheel. And before you die, all money you have left will vanish in medical bills and taxes. If you want to step of the wheel, don't make children.

  • It is a scam if you look for investment..., but then it'll be you own fault!

    If you want bitcoins to buy, now and then, a pizza on the web, then it is ok; but if you are thinking of bitcoins as a long-term investment, then you'll probably loose your "real" money. The risk with bitcoin is that it is (or might have been) a too good business for the people who set it up. Out of the effort of some clever computer programming and the psico-social ability to convince other people to start using it as money, they got (or might have got) a big heap of bitcoins, to be exchanged by the old-fashion money of the bitcoin-investors.

    At the current exchange rate bitcoin/USD the gain is so huge that competitors cannot be avoided. Soon or later, some kind of "super-bitcoin", with new attractive technical features will capture the attention of the web freaks, and move the original bitcoin out of the focus. Then, the exchange rate will fall to the value that a few nostalgic people can keep for it.

  • Ponzi Scheme of the Century

    This is a Ponzi without tracking the $$$. Could be the biggest Ponzi in history soon. Think about it, the people that come in late bring the $$$.The people that came in early leave with the $$$. Then we have the people in between day trading. This is going to be fun to watch.

  • Yes until it reaches critical mass

    It's not a scam as much as it is tulip mania. Any legitimate currency is based on trust and that means enough people have to accept it for their goods and services. Bitcoin isn't there yet but it does have potential. Traditionally, however, currencies are backed by governments, armies, or central banks. Bitcoins are still susceptible to hacking and to control by small cliques of miners who can asymmetrically dictate transaction verification and supply. The other issue with open-source currency is that you don't yet have institutions that will help you retrieve and track your money when foul play is involved.

  • Bubble Bubble Toil and Trouble

    Bitcoin is merely a bubble.

    There are several other alternative coins out there that could be used to transact wealth.

    Bitcoin merely moves and transfers wealth to miners away from normal citizens. There is no wealth generated by bitcoin.

    This is an outright ponzi scheme which should be outlawed as soon as possible.

  • Goes up too quickly

    Any currency / company share that goes up so quickly either crashes or is artificially sustained by people who will make lots of money before the crash they induce...Add to that, that they're not related to anything tangible, that it's all virtual and you have a recipe for disaster. There is a big scam every generation... That's ours

  • Bitcoin could cause a great depression

    There is no doubt about it that bitcoin will become big, but here is my question. Who is going to want to work a job when all they have to do is some arbitrary thing on the web. This will lead to a mass of people quitting jobs, leading to a massive shut down of society. This will lead to another great depression. Bitcoin is not even a real thing you can feel, so why put trust into something that is false?

  • Bitcoins are created out of a computer.

    The current volatility shows there is no backing of any value. Gold, silver etc cannot be created or printed and the reason they have stood the test of time for thousands of years.
    If there are to be only 21 million bitcoins in total then how can the world operate on so few. Does this mean in time a bitcoin will cost a million dollars and more.

  • If it sounds like it's too good of a deal...

    So I first heard of this Bitcoin thing today, in an email from Townhall Spotlight, describing Thomas Edison's "Renegade Currency". It has a link to a video on moneymorning.Com. The guy talks about this invention that Thomas Edison created in 1921 and that the government kept it a secret for 90 years. Then he goes on to say that this one Bitcoin dollar is worth over $400 US, and compares it to the other currencies, and that people are using it to buy things. He said that the value of the Bitcoin dollar went up from 44 cents to that $400 recently and that somehow you can make millions by investing in the Bitcoin. Then it starts to sound like a sales pitch. I stopped watching the video after that. If it sounds too good to be true, it probably is.

  • A very well planned scam

    First of all, let me say that a good scam is by definition "hard to notice". To actually know what bitcoin and similar currencies are, people should look for a good amount of information before they express their ideas on a place like this. Giving your opinion about this without a solid background is as if your sister who never used a computer tried to explain to a Software Developer why Windows is having blue screens. The idea is rather simple here: You "might" obtain a profit if you spend money "first" on it.

    Obviously this is true in any investment, however this investment that is not in a real product or human need, but based on human greed (those are the scams that work best).
    If you invest in food, services or transport as examples, you are covering real needs that humans have. However, bitcoin is "an idea". Its value is subjective... (and here comes the scam) but subjective to what or who?

    Its easy to determine if a real product goes up or down based on its need, its quality, its offer and demand... But in the case of bitcoin?
    People don't need it. You cant say if it has a quality. The offer is strictly controlled, while the demand is not.
    Anyone who knows the 101 of how a market operates knows that demand and offer are strictly connected. If someone can control the offer, they might not exactly control the demand, but they have a huge influence in it.
    The main problem is, anyone who is already into mining will say that it is great (very rarely people admit they made a mistake... And even less on the internet), so its expected that those that do mine, will support it. (And why would they support it and not actually be doing it is beyond me).

    For anyone who really is interested into this, even just pure mining, not trading bitcoin and similar currencies, Id advice you to go and google prices of bitcoins over the years, the prices of the gear required over the years to mine coins, the effectiveness of the gear each year to mine, the cost in electricity (including the prices increase over time), and finally, calculate the actual profit generated by this. (I'm even excluding variables like getting DDoSed or blackouts loosing all your info/bitcoins and similar)
    Once people do this, I believe their opinions would be much more valuable. For me, this profit was Negative.

    Not to mention that the price of the bitcoin currency is not always going to grow, it might fall.
    While the difficulty of mining always increases, the rewards always decrease, and the gear you have always looses its effectiveness (you have to "update" from time to time so stay in the game, effectively spending the money you earned).
    But if you like it and are willing to spend, go for it.

  • Biof the assocuatuon of Bitcoin and siteselect - a combination worse than "Holiday Magic"

    Many people are unaware of the LCD of Bitcoin and Siteselect.
    These two aberrations are a colossal fraud on the general public.
    Holiday Magic rediviva is just around the corner, lying in wait.
    YOU HAVE BEEN WARNED,BUT YOU WILL NOT LISTEN IN YOUR GREED!

    Live and let die, as the saying goes.

  • All software has bugs and is hackable.

    If there is one thing I've learned in the past 30 years, it is that all software has bugs and is hackable. And, the more complicated it is, the more vulnerable it is to bugs and hacks. Yes, gold is inconvenient, but it's that very inconvenience that makes it hard to compromise. Remember: Gold is still on rev 1.

  • Not a scam itself, But a possibility of being more easily scammed.

    I don't know that much about Bitcoin, So I may be wrong, But wouldn't it be easier for people to scam you out of your money? It's not illegal, And there's no consequences, So why not? You can't contact someone about it because no one runs bitcoin, And you can't look serious or threatening behind a computer screen to persuade them tot give you your money back.

  • Bitcoin or Bitcon

    If something seems too good to be true, then it probably is. There's a lot of truth in trite sayings and that's why they've been around for so long. Like they stated in the article "Creators win and the rest lose". Greed is the only thing that will keep this going for a little while longer, then the bottom falls out.

  • Bitcoin same scam as any fiat currency

    What bitcoin should do is remind us of the arbitrariness and control capacity of any fiat currency. And about the irrationality of the marketplace. A bitcoin worth an ounce of gold? Please. It should direct us toward developing a currency that is based on real resources instead of any kind of faith. Sure there isn't enough gold and silver to back the currency demands in the world, but there is enough energy produced to back it. Think electrical current as the new currency. All countries should nationalize all energy production and the resultant 'value' is the basis of their new currencies. People can generate their own 'currency' by creating energy or things of value to trade for energy. The opportunities to create energy would be harder to control than any other resource available. Think about it.

  • Too much up and down

    I don't fully understand the concept, but new money coming out of no where seem to be a scam to me. But just like any others.. Maybe if I get in and get out early enough.. I can make some money! I guess many people have similar thoughts? Ha ha

  • Can i buy gas with bitcoins?

    I know someone, always online with one scheme or another. Moving money from
    person to person to avoid taxes, another time ranting about how everyone else were fools for not investing in an on line venture that was paying 30+% per day in interest while bank cds were paying 3-4% per year. He wouldn't invest his valuables(he's a transient) of course and when he went to collect his 'profit' the 'company' had closed or been shut down. Now it's bitcoins, skyrocketing in value, and once again, we who aren't jumping at the chance to invest our hard earned money are fools. *birds of a feather!*

  • No, scams always have a hidden aspect to them.

    Bitcoin is a pure information system and 100% open source. Basically it is a simulation of gold, but without the all the baggage that gold comes with (not seizable, heavy or counterfeitable). Bitcoin sets the bar very high as a currency and due to no middle men the transaction costs are very low.

    Ignore it at your peril.

  • Scam requires hidden information, but bitcoin is open sourced.

    Bitcoin is open sourced. All the details are in the paper and no one is out there to con you or anything. Even if the founder wants to generate more bitcoins now he can't without going through more than 50% consensus. You can choose not to buy in to it but that's different from a scam.

    It's also designed to be used as a currency, not an investment. Right now it's at its infancy hence the value fluctuates a lot but it's not designed to help people make loads of money. If you are getting in hoping to get really rich (and didn't) then it's really your own fault.

    Bitcoin also doesn't magically help money launderers and drug dealers either. Guess what's better than bitcoin for that? Cash. Cash transactions are untraceable and private unlike bitcoin, so unless we want to ban cash not sure why bitcoin is blamed for that. The hard part of money laundering is usually not in tracing the money anyway, but rather justifying your source of income. For example if you have no job and suddenly bought an expensive house (with cash or bitcoin) you better have a compelling story to tell IRS...

  • How exactly could a an open source p2o cryptography protocol be a scam?

    Its a protocol people, and one of the best ones yet invented, 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. This shouldn´t even be on the table for debate

  • Bitcoin is digital cash, not a scam.

    With bitcoin people are actually in control on their own money. It allows for less dependency on third parties and middlemen who always take a slice of the profit for themselves. If you're looking for the scam, you need only look at the fiat currencies used by countries. The reason people are buying bitcoin is because they realize it's utility as a currency.

  • "Bitcoin is a technological tour de force" -- Bill Gates

    I'm surprised that so many people at the end of 2013 still seem to not understand what Bitcoin is. Oh well, at least I see things changing.

    If Bitcoin is a scam, then the US dollar is a far greater scam. As long as there is internet access, bitcoin can do what gold does 10 times better.

    Bitcoin has the potential to displace or even completely replace Western Union. It has the potential to greatly displace gold and other precious metals as a store of value.

    It is controlled by no single party and is both decentralized and distributed. Who is the scammer, if there is no one in charge of it?

  • The Bubble Theory of Money

    Bitcoin is a bubble, and so is every other form of money. A bubble is when people buy an asset, not to use it, but to trade it for some other asset at a later date. Like Las Vegas real estate in 2007, or Amazon.Com stock in 1999, or tulip bulbs in 1637. And also like US dollars and like gold. If an asset is held only to trade it away later, and it fails to become money, the bubble pops and it becomes worthless. If it becomes money... Well, the bubble can continue, weathering every adverse condition imaginable for 6000+ years, as with gold.

  • Bitcoin is open source

    Sceptics can read the source code, and evaluate it. Everything in bitcoin is completely open, that's the beauty of it.
    If it is a scam, why can I buy actual things with it right now?
    There's going to be a bumpy road ahead, much like any new technology before it goes mainstream.

  • Its real money

    Its a decentralized (meaning nobody can scam you) digital currency that floats like a real currency, except no one country backs it, the people who own bitcoins back it, and add value to it at the same time. They can exist completely without any one central authority. Completely decentralized, yup.

  • Having messed around with the code, have seen nothing that makes it a scam.

    Saying that Bitcoin in itself is a scam is just ignorant. Now saying that some people viewed as innovators of Bitcoin gone rogue are scammers is more appropriate. People as mark kerpeles (mt. Fox) and such. They used Bitcoin as their scam. Much like people used cash as their scam or gold as their scam.

    I have made my own cryptocurrency(s**t coin if you will) for fun and to grasp a better understanding of the protocol and how it works. I haven't found anything malicious in that code or anything that would give somebody the upper hand.

    Now if you are thinking, "well somebody can edit the code to steal your coins or make fake coins" that is not how it works. Yes they can make a "fork" of Bitcoin but it will be on a separate blockchain. Meaning you cannot transfer those "forked" coins to the original Bitcoin.

    Well what is the blockchain? The blockchain stores all the wallet addresses, transactions, miner power and so on. It cannot be edited but only added onto with new wallets, transactions, miners etc. It is not a website, but stored inside of the application itself on each and every computer or miner with the application. The websites you can find the blockchain on only show a graphical representation of what the blockchain has stored in it. The blockchain can only be changed if 51% or more of the users(miners) decide they want this new blockchain as the main blockchain. Called a 51% attack. This means the more people who use Bitcoin, the more secure the protocol is. Which, at this time, it is very secure and Bitcoin itself has proved unbackable.

    The only way people can "hack" Bitcoin is to hack the websites or wallets and use their data or stored coins for themselves. This happens in everyday life everywhere and should be null.

    Now, onto the wallets. The wallets are NOT the Bitcoin protocol. They only use the Bitcoin protocol as a base of information. You could use command prompt for your wallet if you know how to code it. This is why you can find multiple wallet providers with different features and security. They are not changing the protocol itself, but telling the protocol where to send the coins and storing that info in the blockchain. It is possible that a rogue wallet provider can program something malicious into the wallet itself to steal your wallet data to steal your coins but if you stick with well known wallets, you will not need to worry. Online wallets can be dangerous so it is best to keep your wallet on a physical computer or USB.

    If someone makes a fake wallet that doesn't actually store real Bitcoin in it, you would be able to tell just by viewing the blockchain on a website.

    I have more to say, but not enough room on here. I will post about the human side of the ordeal I the comments.

  • No it isn't

    It isnt a scam, Its a very smart idea.

    No government back up, that means the government ends, youll still have your money. Think of it this way, the confederate states created their very own currency in the little bit of time they were around, once the US won the civil war, that currency was worthless. That can not happen with bitcoin, as it isnt designated to any government/country.

    WWIII, youll still have your bitcoin acceptable in places.

  • The invention of 'Bitcoin' will go down as the most important catalyst in the largest socioeconomic change in humankind.

    The creator is irrelevant at this point. Though he (they) may go down as one of the most important influencers in human history. The blockchain is open source and the protocol is being built on all the time with consensus. What you see is what you get, it's right there for everyone to see, no hidden secrets...Unlike nearly every other market on the planet! It's the purest form of capitalism I've ever seen. It takes 51% control to have any negative affect on the ecosystem which is becoming increasingly more difficult all the time. Not to mention if someone or group was able to, spending tens of millions of dollars, take over why would they doing anything to permanently ruin bitcoin and therefore their own investment.

    What you are watching happen has never been down in the history of currency and years from now looking back Bitcoin, yes with a capital B will be known as the catalyst in the most significant change to the world and those that have controlled our world and it's inhabitants for centuries. Bitcoin is the missing piece for millions wide awake to the truth and that have desperately wanted and worked for change and real freedom for all of us. This is an exciting time in human history, you can't imagine the changes in play right now for humanity.

    Bitcoin is only the catalyst, more pieces will be put in place, but without a real threat and reality of a new economy out of their control change would not be possible. Imagine not only controlling your own money, earning power, saving power but actually having a say in our own governments from the Presidency down to your local government again. It is a brave new world, just not as the powers-that-be had in mind!

  • Universal Currency for everyone

    Decentralized, instant, and easy enough for the whole world to use. In comparison to money bitcoins are safer to use. You cannot get mugged for bitcoins rather than paper money. Also when transferring money across the world there is no better way to do than bitcoins because of what I said it is instant and you also will not have to pay conversion fees. What else do people need?

  • Source Code is Brilliant

    A decentralized currency with a limited volume is a fascinating concept. And the technical design of bitcoin is equally as fascinating. Anyone else getting into bitcoins? It certainly feels like the future to me.

    One of the simple arguments against Bitcoin is that it's fake money, it's just digital. Whereas USD is backed by the Federal government, an organization that you can depend on using threat of violence to elicit tax from it's population. However beyond currency exchange to establish value (trading USD for bitcoin & vice versa), as commodity & service industries adopt Bitcoin it's value is established.

    For example if one major bread manufacturer declared that they would begin trading in bitcoin, that alone would establish bitcoin value. Bitcoin is worth bread, and bread has real value. So similarly as more small businesses, and individuals trade bitcoin for commodities & services, that builds real value in bitcoin. And it is free of government or banks stealing percentages via taxes & fees. And because bitcoin has a production cap, it's more real than the imaginary value attributed to paper notes that can be printed infinitely.

    Isn't this power to the people? A currency to provide efficient barter of goods & services, free of corrupt governments & banks?

  • Bitcoin will continue to grow, but will not take over the world.

    Bitcoin will replace a portion of gold investments and other "rainy-day" investments. Most international money transfers will occur in bitcoin, and a small portion of small business transactions (ie, those business hurt by the small cost of VISA transactions). A portion of international commerce will be conducted in bitcoin, and it also be a currency option in the travel industry (a few hotels in each city will accept bitcoin, there will be a Bitcoin car rental agency, etc)., Most of the black market will be run in bitcoin.

    The U.S. Government will require that all bitcoin users willingly download companion programs that trace their transactions. They will do this because most of the above transactions represent a threat to the government. Small businesses and individuals, will avoid paying taxes, international spending will prevent the government from placing freezes on terrorists and rouge nations, rainy-day investors will invest in bitcoin instead of increasingly questionable US Treasury Bonds, and citizens will demand an end to the increasingly visible and violent black market.

    They won't do this with technology, but with fear. They will demand that their citizens identify themselves as users of bitcoin. The IRS, or international agency, will produce a program that automatically taxes bitcoin sales. It won't force people, but it will get their compliance. It will do it the same way it does it now, with a smile and a threat. The smile will look like this "wouldn't you like to download our program which will do all of your bitcoin taxes automatically?" The threat will sound like this "If you don't comply, we will get you. We will trace you. We will find you." Most won't understand that bitcoin is, by its nature, untraceable, and they will comply, the same way they do now, begrudgingly dis-empowered, paying taxes, believing lies, cursing the news, and believing that life 'aint all that great.

  • It's a scam to idiots

    Only complete idiots would equate an open protocol that requires 100% consent on a user's part and no promises in return as a "scam." It's the opposite of a scam. Not understanding something or not personally valuing something does not make something a scam. The sheer idiocy and lack of rational thought by some people is frightening and expected.

  • If you honestly believe Bitcoin is a "scam" you are mentally insufficient.

    Bitcoin is not even close to a scam, FAR FROM IT! To be honest I feel that the people who even asked this questions are idiots. Do your research before saying something as ignorant as that. It is a safe, completely decentralized, peer-to-peer, inflation proof, and anonymous digital currency. There are hundreds of more benefits to using Bitcoin as a currency and it WILL change the financial world for the better.

    Another poster put it quite nicely, "Ignore it at your peril."

  • We don't need growth for bitcoin to continue

    Bitcoin does not rely on more people to come into the market for bitcoins to be valuable. Sure, more people push the price up, but it's a functional currency if no more people enter. If it crashes to 1 dollar per bitcoin tomorrow, it's still a fantastic payment system.

    The best payment system ever invented is a scam?
    Believe that and you'll lose out massively over the next 10 years.

  • I'm a mathematician

    Bitcoin is a digital currency with outstanding properties that everyone wants in a currency. As a mathematician that understands the protocol, I can't see any way the protocol could be considered a scam in any way. It's really quite ingenious, fair, and open. It's what money *should* be. Let's put it this way.... If you think bitcoin is a scam... Just wait until you learn about the US dollar! :) Bitcoin is brilliant.

  • It's more than just a currency

    Bitcoin protocol can replace Wall Street. We don't need banks and their Billion dollar profits for "managing" and reducing the value of our money.

    World currencies have seen intense loss of value throughout the last 100 years due to mal-practices and greed from banking sector. About time to fix things.

  • Is science a scam?

    It's purely science, (computer science to be exact), there is nothing secret about how it works, there is no entity or group of entities that could hope to control it by its very design. It's open source code released by an anonymous author that has been embraced and built upon by a community of developers, in the open, in fact you can go read the source code right now at github. The consensus network it pioneers will be more and more important to distributed technologies in the future. It is truly an historic advancement in computer science and finance.

  • The tech is solid.

    Do your research. The tech behind Bitcoin is solid, groundbreaking work. Simple, fast, safe, cheap international transactions are finally a reality.

    I fully expect banks and some governments to fight it tooth and nail. It takes away too much of their power and profit. Ultimately, Bitcoin is true financial freedom

  • Its value is its utility.

    Bitcoin requires no faith, for it is open source and all can see its inner workings. Those who say otherwise have simply failed to do even the most basic of research into it. It does not require trust, as there is no central authority in which to trust. It cannot be forged, for the blockchain is secured by mathematics and the laws of physics. It requires no regulation as it is designed to be self regulating. Its value is determined by how useful it is to those who use it. It is a new generation of money that exists without restrictions and without borders. It cannot be controlled, which frees us from the financial manipulation of governments and oligarchs. And we understand why that scares some of you.

  • Absolutely Not a Scam.

    Bitcoin makes the dollar look like a dinosaur. It is time we use a modern currency for our modern world. Bitcoin allows me to send ANY AMOUNT of money across the world in seconds, at ALMOST NO COST.

    Those who say it is a scam are understandably cautious. However, it is because they don't know enough about it yet. But they will eventually.

  • Bitcoins discounted by banks and financial authorities due to their lack of ability to control and directly profit.

    Bitcoins are an open source financial protocol based on well known cryptographic algorithms. They are completely decentralized and made safe by the bitcoin mining network, which at it's current state is more powerful than any cluster of super computers which could possibly try to de-stabilize it by a 51% attack. The reason banks and goverments are trying to de-valuate it is because they are not able to control it or try and profit from it. In fact it is very problematic for the banking industry as it provides an alternative way of storage of money which avoids their profit margins.

    Even thought it is thought that BTC is completely anonymous and utraceable, it is known that this is not the case. This means that illegal bitcoin transactions are still traceable, and criminal activity can be prevented.

    All in all, bitcoin is a disruptive monetary technology which has instilled fear in the banking industry, afraid of losing profits after their failure during the economic crisis, caused by the said party.

  • It has a strong history, and many have confirmed its legitimacy

    Because it is open source, and user controlled, people have confirmed its legitimacy, and there is no governing power that could take control of it because it is created and controlled by everybody. The only plausible ways to steal bitcoin would be to either illegally access your computer through the internet, or to physically take your computer that would have to be unencrypted. Both of these are easily countered by using paper wallets (could be encrypted), or an offline encrypted wallet.

  • Math can't steal

    It's not issued by any party so there is no beneficiary. Anyone can mine them, so if it is a scam it would be the first one where the people involved benefit from it. A scam is a fraudulent scheme, in this case who is being defrauded? Unlike the USD no one can arbitrarily expand the supply.

  • Bitcoin is money in it's purest form!

    Bitcoin is currently used as a medium of exchange in the form of a giant virtual 'ledger book' called the blockchain. The definition of money is: " something generally accepted as a medium of exchange, a measure of value, or a means of payment" There isn't really an argument that Bitcoin is simply money to those who use it. The users see value in Bitcoin so they have set a value to it's units thus making it 'money'.

    Furthermore Bitcoin is not a scam as there is no central profiting authority. This is a completely open system that anyone can participate in if they so desire.

  • Is Cash a Scam?

    Put the words "Internet" or "computer" in something's description and people lose their ability to think. There's nothing about bitcoin that makes it a scam any more than cash is a scam. Bitcoin and cash can be used for the same purposes. Should governments be outlawing cash too?

    Move along citizen.

  • As a vendor of bitcoins ...

    Its not a scam. I get real world dollars, buy real world items and get back real world trades and services. Its not for everyone, and I hope there wont be any more miners or people jumping in just to say they have a bit coin because they are inflating the prices. "Go Away, nothing to see here!"

  • It's open source

    Everyone can view the code, it's not a scam.

    Scams are usually clouded in mystery, with a promise of making you rich - bitcoin claims none of this, its a program. It's math.

    People might reccomend you to get some bitcoin, because they want you to be an early adopter.
    Spend 50 bucks, take a chance.... Or else get left behind - that's all we're saying.

    It's better than governments printing as much money as they can, isn't it?
    It's better than paypal that gets your accounts frozen, isn't it?

  • It is a protocol

    We choose to give it value by investing into it. The protocol creates conditions of scarcity that leads to inflated value determined by the market. It is not a scam or ponzi scheme.

    As an open source protocol and voluntary network, Bitcoin is extremely adaptable, secure and functional. You may argue it has no intrinsic value, buts its functional utility must be valuable.

  • Before posting anything on this topic you need to research what bitcoin actually is..

    Many of you if not all of you have some serious misunderstanding about bitcoin. You need to at least know a program on a computer works before you can understand of transparent of a currency bitcoin is more so than a dollar bill can ever be. We can see all final balanced of every wallet that was ever created along with every transaction that has ever occurred publicly on websites such as blockchain.Info . Second you need to understand at least a bit about a currency from the economic side. Yes it has no government backing it and the only thing holding value to bitcoin is how easy it is to trade, how anonymous it is, and that it can't be counterfeited. Because it has no government control it cannot EVER be artificially inflated or deflated like USD can. In fact the bitcoin network slowly deflates the currency at a constant rate (roughly every 4 years) by splitting the amount at which it is created in half. Bitcoin simulates much of the aspects of rare metals such as gold because you cannot create it out of thin air or printed but it can be "mined" by spending resources to obtain it. The ENTIRE bitcoin network is open source and peer to peer which means we can see EXACTLY how the programing works and the network is only made up of the people who are using it. So if only 2 people are using the bitcoin network at one moment then they are the ENTIRE bitcoin network for that one moment.

  • It simply isn't

    To claim that Bitcoin is a scam is to misunderstand what a scam is. Inherent in any scam is some form of deception--someone making a dishonest claim somewhere along the line. Bitcoin makes no such claims--in fact, it makes no claims whatsoever. Furthermore, it is incapable of being "dishonest," since the code is 100% open source and has been verified by thousands of people.

    Now, there are certainly scams carried out using Bitcoin, but the same can be said of any currency or payment processing system. Bitcoin is just a tool. It does not judge and it does not make claims. Bitcoin doesn't scam people--People scam people with Bitcoin (and other currencies).

    Is Bitcoin particularly vulnerable to having scams carried out? Sure, it probably is. People transacting in Bitcoin should be especially careful. But a careful person using Bitcoin is not being scammed by the system itself.

  • Everybody is equal in Bitcoin

    There are no hidden rules, everybody has the same chances as anybody else. The technology is not about making you rich. It's a decentralized accounting ledger where the units are created by voluteers who are securing the network. This system is fully international (where the internet reaches) and doesn't put power over world financial systems into a single government. The only people who profit are those who got in early, just like buying shares in any other business venture, In the future, you will not even realize that you are using bitcoins... It will just be the protocol that many people use for transferring money.

  • Not a scam

    Bitcoin isn't a scam. The mechanism is open and transparent. People who are underinformed or misinformed don't trust the protocol (which, in itself, has never been broken). It's possible that the value is increasing faster than the target, in which case the market will correct itself. As the market cap grows, the corrections will become less volatile.

    Government issued script is backed by a country, but in all currencies, the really a mutual hallucination, and agreement on the value.

  • Looking forward to reading this in the future

    Can't wait to come back and read these in 10 years. Although Bitcoin as a currency and money making instrument does come off rather scammy right now -> I suggest you do your best to look past this and think of it as investing in a technology that can change the way financial transactions are done. People need to grasp the concept that BITCOIN IS A PROTOCOL. Calculated, predictable system that behaves exactly like it says it will. This protocol is much more than 10x better than the current way of processing online transactions (Which if you know anything about entrepreneurship and creative destruction, is what is required for a technology to make a significant difference). Being critical is a great thing! Poke holes as much as you can, but please do yourself a favour and actually research before you make claims - you are only making yourself look unintelligent. At the time of writing this, bitcoin is worth $425 a coin. L'm going to take a screenshot of this page and post it in 10 years when the bitcoin protocol is well adopted and integrated into every single mobile/online transaction made.

  • The people saying Bitcoin is a scam

    Need to do research themselves. Bitcoin is like gold but is highly divisible, faster transactions, all at a lower cost. The source code is totally open so please, point out where in the code indicates that this is a scam. With a $4 Billion market cap, the chances of this being a scam are as probable ad cracking sha256.S

  • Open, transparent and honest money

    The people who believes that Bitcoin is a scam fundamentally misunderstand what Bitcoin is.

    Everything in the Bitcoin system is done in public, all participants are equal and no one has the power to change anything, except by global user consensus.
    The public persons who develop the Bitcoin software without pay and no personal gain, can't control how users use their software. Every new version represents a PROPOSAL for change and is scrutinized by (sometimes overzealous) software, cryptography and economy experts. This proposal is ONLY adopted if the global collective of users actively download it and use it instead of any other version they might deem to be better.

    So the question is: If Bitcoin is a scam, who can cheat users? The answer is: No one can!

    You are welcome to disagree with the fundamental ideas of Bitcoin. You can think that it is not good money. That it is useless to you. Or that you want no part of it for any subjective reason you choose.

    But a scam? That is just completely unfounded nonsense.

  • Non debt based currency.

    BItcoin is complicated that doesn't mean that it is a scam. People that think bitcoin is a scam have no clue what it is. Also the those who dislike bitcoin do not fundamentally understand money. Scams do not consist of massive distributed networks based on math based protocols. This is like saying Calculus is a scam because you don't understand it.

  • Where is the scam? Early adopters of the useful and innovative technology making profits on the late comers?

    That is not a scam - that is people with foresight getting to the fishing pond early. If that is a scam, it would describe every company IPO ever. Is it a ponzi? There is no pool manager to take new money and give to the old - bitcoin is open source software that anyone could have participated in, with knowledge of it well in advance of the software ever even being published. Any arguments that bitcoin is a scam need to be prefaced with the exact method of scamming, or it's just hyperbolic ignorant ranting.

  • Bit coin is a form of currency like all the others.

    The best way to describe Bitcoin is by use of an allegory. Specifically the The Island of Stone Coins. It helps answer the question "what is money" by describing how we place value onto essentially worthless objects such as paper, stone and digital bits. And you can read it here - http://www.Npr.Org/blogs/money/2011/02/15/131934618/the-island-of-stone-money

  • Bitcoin is an open-source, peer to peer payment system,

    Bitcoin is a software. It's a protocol like TCP/IP. It's completely open-source and can be reviewed by anyone hence it cannot be a scam.

    I'm and many other people are using it and can attest that it works as intended.

    The white paper of this revolutionary software can be viewed here:

    http://bitcoin.Org/bitcoin.Pdf

  • No one to Scam you

    With Bitcoin, there is no one to scam you. If you buy them, you can sell them at a higher price or lower price. You can use them to buy goods or services anywhere in the world or trade them for a foreign currency.

    Could bitcoin collapse if people don't use it. Yes.

  • It's a money revolution

    People said the internet was a scam when it was first started too... These things take time, but it will happen. With Bitcoin, you can send money for free, anywhere in the world, instantly, without any banking middlemen. What other payment system affords such luxury? What can even compare to that?

  • If you think bitcoin's a scam, you're woefully uninformed

    Bitcoin enables people to conduct and maintain a transparent, trustless, global financial system without the need for any third-party. How this technology operates, what secures it, and what serves as its framework are all free and open for anyone to scrutinize. It needs to be understood that this is an inherent characteristic to bitcoin. If one accepts that this characteristic is valuable, then we must conclude that bitcoin is inherently valuable.

  • It is not a scam, it is open sourced proving that.

    If you look at the source code, it does what it says does. It allows the transfer of wealth at a rate you previously were unable to get from a bank. This allows you to be your own bank, buy what you want, save as much as you want. This is the foundation of something beautiful not something that is here to take your money.

  • I am 100% sure that this technology is revolutionary and it will change the world

    Because I can read code and understand mathematical algorithms I am 100% convince that this technology is revolutionary and it will change the world.

    Read Satoshi Paper at: http://bitcoin.Org/bitcoin.Pdf
    Or if you don't like to read watch: http://www.Youtube.Com/watch?V=Lx9zgZCMqXE

    At first is hard to understand, like every technological breakthrough, but once you understand it, you will see the beauty and simplicity of the system.

  • BItcoin only suffers from a lack of understanding

    It's easy (and perhaps prudent) to be skeptical of new technologies with high promises. I was wary as well. But I took it upon myself to learn the actual details (not just drinking the hype kool-aid) about Bitcoin and became a believer. Now I see over and over again, skeptics retract their criticisms after learning more about this important technology. The system isn't perfect but it is a bold step in a direction that will make enough of an impact to provoke awareness, dialogue and rethinking about the role of currency and government in the lives of individuals and markets. To just call Bitcoin a "scam" is an understandable but unfortunate misunderstanding. Time will prove Bitcoin's resilience and become its own champion for those who understand it, just as the Internet did for those who could see it was more than just a computer geek trend.

  • Major governments of the world are taking it seriously

    The US Fed has even complimented at how clever bitcoin is at solving some pretty amazing technical issues. The US senate is taking it seriously. Courts have rules it is real money, as have several countries already.

    You see bitcoin in the mainstream news every single day, in major newspapers. It's becoming a household name. And it has a money supply to rival many countries (I believe it's no 96 in the world - - see http://coinometrics.Com/bitcoin/bmix)

  • Much better system than government issued currencies.

    It is just different than what we used to use, doesn't mean it is a scam. Governments can print money whenever they feel like it. Bitcoin is decentralized and limited, it is gonna change the whole system to which the politicians and bankers are not gonna be the only players.

  • Bitcoin is not just a currency, it is a noble career path! Redistribution of wealth away from the banks.

    Bitcoin has value because people can safely store wealth in it without fear of systemic macro-governmental and bank default risk.

    I make a great living working on the advocacy of Bitcoin. I spend my time having thoughtful discussions and debates and see the rewards of my work through capital appreciation of my original investment. Not everyone gets it, that's fine - variety is the spice of life. Bitcoin is without a doubt though, a game changer!

  • No it is not

    Bitcoin is a newly developed currency which is not a "real" currency, meaning it just isn't physically paper or metal, it is actually a virtual currency.

    Currently this newly developing currency is striking the online gaming and shopping scene and now is even gotten popular enough to strike the online foreign exchange market!

    Watch the price, when it falls, grab some up and sell when the price gets higher, its simple, easy, and safe!

  • Most people get caught up in the hype and misunderstand what its all about

    The critics that try to detract from Bitcoin say the same old worn out crap.

    1) It is primarily used by bad people doing illicit things.

    And tell me how is this different from other currencies today?

    2) There is nothing backing it up but faith.

    There is nothing backing any fiat currency but faith.

    3) It's a scam.

    It's a deflationary currency. It does reward those who save ONLY IF people use it as a method of exchange which means that there has to be a balance between people saving and people using it. If everyone saved it it wouldnt be worth anything because no one would actually use it. Its real value is determined by its use.

  • A valid experiment

    I believe that Bitcoin is an honest and valid experiment that will teach us a great deal about distributed trust networks, but will inevitably falter as it does not the scope to grow nor evolve beyond a pre-determined point.

    However, it has already demonstrated the potential for an alternative currency, highlighted the arguments surrounding fiat and asset-backed currencies and made governments face up to the possibility of having an untraceable, untaxable alternative economy.

    Destined to fail - YES. Scam - NO.

  • Misunderstood and Underappreciated

    Bitcoin is not a scam. It lacks all of the critical elements necessary to even be one.

    Here are the four elements of a scam:

    1) An individual or an organization intentionally makes an untrue representation about an important fact or event;

    2) The untrue representation is believed by the victim (the person or organization to whom the representation has been made);

    3) The victim relies upon and acts upon the untrue representation;

    4) The victim suffers loss of money and/or property as a result of relying upon and acting upon the untrue representation.

    Let's go through these one by one.

    1) There is no misrepresentation of information, certainly not by an organization (since Bitcoin has no central authority!). Everyone is forthright that Bitcoin is currently a risky investment, just like an early-stage tech stock (which nobody would call a scam). Bitcoin, furthermore, truly does have disruptive market potential. This can be understood by just a few minutes truly learning about the technology and its implications.

    2/3) There is no untrue representation, so there is no way to believe or act upon it.

    4) Those who have lost money on Bitcoin have done something tremendously wrong. Bitcoin up over 1000% a year over the last few years, not unlike eBay in the mid-90s. Does that mean it was a scam? Sure, you could have lost money then, too, if you bought at a peak and sold in a trough. But so far, Bitcoin has been an incredible money-maker for those with the foresight to see Bitcoin for the disruptive technology that it is. It certainly has been for me.

    Not a scam.

  • There is no trick...

    Let's look at the definition of "scam"
    1. A dishonest scheme; a fraud. "an insurance scam" synonyms: fraud, swindle, fraudulent scheme, racket, trick;

    But in Bitcoin, there is no trick. It's entirely open (you can read the source code for yourself if you care to). There is no centralized group that determines who gets bitcoin and who doesn't.

  • Only centralized systems are scams

    Keep on chipping away at your debt slavery in the old system run by the big bankers instead of freeing yourself by owning part of a completely decentralized, uncontrollable, unconfiscatable, cryptographically secure payment system. Bitcoin is essentially a complete simulation of gold- Gold 2.0, better in every single way and far shinier :)

  • Please read the whitepaper bitcin is based on, then re-read.. Several times if necessary.

    While reading please keep in mind that the software was / is / and always will be open source, hence anyone with the technical understanding can audit it. If it was somehow rigged by now someone would of have stepped up stating it, backed by facts. Not the usual opinnion derived logic. Heres a link to the original white paper that started everything: http://bitcoin.Org/bitcoin.Pdf

  • Do your research! Money (and bitcoin) does not need government in order to work!!

    What backs a fiat currency? Most would say governments. However, we need to realize that gold was used as money MUCH longer than fiat - so what backs gold? Gold doesn't need any institution backing it - gold has intrinsic value: divisible, fungible, scarce, other uses (other than a store of value). Bitcoin does in fact have these same intrinsic values!! Bitcoin is very easy divisible (much more so than gold). Bitcoin is fungible. Bitcoin is scarce (only 21 million bitcoins can ever exist). AND bitcoin does have uses other than currency/store of value - these other functions of bitcoin include: Smart property, smart contracts, time stamping, issuing shares (thru colored bitcoins). Bitcoin functions without the need for any institution, company, or bank (same as gold). Also, bitcoin is open source - that means the bitcoin code is available to ANYONE who wants to verify that it functions as it is supposed to. Anyone with competent programming skills can indeed see how secure bitcoin is. If there comes a day when the encryption of bitcoin can be broken - then there will be MUCH bigger problems in the world since the same level of encryption used by bitcoin is also used by companies, banks, and governments.

    Anyone who thinks bitcoin is a scam simply does not fully understand bitcoin.

  • It's a networking protocol used as a store of welth

    It has mathematics and open-source on it's side together with a vast network of users.
    No central person controls it, only by it's general use do we all benefit from this great technology.
    This IS the holy grail of electronic money, the store of which is held cryptographically by each user in their own personal wallet. Amounts can be exchanged by the holder to another user very easily in a far superior way to any other online transfer of funds.

  • Bitcoin is well documented in the open source bitcoin community

    Bitcoin is a pure information system and 100% open source. Basically it is a simulation of gold, but without the all the baggage that gold comes with (not seizable, heavy or counterfeitable). Bitcoin sets the bar very high as a currency and due to no middle men the transaction costs are very low.

  • People are scared of change!

    This is the future, to many positives to put into 500 words, do research and you will become a believer plain and simple. Instantaneous transactions that cannot be taken by some other form of government. It is the definition of a democratic currently due to it's open source protocol and ability to grow. THERE IS NO INFLATION! That reason alone is enough to make it a viable currency!

  • Listen to the informed, beware the newsy naysayers.

    There are no secrets in bitcoin. All the code is open source, and to be frank, not that difficult to understand by most people in info tech.

    The economic aspects have been gone over many times, and for several years now :
    https://bitcointalk.Org/index.Php?Board=7.0 (Open discussion on the bitcoin forum's economics page)

  • Information sets you free.

    Bitcoin is as much a scam as any other world currency, but in this case you can chose to use it or not. Could you stop using $ in USA when you think $ is a scam?

    Those people saying unfunded things about free money should get better informed. At any case if they are the last ones to adopt bitcoin, they could also benefit from an inflation and restrictions free monetary system. Away from the manipulating hands of the governments.

  • No, Bitcoins are not a scam in any shape or form.

    The definition of scam is " a fraudulent business scheme". Firstly, Bitcoins are not a "business scheme" in any shape or form. There is no central authority. There is no single business that will benefit from Bitcoins. If Bitcoins succeed, whomever is smart enough to invest will prosper, whether they purchased 1 bitcoin or 1,000,000. They are backed by the community, a much stronger backer than any single government. The Bitcoin community in particular is fiercely loyal to the currency, and will do anything to make sure it does not fail. As for the first part of the definition, are Bitcoins fraudulent? Well, the anonymity of the currency allows for many scams and frauds to occur. This is true. However, fiat currencies have been used in scams for thousands of years. This is nothing new, and scams will exist regardless of currencies. Investments are never without risk, and quite simply the best way to avoid a scam is to either use your head or don't take the risk in the first place. In summary, Bitcoins cannot be called a "scam" because no single entity creates or profits from them- if there are any fraudulent aspects, it is the work of an entity independent from the honest community. Anyone who gets scammed has made their own mistake, and it is not because of an inherent flaw in the Bitcoin system.

    Posted by: J603
  • Read the Source

    The source code is available, it does not ask you to buy anything. Using it is all by choice.
    There are scams that use bitcoin as the method of payment, this does not make it a scam anymore than the fiat currencies are, oh wait, bad analogy. Bitcoin itself is not a scam.

  • Bitcoin is a currency not a investment fund

    Nobody promises any gains through Bitcoin. Bitcoin is designed to be a currency independent from any single authority and that's exactly what it delivers.

    There is no "Bitcoin stock" that produces anything. That people are to stupid to understand this doesn't make it a scam.
    Also Mining is by now means designed to make one "free money" it's computing power to secure the network, therefore they are compensated with the newly created money. In addition that solves the problem on how to distribute the money when there is no central authority that could do it.

  • No, BTC was invented as a competitor to fiat

    BTC is a crypto-currency. The concept of crypto-currencies has been around for decades, but has been deemed unreliable due to the "double-spend" issue inherent in an electronic currency.

    The people who created and adopted BTC in its earliest stages did so not out of trying to make money, but out of supporting and hopefully pushing BTC into the mainstream. Keeping a portion of your money out of the hands of your government is only smart investing.

    Once people realize that the people who hold the most coins are doing so to help maintain the strength of BTC until it gains worldwide acceptance, there will be a seismic change in global finance.

  • No, just stupid

    Bitcoin isn't a scam because it's well intended. It is, however, a wildly unstable and moronic system that even in the age of INTERNET FREEDOM FIGHTERS it blows my mind that so many people take it seriously. What value is there to a currency that a couple pieces of can pay your rent one day and the next day are worthless?

  • The source code does what the whitepaper says it should.

    Bitcoins is scarce and people want them and are using them as money. The system uses a decentralized ledger to track which accounts hold which bitcoins. New bitcoins come into existence as a side effect of the transaction validation process and the network adjusts how difficult transaction validation is to ensure a fixed rate of new bitcoins are produced. Because they can be easily transferred and cannot be counterfeited, people have decided to attach a value to them and are willing to exchange legacy currencies for them via brokers and other exchange platforms.

  • In 1994, was the internet a scam?

    Cryptocurrency is the wave of the future. When something goes digital, it never goes back. Just ask the film industry. If bitcoin fails, another crypto currency will take its place. But I'm betting that it won't. The whole world is engaged. Only time will tell, but I believe these are the early days.

  • Thought it was a scam, but due diligence proves otherwise.

    I read, and read, and read. I listened to educated opinions. I read the code. I modified with the code. This same path has been followed by many who are much smarter than I.

    I purchased Bitcoins and bought drugs... At CVS.

    It is not a scam. It is a revolution in the works. It has a market cap today of close to $5B worldwide. Apple computer is one company valued somewhere near $460B. Do your research and you too can still get in on what has the potential for 100x growth in the long run.

  • Arguments from ignorance

    Overwhelmingly, arguments and claims laid at Bitcoin's feet are inaccurate, incomplete, or extrapolated from assumptions that Bitcoin is precisely comparable with other systems. The truth is in the nuance, and the nuance here is that while Bitcoin can accurately be described as unproven, and unstable, and unprecedented, it cannot accurately be described as a “scam”.

    You can make a valid argument that speculators might be throwing their money away, that there are risks, that there is uncertainty surrounding regulation (and if you think the matter is decided on that issue alone, you are mistaken), or that it has a low chance of surviving the long-term, and you may be right.

    You cannot, however, deny that there is a valid (matters of likelihood aside) economic win-scenario in Bitcoin.

    You cannot make a broad and indefensibly vague claim about “security weaknesses” without understanding of the engineering behind the cryptography.

    You cannot make any claim based on extrapolating the current state of Bitcoin as it is today. Bitcoin has been changing and will continue to change.

    That's it for the rebuttal. For the motion, here are my claims: I believe the market of Bitcoin users will drive the infrastructure to grow, improve stability, and address the consumer-facing issues surrounding Bitcoin, because as more people invest, they have a greater incentive (the market cap is currently sitting at almost US$5B) to make it work. Markets change things. They fix issues. They strengthen what is best for everyone. Not universally, not without exception, but in general, and over time.

  • Its a protocol

    It will change the world if you even think for a minute. It;s like the internet, how that changed EVERYTHING. Think about what could happen if you could internet... Your money. For free. You can do anything, you dont have to ask permission from the banks. Its everything we actually need to take the world back from the 1%

  • It's no more a scam than any other currency (and some would say much less so)

    Unlike most other currencies, bitcoin's value is not determined by the decision of any person or small group of people. Nobody can create more bitcoins, which means that their value will forever and always be determined by what people are willing to pay for them, no more and no less.

  • You Can Call It a Bubble, or Fad, But NOT a Scam

    The "not backed by anything" argument is specious, and comes from people who don't understand how monetary policy works. What is gold "backed" by? Nothing. The USD is legal tender, but that doesn't mean that it has a value that is "backed" by anything, just that you can use it to pay for things in the US.

    A scam implies that there is a trick being perpetrated by a person or persons in order to mislead people in order to profit. There is no one behind Bitcoin that stands to gain disproportionately through falsehood, nor is there any deception involved. Whether or not you like the idea, by definition, it can't be a scam.

    Why is a share of Apple stock worth $520? Because some people believe that they will be able to exchange that piece of paper for more than $520 in the future. It isn't back by any government, and it doesn't physically represent a portion of a stack of iPhones in a warehouse anywhere. It has value because the market says that it does, same as Bitcoin. You can feel that the market over- or under-values BTC, but it is transparent.

  • Bitcoins are better than regular currency

    Regular currency can be counterfeited, the government can print more paper money when ever it wants driving down the value of all the paper money already in existence.

    Bitcoin also has the advantage of being transferable from individual to individual and country to country without governments or banks taking a cut.

    Crypto currencies are the future.

  • It's not hype, it's math.

    The "scam" comments are totally absurd. Even if you're not a fan of Bitcoin, criticisms like "it's not backed by anything," "it relies on software deployed on readily hacked Microsoft Windows platforms," and "it's a Ponzi scheme" don't even rise to the level of sound opinion, because they rest on totally false premises.

    Interested in the issue? Look into it. Don't rely on a bunch of silly, stupid internet naysayers who don't even understand the basics of monetary theory or the concepts underlying the Bitcoin protocol.

  • Its not a scam till it becomes a scam

    Right now it has the confidence of the people that support it. The law of supply and demand still govern the currency. If you want to play this game follow the law of supply and demand other wise you will get scamed. The real question is why nobody feels this way about the usd it is governed by the same principles.

  • Very low cost, fast transfers, and no central failure point

    Bitcoin is a decentralized, crypto based protocol. The main arguments against it are often that it is "free money" or that "it has no value other than what people pay for it". As a counter to these arguments, bitcoin is created from the use of energy, primarily electricity, which is used to solve very difficult math problems. These math problems are created from people making transactions with bitcoin, which allows the currency to keep a running log of all transactions ever made. It also allows the people solving the equations to free up new bitcoins for use, up to the maximum limit of 21 million coins. The people that solve these problems also get the fees charged for transfers, which at this point are tiny, tiny fractions of a coin. This is why they "mine", because they make money off of it. The rest of us enjoy our very small transaction fees, and being able to send money to any person in the world within a single mining cycle (around 10m).

    The value is in the protocol, and while the actual coins are worth what people will pay for them, this argument can be applied to literally everything (microeconomics 101). It's true that most of the current price movement is based off of speculation, but that's the same thing you'll get from any currency with such a small market cap. As the MK grows, expect fewer price swings, and much greater usability. Plus there are a whole host of new companies looking to make the bitcoin user experience better.

  • It's a public leisure!

    It's a public leisure that allowed to trade anywhere to everywhere for a freeish. No bank, no delay no permit... It will really kick off in 3rd world countries. Unlike USD or Euro it will keep it's value because some central bankers CANNOT print a zillion of them on 25 are created every 10 minutes and that goes down over times. It's superior to gold because you don't have delay, shipping and possible fake bitcoin!

  • Same as money

    It has value because we give it value. Much like paper currency and gold.
    Unlike paper currency, its a finite resource. The fed isn't going to create more out of thin air thus devaluing what is already available.
    Unlike gold it can easily transferred across international borders and accurately divided into much smaller percentages.

  • Fully transparent and mathematically sound

    Bitcoin is both a currency and a payment protocol. Fully open source and in the public domain. Calling Bitcoin a scam is the equivalent of calling the Internet a scam. Now, will there be scammers that use Bitcoin as part of their scams? Of Course. Just like there are scammers using the internet or using US Dollars.

  • Only fools would think this is a scam.

    Educate yourselves about what bitcoins are and realize that they are good for you! Bitcoins were made to fight traditional banking. You know, the ones who are robbing you everyday out of your purchasing power? Crypto currencies are the future either you like it or not, the current system is flawed and is begging to be replaced.

  • Fully transparent and mathematically sound

    Bitcoin is a technology consisting of a currency and a payment protocol. Fully open source. Owned and backed by the people using it. Calling Bitcoin as scam is the equivalent of calling the internet a scam. Now will there be scammers using Bitcoin as part of their scams? Of course.

  • If you think Bitcoin is a scam you are mentally insufficient

    If you think Bitcoin is a scam you CLEARLY have no idea what you are talking about. Do even the littlest of research and you will see that it is FAR FROM IT. Bitcoin is a completely anonymous, peer-to-peer digital currency. It has hundreds of benefits over traditional methods of currency and will change the financial world in the years to come.

  • World's first and largest global distributed decentralized consensus network.

    This is something that had for a very long time thought to be impossible. Bitcoin solves the Byzantine General's Problem of trust, and the currency part of the protocol is actually a necessity of the solution. If we want to use this network to the benefit of society, we must also use the currency.

  • Neither does USD back by anything. USD is too a scam?

    First point, USD was backed by something years ago, and now, it is just paper that Ben Bernanke can print. All on USD is just trust based on American, even now other places like China is getting off the clearance by USD. Now look back on Bitcoin, though it is same that it is all based on trust, but we don't have Ben Bernanke that can print the money whenever it want, it is limited by the algorithm, which is decentralized.
    Next, some say Gold have intrinsic value but Bitcoin doesn't. For sure that Gold can be made to jewelry, but only less than 10% of world gold IS made for it. What value it is the staticness and the limit and rareness of it. This is what Bitcoin have such that Bitcoin is like gold, but it is digital.
    Third, Bitcoin is decentralized, there is no central guy to do anything with it or just change the algorithm to print 100x more Bitcoin etc. And there is no central point of failure, it is an idea that spread among the community. Just like BitTorrent, you can't break it, it is an idea, a protocol. Not an organization.
    Forth, note that there are company that accept bitcoin (and some gone scam). But that doesn't mean Bitcoin is a scam. Just that a bank closed down, it doesn't mean USD is a scam right?
    Last, some say Bitcoin is for drugs and dirty money. So does USD and other currencies. Before Bitcoin is here, your local currency is just the same drug money.
    Extra info: http://www.Theguardian.Com/world/2009/aug/17/cocaine-dollar-bills-currency-us

  • It's a Ponzi Scheme and just remember that - and have fun..............

    This straight..... A "currency" was created out of thin air and now people are spending hundreds of dollars each for one reason: the belief that some other fool will pay more for it later.

    Sounds like a perfect way to gamble a couple hundred dollars and see if this Ponzi Scheme takes off turning my couple hundred into a couple thousand (or more).

    Could I lose it? Of course. But I am having a lot more fun than gambling a couple hundred on a casino boat. Still likely to lose my money but a whole lot better chance of walking away with more money. Play the game. Have fun. Plan on losing your money. But if I catch it just right, and get out JUST IN TIME, then I will benefit while the last ones in lose their money.

  • Bitcoin is the opposite of a scam.

    Nothing is being promised. No one is being defrauded. There is no "scam" taking place. The entire code base is open and Bitcoin is nearly decentralized aside from the dependency users have on the development core. It's essentially the complete opposite of a "scam."

    ...Unlike central banking, government closed-door policy & contracting and government financing of Wall Street's shell game, all to support the house of cards that is the US economy, which is regulated to the teeth for maximum profit by wealthy interests who literally write law. This is all made possible in most part to the theft of ordinary people in the trickle-down economics known as taxation in an oligarchical republic.

  • Bitcoin, An alternative

    Most of the no answers gives off the idea that people are buying it because they think they are worth more in the future....I think that is a no brainer when it comes to parking your money anywhere. The key difference is that ponzi schemes does not create any value.

    On the other hand, Bitcoin has created value. It's a friction less currency. And you can't double spend it. While you can fake a dollar bill or a gold bar, you can't fake a Bitcoin.

    Then the question is who is going to accept it? There are thousands of merchants already accepting business in Bitcoins. It's not a dream anymore, it's here, and it's here to stay.

  • Could you imagine a snake oil salesmen with a 100% truthful and accurate ingredients label on his bottle of magic cure all?

    A scam requires at least some element of secrecy or dishonesty, there is NO secrecy anywhere in the bitcoin protocol, it is 100% open source, you can review the code in its entirety yourself on github. Could you imagine a snake oil salesmen with a 100% truthful and accurate ingredients label on his bottle of magic cure all? Of course not, that would be ridiculous.

  • What is Money?

    More than anything Bitcoin is a discussion about the definition of money and economics. This is a new system that has only become possible because of innovations such as the internet. This is technological evolution and social evolution. Even if the value of Bitcoin plummets to zero, it has achieved its goal by instilling needed discourse into a needed global society. The future is exciting.

  • Not a scam

    Bitcoin is not a scam, it is an open market and one of the most open and frictionless currencies in the world. It is not based on debt and is completely free from any one entity. A ponzi scheme is a zero sum game. In a ponzi scheme, early adopters can only profit at the expense of late adopters, and the late adopters always lose. Bitcoin has an expected win-win outcome. Early and present adopters profit from the rise in value as Bitcoins become better understood and in turn demanded by the public at large. All adopters benefit from the usefulness of a reliable and widely-accepted decentralized peer-to-peer currency.

  • The greatest innovation the world has ever seen

    Never before have we been able to trade value without counter-party risk. Bitcoin cannot be inflated by the government, it cannot be seized at gunpoint (provided you are responsible), and no one can interfere with your transfers. It is monetary freedom, and it will change the way the world works.

  • Why choose inflation?

    Bitcoin is a giant public accounting ledger which is maintained by robots called miners. It is the most elegant form of money the world has seen, free from all the problems of corruption that exist in a centralized monetary system. Once enough merchants accept bitcoin, there will be a massive transfer of wealth into it because all rational people will choose to store their money in a medium that constantly increases in value as opposed to one that constantly decreases in value (which every other currency in the world does right now).

  • Transaction system first and foremost.

    For Bitcoin to function as designed it is not required for any individual to permanently hold bitcoin. All that matters is that the parties involved understand that it is useful for transactions. People who think it is a scam are looking at it as a vehicle for speculation. It is not a vehicle for speculation (although you are free to speculate), it is a transaction system.

  • Cannot be a scam as there is no element to deceive

    The whole protocol, software wallets, and blockchain (record of all transactions ever made) is open sourced and available for the the whole public to review and scrutinize. Thus it cannot be a scam as there is no element that is designed to deceived, which is what is required to be called a scam. Whether it is a bubble or not, is an entirely different issue from it being a scam.

  • Just a program

    Bitcoin is just a program. It is released into the wild. Although it has many ideological associations attached to it has real value as a currency. Bitcoin is not centralized or enforced in any way. The buyers of today do expect to see a high return for buying in. This is because bitcoin is in an adoption phase. Society can choose to use it or it can choose to not to use it. A scam suggest that someone is being fooled into buying something that has no value. This is a tricky way to look at it because bitcoin has no value other than what people agree it is worth. Just like USD or any other currency not attached to anything of value. The USD is just paper, it has no value other than that other people agree to use it. It has no resources to back it up. This is not a scam, but something people have habitually agreed to. It will not be long before this habit breaks.

  • Definitely not a scam

    The only people that think it's a scam are people that do not understand it. Is there a currency, or commodity, in existence today that can be transferred from one person to another directly over the internet without going through a "trusted third party" (bank) that arrives at the other end in less than 10 minutes, completely verifiable, anonymous, and for a very small fee? No. Only cryptos.

    To hell with the federal reserve. People will be begging for bitcoins when the US dollar loses world reserve status. There is a financial war going on right now. I know most people do not understand that, that's fine. The people that understand what is going on are flocking to safe-havens to protect their wealth. Bitcoin is a safe-haven, not a scam.

  • Bitcion turns information into money and vice versa.

    I can now have a store of value just by knowing and remembering 10 randomly generated words.

    The set of rules that secure this value is now 5 years old and have been tested in the wild with 5 billion available for any one who can hack it. Sure the price could go down but that also applies to stocks and government currency.


    How secure is that!

  • The Bitcoin Network in many ways is a really advanced payment network

    The payment network of Bitcoin is extremely valuable because it allows users to send value instantly to another party without having to have a trusted third party (middleman) and thus the cost of sending these type of transactions is much lower. The system fixes the underlying issues that prevented a "trust-less electronic cash system in the past" that is very valuable from a technical perspective and for use in the business world.

  • If Bitcoin is a Scam, so is regular money

    Monetary instruments only function as such by the value that is applied to them via users. Bitcoin has value applied to it, it functions as a monetary instrument and in all ways works as real money. The fact that it also applies many advantages over traditional currencies and how they are traded is an added benefit.

  • Bitcoin is love

    Bitcoin is not a scam, its value is derived from the fact that it is a decentralized, distributed, global network. It does not require trust between involved parties and is not inflatable. Due to these properties, it is hard to shut it down or damage it. Love. Peace. Equality. Bitcoin.

  • An open-source scam?

    How can a scam withstand public scrutiny?
    It isn't MEANT to be exchanged for fiat. It is intended to be a currency in-and-of itself.

    Now.... Ask the same question about the dollar. Do a little bit of reading about the Fed. Then about the petrodollar. Then come back and read the question again.

  • You can buy pizza with it

    I bought a pizza with bitcoin. Scams don't buy you pizza.
    It is also completely open and transparent how it works.
    Almost everyone who understands bitcoin will say it is not a scam.
    Research yourself. The information is out there!
    Don't trust individuals but read many different sources. Tell others to do the same.

  • Unlike fiat money,

    Bitcoin is not a scam. Bitcoin is a secure network for transferring value, as well as a currency that is designed specifically so that no single authority has control over it, and thus no party has the ability to cheat by creating more arbitrarily.

    Think of this in contrast to fiat money systems. Bills are counterfitable, and central banks have the authority to create as much of them (whether in paper or electronic form) as they see fit, serving whatever ends they see fit.

  • If it is a scam, who is the scammer?

    Bitcoin is a digital currency. The software that makes it work is all open source. If you know how to program you can read it and see exactly how it works. If it doesn't, you can pay someone to check it out for you. There's nothing hidden, nothing secret.

    Bitcoin acts like a good money should do. It has all the required properties. It is scarce, very divisible, quick and easy to transport, durable, impossible to counterfeit. It is these properties which makes it valuable as both a store of value and a medium of exchange.

  • Math-based Open-source Technology

    Bitcoin is more than just a speculative fad. There is solid technology behind it using the best cryptographic algorithms available. The software is open sourced for all to review. Although bitcoin is anonymous to own, its transactions are publicly available for all time.

    The Bitcoin protocol also solves the difficult double-spending problem prevalent in the digital realm. Please take the time to research the underlying technology. You will come to realize what a tremendous marvel this creation is. This will level the financial playing field for the average person all over the world.

  • Peer to peer

    A pyramid scam or ponzi scheme works by having the person controlling the scheme work everyone else into a frenzy, before pulling the rug out from beneath their feet and leaving everyone else with worthless paper. Bitcoin is peer-to-peer with no central control of any sort. As long as the people who use bitcoin agree that bitcoins are worth something, it will continue to be. This is the same as any other currency, including gold and silver, except unlike national currencies, no-one has the power to devalue the currency by continuing to print more at their own whim.

  • Currency, not scam. The currency is in its infancy, hence the mind-boggling growth in value.

    Bitcoin is often compared to a Ponzi scheme, but nothing could be further from the truth. A Ponzi scheme collapses when it reaches its last wave of exponentially more numerous buyers. This is when Bitcoin becomes its most stable - once everybody who wants it has it, and once its primary use becomes as a medium of exchange and store of value (rather than speculation opportunity as it seems to be currently).

  • Then every investment and currency would also be a scam

    If one labels bitcoin as a scam, then every alternative can be argued to be a scam: an investment inherently involves risk, since without risk earnings would be zero Bitcoin is a new asset class on its own, and arguing that it isn't backed by anything, that it has no intrinsic value, that it can be regulated, and so on, means that the person doesn't fully understand how bitcoin works and how strong it is.

  • High risk is not the same thing as a scam.

    Is it possible that US$1,000 worth of bitcoins purchased today will be worth exactly US$0 tomorrow? Absolutely. Yes. This is a currency backed purely by faith and utility. If everyone stops believing in it and stops using it, it will be worth nothing.

    But for Bitcoin to be a "Scam", that $1,000 would have to go to someone's pockets -- someone who is gaming the system. At one point in time in the past, Bitcoin had few enough people involved that it could conceivably have been a scam. But today, bitcoin is held and regarded as wealth by too many individuals for any scammer(s) to benefit.

  • Not a scam

    It's basically gold 2.0

    For that matter, why is gold valuable? Pure faith? No, it's valuable because it's divisible, recognisable, fungible, transmissible and scarce.

    Bitcoin is valuable because it is all of that and much more.

    Paper money is all of the above except scarce which is why paper money *needs* and army to back it. You don't need an army if the money in question is either naturally scarce (gold) or artificially scarce (bitcoin)

  • Scam means it's fraudulent. Bitcoin isn't fraudulent.

    Scam (skm) Slang
    n.
    A fraudulent business scheme; a swindle.

    There is nothing fraudulent about bitcoin. Every transaction is traceable by everyone. Sure bitcoins can be used as a tool for fraud, but so can dollars. In fact dollars are arguably better for fraud because every dollar transaction isn't listed in a public database.

    If you think it's a scam then who is doing the scamming? The creator Satoshi Nakamoto? He hasn't been heard from since 2010. Scams don't usually continue running if the scammer completely stops all activities.

    Sure bitcoin has a lot of problems. It might be a bad investment, it might be a bubble. But it's not a scam because it isn't inherently fraudulent.

  • Not a scam

    Scams involve a person who scams others. With Bitcoin there are no scammers. It's just a network similar to the internet. Nobody owns the bitcoin network. People like to call it a ponzi scheme as well, but ponzi schemes involve someone at the top collecting from the idiots below. With bitcoin there is nobody at the top.

  • Its a legitimate financial instrument

    It's a new financial instrument with its risks, However this does not make it a scam. It is an open protocol and it is not centrally controlled unlike other currencies. This makes it risky but not a scam. Also, it is very speculative in nature, similar to gold. This does not make it a scam either.

  • Never was and never will be a scam!

    As time goes on, actual mining payouts trickle down and the only possible way to obtain BTC will be to buy it. Throw in the hard-capped 21 million limit, and it's the Berkshire Hathaway of currencies. Congratulations to everyone who invested their time and money in BTC. Remember to take the time to remind yourself what your real pursuit should be, being rich is only fun if it's your means to an end, not just the end.

  • Math is not a scam

    Mathematics is the universal language of the universe. Reality is subjected to its constants and bitcoin is no different. At its core bitcoin enforces scarcity through powerful mathematical algorithms... How is that a scam? The scarcity of bitcoin is enforced more securely than any other fiat currency on earth. The only thing that could compare would be precious metals, which are fairly difficult to send instantaneously through the internet. Bitcoin is a means for freedom, not a scam.

  • A lot of people simply just don't understand - it is indeed possible to have a currency that is not backed by government!!

    Gold was used as money for MUCH longer than fiat currency - so what backs gold? No government was needed there - Gold is backed by it's intrinsic value. Maybe you should stop and realize that bitcoin is ALSO backed by it's intrinsic value - it is divisible, fungible, scarce, portable - just like gold. Bitcoin (like gold) also has used beyond money/store of value - these things include: smart property, smart contracts, time stamping, issuing shares (through colored bitcoins). Bitcoin (like gold) is also decentralized - no government, bank, or company is needed to back bitcoin!

    Don't make the mistake in assuming that money needs government backed - I have just shown, governments are not needed in order to have a currency.

    Also, if you still think bitcoin is a scam - the bitcoin code is open source! Anyone can go read it and verify that it does in fact do what it is supposed to do! Everything that happens in Bitcoin is 100% transparent - can't say the same of the current system of fiat money.

  • No, this is an open source digital currency, and not a Ponzi scheme.

    Bitcoin can't be a Ponzi scheme, and to understand why you need to know what a Ponzi scheme is. In a Ponzi scheme, a central actor (who we'll call Ponzi) makes money by proposing a "great idea" and promising a return on someone's investment. The key in a Ponzi scheme is to ensure that no one wants to cash their money out, and that they want to invite their friends. When eventually Ponzi has enough, he decides to stop letting people cash out and disappears.

    The way Bitcoin is different is that there is no central actor (it's decentralized). People can always "cash out" so long as someone in the world views Bitcoin as having value. Bitcoin doesn't promise that it'll go up -- its price is only that of which people are willing to pay and sell it for (i.E. Supply and demand).

    Actually, if you look at the history of Bitcoin, the graph follows that of a startup company like Facebook or Twitter. Currently, Bitcoin are right below the "vertical" part of an S-curve. This is just speculation at this point, but I'm going to guess that Bitcoin should "go vertical" sometime within the next two years.

  • No more a scam than Fiat

    Why is Bitcoin a scam, while Fiat being printed on a whim is not? Because it has government backing? Well Bitcoin has the general population back, and as long as we work together, the value will ultimately be realized. It gets tricky when people constantly trade back and forth from Bitcoin and Fiat. If we eventually use Bitcoin for most of our daily transactions, it is no different than spending your physical coins.

  • Bitcoin is a technological break through.

    The Bitcoin protocol allows peers on the internet to send money between one another without the need for third party intermediaries. This was made possible by the proof of work scheme described in the Bitcoin white paper released by Satoshi Nakamoto. It is unknown who Satoshi is and whether it is a single person or a group of mathematicians and software developers.

  • Why are we already using Ponzi Shemes?

    Why is it that we can buy insurances and that's not a Ponzi scheme? Lets take life insurance for instance. How can any company take such a small monthly payment and repay them 1/4 or 1/2 million return? I don't care if you pay it for 40years you still don't pay enough in to warrant that HUGH return. If too many die at the same time it goes under. Look at our current American dollar,it use to be that gold backed it but now we all know the Fed is printing monopoly money and thats ok? My answer to is the Bitcoin a scam would be NO and with any investing you need to know when to get out and not put your life savings in and leave it for years(being greedy) Doesn't the stock market teach us that? And now when something new comes along everyone's paranoid. It's your choice on HOW MUCH and HOW LONG? Yea the early investors stand to gain the most but that's the same with any stock isn't it? Let's say this gets bigger than it is now then your 100.00 1 day might be considered as a early investment right? Scammers is the only flaw with this for the time being :)

    Posted by: ARL
  • Why are we already using Ponzi Schemes?

    Why is it that we can buy insurances and that's not a Ponzi scheme? Lets take life insurance for instance. How can any company take such a small monthly payment and repay them 1/4 or 1/2 million return? I don't care if you pay it for 40years you still don't pay enough in to warrant that HUGH return. If too many die at the same time it goes under. Look at our current American dollar,it use to be that gold backed it but now we all know the Fed is printing monopoly money and thats ok? My answer to is the Bitcoin a scam would be NO and with any investing you need to know when to get out and not put your life savings in and leave it for years(being greedy) Doesn't the stock market teach us that? And now when something new comes along everyone's paranoid. It's your choice on HOW MUCH and HOW LONG? Yea the early investors stand to gain the most but that's the same with any stock isn't it? Let's say this gets bigger than it is now then your 100.00 1 day might be considered as a early investment right? Scammers is the only flaw with this for the time being :)

    Posted by: ARL
  • Consider what is already being used by us?

    Why is it that we can buy insurances and that's not a Ponzi scheme? Lets take life insurance for instance. How can any company take such a small monthly payment and repay them 1/4 or 1/2 million return? I don't care if you pay it for 40years you still don't pay enough in to warrant that HUGH return. If too many die at the same time it goes under. Look at our current American dollar,it use to be that gold backed it but now we all know the Fed is printing monopoly money and thats ok? My answer to is the Bitcoin a scam would be NO and with any investing you need to know when to get out and not put your life savings in and leave it for years(being greedy) Doesn't the stock market teach us that? And now when something new comes along everyone's paranoid. It's your choice on HOW MUCH and HOW LONG? Yea the early investors stand to gain the most but that's the same with any stock isn't it? Let's say this gets bigger than it is now then your 100.00 1 day might be considered as a early investment right? Scammers is the only flaw with this for the time being :)

  • Lots of things we already use are Ponzi schemes

    Why is it that we can buy insurances and that's not a Ponzi scheme? Lets take life insurance for instance. How can any company take such a small monthly payment and repay them 1/4 or 1/2 million return? I don't care if you pay it for 40years you still don't pay enough in to warrant that HUGH return. If too many die at the same time it goes under. Look at our current American dollar,it use to be that gold backed it but now we all know the Fed is printing monopoly money and thats ok? My answer to is the Bitcoin a scam would be NO and with any investing you need to know when to get out and not put your life savings in and leave it for years(being greedy) Doesn't the stock market teach us that? And now when something new comes along everyone's paranoid. It's your choice on HOW MUCH and HOW LONG? Yea the early investors stand to gain the most but that's the same with any stock isn't it? Let's say this gets bigger than it is now then your 100.00 1 day might be considered as a early investment right? Scammers is the only flaw with this for the time being :)

  • I've been involved since the beginning

    Every single argument against Bitcoin I have ever read was based on fear, uncertainty, and doubt. Clearly, reservations people hold are based off their experience with *things that are not like Bitcoin*. They are sharing wisdom, but just as any uneducated rejection of scientific result based on gut instinct, their wisdom has not been tempered with fact. Worse still, despite repeatedly being debunked, articles with misleading assertions are published to this day. They fail to recognize BTC is a disruptive technology, true innovation. It doesn't have to conform to your expectations to have legitimacy. It doesn't have to go around you, or remain under your thumb as a government regulator or journalist. If you stand in its way, it will go right through you. You don't get it.

  • If Millions of people will start to use it, it would be as the U.S. $.

    If Bitcoin was a scam, it's inventors would not have put so much overhead in it's security. There is a great deal of encryption with Bitcoin and as time goes on the hashing complexity increases. So, it is not a scam. However, the success or failure of this new currency is dependent on a critical mass of users.

  • Not even close, because it is much more than a currency. But don't listen to me.

    Bitcoin is far from a scam. The reason being that it is much more than just a currency. It is a new technology, a 100% verifiably payment network, a value transfer an saving protocol, a public ledger of all bitcoin transactions ever made, it can handly any type of transaction that is a form of a contract. And so much more things, things we haven't even started to invent yet.

    By buying bitcoins you are essentialy buying real estate in the bitcoin ecosystem, you are buying the building blocks for the bitcoin economy. You are betting on a new technology and the future of the monetary system, in which these building blocks will play an essential role.

    There are many scenarios where this can pan out possitively but there are also many which doom bitcoins existance.

    The upside is, you can make a very well informed decision for yourself on whether this is something for you or not. All the information is out there. You can find out all the technicalities of the bitcoin protocol and network, you can find out how it works under the hood, and decide for yourself. You can learn what drives the bitcoin economy and bitcoin value, and decide for yourself. You can figure out what inflation does to the economy and the value of your personal assets, you can figure out what drives this force. You can learn what happens under deflation and in which scenarios that could play out, and decide for yourself. You can learn about some of the endless posibilities bitcoind provides and decide for yourself.

    Enjoy the journey, it's a wild one!

  • Money for the people.

    It is simply an electronic money not under the control of the banks. It is easy and cheap to move around the world, unlike government money. It is open-source, anyone can check the underlying code to see that it is legitimate. It can be safely stored in your own home away from the bank - so it is free from the risk of 'bail-ins'. There is a finite amount available and it cannot be printed by banks and governments so it will hold it's value, unlike government fiat currencies.

  • It cant be a ponzi scheme by definition.

    If suddenly no more bitcoins were to be made anymore the curreny would still function. A ponzi scheme requires new investors to support earlier investors. This is not the case with bitcoin. People should not apply lables with words they do not understand. On the other hand fiat currencies do have a ponzi scheme element to them. This is why governments cannot stop quantative easing.

  • Bitcoin is the real thing.

    Bitcoin is doing for value exchange what email did for communication. Bitcoin is decentralized and limited in supply. Bitcoins posses all of the attributes of an ideal currency. We can now transfer value anywhere in the world, in a very short period of time, without paying expensive third party fees. We can also rest assured that the world's supply of bitcoins will not be diluted by boundless increases in supply. Bitcoins will once again change the nature of banking.

  • End the fed!

    You can buy pizza with it I bought a pizza with bitcoin. Scams don't buy you pizza.
    It is also completely open and transparent how it works.
    Almost everyone who understands bitcoin will say it is not a scam.
    Research yourself. The information is out there!
    Don't trust individuals but read many different sources. Tell others to do the same.

  • Bitcoin is less of a scam than FIAT currencies

    At least nobody can just up and decide to make more bitcoins than is laid out in the protocol.
    It is beginning of having computers manage our lives, we created a system that the inventors cannot corrupt. It is not perfect, not by a long shot, there are legitimate dangers with Bitcoin, but there are solutions to every one of them. Even if a site like coinbase gets really popular, and gets corrupt and does fractional reserve lending with our coins, we can still use bitcoin as something to back other systems. Just like dollars were backed by gold, whatever new things get put on top of bitcoin can use bitcoin as a foundation.

  • Who's being scammed?

    Yes there are those out there taking advantage of others and are using bitcoins as the medium to do so. But, the fault is on the people that are preying on others and not the currency. If the currency is to blame, then i'd say most off the worlds currency's also stand guilty with Bitcoin.

  • This decentralized, programmable currency enables financial services minus the middlemen.

    Some of the things Bitcoin enables:
    - Escrow without third-party risk.
    - Wills and contracts that execute themselves.
    - Decentralized exchange of stocks and other property.
    - The ability to send money anywhere in the world instantly for pennies, without censorship. (Wikileaks knows the value of that last one, as they were once cut off by some of the traditional financial companies for angering The Powers That Be.)

    It provides real benefit. It is a real, revolutionary technology. The people who are looking at it only as a way to make paper money are short-sighted.

  • No It is not

    If you know anything about bitcoins, then you know just how they work. I have worked on many projects, including mining and some other stuff. Although it may be risky to trade and do other stuff, that is just like stock, is stock a scam? No it isn't. Bitcoin prices get higher, lower and just generally change a lot kind of like stock.

  • A "scam" requires some kind of fraud.

    Scams are fraudulent business schemes, involving one person or group promising something to others which they have no intention of delivering.

    There might be some scams in the bitcoin economy, but bitcoin itself is simply a technology. A distributed payment network designed to mimic hard money like gold. The code is there to be reviewed by anyone. It makes no promises, no big sales pitch, no pressure. Participate or don't. The network doesn't care about your investments. It's just there processing transactions, securing them with world-class cryptographic techniques. Yes, it's just a bunch of digital tokens, but it's digital tokens that cannot be duplicated or counterfeited, without the need to trust a central authority. Such a device is valuable to some people.

  • Its not a scam

    The only people that think its a scam are the ones that don't know what it and frankly are too ignorant to care come on people do your research tons of people make a lot of money off this, Bill Gates supported it, it is no a scam RESEARCH IT

  • Its not a scam

    The only people that think its a scam are the ones that don't know what it and frankly are too ignorant to care come on people do your research tons of people make a lot of money off this, Bill Gates supported it, it is no a scam RESEARCH IT

  • Not a Scam.

    Bitcoin the technology, the block-chain, is a more efficient means of transferring value and this is why there is a ton of venture capital moving in. There are also numerous applications for the technology involving contracts, real estate transactions, etc. From what I've read the future could mean a combined contract/currency that eliminates or reduces the need for lawyers, agents and various middle-men. The currency, little "b" bitcoin, may be surpassed by another cryptocurrency or become compromised through some undiscovered flaw and lose value or go to zero. It may be a horrible investment, but this does not make it a scam. What gives bitcoin currency value is the underlying technology and efficiency it attains. If cryptocurrency makes the world economy 1 or 2 or 3% more efficient, then there is value in that savings. There are numerous altcoin pump & dumps out there and numerous start-ups that will amount to nothing, but block-chain technology and cryptocurrency is here to stay. Read about it at: www.bitcoinprophecy.com

  • Was the Microwave a scam?

    I believe we all was skeptical when the Microwave came out but look everyone have one in the homes and offices. I wish I was on the amazing wave. I love the it, because the government can NOT control my Bitcoins. I can be a billionaire and they would not know it.....I love it. Get in NOW while you can. Because this is the NEW wave like the microwave get on board!!

  • Everything here is clear and out in the open.

    Nothing is being hidden here, and everybody saying it's a scam either has nothing to support it or is saying that people are only buying on it to take a gamble on it in the hope that it will increase in value later. But then there's mining. It's a completely legitimate way to earn money, put in a bit of cash and a bit of time and you have a constant source of income that you can trade in to others for real world money, or just use from websites that accept bitcoin.

  • Bitcoin is digital scarcity

    Out of all the forms of money that have existed throughout history, Bitcoin has the best properties of them all.

    Like precious metals, they are scarce and impossible to forge. The supply of bitcoins is regulated by a predictable mathematical formula. They are very easy to divide (up to 8 decimal places). They live in the digital space which makes transacting in bitcoins as easy as sending an e-mails. When you hold bitcoins or send them through the network, you are transferring the bitcoin assets themselves, not a certificate or a pointer. The architecture behind the Bitcoin network is completely decentralize, rendering it immune to censorship and making it very resilient.

    Beyond its simple use as a currency, Bitcoin is also a protocol for digital money innovations. Special contracts can be created and enforced by the network, such as holding funds in multi-signature accounts where the secret keys of different participants are required to unlock and spend the funds. Those contracts have the property of being trust-less, in the sense that no trust in any single participant in the contract is required to successfully fulfill it. Many of those innovations are impossible in a traditional centralized-ledger system.

    Additionally, much like with the Internet, there is no cost or barrier of entry to start developing and innovating in the Bitcoin space. The project is open source and the boundaries to innovation are only limited by your own creativity. Many cool features such as embedded assets, colored coins and side chains have already emerged from research in this space.

    Bitcoin appears to be somewhat controversial as it requires an investment in time to understand properly and it breaks preconceived notions that most people have about money. But truly disruptive technologies have always been controversial in their infancy. And Bitcoin is no exception.

  • Bitcoin itself isn't a scam; but, scammers are trying to get bitcoins.

    The hard to understand part simply first --> Bitcoin is based around 'cracking codes' by using computational power to solve a certain kind of mathematical equation which has multiple solutions. These solutions generate Bitcoin to those who were using computers to find the solutions. Other people decided that a currency based of off computations was worth, well... Whatever it's worth, and invested.

    The easy to understand part is that scammers want your Bitcoins because they are worth real money. It's free to have a Bitcoin wallet worldwide. So, anyone with the internet might be trying to sell fake tickets to burning man or One Direction or whatever! (but first you need to give him like 0.06 of a Bitcoin, for whatever reason - that's the scam part)

    Bitcoins do in-fact exist, so yeah, they can't be a scam; they are things scammers want from you to buy precioussss items!

  • Yea USD is no scam,

    Its got theives druggies lords rapists child porn\molestors and bankers corrupt politicians fat rich people gee doesent sound great to Lee but let's just add one USD fact... Its printed taxed and manipulated so if I just say that does anybody really wanna keep using USD ? You can't print bitçoin , have to mine it like gold. Bitcoin is rare its precious.

  • "All money is a matter of belief." -Adam Smith.

    “Bitcoin is not just one thing. It’s not just currency, it’s not just a payment system, it’s a protocol – there’s multiple things that cross over into many different turfs of government.”
    “Does bitcoin have a value? Absolutely it does, because the market says it does. As long as there’s confidence in bitcoin, by the market, that is an evolutionary step from having confidence in a sovereign government.” - Edmund Moy, the former director of the United States Mint under the Bush administration

  • It's De-Centralized Currency Backed By Energy

    Just like the dollar was backed by gold, Bitcoin is backed by energy and it's making profits. The traditional medial and government want you to this it's a scan, since if it's adopted they wont be able to print paper anymore; nor will their be inflation. Check out my site at http://sites.psu.edu and learn about it before decideding whether it's a scam or not.

  • Bitcoin is legitimate and here to stay!

    Bitcoin is inherently unregulated, but that is because it is a fledgling technology that is only beginning to garner authoritative recognition.

    Fun Fact: I can buy illegal substances with US Dollars too!

    Bitcoin is not some identity theft nonsense designed to steal your identity. Anyone can review that code, and there is nothing hidden. It's public. The majority of the "underground economy" doesn't want to hold your identity for 10 years. They want to make a quick buck. They want to scam you now. This can be done with Bitcoin, but it can be done just as easily with US Dollars or Euros or Swedish Kronas or anything!

    The medium upon which the scam is facilitated is irrelevant, as it can be done with virtually anything of any value. It's about whether you are smart enough to do your due diligence and actually check up on the people you're dealing with.

    Fun fact: You can launder money with US Dollars too (and it's probably easier)

    It's volatility is inherent to any currency with such a (comparatively) small market capitalization. If the US dollar had a market capitalization the same as bitcoin, it too would be subject to such volatility.

    Fun fact: Making luddite-esque arguments without doing your research makes you look like an idiot.

  • WoW funny how everything people don't understand is always a scam

    Electricity, internal combustion engines, the telephone and the computer your reading this on were at one time all considered scams and were said to be just a fad (bubble) but crypto-currencies like bitcoin fill a much needed gap that government issued fiat currency, banks, Wall Street and money brokers all fail to. Will some people get rich? Will others loose money, maybe, yes.

    But in the end the wild fluctuations will even out and bitcoin will become a way for the people of the world to store and transfer value

  • Bitcoin reveals the real scam.

    What currency would you rather use?

    1) A currency where the government tells you:
    You will use this money, BECAUSE WE ARE TELLING YOU TO.
    This worthless paper money has value, BECAUSE WE ARE TELLING YOU IT DOES.
    You will accept this currency as payment, BECAUSE WE SAY SO.
    We can print as much or as little as we like, BECAUSE WE ARE IN CHARGE.


    2) A free (as in speech) currency where:
    People value the currency because they CHOOSE TO.
    People use the currency because they CHOOSE TO.


    Now, which one is the real scam here????

  • Nope. Not a chance.

    LOL! Perhaps those armchair skeptics might like to USE IT before denouncing it as a scam.

    Skeptics tend to also make the mistake of thinking of bitcoin as a "Thing". It is notable that the crypto finance world views bitcoin as a mere part of a much larger whole.

    For example, just look at the value of having Turing Completeness on top of a memory timeline with decentralized p2p communication : http://blog.ethereum.org/ ...And then there are the 100% POS solutions to the bitcoin hashing issue already up and running fine using the power of a pocket torch : http://www.nxtcrypto.org/nxt-coin/nxt-green-earth-friendly ...And what about the successful micro funding of charities (like http://doge4kids.org/) with Dogecoin in a mere few days?

  • I dont know what bitcoin is but i say thumbs up anyway

    Will fulfill its role. Maybe it does for a little bit but meanwhile A LOT of newly entrants are losing money in unviable fluctuations while people in the know, or the technogeek-geniuses, are making a killing by "pretending" to get their digital blocks compromised = only 46% of the pending transactions get refunded, if you're lucky enough to get a refund. Try searching up about these communities' no email back response on your cancelled transaction with your money floating in the air.

    Now, add drug lord money and corrupt gov't officials gambling their bribe money online for complete anonymity---do you see the bigger picture now? I'm sure there are bots tracking all our posts here in the digital cloud right now with the BIG 500 Companies doing analytics on the viability of this digital extension.

    Would yo

  • Anything can be a scam it depends on how it's being used..

    If you isolate bitcoin purpose it's just an electronic ledger keeping track of the transfer of bitcoins that's it period. This in itself is not a scam

    now profiteers are looking for ways to make money off of bitcoin any way possible. Selling them on ebay, trading them like stocks, charging a service fee to convert to cash, hacking and stealing them. I'm sure as time passes people will figure out more ways to make money legal or illegal.

    So if you get a email from a wealthy Nigerian prince asking you to send a bitcoin in exchange for untold riches..

  • But WE have Real Gold and Silver backing our money! LOL

    Bitcoin is a god-send in countries where their paper money is worth less then toilet paper. This is an open system, WHO is going to run away with all the money, the developer? Maybe he wrote in a secret back door and he's just waiting for the right time. Transfers grouped into blocks, miners solve block, completing the transfer and receive a small commission. I don't see the Pyramid? Just a$$h0le americans comparing a new thing, to the strongest currency on earth. Hey I know let's compare it to the Peso, or even a third word currency what then. Of course our government thinks and says it reeks of h@mmered $h!T it takes them out of the loop. I'm just guessing here but I'll bet the federal reserve doesn't think much of it either.

  • The only weakness is getting in.

    Once you have managed to store some value (i.E. USD) in BitCoin, the currency exchange at that point is nearly perfect. BitCoin is anonymous (like a chunk of gold in a safe-deposit box) and finite (like gold in the ground and elsewhere). It is also succinct - just like a particular piece of gold. Arguments against it as a means of value storage and exchange between people are purely aesthetic. 'I prefer a currency medium backed by force (a Government)' to 'I prefer a currency medium that can't be tampered with (mathematical science)'.
    Let's face it - government backed currencies are just that, and serve a market. Crypto currency is a technology backed currency that serves the same market, only beyond the border of government, subject only to the nature of 'thingness', not the arbitrary influence of politics. Yes, crypto currency is still subject to human forces, since to my knowledge they invent money and reinvent money every time they exchange it.

  • Check the facts.

    Sponsored by Microsoft, this company must have a solid support structure needed to become a company as it is. The fact that there are ATMs roaming around the world is solid proof that they aren't playing around. If something were to happen legally, they have no information against them but the fact that people aren't subject to change.

  • People are rich from it

    Came out at $0.03 and now its $7.2k per unit after 7-8 years.. You still call it a scam? Shame on you. You would have been the next millionaire but sadly you are not cos of your ignorance. BITCOIN is definitely not a scam. It is, cos u chose to believe it is.