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..............
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??
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.
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.
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.
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.
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.
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
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.
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?
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.
Your sitting in Syria and want to get your money out so you can take your family and run but the government has frozen everything. You take your cash and buy Bitcoin through the NET you escape to Greece and cash in your coins. Would that make Bitcoin more valuable than standard currency?
How could you say it's a scam if the person who created it isn't profiting from it. If so the us dollar is a scam because the government makes cash off it (i.E. Taxes) . So I can't believe that anyone could say that bitcoin is a scam it doesn't make sense.
It's incredible how much people are stupid. I've just read tons of opinions saying the first thing that springs to their minds. If you don't know how something works, go and study. You can't say that it's a pyramid scheme, come on. The basic principle of finance is that if many people want to buy something, the price surges. Not that hard to understand this. Also, people saying that "if you're good with a computer you can make bitcoin" is one of the most ignorant things I've ever heard.
Come on people, sit down and study a little, uh?
The situation at the moment is not ideal but the tech will make it happen in the long run. Blockchain makes it all open, but it is a kick in the ass of privacy. All your transactions will be seen. And it will soon replace cash.. The only real dirt money. The transfer of big money will give the people more equality if blockchain mainly stays decentralized. Personal responsibility will have to rise in economical sense.
Values are believes. Value holding assets, such as currencies, are symbols holding that believe. This applies also for status symbols which are priced according due to their emotional value, rather than their intrinsic value. For bitcoin the intrinsic value might be 0, but so what ? It brings it just to the extreme where the emotional value is 100%. And the good thing is: everyone knows that, so no disappointment is possible as there is no proof that it is a bubble. Bitcoin was honest form the beginning about it intrinsic value. Emotional values are the values of this and future times. People who cannot imagine this might be just not up-to-date. However, whether that value can grow to something stable is yet unknown. The future of bitcoin is still created and will show whether the believe holds. But people are very strong in believing. Still billions believe into the resurrection of a person who lived 2000 years ago.
It is open source and transparent, anyone can see the software code. It may be currently overpriced, or not, only the future will tell, but this does not make it a scam. Anyone claiming it's a scam needs to provide evidence/proof of this, and I have yet to see any evidence.
Faith currency??? Ha ha ha ha what fools you all are gold and silver physical you idiots!!!!!!!!!! This is worlds banks last corrupted stand !!! Someone sells 1 and trillion of gold in huge dumpoff right before markets open??? Hummmmm i wonder why??? Stop hateing on gold and silver you all will be begging for my silver coins at 50 an ounce in 1 years time from now!
Blockchain is new technology being adopted and offered by major IT players such as IBM. Bitcoin is the tenant and founding currency built on this technology; the supply is finite and it is backed by the processing power of miners and as a safe haven asset of sorts given it's decentralized structure which is not subject to any one single regulatory risk (though in aggregate, yes, their is regulatory risk as countries begin to understand the technology and either embrace it or try to stamp it out. Those who try for the latter will fail utterly).
Bitcoin rules are in a public open source code, so anyone can check if it's malicious. Fiat money (USD EUR etc...) are printed with fraud by private banks called FED, Euro Central Bank etc... They are PRIVATE BANKS.
Their corrupted members with the help of corrupted governaments, can do what they want to these currency.
With Bitcoin this is not possible because the control of bitcoin is distribuited in millions of computers in the world in different countries and running the bitcoin open source software.
No one can modify all the softares intallations in all these computers to get any malicious gain of it. Bitcoin is much more secure than your Dollar, Euros...
Bitcoin is the future.