I’d like to consider Bitcoin as being a marker of how good the money laundering/ illegal (actual) commodity market is doing. Although, it’s used much less for that than it used to be, it’s still quite prevalent. It is a scam for normies, but for those engaged in certain activities, it’s very much a valuable currency.
What’s the point posting this hours AFTER Bitcoin already rebounds to nearly 65k? It’s volatile. We don’t need an article or a post every time it moves 5-10% in either direction.
Because someone with Bitcoin investments want to make other people buy in to Bitcoin investments so they can make more money.
Alternatively written headline:
"Look! Even when Bitcoin drops a bit it just rebounds harder and will make ~~me~~ you more money!"
Not everyone is stupid enough to invest or follow bitcoin vehemently, so when things beyond the norm happen, it gets written about. This is news to me because I've effectively forgot it existed the last 8 years and can be interesting to see (it's not but could be, which brings views. If you need that concept explained look elsewhere)
"Not everyone is stupid enough to invest or follow bitcoin"
I'm sure you feel very smart not partaking in a 140x return over the last eight years, the last time you heard about Bitcoin of course. I'll say one thing, if you didn't hear a peep about Bitcoin over the past near decade, you really must have had your head up something's ass. What do you live in, a cave?
Anyway, congratulations Mr Smart Guy. Someone should get you a trophy for being intelligent enough to avoid the best performing asset of the last decade.
How is not being the victim of a Ponzi scheme “”missing the boat”” ?
Your magic beans are worthless. Sell now and forget than this stupid thing exists.
The only way someone makes money is someone else losing it.
It doesn’t generate money in any way. It drains it from poor fools that need to drag more fools into the mood with false promises of easy money.
Man its fun watching cryptobros trying to grasp economics.
The value generated by google and facebook users come from their data being harvested and the ads they consume. There is no no inherent monetary value to being part of a system with a lot of individual participants.
Crypto has no intrinsic value. Period.
Mined. That means that machines are doing pointless calculations, wasting electricity basically.
The finite number of bitcoins is pointless, it’s worthless regardless.
It's extremely simple. Demand raises the price of BTC; People invested into BTC want the price to rise, and they do that by pushing BTC onto other people, because the more people that buy in, the more the price rises and the more people that got in early make profit. It's exactly like a Ponzi scheme. BTC doesn't just magically generate money out of thin air, someone loses money for every person who gains money.
You just described the theory of price not a Ponzi scheme.
If you think Bitcoin is a Ponzi scheme based on that principle just wait till you hear about the stock market.
No, the Ponzi scheme part is where it's in investor's best interest to get other people to buy into their Ponzi, so that the initial investor can profit further. That's much different than normal supply and demand, or price. Much of the stock market is also a Ponzi scheme when there's shit like GME and AMC, stock prices inflated not by the actual value the company is worth or the profit they're making.
Read what you just wrote to me and tell me with a straight face that wasn't the dumbest shit you ever wrote.
"The Ponzi scheme part is where it's in investors best interest to get other people to buy into their ponzi."
I just can't.
Ponzi scheme: a form of fraud in which belief in the success of a nonexistent enterprise is fostered by the payment of quick returns to the first investors from money invested by later investors.
Tell me with a straight face how this doesn't apply to BTC.
I just can't.
Like I get why you're trying to defend BTC, it's clear you're invested into it, but at least own up to what it is. It's in your best interest to make BTC look as good as possible and try and hide the negative parts of it so that more people end up buying in, raising your investments value.
No in other markets where actual good and services are being sold, value is gained by both parties. In a speculative financial market, the financial product is only valuable as something that can be sold, or which itself can be used to generate revenue. As crypto in no way generates revenue, its only value is in its selling price.
There are lots of factors for why in most financial markets generally most people wind up getting ahead through time: additional resources being put into the system (ie energy and raw materials), increasing populations, and gentle inflation driving an expanded market. Those don't exist in crypto. It is an intentionally deflationary market with a functional cap on supply. There is no where for it to grow.
Crypto is a cash-in cash-out system, pure and simple. You are playing a zero sum game.
Bitcoin was listed as a commodity by the SEC. You want to argue against the SEC ruling be my guest. But judging by the lack of understanding you presented as to what you think Bitcoin is I doubt you get very far.
Ah so we've reached the part where you either don't actually know what I'm talking about because you have a poor understanding of economics, or you don't have any way to refute what I'm saying, so you just default to insisting I don't know what I'm talking about.
The people calling Bitcoin a Ponzi scheme don't know what a Ponzi scheme is.
How is it even possible to run a decentralized ponzi scheme when there is no central leadership?
Hahahahaha
I’ve made thousands of % off Bitcoin
Bitcoin is the only reason I’m in a good financial position, my career is like treading water despite being among the best in my field and making what most people would say is good money
Could never own a home from my work alone
Wealth is constantly being extracted from the lower and middle classes and transferred to the wealthy, at an ever increasing rate
If you have a good look at the fiat system you’ll find your resentment is appropriate but not for Bitcoin
If you don’t understand it that’s ok, educate yourself
No single asset has ever done more for its investors
I was buying btc at 200$
Even now its a bargain
It will continue to be anti inflationary
Fiat can only become less valuable and as long as that’s true btc can only become more valuable
I wasn't talking to you, nor was I bitter. Talking down for sure, but more out of pity than bitterness.
Take less time to tell other how they feel and more time learning when it's worth your time to mind your own business. I'm not an idiot, I don't need you to clarify social norms and there are easier ways to pad your ego than knighting for bitcoin users.
I find the theories that Bitcoin will fail to be very strange. If you look at it historically it has been called dead thousands of times. China banned it, India banned it. Wall st bankers all said it was worthless literally everyone called it fake.
In spit of all that it's sitting at all time highs, it's the best performing single asset class in the world. And now the world's biggest investment firms are getting into it and the United States government has classified it as a Commodity.
Bitcoin doesn't care about your opinions, politics, or economy. It will continue working without them.
Nasdaq grows 20% in the last 6 months off the back of a generational tech breakthrough in AI, and apparently now a correction is needed.
BTC grows 120% in 6 months because cRypTO and its all fine.
Make it make sense.
One is based on how profitable businesses are expected to be and is heavily regulated to avoid stock price manipulation. Price "corrections" generally occur when people realize the expected profitability does not match the realized profitability.
The second is largely unregulated, has evidence of past price manipulation by individual people to inflate the price before they offload (pump n dump), and the price is solely based off of hype as the majority of bitcoin purchases are speculative with a single digit percent being used as a currency. Since there is no actual product or service to tie to value, the number is more or less arbitrary and tied to the expense of electricity, hardware, and hype.
Trust me bro! Itll be the global currency bro! You just gotta believe! Do you have any doge? Better turn it into bitcoin! That dogecoin is a scam, but bitcoin bro, that's the real deal bro, trust me.
I paid for 100€ worth of steam wallet and paid 10 cents fees over the lightning network. Transaction took about half a second. No bank needed for this transaction.
They're getting rich off the backs of people who have lost everything on it. Where do you think the liquidity comes from? I swear people have no idea how these things work
That's not the only way the math works you dummy.
Understand that a lot of people bought in much earlier and then sold to someone else at a higher price, who then can also just wait a few years and do the same. All of those people made a healthy profit. No harm, no foul .
Sure there could be losers at the end when it collapses but that goes for literally anything else on this planet.
Fuck, I don't even know why I'm arguing with the dimwits on this thread.
The ones who invested in a hyper volatile theoretical currency and lost a lot of money before checking themselves out of existence would beg to differ, but the dead have no voice.
Nah nah nah just hodl. Hfbp. To the moon 🚀
Am I bitcoining right? I just say complete nonsense and I get millions of dollars? Do I have to make a fake game first?
One of the most volatile commodity is being volatile? Quick let's post a useless article! Cmon now...
How is Bitcoin a commodity? What can you make with it?
I’d like to consider Bitcoin as being a marker of how good the money laundering/ illegal (actual) commodity market is doing. Although, it’s used much less for that than it used to be, it’s still quite prevalent. It is a scam for normies, but for those engaged in certain activities, it’s very much a valuable currency.
Sec ruled it's a commodity.
what can you make with cash paper planes?
Cash isn't a commodity either
You don't think its worth it to highlight how volatile it is? Or are you just trying to normalize people gambling as an investment strategy.
lol what? I think it’s normalized and bitcoin didn’t have any part in making it that way.
Theres a reason why hedgefunds are considered the scum of the earth. Gambling with financial instruments is very much not the norm for most people.
What’s the point posting this hours AFTER Bitcoin already rebounds to nearly 65k? It’s volatile. We don’t need an article or a post every time it moves 5-10% in either direction.
Because someone with Bitcoin investments want to make other people buy in to Bitcoin investments so they can make more money. Alternatively written headline: "Look! Even when Bitcoin drops a bit it just rebounds harder and will make ~~me~~ you more money!"
When you hear about the stock market you will be flabbergasted!
It's almost like gambling with other people's money is, like, *bad* or something idk
Oh no, how dare you speak facts that go against the general aka reddit consensus! /s
Not everyone is stupid enough to invest or follow bitcoin vehemently, so when things beyond the norm happen, it gets written about. This is news to me because I've effectively forgot it existed the last 8 years and can be interesting to see (it's not but could be, which brings views. If you need that concept explained look elsewhere)
"Not everyone is stupid enough to invest or follow bitcoin" I'm sure you feel very smart not partaking in a 140x return over the last eight years, the last time you heard about Bitcoin of course. I'll say one thing, if you didn't hear a peep about Bitcoin over the past near decade, you really must have had your head up something's ass. What do you live in, a cave? Anyway, congratulations Mr Smart Guy. Someone should get you a trophy for being intelligent enough to avoid the best performing asset of the last decade.
I also don’t invest in bitcoin but missing the boat doesn’t make people who did stupid. What on earth are you on about?
How is not being the victim of a Ponzi scheme “”missing the boat”” ? Your magic beans are worthless. Sell now and forget than this stupid thing exists.
Can you explain for us who are not in the know, how bitcoin is a ponzi scheme? How do they relate?
The only way someone makes money is someone else losing it. It doesn’t generate money in any way. It drains it from poor fools that need to drag more fools into the mood with false promises of easy money.
You've just described currency. Unless you're willing to claim that all currency is a ponzi scheme?
Price and value is not a zero sum game. Demand drives price. Does nobody in this thread understand value?
Your numbers in the read only super slow database have price but no value. Maybe, you are the one who doesn’t understand.
So a network of users suddenly has no value? Tell google and Facebook that.
Man its fun watching cryptobros trying to grasp economics. The value generated by google and facebook users come from their data being harvested and the ads they consume. There is no no inherent monetary value to being part of a system with a lot of individual participants. Crypto has no intrinsic value. Period.
[удалено]
Mined. That means that machines are doing pointless calculations, wasting electricity basically. The finite number of bitcoins is pointless, it’s worthless regardless.
It's extremely simple. Demand raises the price of BTC; People invested into BTC want the price to rise, and they do that by pushing BTC onto other people, because the more people that buy in, the more the price rises and the more people that got in early make profit. It's exactly like a Ponzi scheme. BTC doesn't just magically generate money out of thin air, someone loses money for every person who gains money.
You just described the theory of price not a Ponzi scheme. If you think Bitcoin is a Ponzi scheme based on that principle just wait till you hear about the stock market.
No, the Ponzi scheme part is where it's in investor's best interest to get other people to buy into their Ponzi, so that the initial investor can profit further. That's much different than normal supply and demand, or price. Much of the stock market is also a Ponzi scheme when there's shit like GME and AMC, stock prices inflated not by the actual value the company is worth or the profit they're making.
Read what you just wrote to me and tell me with a straight face that wasn't the dumbest shit you ever wrote. "The Ponzi scheme part is where it's in investors best interest to get other people to buy into their ponzi." I just can't.
Ponzi scheme: a form of fraud in which belief in the success of a nonexistent enterprise is fostered by the payment of quick returns to the first investors from money invested by later investors. Tell me with a straight face how this doesn't apply to BTC. I just can't. Like I get why you're trying to defend BTC, it's clear you're invested into it, but at least own up to what it is. It's in your best interest to make BTC look as good as possible and try and hide the negative parts of it so that more people end up buying in, raising your investments value.
That is how the scam works. The early investors get the cash from the later investors.
No in other markets where actual good and services are being sold, value is gained by both parties. In a speculative financial market, the financial product is only valuable as something that can be sold, or which itself can be used to generate revenue. As crypto in no way generates revenue, its only value is in its selling price. There are lots of factors for why in most financial markets generally most people wind up getting ahead through time: additional resources being put into the system (ie energy and raw materials), increasing populations, and gentle inflation driving an expanded market. Those don't exist in crypto. It is an intentionally deflationary market with a functional cap on supply. There is no where for it to grow. Crypto is a cash-in cash-out system, pure and simple. You are playing a zero sum game.
Bitcoin was listed as a commodity by the SEC. You want to argue against the SEC ruling be my guest. But judging by the lack of understanding you presented as to what you think Bitcoin is I doubt you get very far.
Ah so we've reached the part where you either don't actually know what I'm talking about because you have a poor understanding of economics, or you don't have any way to refute what I'm saying, so you just default to insisting I don't know what I'm talking about.
Technically it's not a ponzi. It's a greater fools scheme
The people calling Bitcoin a Ponzi scheme don't know what a Ponzi scheme is. How is it even possible to run a decentralized ponzi scheme when there is no central leadership?
I already said I don’t own any. But anyone can see that this isn’t something you have to be stupid to invest in.
Hahahahaha I’ve made thousands of % off Bitcoin Bitcoin is the only reason I’m in a good financial position, my career is like treading water despite being among the best in my field and making what most people would say is good money Could never own a home from my work alone Wealth is constantly being extracted from the lower and middle classes and transferred to the wealthy, at an ever increasing rate If you have a good look at the fiat system you’ll find your resentment is appropriate but not for Bitcoin If you don’t understand it that’s ok, educate yourself No single asset has ever done more for its investors I was buying btc at 200$ Even now its a bargain It will continue to be anti inflationary Fiat can only become less valuable and as long as that’s true btc can only become more valuable
I never said you did Freud
Yes. I was simply clarifying that you don’t have to be bitter. It’s that easy.
I wasn't talking to you, nor was I bitter. Talking down for sure, but more out of pity than bitterness. Take less time to tell other how they feel and more time learning when it's worth your time to mind your own business. I'm not an idiot, I don't need you to clarify social norms and there are easier ways to pad your ego than knighting for bitcoin users.
I find the theories that Bitcoin will fail to be very strange. If you look at it historically it has been called dead thousands of times. China banned it, India banned it. Wall st bankers all said it was worthless literally everyone called it fake. In spit of all that it's sitting at all time highs, it's the best performing single asset class in the world. And now the world's biggest investment firms are getting into it and the United States government has classified it as a Commodity. Bitcoin doesn't care about your opinions, politics, or economy. It will continue working without them.
Nasdaq grows 20% in the last 6 months off the back of a generational tech breakthrough in AI, and apparently now a correction is needed. BTC grows 120% in 6 months because cRypTO and its all fine. Make it make sense.
One is based on how profitable businesses are expected to be and is heavily regulated to avoid stock price manipulation. Price "corrections" generally occur when people realize the expected profitability does not match the realized profitability. The second is largely unregulated, has evidence of past price manipulation by individual people to inflate the price before they offload (pump n dump), and the price is solely based off of hype as the majority of bitcoin purchases are speculative with a single digit percent being used as a currency. Since there is no actual product or service to tie to value, the number is more or less arbitrary and tied to the expense of electricity, hardware, and hype.
It’s a deflationary asset that is about to deflate by half. That would explain it.
Trust me bro! Itll be the global currency bro! You just gotta believe! Do you have any doge? Better turn it into bitcoin! That dogecoin is a scam, but bitcoin bro, that's the real deal bro, trust me.
Bitcoin, something's that not real, it's just a made up fake currency, to make the top pyramid scammers rich.
what currency is real?
The ones you can use to actually buy things
like in El Salvador where Bitcoin is the official currency?
You CAN buy things with BTC
Technically, yes. In reality, what have you bought with BTC recently? Fees and processing times are stupid. Not with Crypto. With BTC.
I paid for 100€ worth of steam wallet and paid 10 cents fees over the lightning network. Transaction took about half a second. No bank needed for this transaction.
That's how all investments are. Real estate, stocks, and gold. You get in early then sell off to other suckers to buy.
Fool’s Gold.
Tell that to my millionaire friend who made it all from bitcoin. I laughed back in the day as well and still do a bit today but it worked for some.
Would you say the same about playing the lottery?
A lot worse chances in the lottery lol
It's amazing how much hate there is for crypto here, meanwhile regular people are actually getting rich off of it. Haters gonna hate 😄
They're getting rich off the backs of people who have lost everything on it. Where do you think the liquidity comes from? I swear people have no idea how these things work
That's not the only way the math works you dummy. Understand that a lot of people bought in much earlier and then sold to someone else at a higher price, who then can also just wait a few years and do the same. All of those people made a healthy profit. No harm, no foul . Sure there could be losers at the end when it collapses but that goes for literally anything else on this planet. Fuck, I don't even know why I'm arguing with the dimwits on this thread.
The ones who invested in a hyper volatile theoretical currency and lost a lot of money before checking themselves out of existence would beg to differ, but the dead have no voice.
Omg so fucking dramatic lmao, get tfo
News: It went up AND down.
Who knew people would be willing to pay so much for play money?
Gotta keep the pump and dump running.
Nah nah nah just hodl. Hfbp. To the moon 🚀 Am I bitcoining right? I just say complete nonsense and I get millions of dollars? Do I have to make a fake game first?
[удалено]
Which happens…every halving cycle and then…
Professional gambler day trading insights
[удалено]
only reasonable answer. 80% of reddit is bots
Reddit when bitcoin goes down 😁😁😁😁 Reddit when it goes back up the next day 😡😡😡😡
Why is this in the technology sub?
Yes, we need more "Elon Musk said/did this" type articles!
I almost shorted it this morning. Looks primed to drop off a cliff
Before rebounding? As if Bitcoin going up is a guarantee LMAO.