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I have a question for Bitcoin bulls. My thoughts on Bitcoin have been well documented in a number of posts and comments over the last year. I have stated that it is a total scam, worth nothing, but as a speculation(ponzi scheme) many who were smarter and or luckier than I, have made fortunes. Good for them. That doesn’t change the fundamentals.(there are none) Blockchain is a different story. So the question for Bitcoin bulls is this. If 75% of the world’s bitcoin mining capacity comes from China and 90% of that is believed to be shut down because of China’s crackdown, how is bitcoin crashing when the increase in the number of bitcoins is so constrained? If it had any instrinsic value it would be rising because demand should be overtaking the reduced increase in supply. Even in the last few days, when the FED orchestrated shakeout of everything that competes with their fiat dollar has sold off, do you think that if such a similiar amount of the world’s oil production or gold and silver mines were shut down that wouldn’t result in higher prices for those commodities?
From what I’ve studied, Bitcoin truly is special, apart from all other forms of currency. What I’ve read about it has made me a believer, but I’m not rich enough for that kind of speculation. It’s an amazing concept that I don’t fully understand, another reason I don’t invest. It isn’t a Ponzi scheme in the classic sense. The programming behind it is improved each year making it more and more solid and a value system outside the banksters and government. Another reason not to invest is that any system outside their control could be made illegal to own. The only thing I think that will make it more valuable is if many countries start adopting it as their currency. I think Honduras has done so. If other countries start using it, it will be to their advantage for many reasons i can’t explain. But, from what I’ve read, it seems those reasons are legitimate and sound. It’s really not a scam, and unless you have done some research into it, it’s really not fair to call it that. I wish I had more time to research it because it is fascinating.
Bitcoin is a fraud. Legitimist use has declined in the past 3 years.
It takes about 1/2 an hour to complete a transaction, and he median fee to complete a transaction is about $20. Bitcoin is therefore useless for everyday transactions. How does that translate into a medium of exchange?
https://youtu.be/C9NBjAu44u4
Why Bitcoin is going to zero…
https://youtu.be/jFp86n7QCf0
Thank you Silver Fox. That was a very clear, intelligent review by the gentleman who made the video. I didn’t know about the tie in with Tether but I do remember hearing about Tether being a likely fraud and ponzi scheme. To hear and understand that it ties in with Bitcoin and all the rest just confirms to me that my instincts and natural skepticism are very likely correct.
I respect your opinion but totally disagree. The blockchain is what has value and will be adapted to other uses in the future. Bitcoin, like other ponzi schemes will eventually disappear when it tops out and stops making new highs. The only thing that keeps any ponzi scheme working is a fresh supply of new buyers to push prices higher(see dutch tulip bulbs). When that ends there is no one left to buy from anyone wishing or needing to sell. It isn’t an asset that has intrinsic value. A home where someone can live, a share of stock(ownership in a company that makes money) etc. Even a crop that one could eat. It is electrons that do nothing. No intrinsic value. Only worth what the next guy is willing to pay.(definition of ponzi scheme)