Is Bitcoin a scam?
Getting a consensus of what Blind users think of btc.
It’s like a fake currency, anyone can print bitcoin like money through forking the open source code.
Except you would own a different currency. You can’t just fork and start mining. Similar to how Litecoin got started.
You could do same with cash, but it only works if people value it enough to use the money/crypto currency you make up.
I don't think Bitcoin is a scam but I would also never buy any. Bitcoin requires consuming large amounts of real world resources to create artificial value (currency). The value of Bitcoin itself is based on how much resources are needed to create any. This is not zero sum, it's basically a competition to see who can burn more energy at a lower cost. All it needs is enough people to say "fuck it, this is dumb" for the value to plummet.
Nah the value is derived from those who give it value, much like the dollar or any other non-gold backed currency. The only difference is that in the case of fiat, its value is determined by the government, whereas Bitcoin’s value is determined by the people. At the end of it all, the value is placed on both by people.
More energy at lower cost means finding the most efficient source of energy possible. It incentivized monetization of stranded and renewable energy. Imagine a solar power plant in the Sahara. Before Bitcoin it would have been unthinkable due to transport inefficiencies. Now, you could use it to mine Bitcoin.
The answer depends on whether you’ve “invested” in it already or not.
How would it be a scam? Did you mean useful vs not useful? That you could debate for sure.
I was being provocative, it gets the people going.
A government fiat currency falls when the government does. Or specifically, when the central reserve falls. Highly unlikely. A crypto fiat currency falls when people start using another one. Nothing in particular needs to fall, it can be a trickle death. That is why it is fundamentally less trustworthy as a store of value than a stable government fiat.
There is intrinsic value in bitcoin such that the cost of electricity is stored in the tokens. Whoever has the most efficient electricity costs can store the difference from mining on the coins they accrue
Wtf... A cost is not a value. After you pay it, it doesn't get stored in the object. I pay for a battery and I deplete it. The cost of electricity used is not stored in the value of the battery. The energy used to mine Bitcoin doesn't add to it's value, it actually if anything takes away from it because it's a cost that has to be paid continually
Fair point. You are correct about that. Bitcoin is never going away though. Once it nearly hit 20k every investment firm started wrapping bitcoin into their products. It's got the long game sealed already
Is money a scam?
No.
I had a dream last night where ETH was abandoned and BTC was stable at $10000.
i'm so fucked if ETH gets abandoned
The dollar is more scam than BTC
But it is more stable, so, in some fundamental sense, it does deliver the value it promises better than shitcoin.
Why dollar would be scam? The US became the most powerful economic from the end of 19 century, and still is. The dollar power just reflects the US economic power.
I believe people generally own bitcoin so that they can sell it for profit. Similar to gold, I dont think people see a value in it for e commerce. Just want to hold until they can turn a profit and sell. For that reason I sold a long time ago and never bought back in