Microsoft stops accepting #BITCOIN - crash incoming? bubble burst?

[Dangg]

The sooner people realise that, they sooner they get off the hype train with minimal losses (or some gains if they manage to convince some suckers to buy their coins at higher price).

Is that what makes a pyramid scheme?

I try to sell of my stocks to some sucker for a higher price, didn't know I was involved in a pyramid scheme.

[Minikin]

i love how for the past year or so threads like these "oh God the world is ending!!!111" show up everytime there is a hodl moment. its just more widespread now because all these late adopters and their grandmothers are panicing over a 30% drop. For anyone who got into this 3ish years ago, this is a normal state of affairs.

[Deleted]

I think you meant ponzi scheme, not pyramid. Anyone calling Bitcoin a pyramid scheme is clueless about crypto-currencies.

Probably you are right. Its not exactly pyramid scheme, but close enough, so lets call it ponzi scheme.

Key is its a big scam. Unlike real currency, this digital currency has no tangible value behind it. Price goes up only because of hype that creates demand.

[Dangg]

Key is its a big scam. Unlike real currency, this digital currency has no tangible value behind it. Price goes up only because of hype that creates demand.

Does that really matter? If you would be smart you still could use it to earn real life $$$. Even people who are aware that it is a scam can earn money.


There you go

https://captainaltcoin.com/how-to-short-bitcoin/

[breadisfunny]

Is that what makes a pyramid scheme?

I try to sell of my stocks to some sucker for a higher price, didn't know I was involved in a pyramid scheme.

wall street is a scam and should be eradicated.

[Barael]

Also: Banks take taxes? Where I live, the state does.

Does the state then stuff them in a mattress over there or...?

[crewskater]

Actually yes, you are right. I've confused those two.

Key is its a big scam. Unlike real currency, this digital currency has no tangible value behind it. Price goes up only because of hype that creates demand.

I highly doubt it's a scam. Some form of crypto-currency will replace what we currently have. You can only have a finite amount of Bitcoins which already makes it better than the dollar which is backed by NOTHING. The dollar has no tangible value behind it either.

[ramayana1423]

I love people who are completely ignorant about crypto constantly trashing it and trying to predict it's demise.

[ati87]

And what is gold's inherent value and where does it come from? Also: Banks take taxes? Where I live, the state does.

Gold has allot of speculative value but in the end you have a use for it outside of jewelry which is a personal thing (like art which is also overvalued)

But still, gold has a industrial use so it will always have a value. What's the value of bitcoin or the altcoin? You aren't buying a company (which has a value) or a product.

[matt4pack]

I highly doubt it's a scam. Some form of crypto-currency will replace what we currently have. You can only have a finite amount of Bitcoins which already makes it better than the dollar which is backed by NOTHING. The dollar has no tangible value behind it either.

The value of the dollar is that it's stable and can actually be used as a currency to buy legit stuff which means it can be used to run an economy. Trying to run an economy with crypto and it's volatility would be a disaster.

Funny all you hear about is how much cypto is worth in dollars amounts and all the people getting rich off it would do so by cashing out for dollars.

[ati87]

Is that what makes a pyramid scheme?

I try to sell of my stocks to some sucker for a higher price, didn't know I was involved in a pyramid scheme.

The person on the other side buys a part of a company, what are you buying when you buy bitcoin?

[Bigbazz]

What's so stupid about people calling this a Ponzi or pyramid scheme is that they must have no idea how either of those scams even work in order to claim bitcoin is that lol.

Also Microsoft is backing an alt coin.

I think Bit Connect is a Ponzi scheme, there are certainly a few of them within the cryptocurrency world but Bitcoin is not one of em.

[oplawlz]

All it will take to bring it all crashing down is for the EU, US, China to make it illegal...throw in a few other states..... Or for Governments to declare they are taking it over and away from whoever is in control.

Can't be done. That's the whole point of cryptocurrencies - they can't be controlled or traced by any entity, government or otherwise.

[ati87]

I love people who are completely ignorant about crypto constantly trashing it and trying to predict it's demise.

You don't understand Bitcoin.

Bitcoin is a pyramid scheme, in a sense it's a zero sum game because your gain is someone’s loss since you aren't creating any value outside of speculation.

People stepping in Bitcoin thinking it's a investment don't understand this basic concept. Consider this something similar to a crowdfunding website, you technically aren't buying a product when you spend money on kickstarter but since people think they do the disappointment is great when they don't get the product they expected.

You now have company's changing their name to Blockchain to get more stockvalue.

[Kujako]

Can't be done. That's the whole point of cryptocurrencies - they can't be controlled or traced by any entity, government or otherwise.

Of course they can... that's the whole point of the block chain. All you need is a given users pseudorandom id token (taken from their computer for example) and you can look up every transaction they've ever made. It's anonymous (ish), not untraceable.

[Toogoodman]

Good move.

Bitcoin is just like pyramid scheme. It has no tangible value. The sooner people realise that, they sooner they get off the hype train with minimal losses (or some gains if they manage to convince some suckers to buy their coins at higher price).

Bitcoin, like all modern currency, is simply a store a value, and thus has value. There is a finite amount of the coins that can ever be mined, and thus as more people want them, they go up in value.

Remember, all money must have 3 functions to be a proper currency, and they are

1) A store of value - there are limited amounts of bit coins, and a heavy demand, thus a store of value
2) A medium of exchange - People and markets accept it as tender, thus it functions as a medium of exchange
3) A unit of account - It is a countable item that can be physically used to exchange hands (even in a digital sense)

What makes this so appealing to EVERYONE is the fact that it is 100% disconnected from central banks, making it immune to volatility within countries, its volatility is derived from supply and demand. Think of it like gold, there is only so much, and everyone wants it to keep their money safe, if there is a large market downturn, expect bitcoin to SKYROCKET in price.

[THEORACLE64]

for when you order a pizza and want to wait 4 hours to have the transaction confirmed.


or use an atm and wait 1 ~ 72 hours for your cash:

push the buttinnn.

[AeneasBK]

Yep. Getting suckers to buy something that has no real value, making a profit, then suckers are either stuck with that crap or they need to get more suckers to buy it. Bitcoin behaves exactly like that. Anyone promoting bitcoins is either clueless or has some coins to unload, so interested in promoting it to get prices up.

NO man, we just don't understand, man.

[crewskater]

Can't be done. That's the whole point of cryptocurrencies - they can't be controlled or traced by any entity, government or otherwise.

That's not entirely true. They can track bitcoins even after they've been tumbled. When you transfer money to the blockchain its made public so everyone on the network can see your transaction. You're right though that it's decentralized and can't be controlled. You take down 1 node and 50 more pop up.

[unbound]

Volatility is the biggest issue more than anything else that prevents bitcoin from being a viable currency.

That doesn't mean that you can't make money off of it if you are an investor, but you can't run business operations based on a currency that may drop in value in the matter of a few days or hours.