Bitcoin is imploding — here’s where bitcoin bulls and bears see it headed from here

[AeneasBK]

You and the other idiots also claiming bitcoin is a scam might also observe that is 4400% up on 2011, and made a ton of people millionaires.

Dumb-ass burner account aside, isn't that what scams do?

[stomination]

I made 700 bucks. Im okkkkk

Pretty much I made some money.....

[Themius]

Dumb-ass burner account aside, isn't that what scams do?

No... it isn’t. Stop trying to make this fit. It doesn’t.

[Raelbo]

It's always nice to feel vindicated. And honestly I don't give two hoots for all those greedy people who lost money.

Bitcoin itself isn't a scam. But the way in which it was being traded pretty much was. The scam was that Bitcoin was sold as something that it wasn't - namely a currency which should be expected to grow in value over time.

There was zero reason for the massive price inflation other than greed driven hype. It was nothing more than a massive bubble, with scamsters doing their best to sucker people into buying into the bubble so that they could make a quick buck before the whole thing burst.

Hopefully now that the price has made it a loss to keep mining the damn things, people will stop. The algorithm will adapt and the price to mine them will come down to a more reasonable level.

[AeneasBK]

Bitcoin itself isn't a scam. .... with scamsters doing their best to sucker people ... ...

Okay then.

[Raelbo]

Okay then.

Well if you're just going to snip half of the relevant information, don't surprised when what comes out no longer makes sense. Like your previous comment

Dumb-ass burner account ... isn't ... what scams do...

[Gangresnake]

Worth adding that in 2001 you'd find all the same bullshit artists you see in this thread going on about how amazon or tech companies were just another scam. Mysteriously you never hear from those people any more.

Amazon and Tech companies actually produce a service that people want, BTC is a giant unregulated lottery where the total sums of all the gains is equal to the total sums of all the losses.

It went through a lot of cycle and up and down, a lot of people made money, mainly very organized conglomerates, a lot of people lost money, houses, cars and even their own life. The cycle keep repeating itself with more and more people, and more money. I dont know if there's enough social credits for another cycle, but there's definitely a pyramidal aspect to these.

[AeneasBK]

Well if you're just going to snip half of the relevant information, don't surprised when what comes out no longer makes sense. Like your previous comment

For clarity I wasn't particularly arguing with your point, its basically the same point all the people calling it a scam are making.

Property isn't a scam, but there are a lot of scams surrounding it etc. etc. etc.

[Dangg]

It's going back to tripple digits. I'm in a short since 6800

[Raelbo]

For clarity I wasn't particularly arguing with your point, its basically the same point all the people calling it a scam are making.

Property isn't a scam, but there are a lot of scams surrounding it etc. etc. etc.

Fair enough.

The reason for my comment is that the Bitcoin Knights will argue until they're blue in the face that Bitcoin isn't a scam, while others will argue that it is. By drawing a distinction one can see how both arguments are valid, but how one of them is irrelevant.

[Navitas]

This thread is gold. I expected a thread on Bitcoin to go down like a lead balloon on MMO-C and you guys haven't disappointed.

I look forward to your buying my bags when BTC hits $100k and you realise just how wrong you all were and you try and get in at the top of the next bull run.

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It's going back to tripple digits. I'm in a short since 6800

$3k is on the cards, we won't see triple digits again though. Kudos on shorting at $6.8k though and not getting squeezed out though.

[Vathoren]

ITT: Smug idiots who don't understand how the blockchain, cryptocurrency or currencies in general work getting an unwarranted I-told-you-so boner.

[Xjev]

In what way was it a scam?

Creating an unreal expectation that a hash string will be worth 100,000$+, and such an unbalanced distributed token will be future of currency. It was a massive FOMO scam.

[Deleted]

bought a few back in the day and sold em for £14,000 each, i had 3 full coins - paid of some mortgage, happy days, and at the time wife said, waste of money !!!

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Creating an unreal expectation that a hash string will be worth 100,000$+, and such an unbalanced distributed token will be future of currency. It was a massive FOMO scam.

no different to real trading, when i buy a barrel of oil - i want that oil , but no i never see it.
its all hypothetical

[Osmeric]

Bitcoin is what Beanie Babies would be if they were made out of computation.

[Themius]

Creating an unreal expectation that a hash string will be worth 100,000$+, and such an unbalanced distributed token will be future of currency. It was a massive FOMO scam.

Bitcoin never created any unreal expectations. Bitcoin itself is again decentralized so this notion of a central authority controlling it for the purposes of scamming is flawed.

So is AMD a scam?

[Travis B]

no different to real trading, when i buy a barrel of oil - i want that oil , but no i never see it.
its all hypothetical

That's a poor analogy. A barrel of oil has an intrinsic value to it, whereas a Bitcoin does not.

[Realitytrembles]

Bitcoin is what Beanie Babies would be if they were made out of computation.

Well said.

This hipster E-money bs can go f itself. I'll stick with currencies backed by the good faith and credit of elected governments, thanks.

[Deleted]

Amazon and Tech companies actually produce a service that people want, BTC is a giant unregulated lottery where the total sums of all the gains is equal to the total sums of all the losses.

It went through a lot of cycle and up and down, a lot of people made money, mainly very organized conglomerates, a lot of people lost money, houses, cars and even their own life. The cycle keep repeating itself with more and more people, and more money. I dont know if there's enough social credits for another cycle, but there's definitely a pyramidal aspect to these.

Your blissful lack of awareness that people said virtually identical things about tech in 2001 is hysterical.

The point about Bitcoin since it seems to elude everyone: it can't be devalued by the government printing more bitcoins, so it can't be taken from you, it can only be devalued through supply and demand. It is a sensible hedge against mainstream currencies for that reason. Every idiot ranting about bitcoin being a ponzi scam fails to understand that bitcoin reduces your portfolio's volatility when held as a hedge against almost every other asset.

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Well said.

This hipster E-money bs can go f itself. I'll stick with currencies backed by the good faith and credit of elected governments, thanks.

Then you would be a moron given that world governments have been printing money for the last ten years, devaluing the currency in your pocket, in order to enrich bankers. That's why prices shot up.

But hey world governments are RESPECTABLE: they wear suits as they are raping your wallet.

Cue more financially illiterate BS from dumbfucks who didn't understand anything I just wrote...

[Mister K]

Bitcoin is great but not efficient. It also has a great monopoly and power over what the crypto-market does. Also the implosion is also due to extreme hype specially pushed by media late last year / early this year.

Will it die? Possibly, non can truly say. Is crypto a pyramid scheme? Some yes, others no.

Crypto has its place, and old men behind their lawns cannot see the value and it is why it is far from general adoption.

CAN YOU STILL MAKE MONEY?
Yes if you watch the market daily and play the risky game of improving your position within the market. This may lead to a fucking heart attack, it is VERY nervewracking.

It will NEED to die to pave way for more efficient crypto, or improve upon its already dating technology to sustain itself for future.