Copy of - Bitcoin is the greatest scam in history

About: Bitcoin is the greatest scam in history - Recode

This article should be in the Bitcoin group … but that group is closed to new articles. Would be nice if it were to get moved there.  
 

It’s a colossal pump-and-dump scheme, the likes of which the world has never seen.

1. Means of Payment. Bitcoins are accepted almost nowhere, and some cryptocurrencies nowhere at all. Even where accepted, a currency whose value can swing 10 percent or more in a single day is useless as a means of payment.

2. Store of Value. Extreme price volatility also makes bitcoin undesirable as a store of value. And the storehouses — the cryptocurrency trading exchanges — are far less reliable and trustworthy than ordinary banks and brokers.

3. Thing in Itself. A bitcoin has no intrinsic value. It only has value if people think other people will buy it for a higher price — the Greater Fool theory.

Most heavy users of bitcoin are criminals, such as Silk Road and WannaCry ransomware.

Because it is so compute-intensive, it takes as much electricity to create a single bitcoin — a process called “mining” — as it does to power an average American household for two years. If bitcoin were used for a large portion of the world’s commerce (which won’t happen), it would consume a very large portion of the world’s electricity, diverting scarce power from useful purposes.

See the about article for much more ...

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  1. AA
  2. OOB

Comments


Mark de LA says
too bad you don’t know shit about it!
Meanwhile the Congress & Potus spend ~ 4/trillion$$$ slightly more than the taxes being collected each quarter influenced by the swamp of corruption etc.  Silkroad has been gone since Oct. 2013.

Mark de LA says
it is not in group bitcoin et alia either .. bitcoin might be a competitor of PayPal – hence negativity except PayPal still goes through your bank cards or banks & is no better than credit cards.. Currently the status of bitcoin is ringing out the bugs, security, consensus etc .  not ready, & probably will not become , one size fits all alternative to regular fiat currency which is manipulated by countries & power brokers.  As #AA explains there will be many digital crypto currencies competing.  Illegal money-laundering happens with all things of value & trading. Evolution will wring out the bugs. #AA advises not investing at this time any more than you won’t ming losing.  Good testing going on now because there is a “honey pot” – millions of dollars (or other) of bitcoin circulating & many hackers “testing the system” to get at it.  So far so good.  The exchanges are the weakest link xor money machines connected to a bank connected to bitcoin etc. At the beginning of the Internet it developed fast because of sex .

Mark de LA says
YOU put it here!  Some of your points are inaccurate.  The system has built-in consensus rules including changing the blocksize; no more illegal activity than in other means;  the electricity is part of the security so not everyone can do it although they could at the start.  I’ve posted enough videos that you should probably know this by now.
BTW, there are Two quadrillion one hundred trillion satoshi (smallest unit) as the investment goes up a single coin may not be affordable & smaller units are used – see https://www.reddit.com/r/Bitcoin/comments/43i66p/how_many_satoshis_are_there_2100000000000000/

Mark de LA says
I think I created group bitcoin et alia so that I did not have to read your arguing etc. So far nothing you have written has not already been discussed in the videos & the written material. My purpose is to independicise economics, in so far as possible, from governments & the swamps here, domestic & foreign.  #AA at least has some agreement with that purpose although his twitter has a lot of leftie ideas in it.  A good idea may show up anywhere, not all just in one’s own tribe.  There are lots of crypto-currencies – not all of them bitcoin. Bitcoin is open source, many others have used some of the code.

Mark de LA says
Generally I like to read because I can skip ahead & speed-scan through bullshit. #AA’s videos are an exception – his books are in github. Sometimes he mentions something I need to look up in a separate place. 
OTOH, Some videos I just like to watch.null

Mark de LA says
Not really, but I will put a copy there if the system lets me.

Mark de LA says
apparently some shit got orphaned – dome default I guess.

Mark de LA says
If I can’t get my comments to show, I will delete the item here.

Si says
I don’t see as any of the comments are needed. Just delete your orphaned ones. I already deleted mine.

Mark de LA says
Frankly I don’t see why your item is needed either … so ….

Si says
Well, if all content in print was only what one person thought was needed ….

Mark de LA says
you brought it up ...

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