>Price today is over $5,600
How is Bitcoin not a scam or a ponzi scheme?
I mean I get there is a finite amount of bitcoin but there is also an ever increasingly growing number of companies doing nothing but trying to make as much money as possible off of bitcoin? How is this not a ponzi scheme or a scam?
Bumping!
...
The problem with bitcoin is everyone is betting that one day it will be widely used by normies outside of black market. With the ridiculously long transaction times, fees and general hoops customers would have to jump through, the chance of that ever happening is very unlikely. What is likely to happen is another currency which fixes all of the flaws will replace bitcoin and bitcoin will crash and burn. THAT is the currency you should be investing in.
E t h e r e u m
Its doesn't meet the definition of a ponzi scheme. The term you are looking for is "bubble".
It is a scam in the sense of it being an actual currency.
Why do you think it keeps crashing by 25-30% every now and then? Because it's a money maker that can be easily used by everyone.
Do you remember finding the PERFECT money making methods in WoW or Runescape or whatever. Making you a TON of [insert game currency here] in a short time? Well that's BTC for you.
You can avoid taxes altogether with it.
That's very valuable.
Thanks, but I'll wait for a legit coin backed by financial institutions. They are coming, we all know it. Alt-coins are just fundraisers for dev cycles without the guarantees offered by legit stock.
The question is if there will ever come a time where it's commonly used outside of buying drugs online.
I mean I just don't see this happening right now.
>(((financial institutions)))
Good goy.
The value of where it's at now is absurdly high, I think it will take a serious dip eventually.
You realize those "financial institutions" are how the government tracks you right?
Yes, they are bad, evil, whatever you want to call them.
but wishing them away won't work.
You don't have to wish them away - you can circumvent them entirely with crypto-currency.
They're literally helpless if you don't use banks.
I bought food and stuff for it back in 2013. But yeah, normal people won't start using cryptocurrencies because it's too complicated to learn about.
The only way for it to actually happen is if countries pushes their own crypto's, hence forcing people to switch. BUT I don't think that will happen, since it's way too much work and will take decades.
Who says it's absurdly high?
The truth is that nobody knows the value of it, which is why it might go to $30k, or $50k, or back down to $1k. Nobody knows.
Dude Bitcoin is not practical at all to use right now. Who are you kidding? Chances are the banks are just going to roll out their own criptocurrency and wreck this little kiddy shit.
God damn, you are already bad enough trip fagging and memeflagging. Please get the fuck out of here.
Uh so you didnt hear about the crypto ruble?
A crypto-currency where you can and will be tracked and have your assets taken by tax dolts is less valuable than a crypto-currency wherein that doesn't happen.
If you could avoid paying any taxes whatsoever, why WOULDN'T you? Do you feel charitable when you look at the payroll tax stolen from each of your checks?
No, you cant. You are just daydreaming of an over-simplified world.
Just because you are getting away with some shit now doesn't mean that you could still get away with it in a world where bitcoin was actually implemented as a currency.
have another (((you))) you utter cuck faggot
It is absurdly high. What the hell can you even buy with it on a regular basis?
What are you talking about. There are loop holes to avoid paying taxes all together and people use them all the fucking time AND LOOK NOBODY CARES IN AMERICA.
Do you know how crypto-currency works?
Please tell us how even in principle the IRS can track your assets traded only via crypto-currency.
Please enlighten us!
How do you buy food with Bitcoin?
It is a Ponzi scheme. You can make money on it so long as you don't get greedy. If you've doubled your money or greater sell now. There have been all kinds of threads the last couple weeks, likely trying to get plebs to get on board to bring up the value right before the big shareholders dump it all. Classic pump and dump.
They're not "pay 0 taxes" loopholes - they're (((deductions))) and cash transactions that employers are scared to utilize, because cash payments can be tracked if tax goons really have it out for someone.
A crypto-currency is safer and easier than any other tax-evasion method.
I'm willing to buy it again if it dips hard. It is a stupid way to make money right now and I can't believe it's working.
Because it actually has useful properties.
Bitcoin is garbage.
Move your business to Puerto Rico.
I never bought bitcoin for the sake of it's increasing value, just to buy things off the darknet.
But it's been steadily rising for non stop. Won't there come a point where it must crash? Entropy must come at some point, otherwise everyone here is a sucker for not spending everything they've got on bitcoin if it's guaranteed to increase forever.
I mean if there's someone who happens to have like a ton of bitcoin from when they worth less than dust and is now a billionare, where does that money come from?
Not really, you think like a kid or a teenager. A majority of the world isn't scamming to get by even though there are a lot of people who do. The law prevents people from doing that for the most part so if bit coin does become more commonly used by society than you can expect it to be implemented into the tax code as well.
I did, but there's barely any information on it and I doubt BIG TIME that it will replace the ruble.
It will be a part of their economy but the main reason for them doing it, is to beat Europe to it. Which the russian minister stated.
It's not absurdly high if people don't know the value of it.
Jew banksters said it was absurdly high and that it would never reach $1000 in our lifetime when it hit $500 a few years back.
You go to a small store that accepts bitcoins and pay with your phone
Keep ridiculing. It will haunt you forever.
>crypto-currency
>implemented into the tax code
You REALLY don't understand what a crypto-currency is. They CAN'T track people's transactions. And if they can't identify traders or track their transactions, they can't TAX THEM.
Jesus Christ - learn what you're talking about you autistic dipshit.
The intelligence agencies use it to fund secret programs that are off the books.
They have virtually unlimited computing power so you can bet their capitalizing on it.
so bitcoin will do well, right?
This has got to be bait, but have a YOU anyways.
South american cartels were slow adopters. Chinese meth manufacturers kicked off the first spike. Its money laundering and anonymous purchasing fullstop.
it is already haunting me but i can't get in now, no way
Bubbles operate in a manner consistent with a Ponzi scheme. It requires ever greater money to be poured into it to prop it up.
No you don't get it dude because they will find a way. The major banks still pull the strings and are in the process of making it it's bitch.
Get fucked you little kiddy dip shit.
More Please :3
>Jew banksters said it was absurdly high and that it would never reach $1000 in our lifetime when it hit $500 a few years back.
You still didn't answer my question though about how it's even practical at this point.
There tends to be a problem when there is no inherent value to something but the price for it is high yet it isn't practical at all to use. Not only that but the IRS is trying to crack down on it to stop faggots from avoiding taxes.
THERE IS NO WAY.
YOU CANNOT IDENTIFY PEOPLE BY THEIR ACCOUNTS UNLESS YOU LITERALLY FIND SOMEONE USING THEIR PASSWORD TO THEIR ACCOUNT TO ACCESS THE LEDGER.
There's already several levels of abstraction up. Its only going to get worse.
Pure bitcoin is unusable for the masses.
>being naive 12yo namefag
Its ok if you dont get it, someday you will. hang in there, kiddo.
>I don't think crypto-currency will work because I don't
wew
rly jogs my noggin almonds
>As if there simply won't be a back door designed for them into your wallet
Not only that but honestly dude, there is no security in it because anyone that steals your wallet can get away with taking all of your shit.
If this shit ever becomes mainstream it will be used to fuck you.
Yes, space fleets are not cheap.
it already doesn't work though. Coinfags just wont admit it.
THERE CAN'T BE. THEY DO NOT HAVE THE LOGISTICAL MANPOWER TO MONITOR EVEN A TINY FRACTION OF BUSINESS ACTIVITY WITHOUT BANK LOGS IDENTIFYING PEOPLE AND THEIR DEPOSITS AND TRANSACTIONS.
Jesus FUCK you're stupid.
It's when you try and realise your ill gotten gains by depositing into a legitimate bank.
The bank reports tax authorities of >5g deposits
they'll go away like the milkman and iceman
they're scared
It does, and there are more places every day that are accepting crypto-currency for transactions as a matter of fact.
>ill-gotten gains
Why are my gains ill-gotten just because I'm keeping them in a medium that tax goons can't get to?
so your argument is that if its value increases then it must be a scam. i guess that google (alphabet), amazon and apple are also scam.
as for companies jumping into bandwagon, it's called network effect and the more it's used the more its price increases.
tl;dr: YOU'RE A RETARD, OP. nocoiners deserve to stay poor.
>The problem with bitcoin is everyone is betting that one day it will be widely used by normies outside of black market.
I don't understand why do you think that. BTC already is in the very good place as uncontrolled by "them" transaction method and treasure.
It's an appreciating asset. Appreciating asset =/= ponzi scheme.
Because the society that allows you to be edgyfag is paid for through fair taxation, you need them to live off of.
You are leeching.
just give up already, man. nocoiners are a lost cause, they won't start adopting it until it will be 100.000$ and in the meanwhile we'll already be multimillionaires
I dunno its almost like being able to open an anonymous bank account and send money that cant be taxed anywhere in the world is like valuable or something?
Government goons are the ones leeching. They're threatening peaceful people with violence if they don't have over their shit.
What you're saying is akin to saying that if the mafia mugged me or threatened to mug me, and then built a sidewalk around my house without my consent or agreement, that I would magically owe them for doing so. That's moronic.
>It does, and there are more places every day that are accepting crypto-currency for transactions as a matter of fact.
Yup, and most people are using shit like coinbase or mtgox and pissing away all those advantages of safety, anonymity, etc.. because using pure bitcoin is just dumb.
>I mean I get there is a finite amount of bitcoin
That's no true, is it? I thought the initial mining represented the electricity spent calculating the difficult maths equation to make a new coin?
It's only lately that it's cheaper to buy existing coins 'cos there are so many?
If you could smuggle a dedicated mining machine into work and plug the crafty little fucker in for a few years, it's be "free" money.
No dude you are because you think it won't come down to that. If the bankers decide fuck it let's destroy all financial institutions and replace it with one and chip everyone it will happen and they will use their own shitty cryptocurrency with it.
I don't think bitcoin has much time left, this over valuation will drop and once it does it won't ever go up again
>BUT I don't think that will happen, since it's way too much work and will take decades.
Any gov can easily make and enforce crypto's use.
>The truth is that nobody knows the value of it, which is why it might go to $30k, or $50k, or back down to $1k. Nobody knows.
It has no use outside of a medium of exchange.
>if the bankers decide
It doesn't matter what bankers do - they're slowly becoming less relevant. As a matter of fact.
>what is the difference between a bubble and a ponzi scheme
bitcoins are worthless but the technology behind it is worth billions
3rd worlders and other economic illiterates seem to think that buying bitcoins will somehow allow them to profit of the future succes of the blockchain technology
Ripple xrp. Conference this week with Ben Bernanke speaking.
>How is Bitcoin not a scam or a ponzi scheme?
Because it isn't masterminded and controlled by a single entity or group, like the Madoff-scheme for instance. It's a commodity that's traded for a value dicated by market powers... Mostly the desire to make loads of money fast. If I had to compare it to anything, I'd say something like the 90s internet bubble, or perhaps even more accurately: The Tulip Mania of the 17th century in Holland.. The Dutch term is 'windhandel'. Trading in wind. It's literally nothing, but people sometimes pay lots of money for nothing, if it's fluffed up enough.. And bitcoin is the talk of the hour... Kids who have legit not finished high school are bragging about their latest 'aquisitions' during lunch at work as if they were day-traders.
I thought a Ponzi scheme means "robbing Peter to pay Paul, so that Mary, Mitch and Mungo see and think 'hmm this is a good deal' and they all sign up and you steal all of their money and run away?"
Bitcoin is more like "hmm, I like heroin, but don't want to risk paying for it with my credit card".
You do know that (((financial institutions))) will never approve something like but coin because they cant control it
Super insightful. Thanks for the groundbreaking advice, user
The amount of bitcoin is finite. When the mining ends (no more new coins to be mined), mining will be done for (((fees))). Remember that mining makes this whole thing tick so its not optional.
Lost coins are lost forever.
btw the difficulty level of mining is set by (((human beans))).
>what could go wrong
You can't track cash either though.. Mail a wad of 500 Euro bills and nobody will ever be the wiser. Or be like the cartels and just pack entire pallets full of them...
You sound like a dipshit
How are they less relevant? They are not that far off from creating their new world order.
As a matter of fact what?
they'll certainly implement the blockchain in some way. they're already pouring shitloads of money into blockchain research.
you're right, and it's not a ponzi scheme, because a ponzi scheme requires intent which i doubt the creator had (or maybe he did and he's just a visionary super genious)
'bubble' is more accurate
It's just a digital commodity. You don't want a currency that fluctuates like all of these cryptocurrencies. They are a good thing to have but don't expect it to be used by normies
>If you could smuggle a dedicated mining machine into work and plug the crafty little fucker in for a few years, it's be "free" money.
We're long past that stage I'm afraid..
>tfw there are people out there who mined dozens, sometimes hundreds of BTC on home PCs or relatively inexpensive mining rigs
Unfair.
kek
>The problem with bitcoin is everyone is betting that one day it will be widely used by normies outside of black market.
Yes but that is not the only use of bitcoin. It is much like gold, which value is inflated just because people use it to "store value". While people agree that gold is a good currency to hold, it will be valuable just for that, in addition to its other uses.
>With the ridiculously long transaction times, fees and general hoops customers would have to jump through, the chance of that ever happening is very unlikely.
It is still simpler to use bitcoin to store value than gold.
>What is likely to happen is another currency which fixes all of the flaws will replace bitcoin and bitcoin will crash and burn. THAT is the currency you should be investing in.
True, but in the meantime bitcoin can be a good form of currency.
...
So who's ready to get the bit coin portable wallet embedded in their forehead or hand?
The nice thing about gold is you can take it with you in case of catastrophe. People have been wearing gold on their bodies for millenia.. I don't know if BTC has the same SHTF-proof-rating that gold does.. Bitcoin can be rendered lost due to hardware failures, and unusable in times of power and/or network failure.
If you get caught not reporting it on your taxes in the US you can enjoy uncle Sam butt fucking you for a lot of shekels
If you've been around the *chans for any decent amount of time, you've only got yourself to blame.
What did he mean by this?
gr8 b8 from a nocoiner. kek
You clever devil
They aren't 'guaranteed' because they don't have to be, it's part of the fucking logic, functions and codes these guys slave over... It's autonomous for the most part (or that is the end game)
agree, but it has advantages in that it's easier to use most of the time, and you can actually carry it with you in a much easier way than gold. The problem is that yes, the network can be unstable, or people just giving up on it, or a better bitcoin being developed, etc, whereas gold has been around for thousands of years.
But then again, gold can too lose value if the "perfect bitcoin" is invented, or even if this bitcoin is shown to be secure enough.
is it even possible to cash out big sums of money
There are multiple nodes running on a few satellites, so, as long as there is power // some ability to network?
Depends where you live and what channel(s) you go through, could just purchase good with btc and skip fiat.
youtube.com
MINISTER YOU, SATOSHI
Ripples XRP looks good atm.
Ibms new project. You're welcome.