Bitcoin is a fraud

Right?

It's literally in its design. Let me educate you:

1) Bitcoin NEEDS to keep a list of ALL previous transactions, to ensure integrity. Otherwise I could just spawn 500 bitcoins in my wallet.

So imagine you have a list:
A sends 5 BTC to B
B sends 4 BTC to C
C sends 1 BTC to A
...

If you know the starting values of A, B and C and you have this list, you can calculate how many bitcoins each person has at the end (that's how bitcoin prevents people from just "spawning" 500 bitcoins in their wallet). This list is more commonly known as a blockchain.

2) This list grows with every transactions (currently it's ~100GB)

3) Things can't grow forever, otherwise government programs would never collapse.

4) So let's imagine everyone in the world starts using bitcoin? How big would the block chain get?
According to blockchain.info/charts/n-transactions, there are about ~250 bitcoin transactions per day.
On the other hand Visa has 150 million transactions per day.

So, just for the bitcoin to handle the number of transactions Visa, it NEEDS to have a block chain of about 60 petabytes.

Currently, Google.com's regional datacenters have a bandwidth of about 1-2 petabits/s, so, yeah, have fun waiting 4 minutes to buy a cup of coffee.

Bigger ponzi scheme than government run pensions...

Other urls found in this thread:

blockchain.info/charts/n-transactions,
mempool.observer/
youtube.com/watch?v=QdMagZJHDBY
theverge.com/circuitbreaker/2017/1/25/14390182/d-wave-q2000-quantum-computer-price-release-date
m.youtube.com/watch?v=ukjDCeuNK3Y
twitter.com/SFWRedditVideos

You can't populate that list without 51% of the hashing power, numbnuts.

Lost the train?
Mee too

Cope all you want but I still turned $300 into $10,000 lmao

1HtmZF5cmaxYVDMc4zPGzAXFx1VR23BcjG

B

No you won't shill nigger. You can't cash out, nobody can. Bitcoin is a pyramid scheme and they use click bait adds even pop ups on porn sites to sell this scam

>According to blockchain.info/charts/n-transactions, there are about ~250 bitcoin transactions per day.
On the other hand Visa has 150 million transactions per day.
It says +250,000 transactions you fucking brianlet.

Also
>thinking BTC is to buy coffee or retail goods and not a long term store of value like gold

Lmao, literal retard wants to buy coffee with gold!

TFW sold all mine she it hit $8 only to make $4000...

How much does a quantum computer cost?

>you can't cash out, nobody can

... are you playing dumb or are you actually dumv

how do you explain that I have cashed out more than my initial outlay of £1500 and still have 3.5 btc

Well yes, that's how ponzi schemes work in general, early investors make out like bandits (like for example Baby Boomers with social security) while late investors are left holding the bag.

this

>You can't cash out, nobody can
Exchanges are working together with a number of large banks and allow you to sell bitcoins and put the fund directly into your bank account

they are priceless because they dont exist
all the current "qbit" numbers are not actually translatable to cracking SHA256 or mining bitcoin

having such self confidence in your vey limited understanding that you feel you can educate people is dangerous, I hope you haven't got kids and if you have I pity them, you should probably give them a chance a kys right now

Oh wow, you went for 60 petabytes blockchain to 60 terabytes, so if a merchant has a google regional datacenter in their basement, he needs 400ms to process the payment.

Not to mention Visa is just part of all transactions.

People have been saying this since bitcoin was $1000

>According to blockchain.info/charts/n-transactions, there are about ~250 bitcoin transactions per day.
Holy shit you are so fucking wrong it discounts your entire argument.

mempool.observer/

You can fit more than 4k transactions in a single 1mb block, and they do every 10 minutes. There are tens of thousands if not hundreds of thousands of transactions made through bitcoin every single day.
>What is lightning network
>what is Rootstock
Fuck off OP. You shill

People still in this "Ride that never ends" ?

youtube.com/watch?v=QdMagZJHDBY

Well I am a principal software engineer, but hey what do I know about software, right?

Let the guy who is too lazy to floss once a day, explain things to us. GO!

>have fun waiting 4 minutes to buy a cup of coffee.
And how is this different from waiting in line at Starbucks?

if it sounds to good to be true. besides it's shady dealing coin. and how do i get greenbacks with it. is this legal? kek

Literally go to atm and cash out, tried it myself cashing out few hundos to prove idiots like you wrong. Shouldve kept my bitcoins in place and make more gains tho.

I cashed out $500 at a Bitcoin ATM on monday. You are incorrect.

As someone who only started reading about Bitcoin last week, and is still getting up to speed on all the ins and outs, even I can see you're either trolling or fucking retarded.

There are articles all over the internet explaining this. Yes, doing certain things to the blockchain to "future proof" it could cause plummets in value, but it's no big deal in the long run.

you actually think that every transaction has to process the whole blockchain, wow you really are a genuine retard
secondly I just said >this you are responding to the wrong person either a) on purpose because you are a shitbag or b) because you are retarded their are no other options

Nice one bro.

Over how long? When did you buy in?

Keeping that, or part of that, 10k in BTC?

Not sure when/if the bubble will "burst" but there's been some serious fucking drops in the value of BTC over the years, but the general trend is up and up and up.

burden of proof is with you nigger, you have no power to make me do shit to compensate for your burger education

>visa takes 3 days to process
>bitcoin takes 4 minutes

MTGOX
T
G
O
X

thanks for giving examples of hurdles btc has recovered from

>Dude its a ponzi scheme
>"No you are uninformed"
>REEEE I AM A SOFTWARE ENGINEER THAT IS COMPLETELY RELATED TO THE POST YOU ARE NOT A SOFTWARE ENGINEER SO IM RIGHT YOURE WRONG

It was supposed to plummet at $1
It was supposed to plummet at $10
It was supposed to plummet at $100
It was supposed to plummet at $1000
It was supposed to plummet at $2000
It was supposed to plummet at $5000

>like gold
Bitcoin: value based on a currently unsolvable math problem that would only require the invention of a more powerful computer to solve
Gold: value based on scarcity
Bitcoin: 100% public, no privacy whatsoever
Gold: can be kept private
Bitcoin: individual coins can be "tainted" and devalued
Gold: two pieces of gold of equal weight and purity have the same value
I guess bitcoin really is the next best thing to gold.

I paid $700 total for all my bitcoins in 2012. I still have 60BTC

I was planning on cashing out a non-taxable amount before the fork, but now I have until Dec 31 since the fork was called off this morning.

theverge.com/circuitbreaker/2017/1/25/14390182/d-wave-q2000-quantum-computer-price-release-date

2000 Qubit = 2^2000 calcs a second.

Surely that'd be capable of under-mining (see what I did there!) the entire network

this will be the end of bitcoin says hilariously butthurt Keynesian for the satoshith time this year

all your math is wrong and you should kill yourself

So you're all holding bitcoins, and it's gonna keep rising?

you should probably read the whitepaper

>under-mining (see what I did there!)
leaf

cryptos are only useful as bridge currencies between fiat. Invest in Lumens.

Bitcoin is a bubble that will burst and crash. If you think Bitcoin is a long term investment then you are a downie lmao.

>tulip bulb craze
>.com craze
>yadda yadda

Nobody knows how far Bitcoin value will go before it finally plummets and loses 99% of it's value. If you're feeling lucky, then go ahead and "invest", but don't be a dumbass thinking this shit will last forever.

Possibly, but if that is the case, if can also crack nuclear launch codes, bank numbers, shit literally anything that is less than 2000-bit encryption.

What I am saying is, we could undo the damage by implementing a PoW change and looking at the archived versions of the blockchain from right before the release of the 2k-qbit computer. Banks, nukes, not so much, cats out of the bag. Bitcoin is as secure or more secure than the rest of humanity.

I'm actually from Gloucester

Yep

ok then do it
>discovers that a qbit doesnt mean what he thought it meant
and now you know why people like bitcoin

Bitcoin does have long term scalability issues. That doesn't mean it's a fraud. It just means eventually it will have to be modified or replaced with better technology.

im sure you did user, can't wait for the day when all who held crypto will be audited for taxfraud and partaking in drug and trafficking money

Look up Dunning Kruger effect

kek its rubbing off on you senpai

its like going to the FED and saying
>so you're all inflating my money, and its going to keep losing value?

Im not stupid and I cash only amnts allowed to be cashed out without additional taxes keepin my internet moneys safe

>before it finally plummets and loses 99% of it's value
whats 1 percent of 1 trillion dollars

Well exactly, I mean in late 2013 it went from like $1000 to around $600 in a month, and hovered in the hundreds range until 2017.

Then it rocketed this year.

Really fucking wish I'd gone in sooner to be honest.

I mean, I imagine everyone wishes they'd bought 10,000 of them when that was like $5.

Some stupid fuck did that and spent 10,000BTC on two pizzas. Hope he bought more BTC right away to replace it.

yeah what the fuck are you talking about? how can a "coin" be tainted and devalued?

>buttcoin is a ponzi
>muh tulips
>muh bubble

Sure a lot of anti-Bitcoin shills on Sup Forums, do they pay you in rupees?

Bitcoin is the biggest invention of our lifetime.

m.youtube.com/watch?v=ukjDCeuNK3Y

I made $21,000 today.

>cope

>Really fucking wish I'd gone in sooner to be honest.
Same. I saw bitcoin being posted when it was $1 = 1 bitcoin. Called them scamming faggots and reported the thread for advertising. Ended up buying at ~$1000

charge your phone, user

oh shit thanks, I'm about to go out for dinner.

we're at the base of the pyramid. just buy some and shut up

Serious question, and I'm not an anti-bitcoin person as I've made clear, but I'm wondering this -

People have said stuff like "yeah, you can cash out, I got out like $500 just today" but say someone like this guy with $100k wanted to but say, a fancy car with all that money, or suddenly had £100k of medical bills for a family member, would THAT be possible?

Is there a way to exchange big amounts for "real" currency?

Say you had 1000BTC which you bought for like ten bucks in the early days, could you realistically cash out the $5.6 million that is now worth?

Look up bitcoin difficulty.

The value of bitcoin is only what some other person is willing to trade you for it, same as any other fiat currency, however the scarcity of not being able to make more is going to drive the price up over time. The pyramid scheme is that the people who mined a bunch of bitcoin early can now trade it away to johnny come latelys to make a huge profit for extremely little risk involved.
Anyone you see now harping on buying bitcoin is either tricking you into buying theirs or is an idiot who got to the party 6-8 years too late.
Always remember it’s the carnys job to trick the rube

pol 2017

Honestly, I keep dissing btc but I think it might just be because I had a chance to get in at $5 and didn't.

At this point I'm just staying out and if it works, whatever. If not, I laugh at the faggots who put their life savings in.

Also, you know shit like this is a scam when you get normalfags speculating on it en masse

That's not really a pyramid scheme though is it?

People invested in the likes of Google when it was tiny, and can now sell on shares for enormous profit. It's not a "scam" or a "scheme" they just got lucky with investments.

>Say you had 1000BTC which you bought for like ten bucks in the early days, could you realistically cash out the $5.6 million that is now worth?

If you use multiple exchanges and link them all to your bank account before hand, verify your identity to sell, and place your bitcoin on the exchange, You can then sell for the full price, and set up wire transfers to your account in minutes (then you just have to wait for the banking system). In any case, I will find out soon. I've got more than I can cash out at an ATM.

You a meme flag 3rd worlder, you have described no ponzi scheme

>that outdated image
Bruh entire crypto market is worth over 200 billion dollars, of which 120 billion dollars is bitcoin.

My withdrawal limit is $50,000 per day.

Already did senpai... from 200 sats.

Initial investment from beginning was $450

Yeah, but the way the coins are created is a ponzi scheme. kek

Makes sense, but your last bit is odd - you have more than $5m? How the fuck can you cash that out at an ATM?

The other problem I can see people running into is tax.

Some fucker will inevitably have bought $20 worth in 2010, and be sitting on a few million dollars now. They'll cash in, spend it, then get hit with a huge tax bill and spend time in pokey.

Guarantee it.

DIONS, bro.

New wallet is comfy as fuck. Getting 1.2 IOC staking every 2 days

Real problem is governments interacting with cryptos. They will want to tax it, and as they seize these currencies through "criminal" investigations you can bet they'll make some effort going after "tainted" coins that spent time in the wrong location.

They might slow roll enforcement long enough to dump seized currency back into the market.

I'd rather invest in businesses, but definitely enjoy watching how this plays out. The whole "can't cash out" thing is easily handled by ETFs that trade based on assets they track.

It's also going to be banned. The recent drop was caused by a ban in China, now I think Taiwan is going to ban it as well.

Do you seriously think that the government is going to be fine with a currency that's untraceable. Do you seriously think the banks are going to be fine with a currency that has a hard cap?

Send my regards to your master Mr. Dimon.

Im a retard cause i didnt invest in cryptocurrencies. And now i will die poor.

if you're using something like coinbase, you can just have your btc turned into real dollars and immediately send it to your bank.

do your taxes correctly, it's just like any other investment.

>getting so much wrong in such a short time
No wonder you're salty

d-wave q-bits are specialised, ie, not generalised quantum computers. they are literally useless for this purpose.

I made 1900 Euro's in a couple of weeks.
So you prefer the ECB or FED to print more and devalue what you have? There is your scam right there.

>TFW I invested in Google at IPO and Bitcoin in 2012
It is unreasonable how lucky I am, I was just 11 when I bought that share.

Why can't you just use a hash of the list instead of the whole list? And then a new hash of the list times the hash and so on.

How can there be only 250 transactions per day? What the hell is everyone doing with them?

I saw your portfolio and was literally typing up the reply. Nice.

You can buy gold/silver with your bitcoin from jmbullion.com

You can buy hotels and flights with your bitcoin from expedia

You can get large amounts of cash over the counter with your bitcoin from localbitcoins.com

or you can just sell your bitcoin on an exchange and withdraw the dollars to your bank account.

taxes? handled exactly like anything else.

user, this is really basic stuff actually. I used to work in private wealth management. You'd be amazed at the shit people have their wealth tied up into. Hardly any of it is 1% as liquid as bitcoin.

>here are about ~250 bitcoin transactions per day

Uhm no

Pretty much. Shit, you could've bought Bitcoin a few months ago and already been up 150%.

>you have more than $5m? How the fuck can you cash that out at an ATM?
I have way less than $5 mil, but more than I could cash out at an ATM because of withdrawal limits, it would take 200 business days if the price doesn't change at all for me to withdraw everything through the ATMs I have access to.

As for the tax, I can withdraw $37k without paying tax because I have no other income, and I am a single filer for tax purposes.

Oh no, im such a fail

new IOC wallet

Buy some Neo and Etherium. Thank me in 2 years.

>Bitcoin is a pomzi scheme

No shit Sherlock, provided you bought into it early enough and sell before it completely collapses you can still make a fortune. Just don't be retarded and be left holding the bag.

I have 1.22 btc. but i hate hearing about bitcoin because I lost 20 at MTGOX. I sent it there a month before it happened because i thought it was more secure than some other site i was using

The entire monetary system is a ponzi scheme fag

You didn't buy it when it was cheap because you were scared , now you sit in your room trying to justify how you lost $$$ because of your lack of balls. The shit is easy to get rid of and you don't even need to sell it off, I don't know about where you live but a lot of people with businesses wanting to get into Bitcoin without buying are trading for it. I can go get an old car with these fraudy boys and then some hot chips but I'd have to deal with Asians which I won't.

aren't there other ways? Things you can buy with bitcoin? Or like 100$ gift cards or something?

>250 transactions per day

And people actually buy this shit? What a joke.