Bitcoin is a fraud. Let me explain why: Bitcoin is mined using processing power. Essentially, one mines bitcoins by wasting energy to break a crypto. The bitcoin is a token proving you've broken the crypto. It's a receipt for spent energy. One could say gold is also a receipt for the energy it took to mine the gold. But in the case of bitcoin, you have no lasting resource as a result of the energy expenditure. This is the difference when compared to gold. In that case, you have something tangible to show and/or trade.
>Bitcoin is not fiat Yes it is. If the bitcoin somehow 'stored' energy it wouldn't be. But right now, it's just a receipt for wasted energy. And to trade with someone, you have to waste even more energy. You can not 'use' the energy invested in making a bitcoin at any later date.
Bitcoin transactions claim more and more energy globally. This is not in any way sustainable. This power is not stored or retained. At this moment, bitcoin consumes more energy than Denmark. It will not be legal for long. For good reasons. It's an unnecessary drain, with no tangible benefits. Each transaction is more expensive than the last, and the system consumes more and more energy.
It's the chess board with multiplying rice grains, only instead of rice it's energy you waste.
>I'm rich you nocoiner nobrainer Yeah. Better cash in soon. You might make a profit. But long term, this will not hold. Bitcoin will fail, and it will fail spectacularly and soon. The alternative is to have it consume a bigger and bigger part of global energy supplies. The bitcoin system already consumes more energy than some countries, and if you can't see how that will not hold, even in a year or two, then you're a complete fucking moron.
>Illegalising it will somehow raise its value! lol no. A black market currency needs to be flexible, intrinsically valuable and easy to handle. Receipts for huge amounts of wasted energy do not conform to these criteria.
Profit now and gtfo, bitcoin will die.
Cameron Watson
yes the one that got it right was that dog coin
Nathaniel Ortiz
Same principle, only earlier in the process. Blockchain transactions are exponentially expensive in energy.
All of these idiot cryptocurrencies are tulips.
Angel Rodriguez
fucking retard. bitcoin is the worst coin out there. its gonna fall because its a dinosaur in terms of tech. other coins already use methods that dont require mining fucking idiot. go suck on ahmeds cock
Michael Hall
Bitcoin has always seemed self defeating to me.
>mine bitcoin to make bitcoin >mining consists of doing all the calculations for the transactions that make bitcoin function >mining is designed to become more and more difficult and will pay less and less over time
Doesn't that only guarantee that eventually mining will fade away and the ability of bitcoin to function will fade away as well?
Matthew Rogers
Then please inform me: When a transaction is made, do all nodes need to update blockchain?
If so, you have exponential increase of energy cost for the system with number of transactions and number of nodes.
Same problem. Maybe milder, because you do away with mining. But the end effect is the same. It will only take slightly longer.
Eli Hall
It's fiat but it's like fiat 2.0, it's better in every single way than true fiat currencies. People around the world are dumb enough to use government controlled fiat that is backed by nothing, less secure, and fucking infinite!!! The US dollar is gone, it inflates 3% each years it's value dropped 10% in one year and they haven't even paid back the 20 trillion yet lmfao.
Gabriel Morgan
Think of all the energy you wasted writing this post.
Camden Allen
Great post.
Get ready for the coinlets to be upset that their plans of retiring early are diminishing. Get back to making my coffee now you unskilled cucks
Jose Cook
Bitcoin is also backed by nothing, but costs more energy to make.
I'm not saying you should invest in fiat dollars instead. I'm saying get something with intrinsic value. Like gold, water, land or gas.
Xavier Scott
You can do those too but governments manipulate, regulate, and tax the shit out of them. Crypto is virtually untouchable even though right now the US is taxing it as if it were a stock which is fucking ridiculous, they mine as well throw my Runescape gold on my taxes too. They can try to tax at it all the want, the reason bitcoin took off in the first place was through money laundering and drug trades there is no way to stop it.
Sebastian Collins
not in trustless systems and PoS
Robert Taylor
The funny part is, do you really think these governments would be trying to control crypto by taxing them if they didn't feel like they were a threat? They are seriously shaking in the boots threatening people to throw them in jail over trading literal digital fucking numbers.
Evan Watson
>Boomer-ridden dinosaur governments actually understand what a cryptocurrency is and what to do with it. I don't see this as substantial evidence that cryptos are a threat.
Evan Gonzalez
Interesting. I will have to read up more on this. Although it seems the benefit of bitcoin in the first place was trust, so I'm currently perplexed.
Carson Foster
Bitcoin is old tech, anyone who used it in 2012 can tell you how revolutionary it was at the time. Nowadays there are many more cryptocurrencies with much better technology designed to feasibly go against the MasterCard/Visa market.
Anyone who bought into BTC in 2017 bought a ticket to a train that already left the station.
Matthew Hill
trustless systems meaning that users who hold the coins vote to decide if a transaction is valid. those who try to cheat the system ie. double spending get their coins deleted.
Gavin Taylor
No shit sherlock. Nobody believes in BTC as a currency. Everyone wants to just catch on the free ride up with price manipulators.
Camden Young
How much wasted computing power does it take to make a tx with your credit card? Think about it. Bitcoin has a value because people believe it does. If you were told your whole life that coal, not diamonds, was an immensely valuable natural resource and everybody wanted it for rings and earrings, you'd believe it.
Robert Howard
Thanks just bought 100k
Juan White
Centralisation of credit card transactions means only a few bank systems have to trust the transactions. Probably, a visa transaction costs about as much energy as a Sup Forums post.
Jeremiah Parker
> Not saying fiat currencies are better, btw
Henry Johnson
Interesting. I will read up on this.
Brayden Collins
Buttcoin is about to cross that threshold were it consumes more energy than all the world's nuclear devices combined. What's worse is this incredible waste will have such a detrimental corrosion on the environment that it will be even more destructive than the nuclear shock waves required to mine just one coin. And multiply this disastrous energy force by 41 million coins and your in for an apocalyptic catastrophe worse than the sun exploding. I haven't even begun to talk about the radiation. Face it, we're all doomed.
Connor Phillips
Visa transactions cost money though to the seller
Andrew Diaz
>Nowadays there are many more cryptocurrencies with much better technology designed to feasibly go against the MasterCard/Visa market.
Care to name a few? I'm not doubting just curious
Brandon Reed
t. nocoiner
Isaac Lopez
Monero (which is also a privacy coin) Stellar Lumens IOTA RaiBlocks/Nano Xtrabytes
Xavier Rogers
I dont think energy is relevant to Buttcoin's value, its merely a consequence due to its nature, the reason it took off is because stupid dudebro normies were convinced to give up their real shekels for a string of characters by clever scammers saying it would go up eternally. It was literally memed from thin air into reaching 15k USD at one point
Daniel Cox
>Doesn't that only guarantee that eventually mining will fade away and the ability of bitcoin to function will fade away as well?
The final bitcoin will be mined in 2140. Before that however, you should consider the Satoshi unit. It is a one hundred millionth of a single bitcoin (0.00000001 BTC). Right now as of this post ONE USD ($1.00) is (0.00012000 BTC) or TWELVE THOUSAND Satoshis.
As the market cap goes up, people will be trading in satoshi units. We might one day say $1 is 12 satoshis. Or 1$ is 1200000 satoshis Who knows?
Either way your question isn't a big deal when you consider Satoshi units.
Sebastian Taylor
Crypto currencies are all shit because they are not a practical means of conducting trade. Sure you see bullshit on the news about some faggot that bought a house using bitcoin but that is an absolute rarity. Bitcoin is fucking useless unless you want to buy kiddie porn or trade with other coinlets. When the global grid falls, and it will one day, coinlets will be left with fuck all, while those of us that invest in tangible assets will be chukling to ourseles about the hipster douchebags that just lost everything.
Owen Perry
>d-dude it's going to hit 100k any day now! John McAfee said so!
I hope every last one of you retards ends up bankrupt, which yous will because as soon as you start panic selling do you know what happens?
Gavin Carter
Any idiot can see bitcoin is not designed to buy anyone’s coffee, it’s designed to eventually behave like gold but there’s no gold. It’s all big fish now but don’t worry there will be pleb digital currencies that can be lended into existence just like the real pleb currencies