Daily reminder that Bitcoin is a fraud

>durr Buttcoin is legit tech I swear it's not just a massive scam
>y-you totally can have currency without gov't backing user, Bitcoin is totally not a pyramid scheme

Sure thing, kid.

This bait is so terrible that I want to bump it just to see what will happen.

It's true tho.

If you invested into bitcoin 6 months ago you would have doubled your entire wealth (which you most likely don't have to begin with, you retarded college children).
If you invested into bitcoin 12 months ago you would have made around 8 USD of profit per 1 USD invested.
Pyramid scheme implies that no one is making profit except for person who started it.
So far anyone who have invested into bitcoin made profit.
You can delete this thread and your life now.

there are legit usecases for bitcoin though
>tax evasion
>buying illegal stuff
>money laundring

without those, I would too say it is a fraud - pyramid scheme

You could've made similar profits in plenty of stock market bubbles

Sure, name one person who made all that profit then.

In contrast, it's very easy to name thousands of people defrauded by millions on Mt. Gox, Bitfinex, Monexchan and several other platforms.

Try harder, shill.

yes and people do that exact thing all the time so what is your point?

>In contrast, it's very easy to name thousands of people defrauded by millions on Mt. Gox, Bitfinex, Monexchan and several other platforms.
How is that even related to anything? Those are exchanges, and are in no way related to bitcoin. If you try to use shady places to exchange liberty money you might end up getting scammed too. That doesn't mean that USD is shit, it means that you got scammed.
Stop with reddit spacing.

>liberty money
There's no liberty as long as there is money, son.

>Pyramid scheme implies that no one is making profit except for person who started it.
No, it only implies that people who joined later lose money for people who joined earlier to gain it.

is mtgox still a thing? I thought they were done?

>Bitcoin is totally not a pyramid scheme
It's a scam, but it's neither a pyramid nor a ponzi scheme.

Words have meaning, you idiot.

It's not a pyramid, I agree. It's just an old fashioned bubble.

that's called life

Not him, but bubbles burst.
Of course you can make a profit on them. Plenty of people do, and those people are aware it's just a bubble. The difference between you and them is that those people know when to pull out and you don't.
Telling someone "you could've quadrupled your savings if you invested back then" is like telling "you could've won the lottery if you had the numbers".

>that's called life
no, it's called a pyramid.

actually it's a mania; as in in tulip mania.

>If you invested into bitcoin 6 months ago you would have doubled your entire wealth
Or you can be sensible and invest in property. Or are you poor?

Bought Bitcoin at 3300€ the 26th of september, btc is currently 4800€. Yeah sure thing kid, just made 1500€ from nothing, it's as much fraud as stock exchange.

>if
>would
Yeah, we only read mythical hypotheses about how great things could be, but never a single actual real case of someone who became millionaire with this thing - except for the scammers like Shrem, Karpeles, Jentzsch, Tual and etc., who managed to fool millions out of their precious hard-earned dollars (aka REAL MONEY).

Except that would never happen with real money because there's regulations and insurance networks in place to protect you. Try again.

Private property will be abolished in our lifetime, so that's probably not a good idea.

>it's as much fraud as stock exchange
Oh the irony!

That's exactly what I'm implying, both are bullshit but both are making me rich so I don't care

>y-you totally can have currency without gov't backing user
Because precious metals just don't exist, right? You fucking child.

unless you're some high frequency traders stock algorithm

Define "precious".

Here are the reasons why bitcoin is a scam:
the creators of bitcoin claim that all currencies are fiat currencies and bitcoin is no exception... Heres where that claim fallos to the ground like a sack of thrown potatoes. True currencies are backed by governments and if the currency starts falling to such an extent that it starts becoming worthless there are mechanisms in place whereby other governments and the banks can and will prop it up and will not allow it to fail completely. If Bitcoin starts dropping in value no bank and no government will put those mechanisms in place. You will just lose all yyour money. Case in point: the Northern Bank in the UK and the fallout from that almost crippled the British economy, but with the world bank, and various other governments helping people didnt lose all that much. If anything.

Bitcoin creators will tell you that bitcoin is worth x number of dollars but that only works one way, when you are buying. If you are selling, you have to auction your bitcoins. You cannot simply trade bitcoin for dollars it takes a long time in a process that is far from certain to bring in what you believe it is worth. A real currency can be traded instantly

Bitcoin is only worth what someone will pay for it. There are few, if any real stores that will take bitcoin. Try asking a landlord to take bitcoin. Try buying food with it at a nationally recognised supermarket. Try asking a currency dealer on the high street to take bitcoin

When bitcoin fails just dont be left holding any and expecting money in return. It wont happen.

Lastly, any currency that shows the kind of surges in value that bitcoin has is obviously not a currency since the object of most currencies is to retain a fairly even balance and not to grow too strong or too weak against other currencies and this is what makes bitcoin a token and not a currency. It does not depend on anything like abalance of payments between imports and exports for anything like a real value

It's actually amusing to see someone spew so much shit about something he is completely ignorant about. I was expecting this to be a paste but googling it came up with nothing.

Satoshi pls go.

This is written like an Econ 201 student. Knows just enough to sound clever but is grossly misunderstanding the material, or only focuses on what is needed to pass standardized testing.

HINT: You're 'auctioning off' your dollars every time you transact with them as well. That's how sticker prices work. They're a bid.

>you can auction off a reserve currency
Get a load of this dumbass!

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yet another reason to disable javascript

has anyone cashed out their profits from any of these exchanges caliming that a bitcoin is worth 5700 real life dollars?

>Econ 201 student
probably still knows more about economics than the average bitcoin enthusiast

>I'm scared of money not printed out by our benevolent (((government))).
Statist scum you'll get the bullet sooner than later.

>heh, don't worry goy! you can totally trust our 100% digital money!
>invest in it, you will make millions in seconds! heh heh...

Sounds better than fiat currency desu.

Yeah, but with currency with backing (Bitcoin is also a fiat currency), you can have insurance. With Bitcoin, you can't.

Bottom line is, money is an enslavement tool, and it makes no sense to get rid of government but keep money. The kikes realized this and created digital money that doesn't require money so they can keep enslaving us after we get rid of government.

You sound dumb when you call someone a statist but defend money in the same post.

doesn't require gov't*

>cryptomoney, as all cryptography, is only good for criminal activity
Sounds about right.