I'm not sure about "scam." I totally understand skepticism and share in a lot of that. Although I have played around with it in small dollars. I love the concept of a better payment processing system, which I'd actually argue is not Bitcoin itself anyway.
The thing about calling it a scam, is to me that implies fraud or ill intent.
I think the “scam” comes in the hype machine built around it. Like you’d have to be retarded to believe that the like d-list celebrities they’re paying to claim they will literally never sell their bitcoin at any fathomable price are being genuine, but it seems like some people are falling for it.
Not sure, I haven't been keeping up on all the news. My point still stands though, whether you love or hate crypto, rich people and groups are pouring money into it to get out of the dollar.
I think it's safe to assume he doesn't know the full context and is commenting on hearsay.
From his point of view it makes perfect sense, because Bitcoin is actually another currency however I don't think it's accurate to say it's competing against the dollar.
He should look into the "why" and "how" and maybe change his mind.
Back in the day I mined a few coins in a pool to see what it was about and sold them a few years ago for about $50k.
Personally I see Bitcoin and other cyrptocurrcies more as an indictment that none of the markets are good right now. People see little upside in traditional investments and that’s not good long term for most people.
It’s why I got out of equities in the last year and sitting in a lot of liquidity. Granted I’m not super concerned about growth so much as asset preservation at this point in my life and we own about 75% of the portfolio is in tillable ground. We can afford to have cash sit around when soybeans are $16 a bushel.
I wish I hadn't been so busy at the time to pay attention. I was in the middle of working full time, trying to finish school, and moving to another state when that stuff was all new. If it had been 10 years earlier when I was a young bored computer nerd I'd probably have millions worth of the stuff.
I'm with you though, they are buoyed a lot by the weakness of other investments. I'm only in stock markets inside retirement accounts anymore, a lot of which I don't have a ton of choices in anyway. Although, I've been on a bit more of a spending spree than holding onto cash. Lot of not very liquid investment stuff like real estate and the like. Even some odd things like "self-investment" meaning I've been doing trade school. For no reason other than to learn.
The elites hate Trump and will inevitably have a very hard time being seen as sharing ANY of his opinions. Trump knows this and uses it to his advantage.
Well then don’t invest. Good grief I don’t get this hatred for crypto. I made some money on dogecoin because I put in like 20 bucks when it was less than a penny.
I'm a bit shocked that GPU mining has managed to become a thing again.
That and how much value old cards have gotten. I just dug out my old card and once I test and make sure it hasn't gone bad in the drawer, it's gotten to the point it's worth close to as much as what I spent on the replacement. Despite being an antique.
You'd had to have ignored skyrocketing graphics card prices then. I hate crypto and the people who are involved with it, because they fucked with a good thing.
I made some money on dogecoin because I put in like 20 bucks when it was less than a penny.
Oh well then if you're happy then clearly there aren't any negative side effects.
Not saying there aren’t problems with it but I have some close friends who rail against it all the time. I’m no expert, I have a little invested in it along with other stocks
Yeah, you were saying that actually. You said "good grief I don't get this hatred for crypto".
So do you, or don't you? I hate it for a number of reasons, chief of which is that unless I want to shell out 300% of SRP I can't get anything bigger than a 1070 anymore. All because the crypto rodents won't stop chasing after dozens of get rich quick schemes.
Oh ok I can see that being a problem. My budget for investing at the moment is like 50 a month until I clear some debts so I don’t know much about issues like that. I have access to the info so I’ll read up more. I have noticed a lot of ppl thinking they will become millionaires overnight now.
Proof-of-work cryptocurrency is backed by the destruction of wealth. Not wealth held in escrow like the gold standard, but taking something valuable and converting it into waste. A normal payment processor uses a thousand times less resources per transaction and will only become more efficient as technology becomes ever more optimised, while proof-of-work scales the difficulty of processing a transaction to counteract such improvements.
The fact that you have to "destroy" something valuable to make BTC is a good thing. It gives it inherent value as anyone who created one values the BTC more than the energy and hardware required to create it.
The people mining Bitcoin don't do it because they value Bitcoin, they do it because you value Bitcoin. They're not going to buy your Bitcoins off you - they're already earning their own Bitcoins which they need to sell for other stuff.
No it doesn't. If I break into your home and shit in your bed, it's something that required me to destroy your window or your door as well as said bed, but that doesn't make shit it inherently valuable, because it's shit in a bed.
Everyone will tell you what you should and shouldn't invest in so I can only give you my opinion. Disclaimer: this is not financial advice.
Other than bitcoin and etherium, just for being the biggest and most well known, I'd look at privacy coins and coins with functional use outside of a currency. In my case I have monero and cardano.
I barely know enough about crypto but is etherium worth it? I don’t need mega millions just something I could maybe help get a down payment of a not piece of shit house
So I should be clear, with the way I'm investing, I'm using crypto as a store of value, like physical gold, with the idea that all these wealthy people and institutions are also betting on the price to rise. Though I've made a profit here and there, it's nowhere near what some people have made with say dogecoin. But at that point, the risk is so high I might as well go to Vegas and play blackjack. At least I know what my odds are.
I don't understand the technology but I've been told that it's extremely outdated and there are vastly more efficient coins now, and literally the only reason Bitcoin is to big is because it was the first big coin.
So as long as he doesn't go saying crypto in general is a scam, it's whatever. Especially now that Muskrat is meme-dunking on it so hard.
Bitcoin is outdated in multiple ways, and it's true that it's big because it's the original. Long story short: it was developed by an academic as a proof of concept with an academic mindset and not an engineering mindset and it shows...
However, the new, more efficient coins are so many (and there are dozens of new ones every day) that it became difficult to distinguish between legit projects and exit scams, especially now that scammy practices like premine and PoS became the standard.
I thought it was simply more energy intensive than the other coins? That's why Muskrat dumped it at least, iirc.
Granted his comparison was pretty silly, he said Bitcoin production is equivalent to Sweden's energy consumption, which might sound scary until you realize Sweden is like 0.10% of the world's population. Still a lot but it's not like it's gonna be melting the ice caps or nothing.
The fact that it's energy intensive is a good thing because it imbues it with natural value. You can look at the creation of a bitcoin as using literal energy to power math and the sum of those two things can equal a bitcoin.
Work or Energy is what makes it work , it actually is a real cost ( as in energy ) to produce or transact , without the energy cost , who makes its value? the "national bitcoin bank". this is why capitalism works. just investigate man
edit: sry, that was abit snarky. this is a good start for how bitcoin works: youtube.com/watch?v=bBC-nXj3Ng4
Well, after Musk effectively pumped and dumped it, are there any doubts?
I'm not saying that regular money is any better, but crypto has much lower volume and liquidity, and that means it's far easier for billionaires to manipulate its market.
If the government has/gets control of it it certainly will be.
I'm not sure about "scam." I totally understand skepticism and share in a lot of that. Although I have played around with it in small dollars. I love the concept of a better payment processing system, which I'd actually argue is not Bitcoin itself anyway.
The thing about calling it a scam, is to me that implies fraud or ill intent.
I think the “scam” comes in the hype machine built around it. Like you’d have to be retarded to believe that the like d-list celebrities they’re paying to claim they will literally never sell their bitcoin at any fathomable price are being genuine, but it seems like some people are falling for it.
I think you'd also have to be retarded to think that big institutions are buying up large Bitcoin investments with the intention of losing money.
Not sure, I haven't been keeping up on all the news. My point still stands though, whether you love or hate crypto, rich people and groups are pouring money into it to get out of the dollar.
I think it's safe to assume he doesn't know the full context and is commenting on hearsay.
From his point of view it makes perfect sense, because Bitcoin is actually another currency however I don't think it's accurate to say it's competing against the dollar.
He should look into the "why" and "how" and maybe change his mind.
Back in the day I mined a few coins in a pool to see what it was about and sold them a few years ago for about $50k.
Personally I see Bitcoin and other cyrptocurrcies more as an indictment that none of the markets are good right now. People see little upside in traditional investments and that’s not good long term for most people.
It’s why I got out of equities in the last year and sitting in a lot of liquidity. Granted I’m not super concerned about growth so much as asset preservation at this point in my life and we own about 75% of the portfolio is in tillable ground. We can afford to have cash sit around when soybeans are $16 a bushel.
I wish I hadn't been so busy at the time to pay attention. I was in the middle of working full time, trying to finish school, and moving to another state when that stuff was all new. If it had been 10 years earlier when I was a young bored computer nerd I'd probably have millions worth of the stuff.
I'm with you though, they are buoyed a lot by the weakness of other investments. I'm only in stock markets inside retirement accounts anymore, a lot of which I don't have a ton of choices in anyway. Although, I've been on a bit more of a spending spree than holding onto cash. Lot of not very liquid investment stuff like real estate and the like. Even some odd things like "self-investment" meaning I've been doing trade school. For no reason other than to learn.
Trump is right about a lot of things, but let's not treat him as a prophet or expect that he is highly educated on everything in the world.
Not saying he's wrong but we'll need a bit more than Trump said "it's a scam" for it to be worthwhile to consider.
The elites hate Trump and will inevitably have a very hard time being seen as sharing ANY of his opinions. Trump knows this and uses it to his advantage.
Well then don’t invest. Good grief I don’t get this hatred for crypto. I made some money on dogecoin because I put in like 20 bucks when it was less than a penny.
I never hated it untill I couldn't get a new GPU for a reasonable price
Tell me about it, I've been living in dread of my GPU going kaput for about a year...I'm not looking forward to onboard graphics.
I'm a bit shocked that GPU mining has managed to become a thing again.
That and how much value old cards have gotten. I just dug out my old card and once I test and make sure it hasn't gone bad in the drawer, it's gotten to the point it's worth close to as much as what I spent on the replacement. Despite being an antique.
I can't decide which is worse, the ASIC wars or the GPU shortages...
nevermind, I can.
You'd had to have ignored skyrocketing graphics card prices then. I hate crypto and the people who are involved with it, because they fucked with a good thing.
Oh well then if you're happy then clearly there aren't any negative side effects.
Up yours.
What a dumb comment you don't know what I play and I hate anime
Not saying there aren’t problems with it but I have some close friends who rail against it all the time. I’m no expert, I have a little invested in it along with other stocks
Yeah, you were saying that actually. You said "good grief I don't get this hatred for crypto".
So do you, or don't you? I hate it for a number of reasons, chief of which is that unless I want to shell out 300% of SRP I can't get anything bigger than a 1070 anymore. All because the crypto rodents won't stop chasing after dozens of get rich quick schemes.
Oh ok I can see that being a problem. My budget for investing at the moment is like 50 a month until I clear some debts so I don’t know much about issues like that. I have access to the info so I’ll read up more. I have noticed a lot of ppl thinking they will become millionaires overnight now.
Proof-of-work cryptocurrency is backed by the destruction of wealth. Not wealth held in escrow like the gold standard, but taking something valuable and converting it into waste. A normal payment processor uses a thousand times less resources per transaction and will only become more efficient as technology becomes ever more optimised, while proof-of-work scales the difficulty of processing a transaction to counteract such improvements.
The fact that you have to "destroy" something valuable to make BTC is a good thing. It gives it inherent value as anyone who created one values the BTC more than the energy and hardware required to create it.
The people mining Bitcoin don't do it because they value Bitcoin, they do it because you value Bitcoin. They're not going to buy your Bitcoins off you - they're already earning their own Bitcoins which they need to sell for other stuff.
No it doesn't. If I break into your home and shit in your bed, it's something that required me to destroy your window or your door as well as said bed, but that doesn't make shit it inherently valuable, because it's shit in a bed.
I have money in gold/silver but I figured lit wouldn’t hurt to throw a little in different crypto coins. Thanks for breaking this down for me
Everyone will tell you what you should and shouldn't invest in so I can only give you my opinion. Disclaimer: this is not financial advice.
Other than bitcoin and etherium, just for being the biggest and most well known, I'd look at privacy coins and coins with functional use outside of a currency. In my case I have monero and cardano.
Cool! Thanks. I have learned with stocks that in some respects it’s a guessing game and being able to read trends.
I barely know enough about crypto but is etherium worth it? I don’t need mega millions just something I could maybe help get a down payment of a not piece of shit house
So I should be clear, with the way I'm investing, I'm using crypto as a store of value, like physical gold, with the idea that all these wealthy people and institutions are also betting on the price to rise. Though I've made a profit here and there, it's nowhere near what some people have made with say dogecoin. But at that point, the risk is so high I might as well go to Vegas and play blackjack. At least I know what my odds are.
I don't understand the technology but I've been told that it's extremely outdated and there are vastly more efficient coins now, and literally the only reason Bitcoin is to big is because it was the first big coin.
So as long as he doesn't go saying crypto in general is a scam, it's whatever. Especially now that Muskrat is meme-dunking on it so hard.
Bitcoin is outdated in multiple ways, and it's true that it's big because it's the original. Long story short: it was developed by an academic as a proof of concept with an academic mindset and not an engineering mindset and it shows...
However, the new, more efficient coins are so many (and there are dozens of new ones every day) that it became difficult to distinguish between legit projects and exit scams, especially now that scammy practices like premine and PoS became the standard.
Stop being told how thing work! educate yourself.
Bitcoin is great and it is not outdated by any standards , bitcoins value is from work /energy.
These smarter new coins which are supposed to be better, think they can take the "WORK" bit out. i guess they will make it work this time
I thought it was simply more energy intensive than the other coins? That's why Muskrat dumped it at least, iirc.
Granted his comparison was pretty silly, he said Bitcoin production is equivalent to Sweden's energy consumption, which might sound scary until you realize Sweden is like 0.10% of the world's population. Still a lot but it's not like it's gonna be melting the ice caps or nothing.
The fact that it's energy intensive is a good thing because it imbues it with natural value. You can look at the creation of a bitcoin as using literal energy to power math and the sum of those two things can equal a bitcoin.
Work or Energy is what makes it work , it actually is a real cost ( as in energy ) to produce or transact , without the energy cost , who makes its value? the "national bitcoin bank". this is why capitalism works. just investigate man
edit: sry, that was abit snarky. this is a good start for how bitcoin works: youtube.com/watch?v=bBC-nXj3Ng4
Well, after Musk effectively pumped and dumped it, are there any doubts?
I'm not saying that regular money is any better, but crypto has much lower volume and liquidity, and that means it's far easier for billionaires to manipulate its market.
I would not say Bitcoin is a scam. Bitcoin is terrible both as an investment and as a currency, but you're not a scammer if you believe your own hype.
Who cares?
I mean, I'm all ears if he has a way to ride out the inflation bomb that is the US dollar.
Why do you think we are in it? I mean: it's the future of currency!
Bitcoin vs US dollar - scamA vs scamB?
It is.
I have not bought bitcoin, I will not buy bitcoin.
Because I do not believe in the cryptographic security of SHA-2 family.
Imagine if he would have come out as an advocate for it...
Well, at least Tether is.
And USDC