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grahamhgreen

(15,741 posts)

72. Bitcoin is backed by NOTHING.

Reply to joeglow3 (Original post)

Mon Mar 17, 2014, 10:50 PM

Mar 2014

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I have concluded bitcoin is a scam [View all] joeglow3 Mar 2014 OP

Heard it too. bravenak Mar 2014 #1

At least the ad gave you the clientele marketing group ... MindMover Mar 2014 #2

and a subset of DUers DrDan Mar 2014 #31

As whack as they are PowerToThePeople Mar 2014 #3

Bitcoin, like gold, is not a scam. The way it is being used is a scam. Gravitycollapse Mar 2014 #4

Gold is at least something tangible. joeglow3 Mar 2014 #5

Is a fiat currency also a scam? Gravitycollapse Mar 2014 #8

Yes CFLDem Mar 2014 #14

The entire point of cryptocurrency is anarchy of capital. Gravitycollapse Mar 2014 #16

Well the value certainly has plenty of anarchy. n/t CFLDem Mar 2014 #27

Anarchy of capital... Maedhros Mar 2014 #52

Of course it has great potential for abuse. Gravitycollapse Mar 2014 #55

um you know tangible means it's physical and you can hold it right? TeamPooka Mar 2014 #23

Tangible can mean many things... Gravitycollapse Mar 2014 #35

You can try but you cannot redefine words and language. TeamPooka Mar 2014 #36

First off, there is no need for the attitude. Gravitycollapse Mar 2014 #38

Attitude required for such obtuseness about what tangible currency really is. Not what you pretend TeamPooka Mar 2014 #43

Nope no attitude needed. Have a great day. Gravitycollapse Mar 2014 #46

You too. Just don't go making up word definitions anymore. TeamPooka Mar 2014 #47

Never made up a definition. Gravitycollapse Mar 2014 #53

Oh please. Don't lie. "Tangible can mean many things" started this. TeamPooka Mar 2014 #61

I was never wrong about anything. And you are attempting to get around that by being rude. Gravitycollapse Mar 2014 #62

says the guy who satrted the name calling TeamPooka Mar 2014 #63

"cryptocurrency does exist as a physical medium in the form of electrical charges" snooper2 Mar 2014 #37

Is it going to be possible to have a civil, meaningful discussion with you? Gravitycollapse Mar 2014 #39

not sure, you keep making me laugh :) maybe we can talk about something different snooper2 Mar 2014 #40

exactly. It's hilarious. TeamPooka Mar 2014 #44

Ones and zeroes are real too! FSogol Mar 2014 #50

Ones and zeros are the symbols for the physical electrical charges. Gravitycollapse Mar 2014 #54

Twisty word game! FSogol Mar 2014 #57

It's important to recognize that a Bitcoin actually exists in a physical system. Gravitycollapse Mar 2014 #59

Do the people who had their bitcoins secured in Mt. Gox or Flexcoin agree with you? FSogol Mar 2014 #65

If they have an ounce of sense they should. They invested in an untraceable currency. Gravitycollapse Mar 2014 #66

So you approve of a currency that is designed to circumvent our government's control? FSogol Mar 2014 #67

I'm not going to trash the entire concept of cryptocurrency because libertarians like it. Gravitycollapse Mar 2014 #68

"Nutty gold bugs" Art_from_Ark Mar 2014 #70

$35 invested in Berkshire in 1968 is worth $175,000 joeglow3 Mar 2014 #71

And $35 invested in Woolworth's in 1968 would be worth zero today Art_from_Ark Mar 2014 #73

Actually, 35 invested in the Dow would be close joeglow3 Mar 2014 #74

How much of that money invested in the Dow Art_from_Ark Mar 2014 #75

Vanguard index funds are extremely low cost joeglow3 Mar 2014 #79

Did Vanguard even exist in 1968? Art_from_Ark Mar 2014 #80

They exist today joeglow3 Mar 2014 #81

And things have worked out pretty well for me Art_from_Ark Mar 2014 #82

So you contend they are real, tangible . . . brush Mar 2014 #76

Can I use bitcoin to make teeth ... ? or make beautiful jewelry ....? MindMover Mar 2014 #7

So does not being in an easily useable physical medium make anything a scam? Gravitycollapse Mar 2014 #9

I got some Dune spice melange that will knock your socks off ... MindMover Mar 2014 #10

No other metal? Lancero Mar 2014 #20

I want a nice bitcoin necklace joeglow3 Mar 2014 #32

K. Lancero Mar 2014 #45

Nice. But I tire of it joeglow3 Mar 2014 #48

Bitcoin is quite literally a pyramid scheme. joshcryer Mar 2014 #11

That is quite literally the function of pretty much all currency valuation. Gravitycollapse Mar 2014 #13

The value of currency is the level of trust it has in transactions. joshcryer Mar 2014 #15

The value of currency is also its utility bhikkhu Mar 2014 #17

Yeah I don't even think the Bitcoin crypto base is useable. joshcryer Mar 2014 #18

bitcoins are digital tulips. good luck with them. TeamPooka Mar 2014 #24

Well, how is it being used that makes it a scam? ElboRuum Mar 2014 #12

^^^ This ^^^ alittlelark Mar 2014 #19

Bitcoin is a scam. It has no backing, no insured worth other than CPU cycles. Arkana Mar 2014 #42

No limp dick cures or Gracie Ju Jitsu ads? Hassin Bin Sober Mar 2014 #6

Or reserve mortgages? FSogol Mar 2014 #29

Sounds more like you were listening to the Glenn Beck show. RandySF Mar 2014 #21

It wasn't that long ago that people showed the same lack of imagination about computers. MattSh Mar 2014 #22

It has to be fiat based. joshcryer Mar 2014 #25

Guilt by vague association is not the strongest of arguments. nt Democracyinkind Mar 2014 #26

no, really? Warren Stupidity Mar 2014 #28

What's funny is libertarians love them some bitcoin. FSogol Mar 2014 #30

oo, you forgot Satanists, traitors, idolators, and puppy eaters. closeupready Mar 2014 #49

Greendot cards are also used very often for money laundering. But bankless debit cards... Gravitycollapse Mar 2014 #60

Completely virtual, unregulated money contained within hackable computer systems? Tommy_Carcetti Mar 2014 #33

just now? DiverDave Mar 2014 #34

What tipped you off? Arkana Mar 2014 #41

The fact that this currency is unregulated lends itself to scams Gothmog Mar 2014 #51

Those who control it will start adding transaction fees -- totally unregulated BlueStreak Mar 2014 #78

That's so weird Shankapotomus Mar 2014 #56

It could be purposely insecure. gulliver Mar 2014 #58

I noted that on another thread. OilemFirchen Mar 2014 #64

Message auto-removed Name removed Mar 2014 #69

Bitcoin is backed by NOTHING. grahamhgreen Mar 2014 #72

I think it might have originated as a decent idea Warpy Mar 2014 #77