Why Bitcoin Is a Scam

[collegecareerstudent]

I don't agree, either. While prior cryptocurrency creation methods have been damaging to the environment, cryptocurrency creators every day are thinking of revolutionary ways to evade those impacts and offer utility to users. Additionally, some cryptos are concerned with creating environmental solutions. Different cryptos exist for a variety of reasons, and I invest in multiple assets. I've only ever seen gains. That being said, I also maintain traditional retirement accounts, as well, and recommend as with any investment that those interested conduct abundant research before taking on that risk.

[SteveFoerster]

One Bitcoin transaction consumes more power than the average household in a month

Bitcoin as a whole consumes more electricity than the entire countries of the Phillippines, Pakistan, or Bangladesh.

So does YouTube, but you were still willing to post a YouTube video.

And Bitcoin uses less power than the existing financial system, and it uses less power than precious metals mining, yet somehow both of those get a pass.

Technological civilization uses electricity. Unless you want to go back to living in caves and hunting with handmade spears, perhaps people's focus should be on how that power is generated rather than use it as a specious argument against a specific pet peeve.

Bitcoin and other cryptocurrencies are used for drug, kidnapping, identity theft, and child sex trafficking transactions.

So is the U.S. dollar and other fiat currencies.

The difference is that every Bitcoin transaction is on a publicly accessible ledger. It's actually an amateur move to use it for criminal activity. It's true that someone's identity isn't  inherently tied to an account, but every single transaction offers information about who is sending value to whom. The rest is just a giant game of sudoku that authorities are well positioned to solve. If you don't believe it, ask Ross Ulbricht.

Most people don't care about any negative aspects of crypto and just want to "invest" in it.

Then that's yet another way that Bitcoin doesn't differ from everything else out there.

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There’s no intrinsic value. Not tangible

You just described the dollar.

Besides, there's no such thing as intrinsic value, even for things that are tangible, because value is subjective.

[LevelUP]

Bill Gates, Munger and Buffett 3 years ago on Bitcoin

Some high profile supporters of crypto include Elon Musk, Mark Cuban, and Mark Zuckerberg

[LevelUP]

The video I first posted said that "One Bitcoin transaction consumes more power than the average household in a month."

So if we did basic math, this would mean that a digital transaction with a credit card or Paypal is 1 million + times more efficient than a Bitcoin transaction.

My question is, given the inefficiently of Bitcoin, will the crypto market eventually move towards a coin that has the most efficiency?  Or will this be the one time in history where markets ignore efficiency?  What will this mean to the value of Bitcoin?

[BSLIONS]

The video I first posted said that "One Bitcoin transaction consumes more power than the average household in a month."

So if we did basic math, this would mean that a digital transaction with a credit card or Paypal is 1 million + times more efficient than a Bitcoin transaction.

My question is, given the inefficiently of Bitcoin, will the crypto market eventually move towards a coin that has the most efficiency?  Or will this be the one time in history where markets ignore efficiency?  What will this mean to the value of Bitcoin?

Well this is the problem, people can say what they like about Bitcoin but Bitcoin is basically the granddaddy of all crypto. As Bitcoin goes so does the crypto market, at least up to now. With that being said, its not the fastest, it's not the most efficient, and it's not really good for using as a form of payment. There are crypto that meet all of those criteria already but Bitcoin has the name recognition. We're all just basically watching what happens at this point but mass bitcoin adoption for purchases is not where I see things going.

[Alpha]

[Alpha]

Is crypto crashing?
https://www.barrons.com/articles/bitcoin...1652351817

[collegecareerstudent]

It's normal. Buy the dip!

[LevelUP]

There are 2 problems with "investing" in Bitcoin.

1. Bitcoin relies on the greater fool theory.
2. Bitcoin is a non-productive asset, so you get nothing while holding onto it.

[LevelUP]

I don't know any other way for a person to earn 25-75% APY on their investment (versus the stock market that gives you 8% APY on average).

That 25%-75% isn't working out too well.

So, where are we now?  We are down nearly 70% from the market highs. 67k high, 21k now. 

For those that understand the mathematics of the stock market/investments, if you lose 50%, it takes a gain of 100% to break even.  If you lose 75%, it tasks an increase of 300% to break even.

And you better hope the U.S. doesn't decide to ban crypto altogether.