Why Bitcoin Is a Scam

[SweetSecret]

I got into Bitcoin due to companies getting laws changed which restricted ability to use credit cards for international purposes. In my case, Bitcoin was literally a life saver. I also agree that the games I saw, were much higher than what one would treat me with investments. Regardless so I feel like it opens up an opportunity for international trade when there are groups trying to restrict it for their own financial gain.

[SteveFoerster]

I got into Bitcoin due to companies getting laws changed which restricted ability to use credit cards for international purposes. In my case, Bitcoin was literally a life saver. I also agree that the games I saw, were much higher than what one would treat me with investments. Regardless so I feel like it opens up an opportunity for international trade when there are groups trying to restrict it for their own financial gain.

Credit cards or even Western Union or MoneyGram. If their algorithms don't like your transaction, that's the end, there's no point in calling customer service because you'll just get the runaround. I've known more than one person who had to use Bitcoin for this reason for foreign remittances.

[Kal Di]

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.

Buying and holding is not the only way to make money with crypto, but it is the most common way that many people hope to make money on it. Staking is another way to make money on crypto, regardless of the volatile market. And there are other ways...

When an economic recession hurts many property values of real estate markets, most investors do not rush to sell their properties because they know there are other ways to make money with their property (e.g. rental income, lease options, etc). Many educated crypto investors have the same philosophy.

If the USA bans crypto, that's fine. There are already many people who hold assets in another country in a legally binding entity. The U.S. government does not have jurisdiction on a sovereign nation nor can they claim something that any American abroad doesn't own (even if he / she has full or partial control of it).

[Alpha]

Will Tether fail?
Tether: The Coin That Could Wreck Crypto - The New York Times (nytimes.com)

[Alpha]

The wheels come off?
The Crypto Crash: all Ponzi schemes topple eventually | Robert Reich | The Guardian

[LevelUP]

A lot of the smaller market cap crytos are similar to penny stocks. If enough people buy all at once the price will jump fast. It's a dog-eat-dog world out there with those cryptos kinda like the movie The Wolf of Wall Street. Lots of rug pulls to watch out for. 

Stablecoins seem like a good idea. As Steve said, there are some reasons why you would need to move money from one point to another, and having a cypto with a stable price would be good for those types of transactions. Usually, a bank will only need 10% reserves though a stablecoin will need a much larger reserve to handle withdraws.

I like gambling myself and watching markets so the crypto market is pretty fun stuff to watch.

[StoicJ]

I love crypto...... as money, not investment.

[RavindraNagai]

I don't believe Bitcoin is a scam. While it's true that the cryptocurrency market can be volatile, that doesn't mean that Bitcoin itself is fraudulent or illegitimate.

[cardiacclep]

It all seemed weird and sketchy with an opportunity for less ethical people to abuse. There are enough bad actors in currency exchange which as least are based on governmental mechanics for better or worse. That said.....crypto coins are likely trash but the blockchain tech that support it are a technology with many great uses. Blockchain can create an electronic chain of accountability that can be altered in such important aspects of medical and financial records.

[EmilTurner]

I respect your perspective, but I personally don't think that Bitcoin is a scam. However, I understand that the crypto market can be a bit confusing and risky, especially for newcomers. It's crucial to educate yourself and understand how this market operates to avoid any unpleasant situations.