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Question - Topics: Economy, Stocks & Bonds, Scams & Frauds
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shevamann
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Posted On: 2017-11-27 07:55:02
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What is Bitcoin exactly? A SCAM or a great investment?

What is Bitcon exactly?
Is it an investment or a currency play?
How much can I earn by investing/buying Bitcoins? Or is a Bubble and a SCAM that should be avoided? Seems like a great investment since it is up like 10000% or something like that.
What you all think?

Answers & Comments: 39
raminvan
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3 days 22 hours ago

Bitcoin is the ultimate demonstration of how some People follow the sheep, to slaughter.
And how the Big Media can hype anything they want to any ridiculous levels.
For BitCoin has as much real value as ZitCoin. Which is NONE. ZitCoin being the block chain based Coin that my 5 Years old put together in our basement. At least with my 5 Years, we know what his name is, with BitCoin we do not even know that since BitCoin was was created by the fictional Satoshi Son. Or some ridiculous made up name like that.
Europal
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3 days 21 hours ago
And just think today, BitCoin went up $8000 to $19000
Man have these People no shame!
Feast your eyes on the SCAM of the Century:

https://www.cnbc.com/2017/12/06/bitcoin-tops-13000-surging-1000-in-less-than-24-hours.html

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webfuelcode
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1 week 4 days ago

As the bitcoin rate in booming you could make good money if you already had bitcoins and now sell it.

These days people still says bitcoin is going 10k+.. not sure about it.
RealTime
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1 week 4 days ago
But WHY?
Based on what fundamental facts is BitCoin even worth $1 set aside $9000?????
A currency such as USD, Euro, etc. has the FULL faith and credit of their respective Governments behind them. What does BitCoin have behind it? NOTHING. So it is the Ultimate SCAM.
webfuelcode
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1 week 3 days ago
Yes, I believe too.

I personally do not want to work in bitcoin but as we can see how bitcoin is growing. Possible, this is only a trick to us trust in the digital transaction. As we already know the government is planning to make it so easy for people.
Europal
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1 week 3 days ago
Webfuel, what are you talking about? As Realtime has well demonstrated, and this question goes to anyone who is Bullish on Bitcoin or touts BC as an investment or a buy: "Based on what fundamental facts is BitCoin even worth $1 set aside $9000?????"

In that question, and your lack, or anyones lack, to be able to answer that question coherently, we have all the proof that we need that BitCoin is just a Hype driven by Big Media and has no real value otherwise.
sarah
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1 week 2 days ago
EP, it is very telling as to what a SCAM this BitCoin is, that when you ask the BitCoin Bulls, supporters, etc. as to:

"Based on what fundamental facts is BitCoin even worth $1 set aside $9000?????"

Their only answer is, look the price of BitCoin has been going up, so it must be of great value. Which is the ultimate proof of what Mania driven bubble this is. But in fact this is far beyond a bubble, i mean you can have Bubble in Stock X, but Stock X has an underlying value, CB has NO real value
RealTime
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1 week 2 days ago
Sarah, very well said. This is essentially the point that anyone who looks at reality has been making about BitCoin. That unlike the currency of a Country that is backed by all the Natural & Human & Military resources of that Country, BitCoin has ZERO such underlying intrinsic value.

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GurdMuller
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1 week 4 days ago

What is BitCoin: Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Right in that fact you have all proof you need as to what a joke BitCoin is, after all it is created by an anonymous person, repeat an anonymous person.

Now what is a Currency such as US Dollar, Euro, British Pound Sterling, etc.? For example US Dollar is: The Currency of the United States of America and its insular territories per the United States Constitution and backed by the full faith and might of the US Government.

So the value of a Currency is based by the faith, put simply the economic power of the Nation behind it.
As such BitCoin has NO value. ZIP nothing.
To say that BitCoin is a SCAM is giving SCAM a very bad name.
RealTime
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1 week 4 days ago
Gurd, i like it. You have really pointed out lucidly why BitCoin is beyond a SCAM.
Really BitCoin at 1 Cents to USD or Euro will be 1 Cents too much.
I just correct you on 1 thing: To say that BitCoin is a SCAM is giving SCAM a very very very bad name.

And BRAVO to Anoox again as being the place that "We the People" can get the best answers out, can get the Truth out. Because few other places have so well established the fact that bitCoin is worthless.

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Reporter
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1 week 6 days ago

Bitcoin is the hottest topic right now and there is a lot of info and opinions floating around. You can't call it an investment. At best it would be a speculation. The price fluctuation is huge and the risks are high. The problem with Bitcoin is the unknowns. Will the government regulate it, what happens if you get hacked, what happens if the hacker takes all your Bitcoins? Will IRS come knocking if you purchase something with Bitcoin? If you have some extra cash, maybe you can buy a few and hope the value goes up.
RealTime
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1 week 5 days ago
Reporter, that is some of the most sound thinking I have read about BitCoin.
Good Job man. Specially the bit you say:
"You can't call it an investment. At best it would be a speculation. "
It is a speculation on steriods the like of which not seen. I hate to see how much so many are going to loose on this. It is going to be ugly.
Reporter
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1 week 5 days ago
RT, glad you enjoyed it. But it is rather obvious that Bitcoin is at the best an extreme speculation. After all, it is a form of currency but NO central Bank in the World accepts it!

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grpit.inc
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1 week 6 days ago

*** SPAM FILTERED ***
neez1967
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1 week 6 days ago

Bitcoin is a worldwide cryptocurrency and digital payment system or digital cash. It is the first decentralized digital currency, as the system works without a central administrator. It is a peer-to-peer transaction that eliminate the middle man.
It is an electronic currency and there is a limited number of bitcoins that gets minned by special computer software. The larger the demand, the more the price goes up.
Since Dec 2016 the price jumped from around $800 per bitcoin to $9,750 as of today or 1,218% (approximatly 20% per month). It is expected to keep rising further as more and more people are buying bitoins. There are many investment companies out there but one company is paying 1.5% daily for 15 days starting at $35. The more you invest the more interest you get on your investment. The link is below for reference. I have personally invested over $1,000 and I reinvest my profit whenever my account reaches $35.
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Reporter
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1 week 6 days ago
BitCoin seems like the ultimate SCAM. It makes the Tulip Mania look like a Chump change. After all how can you call Bitcoin a "currency", when:

1- NO Central Bank accepts it as worth a Penny

2- 99.99% of Merchants in the World, online or offline, do not accept BitCoin

RealTime
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1 week 6 days ago
Rpt has it right on the Money. How can you call Bitcoin a "currency" given the fact that just about no one except Bitcoin owners will accept it!
I mean look at the top 100 Sites in the World, NONE of them accepts it.
Look at even this non-profit Anoox search engine, which is way in front of all People empowering stuff, it does not accept it.
etc.
neez1967
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1 week 6 days ago
With respect to your opinions but you need to update your information about the blockchain technology and its adaptaion.

Scam requires hidden information, but bitcoin is open sourced.

As for Tulip Mania, If an asset is held only to trade it away later, and it fails to become money, the bubble pops and it becomes worthless. Search for "who accepts bitcoins as payments": Microsoft, Dell, Wikipedia, subway, overstock, Expedia, etc...
neez1967
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1 week 6 days ago
Banks and governments are fighting Bitcoin and they are not winning so they have to go with the flow. Six new banks: Barclays, Credit Suisse, Canadian Imperial Bank of Commerce, HSBC, MUFG, and State Street, join UBS, BNY Mellon, and several others to create new Cryptocurrency!

Over and above, on 4th of April Japan started accepting Bitcoin as legal payment method and as of 27th of Nov the largest underground shopping mall in South Korea, Goto Mall will have 620 stores to accept bitcoin.
neez1967
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1 week 6 days ago
On 1st of Oct 2017, the local government of Dubai became the first government to launch its own state cryptocurrency. The official launch of a state-sponsored cryptocurrency or digital token is called emCash, it will be available to citizens of the U.A.E. to pay for governmental and nongovernmental services alike.
RealTime
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1 week 6 days ago
Where in GODs name do "Microsoft, Dell, Wikipedia, subway, overstock, Expedia" accept BitCoin as Payments! They do not. And that is again the KILLER fact about BitCoin, that NO bank accepts it as a payment nor do 99.99% of merchants. So why certain segments of Media such as that Wall Street piece of Sh*t CNBC and Putins Rt.com are pumping this BitCoin is really amazing.
neez1967
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1 week 6 days ago
Companies' announcement about accepting bitcoins:
https://support.microsoft.com/en-us/help/13942/microsoft-account-add-money-with-bitcoin
https://blog.dell.com/en-us/we-re-now-accepting-bitcoin-on-dell-com
https://blog.wikimedia.org/2014/07/30/wikimedia-foundation-now-accepts-bitcoin
https://www.coindesk.com/tag/subway
https://www.overstock.com/bitcoin
https://www.expedia.com/Checkout/BitcoinTermsAndConditions
neez1967
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1 week 6 days ago
Banks Accepting bitcoins:
https://www.cryptocoinsnews.com/400-european-banks-accept-bitcoin-purchase-agreement
https://www.247exchange.com/news/view?id=21

I hope you can find these information useful.
RealTime
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1 week 5 days ago
Neez, yes of course there are a few sites that accept Bitcoin, but again that is 0.01% of the Sites, which makes Bitcoin pretty useless but a highly speculative trading tool. With the last Men standing, getting totally burned. For example, there are NO Airlines that accept Bitcoin, NO major Hotel chains that accept Bitcoin, etc. And those Banks you listed accepting BitCoin, there are NO Banks.
That is they are not part of the Federal Banks so your deposits there are worthless.
RealTime
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1 week 5 days ago
And you know that link about Dell accepting BitCoin you listed. Have you gone to that page? it says:

"[UPDATE] Due to low demand, Bitcoin is no longer available as a form of payment. Our apologies for any inconvenience this may cause. You can still complete your purchase through a number of alternative payment options such as PayPal, all major Credit Cards, and Dell Financial Services."
Reporter
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1 week 5 days ago
RT, I think you have nailed it as to what a Ponzi scheme this BitCoin is, by pointing out the fact that Dell which is one of few legit places to have accepted BitCoin, has stopped accepting it. Lets not even mention that Dell buried this news that they were accepting BC so deep under the radar that not many even knew about it.
neez1967
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1 week 4 days ago
Go to and see all these companies that accepts Bitcoins. https://99bitcoins.com/who-accepts-bitcoins-payment-companies-stores-take-bitcoins

While you're picking on small issue to create an excuse to convince yourself and others not to get into Bitcoins and other cryptocurrencies rather than trying to go with the flow, the price of bitcoin jumped form $9,750 to near $11,400.
neez1967
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1 week 4 days ago
Here is another list for a few Airlines and ticketing agent that accepts bitcoins just to name a few.
https://www.cryptocoinsnews.com/att-american-airlines-accept-bitcoin-voucher
http://www.businessinsider.com/bitcoin-price-8-surprising-places-where-you-can-use-2017-10/#egifter-6
https://news.bitcoin.com/star-jets-international-now-accepts-bitcoin-payments
neez1967
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1 week 4 days ago
If Dell stopped accepting bitcoins then i missed it, but you missed so many other companies without researching. However, it is obvious that showing facts is not acceptable to you, then.

Whatever it was that got you were you are today is ont sufficient to keep you there and if you keep doing tomorrow what you've been doing today and expect a change, then this is the definition of insanity.

It is a thousand times better to try and fail rather than trying with the fear of failure.
neez1967
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1 week 4 days ago
Quoted

Attention bitcoin bears: You'll be able to bet against the digital currency in one month

"I think sometime in the second week in December you'll see our [bitcoin futures] contract out for listing," Terry Duffy, chairman and CEO of CME, says Monday on CNBC's "Power Lunch."

"Today you cannot short bitcoin," Duffy says. "So there's only one way it can go. You either buy it or sell it to somebody else. So you create a two-sided market, I think it's always much more efficient
neez1967
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1 week 4 days ago
It is a thousand times better to try and fail rather than "NOT" trying with the fear of failure.
GurdMuller
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1 week 4 days ago
Neez, stop drinking the CoolAid. bitcoin is as Worth while as if YOU or ME or another Bozo prints an Online Currency tomorrow and calls it ZitCoin.

Now there are fundamental reasons why BitCoin, or ZitCoin, or KitCoin, etc. are totally worthless, which are that NO Nation is backing them up, which is the only way that a currency has any Value.

But also as RealTime told you, you can have further proof of this fact by the fact that 99.999% of merchants and 100% of real banks dont accept it.

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WillianChagas
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2 years 9 months ago

As transações são verificadas, e o gasto duplo é prevenido, por meio de um uso inteligente da criptografia de chave pública. Tal mecanismo exige que a cada usuário sejam atribuídas duas "chaves", uma privada, que é mantida em segredo, como uma senha, e outra pública, que pode ser compartilhada com todos. Quando a Maria decide transferir bitcoins ao João, ela cria uma mensagem, chamada de "transação", que contém a chave pública do João, assinando com sua chave privada. Olhando a chave pública da Maria, qualquer um pode verificar que a transação foi de fato assinada com sua chave privada, sendo, assim, uma troca autêntica, e que João é o novo proprietário dos fundos. A transação – e



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