Bitcoin about to Pop

[Jason]

And here comes the clueless old guy. Scot, do you have no shame in commenting on things you demonstrably have no clue about? You have absolutely no ability to construct a reasoned argument. You just baselessly assert everything and then get snotty when people point out how blindly asserting stuff doesn't make it true. Just stop. It's embarrassing.

And come on, put your money where your mouth is. Take my $50 bet that Bitcoin will still exist in a year's time. If it's a scam then it should be done and dusted by then. Put up or shut up.

Bitcoin will continue to exist as long as the money made on pumping and dumping is more than the cost of mining. I sold my bitcoin over a month ago.

[pErvinalia]

Bitcoin will continue to exist while ever it has some utility that people value (and governments don't regulate it out of existence). As the number of things that you can buy with bitcoin continues to grow, so will its utility. Although, as I mentioned earlier in the thread, it's not the best coin to be doing regular transactions due to its high transaction fee and slow transaction time.

[rainbow]

It's not a dodge. You asked a question, I answered. Regarding my other investments, I haven't made anything yet as I haven't sold them. I'll be holding them for the long term. And as I mentioned earlier to Hermit I've paid $550 in bills from my blogging earnings on the Steem blockchain. That required zero real money investment for that $550. But it's a scam. Must be.

Where did the money come from? Somebody was scammed.

It came from people investing in the coin. No different than where the money came from in a million other investments on the planet. You seem to be totally unaware of how the world works.

You got goods worth $550 from someone in exchange for your Steems(?). What are those Steems worth now?

About 80 US cents per steem I think. Why?

So the poor fella who gave you $550 worth of goods now has 80c worth of steem. Is he happy?

[pErvinalia]

80 cents per 1 steem. When I sold it was about $2 per steem. He might very well be unhappy, but an unhappy investor doesn't make it a scam.

[rainbow]

80 cents per 1 steem. When I sold it was about $2 per steem. He might very well be unhappy, but an unhappy investor doesn't make it a scam.

You do realise that it's a zero sum game?

Whatever you gained someone else lost. Those that created the original steem got real money for them, and they are now worth zip. That is a scam in my language.

[Scot Dutchy]

80 cents per 1 steem. When I sold it was about $2 per steem. He might very well be unhappy, but an unhappy investor doesn't make it a scam.

You do realise that it's a zero sum game?

Whatever you gained someone else lost. Those that created the original steem got real money for them, and they are now worth zip. That is a scam in my language.

And mine. rEv does not see it though. Like pyramid selling the new ones joining the scheme pay for the profits of those already in. The sooner you join the more profits you make.

[Svartalf]

which is why I'm not interested in bitcoin, early birds got the most, I would be a late comer scraping at an already largely depleted mine... plus I'm not ready to make the necessary invetment in calculation power to get anything worth the price of power expanded on the calculations.

[Scot Dutchy]

Exactly. Some of those setups that Bitcoin miners have cost a fortune. Pure greed and madness just like the gold rush in times gone by.

[pErvinalia]

80 cents per 1 steem. When I sold it was about $2 per steem. He might very well be unhappy, but an unhappy investor doesn't make it a scam.

You do realise that it's a zero sum game?

That's because you aren't understanding what the value is in it. If it was only monetary, then you would be correct. But Steem values content, so people who own it and interact with the content side of it gain value that way. It would be like saying that the buying and selling of orange juice is a zero sum game, as the buyer has to lose for the seller to gain. However, the buyer gets value from drinking the juice.

As I said to Hermit, monetary production is just one way of measuring value, and the inventor of the GDP stat stated this himself.

[pErvinalia]

...

[JimC]

I think you are a voice crying in the wilderness with respect to this issue in the forum, rEv...

[pErvinalia]

Seems that way.

[rainbow]

80 cents per 1 steem. When I sold it was about $2 per steem. He might very well be unhappy, but an unhappy investor doesn't make it a scam.

You do realise that it's a zero sum game?

That's because you aren't understanding what the value is in it. If it was only monetary, then you would be correct. But Steem values content, so people who own it and interact with the content side of it gain value that way. It would be like saying that the buying and selling of orange juice is a zero sum game, as the buyer has to lose for the seller to gain. However, the buyer gets value from drinking the juice.

As I said to Hermit, monetary production is just one way of measuring value, and the inventor of the GDP stat stated this himself.

What is the content side of it?
How is it useful?

[Scot Dutchy]

It is the biggest scam or con ever. Those in at the beginning are making money because they started with nothing.
I played back in the 90's a MMPOG. Cant remember the name of the game but it was Swedish about a planet called Calypso. One guy bought the moon orbiting the planet for $130,000 real American dollars. He charged people to buy apartments on the moon. That is what Bitcoin is an illusion. If you buy and sell them you are just taking part of the illusion. The game like Bitcoin is still going as everyone is trying to retrieve their "investment" which is why Bit coin will not disappear. The fools who stepped in late like pyramid sellers are looking for new victims.

[pErvinalia]

Some impressive "logic" there...