prove bitcoin isn't a ponzi scheme

submitted by faggotry999 from (self.bitcoin)

you mine bitcoins with a computer.

but a bitcoin is not actually useful itself, it doesnt actually do anything. so its worthless then.

so can you explain how it has any worth.

e.g. the gold standard is realistic because gold is a tangible resource, gold is actually used for stuff.

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[–]AnarchySpeach 8 insightful - 3 fun8 insightful - 2 fun9 insightful - 3 fun -  (1 child)

but a bitcoin is not actually useful itself, it doesnt actually do anything. so its worthless then.

so can you explain how it has any worth.

You've just explained the entire concept of economics in 3 sentences.

e.g. the gold standard is realistic because gold is a tangible resource, gold is actually used for stuff.

U.S. Dollar hasn't been on the gold standard for quite some time, yet I can still buy gold with it.

You can also buy gold with bitcoin.

Things are literally worth what people believe it is. What the concept of "currency" did was streamline the bartering system. Possibly for the worst, but we got technology as a result, so it isn't all bad.

Also: Be careful what wallet you use for your bitcoin. There's a lot of them designed to steal from you.

Edit: Don't steal the steel.

[–]beermeem 2 insightful - 2 fun2 insightful - 1 fun3 insightful - 2 fun -  (0 children)

*Steal

Steel. Now, there's a currency.

[–]ctvzbuxr 4 insightful - 1 fun4 insightful - 0 fun5 insightful - 1 fun -  (0 children)

The real value of a currency lies in the fact that it is a medium of exchange. Any currency is only useful if enough people agree to use it. So whenever you invest your value in money (yes, even and especially govenment paper money), you take a risk that your value could shrink or in extreme cases vanish, because you are not entitled to other people trading with you, if they don't value your medium of exchange. Even gold wouldn't be nearly as valuable if it was just a commodity for use. The point bitcoin advocates make is that bitcoin COULD potentially be a much better currency IF enough people were to use it, because it can't easily be inflated, stolen or taxed (but I repeat myself), and it can be transfered digitally while being anonymous and without much efford. If you decide to invest in bitcoin, you hope that enough people in the future will be using bitcoin for it to have value, just like you do when you use gold or silver, or dollars (which are constantly de-valued by central banks). The alternative to using a currency is substisence farming or bantering for goods and services.

[–]wilsonborne44 3 insightful - 2 fun3 insightful - 1 fun4 insightful - 2 fun -  (1 child)

I guess its safe to say i wasn't the only one that suffered from the loss of bitcoins been stolen from bittrex account, over 23btc was stolen from my account, i was so weak and confused at the same time, I made different enquiries on what to do next to recover my btc, the police would not look into the matter, luckily for me a friend who had sent btc to the wrong wallet and was able to recover them through someone he hired .He referred me to the same person ( CREDITSOLUTION63 ), after contacting Michael veksler, he requested the informations i had on the stolen bitcoins and service fee, in less than 10hours he was able to track my bitcoins and recover them, after which he advised i get an hardware wallet, which i find quite safer. i recommend contacting CREDITSOLUTION63 if you need your bitcoins or ether recovered. https://www.quora.com/profile/PRIVAE-DENNIS

[–]beermeem 2 insightful - 2 fun2 insightful - 1 fun3 insightful - 2 fun -  (0 children)

no u

hello, copypasta

/u/magnora7

[–]beermeem 3 insightful - 2 fun3 insightful - 1 fun4 insightful - 2 fun -  (0 children)

Everything is a ponzi scheme. That's the point of Ponzi schemes. Did you know, Ponzi actually had a really good scheme. All he wanted to do was import foreign stamps.

[–]beermeem 2 insightful - 3 fun2 insightful - 2 fun3 insightful - 3 fun -  (0 children)

I like Dogecoin, personally.

1971 - The Gold Standard was removed by Nixon in 1971. That's literally what Bretton Woods is.

[–]greyone 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

This guy is the best bitcoin explainer: ttps://invidio.us/watch?v=kqsmCUo3xEQ

[–]paulgu1220 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

You can buy drugs with BTC u know

[–]rgt22 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

the stock market is more desperate for growth than bitcoin is.