Economist Thinks Bitcoin Could Be A Scam

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Add another person to the growing list of people that think bitcoin is a scam.

"And all of these stories could all come from Eve," Dr. Gudmundsson said. "People trying to figure out a scamming system that they will actually build some value, make people trust it, and once the trust is there, they break the trust and profit from it."
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Im getting the feeling that [H] is anti bitcoin. The only stories they post are clickbait anti-bitcoin ones. Why not post a story about the dogecar?
 
Abraxas601 said:
"In addition to Bitcoin and other virtual currencies, CTTSO’s list of terrorism research topics also included Android, Motorola, social media, virtual reality, and more."
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"The biggest concern associated with Bitcoin is the anonymity built into the virtual currency's architecture. Although transactions are public, the parties involved are kept anonymous. Bitcoins can allow illegal operations with the ease and speed of the Internet, but with the secrecy of a cash deal.

The virtual currency came under the scanner after several high profile cases came into light. Back in October last year, the FBI closed down the Silk Road, a digital black market that allowed users to purchase drugs, guns, and more. The website accepted only Bitcoin for payments."
 
pcjunkie said:
"The biggest concern associated with Bitcoin is the anonymity built into the virtual currency's architecture. Although transactions are public, the parties involved are kept anonymous. Bitcoins can allow illegal operations with the ease and speed of the Internet, but with the secrecy of a cash deal.

The virtual currency came under the scanner after several high profile cases came into light. Back in October last year, the FBI closed down the Silk Road, a digital black market that allowed users to purchase drugs, guns, and more. The website accepted only Bitcoin for payments."
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So? I can do the same thing with cash,probably easier than btc. There are more uses to it other than buying drugs,but people like you act like Fox news and only look for the negatives.
 
Even if it is a scam, people will continue to use it until it collapses. Then they'll switch to the next flavor of the week. As long as there is a demand for pseudo-anonymous currency, someone will fill it. It's just a matter of time before one sticks permanently.
 
nvgrim said:
So? I can do the same thing with cash,probably easier than btc. There are more uses to it other than buying drugs,but people like you act like Fox news and only look for the negatives.
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So, the article isn't about cash, its about Bitcoins so deal with it. And its really easy to look at just the negatives when that's about all their is.
 
pcjunkie said:
So, the article isn't about cash, its about Bitcoins so deal with it. And its really easy to look at just the negatives when that's about all their is.
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Im not even going to try debating it for the 100th time. It gets really old fast,every time [H] post a bitcoin article the same pro(including me) bitcoin users and the anti bitcoin people say the same shit over and over again. Its like a broken record.
 
"People trying to figure out a scamming system that they will actually build some value, make people trust it, and once the trust is there, they break the trust and profit from it."
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Hmmm ... sounds like the government.
 
If it does turn out to be some grand scam there's no reason to rage at the people on the [H] who farm them. They would be getting screwed as well.
 
Twisted Kidney said:
If it does turn out to be some grand scam there's no reason to rage at the people on the [H] who farm them. They would be getting screwed as well.
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Terrorists one minute, innocent doe-eyed victims the next.

They can't figure out how to pigeon hole people. It can't possibly be rational self interest and organization.
 
nvgrim said:
So? I can do the same thing with cash,probably easier than btc.
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No, unless you are going to be leaving envelopes of cash at prearanged drop sites, or sendign cash anonymously through western union.
 
system that they will actually build some value, make people trust it, and once the trust is there, they break the trust and profit from it.
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change it to:

build a relationship, make the spouse trust it, and once the trust is there, they break the trust and profit from it.
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Sounds like marriage.
 
nutzo said:
No, unless you are going to be leaving envelopes of cash at prearanged drop sites, or sendign cash anonymously through western union.
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I am talking about buying illegal things like drugs. Most dealers prefer cash since its pretty untraceable...
 
Crytocurrency was created by AMD in secret so they could compete with NVIDIA.
 
CCP Games has a selfish desire to keep PLEX stable; as the value of PLEX is an indicator in interest in the game and the amount of people who want to play it. Governments also have a desire to keep the economy stable and to provide certain protections against things such as money laundering, fraud and tax evasion.

Yes, his premise that bitcoin can be a scam in so much as whoever wrote it by definition had access to the biggest pile of cheap to mine bitcoins and can dump them on the market, possibly destroying it. It's been a pretty long haul for a pump and dump though.

Governments these days don't really have a motivation to avoid inflation. Inflation makes their debt wither away, so they like it. They are all madly printing up more ledger book money trying to get that inflation to happen. It's just that they can only really give it to the banks without rapidly destabilizing whatever market they flood, and the banks can make bad leveraged investment vehicles fast enough to vaporize it before it goes anywhere.
 
There are gonna be a lot of criminals that will rush to the defence of bitcoins as more people figure out they're just another way to buy illegal stuff like drugs and guns.

Oh and inb4 all the neo-anarchy and librarians try to scream the usual anti-government, anti-establishment stuff they usually put in these threads. :p
 
Wrecked Em said:
Even if it is a scam, people will continue to use it until it collapses. Then they'll switch to the next flavor of the week. As long as there is a demand for pseudo-anonymous currency, someone will fill it. It's just a matter of time before one sticks permanently.
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That doesn't need to happen. It could continue in a cycle of boom/bust for various digital currencies almost indefinitely. There is no reason to expect stability at this point.
 
raz-0 said:
Governments these days don't really have a motivation to avoid inflation. Inflation makes their debt wither away, so they like it. They are all madly printing up more ledger book money trying to get that inflation to happen. It's just that they can only really give it to the banks without rapidly destabilizing whatever market they flood, and the banks can make bad leveraged investment vehicles fast enough to vaporize it before it goes anywhere.
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A small amount of inflation is desirable because it discourages stockpiling money which takes it out of circulation and hurts the economy. High inflation rates are just as bad as deflation for the economy and the federal reserve manipulates things to avoid both, the amount of inflation that's desirable is a valid discussion but there's probably only a handful of people here qualified to debate it.
 
you get an entitled group of people deciding how much inflation is desirable, and you get malinvestment by directly manipulating people into an aversion to savings. So you get government-created malinvestment and asset bubbles, which was the stated phenomenon the fed purports to fight.

deferred consumption is evil and must be punished. ban it all!
 
nvgrim said:
Im getting the feeling that [H] is anti bitcoin. The only stories they post are clickbait anti-bitcoin ones. Why not post a story about the dogecar?
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nah, just against inflatin' videocard prices so damned much.
 
NIVO said:
nah, just against inflatin' videocard prices so damned much.
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you can blame that on the retailers,not the influx of people buying cards. They are the ones that raised the prices.
 
I don't think this video game currency economist understands cryptocurrencies. I had the wrong perception of Bitcoin initially. I think specifically bitcoin's huge speculative and investment-based perception that caused wild variations in value did cryptocurrency a disservice at the outset. But the fundamental goal of cryptocurrency isn't as an investment, it's not to be a closed-system, but on the contrary, an open way to easily transfer money, without the need for big banks when all the big banks do is communicate 1's and 0's and tack on a fee based on the amount of money being moved (which is absurd when you think about it). I don't see how cryptocurrency is a 'scam.' MTGOX a scam? Okay, but only because of the person(s). But does that make US currency (and any other currency) a scam since banks and high-level executives do the exact same things all the time? Bernie Madoff, anyone?
 
Here's my problem with bitcoin: you perform work of no value and from that you gain something of value? That's just not how currency works, sorry.
 
rivertown_rat said:
Here's my problem with bitcoin: you perform work of no value and from that you gain something of value? That's just not how currency works, sorry.
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What something is worth is determined by two parties in agreement that it has worth. That is exactly how currency works -- the work ethic side of it is irrelevant.
 
nvgrim said:
Im getting the feeling that [H] is anti bitcoin. The only stories they post are clickbait anti-bitcoin ones. Why not post a story about the dogecar?
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What do you think we are not posting exactly that we should be. Links please.
 
nvgrim said:
I am talking about buying illegal things like drugs. Most dealers prefer cash since its pretty untraceable...
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if you are a low-level user or dealer then this is true but if you're doing anything on a successful commercial level cash is a royal pain in the ass
 
rivertown_rat said:
Here's my problem with bitcoin: you perform work of no value and from that you gain something of value? That's just not how currency works, sorry.
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You never met fractional reserve banking then, have you. By that logic, you have a problem with all of banking in general.
 
The comments are funny as hell and a lot of the people don't seem to know that bit coin as crashed a couple of times already. More people just step up and buy them when they are cheap and they build toward value and crash again.
 
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