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  1. #1
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    is bitcoin a scam

    is bit coin a scam. it seems the value of a bit coin went up to almost $10,000 . yet other post have indicated that it is not widely used or accepted as predicted. I wonder if it is like The Tulip scandal in the 1600's and it just will inflate until the bubble bursts. some may hoard it but it also seems like regular banks are not going to favor it and may actually try to ruin it like then Tucker car and Ford + GM even if it was a good thing the big automakers ruined it so my guess is the big banks will actually try to kill bit coin thanks for listening

  2. #2
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    Apr 2015
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    Re: is bitcoin a scam

    Quote Originally Posted by knightmare3000 View Post
    is bit coin a scam. it seems the value of a bit coin went up to almost $10,000 . yet other post have indicated that it is not widely used or accepted as predicted. I wonder if it is like The Tulip scandal in the 1600's and it just will inflate until the bubble bursts. some may hoard it but it also seems like regular banks are not going to favor it and may actually try to ruin it like then Tucker car and Ford + GM even if it was a good thing the big automakers ruined it so my guess is the big banks will actually try to kill bit coin thanks for listening

    Call me stupid if you like, but I am curious what determines the value of a bit coin and does the value ever go down, and if so why?

  3. #3
    Join Date
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    Re: is bitcoin a scam

    Bitcoin is tradeable...nuf said!

  4. #4
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    Re: is bitcoin a scam

    Bitcoin is like the Pyramid schemes, it will crash one day completely because it's value is not based on anything physical like gold. If something has no material value to back it up, it simply has as little value as farty air.

    Bitcoin will keep rising in value, drawing in more and more fools and then suddenly it will collapse and a few people, who have been planning this all along will get super rich, while the fools who invested in bitcoin will get poor. It is the same scheme over and over again and people keep falling for it.

  5. #5
    Join Date
    Jan 2018
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    Re: is bitcoin a scam

    This is an INCREDIBLE scam. The difficulty with Bitcoin is the production of Bitcoins, which are unregulated and not transparent to the world. There is nothing to prevent a sudden surge in Bitcoinsbeing dumped by a creator, a major cash-in, and anyone who pays in legal fiat will be left with nothing.
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  6. #6
    Join Date
    Mar 2014
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    Re: is bitcoin a scam

    How does one learn the nuts and bolts of bitcoin so they can give it a try without getting scammed? And what or who determines and regulates the price of bitcoin which seems to fluctuate wildly? Also how is a bitcoin created or produced and by whom?

  7. #7
    Join Date
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    Re: is bitcoin a scam

    Quote Originally Posted by Curious Carol View Post
    How does one learn the nuts and bolts of bitcoin so they can give it a try without getting scammed? And what or who determines and regulates the price of bitcoin which seems to fluctuate wildly? Also how is a bitcoin created or produced and by whom?
    Nothing to worry your little head about here Bruce.

    Crypt-currencies are mostly banned in China.

    Oh, and sorry that you missed out on one of the bigger non-political news items of the past six-months.



    CNN News
    FOX News
    BBC News
    Reuters
    UPI News
    And so forth and so forth.
    Last edited by nomaxim; 02-14-2018 at 04:30 PM.
    Ignorance more frequently begets confidence than does knowledge: it is those who know little, and not those who know much, who so positively assert that this or that problem will never be solved by science. -C. Darwin

  8. #8
    Join Date
    Mar 2014
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    Re: is bitcoin a scam

    Thanks for all the links nomaxim. But now I have another question... Why are there so many different crytpo currencies and is one any safer or better than another? How do you think the big bankers will respond to these unregulated (aka uncontrolled) currencies if they become mainstream popular and are people already making loans with bitcoin and would that even be possible since identities are unknown? This block chain technology is quite interesting in my opinion, and could have many useful applications. Btw... I am a woman and if you are implying I am a lesbian with your "bruce" comment, I am married with an infant child. None the less, I appreciate all your links.

  9. #9
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    Re: is bitcoin a scam

    Quote Originally Posted by Curious Carol View Post
    Posted on 02-14-2018, 09:12 PM
    I am married with an infant child.
    Your 'infant' should be a 'toddler' of almost two by now there, Bruce.

    scam.com/showthread.php?704467-UPDATED-China-Liars-List-ESL-TEFL-Teacher-Job-Scams-Internships-Exporters-etc-BLACKLIST&p=1913367#post1913367
    Quote Originally Posted by Curious Carol View Post
    Posted on 06-06-2016, 01:03 PM
    Give me another week or so to get over the shock of being a 35 year old mother...
    Ignorance more frequently begets confidence than does knowledge: it is those who know little, and not those who know much, who so positively assert that this or that problem will never be solved by science. -C. Darwin

  10. #10
    Join Date
    Jan 2016
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    257

    Re: is bitcoin a scam

    Within a year or too, the big bankers will find a way to monopolize Bitcoin - just like the what the Hunt brothers did to the silver market years ago. Bitcoin is the future and governments will find ways to make it illegal since sales taxes can be legally avoided.

  11. #11
    Join Date
    Nov 2017
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    22

    Re: is bitcoin a scam

    That's right the government will get their hands in the cookie jar for sure, Amigo!

  12. #12
    Join Date
    Oct 2014
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    China
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    Re: is bitcoin a scam

    Whether they like it or not, the bitcoin will grow bigger and stronger and more popular with time. With blockchain technology Uncle Sam would have to take total control of the internet to stop it.

  13. #13
    Join Date
    Mar 2014
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    195

    Re: is bitcoin a scam

    My brother just told be he bought a bit coin a few years ago for $112 and now he tell me it is worth over $8,000 and gave me this link https://www.buybitcoinworldwide.com/price/. This is probably a great investment to make IF the governments do not band together and outlaw the bitcoin. Anyway, I am definitely going to learn all I can about this phenomenon.

  14. #14
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    Re: is bitcoin a scam

    Umm, Bitcoin (BT) was worth almost $20,000 (USD) two months ago.

    Current price is $10,985 (USD).

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    I've been mining since 2010, so I just sell and don't buy. Honestly, anyone that has bought any BT's in the last 3 months has lost money.
    Many countries also threat BT's as a precious metal and tax it as such. In the US any income is taxed as capital gains.
    Ignorance more frequently begets confidence than does knowledge: it is those who know little, and not those who know much, who so positively assert that this or that problem will never be solved by science. -C. Darwin

  15. #15
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    Mar 2014
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    195

    Re: is bitcoin a scam

    Quote Originally Posted by nomaxim View Post
    Umm, Bitcoin (BT) was worth almost $20,000 (USD) two months ago.

    Current price is $10,985 (USD).

    Name:  chart.gif
Views: 65
Size:  5.3 KB

    I've been mining since 2010, so I just sell and don't buy. Honestly, anyone that has bought any BT's in the last 3 months has lost money.
    Many countries also threat BT's as a precious metal and tax it as such. In the US any income is taxed as capital gains.
    Seriously, how can anyone be taxed when the sales and purchases are anonymous?

  16. #16
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    Re: is bitcoin a scam

    Quote Originally Posted by Curious Carol View Post
    Seriously, how can anyone be taxed when the sales and purchases are anonymous?
    Well, not everyone is going to jump into criminal activity (money laundering, tax evasion/fraud) like you.

    cnbc.com/2017/11/30/bitcoin-investors-beware-the-irs-wants-its-cut-and-you-may-not-know-it.html;
    Bitcoin investors beware: The IRS wants its cut and you may not know it
    Published 11:06 AM ET Thu, 30 Nov 2017
    ............
    A U.S. court has ordered Coinbase to turn over identifying information on 14,000 accounts.
    .........
    investopedia.com/articles/investing/040515/are-there-taxes-bitcoins.asp

    businessinsider.com/how-paying-taxes-on-bitcoin-works

    bitcoin.tax/faq

    turbotax.intuit.com/tax-tips/tax-payments/tax-tips-for-bitcoin-and-virtual-currency/L1ZOgU00q

    marketwatch.com/story/heres-how-the-us-and-the-world-are-regulating-bitcoin-and-cryptocurrency-2017-12-18

    Do you really think that if you cash out $20,000 in BT at an exchange that they are going to just FedEX you a box of cash.

    And as to anonymity, I suggest reading up on Silk Road (marketplace) WIKI and its two successors.
    That was set up through the 'anonymous' TOR browser and used 'anonymous' cryptocurrencies. Didn't work out so well for a few hundred individuals. Notably the guy that started it, he got life in prison without the possibility of parole.

    Also see;
    usatoday.com/story/news/nation/2013/10/21/fbi-cracks-silk-road
    Ignorance more frequently begets confidence than does knowledge: it is those who know little, and not those who know much, who so positively assert that this or that problem will never be solved by science. -C. Darwin

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