The best currency is a stable currency. A currency should be the reference point and everything else fluctuates around it. If I think its going down I'll make sure to spend it as soon as I get it. If I think it's going up I'll want to hold on to it and that makes buying stuff a problem. If it's not moving in value we can feel free to use it in trade as normal. Also you know it's not a reference when it's value is determined by how many dollars (or whatever) it's worth. When people begin denominating value in bitcoin without reference to other currencies then it's a currency.

Good goy! Buy into our second biggest scam of all time! There’s no way that a series of magnetic states on a hard drive could EVER be worthless!

Good goy! Buy into our second biggest scam of all time! There’s no way that a series of magnetic states on a hard drive could EVER be worthless!

Lmao, bitcoin isn't stored on hard drives. That's not how it works. What makes bitcoin a scam?

Lmao, bitcoin isn’t stored on hard drives.

Do you think “the cloud” is an actual cloud, mate?

What makes bitcoin a scam?

Educate yourself on what money is.

Do you think “the cloud” is an actual cloud, mate?

My friend, if you own 1 bitcoin on your phone, it's not actually part of your phone's hard drive. The bitcoins don't actually get transferred from one hard drive to another. That's not how it works.

Educate yourself on what money is.

Pretty sure I've seen that before and enjoyed it. I'll watch it again when I have some free time, it's pretty long. Thanks for that though.

In order for something to be considered money it needs to meet six characteristics.
The six characteristics of money are durability, portability, acceptability, limited supply, divisibility and uniformity. Money acts as a unit of account, a medium of exchange and a store of value.

Durability means that dollar bills or coins are easily replaceable should they become damaged. Portability means that money can easily be transported from one location to the next. Acceptability means that money is commonly accepted as a value exchange mechanism. Limited supply ensures that money holds its value. Divisibility implies that money can be broken down into smaller values. Uniformity establishes a standard for the look of various denominations.

Bitcoin meets all of this criteria in a non physical format.

So you still haven't said directly, what exactly is it about bitcoin that makes it a scam? This is an honest question. I have some money in bitcoin and if it's a scam I'd like to take my money out. So what specifically makes it a scam?

My friend, if you own 1 bitcoin on your phone, it's not actually part of your phone's hard drive. The bitcoins don't actually get transferred from one hard drive to another. That’s not how it works.

Still not an actual answer.

Bitcoin meets all of this criteria in a non physical format.

Mmm… you’ll want to watch it again.

So what specifically makes bitcoin a scam? Seems like you're avoiding the question.

I explicitly answered it. It’s not money. It’s a series of magnetic states on a hard drive. It is not a store of value. It has no worth other than what people assign to it, and that value can be artificially changed at any time for any reason. It is the Federal Reserve’s wet dream. It’s literally the opposite of what any sane, educated person would want.

It has no worth other than what people assign to it

So just like everything else in the world?

Nope, try harder.

How about the bitcoin subreddit talking specifically about that video?
https://www.reddit.com/r/Bitcoin/comments/5keo62/is_this_guy_on_point/

Now... You try harder.

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Nah, I’ve already disproven your statements.

Lol no actually you just made a bunch of bogus claims that aren't supported by a shred of evidence. Your heart is in the right place to question bitcoin but you know next to nothing about the subject. You should really just read the FAQ on r/Bitcoin.

I explicitly answered it. It’s not money. It’s a series of magnetic states on a hard drive.

No, that's like saying dollars are just rectangular pieces of cotton. Bitcoin meets all 6 characteristics of money. Therefore it is money. It is the world's first finite digital asset. It's literally a revolutionary "series of magnetic states on a hard drive".

It is not a store of value.

Yes it is. To say otherwise is blatantly dishonest. "A store of value is the function of an asset that can be saved, retrieved and exchanged at a later time, and be predictably useful when retrieved. The most common store of value in modern times has been money, currency, or a commodity like gold, cryptocurrency or financial capital." Literally when you Google "store of value" this is what pops up.

It has no worth other than what people assign to it

Much like every other currency, commodity, stock, bond, and virtually everything else that exists. That's how it works. Bid/Ask, Supply/Demand. That's how value is determined. Dolphins don't determine value, people do. That's how it works. The only reason gold has value is because people assign it a value.

and that value can be artificially changed at any time for any reason.

What? LMAO! What are you talking about? Please, above everything else, please elaborate on this one. Because this is literally impossible. But please, educate me.

It is the Federal Reserve’s wet dream. It’s literally the opposite of what any sane, educated person would want.

A decentralized currency is completely out of the fed's control. Hence "decentralized". It has no central authority. It can't be controlled by any central authority. This is why bitcoin is so popular. This is why it's worth 14 billion dollars. This is the sole reason bitcoin exists. To eliminate central control over money, especially government. You are either trolling hard right now or literally have no idea what bitcoin is.

Lol no actually you just made a bunch of bogus claims that aren't supported by a shred of evidence.

Nope, provided hard evidence. It’s right there in the thread.

No, that’s like saying dollars are just rectangular pieces of cotton.

They are. The US dollar is not money, by the definition of money. It’s currency by fiat.

Bitcoin meets all 6 characteristics of money.

It does not, and no one with any reading comprehension would say this.

It is the world’s first finite digital asset.

It’s not finite.

It’s literally a revolutionary “series of magnetic states on a hard drive”.

It’s literally worthless by every definition of the word.

Yes it is.

It’s not immutable, so it’s definitionally not.

Literally when you Google "store of value" this is what pops up.

So... not what we’re discussing, then. I don’t care what google says. I care about the truth.

The only reason gold has value is because people assign it a value.

Nope, gold has inherent value.

What are you talking about?

Sounds like you don’t really know anything about the fundamentals of bitcoin.

A decentralized currency is completely out of the fed’s control.

And yet half of it is owned by the US government (which is not the Federal Reserve, but is in some ways worse)

Hence “decentralized”.

Half owned by a single entity.

It has no central authority. It can’t be controlled by any central authority.

Whatever you want to believe, but you should read up on bitcoin some more.

This is the sole reason bitcoin exists. To eliminate central control over money, especially government.

It’s the exact opposite. Anyone with any goddamn sense (and who, again, had done any research at all) would know that.

Troll status confirmed.

Great argument. Thanks for proving me right. Reminder that you’re illiterate.

It’s not finite.

Troll status confirmed

It’s not immutable, so it’s definitionally not.

Troll status confirmed again.

I care about the truth.

As you say blatant lies about bitcoin

And yet half of it is owned by the US government (which is not the Federal Reserve, but is in some ways worse)

Source?

Half owned by a single entity.

And which entity is that? Also, source?

Troll status confirmed

lol wow you totally can’t increase the number of bitcoins by pressing a few buttons or anything wow lol

Great argument.

Troll status confirmed again.

lol wow bitcoin is magically indestructible and can never be destroyed wow lol

Great argument.

As you say blatant lies about bitcoin

Name one, kiddo.

Source?

Thanks for admitting you don’t pay attention to anything.

lol wow you totally can’t increase the number of bitcoins by pressing a few buttons or anything wow lol

Correct. You can't. That's what makes cryptocurrencies unique. If you think it's possible to do it then do it. You could literally make yourself billions. What's stopping you?

Name one, kiddo.

Sure. How about this one....

value can be artificially changed at any time for any reason.

Where's your source?

Also this one....

half of it is owned by the US government

The article discusses 30,000 seized bitcoins, which have already been sold, and an additional 144,000 on Ross's personal computer. There are currently about 16.4 million bitcoins. Assuming the government had all 174,000 that would equal about 1% of all bitcoins... Not half. Unless you can provide some evidence about the government secretly owning an additional 8 million bitcoins? Maybe math isn't your strong suit? Or maybe you just got caught in another blatant lie. Which one is it? Because you're ignorance on this topic is obvious and cringe worthy.

It's okay to admit you're wrong. It shows maturity.

Correct. You can’t.

Eh, try harder.

Where’s your source?

THE FUNDAMENTAL NATURE OF THE SYSTEM THAT ESTABLISHED BITCOIN IN THE FIRST PLACE, you fucking wretch.

Unless you can provide some evidence about the government secretly owning an additional 8 million bitcoins?

Yep.

It's okay to admit you're wrong. It shows maturity.

Enjoy continuing to be a toddler, then.

THE FUNDAMENTAL NATURE OF THE SYSTEM THAT ESTABLISHED BITCOIN IN THE FIRST PLACE, you fucking wretch.

"The nature of the system that established bitcoin... "

What do you mean by that? That's incredibly vague. What is the nature of the system you're talking about? Do you mean data? Do you mean the ability to hack networks and software (and technically hardware)? Do you mean the ability to copy and paste data? What do you actually mean by the nature of the system?

Confirmed troll.
Well that was a fun discussion. You said to prove you were a liar. I did. And your only response was "yep". Excellent. That was an easy win. Do you want to retract your statement about the government owning half of all bitcoins, you know, seeing as how you're really concerned about the truth and everything?

lol wow you totally can’t increase the number of bitcoins by pressing a few buttons or anything wow lol

Eh, try harder.

https://youtu.be/JuWYLAtz3Y4

I'm sorry. I realized you're not a troll. I take back calling you a troll.
Here you go, my friend. I watched your video, now I encourage you to watch mine. I'm assuming you consider Khan Academy to be a credible source?

if the whole world met with a cyber outage what are the chances of this system to work?

Well, if that were to happen I think the entire world would be in a complete state of panic and chaos.

What is the best website with credible sources which will provide me with latest updates on Bitcoin?

What kind of info are you looking for? /r/Bitcoinbeginners is a great place to start learning more about the subject. Andreas Antonopoulos has a great book called the Internet of money and a lot of good speeches he's given on his website. https://antonopoulos.com
Hope this helps.

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Nah, I’ve already disproven your statements.