The Great Bitcoin Scam
Jay Adkisson, partner in Riser Adkisson LLP, clarify to Forbes that Bitcoin itself is not a scam, but how Bitcoin is being sold is a scam.
The Great Bitcoin Scam
"To start out, it is important to understand what Bitcoin really is. It would be easy to bore you with a discussion of the technology, about peer-to-peer servers and sophisticated algorithms, but that is not what you need to know.
What you need to know about Bitcoin is that distilled to its technological essence, each Bitcoin is simply a number. That's it: A number. It is simply a series of digits, with each number being assigned to each Bitcoin.
To illustrate, I'll randomly pull a $1 bill from my wallet, which bears No. L88793293J. Assuming some minimal level of competency by the U.S. Treasury, no other bill bears that number."
The face value of a $1 bill is, of course, just $1 dollar. But two people could privately agree that No. L88793293J is actually worth $5,000.
Read more: forbes.com
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This is a statement, one out of several other statements. We could classify it as a scam, but I would rather classify it as a "boom".
"baby boom" resulted in a population growth, more population influenced on other factors that came sequentially.
Bitcoin boom, resulted in more digital currencies and this latter effect will have an effect on some other - future events that may even change the life on earth.
I agree. Bitcoin isn't a scam but in the way it is sold.
Good post.
I haven't noticed you before @tradewonk
Thank you!
I'm not entirely sure of the point that's being made here.
Yes, it's a number, but so what? Most things digital are! How does that relate to, let alone prove, the deadline that the way BTC is being sold is a scam? I don't see the connection.
Same thoughts here.
now a days bitcoin gone high .someone really get a benefit from it .
Agree
Still a simple explanation for beginners in the cryptoccurency, thank you very much for the efforts you provide for us @tradwonk
My pleasure!
its really shocking for me that Bitcoin is scam how it can be we all know the Bitcoin is digital Currency and its means they have number and value
any how on the other hand its a good information for those who don't know about the digital currency specially the bitcoin :)
Bitcoin is not a scam :-) it's just he's opinion that the way we bitcoin being sold is a scam.
hahahha my friend he don't know about the digital currency :)
I think
Bitcoin is a technology. By it's nature it will be obsolete in a fairly short period of time. You wouldn't 'invest' in purchasing dozens of the latest version iPhone would you? So why 'invest' in a cryptocurrency when better ones will emerge. The real benefit of cryptocurrency is as transparent medium of exchange, not as a store of value. The recent value increase is pure speculation, nothing to do with fundamentals.
i don't think i perfectly understood what is being explained..
@alasco.
Bitcoin has grown so popular and so many individuals with the IT involved in the blockchain now find it so easy to manipulate the real essence for the coin therefore turning it into a scam.
yes very horrible
really is it true....bitcoin scam..
bitcoin gone a high position in a day.
bitcoin price increase day by day