Why BTC is retarded

[illusion]

Why BTC is RETARDED​

So recently I was talking to my aunt, and she works for CIBC, a national bank in Canada, and she is has a well-respected position in the company. Somehow we got talking about Bitcoin, and she was explaining to me why it is the stupidest way to send money. ​

Basically, when you use PayPal, for every dollar you have on paypal, there's another dollar somewhere in the world backing that dollar up, therefore setting up a customer protection service. The government uses this system aswell, is Canada and every country (I believe), only for every coin/bill, that amount of money is backed up somewhere in gold. Therefore creating, again, a customer-protection system, incase somehow money (coins, bills) lost value. This is where I get into why Bitcoin is so retarded.​

Now, I don't know a lot about bitcoin, as I don't know how you add 'bitcoins', or money to your account. But the difference with Bitcoin and why its so retarded, is all the money you have on BTC, has no security / protection. At anytime the owner of Bitcoin could just close Bitcoin and keep all the money he's earned from people buying 'bitcoins' or percentages of 'bitcoins' and there wouldn't be anything to stop him, because you put your money on there with no REAL, PHYSICAL money that is backing it up. Therefore, you could lose all your 'bitcoins' at anytime.​

I thought I'd just share this with everyone, just so everyone knew how it worked. This, personally, is why I don't use BTC. I'm gonna include a poll, to see if you think BTC is good/bad. ​

I know this will cause huge arguements below but Idc, I needed to make this thread.​

 

[NULLNULLNULL]

LOL

Wanna know what's backing the US dollar?

NOTHING

 

[Beam]

I seriously doubt the people running BTC would just shut it down.

 

[illusion]

I seriously doubt the people running BTC would just shut it down.

True, But you actually never know. Your money isn't safe. >

 

[illusion]

LOL

Wanna know what's backing the US dollar?

NOTHING

Funny because that isn't even true.

 

[Beam]

True, But you actually never know. Your money isn't safe. >

Better than getting Chargebacked, limited, locked, or paying fees with Paypal.

 

[Wax]

I was actually thinking into investing into BTC. You think it's safe?

 

[NULLNULLNULL]

Funny because that isn't even true.

Oh really? Wanna know why our economy is so bad? We printed more money then we had in the 70s and 80s. And the government doesn't even own the United States dollar. The Federal Reserve does, a private organization. The government asks the Fed for money and we pay it back with interest. The US dollar is strong but it is NOT based on a gold standard, sorry.

 

[illusion]

Oh really? Wanna know why our economy is so bad? We printed more money then we had in the 70s and 80s. And the government doesn't even own the United States dollar. The Federal Reserve does, a private organization. The government asks the Fed for money and we pay it back with interest. The US dollar is strong but it is NOT based on a gold standard, sorry.

Thats true. It isn't ALL backed up, reasoning behind why the US Economy is down the toilet. But the idea was there.

 

[NULLNULLNULL]

Thats true. It isn't ALL backed up, reasoning behind why the US Economy is down the toilet. But the idea was there.

After the Nixon administration the US dollar was no longer backed by gold bullions. Honestly, crytpo currency is as reliable as gold, prices fluctuate and there are too many variables to even consider its long term potential or value.

 

[illusion]

After the Nixon administration the US dollar was no longer backed by gold bullions. Honestly, crytpo currency is as reliable as gold, prices fluctuate and there are too many variables to even consider its long term potential or value.

If I could I'd retweet that m80.

 

[Random]

I don't think you know enough about bitcoins. 90% of people who flaunt these anti-bitcoin protests have never even tried to use it.

I've made plenty of money off bitcoins.

"At anytime the owner of Bitcoin could just close Bitcoin and keep all the money he's earned from people buying 'bitcoins' or percentages of 'bitcoins' and there wouldn't be anything to stop him, because you put your money on there with no REAL, PHYSICAL money that is backing it up. Therefore, you could lose all your 'bitcoins' at anytime."

No, the whole point of Bitcoin is that No-one "owns" it. it's a decentralized currency. also, bitcoin miners are the ones who sell and distribute, not Satoshi. i'll give you that it's unstable, but it's a whole lot better than paypal. With bitcoin, you can pay without having to worry about Chargebacks or scams.. It's anonymous.

If you have any specific questions about it, PM me.

@trust

 

[illusion]

I don't think you know enough about bitcoins. 90% of people who flaunt these anti-bitcoin protests have never even tried to use it.

I've made plenty of money off bitcoins.

"At anytime the owner of Bitcoin could just close Bitcoin and keep all the money he's earned from people buying 'bitcoins' or percentages of 'bitcoins' and there wouldn't be anything to stop him, because you put your money on there with no REAL, PHYSICAL money that is backing it up. Therefore, you could lose all your 'bitcoins' at anytime."

No, the whole point of Bitcoin is that No-one "owns" it. it's a decentralized currency. also, bitcoin miners are the ones who sell and distribute, not Satoshi. i'll give you that it's unstable, but it's a whole lot better than paypal. With bitcoin, you can pay without having to worry about Chargebacks or scams.. It's anonymous.

If you have any specific questions about it, PM me.

@trust

What is a bitcoin miner? I've heard of them.

 

[Random]

What is a bitcoin miner? I've heard of them.

https://www.youtube.com/watch?v=Lx9zgZCMqXE

I hope this video can help you. If you have more Questions after this, PM me; or message me on Aim.

 

[Painkiller]

Oh my god, you are incredibly stupid.

 

[Shift]

"At anytime the owner of Bitcoin could just close Bitcoin and keep all the money he's earned from people buying 'bitcoins' or percentages of 'bitcoins"

Neck yourself

 

[Trojan]

Omfg you guys are cancerous LOL

 

[Color]

While I agree that bit coin is a shitty investment, you make a terrible argument.

 

[illusion]

Why are people still talking on this thread LOL @shift @nuru @trojan @color