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.
really is it true....bitcoin scam..
bitcoin gone a high position in a day.
bitcoin price increase day by day
yes very horrible
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.
Thanks for sharing this
In reality are the markets, the people that trade there, who make the value of bitcoin, if someone bought a bitcoin for $ 14,000 was because someone sold it to that value, then they agreed that amount for 1 bitcoin! So, yes, a $ 1 bill can be worth $ 5000, you just need to find whoever wants to buy it. :D
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I don't get what Jay Adkisson is saying most items in the world are not valued by the exactly by the cost to produce them but on how people agree what its value is. In ancient times I fail to see any use for precious gems (diamonds, sapphire, ruby, etc...) besides looking pretty but people agreed that they have some value (not sure of the other gems but I think diamonds are the only one that has any practical use... well if you are using industrial drills or something).
By his logic the following item is being sold as a scam as well. I do not think a lot of people will be interested in this but I don't think when someone buys or sells this some expert somewhere will call it a scam (assuming that the item is genuine). Or am I am missing something from the article???
It was interesting to read your article. I absolutely agree with this. Besides the excessive price, recently, I was always embarrassed by the huge commission for their transactions. Good luck.