I have never purchased any bitcoin or any crypto and always thought this is a scam/ponzi. Can someone explain what it is used for? This is not a troll post, curious to know what it actually does that normal currency can't do? How is it so expensive now?
Crypto - What Is It and Why and How
[Deactivated] on 12/11/2024 - 14:43
Comments
Still early. Remember Bitcoin can be divided into 100 million pieces. Each piece is called a Satoshi. A Satoshi is only $0.00092 USD. Less than a cent. Start buying Sat's and be on your way to getting as much Bitcoin as possible slowly and slowly. You can currently buy 1 million Satoshi's for only $920. So cheap.
I work with a lot of crypto boys. One lost 40k, one made a little and eventually cashed out, others gain and lose here and there with no real trend. It's gambling for midwits. Unless you have some insider knowledge and are the one manipulating the coins, don't waste your time.
If you just buy and hold BTC, historically you will make decent returns. problem is everyone thinks they can just throw a few hundred into a meme and retire. These edge cases feed the crypto casino
Midwit gambling, much like sports. Makes you think your a sleeping billionaire. That's from my observation, some can probably do quite well with it.
If you just buy and hold BTC, historically you will make decent returns
Tell that to people who bought CISCO, WorldCom and Enron.
Nobody knows what is going on. It could have just as easily gone to zero. Looking at a few who made big money and dormant accounts with bitcoin in them and just admiring then dreaming about what kind of life you can have.
Blackrock and Fidelity is investing / holding other people's money in an ETF. Underlying the ETF bitcoin still isn't regulated. No audit reports, no financial statements. All we got is believing the white paper. How about those poor souls that went with Bitcoin cash.
It is slightly better odds than winning the lottery if you work out all the probabilities. Don't believe people who said "I saw it was going to be a big thing when it was 6c" they took a punt and knew less than maybe the drunk guy at the pub.
Just up an exchange buy some Crypto
and its gone.
this is the way.
Oh boy, first sign that I should sell..
Where is @techlead ? He had the most say on this topic. Unlike rektrading, i thought his insights were better
on a yacht in the middle of the ocean snorting cocaine off a lady friend?
Makes you wonder why these people mysteriously appear and disappear. OP is deactivated.
If it is a scam it is one of the biggest psych ops
The ignorant answers all say it's something you invest in. While it's certainly what the crypto bros do it works perfectly fine for buying shit.
ie credit card company decided to suspend Real Debrids payments. Bought and transferred them crypto instead.
The problem is those same people who say that are the reason why it won't be adopted, because everyone (your employer, banks, the customers, etc) needs to be convinced by it. In the end you'll always still rely on those people to choose to pay you in cash for you to trade it to crypto.
And if in the first place the bank or big companies don't want you to get free streaming why would they adopt crypto to contribute to that?
I think there will be government digital currencies that will be able to regulate transactions before adoption occurs by these companies, in the end it'll just be the same as your credit card but easier to track and control.
There's no problem though. Crypto doesn't need to be mainstream or approval from anyone to thrive. It's been quite fine in spite of all the push pack and media fud.
Government crypto is pointless, it doesn't solve or add anything.
The problem is those same people who say that are the reason why it won't be adopted, because everyone (your employer, banks, the customers, etc) needs to be convinced by it
Isn't it convincing enough that you get paid say $10k in fiat but it goes straight to bitcoin and takes 20 mins to clear. Then they do your colleagues' pay and he gets $11k. They do a victory lap in the office and everyone is unhappy
Pay you in fiat and if you want to plough it into bitcoin the exchange and outcome is your problem.
There are cryptocurrencies that counter the two statements that you've made but the point stands that because of the sea of coins there are it will be hard to convince the masses to adopt the correct ones.
same can be said if you paid someone in gold. you are confusing currency and asset class
Bitcoin is unique in that there is a maximum number of coins allowed, which might take another 10 years or so to achieve. I wonder what will happen to its value then.
technically the coins don't run out till like 2140, but yes the majority (99+%) will be in circulation within the next decade. Im curious to see how miners are going to get paid to secure the network with 1mb blocks of transaction fees in the future. They are going to be some whopper transaction fees. Hope y'all don't have too many utxo's
It'll have to move to a proof of stake model.
Makes you wonder they don't do it now. Makes it a lot more energy efficient and faster.
You might end up being a winner or loser. There is absolutely no guarantee what happens next ✌️
boats sailed.
No it hasn't.
If they pull this off it is going to $35m per bitcoin (I say this in jist)
https://techreport.com/crypto-news/donald-trump-crypto-bitco…
sure if you like playing russian roulette with your hard earned money…
I first looked into Bitcoin in 2015-16, I thought it was expensive then… what a pity.
You're really gonna be pissed when they are 10 mil a pop another 5-10 years from now. Every country and their dog will be piling in eventually.
Every country and their dog will be piling in eventually.
Why? Not being facetious, I genuinely want to understand how you came to think this.
Always happens. Everyone piles in when it has a track record. Look at how many people sold along the way for Nvidia and regret it now, it way out numbers those who held long term. But there is those that held CISCO, WorldCom, Lehmans until the very end.
In hind sight everyone wish they did it differently. The bitcoin story hasn't played out but I just hope it is one big rug pull. There is many dormant accounts with lots of bitcoin (below is example, suddenly someone needs their $179m, link to article below) which suggests they know something and it isn't some accident like the guy who got his hard drive thrown out and sitting in a tip somewhere in the UK.
https://www.coindesk.com/markets/2024/11/15/this-og-bitcoin-…
See if you can find user posts from Rektrading. That was a funny story. Basically put all their pay cheque into Bitcoin then deposited in Celcius, then took a margin loan and well it turned into history.
celsius..oh dear. well he would have clawed back 15% or so at least
I always ask people who hold crypto why they think it's worth holding, but rarely get a satisfactory response. Around 3/4 admit they don't know or care about its intrinsic value - they just think / hope the value of their investment will continue to grow as ever more people buy in for increasingly high prices (i.e. pure speculation / tulip logic).
The remaining quarter tend to provide one the following explanations for why they think it's a worthwhile investment:
- It's a more efficient / secure medium of exchange vs. traditional currencies (despite the enormous volatility of crypto prices, lengthy and unpredictable transaction times, transaction fees, energy consumption, and security issues with scammers and extortionists - these problems either don't matter or will somehow get fixed at some point in the future).
- As a decentralised currency, it's more resistant to government meddling and control. As more people come to appreciate the evils and vulnerabilities of traditional currency, more people will buy crypto and push up the value for those who bought early. This argument glosses over the fact that most people accept the current system without a second thought, and voluntarily hand their personal information to a range of multinational companies for free - gonna be hard to win those people over to crypto the basis of privacy.
- Crypto was created by governments / George Soros / the illuminati in order to secretly track and control transactions more effectively than those made with traditional currency. Seeing as these shady forces are intent on forcing crypto on all of us, you might as well buy in early and make a profit (aside from being a silly conspiracy theory, this obviously contradicts the previous argument that crypto is valuable because it can't be controlled by governments).
- It's gambling (fair enough).
Despite my scepticism, I'm open to reasonable arguments around the intrinsic value of crypto (beyond its use in black markets). Would welcome input from knowledgeable people who believe there's a genuine use-case for the stuff.
Bitcoin was mainly created as a response to the GFC, to have somewhere to store money that does not lose out to inflation. Especially useful in places like Argentina, but also other countries.
Immediately after GFC the problem for most of the world was lack of growth, low inflation or even deflation
If you believe Bitcoin as store of value decentralised from traditional finance then why should it be volatile and go up faster than inflation?
you can read the whitepaper if you want to know the origin story and blockchain tech. I think regardless of our opinion on it the flood of institutional investors means that it's not going anywhere.
flood of institutional investors
You mean Blackrock and Fidelity type of institutions? You'll find they are also big ETF providers. They flood of money is from retail and some (hedge) funds. They act as facilitators and custodians.
yes the smart money has flown in, and ETF lets in a lot of retail too, it does put a floor on the price somewhat so less likely to see big swings in price (up or down)
I am mainly for Bitcoin and not the smaller cryptocurrencies. Bitcoin was created as a response to the GFC, as the cost of this crisis was paid for by working class people. It is a way to store your money without it being affected by inflation, and without having to buy property or stocks. People shouldn’t have to buy property or stocks in companies just to keep the government from secretly taxing them through inflation each year. I think of it as a better version of gold (you can’t move gold easily, more can be mined so its less deflationary, I could go on).
It is also decentralised, meaning it is not connected to or issued by any government. As long as you remember your 12 word pass phrase, you can access it anywhere as long as you have a mobile or computer etc. Compare this to banks which can have outages, and stop you from accessing your money for whatever reason. This is useful and gives financial independence for many people in Africa who do not have access to banking, but may have a mobile phone.
The US government is stockpiling bitcoin seemingly as a hedge against their own currency inflating so it is clear they know their own currency is flawed. Moving towards hard money like Bitcoin will help to solve their debt crisis.
It is a way to store your money without it being affected by inflation
So how come it is growing faster than inflation?
you can access it anywhere as long as you have a mobile or computer etc. Compare this to banks which can have outages, and stop you from accessing your money for whatever reason
Imagine tapping on for public transport and it takes 20 minutes to clear, same for buying a coffee, sandwich, super market. Then the price of items fluctuate every few minutes.
The US government is stockpiling bitcoin seemingly as a hedge against their own currency inflating so it is clear they know their own currency is flawed
Not this US government. Trump administration because somebody thinks if it goes to $35m it will pay off the national debt. I mean what else can go wrong. On the one hand you're spending more than you can afford and putting your bets on something else to grow faster to cover your irrational behaviour.
It is like US trash talking the USD and buying up Rubbles because it is going to go up and pay off the national debt in USD.
Growing faster than inflation is a function of Store of value.
There is lightning network that takes less than one second to settle. You can literally stream 1satoshi per second to someone else. There is another called liquid etc.
There are calls in the US to build national bitcoin strategic reserve. It's bigger than you think because there are huge lobbyists happening over there.
https://www.forbes.com/sites/digital-assets/2024/10/02/bipar…Growing faster than inflation is a function of Store of value
Is that what they called S&P500 or Real Estate?
There is lightning network that takes less than one second to settle
But that is not the bitcoin network it is another layer. If it is great how come it hasn't replaced Mastercard / VISA. Solana believes they can process multiples more than VISA / Mastercard but unfortunately they've had more issues than the banking network. I hold Solana so speaking from experience.
Is that what they called S&P500 or Real Estate?
S&P500 is not, it's not an asset or commodity. Real Estate yes.
But that is not the bitcoin network it is another layer. If it is great how come it hasn't replaced Mastercard / VISA. Solana believes they can process multiples more than VISA / Mastercard but unfortunately they've had more issues than the banking network. I hold Solana so speaking from experience.
Solana and other alt coins are about transaction layer, and programmable money. But it's just as bad as any other fiat money, because essentially it devalues what it means to be money when every VC can create their own money, since making money is so simple and without the real investment and cost from mining equipment. They are more akin to casino tokens.
Bitcoin is all about the fundamental ethos of being money itself.
lightning network is on the bitcoin network, it is build on top of bitcoin network. It has its flaw for sure, but at the moment no one cares about the spend, when the issue is money itself being broken.S&P500 is not, it's not an asset or commodity. Real Estate yes.
Think your credibility just ended.
You show the fundamental aspect of bitcoin investors. They don't understand the financial system or how money works and pretend Bitcoin is some kind of get out.
The pricing of bitcoin reflects the same emotional volatility as people display with property.
I am an economist and most people just don't really think about or understand what money is.
And it's not a surprise because we are so used to the idea that money is just your every day spending money.Just run through every reply here, most would think money needs to be government issued, or it's free from crime, or free from speculation.
"Money needs to be government issued"
Money used to be in different form and tied to natural resource to prevent manipulation (eg printing money can't work if you are bounded by gold backed))
There is nothing that says money has to be government issued.
Trade happens when both parties accept the medium of exchange."Free from crime"
Fiat money is easier to launder than crypto, and at scale. In fact if we all switched to crypto, it'd easier to catch money laundering.
In fact, multiple websites were almost wiped from existence just because online payment deemed it illegal or too risky.
Wikileaks being the most famous one but far from the only one."free from speculation"
What we hold right now, AUD, is just one of the currencies in the world.
Its value is entirely speculative, essentially buying and selling through the 24hours open market (that are multiples larger than stock market), the FX market.
Look at Yen, it's a speculative attack on Japan central bank's promise to maintain yield curve.I am only Pro - Bitcoin because Bitcoin entire focus is to be money.
It already outlast A LOT of currencies, it is more stable than turkish lira, it is a better store of value, the supply also has never been manipulated.Most other altcoins are purely about moving the current financial system to blockchain, which really make it a settlement software than anything else, and the real value is just settling fiat money or access to pseudo USD.
It doesn't really address any issue the current monetary system has, which is a giant experiment of creation of money with debt with no means to pay back other than through inflation.
To further make my point, the scariest part is there isn't a way to know how messed the whole system is, there's no "emission" rate like carbon, no model to predict, no real solution at hand.
We can see signs of something being terribly wrong, all the asset values pumping for example.
This podcast covered this topic extremely well
https://www.youtube.com/watch?v=RKbK1JKembY&list=PLutwRFLXGQ…I think everyone should be putting 1% in gold and bitcoin just in case, or whatever you are comfortable with.
Bitcoin and Gold will outlast most currencies, including AUD.100% agree, Jack Mallers is also great on Bitcoin and the US debt crisis: https://youtu.be/5S2KkUtknyg?si=TxbbPkJGrD3If6Cl
I am an economist and most people just don't really think about or understand what money is.
And economists have predicted 11 of the last 10 recessions. I wouldn't think it holds much water. Get the interest forecasts correct we'll talk.
Economics are social science and that makes it even more difficult. In fact the role of central banks, are more about market psychology than actual manipulation.
Because the effectiveness of their policy also heavily depends on just how FX traders and consumers react to them.But historically money has never been a creation of the state, it's silly to think money HAS to be created by the state.
It's even more silly to believe printing money means creating more value.It is a nice get out clause but no. For someone who thinks economics is like reading tarot cards can't be taken seriously.
@netjock: Nope, it's called knowing what economics is, a social science.
Ironically if you think economics is like reading tarot cards, then all the more reason you should support abolishing central banks and private banking, and going back to using gold coins.then all the more reason you should support abolishing central banks and private banking
No. I think economists should state the facts and just stop adding all their rubbish calling it a social science. If I need social science I don't need an economist.
@netjock: They are facts, it's just you don't accept it.
Economics is part of social science, along with sociology etc. So if you need to learn about economics, then economics it is.
Finances, banking sector, interest rate decisions etc are all economics, that's why they work with economists.@KKZingT: Economists who wants to change their job descriptions to make themselves more relevant.
it's just you don't accept it
Don't need to accept it because 9 times (I'm just being pleasant by rounding down to nearest number) out of 10 you economists get it wrong.
You are like those CFAs, CPAs on X that keeps on talking about bitcoin and how important it is because they are trying to push their view / engagement.
@netjock: thanks for acknowledging you are fighting against your own definition then.
The fact that you pull stats out is acknowledging importance of public data analysis, which is yet another social science, is interesting.
There's business, accountants, economists, financial analysts, hedgefunds talking about bitcoin globally. Good on you knowing there's CFA and CPA on X that are pro-bitcoin. Good on you.
thanks for acknowledging you are fighting against your own definition then
Whatever you think. It is the standard internet argument to pretend that the other person is arguing against themselves because it supports your argument.
There's business, accountants, economists, financial analysts, hedgefunds talking about bitcoin globally. Good on you knowing there's CFA and CPA on X that are pro-bitcoin. Good on you.
None of them knows anything more than anyone else unfortunately. Everyone is just on the band wagon trying to make a buck. Remember 3 Arrows Capital (hedge fund) that blew up Celcius / Voyager and Alameda Research (hedge fund) that blew up FTX.
There is a lot of smart people in this space that is out of their depth. You probably are too. This is the cultural problem with crypto. Everyone knows better that everyone on the outside and you're only happy when people join you around the fire and sing your version of kumbaya with you.
I hold crypto but I am not going to engage in this demeaning and dirty tactics.
But everyone is happy long as they are making money and cash out before someone ends up holding the bag. Bit like the property market in this country.
@netjock: Economics being social science is not upto debate, unless you live in your own definition that no one shares.
I am pro-bitcoin only, hold it in self custody etc. I am in no form support of these hedgefunds etc that are issuing crypto like they are all central bankers.
Bitcoin main selling point is entirely about removing these human elements, be it political influence to inflate money away, no banks to ask why you are sending money etc.
Same reason why I like gold. I hold it myself, they can't inflate gold supply with one meeting, even if trump and xi both want another trillions in their vault.
Must be getting close to another cycle high. I first came across bitcoin on ozbargain in 2017. Every time bitcoin has come up for conversation people have been very negative about it with the same "reasons". Over this time, I have only seen bitcoin grow in value and become accepted as a legitimate investment, with BlackRock's Bitcoin ETF having more assets than Its Gold ETF — Which Is Almost 20 Years Old.
Every time bitcoin has come up for conversation people have been very negative
Yet people still make money and survive without it. Funny people who lost their life savings never turn up to tell their tales of success. What happened to that fantastic Rektrading strategy of avoiding CGT for life?
become accepted as a legitimate investment, with BlackRock's Bitcoin ETF having more assets than Its Gold ETF
It actually isn't hard. Look at Nvidia. Or CISCO. WorldCom. Difference is we haven't reached the end of the Bitcoin story. It can be a good story or it can be a bad story. As with all investments / companies someone decided to fly too close to the sun and get everyone burnt.
For the record I hold bitcoin, eth, avalanche, solana, XRP but not a lot. Just to have skins in the game.
Lots of comments. May I present my simplistic view.
Bitcoin is a digital currency and store of value. It’s like gold but exists online and is created using power intensive computations called mining.
As more bitcoin is mined the demand grows because the supply is limited to 21 million and there are now only 1 million or so that remain to be mined.
Believers buy and hold bitcoin just like people buy and hold silver or gold. Bitcoin however is much more volatile In the shorter time frames and susceptible to wild price swings.
In the longer time frames though yearly charts would show you, it’s the best performing asset we’ve known in our lifetimes.
The key here is that it’s a way to store wealth and like you won’t store gold or silver unless you have the means to do so, neither should you dabble in bitcoin in the short time periods.
The hype right now is because multiple electronic funds now support it meaning a lot of super funds and other industry funds are allocating to it. Because of the extremely low supply and holders who are cult like and won’t sell, we are seeing price increase.
In terms of stats, the Bitcoin Blackrock fund is growing exponentially faster than its gold fund did.
Bitcoin is a digital currency and store of value
Wrong. People only believe that because they don't know how the financial system works.
Currency has a stable value not volatile like Bitcoin. Currency also has wide acceptance and easily exchanged for goods. Not wait 20 minutes for bitcoin to clear (there is no layers required for transaction processing). Value doesn't change every minute, which is also what makes hyper inflationary economies so chaotic because you literally have to be paid by the hour to exchange for hard goods.
Example. You get paid AU$5 for the dozen eggs you supplied to the super market, you drive 40 minutes to buy feed for your chickens and the AU$4 can get you 5kg of feed.
Crypto. You get paid AU$5 of bitcoin and wait 20 minutes for it to clear then drive 40 minutes to buy feed that is AU$4 but your bitcoin is up 10% or down 10% you just don't know. Your chickens might go unfed and die. There goes your livelihood.This is a first world take. Most people in underdeveloped economies keep money in USD and those economies ban transfers in and out of USD which is when they buy gold / bitcoin. It truly is a better store of wealth for most and can be used as a means of exchange (currency).
Please read a book or two on how currencies work and what is going on with hyperinflation in a lot of countries including this one.
The price of Bitcoin denominated in aussie was a better store of wealth (and currency) while the Aussie went on a free fall downwards.
In simple terms, buying Bitcoin would have allowed you to feed more chickens even in Australia.
Most people in underdeveloped economies keep money in USD and those economies ban transfers in and out of USD which is when they buy gold / bitcoin
Please confirm for us which under developed countries does that? Unless you are protecting for the long term you wouldn't put your rainy day fund into gold / bitcoin.
You also haven't addressed the stability of the medium of exchange. You can't literally walk past chicken feed shop and the item costs $4 but by the time you went to your suppliers and come back and hour later your can have $3.95 or $4.05.
Currency doesn't have stable value, no currency is pegged against other currencies.
Once you hold multiple currencies, you would understand. e.g. I only hold 30% in AUD, rest in USD or USD asset.Also Currency get inflated, hence everything gets more expensive.
Look at japanese yen, also failing to be stable. Same with argentina lira etc.Bitcoin is already used for transaction, even in local pub here in Australia. With lightning network it takes less than 1second to transact.
It has outlasted tens and hundreds of currencies already.
Most of the comments on this forum have no idea what crypto is and it's purpose. Most were dumb enough to buy the top in 2021 after Bitcoin went form like 8k to 69k and label it a "scam" when they dumped their savings at the top of 2021 and lost there money on the way down. A correction was going to come whether people like it or not. The people talking about bitcoin being a scam are mostly boomers and millennials who ignored bitcoin when it was less than 1k and are privileged as (profanity) because they were able to buy a house for much cheaper than people my age. My best advice to you is to ADAPT. You've got to adapt and jump on trends/hype before they start to get popular. I'm 25 and crypto officially retired me and my bloodline because I adapted and invested into things in crypto way before anyone was talking to it. I've invested into every sector in the world, and Crypto is by far the greatest way to make money and second place is not even close. Anyone calling crypto as a whole a scam is ignorant, because it isn't completely. There are scams in every sector, including stocks and currencies. You're job is to do your due diligence and not invest into scams. There are serious projects/companies that are building in crypto that are making money and have an actual product that is useful.
Most of the comments on this forum have no idea what crypto is and it's purpose
This is the same as bitcoin people tell others "have fun being poor". Demeaning other people don't actually make you any better. It is the bullying of people into subscribing to crypto which is the worst part of the whole culture.
For the record I hold bitcoin, eth, solana, avalanche but it must be magical to you that people still survive the same way they lived thousands of years ago on certain islands / Amazon.
Me simply stating a fact isn’t an insult? Every time a forum about bitcoin or crypto is mentioned in this space, there’s a bunch of people throwing the word “scam”? Do you not see the comments? But when i call them out it becomes an issue? It such an ignorant thing to say when btc has been here for 15 years and made multiple people millionaires. These guys world rather tell the younger generation to take out a 1 million dollar loan for a house and be in a debt trap till their 50. Thats the bigger scam. If making a bad financial choice and being called “dumb” for it is an insult, then i dont know what to tell you. Feel like we need to bring bullying back, and when something is considered “dumb” we dont hold back or brush it away. Say it as it is
And also im referring to the people who bought bitcoin at the top and then come on here and say it’s a scam as being “dumb”
Feel like we need to bring bullying back
See what happens. The idea that bitcoin as some kind of savour and the anger when other people don't believe it.
@netjock: I never mentioned once as it being some kind of “savour”? Do you not get anything I said? Bitcoin can go to zero tomorrow and I’ll be fine. I just don’t see why when people talk ignorance it’s completely okay but when I call them out on it, it becomes an issue? I dare you to ask any of them why they think its a scam and I bet most of them would say they bought it at the top and sold for a 80% loss. Not because bitcoin itself is a scam. Thats the definition of ignorance. At least the advice I gave was more general on adapting to situations no matter what type of asset it is. I just said from my opinion that crypto is the best way FOR ME.
Do you not get anything I said?
Absolutely nothing because it is egotistical in nature. Just some kind of lecture. Bitcoin hasn't fully played out nobody knows if it is a scam.
Madoff, Worldcom, Enron. People were saying scam along the way but when people are invested in it they don't want to read the signs. Just because it doesn't seem like it right now doesn't mean it won't turn out to be.
@netjock: USD has been the biggest scam over the last few years with all the printing Feds have been doing effectively transferring public US govt debt to private citizens all across the world.
@netjock: It’s been 15 years, what sort of time frame are you expecting? You think it’s a lecture because you’re taking it personal instead of it seeing as a lesson.
@CatalystX: Do you know how long it can go for?
Your guess is just as good as mine. Those calling it a scam, even a broken clock is right twice a day. The guy who wrote rich day poor dad been calling market crashes every year for like the last 20 years.
Unless you can provide it isn't a scam. I can't prove it is and I can't prove it isn't.
@netjock: With that logic you can apply that to ANYTHING. You can apply that to apple, nvidia or microsoft. They can break any time
My whole thing is that if the people who are calling it a scam actually had information to back their claims instead of "I bought the top and it went down and I sold so now I think it's a scam", I would respect it. But I know for a fact that is definitely not the case at all. There response is from the experience they had in a short time frame and using that to come up with a very biased conclusion. That's my issue. People are allowed to have a different opinion of course but if you make a statement without valid reasons, Isn't that just ignorance? If that isn't, then I dont know what to say
But I know for a fact that is definitely not the case at all
Obviously not everyone accepting your facts.
If you ask 100 people everyone would have a different opinion. If it bitcoin was investment property then they day it is a tax dodge because no dividends, no income, only 50% discount if you hold it for more than a year.
Even people involved in scam think it isn't when their investment statements keep on showing profits. It is when they can't get there money out and their investment advisor packs up and makes off with their money do they realise it is a scam.
There's been enough rug pulls in the crypto space to keep possible "scam" hanging over the industry. That is why entry of Blackrock and Fidelity helps because if it is a fraud there is always Blackrock / Fidelity to sue.
Just to point out the pattern - this thread was created by the same OP: https://www.ozbargain.com.au/node/873070
If you look at their comments throughout it - and those in this one - its rather telling & perhaps had something to do with their current account status.
Cryptocurrencies, like Bitcoin, are decentralized digital assets that use blockchain for secure transactions. While different from stocks, they share similarities: speculation, volatility, and investment with hopes of gains. However, the crypto market is riskier and less regulated than traditional stock markets.
went through all the comments. probably 1% what exactly cryptocurrencies are and how they work lol
no use case, only for gamble. do it at your own risk