It's a very interesting thing to call it "money". It's ... not. Not unless you want to call every scarce good money. This has bene rehearsed many a time over the years. It's too volatile but be usable as a unit of account, it's not backed by a nation state and it can't be used to create credit. These are all important functions of money and Bitcoin has none of it.
not being controlled by any government and not being able to create it out of thin air for credit is a feature not a bug. but if you are calling bitcoin scam in 2019 I don't think we can have a rational argument.
It's a feature for a very small number of people with a quasi-religious aversion to government-backed money. It's also a feature for criminals. But both historically and currently, the great majority of people seem to quite like currencies backed by well-run governments.
I don't get the sequence of your thought. Not being controlled by a government is a feature of a global currency such as the IMF currency. Or Gold. Do you think a global currency not controlled by one entity is good for criminals? Why? How?
That's not the same as "not being backed by". Uncle Sam seems to be doing a pretty good job of asserting his control over it[0], while the Fed isn't guaranteeing it. Worst of both worlds, isn't it?
it's an opinion that needs hours to debunk. All I need to say is that he includes a quote from Naval. Lol. Naval is a big proponent of bitcoin and blockchain. Talk about getting facts wrong.
> So the Bitcoin faithful have tried to not only convert people, but also convince them to martyr themselves, financially-speaking, for the crypto cause. It goes something like this. - Hey, do you want to hear about the future? It's a digital currency called Bitcoin that lets you spend or move your money online without paying any fees. - Sounds great. How does it do that? - Well, Bitcoin saves you money by making transactions irreversible. - So ... if I get scammed, I got scammed? There's nothing I can do about it? - Yes. - Okay, but is it at least easy to use? - The thing is, I don't actually use it. I just hoard it. I'm waiting for some greater fools to push up the price by using theirs. - Oh. - Yeah. So you should buy some Bitcoins and use yours. - I'll get back to you on that.
If you subscribe to the hodl mantra and advocate for Bitcoin, this is exactly what you do...
If you bought bitcoin in 2015 and hodled you would have 2000% profit now. Don't even go there.If you give dollars IRL to a scammer you don't get it back. There are so many false and useless claims with these narratives. Just make an opinion on your own or if you want to only listen to "important" people listen to the people that invested in Facebook and built all the Silicon Valley (Winklevoss, Draper, Andressen Horowitz, Wozniak, Jack dorsey, YC etc etc etc). Their opinion matters.
it's always like that with any breaking the status quo technology. either make it big or break. it doesn't matter if you think this particular technology will fail. it doesn't make it a scam. your government even and your congress (I suppose you are american) believes it's not a scam since you can pay taxes in it. Hey, is something that you can pay taxes with a currency? No? Why?
And no, it's not a Ponzi scheme either, it's a new kind of scam: https://prestonbyrne.com/2017/12/08/bitcoin_ponzi/