BITCOIN BTFO BY MCAFEE
Bitcoin is a fraud i bet even satoshi himself is in disbelief to this digital tulip mania
it's artifical "work" to mine crypto which can be done automatically and effortlessly by computers. the reason PM has value is because it takes effort to obtain
tl;dr
buy neopets
McAfee is /Ourguy/ He shall lead in the Great Coin Wars.
This guy has no understanding of PoW or difficulty.
Click bait article gtfo op suck a dick this isnt youtube
When you mine bitcoin you are processing bitcoin transactions and the miner gets rewarded either by coin creation or miner fees.
>difficulty
>literally takes zero effort
Article completely ignores what bitcoin mining is. It's not "wheel spinning," it's processing bitcoin transactions; do you expect the people who own the equipment for facilitating transactions to not be compensated for their electricity and hardware costs? Sage
Idk man, should I believe some shit site I have never head of, or Mcafee himself?
fortune.com
twitter.com
Naturalnews.com is run by this freak who calls himself the "haelthRanger"
Hes a gold bug who spouts all kinds of unbelievable nonscientific horseshit to sell pills and supplements
Hes been calling the bitcoin crash all year long and hopes one day he'll be right
what happens when all the bitcoin has been mined? the miners do the transcations and are gonna charge out the ass to do them since they aren't mining anymore. it cant sustain itself
this article was written by a completely clueless person
found the low iq (((fluoride))) drinkers
...
His anti virus program is a fucking fraud
>natural news
>hurr it's artificial work
Same can be argued about fiat money. It's value is determined because people use it not because the work that took to produce it.
exactly. im glad you admit bitcoin is no better than fiat and precious metals is the true currency.
There are a lot of valid questions and discussions around bitcoin but to have them you have to have minimum idea of what problem bitcoin solves and how it works.
This is just salty clickbait.
Except fiat isn't finite.
Here's a problem. The currency is deflationary, which means selling your coins is usually a bad idea unless you really need to cash out. Which means miners will keep accumulating fees and never selling. And so they get richer and richer and own more and more of the market, until most coins are in their hands.
And the one of the mega holders cashes out, crashing the entire economy.
Sitting Comfy in my MGTI shares.
somebody missed industrialization factory automatization
>mentions that if the price of bitcoin drops below $1000 it will be unprofitable to continue mining it
>doesn't mention/realize that when miners discontinue their mining it will cost less to mine a bitcoin, until it is eventually profitable again
he's retarded and so are you
Except Bitcoin is way better than fiat because you can send it effortlessly and quite quickly to anywhere you want.
^this
It's a selfregulating market.
and banks can't just print millions of bitcoins out of nowhere...
>natural news
wew
he think its unfair that BTC production used to be very cheap
but gold used to be easy to mine too in old times
hahahahahaahahahahaahahahahahaha
this is noicoiner fud all very nicley summed up
>There’s also the 21 million coin limit that’s rapidly approaching
stopped reading here
they have to cash out to pay their electricity bills, otherwise we'd all be mining
>artificial-work
Mining isn't about "artificial work". It's about associating a fiat cost with the production of each bitcoin.
Mining requires energy and time
So does digging holes and filling them again:
>Furthermore, the “artificial work” aspect of Bitcoin mining and its artificial computational complexity is the digital equivalent of paying people to dig ditches and fill them in again while claiming the activity boosts economic output.
Bitcoin just got raped
Lmao, nobody ever claimed mining did anything productive other than prove the existence of that which is being minded.
This is honestly 2008-tier bitcoin fud.
but the price isnt so volatile if it reaches higher levels. I mean you could pay with gold if it is accepted, sure you can also speculate with prices going up but for everyday use if you have to spend it it would be ok.
The guy in the article does not seem to see that if there are less miners it becomes more profitable to mine, so there is always a kind of equity because if there is a demand someone will mine, also difficulty scaling does not mean we need "more" miners because hardware gets more efficient too, is he retarded or what ?
>www.naturalnews.com
Don't post that trash on Veeky Forums ever again.
The difference being that holes which are dug and then filled back in aren't suitable for trade.
Bitcoins are persistent. They have liquidity. The fiat cost that goes into their production sets a minimum value. More miners -> more hash power thrown at each coin -> higher cost per coin -> higher value.
By the logic in that article, the entire stock market is "artificial work".
He sold off the name to the anti virus software long ago, and mccaffe himself says that it doesn't do anything.
>naturalnews
>They have liquidity.
No, the extremely slow transfers, high fees, and limited options for selling BTC makes it not that liquid.
>The fiat cost that goes into their production sets a minimum value.
The value comes from people wanting to buy the coin at a certain price. It's got nothing to do with the cost of production. No one gives a fuck about that except for the miners.
"Question #7) How will you sell Bitcoin if the power grid goes down?"
FFUCKING NORMIES RRRRRREEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE
Far faster transfers than banks will give you. Mining is just an arbitrary method of encouraging competitive bookkeeping so one fuck doesn't monopolize mining and fuck the blockchain over.
>Question #1) Apple produces iPhones. Amazon produces fulfillment services for millions of products. What does Bitcoin produce?
Blockchain, a distributed, decentralized, immutable ledger with tons of already innovative applications and we've barely scratched the surface of this amazing concept.
>Question #2) Bitcoin’s “value” has increased by 350% in the last 12 months. What has Bitcoin introduced in that time period that would justify a 350% increase in its value?
Lots more apps running on blockchain. People needing to buy bitcoin with fiat to trade for other investments. Wider accessibility and hence growth and demand.
>Question #3) Bitcoin is being promoted as a “store of value,” yet it frequently will correct by 30% – 50% in under 48 hours. (this is false btw) What is YOUR definition of a “store of value” and how does Bitcoin fulfill your definition?
1 bitcoin is always equal to 1 bitcoin. 1 bitcoin's price in dollars sometimes goes crazy thanks the Federal Reserve printing trillions of dollars the past few years. A few years ago $100 dollars bought you 100 shares of Citibank; these days it buys you 1.3 shares of Citibank. Is USD a store of value?
>Question #4) If you are holding Bitcoin in the hopes of selling it at a higher price, how will you know when to sell it?
You sell when you need to cash out to pay bills or you decide you've made enough money to buy something nice or even retire. Or you note that $5,000 is a significant psychological barrier that people will want to sell at, and that these same people will, like you, expect other people to sell because they expect other people to sell, so everyone oversells then it corrects and that's just what
Question #5) What does Bitcoin offer to secure its dominant market position that no other crypto-currency offers?
Question #6) What is the profile of the typical “new buyer” to Bitcoin today vs. five years ago?
Question #7) How will you sell Bitcoin if the power grid goes down?
>Question #5) What does Bitcoin offer to secure its dominant market position that no other crypto-currency offers?
Network effects, brand recognition, brand saliency, brand recall, state-regulated exchangnes like coinbase selling Bitcoin for USD and people feeling nsafe doing it because coinbase treats customers right when they aren't offline.
>Question #6) What is the profile of the typical “new buyer” to Bitcoin today vs. five years ago?
There's no typical crypto buyer other than asian computer nerds.
>Question #7) How will you sell Bitcoin if the power grid goes down?
This is why you should also own gold and silver and guns. But if you can run a phone you can trade bitcoin. If power grid goes down your usd bank account is toast too. Good luck on banks using "paper backup logs" to verify the accounts of 300 million people (they don't have back up logs, they got rid of them in a cost-savings program 14 years ago that got an exec a fat bonus for thinking to just delete an entire division.
It's only problem with liquidity is market size, for a NEET it doesn't matter, for institutions it still does. Cost of production will be led by market price.
>modern manufacturing is a scam because its automated
Retard alert.
>>Question #1) Apple produces iPhones. Amazon produces fulfillment services for millions of products. What does Bitcoin produce?
>Blockchain, a distributed, decentralized, immutable ledger with tons of already innovative applications and we've barely scratched the surface of this amazing concept.
>>Question #2) Bitcoin’s “value” has increased by 350% in the last 12 months. What has Bitcoin introduced in that time period that would justify a 350% increase in its value?
>Lots more apps running on blockchain. People needing to buy bitcoin with fiat to trade for other investments. Wider accessibility and hence growth and demand.
>>Question #3) Bitcoin is being promoted as a “store of value,” yet it frequently will correct by 30% – 50% in under 48 hours. (this is false btw) What is YOUR definition of a “store of value” and how does Bitcoin fulfill your definition?
>1 bitcoin is always equal to 1 bitcoin. 1 bitcoin's price in dollars sometimes goes crazy thanks the Federal Reserve printing trillions of dollars the past few years. A few years ago $100 dollars bought you 100 shares of Citibank; these days it buys you 1.3 shares of Citibank. Is USD a store of value?
>>Question #4) If you are holding Bitcoin in the hopes of selling it at a higher price, how will you know when to sell it?
>You sell when you need to cash out to pay bills or you decide you've made enough money to buy something nice or even retire. Or you note that $5,000 is a significant psychological barrier that people will want to sell at, and that these same people will, like you, expect other people to sell because they expect other people to sell, so everyone oversells then it corrects and that's just what
>Question #5) What does Bitcoin offer to secure its dominant market position that no other crypto-currency offers?
John McAffee is on the new board of POSW.
Where is your Moses now?
>If power grid goes down your usd bank account is toast too.
This is what makes me laugh the most about the "m-muh power grid!" meme. Your bank account, where you will store the VAST majority of your fiat, will be down too. Such a fucking joke. Plus, when has the power grid EVER gone down permanently in America? Literally never. And if it did, that means we're dealing with probably a nuclear attack and 80% of America is dead.
You generally don't use bank transfers for day-to-day transactions. You use cash, checks, credit card, and debit cards, and Bitcoin can't compete at all against those. Bitcoin has no security against fraudulent transactions and to slow for common transactions like buying a burger. Arbitrary mining is stupid. They could just use a time-based method instead relying on raw computing power.
Guess where the fucking transaction fee goes. Do you think it just disappears?
MGTI PREDITCTIONS IS THIS A REAL MOON MISSION???
Miners will have to mine unprofitably for a solid year before the difficulty adjustment.
Gold would still be easy to mine if they'd let us own niggers again.