Bitcoin a scam?

[Barbella]

I bought some, but then again, I'm a gambler. It'll be interesting to see how this one will play out...

 

[ObamacareForever]

gold is "scarce" but not finite. the 1849 discovery of gold in California was a shock to the world.

the creators of bitcoin CLAIM the quantity will never exceed 21 million coins. however, the bitcoin "miners" earn newly minted bitcoins by participating in the accounting (blockchain verification/settlement/record keeping)

A couple questions to ask yourself:

• when bitcoin issues its, 21 millionth coin, will it stop compensating the "miners" who make the system go?
• what happens if someone "steals" a bunch of bitcoins ($500 million worth were stolen last year). Will bitcoin "replace" them, to keep the integrity of the system sound?
• what about bitcoin copycats? don't those lesser crypto currencies pretty much negate the concept of a fixed supply. New issuers pop up every week.

-when bitcoin issues it's last coin in the year 2140 then miners will not be paid because there is nothing left to mine.
-one of the risk of owning bitcoin is the exchanges have proven to be exceedingly hackable and hackers have stolen millions in bitcoins. There are ways to secure your bitcoins like moving your bitcoins, which is essentially moving them offline onto a flash drive. No, bitcoin doesn't replace stolen coins. The exchanges that have been hacked have been sued by the victims of the theft in an effort to recover some money.
-the other cryptocurrencies trade on the fundamentals. If bitcoin is like gold, then ethereum is silver, etc.

 

[SouthernBoyI]

I bought some, but then again, I'm a gambler. It'll be interesting to see how this one will play out...

That’s what I did

SB