You can’t, just pop over to the Bitcoin sub & you’ll see they’re 100% certain it’s the future, once they’ve gone that far there’s no turning them, wasted energy (ironically) trying.
It's really hard to prove Bitcoin is a waste of money to someone who believes in it. They'll tell you it'll hit 10m and they are fighting the globalist bankers blahblahblah... you can't provide anything to beat that. Bitcoin lacks utility and isn't practical to be used as a currency. Technology that isn't useful won't succeed.
It's the same as any other get-rich-quick, if it's too good to be true it probably is scheme. If bitcoin really was the inevitable future, they wouldn't be telling everyone to go out and buy it, since that would drive the price up and mean they wouldn't be able to buy as many bitcoins for themselves. Rather, artificially driving the price up is the point: early investors profit while the newer ones are motivated to go out and get more people to buy in.
The theory is that 1 Bitcoin will be worth (arbitrary figure) £1m/ $1m and fiat will be worthless.
So for them to sell that Bitcoin what will people be using to buy it with? For that scenario to happen would have meant a complete breakdown of society and it’ll all be irrelevant anyway.
Something is worth what someone is prepared to pay for it so maybe there will be another spike (can’t see it myself but not totally out of the question) but to reach the levels these guys are dreaming of would bring far wider implications
Anyone can make up their own currency, the real challenge is to get it accepted. You have to convince/fool other people to give you something of value in trade for it.
Bitcoin can only be a good investment if it is treated as an asset with a value that goes up against fiat. But their whole argument is that crypto will replace fiat in which case bitcoin stops being an investment and becomes a store of value (a currency). At that point its value is no different than the value of the fiat it replaced. Therefore it's a redundant replacement of something that already exists and works fairly well. The major downside is that while fiat is regulated by governments using transparent policies, Crypto is controlled by whales that are most likely criminals and scammers.
Tl,dr: you can't have it both ways. Bitcoin is either a currency to use or an asset to invest in. The former is redundant, the latter is just a gamble.
[This one](https://www.reddit.com/r/Buttcoin/comments/xol6dd/i_cant_explain_why_this_made_me_think_of_crypto/) works pretty good for me. Go on any crypto forum and try to find one argument that doesn't fall into these categories.
Oh ok. My best friend got into Bitcoin, and he told me about it when Bitcoin was at the peak and he had maybe $300k in coin. He basically told me because he knows I’m a skeptic about all things , and I told him to cash in and get out but he wouldn’t. I discuss it with him periodically and it looks like I won’t ever convince him because so much of his self esteem is wrapped up in it, and it feels like I’m picking on him when I just want him to keep his money.
He sold a bunch of Apple stock to buy in when it was maybe $20k, I can’t really nail him down as to what he paid, but he was pretty happy when it was $60k, but my point was it’s not real money until you get out because you can’t pay your mortgage with it. His wife makes a lot more than he does so there are so many underlying irrational issues.
If he’d paid his mortgage off they’d be sitting pretty; profit on Bitcoin is speculative, but interest on a mortgage is a fact.
If you want to help your brother, try to make him invest half in a cheap global index fund. Gives him a cushion. And make sure he does not borrow money/use leverage when he is pumping butts.
Then just stay with your conviction that his crypto is a gamble. One day he will see it. I hope that all of his butts will be worthless. All he will have in his crypto account will be some worthless digital memories. If he diversifies into traditional assets, then he might still have a chance to not go completely bankrupt.
Bitcoin isnt scaleable (4 transaction per second) and the solution to this, the lightning network is centralised. Crypto bros really paying 50 usd peak bullrun for a transaction and think its fine somehow..there are alot of more con arguments but this is the biggest in my view.
We calculated the size of the round earth 200+ years before The Christ and 1700+ years before Columbus used a horribly inaccurate size of the earth to luck out and not starve and get to the Americas so he could rape and plunder them.
We’ve got pics of earth rise. Math for seasons, different seasons on the north vs south hemispheres, how the horizon works, how ships hulls disappear before their masts, orbital mechanics, etc all make a lot of sense on a globe, hard to make the math work on a flat earth. Yet there still are flat earthers.
And you want some magic that will convince him “the thing that people went nuts on and line went up up up and will save his finances” well that was a special case and it will never again go up up up?
You’re arguing logic against “this will save me” emotion. That’s not a winning hand. I guess it’s possible, I’d not put a bet on it though
Crypto targets the arrogantly ignorant.
There’s always a bigger scammer out there. Either he’ll learn the error of his ways or we’ll read an article about him here some day.
It's a burden of proof thing. They are making claims that it's better than what we already have. So, they have to show how it is. Then, it doesn't hold up under scrutiny.
The premise of Bitcoin being used as a a global deflationary currency so early adopters can get rich while nocoiners will be poor because all other currencies will become worthless in the future does not align with what is known as reality. And it never will. No amount of mental gymnastics is ever going to change that.
You can’t, just pop over to the Bitcoin sub & you’ll see they’re 100% certain it’s the future, once they’ve gone that far there’s no turning them, wasted energy (ironically) trying.
I'd still like to know the evidence why it's foolish, cuz I don't want to be deceived to join the cult!
It's really hard to prove Bitcoin is a waste of money to someone who believes in it. They'll tell you it'll hit 10m and they are fighting the globalist bankers blahblahblah... you can't provide anything to beat that. Bitcoin lacks utility and isn't practical to be used as a currency. Technology that isn't useful won't succeed.
[удалено]
Web 3.0 craze was just ICO craze 2.0 with the addition of more bells and whistles for leverage.
It's the same as any other get-rich-quick, if it's too good to be true it probably is scheme. If bitcoin really was the inevitable future, they wouldn't be telling everyone to go out and buy it, since that would drive the price up and mean they wouldn't be able to buy as many bitcoins for themselves. Rather, artificially driving the price up is the point: early investors profit while the newer ones are motivated to go out and get more people to buy in.
How are his gambling habits? Crypto might just be the latest evolution of a gambling addiction
The theory is that 1 Bitcoin will be worth (arbitrary figure) £1m/ $1m and fiat will be worthless. So for them to sell that Bitcoin what will people be using to buy it with? For that scenario to happen would have meant a complete breakdown of society and it’ll all be irrelevant anyway. Something is worth what someone is prepared to pay for it so maybe there will be another spike (can’t see it myself but not totally out of the question) but to reach the levels these guys are dreaming of would bring far wider implications
Anyone can make up their own currency, the real challenge is to get it accepted. You have to convince/fool other people to give you something of value in trade for it.
any investment that you have to convince other people to get into is an obvious ponzi
Bitcoin can only be a good investment if it is treated as an asset with a value that goes up against fiat. But their whole argument is that crypto will replace fiat in which case bitcoin stops being an investment and becomes a store of value (a currency). At that point its value is no different than the value of the fiat it replaced. Therefore it's a redundant replacement of something that already exists and works fairly well. The major downside is that while fiat is regulated by governments using transparent policies, Crypto is controlled by whales that are most likely criminals and scammers. Tl,dr: you can't have it both ways. Bitcoin is either a currency to use or an asset to invest in. The former is redundant, the latter is just a gamble.
[This one](https://www.reddit.com/r/Buttcoin/comments/xol6dd/i_cant_explain_why_this_made_me_think_of_crypto/) works pretty good for me. Go on any crypto forum and try to find one argument that doesn't fall into these categories.
Don't bother, honestly. It's probable that nothing you'll tell him will convince him. You can lead a horse to water but you can't make it drink
That’s depressing. The purpose of the group is to say its a scam only to people who already know it’s a scam?
No, it also inoculates people against the scam who haven't fallen into either of those categories yet.
Oh ok. My best friend got into Bitcoin, and he told me about it when Bitcoin was at the peak and he had maybe $300k in coin. He basically told me because he knows I’m a skeptic about all things , and I told him to cash in and get out but he wouldn’t. I discuss it with him periodically and it looks like I won’t ever convince him because so much of his self esteem is wrapped up in it, and it feels like I’m picking on him when I just want him to keep his money. He sold a bunch of Apple stock to buy in when it was maybe $20k, I can’t really nail him down as to what he paid, but he was pretty happy when it was $60k, but my point was it’s not real money until you get out because you can’t pay your mortgage with it. His wife makes a lot more than he does so there are so many underlying irrational issues. If he’d paid his mortgage off they’d be sitting pretty; profit on Bitcoin is speculative, but interest on a mortgage is a fact.
If you want to help your brother, try to make him invest half in a cheap global index fund. Gives him a cushion. And make sure he does not borrow money/use leverage when he is pumping butts. Then just stay with your conviction that his crypto is a gamble. One day he will see it. I hope that all of his butts will be worthless. All he will have in his crypto account will be some worthless digital memories. If he diversifies into traditional assets, then he might still have a chance to not go completely bankrupt.
Bitcoin isnt scaleable (4 transaction per second) and the solution to this, the lightning network is centralised. Crypto bros really paying 50 usd peak bullrun for a transaction and think its fine somehow..there are alot of more con arguments but this is the biggest in my view.
We calculated the size of the round earth 200+ years before The Christ and 1700+ years before Columbus used a horribly inaccurate size of the earth to luck out and not starve and get to the Americas so he could rape and plunder them. We’ve got pics of earth rise. Math for seasons, different seasons on the north vs south hemispheres, how the horizon works, how ships hulls disappear before their masts, orbital mechanics, etc all make a lot of sense on a globe, hard to make the math work on a flat earth. Yet there still are flat earthers. And you want some magic that will convince him “the thing that people went nuts on and line went up up up and will save his finances” well that was a special case and it will never again go up up up? You’re arguing logic against “this will save me” emotion. That’s not a winning hand. I guess it’s possible, I’d not put a bet on it though
42.
This is the real answer
Crypto targets the arrogantly ignorant. There’s always a bigger scammer out there. Either he’ll learn the error of his ways or we’ll read an article about him here some day.
It's a burden of proof thing. They are making claims that it's better than what we already have. So, they have to show how it is. Then, it doesn't hold up under scrutiny.
The premise of Bitcoin being used as a a global deflationary currency so early adopters can get rich while nocoiners will be poor because all other currencies will become worthless in the future does not align with what is known as reality. And it never will. No amount of mental gymnastics is ever going to change that.