What if Bitcoin is a scam?

Find out more about GoMining at bit.ly/3TJVbf6
What if Bitcoin's critics are right? Why are geniuses of finance like Jamie Dimon or renowned economists like Nouriel Rubini so critical of Bitcoin? This video delves into the five most prevalent myths about Bitcoin, meticulously separating fact from fiction.
#bitcoin #crypto #cryptocurrency #essay #scam
0:00 Intro
0:44 Bitcoin doesn't have any intrinsic value
2:26 Bitcoin is a Ponzi scheme
4:09 Bitcoin is bad for the environment
5:59 Bitcoin is too volatile
7:16 Bitcoin is used mainly for criminal purposes
9:14 Outro
#bitcoin #crypto #cryptocurrency #essay #scam
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Cointelegraph covers everything Bitcoin, bringing you the latest news, prices, breakthroughs, and analysis, with emphasis on expert opinion and commentary from the digital currency community.

[@cointelegraph]

WARNING: Beware of the scammers in the comment section.

[@Masterbuten333]

The process of making or mining it is not but from the exchanges to individual users it is.

[@HarryValdez-]

I usually look up your videos for updates! Our government has no idea how people are suffering these days. I feel for people with disabilities not getting the help they deserve. Thank you mrs Lauren Hopkins, imagine investing $12,000 and received $305,500.

[@WayneBarrett-ch6ot]

Crypto Bull run is making waves everywhere and I have no idea on how it works. What is the best step to get started please?

[@HarryValdez-]

Have you not heard of Mrs. Lauren Hopkins?

[@HarryValdez-]

She has this skill of making complex crypto concepts easy to understand and is truly commendable.

[@HansMuller-gq3qn]

Crypto has opened doors for global financial inclusion. It's time for more equitable world!❤

[@WayneBarrett-ch6ot]

I'm new at this, please how can I reach her ??

[@jdsguam]

I am very sure Gold Mining has cost more lives and disrupted far more of the environment than Bitcoin mining has or every will.

[@Skatakephalos7434]

..but once an ounce of gold is mined, it doesn't require the burning of more energy each time it changes ownership.

[@tomblanckaert4089]

Yes it does. Going to the goldshop takes energy. @@Skatakephalos7434

[@tovsteh]

@@Skatakephalos7434 You realize mining, major mining equipment, chemical processing, cleaning, refining, smelting, further transport, security and logistics, not to mention all the people and tools involved in that process, all requires energy right?

[@ProjectHellfire1]

@@Skatakephalos7434 subjective way of looking at it. How about energy required to ship gold across the other side of the world?

[@ddddaaddaaaa]

​@@Skatakephalos7434 Bitcoin repurposes wasted energy. like the methane we burn and waste because it does more harm than good. it improved the geothermal energy harvest method. more innovation in renewable energy will come in search of profitable Bitcoin mining. gold mining only hurts the nature

[@jacquelinelockett]

Jamie and Warren have more bitcoin than anyone……..ever. They don’t want you and i to be rich like them.

[@Iburn247]

Oh stop it 😂 they don't care about you. People become rich every day. It's a you problem not Warren Buffett's

[@jacquelinelockett]

@@Iburn247 kinda isn’t tho. I have my Satoshi’s thank you.

[@cointelegraph]

where does this information come from?

[@anthonybrown2352]

Still buying bitcoin

[@Stupormann]

BTC Intrinsic value: Compute power is required to make it. Electricity isn't free.

[@user-vo4sz5yy4q]

Actually electricity is free

[@tovsteh]

You realize mining, major mining equipment, chemical processing, cleaning, refining, smelting, further transport, security and logistics, not to mention all the people and tools involved in that process, all requires energy, electricity and fuel right?

[@user-vo4sz5yy4q]

@@tovsteh less than fiat currencies

[@Stupormann]

@@user-vo4sz5yy4q In that case, get rich!

[@gera.w]

that’s like saying fiat currency needs printers and since it needs printers and machines and plates etc all these become its value? 😂 also it needs electricity too

[@Richest_Person_in_the_World]

The second argument assumes the conclusion: "Bitcoin is monetary/money" and goes on from there. But that was the thing you were supposed to be proving, and not assuming. 1:48

[@TheMarky26]

Lol Jamie Diamon speaks bad in public about bitcoin but his company is buying heavily..

[@ericfudurich7944]

Yeah just try to collect it when you need it. All the sudden network unavailable....

[@gavinclaassen6440]

Until / unless Bitcoin replaces the failing fiat currency system be it coins and paper cash or CBDC'S, it has no real use .

[@ClifffSVK]

El Salvador uses Bitcoin as an official currency.

[@callumis224]

cash has no use in my opinion if i owed someone money i would pay them in cash because i dont want to pay them in bitcoin because bitcoin will be worth alot more later

[@Joshmiller93]

People who rule the centralized world doesn’t endorse the decentralized world ..

[@tonmira]

Well , BTC-used-for-fraud can be traced. Agencies are making efforts to that

[@cointelegraph]

exactly

[@Skatakephalos7434]

and recovered, so it is NOT beyond government control. He who controls the Internet controls Bitcoin.

[@centurione6489]

Same thought here. What if they don't exist? What if Satoshi steals them? What is Satoshi actually made (or will make) another billion of them? What if Satoshi actually knows how to force Blockchain? Who made and controls Blockchain anyways?

[@ProjectHellfire1]

@@centurione6489 this is what Cryptography is. No one can steal your stuff unless you have the "key". It's using SHA256 encryption which don't mean much to people. But it HAS NOT been cracked by anyone over the last 15 years of Bitcoin. Many have tried making Bitcoin 2.0 and have failed as deem them as Shit coins cos it's created by an entity that CONTROLS it's policies. BTC blockchain is distributed, so no entity controls it . There are literally thousands and thousands of nodes around the world that maintain/update the Bitcoin ledger.

[@waves42069]

there is no intrinsic value to even the dollar bill, for example gold, silver, and platinum are precious metals that have physical value, btc will not gain value unless the world adopts it as the floating currency

[@Ydoit]

Bitcoin sounds like when you play video games you earn digital coins 😂 other than that, no value in real life.

[@know_ye_not]

so if i sell my bitcoin for 3 lambos, you're saying the lambos don't exist in real life. Am I right?😆

[@Ydoit]

@@know_ye_not I’m saying the mechanics of bitcoin. Why would anyone need it? Anyone can create their own coins and sell the fake currency for USD. If you have enough for 3 limbos you wouldn’t care to reply to my comment. 😂

[@know_ye_not]

@@Ydoit I have way more than that but cool story sis

[@know_ye_not]

@@Ydoit I’d love to see the look on ur face when it hits $250k

[@simonh6371]

@@know_ye_not I'd love to see the look on your face when you find you can't actually cash out.

[@ideasguyz]

Bitcoin is centralised throughs seed nodes, is 800 seed nodes goes down, the bitcoin goes down

[@viralsheddingzombie5324]

Bitcoin has semi-intrinsic value in that it must run on computers and networks and software. These are all products that must be purchased and this feeds the overall economy.

[@Berberfreepeople]

Decentralized how?, its fucking running on Amazon web servers and Google web servers ens.....

[@user-jm9ep3zp5g]

so why are leading countries and central banks piling up on gold and not btc ?

[@muhammadhafizudinidris1592]

Gold is proven asset for generations, while bitcoin is an untested newcomer.

[@libra211061]

people dictate what they perceive as money and value even if it’s underground the crooks can never stop it that’s why they don’t like it

[@vikimg]

You lost me at instant and affordable transactions 😂

[@Gr8Incarnate]

Yeah, go invest in shitcoins and get rugged then.

[@vikimg]

@@Gr8Incarnate OK Karen 👍

[@Gr8Incarnate]

@@vikimg Wrong use of "Karen" reetard 🤣

[@t.a.b.]

The worst thing that could of happened was for the ETF.

[@starbalochsupportid3712]

Your sponsorship tells the all truth bro.

[@hackvlix]

Nouriel Rubini has launched his own coin by now.

[@libra211061]

the real ponzi is fiat currency

[@darwel007]

Incredible video with zero bias. I have just allocated 100% of my net worth to Bitcoin.

[@ridgeisland]

Smart move 💯

[@carl16760]

your guna be living in the street

[@ridgeisland]

@@carl16760 Wanna bet?

[@know_ye_not]

@@carl16760 cool story bro

[@joeg7849]

That might be scary as hell to some, but it's a good move.

[@BlockchainandWeb3]

Great insight! Bitcoin's accessibility shines when we invest time in learning it. Bitcoin is for everyone!

[@Richest_Person_in_the_World]

Once again at this time stamp, it is Assumed that "bitcoin is money" even though the purpose of the video and the elaboration was to try to prove just that 3:37

[@cointelegraph]

we don't think that's the purpose of this video

[@Richest_Person_in_the_World]

@@cointelegraph Well you were trying to quell doubts, but in fact 0 of your 5 points stand to scrutiny

[@Gerlaffy]

Interesting that they're all old wealthy men... Almost like... They are entirely out of touch from an old world.

[@SunofYork]

I hope you never become old.

[@CoreyRose-st3ck]

friends, please write channels where else you can find out about scam

[@worldpeaceok]

Can someone explain how would an ordinary person buy regular stuff e.g milk if all 21 m bitcoins is minted and it supposedly replaces fiat currency?

[@yehimstone5492]

Each bitcoin is divisible by 100 million satoshis

[@jaydogs8326]

the sooner your in the more you make scam

[@iVETAnsolini]

Not true. We have significant draw downs aka bear markets which is the best time to buy. Stop spreading fud. It’s a 4 year cycle, how haven’t you realized it? 2 up 2 down. Wall Street will eat this up and ohh look they are. Do your research and stop letting the government steal your purchasing power by borrowing massively from future you

[@TacoTuesday4]

The only people that say this have ideological reasons instead of an actual argument. So what is it? Gold bug? Hate the power consumption? Love government control?

[@r.a.6382]

All societies are ponzi's. Why didn't you just buy land in newyork in the 1700s???

[@tmarq4655]

Do they mean just like fiat is?

[@Richest_Person_in_the_World]

Fiat is the thing needed to pay taxes. Unlike crypto which is worthless

[@cointelegraph]

at what point?

[@Angelgrl]

Hi, thank you for the knowledge 😊❤

[@cointelegraph]

Thank you! Feel free to visit our channel more frequently!

[@dsflat6785]

Bitcoin Cash halving yesterday, same genesis block as BTC, same 21M total supply, same halving cycles, supply shock coming and up 6X into its halving 🥳 PUMPING today and Hijacking Bitcoin the new Amazon best seller is set for release which could wobble BTC and pump BCH

[@stelladoris5087]

*_Success is not built on success. It's built on failure, It's built on fraustration. it's built on fear that you have to overcome. I pray that anyone who reads this will be successful in life❤_*

[@stelladoris5087]

Thank 🙌 you so very much for your excellent crypto report, I'm excited i can eat ice cream every day, Even though I don't hold memes coins, I make $35k weekly trade profits

[@joelzee4040]

Sounds great. Do you think it's a good time to consider selling some crypto, or is better to hold onto them for the long term? I'm considering Rebalancing my $600k portfolio, so I'm curious about the best strategies for potential market downturn

[@tiagofred4020]

Find quality stocks that have long term potential, and ride with those stocks. I have found it takes someone who is very familiar with the market to make such good picks.

[@edenwallace334]

美国十𝟭𝟯𝟬𝟮𝟰𝟬𝟮𝟯𝟴𝟮𝟮👍🏻👍🏻👍🏻👍🏻👍🏻👍🏻👍🏻👍🏻👍🏻👍🏻👍🏻👍🏻👍🏻👍🏻👍🏻👍🏻👍🏻👍🏻❤️❤️ 大家大家大家大家大家大家大家大家大家大家 copy it this way KZbin is frustrating copy

[@edenwallace334]

+130

[@PonziZombieKiller]

How many petrocks were ever sold ?

[@dcruz742]

that's why I buy other used cases crypto.

[@shawnlavigne9069]

It's origen is unknown. That makes it sketch right from the get go.

[@muhammadhafizudinidris1592]

The code is real, and working well

[@LiveFreeForLife]

that's exactly why it is trustworthy, no one controlling it

[@cactiman]

Someone completely missed the point of Satoshi 🤦🏼‍♂

[@surinameworshipthelordwith9054]

"Bitcoin haven't any intrinsic value" just as the US Dollar doesn't have any intrinsic value. What is their point actually??

[@wijasi2059]

The argument they make is the USD has intrinsic value by its backing of the "Full Faith of the U.S. Government." ya, nonsensical argument...

[@Richest_Person_in_the_World]

@@wijasi2059 No, fiat truly has no intrinsic value, however there are other types of value namely Redemption Value. In case you are promised something when you turn that thing in. Unfortunately for crypto, it has neither

[@yehimstone5492]

​@@wijasi2059fiat currency is backed by weapons. Bitcoin is backed by proof of work

[@futurereflections4097]

@@wijasi2059 How much money have you made in bitcoin…. Wait…. You see the problem with that question in itself? It’s a Ponzi scheme. It’s ok to see that and still have some as I do because I don’t see it popping soon.

[@126644]

​@wijasi2059 if thats your argument for the usd having intrinsic value then you can easily say btc has intrinsic value because btc is backed by the full faith of the cryptocurrency economy

[@myceliumtechno]

If you are knowledgeable enough to critique Bitcoin you end up buying it.

[@annafry9922]

The volatility of BTC always makes me smile. I guess ppl who come up with this argument do not trade in i.e. Oil

[@cointelegraph]

oh yes, by the way! we forgot to mention this comparison with oil price volatility. brilliant argument!

[@hawksbill5037]

If you think it’s a scam, don’t buy it. Nobody cares. I’m up hugely and at anytime I can convert it to Fiat so…….

[@sjb610]

Unless whatever offramp you're using decides to not let you.

[@dont.ripfuller6587]

​@@sjb610Then you send it peer to peer.

[@r.a.6382]

@@sjb610 I'll buy it for some silver. Governments r fukt.

[@MichaelSmith-fp3on]

Loll the bitcoin mining ad in the video 😆 conflict of interest. And btw its not ponzi, its greater fool theory

[@sukhhveer]

Great

[@Iburn247]

Yes. But real money is being made in the meantime

[@Richest_Person_in_the_World]

At the expense of Bitcoin enthuasist exclusively.

[@shamsham1983]

The Simpsons once predicted that Bitcoin would eventually cease to exist.

[@muhammadhafizudinidris1592]

Trial and ordee

[@raphaeljoeltwitchell1513]

Love this, I will definitely be sharing this with my friendly skeptics 😉

[@DmBelyj]

me too!

[@cointelegraph]

thank you!

[@steveholloway1963]

Yes but you know it is not

[@Whassaap1]

It’s doing bad after the halving. So where are Crypto supporters now?

[@Boromir789]

Patience young Padawan

[@Whassaap1]

Trying my best lol

[@CoreyRose-st3ck]

I love this videj

[@PepeCoinMania]

That’s a very elaborate scam😂

[@Charlesmclark2]

By the government lol

[@myasgur]

Great explanation. Thanks. I will be sending this to all the people I know who doubt bitcoin.

[@cointelegraph]

Thank you! We really appreciate it

[@diffcultsentenc2read]

Misunderstood intrinsic value, ignored the whales that have enormous sway over bitcoin, touted that bitcoin is anonymous, then touted that it can be traced. Solid video, champ. I liked the vested interest part with the ad

[@cactiman]

Goldbugs can't use jewellery as an intrinsic value, just because it looks nice to someone, it doesn't to someone else. Personally I prefer the look of silver to gold. I could say that I prefer the look of my bitcoin balance increasing.

[@CascadeEarthNW]

Truth

[@jameswolfe8864]

lol yeah let's ask tradfi people what they think of something that threatens tradfi. Enjoy your fiat becoming debased at an ever accelerating pace.

[@w1ck3d01pr]

this is really bad for the community no more of these types of videos especially at this particular time.

[@Teknokrade]

Satoshi Nakamoto is Kim Jun :D

[@cointelegraph]

can you prove it?

[@stevendhoop7213]

i d'ont care if you can make money of it gold or shit for me its the same.

[@Richest_Person_in_the_World]

OK Your first point is wrong: the Scarcity argument is unrelated to the Intrinsic Value doubt

[@cointelegraph]

What is this related to?

[@hawksbill5037]

Ok genius explain yourself

[@psoidonym2389]

@Richest_Person_in_the_World: I don't think you are right here. The claim here is not, that scarcity is the only property constituting intrinsic value. In addition they list the borderless decentralized network. All those properties combined generate an intrinsic value, the scarcity, the network, the applied rules of game theory, the balance of power between miners and nodes. But again...what is your point? What is your goal in entering the discussion? What's your view on BTC. Are you even interested in this monetary technology? What is your qualification to enter the discussion? If you think, that all these arguments are rubbish, then simply don't buy BTC and don't bother about it.

[@rharris0820rh]

Not even worth hearing.

[@manuellimas814]

😂 this type of videos make me laugh 😂🎉 most people know that bitcoin hurts their strategy

[@allybally0021]

LOL....geniuses of finance......Beware scammers posting FUD like this video.

[@Rooninator54]

Is Bitcoin more important than electric vehicles? Is freedom more important than electric vehicles? The answer is pretty simple

[@nielswelmers419]

Bitcoin is..

[@eduardoreza409]

Keep up the good work, and yes, please do more deep dive into AMSCR11.

[@johnwade3476]

They're critical because they want it

[@Ethangray-cr5nd]

I know nothing about trading /investment and I'm keen on getting started. What are some strategies to get started with?

[@Jamiewhite663]

Well, I picked the challenge to put my finances in order. Then I invested in cryptocurrency and stocks, through the assistance of my discretionary fund manager

[@Jamiewhite663]

Mrs Nancy Williams Laplace

[@ReedMyresDavid]

Yeah that's right I think it's right to invest with professional at least it saves the trauma of too much loses

[@SC-4rqub]

~Mrs Nancy Williams was my hope during the bear summer last year. I did so many mistakes but also learnt so much from it, and of course from Nancy Williams. She is my number one when it comes to crypto and TA

[@Ethangray-cr5nd]

Please do you mind sharing any means of reaching out to her easily?

[@nonzenz]

No central authority which profits from BTC ? What about USDT ?

[@cointelegraph]

is this the central authority for BTC?

[@nonzenz]

Is it not ? 100bil dollars in holding without regulatory oversight and with past shenanigans. @@cointelegraph

[@PuneetSharma-fb7oz]

This whole idea about crypto not being controlled by any central entity or government is misleading. Who controls the on-ramp / off-ramp infrastructure? Its the banks.

[@josephl6727]

Major institutions and countries are about to take control of the price action. People need to realize they are about to take away the freedom that initially intended. All anyone cares about is making money off of the pump. Lol

[@126644]

You dont actually need exchanges in order to convert bitcoin into fiat. It makes it easier but you dont need it. Bitcoins decentralized nature is the reason why people in congress are struggling with passing any sort of meaningful regulations on it

[@clarkridlen1966]

Sam Bankman Freid got your back on that cyber money!

[@ChristopherFalletta-rh9jf]

The problem is that crypto would not exist if it wasn’t for paper money

[@patoripraha]

Bitcoin 🧡

[@cointelegraph]

hugs

[@bintang_ben]

Wow the trolls here work in Unison 😅

[@an-shunlin2473]

bla bla ponzi ponzi

[@organic723]

who is this for????? GENERIC GENERIC GENERIC well-worn nonsense to start. I'm out.

[@mss8550]

U r

[@deeprollingriver52]

Dinosaurs

[@Elloko-pd7qu]

😂 the us government is the biggest scammer in the world😂

[@centurione6489]

Same thought here. What if they don't exists? What if Satoshi steals them. What is Satoshi actually made (or will make) another billion of them? What if Satoshi actually knows how to force Blockchain? Who made and controls Blockchain anyways?

[@126644]

All of what you just said is impossible

[@stefan4077]

Bitconnnnnnnneccccct 😂😂😂

[@learnuiarchitecture]

Volatility has been decreasing, but so have relative gains. When bitcoin starts underperforming or even equal performing against other assets why bother owning it? It will be dumped. Those who get out now: win.

[@chaz_pounder]

Theres infinite bitcoins, just move the decimal. Can cut it to infinity

[@christopherdominguez3658]

AMSCR11, ETH, and more would be great.

[@TheLuckyrich]

How do u know btc is only 21 millions?

[@mrme9517]

REACHING PLAYING ISH THAT'S SUPER OLD THEY'RE ALL BUYING NOW THIS VIDEO SUCKS AND SO DOES THE CONTENT CREATOR

[@JesusIsOneOfOne]

I traded all the bitcoin i accumulated for ICP!!! I only like ICP!!!!

[@NyteMare96]

Indoor Cat Poop?...but why 🤔

[@Richest_Person_in_the_World]

If? It is.

[@cointelegraph]

boldly!

[@mpat100]

wrong!

[@Richest_Person_in_the_World]

@@mpat100 It closely resembles Nigerian emails

[@mpat100]

@@Richest_Person_in_the_World dont be silly educate yourself first before commenting

[@Richest_Person_in_the_World]

@@mpat100 Nigerian scam says: "I'll give you 2 million dollars, but first send me $70,000." It sounds very much like BTC

[@PonziZombieKiller]

Cartoon B S.

[@renemontenegro6143]

AND THEY ARE ALL BIYING ! LOL

[@Richest_Person_in_the_World]

Well you will soon lose your grandmother's last gold tooth

[@cointelegraph]

we don't know that

[@iVETAnsolini]

Bitwise did an interview with pomp and 2 billion from how many diff investors? Sounds like they are though

[@Gr8Incarnate]

If all the richest ppl in the world were buying BTC, let's say within the past 4 years, it would be sold out already. There are more millionaires in the world than the amount of BTC available.

[@Xerdar36]

What do you mean… what if?

[@French_Connection]

Scam

[@matthewh6424]

It obviously is.

[@mpat100]

wrong!

[@matthewh6424]

@@mpat100 your right. Bitcoin is totally different than any of the identical meme coins....

[@Charlesmclark2]

By the us government....the people they are trying to evade lmao. Its hilarious

[@mpat100]

@@Charlesmclark2 Wrong!!

[@mpat100]

@@matthewh6424 thank you🙏🙏🙏

[@LetsGoTrue]

BTC = Beta Test China Coin

[@buddha7178]

Gold is money everything else is credit. Bitcoin relys on credit.

[@uppermiddlehomelessclasscl3253]

The more rich we get the less they get 🤔

[@cointelegraph]

even though the Forbes ranking indicates the opposite each year.

[@MrFargo1001]

WRONG! "THEY" get the money before you do. It's called Trickle Down Economics. Your Welcome.

[@edrickivancab1682]

I'm staying in AMSCR11 till after ETFs being approved and will move into alts after that...

[@tingchiwong5450]

Say what you want about these billionaires but time after time they have proven themselves right about crypto, from one coin and ftx being the largest to all these KZbinrs/celebrities self promote coin, just don’t fxxk with Bitcoin guys, even if you think you made money, it’s all on paper, the day when you want to cash out, it’s most likely the day you realise whatever you think you earn, it don’t exist

[@alejamdroramirez4817]

Buy ETH then convert to AMSCR11. When bull market comes convert to AMSCR11. Sell half at $3 and keep the remainder on chain.

[@AxelyamilCorrearomo-si7bu]

More people need ro invest in the blue chips here. I'm around 90% between BTC and AMSCR11 combined. Good advice Lark thanks!

[@sssssnake222]

I can't eat gold when I'm hungry, so it's worthless

[@valdemidov5710]

You can sell it and since beginning of time gold has been recognized as currency. Try again

[@miriamcabezas3845]

Could you please talk about AMSCR11 it’s very strong and took off in short time thanks

[@tommyboy9408]

dud the are protecting their line of business, full stop. Don't spread that fud buddy