/biz/ - Business & Finance

Bitcoin is a fraud. Let me explain why:
Bitcoin is mined using processing power. Essentially, one mines bitcoins by wasting energy to break a crypto.
The bitcoin is a token proving you've broken the crypto. It's a receipt for spent energy.
One could say gold is also a receipt for the energy it took to mine the gold. But in the case of bitcoin, you have no lasting resource as a result of the energy expenditure. This is the difference when compared to gold. In that case, you have something tangible to show and/or trade.

>Bitcoin is not fiat
Yes it is. If the bitcoin somehow 'stored' energy it wouldn't be. But right now, it's just a receipt for wasted energy. And to trade with someone, you have to waste even more energy. You can not 'use' the energy invested in making a bitcoin at any later date.

Bitcoin transactions claim more and more energy globally. This is not in any way sustainable. This power is not stored or retained. At this moment, bitcoin consumes more energy than Denmark. It will not be legal for long. For good reasons. It's an unnecessary drain, with no tangible benefits. Each transaction is more expensive than the last, and the system consumes more and more energy.

It's the chess board with multiplying rice grains, only instead of rice it's energy you waste.

>I'm rich you nocoiner nobrainer
Yeah. Better cash in soon. You might make a profit. But long term, this will not hold. Bitcoin will fail, and it will fail spectacularly and soon. The alternative is to have it consume a bigger and bigger part of global energy supplies. The bitcoin system already consumes more energy than some countries, and if you can't see how that will not hold, even in a year or two, then you're a complete fucking moron.

>Illegalising it will somehow raise its value!
lol no. A black market currency needs to be flexible, intrinsically valuable and easy to handle. Receipts for huge amounts of wasted energy do not conform to these criteria.

Profit now and gtfo, bitcoin will die.