Bitcoin is now a threat to us allwww.spectator.co.uk/article/bitcoin-is-now-a-threat-to-us-all/
2215 sats \ 40 comments \ @siggy47 24 May bitcoin
This may be the most alarmist piece of fud I've seen in years. The author starts off by saying that the FTX scandal proves that bitcoin is a scam.
I noticed that the US edition of The Spectator doesn't seem to have this article.
Gambling on Bitcoin has, in effect, just gone mainstream. It is as if a bookmakers has just been allowed to set up shop in every living room in the country.
This is priceless:
Bitcoin is a classic zero-sum game. Large numbers of people can make vast paper fortunes by bidding up the price, but they cannot all realise those fortunes, because if everyone sells out the price collapses to zero.
Here's another oldie but goodie:
Bitcoin earns no income and has no intrinsic value – it is, for all its cleverness, really nothing more sophisticated than a tech reinvention of the Ponzi scheme.
write
preview
related posts
75 sats \ 0 replies \ @orthwyrm 24 May
the spectator is a conservatist rag that mainly appeals to geriatric doomers clutching their shiny yellow rocks
i don't know what else to say, aside from that as a british citizen i am sorry for its affliction upon US audiences
reply
75 sats \ 0 replies \ @Coinsreporter 24 May
The easier it becomes to buy Bitcoin, the greater potential for financial disaster
What a subheading! Can't read it further. This is just another bullshit crap of all craps. If the bookmakers have entered in every room in the country, who is to blame? The state or the agencies or common innocent people! I wonder he wants to prove the people wrong.
Anyways, I can't tolerate this sitting on the sidelines and just want to make it clear that for everything that has been or will be wrong with us, it's the state or its corrupt politics has to be blamed and not all of us. These kind of misinformed journalists are and will always be found and we just need to avoid them and keep stacking as always.
reply
64 sats \ 0 replies \ @IamSINGLE 25 May
Bitcoin is far above all of these people. They even can't understand the B of Bitcoin.
reply
64 sats \ 2 replies \ @TomK 24 May
If you read this kind of crap, can you now understand why I wanted to get out of this sector?
reply
31 sats \ 1 reply \ @siggy47 OP 24 May
Definitely. Better to have a few drinks and stare at the Rock Of Gibraltar
reply
54 sats \ 0 replies \ @TomK 24 May
Some good books, too and I am happy
reply
118 sats \ 2 replies \ @grayruby 24 May
The end is nigh.
Garbage like this used to have an impact on public perception of Bitcoin but now I actually think it is a net positive. It is so ridiculous and alarmist that only the true bitcoin haters are going to take it seriously and for everyone else it is just free marketing for Bitcoin.
reply
50 sats \ 0 replies \ @Sirkay 25 May
You said it well, nice take on that.
reply
50 sats \ 0 replies \ @siggy47 OP 24 May
Exactly! It feels like a good thing. It's like reading a Monty Python skit.
reply
75 sats \ 0 replies \ @0xbitcoiner 24 May
reply
96 sats \ 3 replies \ @erict875 24 May
I thought we had all collectively already passed that stage of nonsensical uninformed hit pieces. 😣
reply
21 sats \ 1 reply \ @kepford 25 May
We have a long way to go. It will take years for many to have their eyes opened. Don't forget, even after covid many still trust authorities.
reply
10 sats \ 0 replies \ @erict875 25 May
Unfortunately, you're correct. Still too many look and refuse to see. Sadly.
reply
21 sats \ 0 replies \ @siggy47 OP 24 May
That's why it was so surprising. It almost reads like satire.
reply
65 sats \ 3 replies \ @BitcoinAbhi 24 May
This looks like a joke.
reply
10 sats \ 1 reply \ @itsrealfake2 24 May
this is the same guy:
spectator, may 9 2022
reply
0 sats \ 0 replies \ @MarsIronPI 25 May
Currency should be boring. It should stay in the background and just hold value.
reply
0 sats \ 0 replies \ @siggy47 OP 24 May
It is funny.
reply
55 sats \ 0 replies \ @cryotosensei 24 May
Infuriating that such ignorance can pass off as journalism
reply
54 sats \ 0 replies \ @MarsIronPI 25 May
Bitcoin earns no income and has no intrinsic value – it is, for all its cleverness, really nothing more sophisticated than a tech reinvention of the Ponzi scheme.
You know what's worse? The US dollar. Not only does it not have intrinsic value (it used to, though), its issuer can practically create more value (temporarily) by printing more. It's stupid.
reply
54 sats \ 0 replies \ @Sirkay 25 May
We are in the community of freedom of expression. Issues like this only help the btc to gain more popularity and momentum.
reply
54 sats \ 0 replies \ @Athena 25 May
It is so ridiculous!
reply
54 sats \ 0 replies \ @Satosora 25 May
This is such an old way of thinking.
reply
54 sats \ 1 reply \ @jgbtc 24 May
Old people eat this shit up.
reply
55 sats \ 0 replies \ @siggy47 OP 24 May
Not this geezer
reply
54 sats \ 1 reply \ @OT 24 May
At least he’s bullish
reply
0 sats \ 0 replies \ @siggy47 OP 24 May
True
reply
54 sats \ 0 replies \ @itsrealfake2 24 May
This article is borderline evil, and definitely a sin.
My eyes melted:
The answer, it seems, is something called the Grayscale Bitcoin Trust
How exactly does one "download a bitcoin wallet"? I guess he's talking about wallet software but that's obviously the least sophisticated part of ... opening a bank account in cyberspace.
their more sophisticated brethren who know how to do things that would never occur to the more conservative of us: such as downloading a ‘bitcoin wallet’.
reply
54 sats \ 0 replies \ @Bell_curve 24 May
Stupid spectator
More stupidity from conservative inc
reply
54 sats \ 0 replies \ @BlokchainB 24 May
Ahh yes the current fiat system run of the mill talking points. Yawn 🥱
reply
54 sats \ 0 replies \ @Zenul_Abidin 24 May
Bitcoin is a classic zero-sum game. Large numbers of people can make vast paper fortunes by bidding up the price, but they cannot all realize those fortunes, because if everyone sells out the price collapses to zero.
This is false because when you sell the coins, someone else is receiving them. If everyone "sells" their coins then the exchanges will receive them who are for all intents and purposes just users.
reply
54 sats \ 0 replies \ @Rsync25 24 May
LMAO
reply
54 sats \ 0 replies \ @rizzling 24 May
pure comedy :D
reply
54 sats \ 0 replies \ @hasherstacker 24 May
I see a blind trying to lead a blind. How can Shitcoiners tell anything good about freedom and sovereignty?
reply
54 sats \ 4 replies \ @cristaiji 24 May
Wow....does Ross Clark believe this or is he doing propaganda? It reads more like propaganda.
reply
31 sats \ 3 replies \ @siggy47 OP 24 May
I don't know much about him, beyond that he is often described as a libertarian and free market guy. Have you read much of his other stuff?
reply
54 sats \ 2 replies \ @cristaiji 24 May
No but i'll have a look at some of his other pieces.
reply
75 sats \ 0 replies \ @rizzling 24 May
My advice: do not read something he has writen....never again xD
It's a. A waste of time b. Very sad to know that such idiots exist^^
reply
0 sats \ 0 replies \ @itsrealfake2 24 May
same guy
maybe its agitprop for greyscale?
reply
10 sats \ 0 replies \ @Arceris 24 May
FFS. The old "intrinsic value" bit. There is literally no such thing as intrinsic value (except for sentient beings).
reply