“Bitcoin is worth nothing and is not supported”

Bitcoin has been criticised repeatedly since it was founded in 2009. “The government doesn’t support Bitcoin” and “Bitcoin only has value because people think it has value” are opinions you hear all the time. John Crudele of the New York Post is also one of those cynics who reiterates these theses.

In 2014, Crudele published an article criticizing MIT students who wanted to hand out $100 worth of Bitcoin to every student on campus. Now he criticized again – on July 5, 2018 he published an article in which he again condemned Bitcoin and highlighted his recent crash below $7,000:

Criticism of BitcoinProfit and the Blockchain

Bitcoin’s price rose to over $6,600 yesterday, but it was well below $6,000 last week. Even at $6,600, Bitcoin is still worth 70 percent less than at the beginning of the year. I use the term ‘value’ with caution because Bitcoin is really worth nothing as Bitcoin Profit it is not supported by anything or anyone. It’s a trust game that only has value because people convince other people that it’s worth something.

That he was wrong with his article in 2014, he did not go into that. Because Bitcoin is still worth about 13 times more than 2014 (then about 500 USD).

The students who wanted to give $100 in Bitcoin to fellow students on campus raised $500,000 for the project. In December 2017, when Bitcoin reached its all-time high of $20,000, their $500,000 in Bitcoin would have been worth about $20 million.

Advertisement

Not supported
“It is not supported by anything or anyone” is another thesis of Crudele. However, such a statement shows that the blockchain technology was not understood. Against this thesis, one can also use Miner, which supports the network of a currency.

In addition to Bitcoin Code

In addition, Bitcoin is designed to ensure that nobody – no banks, credit card companies or governments – has control over the currency. Bitcoin is a pure peer-to-peer currency. This is exactly what makes Bitcoin and other crypto currencies onlinebetrug.net so interesting and revolutionary.

Bitcoin has no “value
Value possesses a good – including fiat currencies (USD, Euro), gold and even Bitcoin – only if people attribute a value to it. Trust is the real currency and that can be lost – even with traditional currencies.

Since Crudele criticised Bitcoin in 2014, many companies and governments have introduced or experimented with blockchain technology. Conversely, this means, according to his logic, that at least the Bitcoin or Ethereum blockchain has a value for people.