LogFAQs > #983043441

ssjevot posted...

How is it a scam if the buyer and seller both agree on what they are buying and selling and the price? Who got scammed?

It is bought exclusively for the purpose of flipping for a profit. Hardly anyone (except criminals) use Bitcoin as a currency because the price is so volatile in contrast to the U.S. dollar for example.

Stocks atleast represent the value of a company. Purchasing stock is buying equity into said company. Some companies offer dividends as well.

To reiterate, Bitcoin and other crptos exist solely to buy low and sell high. It is backed by no real value other than what other people are willing to pay for it. Sure, the same can be said for gold, diamonds, etc. But those precious stones and metals have been desirable for thousands of years. They are often used in clothing and jewelry. There is a finite amount of these. Bitcoin technically has a finite amount as well, but does that really mean anything? It's like saying there are only 10 Crypto Punk NFT's. Who cares?

The appeal of Bitcoin is to get rich quick. That is it. That is why people buy it.