1. Yes but I was a big supporter of BTC long before I ever made a dollar from it by promotion or ever planned to. Opportunities along the way arose and I accepted two good ones, that is all, this question is almost insulting by the fing way.

2. Everything you said here is either wrong or backwards.

“It is not backed by the full faith of the US government” – well no shit that is the point that it is not controlled by government. All the full faith and credit of our government has done to the dollar is devalue it by 98% in the last 100 years. Yay full faith and credit!

“I have researched and even used Bitcoin, and I find it, in simple terms, to be a scam.” – That demonstrates a complete lack of understanding of what bitcoin is and how it works. We will see that as we proceed with your next claim.

“It has no audit process, no way of keeping them honest, no trail and no verification procedures.” – And there you go! You know the big rallying cry of “audit the fed” that has been sounded and unanswered for 10 years now, it is US debt backed currency with no real rules, no means of audit and the creation of wealth though debt that is the scam not bitcoin. I don’t know what research you did but I hope like fuck you don’t also research like new cancer treatments or something because your research method is total shit. Sorry it just is.

First anyone at any time can audit the blockchain, it is public and fully disclosed. Every rule to how the blockchain and BTC work together is known publicly and changes are only made by consensus of the community in which chain they follow as BTC etc. The blockchain is in fact the ULTIMATE TRUTH TELLER, you can’t change it retroactively, it is, it says this happened. This transaction occurred at this time, it occurred between these addresses. This bitcoin now exists here and until transferred can’t exist anywhere else ever.

Unlike US government money which now has a M3 of about 13 Trillion (we think because there is now way to audit anything) BTC can’t be inflated, such a thing is impossible. There will only ever be 23 million bitcoins, it is in effect a cap and fractionalize currency. So it encourages saving, lowers costs and wages over time. It is not subject to government controls, they can try but they can’t do it. If you want to wire 5K to a nephiew in Japan tomorrow you don’t need fucking permission of the state to do so. Neither of you even need a bank account for this to occur.

Your claim that there is “no way of keeping them honest” shows a depth of ignorance so deep you should not even be speaking about crypto currency at all. There is no “them” you use that pronoun so tell me who “they” are? If you want a they that is screwing the people with a scam, there is the “they” of the Federal Reserve and the “they” of the Fractional Reserve Banking System.

I am sorry but do you even know the current process of monetary creation that occurs in our banking system, how it works, do you? Do you comprehend that when a bank loans you say 200,000 dollars to buy a house that they don’t give you 200,000 dollars, that it is created by your promise to repay it out of thin air?

Bitcoin is the most publicly audible currency ever created. There have been advanced skilled hackers, haters, wanna be counterfeiters watching it and doing their best to tear it apart from day one and combined they have accomplished the square root of fuck all. People have been making claims that BTC is a scam, just a fad, a bubble, etc for 7 years now, 7 years. Bitcoin came on the scene worth about $0.008 and rose to $0.08 in the first month, that was July 2010. That is forever ago in internet terms!

In April 2011 BTC achieved dollar parity and cries like yours rang out and the drum beat of “tulip mania” was worked up by those with no understanding of tulip mania or bitcoin or frankly money. Today BTC sits at 6500 dollars, it will go up and down sure that is the nature of the currency, but over time it has preformed exactly as designed. Oh and people that keep saying “tulip mania” should realize that it lasted about ONE YEAR. If I want more tulip bulbs how do I get them? I shove one in the ground and get 10 next year by division. Dear God but the depth of ignorance in this analogy is amazing, and some very smart people continue to make it.

Again this statement “It has no audit process, no way of keeping them honest, no trail and no verification procedures.” demonstrates a level of ignorance as to how Bitcoin works that is staggering coming from one who say he “researched it”. What research did you even do? How can you claim that there is no auditing when the entire block chain can be audited, that we need to keep “them” honest when there is no them and that there is no verification process when the entire process of mining is verification and everything is written to an immutable public block chain that anyone can audit at any time?

So much for your smug attitude about confirmation of your message! Now tell me why is Debt Backed Currency superior to crypto currency? There are actually some ways that it is, for now, which is why the majority of my wealth is in dollar backed instruments and cash and WHY I ALWAYS RECOMMEND THE SAME (for now).

The reality is clear, people refuse to see the truth because the truth is scary. Our entire economy runs on an empty promise designed to enrich about .5% of our population, in the end it is only a system of accounting and any system of accounting people accept that can’t be counterfeited will work, ANY SYSTEM. The difference is BTC was designed to benefit everyone, the dollar was designed to control almost everyone.