What is there to reply about? Schiff has been calling bitcoin a scam for years. The linked tweet says that no one will be making a profit, which ignores a lot of people who have already made a lot of money. So it's disingenuous, also he has been wrong for a decade.

bitcoins are valued at $ 600 billions, with 6 million active users it's an average of $ 100,000 per user, which is not much in 10 years time.

probably less than 1% made a lot of money, the rest lost some.

Honestly you are talking rubbish. Bitcoin is currently just below it's ATH, so if anyone lost money it is because of stupid trades and not because the value of what they bought diminished severely.

So according to your research 99% of people who have bought it have lost money. That's complete bullshit, I personally don't know anyone who has lost money, they have all made significant returns, so unless they represent your 1%, I say again, you are talking bollocks.

> So according to your research 99% of people who have bought it have lost mone

it's accurate

you don't have to believe me, just think that Satoshi alone owns 1% of the bitcoins in circulation, than there are a major crime organization in Bulgaria that owned $ 1.2 billion worth of btc (currently owned by the Bulgaria government), the FBI that seized many bitcoins around the World (1.5% of the total), including those of silkroad, followed by btc trading companies.

only a quarter million users (4% of the total) own a full bitcoin, while the majority owns less than a half bitcoin.

they bought at X and sold at X minus some, not much, but a loss nonetheless

or bought at Y and sold at Y plus some small amount and.never tried again, for various reasons including "not worth the risk".

technically not a loss, but not a good investment either.

also many thousands wallets are inaccessible because the keys were lost (a friend of mine made almost two bitcoins in payments 8 years ago, he lost the keys soon after...)

while the 1% got extremely rich, the 99% had neither the capital or the will to risk to get there. which is completely understandable.

Complete nonsense.

don't worry, you'll understand it one day.

do you own BTC?

anyway, you don't have to believe me (again)

> According to bitinfo, which tracks the total number and value of bitcoin addresses, 75% of addresses are home to less than 0.01 bitcoin, and 97.54% have a balance of less than one bitcoin

hardly nonsense

You conflate addresses with users. It's not good practice to keep all your coins on one address.

I understand it fine.

I don't

It's bitcoiners that do that.

if they said there are 6 millions addresses but it's actually a couple thousands entities holding them, it would be too obvious that bitcoins serve an insignificant portion of the society, usually already very rich.

The fact that having a single address it's not good practice it's proof that bitcoins are inherently unsafe

imagine if bank said "it's good practice to own many bank accounts". how many people would trust them with their money?

Also your numbers are nonsense. A bitcoin is currently worth $60,000. 10 years ago they were worth perhaps 0.1 cents each. I am pretty sure you could not find anyone who would agree that the gains made by bitcoin over the last decade could have been beaten by any other investment.

bitcoins are worthless

their nominal (aka imaginary) value is right now $60,000 dollars each, in real money

if btc could not be traded in fiat currencies, which is the real goal of every btc investor, their value would drop again to zero

because that's their real (aka physical) value