Moomoo U.S: New users that enroll in Cash Sweep can earn 5.1% APY+3% APY booster + up to 15 free stocks with a qualified deposit Moomoo CA: Earn 6% p.a cash rebate on your uninvested cash, plus up to $2,200 in rewards j.moomoo.com/00Alxh After watching this debate, what do you think is the better monetary asset: Bitcoin or gold? Subscribe to my free newsletter: davidlinreport.substack.com/ FOLLOW JACK MALLERS: Strike: strike.me/ Twitter (@jackmallers): twitter.com/jackmallers FOLLOW PETER SCHIFF: Twitter (@PeterSchiff): twitter.com/PeterSchiff Instagram (peterschiff): instagram.com/peterschiff/ TikTok (peterschiffofficial): www.tiktok.com/@peterschiffofficial The Peter Schiff Show: www.youtube.com/@peterschiff Schiff Radio: schiffradio.com/ Euro Pacific Funds: europacificfunds.com/
I disagree with the censorship. I have more bitcoin than gold but governments can easily, much more easily ban bitcoin than gold. Bitcoin just shut the on and off ramps to fiat off. Simple. Gold. Good luck finding everyone who buys gold with cash.
@@teru797 I wonder why is any talk involving bitcoin immediately attracts scores of scammers? Is that because they know something about people who are interested in bitcoin that makes them a target? And youtube does nothing really to stop the scams, in fact often typing bitcoin and checking live programs you can see a typical scam going on using some footage of Saylor or some other icon with AI generated sound telling to send them their bitcoins to get more bitcoins back. People must be really d.mb or these scams wouldn't be going on.
DAVID LIN YOU MAKE ME DISGUSTING WITH YOUR PODCAST YOU BRING KIDS TO GIVE ME FINANCIAL EDUCATION OR REAL MENTORS WITH LIFE EXPERIENCE? GOD FATHER BLESS PETER SCHIFF ❤
Thanks David for a great debate. Also, thanks Jack for your participation. While I disagree strongly with your take on Bitcoin, I admire your passion and sincerity.
This was your best debate on this subject. To be totally honest i still think you don't have a good answer concerning Gold confiscation/theft over the long-run, especially during civil wars or even state secession, however you made a great point about Gold never losing value compared to computer code that might be replaced by something similar.
Peter really put on kids glove to debate this clown. Peter didn't mention this time about 'productivity' and 'innovation' which is something that's a true scarcity. China can produce high speed trains, airplanes, chips, medicine, face masks, iPhones and ....wait for it.....DRONES (just ask Isreal and Ukraine). And the Chinese inside China were already using/adopting Bitcoin heavily (as money transfer in large amounts) way before this clown knew how to wipe his own ass, in 2013. Yet, the Chinese are picking Gold now. China can make tons and tons of weapons, satelittes, build bridges that are engineering marvels, bleeding edge robotics, etc. THIS is what's of value. There is no threat to the USD as a reserve currency than Wechat and Alipay; which came about through market forces, which is intense and fierce competition. The two 'payment systems' tech stack have already been rebuilt with blockchain underneath the hood almost a decade ago and in fact both has NEVER been hacked before (unlike Bitcoin exchanges). In fact, their transaction volumes a decade ago are still WAY MORE and WAY FASTER than Bitcoin. It is also ALREADY money over a decade ago, while Bitcion is still promising capabilities it still can't deliver. The clown was saying to speed up "adoption", there just needs more infrastructure. Alipay and Wechat had rapid adoption IN SPITE of literally lack of technology infrastruture. Whatever Bitcoin promises to do, Alipay and Wechat are already doing and they can also adapt / evolve way faster than Bitcoin because their track record speaks for itself. In fact, if you wanted Alipay to work for AI and robots, sure it's gonna be done way sooner than Bitcoin. This clown is just another example of why American exceptionalism is not to be trusted anymore and just exemplifying almost a sore loser mentality. He just doesn't listen to Peter Schiff; his thick skull has never had much life experiences or travelled around to really comprehend anything seriously. Peter Schiff actually isn't just an honorable man; he is SAVING the image of America and in fact represents what is still GOLDEN about America.
Van Gogh painting had value because Van Gogh painted it, is actually a flawed argument Peter. Van Gogh painting has value because participant that likes painting values Van Gogh's painting.
Crypto is risky as many would say but I think the actual risk in Crypto is not investing. I considered crypto without much knowledge and decided to have a consultation with a fiduciary, and it was incredibly insightful Basically, I just made my first $300,000 in crypto market and I barely don't know how to express how happy and excited I am right now.
How can one start,most times people don't know where to start when it comes to crypto. But it would be great if you can provide proper guidance on steps to follow please
As a beginner investor, it’s essential for you to have a mentor to keep you accountable. Myself, I’m guided by Alex Antonio. A widely known crypto consultant
I started working with Alex back in May, and my financial goals have never been clearer. It’s like having a strategic partner for my money with a solid track record.
I've been making a lot of losses trying to make profit trading crypto. I thought trading on a demo account is just like trading the real market. Can anyone help me out or at least advise me on what to do?.
What a delight of a debate. We need many more of these, but this one is the perfect matchup of young money vs old money and explored all the most important questions of which is the better money for the future. Huge respect for both of them, too. Very well done executing as a debate moderator as well, David. I'm glad I followed David's channel as soon as he announced it to be able to catch this debate now. I can't wait to see another round between these two 5 or 10 years from now!
Bitcoin is not money. Tomorrow you can wake up with 0.00000 on your screen. This is just ponzi sponsored by the Deep State to keep the sheeps away from the real money, which is gold. The West is brainwashed while the rest of the world is stacking gold like crazy.
Lol the kid said bitcoin is money........... If you need explanation as to why he lost all credibility with that statement, you might be a bit cult member lmao. 😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂
Jack said nothing other than, btc has been the best preforming asset and has the properties of money. But its not functioning as money as Peter said. They looped that conversation for about an hour
Like Peter said, gold will still be useful even after a civilizational collapse. Its not about doom, thats where the value of gold comes from. If I be philosophical, man’s inherent love for shiny objects is a better trust-free system than bitcoin. That said, I do think btc could be a better money than gold, but counting on btc to store wealth is just dumb
I think we are too obsessed about the economy crashing. In the right sense, the economy never crashes. It just undergoes cycles, and almost always recovers. So I really don't care what the predictions are. I just want to grow my portfolio. I read that people are pulling in massive profits from crypto despite the downturn. Any tips on how they do it?
The market will always recover. The goal is to find quality crypto assets with long term potential. It's hard for the average Joe to do this, because it involves following a lot of industry news, following up with earnings, etc. It's easier to invest through an advisor who knows how stuff works, and make rocket returns.
Investing in quality assets with long-term potential is a good strategy, but it can be challenging for the average person to do this on their own. Keeping up with industry news and earnings can be time-consuming and difficult. That's why it's easier to work with an advisor who can help you make informed decisions and potentially achieve high returns.
I greatly appreciate it. I'm fortunate to have come upon your message because investing greatly fascinates me. I'll look her up and send her a message. You've truly motivated me.
Obviously,,, you don’t know Bitcoin. For records, Peter has stated that He should have bought Bitcoin when it was cheap. Since he didn’t… Oh well… his loss is my gain! I bought 1 BTC and 1 Troy Oz. Gold at $1,200 each and look at the difference now.
@@ultramagalatino Funny thing that only 9% ppl on planet know what is crypto and bitcoin and 99% know what is gold ! Peter talk about system that work and that kid hope to sell his scam to someone else x10 and next idiot to want to sell x10 till dorks with money end ... Gold is protected by Biden Xi Putin and all CB of the world , who protect bitcoin ?!
David this was one of the best interviews and debates that I've heard on your show thank you for it. I also wish that there were more young people like Jack . I Faithfully believe that if we did we wouldn't have an economy that we have. Jack's father must be very proud.
@@youcanthandlethetruth6007 I can use those coins but BTC is the coin with the largest capitalization and highest decentralization so I still believe in BTC more.
@@youcanthandlethetruth6007 I can use those coins but BTC is the coin with the largest capitalization and highest decentralization so I still believe in BTC the most.
@@youcanthandlethetruth6007 the problem is they don’t have the other properties BTC has. And they are by definition… centralized company’s that can and HAVE multiple times changed the underlying protocol and every crypto will function like that besides BTC because of the immaculate conception of BTC and the TRUE decentralized nature of BTC. There is no owner. There is no concentrated attack vector.
Eventhough I am a bitcoiner, Peter Schiff is one of the GOATs of financial freedom, way before crypto existed. I learned so much from him. Thanks, Peter!
Agreed, but I cannot believe for God sakes he doesn't understand Bitcoin after all. He is engagement farming for sure, he cannot genuinely be so slow to not understand by now...
Let's keep it simple. Peter has been predicting $5,000 gold ("within a few years") since 10/25/2012 (on CNBC) - almost 12 years ago. Interestingly, on that day 1 Bitcoin cost only $11. If you listened to Peter and bought 1 ounce of gold back then ($1,700), today it would be worth $2,500. If instead you spent the same amount ($1,700) on Bitcoin, you'd have over 154 Bitcoin which would be worth $8,500,000 today. Do the math. Peter uses very selective time-windows to make statements about Bitcoin vs. Gold to hide the fact that his predictions have been mostly wrong and his advice has had massive opportunity cost. I have great sympathy for those who have trusted him over these past 12 years and no sympathy for those who continue to trust him despite his catastrophic and self-serving predictions regarding Bitcoin. Never trust a salesperson.
to be fair, 2012 very few people knew what bitcoin and fiat is. But ofc you have a point there and who if not the gold bug should know how valuble bitcoin is.
Bitcoin is not analogous to the light bulb. That conclusion doesnt even take critical thinking. Now, if a new commodity was discovered that could do what gold can do for half the cost, then gold would become candle sticks (yellow ones).
What’s the word… impressive.. it’s great to hear both sides argued so well. I am a bitcoiner, although I can’t see any argument why I wouldn’t hold both BTC and gold.
The argument was in Peter Schiff's first sentence, "we don't need it for anything!" There for it has very little store of value, considering there are a multitude of other technologies that do what BTC can do and do it cheaper and faster.
There are many reasons why you wouldn't choose gold over BTC. What are you talking about? Divisibility is one, Portability is another, ease of Security is another, ease of spending, must I go on? Bitcoin is superior in any way you look at it.
Listening to Peter gaslight Jacks points is like nails on a chalkboard, but it’s important for Jack to expose Peter’s tactics for the world to see. He’s a good soldier!
gold is pretty good money. That was never the big problem. XRF machine help with some of the problems at a big expense. The problems is as the basis for a banking system its a house of horror. Rehypothecation in vaults suckering people into thinking its their gold when its a small lump passed around like a town bike. Banks notes gold ETF and COMEX is all smoke and mirrors.
@@gwynedd1I just heard that Comex is soon to hit a real issue to back it's huge illusion of storing gold, thereby realizing USD value, but it's supplies are quite limited, now once the bank contracts with Chinese exchanges come to fruition. October will tell.
Trust is part of commerce. As a business, I can extend credit to you as a customer. I expect you to pay me (in gold, let's say). Suppose you already have the gold, but it's at home. So for a short time ( before you settle your debt) your gold and my credit exist simultaneously and we have doubled up on currency. Half of the currency is real money (the gold) and half is my credit. There's no shortage of currency whatsoever, but people have to be willing to extend credit. That's what fiat is, is credit. The limits imposed by the amount of gold does not limit the amount of credit. But what gold does is prevents fudging the value of the credit. This is what the government is doing to its currency, it's fudging the value of the credit extended to it by inflating the currency supply to write down the cost of its borrowing.
@@HuFlungDung2 It doesn't have to be and is a crutch to a free market. Bitcoin has no counter party risk. This is why people will want it in the future. It's the only thig that can achieve this.
Bitcoin is just in an earlier stage than gold, which is why its increasing in value more rapidly. But endgame for bitcoin is a currency. Replacing the dollar or along side it.
When silicon bank collapsed i was able to get my money out via bitcoin but not via cash and the btc went up in value. Too bad peters clients were not able to do that. Seems awfully valuable to me.
Absolutely a ratio of 2:1. I found Peter to be a know it all, loves listening to himself, does not allow others to speak, interrupts, smerks. He was quite disrespectful. I don’t know how Jack had the patience. He just let Peter make a fool of himself.
Bitcoin is the instrument that is used to transfer value from one end to the other. The instrument itself needs no "value" other than the value people decide to attach to it. Which is its price. Bitcoin is valuable because it works good as store of value/money.
Mallers: In a world with terrible leaders Bitcoin is the Perfect Money Schiff: In a world with good people Gold is perfect money. I think I know which way I am going 😅😅
key to Peter's logic is bitcoin has no intrinsic value. all speculation, I think both bitcoin and gold both have speculation baked into the price. Bitcoin value comes from it's utility, it's decentralization, how much you can self store and move, and all the other things jack talks about. In Peter's mind something it has to be physical, but bitcoin and gold are both useful.
Thanks guys! Was considering the shiny metal, but not anymore. Peter talks a lot, but the fundamental point that demonstrates why gold will fail is when he said that "people failed gold" so that's why it failed as money. It will fail AGAIN as a result. BUT Bitcoin as Jack mentioned does NOT need to trust humans, so it will be the new store of value. That is the value of Bitcoin: the amazing network that allows it to be traded without a central authority. Also, thanks Arthur Hayes! Jack was repeating a lot of what he has stated and written, even the stairs and elevator example. Also, of course, thank you Satoshi!!!!!!
@@waynerichardson1051 Its because Peter isnt a Gold guy, hes a bitcoin guy. But he owns a gold company so has to sell his wares and keep face, he owns BTC, and knows its far superior, he just cant say it.
Peter, Bitcoin doesn’t need government approval to become money; gold does, and that’s why it has been disqualified as such over the past 50 years. You should try convincing governments to give up their power, but don’t bother-they won’t. Bitcoin doesn’t need government approval to be considered money, as long as the people using it choose to accept it.
@@davidcolletti7136correct. It has no use case and therefore no utility. It’s trying to solve an educational issue not a systematic one. If people educate themselves they’ll find the tools were always there.
Have to say, that was one of the best discussions, I've ever watched. David Lin was spot on, too! Great moderation, great respect from all sides towards each other, and what really topped it off was the question, that both Peter and Jack were asked: "What needed to happen in order for you to change your mind?" What a damn great quastion! Why isn't that asked in every single interview on every single topic?
One Bitcoin=One Bitcoin. All measurements of gold and Bitcoin value are being made on a fiat system in this debate which is part of the problem (If you listen to Jeff Booth). People have played into the system for so long that was created for them, that they can’t expand their understanding of what Bitcoin is and what it will do. It would create a deflationary environment. As we get more efficient, products and services should cost less. Anyone that references “crypto” in the comments does’t understand the nuances. As Michael Saylor says, you have to spend around 100 hours to understand Bitcoin. Most of these gold folks are not understanding the proof of work component of the asset and what it will do for energy costs in the world. Peter was more of a bull in a China shop which may make it seem that he “won” the debate, but Jack was the only one who was calm and asking questions, listening, complimentary and a true gentleman in the back and forth. Peter was on the back foot, Jack was curious and forward thinking. You’ll get Bitcoin at the price you deserve.
I have never been able to win my argument with a friend who was in Texas when it lost power for a few days a few years ago. He had no cell service and needed to get gas. He had no cash and banks were not open. He asked what I had Bitcoin would do in this scenario. Even if the gas station owner was willing to get paid in Bitcoin, there was no way to transact. He said that if you have some gold or silver rounds you could still transact. I really need a good comeback against this. What would you offer as an argument?
@@minchin bit coin maxi's don't care about it actually being used as money. they just want the price to go up. and if it goes up its a success, never considering for a second that to cash out they have to sell/pass the bag to the greater fool
I think the error is considering Bitcoin as payment method for usage on daily basis, it is not, neither the gold, Bitcoin is used as reverse of value like gold is, they have both similar properties, but they are not the same, personally, i like more bitcoin because of its portability and it is more scarity than gold.
Bitcoin is a distributed ledger, no? Let me ask you, do you drive the ledger (title) of your car or do you drive your actual car? Do you live in the ledger (deed) of your house or your actual house? What happens if the bitcoin code is duplicated, only just called bitcoin 2.0 and a separate block chain is started? What is the supposed scarcity of bitcoin then? For all intents and purposes, bitcoin 1.0 and 2.0 are exactly the same. Hmmmm......lets see....if everyone agrees that gold has no value, can I still do something with it? If everyone agrees that bitcoin has no value, can I still do something with it? Bitcoin has no value. It has a price. Many things that have little value have had incredible prices. Bitcoin is unique in that it literally has 0 underlying value but has a price.
Your clearly uneducated on Bitcoin. Bitcoin cannot be duplicated. You can "fork" Bitcoin but that's useless because no one uses it. For example... Facebook is garbage... And anyone competent could make a far better product... But it doesn't matter because of the network effect of the people using it will not switch enmass. Your argument makes no sense in the context of Bitcoin.
Further more your "Bitcoin 2.0" would be incompatible on the base layer to "Bitcoin 1.0" they would not be able to send and receive between the Making them DIFFERENT assets. This was tried during the block size wars with BCH and bsv... Spoiler alert... It failed 99.9% of btc users stuck with the core protocol of btc. So please educate yourself first before spouting nonsense like Peter Schiff does on a daily basis.
Dag. That was great. I'm not a believer in Bitcoin long term however, but Jack is remarkably articulate and composed for his age, or any age for that matter. Kudos to all three of these guys.
That's a fair comment but remember this salient point, you don't understand it because you've never studied it. And if you say you have I've a few questions to test that knowledge
Jack is too young to realize that BTC was born after the 08 financial crisis and has never experienced a period other then massive money printing/financial alchemy
Bad argument. I am 56 and lived through the bubble. I was there when both Peter and Steve Keen agreed on the housing bubble scam, point being it was universal. . I then acquired gold at a very good cost basis back then. So now what's your argument since you can't use avuncular condescension against me?
@@BaptpichI would say he’s too stubborn and arrogant. Age is irrelevant… I know many people young and old who don’t understand technology, Bitcoin OR money. Bitcoin opens the door for people to finally learn what money is. (I’m “old” and all in on BTC)😎
He knows this. It may have helped a young Bitcoin get mature faster, but it is not necessary for Bitcoin to exist. In fact, it is the liferaft against continuing debasement and the forced liquidity that will be coming in the future, as we spin out of control.
We Are in Unchartered Financial Waters! every day we encounter challenges that have become the new standard. Although we previously perceived it as a crisis, we now acknowledge it as the new normal and must adapt accordingly. Given the current economic difficulties that the country is experiencing in 2024, how can we enhance our earnings during this period of adjustment? I cannot let my $680,000 savings vanish after putting in so much effort to accumulate them.
Keeping some gold is usually a wise decision. You would be better off keeping away from equities for a bit or, even better, seeking advice from an expert given the current market conditions and everything that is at risk with the current economy.
You have a very valid point, I started investing on my own and for a long time, the market was really ripping me off. I decided to hire a CFA, even though I was skeptical at first, and I beat the market by more than 9%. I thought it was a fluke until it happened two years in a row, and so I’ve been sticking to investing via an analyst
The main things that I don't like about Bitcoin is that a physical gold coin is used to symbolize it, all transactions can be tracked, and any "gains/profits" are taxed.🥴
They CAN be tracked yes. But taxes… Have you ever sold gold? At least WITH ANY OTHE ASSET, you can take long term capital gains. Gold and silver are the only assets where you can’t. Thanks govt
@@quietlike govt need not know a thing about your gold profits unless you're stupid. buy and sell only thru local dealers, less than 10k at a time and never show any ID or have any way for anyone to find out about your ID or your biz.
@@quietlike Pleeeze! You should be happy with the fact that gold and silver give you privacy AND that your purchasing power using them keeps up with inflation. Expecting the govt to give you some sort of benefit from appreciation on gold is a BIT MUCH!
if the grid goes down you got bigger problems than no bitcoin the whole economy would grind to a halt grid attack= no debit/credit= no wire transfers, no brokerages, no services, no transferring money from paper gold assets, only cash, guns, food, shelter matter at that point
Well that's certainly much longer than modern real estate. Does this suggest that real estate isn't a viable asset? Just picking at timeframes is noise. Address the traits of the assets.
Great debate. Both of them are passionate, knowledgeable and respectful to each other. I want to hear more! Thank you David. I am over 65, love BTC, and wish to live 100 more years to see how society will change in that time.
I remember when Peter was a laughing stock for economists and the media for years, and he had the last laugh when it all came crashing down. I would not make fun of his realism, knowledge, and experience. I bet my money on his predictions when it comes to Crypto.
He's a smart guy. But he's wrong because his arguments are wrong. He's right about most things, but not Bitcoin. He can't accept a fully digital value. That's the bottom line. And he doesn't have to. But the entire world is going to pass him in the middle of the street, to go get their virtual property.
He was not alone. The Post Keynesians were also all over and predicting the housing bubble as well before it happened. The post Keynesian were almost right too. The only money that can work is one we can all see , similar to the national debt. The problem is we can't seem to stop the government. Well, now we have a governing algorithm.
I just want to criticise Peter but it’s not worth it. I just want to say Jack thank you very much for your hard work few days. I start using the STRIKE is completely amazing. Jack you are young very bright person and hopefully you will bring more innovation and amazing staff to the world, thank you very much.
This was a really refreshing debate, I very much sympathize with Jack in that I respect Peter but I do think he's wrong about Gold being the future of the financial system
let me try to summarise Jack point, value is subjective having a limited fixed supply helps. Transporting and storing gold is difficult and risky, especially over long distances. Even if we digitize gold, it still requires centralised parties to hold it, similar to currency backed by gold where history repeats. This means you don't truly own it. Additionally, the transportation costs and risks are high via long distance, while we all settle transaction on ledger via internet, gold can never break the physical barrier. Unless we all have a portable teleport device or we have all gave up on internet, gold is not suited for modern age transactions.
Wow, both Peter and Jack made great points throughout this debate! I definitely lean more towards Jack's side but Peter really gave me a lot to think about. I'll probably make some significant adjustments to my portfolio because of this content. Thanks David!
I own and respect both Gold and Bitcoin. With that said Bitcoin is the future and the only aspect that gold holds over BTC is it's history. By every measure Bitcoin is far better money and it cannot be replicated due to it's immaculate conception and timing.
I would never buy gold. Bitcoin will be the only store of value in the not to distant future. Going forward everything we use to store our energy in will only hold the value of the utility it has to offer. Bitcoin is the most accurate measure of value humans have stumbled upon. Peter will never change his mind because he has too much vested in the world of gold. Like him or not, When it comes to Bitcoin Peter is Information deficient. Gold holds value in the eyes of many only because they never had nor could imagine the perfect unit of measure for what humans value.
Central banks are loading up on gold! Russia, China, India and many other countries are loading up on gold not BTC. The US is the 3rd largest holder of BTC due to all its seizure of BTC. That’s all I need to know!!
Russia, China and India are countries where a freedom-loving individual wouldn't want to live in. So that argument doesn't really count for me. Also China has capital-controls so the people cannot bring out more than 40'000 $ or so out of the country without proving where the money came from. That's why every rich person in China bought real estate and it created a real estate bubble over there. If Gold or Bitcoin will make it in the future is just a bet on the future and nobody knows. Best thing we can do is to buy both. Much health and love to everybody. Kids and family are the best investment anyway. 🙌
1:02:24 central banks own gold to store some money they know wont go anywhere no matter what. If they wanted to make cuff links with it they can thats the whole point of owning gold, you have something that someone somewhere in the world could have a use for it.
No matter what anyone says: Bitcoin is a CURRENCY that is currently acting as a storage of value. Later on, it will become a true currency when the value stabalizes. Bitcoin, the dollar, the Euro, the Ruble, the Frac... all competing, and moving up and down relative to themselves. Only with one of those - you cannot print more. Thus, govt will be forced to tax transparently instead of devaluing your purchasing power.
Usually I support owning both Gold n BTC. But what puts me off is bitcoiners trying to put gold down n bully us into going 100% all in. This kinda hate only comes from their side. N makes me wanna wish BTC price goes down to put these ppl in their place. In the medium term, I believe gold n silver have a better risk/reward ratio than BTC.
medium term (1-4 years?!) propably yes. Long term, hell no! Bitcoin will demonetize gold like gold demonetized silver and copper for the EXACT same reason gold did that. If you dont know why that happened then ask yourself if you realy know what money is, how it works and what properties it needs.
Wow! Jack smashed it out of the park at around 19:00 Extraordinary grasp of the subject and understanding the oppositional deficiencies. Masterclass in debating
He’s hoping for a SHTF scenario, so he can finally use his gold (an ounce of gold for a can of tuna, if people would even accept his shiny pet rocks) and say to people ‘I told you so!’.
Just think how much wealth he would have if he bought under $10. Instead he watched it go up and up and up and became more bitter toward it as time went on.
My friend bought bitcoin for 70k and now he is down 15k 😂😂😂 I told him not to buy this worthless scam so called bitcoin and he won’t listen!! And now he learn the hard way 😂😂
Jack just smoked Peter. Well done Jack. We need more people with your forward thinking, which all gives us more hope in a world that is being destroyed by the actions of central banks. Very kind words from Peter at the end.
Are you serious? How did he smoke Peter? BRICS+ countries are buying gold not Bitcoin. Gold has been money for thousands of years. We humans go off the standard to fiat for awhile and then have to go back to gold. This time is no different. BTC could become the world’s reserve currency but so could ETH, ARR, XRP etc. BTC was a great start but ARRR has privacy, costs less than a penny per transaction as do others. Why would the world agree to BTC when there are better cryptic out there?
@@georgeorwell3501 Jack can critically think in order to see the value in both gold and Bitcoin whereas Peter cant. Regarding your evaluation of Bitcoin verses crypto I suggest you do hours more research, and I do mean many hours, as it took me a long time to know how different crypto and Bitcoin are.
The host should at least have given each guest equal time to make their arguments. Jack was so patient and provided clear logical answers. Peter’s tactic of to mix up a whole bunch of half-truths and biased statements needs a fair moderator. I would love the chance to debate him as I could destroy him any every single one of the points he made. Jack did a good job doing so with the limited time he was given …
I own Bitcoin and gold, but Jack NEVER addressed that it is a speculative asset, NOT money. You can argue that Gold isnt money ( can ask China and Russia why those planes were flighting out of Russia packed with gold), BUT its still popular in jewelry, and electronics contacts. What does Bitcoin Do?
BTC all the way. “Everyone will buy Bitcoin at the price they deserve” all of these people in the chat will be buying satoshi’s one day at exponentially higher price.
95% for gold Btc is a gamble and always will be. Physical precious metals will always be just that. Cases for both but dependant on objectives. Great show and discussion
Its all a "gamble". That's why we use the term risk. Rocks can be found in any planet musk takes his rockets to. Those rocks could be gold. Every investment has risk. Bad argument.
Tell that to everyone in the 1930s who had their gold confiscated by the government. Guess which asset cannot be confiscated? When governments begin to crumble, the masses turn to socialism and target the rich. You think those rich are going to buy up gold and try to flee the country? Nope. They are buying bitcoin.
You can’t say that it always will be. The next generations will live in an entirely digital world. Hell we are already there for the most part. Bitcoin is digitized money and by far the leader in that respect. It is growing faster than the internet by adoption. It used to be a gamble to purchase things online. It’s only a matter of time before bitcoin dethrones gold. May take 20 years but we aren’t going back to the stoneage most likely. Peter has been bearish on bitcoin since $10. He cost people insane amounts of wealth.
I believe it’s not one or the other it’s both and for several reasons. As far as Stone Age, at the rate we all are heading it would appear that way unfortunately. No faith whatsoever sadly in the direction the power that be are steering things. Check out recent solar events taking place as well, could bring the lot down very easily. We are in a very volatile state my friend not to be a doomer, but no way near smooth sailing into this ideal high tech controlled Nwo bs. Large part to do with the fall of it all I’d say. Diversify and be prepared to go back to basics the way the good lord intended for us
Gold value can be 1 gold coins may be 1 gm or milligram… can be sold and countries and billions of people accept it. If Jack can buy gold with bitcoins and show me gold, we in Asia take gold. We will take bit coin provided if that can be sold to buy some asset or gold or good to consume…. As on today or in future nobody on the world will not accept bitcoin because US brought another currency but now it is bitcoin. No country will accept this in future. Please ask Jack to buy legal sell bitcoins to any govt or federal entity today in exchange of something….
I disagree. Peter doesn’t understand the fundamentals of money. He doesn’t realise gold is both a commodity and money at the same time and these two things are mutually exclusive. He can’t see that pure money can exist without being a consumable at the same time.
Honestly Jack smashed Peter out of the park. Anyone who leaves comments saying Peter won this debate either didn't watch this or has a need for gold to win but overall those gold owners are losing against Bitcoin. Peter talks gibberish. He ties Bitcoin to a belief system but doesn't recognise gold is a belief system as well just like all forms of money. Bitcoin is not valuable because of scarcity according to Peter, but when Peter is prompted to why gold has value he states gold is valuable because of scarcity, and rarity at 36:52. Is this guy tripping? Can't he see that gold, fiat, Bitcoin all work on a belief system. I won't be selling Bitcoin Peter. And I also won't be buying gold, especially based on Peter's arguments. So much comes out of Peters mouth but very little is said. He also doesn't realise that if everyone sells gold it's price is going to zero just like it would with his argument about Bitcoin. Peter Bitcoin is used as money, in fact there are many shops near me that accept Bitcoin but they don't accept gold.
@@Seolfor007 well your right but if gold drops 80%, whats probably the monetary premium, would you consider it went to zero? Ofc it will not be worthless exactly because you can use it for goods. With bitcoin we have 100% monetary premium, so if the network fails it could go to zero because his entire purpose is to be money. If it fails then it more likely goes to zero then gold. In my opinion bitcoin will demonetize gold for the exact same reasons gold demonetized silver and copper. We just need time for this to happen.
@@martinlutherkingjr.5582 Consider this. If one person owned all the bitcoin, would it be worth anything? Who created it and was there a hidden agenda? Could the CIA be involved? Would you invest in a company if you didn't know who was the CEO? Snake oil.
No one pays in either. But in the past everyone paid in gold. Gold is now just mainly used as a metal and a store of value, and a reserve asset by central bank. Bitcoin is not used for anything other than speculation. That's my point.
@@peterschiffi really hope you still will be alive in 2040-2050 and not suffering dementia. Bitcoin will rise from New highs to new highs for decades. Bitcoin will be trading in the millions. It first need to suck a lot more market cap from other assets Real estate Gold and Stocks to become money. Then people will buy Things and use it as Medium of exchange and then Bitcoin becomes unit of Account.
He keeps contradicting himself. The US dollar proves that anything can be money if enough people agree on it, even paper notes with no intrinsic value or electronic numbers in a bank account. You don’t need it to be a physical commodity and intrinsic value is irrelevant.
@@CamboHODL Anything can be money when enough people agree on it, but then the Govt prints the "ANYTHING" with its own free will making the "enough" people "fewer" people, and the day it reaches "few", it stops being money.
@@CamboHODL Intrinsic value is totally relevant. Let me give you a example. I Have bars of gold, everyone on the planet thinks my gold is worthless, you have bitcoin everyone but yourself thinks your bitcoin is worthless. Why is it that I can extract value from my Gold bars, but why can't you extract any value from your bitcoin? Why is it that I don't need a believer to extract my stored value from my gold, yet you can't extract anything from your bitcoin. This is because the only thing bitcoin stores is hopes and dreams! Enjoy your worthless tulips.
Peter is incredibly frustrating to debate. He doesn’t really listen. He has his mind made up and just regurgitates the same incorrect fallacies rather than having an actual open minded discussion. No matter what anyone says, and this has been proven over the last decade, Peter will always be Peter. Listening to him is brutal
@@btrasbt Every comment he made about Bitcoin was incorrect or misleading. He has been wrong about Bitcoin since 2010 when he claims he knew about it. He doesn’t even listen in these debates. His mind is made up that 3+2=4 and no one can tell him otherwise. Peter is a walking joke. He has been wrong for 15 years and continues to be wrong.
Jack, I loved how you began and ended this conversation. The middle was expected with Peter; however, your presentation was well thought out from beginning to end and your execution was consistently on target. I did notice one thing, I think it took the entire episode to make the centralized nature of gold verses the decentralized nature of Bitcoin point (currently and over time). I’m 44 with an MBA and I appreciate your hard work and vision for all of us. Even a boomer like Peter who has seen thousands of markets come and go cannot seem to appreciate the short lived and challenging history of Bitcoin.
Very insightful, well handled by both participants. An additional perspective could be that Bitcoin is like Gold's younger brother both having similar characteristics & resembrances, complementing & blending well with the choice & will of the free markets. The power is and will always belong to the free markets & if we are to go by the numbers its quite obvious to see the great strides Bitcoin is taking, " not your keys, not your bitcoin" trumphs over, " i or we keep your gold shares, stocks ownership for you."
Treasury yields and other safe cash-like investments are raising high returns, yet most investors believe this is a good time to buy stocks than gold despite crash. I'd love to spread across $400k into profit yielding dividend equities and end the year well, but unsure of which to get acquire.
Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.
Carol Vivian Constable is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment
This so called “debate” was not moderated at all. Peter was yelling, interrupting Jack, Jack barely had a chance to speak, and David was quiet and barely said anything. David, you could do better. I don’t know how Jack got through this with this rambling angry man. I would not have had Jack’s patience
Gold cannot scale, without counterparty risk, due to its physical nature. Starting from that fundamental problem, what's the point of these debates? Bitcoin and gold have great monetary properties, but Bitcoin is at least 10x better at being money than gold is.
But bitcoin has no intrinsic value. Subject to hacking etc and even govt can infiltrate it to game the system in its favor . To be Frank only real currency in this world is ENERGY
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After watching this debate, what do you think is the better monetary asset: Bitcoin or gold?
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I disagree with the censorship. I have more bitcoin than gold but governments can easily, much more easily ban bitcoin than gold. Bitcoin just shut the on and off ramps to fiat off. Simple.
Gold. Good luck finding everyone who buys gold with cash.
Thanks, David ! 😂 This was fun
@@georgelien wonder why youtube keeps deleting my comments but leaving all these spammers up?
@@teru797 I wonder why is any talk involving bitcoin immediately attracts scores of scammers? Is that because they know something about people who are interested in bitcoin that makes them a target? And youtube does nothing really to stop the scams, in fact often typing bitcoin and checking live programs you can see a typical scam going on using some footage of Saylor or some other icon with AI generated sound telling to send them their bitcoins to get more bitcoins back. People must be really d.mb or these scams wouldn't be going on.
DAVID LIN
YOU MAKE ME DISGUSTING WITH YOUR PODCAST
YOU BRING KIDS TO GIVE ME FINANCIAL EDUCATION OR REAL MENTORS WITH LIFE EXPERIENCE?
GOD FATHER BLESS PETER SCHIFF ❤
Thanks David for a great debate. Also, thanks Jack for your participation. While I disagree strongly with your take on Bitcoin, I admire your passion and sincerity.
You get everyone's respect by doing these debates Pete! You're the Best!!
This was your best debate on this subject. To be totally honest i still think you don't have a good answer concerning Gold confiscation/theft over the long-run, especially during civil wars or even state secession, however you made a great point about Gold never losing value compared to computer code that might be replaced by something similar.
@@overwhelmingevidence4836 I actually had no idea this interview was going to be a debate. I thought I was going to be interviewed alone.
Peter really put on kids glove to debate this clown. Peter didn't mention this time about 'productivity' and 'innovation' which is something that's a true scarcity. China can produce high speed trains, airplanes, chips, medicine, face masks, iPhones and ....wait for it.....DRONES (just ask Isreal and Ukraine). And the Chinese inside China were already using/adopting Bitcoin heavily (as money transfer in large amounts) way before this clown knew how to wipe his own ass, in 2013. Yet, the Chinese are picking Gold now.
China can make tons and tons of weapons, satelittes, build bridges that are engineering marvels, bleeding edge robotics, etc. THIS is what's of value.
There is no threat to the USD as a reserve currency than Wechat and Alipay; which came about through market forces, which is intense and fierce competition. The two 'payment systems' tech stack have already been rebuilt with blockchain underneath the hood almost a decade ago and in fact both has NEVER been hacked before (unlike Bitcoin exchanges).
In fact, their transaction volumes a decade ago are still WAY MORE and WAY FASTER than Bitcoin. It is also ALREADY money over a decade ago, while Bitcion is still promising capabilities it still can't deliver. The clown was saying to speed up "adoption", there just needs more infrastructure. Alipay and Wechat had rapid adoption IN SPITE of literally lack of technology infrastruture.
Whatever Bitcoin promises to do, Alipay and Wechat are already doing and they can also adapt / evolve way faster than Bitcoin because their track record speaks for itself. In fact, if you wanted Alipay to work for AI and robots, sure it's gonna be done way sooner than Bitcoin.
This clown is just another example of why American exceptionalism is not to be trusted anymore and just exemplifying almost a sore loser mentality. He just doesn't listen to Peter Schiff; his thick skull has never had much life experiences or travelled around to really comprehend anything seriously. Peter Schiff actually isn't just an honorable man; he is SAVING the image of America and in fact represents what is still GOLDEN about America.
Van Gogh painting had value because Van Gogh painted it, is actually a flawed argument Peter. Van Gogh painting has value because participant that likes painting values Van Gogh's painting.
Crypto is risky as many would say but I think the actual risk in Crypto is not investing. I considered crypto without much knowledge and decided to have a consultation with a fiduciary, and it was incredibly insightful Basically, I just made my first $300,000 in crypto market and I barely don't know how to express how happy and excited I am right now.
How can one start,most times people don't know where to start when it comes to crypto.
But it would be great if you can provide proper guidance on steps to follow please
As a beginner investor, it’s essential for you to have a mentor to keep you accountable. Myself, I’m guided by Alex Antonio. A widely known crypto consultant
I've come across this name before, is he really reliable?
I started working with Alex back in May, and my financial goals have never been clearer. It’s like having a strategic partner for my money with a solid track record.
This is not the first time i am hearing of Antonio Alex and his exploits in the trading world but i have no idea how to reach him.
I've been making a lot of losses trying to make profit trading crypto. I thought trading on a demo account is just like trading the real market. Can anyone help me out or at least advise me on what to do?.
I will advice you should stop trading on your own if you keep losing.
If you can, then get a professional to trade for you I think that way your assets are more secure.
I r'ecommend mrs Jane,
her profit is great even when there's a dip
@@GladysSteakHey I'm shocked you just mentioned and recommended mrs Jane,
What a delight of a debate. We need many more of these, but this one is the perfect matchup of young money vs old money and explored all the most important questions of which is the better money for the future. Huge respect for both of them, too. Very well done executing as a debate moderator as well, David.
I'm glad I followed David's channel as soon as he announced it to be able to catch this debate now. I can't wait to see another round between these two 5 or 10 years from now!
Bitcoin is not money. Tomorrow you can wake up with 0.00000 on your screen. This is just ponzi sponsored by the Deep State to keep the sheeps away from the real money, which is gold.
The West is brainwashed while the rest of the world is stacking gold like crazy.
Lol the kid said bitcoin is money........... If you need explanation as to why he lost all credibility with that statement, you might be a bit cult member lmao. 😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂
David was to be followed immediately after he left Kitco - one of best interviewers in the business
@@drshrimppuertorico4287 low IQ apparent
I’d be surprised if this debate wasn’t settled conclusively in the next 10 years.
Jack Mallers said 10 times more than Schiff in a fraction of the words.
Jack said nothing other than, btc has been the best preforming asset and has the properties of money. But its not functioning as money as Peter said. They looped that conversation for about an hour
@@mdevvvokeep dusting off your metals old man
Like Peter said, gold will still be useful even after a civilizational collapse. Its not about doom, thats where the value of gold comes from. If I be philosophical, man’s inherent love for shiny objects is a better trust-free system than bitcoin. That said, I do think btc could be a better money than gold, but counting on btc to store wealth is just dumb
@@Akash-hq3gs no, but brass will be
is that a joke? Just watch the 22 - 27 min - Jack talking risk/volatility vs Peter. It's demonstrably clear which guys knows what he's talking about.
I think we are too obsessed about the economy crashing. In the right sense, the economy never crashes. It just undergoes cycles, and almost always recovers. So I really don't care what the predictions are. I just want to grow my portfolio. I read that people are pulling in massive profits from crypto despite the downturn. Any tips on how they do it?
The market will always recover. The goal is to find quality crypto assets with long term potential. It's hard for the average Joe to do this, because it involves following a lot of industry news, following up with earnings, etc. It's easier to invest through an advisor who knows how stuff works, and make rocket returns.
Investing in quality assets with long-term potential is a good strategy, but it can be challenging for the average person to do this on their own. Keeping up with industry news and earnings can be time-consuming and difficult. That's why it's easier to work with an advisor who can help you make informed decisions and potentially achieve high returns.
Well if isn’t that the hard truth…this investment-adviser that guides you must be really on to something…who is your adviser?
The licensed coach I use is ’Grace Adams Cook’ research the name. You'd find necessary details to work with a correspondence to set up an appointment.
I greatly appreciate it. I'm fortunate to have come upon your message because investing greatly fascinates me. I'll look her up and send her a message. You've truly motivated me.
Peter schiff vs michael saylor debate next please
Not interested. We know how Schiff will dominate the conversation and just talk over everyone. At least Jack was respectful to a foolish old man.
Saylor said he would not do it on Quoth The Raven podcast bc Schiff says the same thing despite changing evidence.
Jeff Booth v Peter Schiff would be interesting too!!
Saylor never makes any sense, and he is not able to debate anybody, much less Peter.
@@USGrant21st Exactly this. Saylor has lost his caboodle. Can't debate with that.
David is a legend for pulling off this debate. Love this show
The kid keeps looking over and reading a script. Peter just spits facts without one. 😅
Obviously,,, you don’t know Bitcoin. For records, Peter has stated that He should have bought Bitcoin when it was cheap. Since he didn’t… Oh well… his loss is my gain! I bought 1 BTC and 1 Troy Oz. Gold at $1,200 each and look at the difference now.
Much respect to @DavidLin for getting this Epic conversation going. Thx to all 3 gentlemen.
@@ultramagalatino Funny thing that only 9% ppl on planet know what is crypto and bitcoin and 99% know what is gold ! Peter talk about system that work and that kid hope to sell his scam to someone else x10 and next idiot to want to sell x10 till dorks with money end ... Gold is protected by Biden Xi Putin and all CB of the world , who protect bitcoin ?!
@@ultramagalatino facts you reckon?
Thanks Jack for bringing truth, sanity and maturity to this debate. You’re awesome man.
Jack was so mature, Peter almost made me hate gold for no reason at all!
Did y'all watch the same debate ? Jack kept personally attacking Peter.
@@nathanielgathing659SAME!! We live in a digital age! While gold has its place, BTC rules that place as data has shown!
David this was one of the best interviews and debates that I've heard on your show thank you for it. I also wish that there were more young people like Jack . I Faithfully believe that if we did we wouldn't have an economy that we have. Jack's father must be very proud.
I can't move all my money out of the country's borders. That's why I need BTC. And that's why it's a valuable thing to me.
You can’t use monero, ethereum, or stable coin?
@@youcanthandlethetruth6007 I can use those coins but BTC is the coin with the largest capitalization and highest decentralization so I still believe in BTC more.
@@youcanthandlethetruth6007 I can use those coins but BTC is the coin with the largest capitalization and highest decentralization so I still believe in BTC the most.
@@youcanthandlethetruth6007 the problem is they don’t have the other properties BTC has. And they are by definition… centralized company’s that can and HAVE multiple times changed the underlying protocol and every crypto will function like that besides BTC because of the immaculate conception of BTC and the TRUE decentralized nature of BTC. There is no owner. There is no concentrated attack vector.
So you are advocating for illegal money laundering?
Jack you are such a legend! This was a pleasure to watch
Eventhough I am a bitcoiner, Peter Schiff is one of the GOATs of financial freedom, way before crypto existed. I learned so much from him. Thanks, Peter!
Agreed, but I cannot believe for God sakes he doesn't understand Bitcoin after all. He is engagement farming for sure, he cannot genuinely be so slow to not understand by now...
@@MarcBitcoin With all due respect, I don't think you understand Gold.
@Restorection92 bitcoin solves gold's problem of divisibility and portability right?
@@michaelvernon9459 No it doesn't. because it has no value. The initial assumption is incorrect. It has a price, but absolutely no value.
@Restorection92 bitcoin has value because it takes time and energy to create it. If this is the backbone of value, why does gold have value?
I bought both.End of the debate 😂
Same as me, but I see BTC more as a trade & gold as a long-term hold.
They are the only 2 investments that have certainties. 2030 will reveal all.
@@bv-zh6hy With respect. I think that is naive. There is only two certainies in life. Death & taxes.
@@tingtong5898 you’re talking about life and you’re right. Context of crypto and macro. Gold and bitcoin up to 2030 is interesting certainty.
There is no perfect money, and yes I think they work well together in the open market.
Let's keep it simple. Peter has been predicting $5,000 gold ("within a few years") since 10/25/2012 (on CNBC) - almost 12 years ago. Interestingly, on that day 1 Bitcoin cost only $11. If you listened to Peter and bought 1 ounce of gold back then ($1,700), today it would be worth $2,500. If instead you spent the same amount ($1,700) on Bitcoin, you'd have over 154 Bitcoin which would be worth $8,500,000 today. Do the math. Peter uses very selective time-windows to make statements about Bitcoin vs. Gold to hide the fact that his predictions have been mostly wrong and his advice has had massive opportunity cost. I have great sympathy for those who have trusted him over these past 12 years and no sympathy for those who continue to trust him despite his catastrophic and self-serving predictions regarding Bitcoin. Never trust a salesperson.
to be fair, 2012 very few people knew what bitcoin and fiat is. But ofc you have a point there and who if not the gold bug should know how valuble bitcoin is.
@@BarbiesBoyfriend93 you can also compare 2020 until now and see that Bitcoin outperformed gold by a large amount.
Listen to the assets not men.
Saylor told you to sell your house for BTC at 60K....
@@joshanderson3640 and ? Lower yOur time preference
Peter is the living embodiment of the candlestick maker angrily shouting at the invention of the light bulb. 🦕
Fiat money is not a new invention.
I love my bulbs until the power goes out... then it's candles and wick lanterns!.
Bitcoin is not analogous to the light bulb. That conclusion doesnt even take critical thinking. Now, if a new commodity was discovered that could do what gold can do for half the cost, then gold would become candle sticks (yellow ones).
Very low iq comment I expect a crypto bug to make
@@eldandonsmith5372 just like how you get out the gold coins when Walmart loses power, right? 😂
What’s the word… impressive.. it’s great to hear both sides argued so well. I am a bitcoiner, although I can’t see any argument why I wouldn’t hold both BTC and gold.
The argument was in Peter Schiff's first sentence, "we don't need it for anything!" There for it has very little store of value, considering there are a multitude of other technologies that do what BTC can do and do it cheaper and faster.
@@chuckdawit it's cash. It's not useless. Bitcoin is money.
@@chuckdawit like what? Bitcoin has no counter party risk. Any other payment system does
There are many reasons why you wouldn't choose gold over BTC. What are you talking about? Divisibility is one, Portability is another, ease of Security is another, ease of spending, must I go on? Bitcoin is superior in any way you look at it.
That wasn’t the point of the debate.
Listening to Peter gaslight Jacks points is like nails on a chalkboard, but it’s important for Jack to expose Peter’s tactics for the world to see. He’s a good soldier!
example?
I purchased more bitcoin because of this debate 😂.
Selling gold for more sats 🤣
i just sold bitcoin and bought gold
@@jamesj7238you’re gonna wish you hadnt 😂☠️ youll still make money with gold tho ig
@@jamesj7238 I doubt you even had any btc to begin with
@@jamesj7238 I doubt you even had any btc to begin with.
The problem with gold is all the trust that's required to make it work as a monetary unit.
gold is pretty good money. That was never the big problem. XRF machine help with some of the problems at a big expense. The problems is as the basis for a banking system its a house of horror. Rehypothecation in vaults suckering people into thinking its their gold when its a small lump passed around like a town bike. Banks notes gold ETF and COMEX is all smoke and mirrors.
@@gwynedd1I just heard that Comex is soon to hit a real issue to back it's huge illusion of storing gold, thereby realizing USD value, but it's supplies are quite limited, now once the bank contracts with Chinese exchanges come to fruition. October will tell.
Trust is part of commerce. As a business, I can extend credit to you as a customer. I expect you to pay me (in gold, let's say). Suppose you already have the gold, but it's at home. So for a short time ( before you settle your debt) your gold and my credit exist simultaneously and we have doubled up on currency. Half of the currency is real money (the gold) and half is my credit. There's no shortage of currency whatsoever, but people have to be willing to extend credit. That's what fiat is, is credit. The limits imposed by the amount of gold does not limit the amount of credit. But what gold does is prevents fudging the value of the credit. This is what the government is doing to its currency, it's fudging the value of the credit extended to it by inflating the currency supply to write down the cost of its borrowing.
@@HuFlungDung2 It doesn't have to be and is a crutch to a free market. Bitcoin has no counter party risk. This is why people will want it in the future. It's the only thig that can achieve this.
Both Peter and Jack have great points. I will just hold 50/50 Gold/Bitcoin and call it a day.
Bitcoin is just in an earlier stage than gold, which is why its increasing in value more rapidly.
But endgame for bitcoin is a currency. Replacing the dollar or along side it.
Class act Jack. Well done. Glad we can all come together and have civil debates like this. Very enjoyable.
Finally a Tier 1 Bitcoiner debating Peter 👏
When silicon bank collapsed i was able to get my money out via bitcoin but not via cash and the btc went up in value. Too bad peters clients were not able to do that. Seems awfully valuable to me.
Mallers is a baller when it comes to debates. Great guests Lin
Too lazy to calculate but... Is it only me who has the impression that Peter spoke at least two times longer than Jack? A better moderation needed?
Absolutely a ratio of 2:1. I found Peter to be a know it all, loves listening to himself, does not allow others to speak, interrupts, smerks. He was quite disrespectful. I don’t know how Jack had the patience. He just let Peter make a fool of himself.
Jack did well. ❤
David, please organise more debates on other relevant views. This was great. Bravo 👏
Mallers: Bitcoin is money, therefore it has value.
Schiff: Bitcoin has no value, therefore it cannot be money.
Bitcoin is the instrument that is used to transfer value from one end to the other. The instrument itself needs no "value" other than the value people decide to attach to it. Which is its price. Bitcoin is valuable because it works good as store of value/money.
Mallers: In a world with terrible leaders Bitcoin is the Perfect Money
Schiff: In a world with good people Gold is perfect money.
I think I know which way I am going 😅😅
@@taoam7223 its not being used as money.. people arn't buying things with btc.
Thank you Jack for your participation in the podcast. It was a pleasure to listen to you.
Michael Saylor & Peter Schiff is a must do now !
key to Peter's logic is bitcoin has no intrinsic value. all speculation, I think both bitcoin and gold both have speculation baked into the price. Bitcoin value comes from it's utility, it's decentralization, how much you can self store and move, and all the other things jack talks about. In Peter's mind something it has to be physical, but bitcoin and gold are both useful.
Thanks guys! Was considering the shiny metal, but not anymore. Peter talks a lot, but the fundamental point that demonstrates why gold will fail is when he said that "people failed gold" so that's why it failed as money. It will fail AGAIN as a result. BUT Bitcoin as Jack mentioned does NOT need to trust humans, so it will be the new store of value. That is the value of Bitcoin: the amazing network that allows it to be traded without a central authority. Also, thanks Arthur Hayes! Jack was repeating a lot of what he has stated and written, even the stairs and elevator example. Also, of course, thank you Satoshi!!!!!!
Oh man I saw this title and stopped everything! 🎉 Just starting the vid. Amazing David!
Thinking Peter respects this youngster as I've never seen Peter allow for others to speak.
I was thinking that exact same thing mate!!
@@waynerichardson1051 Its because Peter isnt a Gold guy, hes a bitcoin guy. But he owns a gold company so has to sell his wares and keep face, he owns BTC, and knows its far superior, he just cant say it.
Jacks 30, is that young 🤷♂️
@@dishboy14Yes.
Gold is money. Bitcoin is a speculative asset.
Peter, Bitcoin doesn’t need government approval to become money; gold does, and that’s why it has been disqualified as such over the past 50 years. You should try convincing governments to give up their power, but don’t bother-they won’t. Bitcoin doesn’t need government approval to be considered money, as long as the people using it choose to accept it.
you cant pay your rent with bitcoin. bitcoin is only good if people are willing to accept it
Only one is setting NATH.
well ..theres your problem with BC...PEOPLE DONT USE IT..!! They Holdel it...
@@davidcolletti7136 Bitcoin holders can choose to do with it anything they want, it's their choice. Your argument is irrelevant
@@davidcolletti7136correct. It has no use case and therefore no utility. It’s trying to solve an educational issue not a systematic one. If people educate themselves they’ll find the tools were always there.
Thanks David, Peter, Jack for an education on money and that is the value of this debate
Well done Jack. You're a much more patient person than i am....
Have to say, that was one of the best discussions, I've ever watched. David Lin was spot on, too! Great moderation, great respect from all sides towards each other, and what really topped it off was the question, that both Peter and Jack were asked: "What needed to happen in order for you to change your mind?" What a damn great quastion! Why isn't that asked in every single interview on every single topic?
Great listening to Mallers, I just scrubbed through Schiff's dribble -
One Bitcoin=One Bitcoin. All measurements of gold and Bitcoin value are being made on a fiat system in this debate which is part of the problem (If you listen to Jeff Booth). People have played into the system for so long that was created for them, that they can’t expand their understanding of what Bitcoin is and what it will do. It would create a deflationary environment. As we get more efficient, products and services should cost less. Anyone that references “crypto” in the comments does’t understand the nuances. As Michael Saylor says, you have to spend around 100 hours to understand Bitcoin. Most of these gold folks are not understanding the proof of work component of the asset and what it will do for energy costs in the world.
Peter was more of a bull in a China shop which may make it seem that he “won” the debate, but Jack was the only one who was calm and asking questions, listening, complimentary and a true gentleman in the back and forth. Peter was on the back foot, Jack was curious and forward thinking.
You’ll get Bitcoin at the price you deserve.
I have never been able to win my argument with a friend who was in Texas when it lost power for a few days a few years ago. He had no cell service and needed to get gas. He had no cash and banks were not open. He asked what I had Bitcoin would do in this scenario. Even if the gas station owner was willing to get paid in Bitcoin, there was no way to transact. He said that if you have some gold or silver rounds you could still transact. I really need a good comeback against this. What would you offer as an argument?
@@minchin There is no rebuttal to this argument. No power, no BTC, simple as
@@minchin bit coin maxi's don't care about it actually being used as money. they just want the price to go up. and if it goes up its a success, never considering for a second that to cash out they have to sell/pass the bag to the greater fool
@@minchinyou don’t need power to send bitcoin. All you need is a cell phone.
@@fornost64Bitcoin doesn’t require power to transact. All you need is a cell phone
I think the error is considering Bitcoin as payment method for usage on daily basis, it is not, neither the gold, Bitcoin is used as reverse of value like gold is, they have both similar properties, but they are not the same, personally, i like more bitcoin because of its portability and it is more scarity than gold.
Hosted this debate beautifully, great job David
Bullshit. This could have been described as the Peter Schiff show. He got 90% of the time.
@@marktaylor3921 Agreed, David clearly favored Schiff.
Wow. Mr. Mallers, what a beast. Solid performance. Much respect towards you and admiration.
Jack absolutely dominated this interview and he is absolutely right. Bitcoin is an IQ test, and people get it at the price they deserve.
Bitcoin is a distributed ledger, no? Let me ask you, do you drive the ledger (title) of your car or do you drive your actual car?
Do you live in the ledger (deed) of your house or your actual house?
What happens if the bitcoin code is duplicated, only just called bitcoin 2.0 and a separate block chain is started? What is the supposed scarcity of bitcoin then? For all intents and purposes, bitcoin 1.0 and 2.0 are exactly the same.
Hmmmm......lets see....if everyone agrees that gold has no value, can I still do something with it?
If everyone agrees that bitcoin has no value, can I still do something with it?
Bitcoin has no value. It has a price. Many things that have little value have had incredible prices. Bitcoin is unique in that it literally has 0 underlying value but has a price.
Your clearly uneducated on Bitcoin. Bitcoin cannot be duplicated. You can "fork" Bitcoin but that's useless because no one uses it. For example... Facebook is garbage... And anyone competent could make a far better product... But it doesn't matter because of the network effect of the people using it will not switch enmass. Your argument makes no sense in the context of Bitcoin.
Further more your "Bitcoin 2.0" would be incompatible on the base layer to "Bitcoin 1.0" they would not be able to send and receive between the Making them DIFFERENT assets.
This was tried during the block size wars with BCH and bsv... Spoiler alert... It failed 99.9% of btc users stuck with the core protocol of btc.
So please educate yourself first before spouting nonsense like Peter Schiff does on a daily basis.
Dag. That was great. I'm not a believer in Bitcoin long term however, but Jack is remarkably articulate and composed for his age, or any age for that matter. Kudos to all three of these guys.
Ah you don't understand Bitcoin. I suggest reading The Bitcoin Standard by Saifadean Ammous
Research more if you value your liberty, life, and optionality to do what you want in the future with your current economic energy
That's a fair comment but remember this salient point, you don't understand it because you've never studied it.
And if you say you have I've a few questions to test that knowledge
@@stephendiangelo4215liberty 😂😂 r u sure it isn't a Project of govt
@@GuzzarAwandoesn’t mean shit
Jack is too young to realize that BTC was born after the 08 financial crisis and has never experienced a period other then massive money printing/financial alchemy
Bad argument. I am 56 and lived through the bubble. I was there when both Peter and Steve Keen agreed on the housing bubble scam, point being it was universal. . I then acquired gold at a very good cost basis back then. So now what's your argument since you can't use avuncular condescension against me?
The underestimation of who jack is and what he knows is astounding with this take
Peter is too old to understand technology
@@BaptpichI would say he’s too stubborn and arrogant. Age is irrelevant… I know many people young and old who don’t understand technology, Bitcoin OR money. Bitcoin opens the door for people to finally learn what money is. (I’m “old” and all in on BTC)😎
He knows this. It may have helped a young Bitcoin get mature faster, but it is not necessary for Bitcoin to exist. In fact, it is the liferaft against continuing debasement and the forced liquidity that will be coming in the future, as we spin out of control.
We Are in Unchartered Financial Waters! every day we encounter challenges that have become the new standard. Although we previously perceived it as a crisis, we now acknowledge it as the new normal and must adapt accordingly. Given the current economic difficulties that the country is experiencing in 2024, how can we enhance our earnings during this period of adjustment? I cannot let my $680,000 savings vanish after putting in so much effort to accumulate them.
Keeping some gold is usually a wise decision. You would be better off keeping away from equities for a bit or, even better, seeking advice from an expert given the current market conditions and everything that is at risk with the current economy.
You have a very valid point, I started investing on my own and for a long time, the market was really ripping me off. I decided to hire a CFA, even though I was skeptical at first, and I beat the market by more than 9%. I thought it was a fluke until it happened two years in a row, and so I’ve been sticking to investing via an analyst
How can I reach this advisers of yours? because I'm seeking for a more effective investment approach on my savings?
Her name is. SUNITA CHACHY JOSEPH . Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I just curiously searched her up, and I have sent her an email. I hope she gets back to me soon. Thank you
The main things that I don't like about Bitcoin is that a physical gold coin is used to symbolize it, all transactions can be tracked, and any "gains/profits" are taxed.🥴
They CAN be tracked yes. But taxes… Have you ever sold gold?
At least WITH ANY OTHE ASSET, you can take long term capital gains. Gold and silver are the only assets where you can’t. Thanks govt
@@quietlike govt need not know a thing about your gold profits unless you're stupid. buy and sell only thru local dealers, less than 10k at a time and never show any ID or have any way for anyone to find out about your ID or your biz.
Learn more. You will realize there are ways to buy non KYC BTC and mixers to stop tracking. Educate yourself.
@@quietlike Never sold pm's, but I have sold BTC before. Yeah, thanks gubmint I guess. If I did it all over again, I'd go for privacy coins.
@@quietlike Pleeeze! You should be happy with the fact that gold and silver give you privacy AND that your purchasing power using them keeps up with inflation. Expecting the govt to give you some sort of benefit from appreciation on gold is a BIT MUCH!
No one can beat Peter Schiff on a debate, he knows his stuff.
He sure is a big mouth, know it all. Perhaps he should stop talking and start listening
This debate showed that Peter doesn't even understand gold...
Gold has been used as physical wealth for at least 7,000 years.
if the grid goes down you got bigger problems than no bitcoin the whole economy would grind to a halt
grid attack= no debit/credit= no wire transfers, no brokerages, no services, no transferring money from paper gold assets, only cash, guns, food, shelter matter at that point
Film was used for a long time too. It’s still used but which would you rather have if it’s your only camera - film or digital?
How many thousands of years were horses used? You still use a horse to go to the grocery store?
Well that's certainly much longer than modern real estate.
Does this suggest that real estate isn't a viable asset?
Just picking at timeframes is noise.
Address the traits of the assets.
@@martinlutherkingjr.5582Film was used for a hundred years not thousands.
Reminds me of 1986: Microsoft IPO. People said: Software? 0s and 1s? I can not touch it? It’s a scam! I don’t buy that!
yeah, but people use their products and services. they provide utility, 14 years into bitcoin no one is using it to help their lives.
I use it for daily purchases every single day.
@@loudsoundmovies2 yeah, didn't think so
Great debate. Both of them are passionate, knowledgeable and respectful to each other. I want to hear more! Thank you David. I am over 65, love BTC, and wish to live 100 more years to see how society will change in that time.
Peter said it all when he said “I’ve known about Bitcoin since it was $1” - He’s salty that he missed the trade of his lifetime.
It's natural. But so is Warren buffet
I remember when Peter was a laughing stock for economists and the media for years, and he had the last laugh when it all came crashing down. I would not make fun of his realism, knowledge, and experience. I bet my money on his predictions when it comes to Crypto.
Crypto… yes. Bitcoin… no.
He's a smart guy. But he's wrong because his arguments are wrong. He's right about most things, but not Bitcoin. He can't accept a fully digital value. That's the bottom line. And he doesn't have to. But the entire world is going to pass him in the middle of the street, to go get their virtual property.
Peter is 100% right about crypto. He's very wrong about Bitcoin, however.
He was not alone. The Post Keynesians were also all over and predicting the housing bubble as well before it happened. The post Keynesian were almost right too. The only money that can work is one we can all see , similar to the national debt. The problem is we can't seem to stop the government. Well, now we have a governing algorithm.
@@gwynedd1 Yes. The question is… will the masses be smart enough to adopt it… or will they keep using the globalists currency?
I just want to criticise Peter but it’s not worth it. I just want to say Jack thank you very much for your hard work few days. I start using the STRIKE is completely amazing. Jack you are young very bright person and hopefully you will bring more innovation and amazing staff to the world, thank you very much.
This was a really refreshing debate, I very much sympathize with Jack in that I respect Peter but I do think he's wrong about Gold being the future of the financial system
Gold cannot be digital. Gold is a hedge against digital. For that I am grateful , but it can never be the financial system.
let me try to summarise Jack point, value is subjective having a limited fixed supply helps. Transporting and storing gold is difficult and risky, especially over long distances. Even if we digitize gold, it still requires centralised parties to hold it, similar to currency backed by gold where history repeats. This means you don't truly own it.
Additionally, the transportation costs and risks are high via long distance, while we all settle transaction on ledger via internet, gold can never break the physical barrier. Unless we all have a portable teleport device or we have all gave up on internet, gold is not suited for modern age transactions.
Wow, both Peter and Jack made great points throughout this debate! I definitely lean more towards Jack's side but Peter really gave me a lot to think about. I'll probably make some significant adjustments to my portfolio because of this content. Thanks David!
I own and respect both Gold and Bitcoin. With that said Bitcoin is the future and the only aspect that gold holds over BTC is it's history. By every measure Bitcoin is far better money and it cannot be replicated due to it's immaculate conception and timing.
I would never buy gold. Bitcoin will be the only store of value in the not to distant future. Going forward everything we use to store our energy in will only hold the value of the utility it has to offer. Bitcoin is the most accurate measure of value humans have stumbled upon. Peter will never change his mind because he has too much vested in the world of gold. Like him or not, When it comes to Bitcoin Peter is Information deficient. Gold holds value in the eyes of many only because they never had nor could imagine the perfect unit of measure for what humans value.
Great post. Listen to the assets, not men.
Exactly. Old men yelling at Bitcoin always have something to lose. @@jglee6721
Central banks are loading up on gold! Russia, China, India and many other countries are loading up on gold not BTC. The US is the 3rd largest holder of BTC due to all its seizure of BTC. That’s all I need to know!!
you read my mind
Gold is King
Silver too. 90% of humans will prefer gold over Bitcoin
Russia, China and India are countries where a freedom-loving individual wouldn't want to live in. So that argument doesn't really count for me. Also China has capital-controls so the people cannot bring out more than 40'000 $ or so out of the country without proving where the money came from. That's why every rich person in China bought real estate and it created a real estate bubble over there.
If Gold or Bitcoin will make it in the future is just a bet on the future and nobody knows. Best thing we can do is to buy both.
Much health and love to everybody. Kids and family are the best investment anyway. 🙌
We do need Bitcoin.
Because Bitcoin is freedom.
1:02:24 central banks own gold to store some money they know wont go anywhere no matter what. If they wanted to make cuff links with it they can thats the whole point of owning gold, you have something that someone somewhere in the world could have a use for it.
David you did a phenomenal job moderating this debate!! Just excellent!!!
No matter what anyone says:
Bitcoin is a CURRENCY that is currently acting as a storage of value. Later on, it will become a true currency when the value stabalizes. Bitcoin, the dollar, the Euro, the Ruble, the Frac... all competing, and moving up and down relative to themselves. Only with one of those - you cannot print more. Thus, govt will be forced to tax transparently instead of devaluing your purchasing power.
Jack has done a stellar job giving the most toughest arguments against Gold and for Bitcoin! 🎉
Usually I support owning both Gold n BTC. But what puts me off is bitcoiners trying to put gold down n bully us into going 100% all in. This kinda hate only comes from their side. N makes me wanna wish BTC price goes down to put these ppl in their place.
In the medium term, I believe gold n silver have a better risk/reward ratio than BTC.
medium term (1-4 years?!) propably yes. Long term, hell no!
Bitcoin will demonetize gold like gold demonetized silver and copper for the EXACT same reason gold did that. If you dont know why that happened then ask yourself if you realy know what money is, how it works and what properties it needs.
Wow! Jack smashed it out of the park at around 19:00 Extraordinary grasp of the subject and understanding the oppositional deficiencies. Masterclass in debating
Peter has been WRONG about Bitcoin for a very long time.
He’s hoping for a SHTF scenario, so he can finally use his gold (an ounce of gold for a can of tuna, if people would even accept his shiny pet rocks) and say to people ‘I told you so!’.
Just think how much wealth he would have if he bought under $10. Instead he watched it go up and up and up and became more bitter toward it as time went on.
@@RyanCheneyELR Peter is bitter. He lost out on a huge opportunity.
Peter fumbled BIG and wants a I told you so moment so bad! 😂
Peter is stubborn , 1 % elite cliché prat !!!😂😂😂
My friend bought bitcoin for 70k and now he is down 15k 😂😂😂 I told him not to buy this worthless scam so called bitcoin and he won’t listen!! And now he learn the hard way 😂😂
Wait 4 years from any purchase date
My friend bought Bitcoin 2 years ago at 20k and now he lives in a yatch in the Bahamas..
Gold & Silver to the 🌕 baby 100% PRIVATE transactions only 👌🏽
Jack just smoked Peter. Well done Jack. We need more people with your forward thinking, which all gives us more hope in a world that is being destroyed by the actions of central banks. Very kind words from Peter at the end.
Are you serious? How did he smoke Peter? BRICS+ countries are buying gold not Bitcoin. Gold has been money for thousands of years. We humans go off the standard to fiat for awhile and then have to go back to gold. This time is no different.
BTC could become the world’s reserve currency but so could ETH, ARR, XRP etc. BTC was a great start but ARRR has privacy, costs less than a penny per transaction as do others. Why would the world agree to BTC when there are better cryptic out there?
He pushed a Ponzi scheme. He did not win anything other than fooling you.
Jack seems uneducated to the point he didn't understand common understood points Peter made.
@@georgeorwell3501 Jack can critically think in order to see the value in both gold and Bitcoin whereas Peter cant. Regarding your evaluation of Bitcoin verses crypto I suggest you do hours more research, and I do mean many hours, as it took me a long time to know how different crypto and Bitcoin are.
@@georgeorwell3501learn proof of work
The host should at least have given each guest equal time to make their arguments. Jack was so patient and provided clear logical answers. Peter’s tactic of to mix up a whole bunch of half-truths and biased statements needs a fair moderator. I would love the chance to debate him as I could destroy him any every single one of the points he made. Jack did a good job doing so with the limited time he was given …
Ok.....go! Let's hear it!
I own Bitcoin and gold, but Jack NEVER addressed that it is a speculative asset, NOT money. You can argue that Gold isnt money ( can ask China and Russia why those planes were flighting out of Russia packed with gold), BUT its still popular in jewelry, and electronics contacts.
What does Bitcoin Do?
Schiff debates are GOLD
Schiff doesn't impress me.
@@mutantryeffwho are you impressed by?
@@fredflint3998 I would post a URL, but YT would delete the posting.
@@fredflint3998Satoshi
@@fredflint3998 YT deleted my post. I hate their manipulation of free speech
Amazing debate. Thanks for hosting! My money is on jack, and i hold both gold and BTC.
BTC all the way. “Everyone will buy Bitcoin at the price they deserve” all of these people in the chat will be buying satoshi’s one day at exponentially higher price.
95% for gold Btc is a gamble and always will be. Physical precious metals will always be just that. Cases for both but dependant on objectives. Great show and discussion
Its all a "gamble". That's why we use the term risk. Rocks can be found in any planet musk takes his rockets to. Those rocks could be gold. Every investment has risk. Bad argument.
Tell that to everyone in the 1930s who had their gold confiscated by the government.
Guess which asset cannot be confiscated? When governments begin to crumble, the masses turn to socialism and target the rich. You think those rich are going to buy up gold and try to flee the country? Nope. They are buying bitcoin.
Good luck carrying your gold over the border.
You can’t say that it always will be. The next generations will live in an entirely digital world. Hell we are already there for the most part. Bitcoin is digitized money and by far the leader in that respect. It is growing faster than the internet by adoption. It used to be a gamble to purchase things online. It’s only a matter of time before bitcoin dethrones gold. May take 20 years but we aren’t going back to the stoneage most likely. Peter has been bearish on bitcoin since $10. He cost people insane amounts of wealth.
I believe it’s not one or the other it’s both and for several reasons. As far as Stone Age, at the rate we all are heading it would appear that way unfortunately. No faith whatsoever sadly in the direction the power that be are steering things. Check out recent solar events taking place as well, could bring the lot down very easily. We are in a very volatile state my friend not to be a doomer, but no way near smooth sailing into this ideal high tech controlled Nwo bs. Large part to do with the fall of it all I’d say. Diversify and be prepared to go back to basics the way the good lord intended for us
Gold value can be 1 gold coins may be 1 gm or milligram… can be sold and countries and billions of people accept it. If Jack can buy gold with bitcoins and show me gold, we in Asia take gold. We will take bit coin provided if that can be sold to buy some asset or gold or good to consume…. As on today or in future nobody on the world will not accept bitcoin because US brought another currency but now it is bitcoin. No country will accept this in future. Please ask Jack to buy legal sell bitcoins to any govt or federal entity today in exchange of something….
You want fries with that word salad?
Thanks all three, Peter spoke less efficiently compared to Jack but I’m glad I took the time to listen.
Peter is right about just about everything except for Bitcoin. Great debate, respect both of these guys, but Jack is right.
I disagree. Peter doesn’t understand the fundamentals of money. He doesn’t realise gold is both a commodity and money at the same time and these two things are mutually exclusive. He can’t see that pure money can exist without being a consumable at the same time.
Honestly Jack smashed Peter out of the park. Anyone who leaves comments saying Peter won this debate either didn't watch this or has a need for gold to win but overall those gold owners are losing against Bitcoin. Peter talks gibberish. He ties Bitcoin to a belief system but doesn't recognise gold is a belief system as well just like all forms of money. Bitcoin is not valuable because of scarcity according to Peter, but when Peter is prompted to why gold has value he states gold is valuable because of scarcity, and rarity at 36:52. Is this guy tripping? Can't he see that gold, fiat, Bitcoin all work on a belief system. I won't be selling Bitcoin Peter. And I also won't be buying gold, especially based on Peter's arguments. So much comes out of Peters mouth but very little is said. He also doesn't realise that if everyone sells gold it's price is going to zero just like it would with his argument about Bitcoin. Peter Bitcoin is used as money, in fact there are many shops near me that accept Bitcoin but they don't accept gold.
Wrong. No commodity used to make things is going to zero. The price may fall depending on demand in that context going up or down but never zero.
@@Seolfor007 well your right but if gold drops 80%, whats probably the monetary premium, would you consider it went to zero? Ofc it will not be worthless exactly because you can use it for goods.
With bitcoin we have 100% monetary premium, so if the network fails it could go to zero because his entire purpose is to be money. If it fails then it more likely goes to zero then gold.
In my opinion bitcoin will demonetize gold for the exact same reasons gold demonetized silver and copper. We just need time for this to happen.
Sold all my gold after I watched this and went all into Bitcoin. 😂🎉
Nature makes Gold
People create Bitcoin
I would believe in Nature
today people create nature, and bitcoin and soon gold
Meanwhile in hippyville
@@Yin._.Yang87 people destroy nature but soon nature will destroy us... wait nd watch....
Does “money” come from nature or from humans? Who decided that gold was “money” and not just some element from nature?
Nature makes stones. People create machine guns. I'll bet on machine guns.
Crypto is bagholder investing.
Except Bitcoin
@@martinlutherkingjr.5582 Consider this. If one person owned all the bitcoin, would it be worth anything? Who created it and was there a hidden agenda? Could the CIA be involved? Would you invest in a company if you didn't know who was the CEO? Snake oil.
@@martinlutherkingjr.5582 I tried to respond, but my comments keep getting deleted.
Gold is negative 40% vs m2 money supply since 2014, bitcoin is + 37000%. Peter is being purposely obtuse.
Bitcoin is NOT crypto. There’s is Bitcoin and everything else.
You would need a trillion dollars just to double Bitcoin at this point. The Ponzi is over.
Peter Schiff says who pays in Bitcoin? Who the Fuck pays in Gold?!? 🤣
No one pays in either. But in the past everyone paid in gold. Gold is now just mainly used as a metal and a store of value, and a reserve asset by central bank. Bitcoin is not used for anything other than speculation. That's my point.
@@peterschiffi really hope you still will be alive in 2040-2050 and not suffering dementia.
Bitcoin will rise from New highs to new highs for decades.
Bitcoin will be trading in the millions.
It first need to suck a lot more market cap from other assets Real estate Gold and Stocks to become money. Then people will buy Things and use it as Medium of exchange and then Bitcoin becomes unit of Account.
You should ask who will accept gold as payment, not who pays in gold! Then ask who will accept bitcoin as payment. Then you will have your answer. 😊
@@peterschiff If gold is the superior form of money, why are you selling it? I've never seen Michael Saylor sell ANY of his bitcoin...
@@peterschiff you sir, you accepted bitcoin for your products. What are you even talking about?
According to Peter’s philosophy, the dollar has value just because it can be exchanged for goods and services, just like gold.
The dollar obviously does have value it’s just being inflated away
He keeps contradicting himself. The US dollar proves that anything can be money if enough people agree on it, even paper notes with no intrinsic value or electronic numbers in a bank account. You don’t need it to be a physical commodity and intrinsic value is irrelevant.
@@CamboHODL Anything can be money when enough people agree on it, but then the Govt prints the "ANYTHING" with its own free will making the "enough" people "fewer" people, and the day it reaches "few", it stops being money.
Good thing with both gold and BTC is that they are in limited or close to limited supply, and the general public holds it freely.
@@CamboHODL Intrinsic value is totally relevant. Let me give you a example. I Have bars of gold, everyone on the planet thinks my gold is worthless, you have bitcoin everyone but yourself thinks your bitcoin is worthless. Why is it that I can extract value from my Gold bars, but why can't you extract any value from your bitcoin? Why is it that I don't need a believer to extract my stored value from my gold, yet you can't extract anything from your bitcoin. This is because the only thing bitcoin stores is hopes and dreams! Enjoy your worthless tulips.
What I took away from this conversation...buy both!!! Have some of both and diversify
Peter is incredibly frustrating to debate. He doesn’t really listen. He has his mind made up and just regurgitates the same incorrect fallacies rather than having an actual open minded discussion. No matter what anyone says, and this has been proven over the last decade, Peter will always be Peter. Listening to him is brutal
Specify one of the fallacies you claim he spoke.
@@btrasbt Every comment he made about Bitcoin was incorrect or misleading. He has been wrong about Bitcoin since 2010 when he claims he knew about it. He doesn’t even listen in these debates. His mind is made up that 3+2=4 and no one can tell him otherwise. Peter is a walking joke. He has been wrong for 15 years and continues to be wrong.
It's incredible how Peter can always yell over his opponent and think that he won the debate because he spoke louder....cudos to the Jack!
Jack, I loved how you began and ended this conversation. The middle was expected with Peter; however, your presentation was well thought out from beginning to end and your execution was consistently on target. I did notice one thing, I think it took the entire episode to make the centralized nature of gold verses the decentralized nature of Bitcoin point (currently and over time). I’m 44 with an MBA and I appreciate your hard work and vision for all of us. Even a boomer like Peter who has seen thousands of markets come and go cannot seem to appreciate the short lived and challenging history of Bitcoin.
Peter is so full of schiff that he needs 2 porta-John’s to hold his dump
Peter Schiff made me a Bitcoiner
Very insightful, well handled by both participants. An additional perspective could be that Bitcoin is like Gold's younger brother both having similar characteristics & resembrances, complementing & blending well with the choice & will of the free markets. The power is and will always belong to the free markets & if we are to go by the numbers its quite obvious to see the great strides Bitcoin is taking, " not your keys, not your bitcoin" trumphs over, " i or we keep your gold shares, stocks ownership for you."
Peter’s last words of praise almost made me cry.
Me too… got me right in the feels. Wasn’t expecting that at all. 😂❤
Time stamp please because I can't listen to 1 hr and half of schiff
@@chrismale9976 then you don’t deserve to hear it.
Treasury yields and other safe cash-like investments are raising high returns, yet most investors believe this is a good time to buy stocks than gold despite crash. I'd love to spread across $400k into profit yielding dividend equities and end the year well, but unsure of which to get acquire.
all the best, buying on sale is actually one of the best ways to invest in stocks, and advisors are ideally suited for such task
Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.
How can I reach this advisers of yours? because I'm seeking for a more effective investment approach on my savings?
Carol Vivian Constable is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment
Thank you for the recommendation. I'll send her an email, and I hope I'm able to reach her.
Great interview David! Very well moderated.Wish you were doing the presidential debate
This so called “debate” was not moderated at all. Peter was yelling, interrupting Jack, Jack barely had a chance to speak, and David was quiet and barely said anything. David, you could do better. I don’t know how Jack got through this with this rambling angry man. I would not have had Jack’s patience
Gold cannot scale, without counterparty risk, due to its physical nature.
Starting from that fundamental problem, what's the point of these debates?
Bitcoin and gold have great monetary properties, but Bitcoin is at least 10x better at being money than gold is.
But bitcoin has no intrinsic value. Subject to hacking etc and even govt can infiltrate it to game the system in its favor .
To be Frank only real currency in this world is ENERGY