I was disappointed with the show. I paid for my question and you say it asked what the heck is CLP! It’s Chilean pasos. Anyhow I think Peter is correct bitcoin has no value to you Peter. A lambo has no value to me a rare art painting has no value to me. But bitcoin has value to me because I am sick of credit cards not working. On the show when you missed my question I decided to pay again and I could not. I used 5 different credit cards even the one from the states wanted to protect me from paying you. Do you know, I cant buy plane tickets without without calling the bank every time I can’t make any large or small charges on the internet without showing my underwear is clean first unless I use bitcoin. I spend about 20k on flights for me and my family for vacations there is no fracking way my bank would authorize that. It’s ok I use bitcoin and it’s paid for. No one calls me up and say he WTF are you doing you can’t do that! I am sick of begging banks for a bank account! I am sick of them telling me what I can spend my money on! I am sick of paying high fees for bad customer service! I am sick of slow, 5 or more day wire transfers! Game over banks you have lost and don’t know it yet.
Hey D, yeah i saw that too, in fact he answered wolfepacks question who sent usd 100, and asked what is CLP but did not mention 10,000 (apprx $14.72 usd).... i wouldnt waste my time or money trying to convince him even though i saw you offered a 1 btc reward of who could.... (remember years back, it took us a while to getting use to crypto money...i didnt get in til 40usd and learned it at under 10 when it was used for buying pizza and drugs....
@@donjonbovi3840 Just like Peter I am right people are just stupid looking to sell a useless asset to a greater fool. The fact that people see value in it now is not important they are wrong. Unlike bitcoin, if an oppressive government comes to take my wealth I can have it in my head and they will not know I have it. I am in shock and awe that I can go to USSA (United Socialist States of America) with millions of dollars on me and no one knows. If I get held I can pay a high-end lawyer and the government can stop the payment transfer to my lawyer! FUCKING awesome. If my lawyer does not, believe me, I have put an encrypted message that can be validated by anyone if they know my bitcoin address. If he wants to ensure he gets paid the bitcoin blockchain as escrow built-in! Dude I would have to pay through the nose for that normally! You go on with your painting and Lambo.
The problem isn’t whether bitcoin is valuable to Peter, the problem is that nobody notices a cup of coffee is described as costing $8 and is brushed over lol. Buy bitcoin or don’t - the merry go round is getting old. For each and every one of us, you will decide if bitcoin has value for you personally. For many it is a way to sidestep a perceived overbearing and over reaching power structure. For others it is pure speculation on rising prices. Others see no value. Who cares? I think over time more people will feel the same way. I hear many traders quote ‘the trend is your friend’ well for me, the deeper trend really isn’t your friend at all. A tip for you Peter - next time you do this format, get organised and have a dummy run. Not knowing how to use the chat is something you really should look into first.
next Q&A could be about what will happen during the next crisis especially, the timing, how/when use gold (or cryptos) to buy real estate during the crisis. Basically what are the signs to watch that tell us to buy or sell. thanks
Buying and selling is tricky. From a non professional point of my view, I would sell Bitcoin now. The chances of making it to $20k again are improbably
Bitcoin(& altcoins) is another trap to bait metals investors and others to wipe them out with manipulation waves via whales, usually targeting pumpers(some shills) with large groups of followers. Gold & especially silver price has been manipulated too, but I do believe they will be freed up to a certain level or price the US treasury need them to be in order to back a new currency. But some level of confiscation will be almost guaranteed threat for Americans, so not bad idea to hold a percentage of your wealth position in silver and gold backed tokens called stable coins. Even Jewelry businesses would be placed on a limit of how much they can possess.
@@unperrier5998 yes but that's not technically buying real estate with Bitcoin. That's buying dollars with Bitcoin then buying real estate with dollars
History was made tonight. Years from now this video will be popular calling out the Bitcoin ponzi scheme before it crashed. Back in the early 2000s people warned of Bernie Madoff too for YEARS before his Ponzi scheme collapsed.
@@FreedomLovin He's not wrong, bitcoin does have all the elements of a ponzy scheme. Buy something digital, invisible asset, pump it to as many people as possible, and hope the price goes up high enough for you to cash out in time. Does that sound familiar?
2:09:06 "Someone's saying I caused Bitcoin's price to go down by $200." He should have capitalized on this as a detriment to Bitcoin if his comments can cause such a drop in price.
Although I dont agree with your approach on cryptocurrencies, the fact that you told us your son didnt like the format, subbed. You speak from what you believe I respect that
I think he meant format as in how peter is setting up this debate. Its a 3 hour live debate and peter wasnt reading most comments. Thats probably the bad format his son didnt like
Great video. I've done my own due diligence for going on 11 years now in my own financial/economic/monetary policy/history. I can honestly say that I agree on about 99% of what Peter says and I've come to this conclusion based on my own study.
That was painful to hear. In a recent debate with Saifedean Ammous, the author of the Bitcoin Standard, destroyed every single argument against Bitcoin from Peter. He’s been explained extensively the case for Bitcoin and he just don’t get it. It’s almost like he doesn’t want to understand.
Five points destroy every argument you make against BTC: A) All alt-coins dilute eachother's value because they all share the same properties. Bitcoin is the only cryptocurrency with fundamentally unique properties. This is why its value is independent of the creation of alt-coins. If you believe Litecoin dilutes Bitcoin then you also believe tungsten dilutes gold. B) Bitcoin is being used to solve real problems in the real world right now. Today. This second. Its use-cases are not speculative. 1) Paying people who cannot access the banking system / getting paid without access to banking 2) Making censored payments 3) Concealing wealth from authority 4) Avoiding theft i.e. taxation 5) Hedging against government stupidity These are NON-SPECULATIVE use-cases of Bitcoin that are being used today. C) Bitcoin will ALWAYS have liquidity (even if it's just from speculators/traders) - if Bitcoin has Liquidity, it will always have demand due to its unique properties (censorship resistance/unconfiscatability) D) Bitcoin is as anonymous as you want it to be E) Third parties can scale Bitcoin to infinite limits via second-layer technology There's only two ways I can pay my web developer... Figure out a way to ship him a cow Hit the send button on my bitcoin wallet If you had an interest in learning about the fundamentals of the tech that makes Bitcoin possible these things would make sense to you btw 4k live viewers for 3 hours on your key target audience while getting paid to do it... kudos!
Bitcoin is evil and promotes greed, fear, and anxiety. Tell me.youndontnhave a heart attack when the Bitcoin price plunges -8% in a day?? 🤷♂️ Please do some research on Bernie Madoff. Bitcoin is the millennial generations Bernie Madoff !!
Blah blah blah Bitcoin is growing in interest far faster than gold or silver and it’s also storing wealth. Gold is Old school. Youth doesn’t care about gold. Bitcoin and other digital currencies are THE FUTURE. Nice that you keep shilling gold and keep sucking off of bitcoin like a flea. Peter Schiff “The Bitcoin Flea”.
Sir everything sounds good you make a good case but what I would love to see and it would answer any and all questions once and for ALL we should arrange for ANDREAS M ANTONOPOULOS AND CHARLES HOSKINSON Those two gentlemen have been in this vase almost ever since the very beginning!! I myself would be willing to bet anyone anything they wanted to bet anything that people like myself people like yourself would get the answers they are wanting it would definitely definitely clear up any any unanswered questions bottom line
Great vlog, totally agree with above main point about having main players have a debate including Peter on Crypto, tokenized utility, gold . Jimmy Song would be another good guest. There’s a lot of people’s time, world’s real energy and people’s hard earned money being wasted, manipulates and burned. It would also be great to see a common honest TH-camr who researches his material and has great insight into above topic “To The Lifeboats”. Sam posted a video primer making some intelligent points about crypto currencies.
Peter is sounding more like a broken record. My silver stash was gone..when NWTM went bankrupt. You can be robbed unless you hold it. The same with BTC..you hold the keys. Try and bring a few ozs of gold on a flight....I'd rather bring bitcoin. Think outside your box..Peter.
Even Mr Antonopoulos is beginning to see crypto is just the next tool from our Masters to enslave us. Listen to his talk on the face book crypto Libra.
Forget about the price guys! The important is the Bitcoin itself, the philosophy, the technology, the ideology, the updating process and the revolution behind. If you understand that you can see that this a New Global Revolution.
So you spend 3 hours using one digital network to tell us how another more secure digital network has no value? Whats the big deal about bitcoin? Why do you care soo much? I hold both btc and gold. Why is this concept so difficult for you? Not your keys not your btc. Not your gold not your gold. Trust no one. You want a bitcoin challenge? Transfer 1 million across borders using bitcoin then transfer 1 million across borders using 'gold money' and compare the cost to transfer that value.
If I had a 1933 double eagle gold coin I would except that challenge. The last one sold private sale was over 7 million. So what’s your argument again? Lol
I do agree though, if you want bitcoin great if you want salt and pepper great, whatever the individual wants and feels confident and comfortable having then let them do whatever they want. ✌🏻
No one knows what BTC is gonna be worth in 10 years, 100 years or 1000 years. The blockchain is useful, but another crypto could replace BTC. A gold backed crypto would be ideal. Gold will always be valuable, BTC will always be a speculative token, even if you can transfer it easily.
Hi Peter, I think everyone should own some gold and also some bitcoins. There are strong arguments un favour of bitcoin being a store of value: it is a highly decentralized Network, the biggest in the world, the biggest hashrate which makes it extremely secure. The funds are safe if you take care. It has some advantages over gold. It is divisible in millons of units called satoshis which allows you to send small amounts cheaper than doing it gold. In fact, it is not possible in gold. I paid a cinema ticket in Brasil using btc. It worked pretty good.
When price is going down, people will not start to rejecting a bitcoin, they will just want more because lost some % of value. But the market will always have a price for 1 BTC. U dont accept just if u are dumb and are rejecting money.
What a disappointment. Why did you not accept the invitation from one of the cryptocurrency gurus such as Andreas Antonopoulos in a 1-on-1 real skype discussion? This is too easy to get away with, buddy.
@NBK Krypto he already covered the "peter is old and doesnt understand technology" argument. Crypto might find something that works in the future, it just isnt bitcoin. And even if it does find a good cryptocurrency, government is so good at ruining things. It's all a sham
2:37:30 "If someone steals your Libra, you can get it back." Unless someone steals your Libra under the pretense of them getting it back. Bitcoin has none of that nonsense: you are in control of who you send it to, and you bear the full cost of any errors.
@@J_Bravo - I give this live YT feed a 3/10. Deductions for not delivering the entire purpose of it. And gave 3 for the amount hours spent rambling on to hear himself say the same arguments he's been saying. While, not addressing peoples' valid arguments/comments about Bitcoin. I don't give a shit about his polo shirt or tan.
As the first cryptocurrency, bitcoin will ALWAYS have a novelty value, which I would project to be between $20-$200 per bitcoin. What sort of speculative value it will have over time is anyones guess, but Peter's point about how bitcoin is just digital fiat, is absolutely correct. It has no inherent value.
@@jrbailey8935 yeah, there are still speculators who haven't given up yet. That doesn't change the fundamental fiat nature of bitcoin. The USD will also fail as a fiat currency, but nobody can guess exactly when the collapse will come.
@@OmegaTou its inherit value is automated trust at the cost of electricity. You not understanding the value of automated trust doesnt mean others dont. If you perfer to let central banks counterfeit money and steal from you… you do you, but I prefer BTC (electricity) Over tungsten and paper when storing my wealth.
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If not for human beings, gold/land/food/minerals, etc,. do not have any value. It is the people who attribute value to things. So all value is subjective. There is no such thing as intrinsic value.
Virupaksha Swamy If is tangible it has intrinsic value, like gold that is use for electronics, cell phones and in computers to mine bitcoin. What can you do with a bitcoin? Only trade it to a bigger fool that is willing to pay it
James64 Gemy first bitcoin is not a store of value because it has nothing to store, I understand the technology behind bitcoin and I think that blockchain as a technology will succeed but what is the difference between the other Cryptos and Bitcoin NOTHING.
Pedro Andre a medium of exchange has value. Currency is a tool. Currency without weight, and that doesn't require the ability to physically secure it out of every single user, has value if people use it, and advantages over currencies that weigh a lot, and that can be stolen crossing borders, for example. Value is subjective. In a free market, absent of coercion, each party in a transaction gets more than they give up (or "win/win"), otherwise they wouldn't do it. As long as there is one other person who values Bitcoin out there, it is a useful medium of exchange, You may value gold, or .45 acp, or water filters, or hammers, more than Bitcoin... And those are all great assets,and I suspect barter inventory, too.. However, the moment you need something else more than what you have, you will give it up for what you need.... And if those who have what you need don't value what you have, but only accept Bitcoin, Bitcoin (or whatever medium of exchange) will suddenly have relatively greater value to you. A hammer can be your tool, and barter inventory, at the same time... But if you have 5,000 hammers, the use of them to you isn't really that relevant. Certainly you can use one. You could use two. You might even use a dozen. Then you might even call the next dozen backup in case you lose, destroy, or have stolen, any of the ones you were using.. But at some point, you will never use the next hammer. If you lived 500 years, you probably would never use a 20th hammer. At some point another hammer is just a big, heavy, hard, clunky, bit of currency. I'd rather have savings in hammers than fiat currency, because I can't imagine hammers ever being worthless, and I know that all fiat currency is eventually worth very nearly zero. However, if I have to leave quickly and take my savings, having tonnage to move and secure sure isn't optimal. If I lose my hands, I'd sure wish I invested in boots rather than hand tools. If I needed to cross a border, either of my own property, or nation with official highwaymen looking for their take, I'd sure wish I had digital assets. Gold & Bitcoin are fantastic mediums of exchange. Of course, once at least minimum reqs for guns and ammo are covered, No asset does you any good if you can't keep it. Aren't tools great?
James64 Gemy did not answer what is the difference between bitcoin a other cryptos because they are all the same bitcoin is not blockchain, don’t confuse oranges with bottles. Block chain is the technology not bitcoin educate yourself
I hope Peter apologises and recognises BTC as the best money ever created once it's used to buy anything you want . He's completely missing the point and banging on that the only reason for bitcoin is to buy sell and speculate on it. It's DEFLATIONARY . IT IS FINITE 21MILLION. IT IS PERMISSONLESS . it will take time but bitcoin is not going away .
@ Peter Schiff : I'm very disappointed in you Peter! Your sexist comment at the end was unnecessary, and disrespectful. You always were always like a gentleman until your comment, so that was a shock to me. So glad you revealed your true colors though as I don't do business with sexist. I'll keep going to Mike Maloney instead.
Three hours of Peter Schiff picking out comments, dismissing facts then stating his own ignorant "opinion" without rebuttal... I couldn't think of anything more pointless.
what the hell is it with the US and the requirement to id yourself with a signed utility bill? that’s so incredibly ancient. almost all countries in europe have electronic ways of identifying yourself. and the professions that are allowed to sign the bills... i never got a goldmoney holding account because i couldn’t find a dentist to sign my electricity bill
This wasn’t a debate !!! Answering few questions and talking like 3 hours !!!! Sorry Peter you remind me of the time when taxi drivers were complaining about uber and telling everyone that uber never works ...you sounded desperate and just trying so hard to not to lose to bitcoin. I think bitcoin and gold both are a store of value. One for older generation and the other one for new generation. And eventually bitcoin will win this game . 💪
OK am 40min in and Peter knows about gold and economics, but he has not understood crypto's just yet. Go and research it fully. Same goes to those commenting, it is clear they have also not fully grasped what cryptos are or do.
@@mooredann69 Am well aware of how economics works. To a point. Clearly I did not go and study it in collage. But I am willing to learn and have been for the past two years. I am just perplexed by what some people understand as value. Would you care to explain value to me. But more so people wanting to talk trash about a subject they clearly do not comprehend either and dare I say is also very obvious by their comments. Nobody says bitcoin will for sure be around tomorrow. But it is extremely likely when you wake up tomorrow it will be. Same for next year.
@@workwithnature the argument of vaule is debated between economist. You might as well went into a bar with a Muslim a Jew and a buddist and asked. What is God? The fact this is undecided and fought over, brings vaule to all the points of each. The markets are our God, the vast knowledge that is driving price discovery is the only thing that matters. The only problem is, government/banks has killed price discovery. This is the only way BTC has gotten to this point.
@@mooredann69 True trying to define anything in this universe is difficult when it is based on our limited human logic. Certainly trying to take a bitcoin with me when I die probably wont work. But to me value is what someone is willing to pay for an asset, even if governments and their central banks have blown up so many bubbles, that it has distorted the intrinsic value many of these assets would have had under normal circumstances. Things may change soon if all the asset bubbles burst. But for now and I know this sounds obvious, bitcoins value is what it is right now. So to say bitcoin has no value is wrong, because people say it has value. Gold only has the same value to us because it costs a certain amount to mine and people have used it in the past as a store of value. It also as Peter mentions can be used in industry, but so can a lot of other metals that are way cheaper. Bitcoin is a store of value because it was designed to be mined and designed to be deflationary. It is also devisable like gold. It was designed to be hack proof, unless someone has a quantum computer that works lying around the place. Gold and crypto people should work together to take down those who wish to keep us all poor.
To test your knowledge of crypto’s, here’s a quick question. True or false, Bitcoin cannot under any circumstances have 25 million coins. Is this statement true or false?
I've read almost all the criticisms of Peters cogent points in this comments section. Summary: (1) Peter's never done Google Hangouts before and doesn't know how to scroll. Therefore, he doesn't understand technology and is obviously clueless about the value of bitcoin. (2) I dare Peter to debate our bitcoin champion Andreas Antanopopolopulous the Giant. Peter will get CRUSHED! Pathetic.
search for my comments if you would like to read some actual counter points. Though I admit I did make fun of him for not knowing basic chat functions as well.
Mr Schiff, One suggestion: when you talk with people about cash, gold, cryptocurrencies and so on, just ask them this and I think that you will prove your point: if you would have a time machine and you are able to use it to travel 100 years into the future, what would you take with you: one million dollars in cash one million dollars in Bitcoin one million dollars in gold?
Stephen Taylor sorry, you’d be a fool to take cash and bitcoin. If the American dollar is even still being used in 100 years, it would be devalued tremendously by then. Your bitcoin better be on a paper wallet, but even then, don’t you think there’d be many technological revolutions by then that would one way or another make bitcoin obsolete? Or that there’d be other risks that bitcoin would fail? A lot can happen in 100 years. The only problem with the original question is people aren’t planning for 100 years from now. Schiiff is wrong short term, but right long term.
Peter also thinks bitcoin is based on trust. Bitcoin was designed from the ground up to be a trustless system. The only thing you have to trust in bitcoin is every actor will and does act in their own self-interest. Take some time and read a little deeper into the incentive structure of the network.
@1:18:00 Peter talks about the cost of gold vs. bitcoin the energy it takes... He says how bitcoin costs money to run the network and to mine whereas gold is free once it has been mined. *WRONG!* Transfer $1 million dollars in GOLD to the other side of the planet, will cost lots of money(comparable to the cost of the network). To store a bitcoin, can be done on a piece of paper, the network is only needed to verify and to transfer. Again to further clarify; sending gold bricks across the ocean will costs thousands of dollars in oil while sending millions worth in bitcoin might cost only $1.
Hi Peter, you certainly do require one educator to give you a FULL understanding. His name: ANDREAS ANTONOPOULOS. Then we'll possibly witness a shift in you Mr Schiff! (all due respect) It's a new crypto world.
He won't shift, because it's a scam, also he repeats same arguments over and over and bitcoin shills never listen, it's like Jordan Peterson debating Slavoj Zizek, each of them talks about something else and you can't make any conclusions. Every bitcoin debate is like that you give them arguments, they keep talking about something else. It's pointless.
Every single mutual fund offered by Europac is lower than its ipo price, save one...it's up 0.28% its starting price. You're up a quarter percent in 9 years. Congrats.
1:13:48 The funny thing is that you are ignoring the younger generation's view on money, like you're saying they are ignoring the older generation. And have you learned from your mistake yet - not buying bitcoin? So closed minded and stubborn it's hilarious :)
Sure not buying Bitcoin when I first learned about it was a mistake. But buying it now would be an even bigger mistake. Two wrongs don't make a right. The big mistake most Bitcoin owners are making now is not selling. The price of Bitcoin is already down over 12% since i started this live stream less than 24 hours ago.
@@peterschiff People make mistakes, it’s fine. We can’t change the past, so let’s be productive about the future. What about dca into a 0.5% portfolio position, just as a hedge if one’s wrong? For the first time in history all the world’s population can participate in the price discovery of a new monetary invention. How does one put a price tag on the money of the internet anyway? (Especially when the biggest use case is saving people’s lives every day in countries like Venezuela)
Peter if Blockchain currency becomes a new type of currency, backed by electricity bill, I believe the value of Crypto will fall off a cliff. Imagine everyone and their grandma owning Crypto currency, energy prices will surge as crypto currency is mined from electricity. Not only that Gold value should rise as Gold is still finite unlike mining Crypto currency.
Go store the rare Beatles recordings for the future generations using Bitcoins, then. Bitcoin is far from a "database for the world" it's a ledger of transactions of... bitcoin. And a large EMP will destroy all computers and hard disks in the world, putting down all cryptos but gold isn't susceptible to that. If you think it's a stupid argument: well the sun constantly sends us such waves with varying intensity and is bound to release such large electromagnetic wave any time, like the one that destroyed the telegraph network in the early times.
I own BTC and I mined Zcash just after it was created. I try an use those cryptos and to be honest I don't see an interest apart from making money. Speculation is the only use for those. It's the case for most cryptos, some have a very specific application to count things (a ledger of XXX things), and there's ethereum which as some good potential with the spart contracts, but which isn't used.. so it tells me it's nice but difficult to either use or convince people to use it.
Next time you go Live, bring Spence to help. He can be your Techie, show you in a jiff what a Scroll bar is, teach you how Superchats work, and chase the dog away. :D
@@mooredann69 at this point in time, there is only 2 months in Bitcoin's 10 years where if you bought it, you would be down on value right now. Any other time of purchase in the life span of Bitcoin you would be net positive on your investment. The majority of people who buy Bitcoin gain value, not lose.
@@mooredann69 price being high does not necessarily mean that the most people bought in at that time. It means that the supply available on exchanges at the time could not keep up with the demand. Majority of Bitcoin holders are net positive on their purchase as long as it was bought for a long term hold. Never buy any asset at all time highs without caution.
I am given some hope when I see that a couple hundred thousand people on the planet appreciate sober prudent earnest discussion. Then I look at twitter
You made very good points against Bitcoin, the price is extremely unstable and most people use it to trade or profit from a fiat currency nominal appreciation but it would be interesting that you also make more positive arguments for Bitcoin to show you understand the value it can have. Bitcoin has 2 huge values : -The fact you can digitally hide money just by being careful about how you get your bitcoins and transfer them. For example, you can use a mixer or buy new coins from a miner. -The value in your bitcoins can never be seized nor have third party risk if you save it yourself, not on a digital wallet or an exchange. Yes your bitcoins can lose 90% of their value but this value you have is hidden, yours for ever and can appreciate in value as well. You know funds in most banks or safes can be seized or freezed by a government for or an institution for many reasons : financial, political or just to transfer the value to someone else : your associate, your debtor, your ex-wife. There are huge legal and fiscal risks in Bitcoin but the probability that the worst will materialize within 15 years is far less than 100% so it does not eliminate all the value. We shall fight for the freedom to be able to own bitcoins, not surrender to some that want to outlaw it. Understand that betting on something that has 1% 10% 20% or maybe 50% of losing 95% of its value is not for everyone but in a few sectors, particularly in the tech sector, the data and the experience of many VCs have shown you can do it profitably. Have you ever invest in tech ? Facebook and Amazon may have looked overvalued by traditional investors like you but they have showed they can bring in tens of billions in profit every year and many many others companies have shown that with a lot of capital they can build brands that take huge shares of a market in a matter of a few years. The central banks have been creating a lot of inflation to prop up bubbles and that put a lot of upward pressure of prices but the innovation and creativity of tech companies put a lot of downward pressure of some prices like the price of getting information, some services, hardware, travel or move around a city. The US are not only a huge government and always higher taxes and debt, it's also a lot of creative minds that innovate and find more efficient ways of doing pretty much everything, that counteracts the failures of government, create new wealth that ultimately brings new taxes to the government, help it survive and allows it to grow even more. The US also has a lot of residual wealth accumulated in the past, investing or not in the US is not a choice to be made between the US and a perfect country but between the US and other very imperfect countries, as you know. Last point, the Bitcoin network is well done in terms of security. Cryptography is maths and not just yet an other software, you can judge by yourself of it's robustness by digging into the tech behind it : it's unlikely it will be cracked soon. The Bitcoin foundation had to intervene many times but the network is automatically self correcting : if there are few transactions, the amount of nodes needed is low. If there are many transactions, all things being equal, the incentive to have a node increase so there will be more nodes and the network get more secure. The network can work with only 2 computers connected to it. Think Jerome Powell said it simply but well : Bitcoin is a very speculative store of value. It has value now like you often points out and it is likely it will have at least 10% of its current value in a month, in a year and even in 10 years so it's coherent to get 1% of your net worth in bitcoins as an insurance in case you need to perform a secure and private transaction. For example, how would you easily and securely send money to help a libertarian politician that would have all its financial assets cut off ? Bitcoin !
@NBK Krypto It's good to challenge its beliefs once in a while. Peter says he wants to discuss, let's give him the benefit of the doubt that he is really interested about learning new arguments, he is obviously very smart economically and like minded with the core believers of Bitcoin. He is offering visibility to Bitcoin among its watchers. When Peter Schiff says the price of Bitcoin is very unstable, it's a good argument, the legal risk of requalification as a security and KYC rules for exchanges are real as well. And most people that bought bitcoins last 3 years probably did to make a fiat profit. Maybe a lot of them are out of the market now but it's a difficult asset to price correctly. To convince someone, you have to discuss with him, he understands that and it is why he discuss and open a conversation. Let's do the same. Peter is obviously not very bullish or tech or new business models nor is he on Bitcoin but he listens and is genuine. For example, he defends Libra and see it for what it is : an incredible opportunity for fast and efficient internet currency, it would just be so much better if they would use some gold and some bitcoins in their reserve but they are looking for non speculative currencies and assets that can bring them a revenue.
Ugh, not the its a ponzi scheme argument again. Come on Peter that line of thought just makes you look foolish, call it a bubble, call it fomo, explain why you think it's doomed to failure (either internally or through external state level intervention) but don't throw around terms that have a clear and technical definition that do not apply. I listen to you to hear well thought out and well articulated counter-points to my own pro bitcoin bias, not to roll my eyes at blatant falsehoods.
Peter has guts, intelligence, and the gift of gab. Kinda like Lynette Zang at ITE. I hope you two do a podcast together, (if the servers don't implode)lol.
About the topic of Bitcoin being the "first of the invention", from a programmer's perspective, the bare-bones and stripped down structure of Bitcoin improves it's resilience to exploits. It has a smaller attack surface than many other cryptocurrencies that offer cute and quirky features like smart contracts and the like.
Switch to 100% untraceable cryptocurrencies, such as Monero [XMR], to protect your wealth and privacy. Do not invest in cryptocurrencies for capital gains speculation in government fiat currency. Buy cryptocurrencies only for the purpose in anonymously transacting in cryptocurrencies for goods and services. "The real test of an asset is whether you would want it even when its price is never again quoted." -- Warren Buffett
Peter, this is a fine format. You could potentially improve it by allowing people to ask questions in advance and let the bitcoin community upvote those questions. You could do this with a polling website or using "like" counts on twitter where the most liked questions are answered. I also think that allowing people to call in would open the door to people saying obscene things on the air... the crypto space is *full* of people who would do that.
Maybe he likes that kind of coffee as a luxury. My coffee is free at work but if i’m out having a meeting with someone a few bucks is not too much for the pleasure
if Blockchain currency becomes a new type of currency, backed by electricity bill, I believe the value of Crypto will fall off a cliff. Imagine everyone and their grandma owning Crypto currency, energy prices will surge as crypto currency is mined from electricity. Not only that Gold value should rise as Gold is still finite unlike mining Crypto currency.
@@ben5609 I am talking about foreign Governments that are going into Blockchain to mine electricity for money to circumvent the Dollar. What do you think will happen to Bitcoin once Blockchain technologies are used by Governments as currencies, it will devalue BTC but Gold will not devalue, in fact Gold could be peg to these new currencies and bought by Blockchain currencies hence Gold will rise as Gold will always have value regardless of Blockchain taking over the US dollar in International transactions.
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I was disappointed with the show. I paid for my question and you say it asked what the heck is CLP! It’s Chilean pasos. Anyhow I think Peter is correct bitcoin has no value to you Peter. A lambo has no value to me a rare art painting has no value to me. But bitcoin has value to me because I am sick of credit cards not working. On the show when you missed my question I decided to pay again and I could not. I used 5 different credit cards even the one from the states wanted to protect me from paying you.
Do you know, I cant buy plane tickets without without calling the bank every time I can’t make any large or small charges on the internet without showing my underwear is clean first unless I use bitcoin. I spend about 20k on flights for me and my family for vacations there is no fracking way my bank would authorize that. It’s ok I use bitcoin and it’s paid for. No one calls me up and say he WTF are you doing you can’t do that!
I am sick of begging banks for a bank account! I am sick of them telling me what I can spend my money on! I am sick of paying high fees for bad customer service! I am sick of slow, 5 or more day wire transfers!
Game over banks you have lost and don’t know it yet.
I was wondering what the heck happened with your question !
Hey D, yeah i saw that too, in fact he answered wolfepacks question who sent usd 100, and asked what is CLP but did not mention 10,000 (apprx $14.72 usd).... i wouldnt waste my time or money trying to convince him even though i saw you offered a 1 btc reward of who could.... (remember years back, it took us a while to getting use to crypto money...i didnt get in til 40usd and learned it at under 10 when it was used for buying pizza and drugs....
@@donjonbovi3840 Just like Peter I am right people are just stupid looking to sell a useless asset to a greater fool. The fact that people see value in it now is not important they are wrong. Unlike bitcoin, if an oppressive government comes to take my wealth I can have it in my head and they will not know I have it. I am in shock and awe that I can go to USSA (United Socialist States of America) with millions of dollars on me and no one knows. If I get held I can pay a high-end lawyer and the government can stop the payment transfer to my lawyer! FUCKING awesome. If my lawyer does not, believe me, I have put an encrypted message that can be validated by anyone if they know my bitcoin address. If he wants to ensure he gets paid the bitcoin blockchain as escrow built-in! Dude I would have to pay through the nose for that normally! You go on with your painting and Lambo.
The problem isn’t whether bitcoin is valuable to Peter, the problem is that nobody notices a cup of coffee is described as costing $8 and is brushed over lol.
Buy bitcoin or don’t - the merry go round is getting old.
For each and every one of us, you will decide if bitcoin has value for you personally.
For many it is a way to sidestep a perceived overbearing and over reaching power structure. For others it is pure speculation on rising prices. Others see no value.
Who cares?
I think over time more people will feel the same way. I hear many traders quote ‘the trend is your friend’ well for me, the deeper trend really isn’t your friend at all.
A tip for you Peter - next time you do this format, get organised and have a dummy run.
Not knowing how to use the chat is something you really should look into first.
"How much could a banana cost? $10?"
Kinetic Symphony $20 with the import tarrif costs
im 15 minutes in and Peter is still having a convo with himself....
Jason Bouchard 😂👍
This was awesome Peter. Loved the format. To make it easier to identify good questions you could take some in advance too. Do it again please!! 👏 👏
next Q&A could be about what will happen during the next crisis especially, the timing, how/when use gold (or cryptos) to buy real estate during the crisis. Basically what are the signs to watch that tell us to buy or sell. thanks
You can't use crypto to buy property. Ask a real estate agent if you can transfer your Bitcoin to buy a house. You can't
Buying and selling is tricky. From a non professional point of my view, I would sell Bitcoin now. The chances of making it to $20k again are improbably
Bitcoin(& altcoins) is another trap to bait metals investors and others to wipe them out with manipulation waves via whales, usually targeting pumpers(some shills) with large groups of followers. Gold & especially silver price has been manipulated too, but I do believe they will be freed up to a certain level or price the US treasury need them to be in order to back a new currency. But some level of confiscation will be almost guaranteed threat for Americans, so not bad idea to hold a percentage of your wealth position in silver and gold backed tokens called stable coins. Even Jewelry businesses would be placed on a limit of how much they can possess.
@@ryanarchuleta3754 can't you sell your cryptos then buy estate?
@@unperrier5998 yes but that's not technically buying real estate with Bitcoin. That's buying dollars with Bitcoin then buying real estate with dollars
You need to change your name to Peter stiff. Over three hours, unreal stamina.
Thats why we trust him, he is a workaholic and knows his shit from experience.
History was made tonight. Years from now this video will be popular calling out the Bitcoin ponzi scheme before it crashed. Back in the early 2000s people warned of Bernie Madoff too for YEARS before his Ponzi scheme collapsed.
@@peaceandfreedomeconomics8984 do you know what a ponzi scheme is?
@@FreedomLovin He's not wrong, bitcoin does have all the elements of a ponzy scheme. Buy something digital, invisible asset, pump it to as many people as possible, and hope the price goes up high enough for you to cash out in time. Does that sound familiar?
2:09:06 "Someone's saying I caused Bitcoin's price to go down by $200."
He should have capitalized on this as a detriment to Bitcoin if his comments can cause such a drop in price.
Although I dont agree with your approach on cryptocurrencies, the fact that you told us your son didnt like the format, subbed. You speak from what you believe I respect that
I think he meant format as in how peter is setting up this debate.
Its a 3 hour live debate and peter wasnt reading most comments. Thats probably the bad format his son didnt like
@@Standinthegap0 we don't lose the "smart ones" to the keynesians. The keynesians are all automatons
@@Standinthegap0
Not an argument.
Great video. I've done my own due diligence for going on 11 years now in my own financial/economic/monetary policy/history. I can honestly say that I agree on about 99% of what Peter says and I've come to this conclusion based on my own study.
Same
1:19:00 people spend tons of time and energy on nothing all the time.
BTC helps streamline that process.
That was painful to hear. In a recent debate with Saifedean Ammous, the author of the Bitcoin Standard, destroyed every single argument against Bitcoin from Peter. He’s been explained extensively the case for Bitcoin and he just don’t get it. It’s almost like he doesn’t want to understand.
Five points destroy every argument you make against BTC:
A) All alt-coins dilute eachother's value because they all share the same properties. Bitcoin is the only cryptocurrency with fundamentally unique properties. This is why its value is independent of the creation of alt-coins. If you believe Litecoin dilutes Bitcoin then you also believe tungsten dilutes gold.
B) Bitcoin is being used to solve real problems in the real world right now. Today. This second. Its use-cases are not speculative.
1) Paying people who cannot access the banking system / getting paid without access to banking
2) Making censored payments
3) Concealing wealth from authority
4) Avoiding theft i.e. taxation
5) Hedging against government stupidity
These are NON-SPECULATIVE use-cases of Bitcoin that are being used today.
C) Bitcoin will ALWAYS have liquidity (even if it's just from speculators/traders) - if Bitcoin has Liquidity, it will always have demand due to its unique properties (censorship resistance/unconfiscatability)
D) Bitcoin is as anonymous as you want it to be
E) Third parties can scale Bitcoin to infinite limits via second-layer technology
There's only two ways I can pay my web developer...
Figure out a way to ship him a cow
Hit the send button on my bitcoin wallet
If you had an interest in learning about the fundamentals of the tech that makes Bitcoin possible these things would make sense to you
btw 4k live viewers for 3 hours on your key target audience while getting paid to do it... kudos!
Bitcoin is evil and promotes greed, fear, and anxiety. Tell me.youndontnhave a heart attack when the Bitcoin price plunges -8% in a day?? 🤷♂️
Please do some research on Bernie Madoff. Bitcoin is the millennial generations Bernie Madoff !!
"Silver will be gold on steroids" Jim Sinclair
Jim Roger's.: Silver is gold crazy cousin .
Blah blah blah Bitcoin is growing in interest far faster than gold or silver and it’s also storing wealth. Gold is Old school. Youth doesn’t care about gold. Bitcoin and other digital currencies are THE FUTURE. Nice that you keep shilling gold and keep sucking off of bitcoin like a flea. Peter Schiff “The Bitcoin Flea”.
Peter, will you put up the audio version of this as a podcast?
Bitcoin rules and earth is flat.
Sir everything sounds good you make a good case but what I would love to see and it would answer any and all questions once and for ALL we should arrange for ANDREAS M ANTONOPOULOS AND CHARLES HOSKINSON Those two gentlemen have been in this vase almost ever since the very beginning!! I myself would be willing to bet anyone anything they wanted to bet anything that people like myself people like yourself would get the answers they are wanting it would definitely definitely clear up any any unanswered questions bottom line
This, except a one on and Andreas and Peter
Why waste Andreas's time on Peter!?
Great vlog, totally agree with above main point about having main players have a debate including Peter on Crypto, tokenized utility, gold . Jimmy Song would be another good guest. There’s a lot of people’s time, world’s real energy and people’s hard earned money being wasted, manipulates and burned. It would also be great to see a common honest TH-camr who researches his material and has great insight into above topic “To The Lifeboats”. Sam posted a video primer making some intelligent points about crypto currencies.
Maybe Kevin Murcko also CEO of CoinMetro exchange in Estonia who very much regulation compliant with good knowledge in financial sector.
Saifedean Ammous, The author of the Bitcoin Standard, mopped the floor with Peter not long ago in a debate. Easy to find on TH-cam.
Peter is sounding more like a broken record. My silver stash was gone..when NWTM went bankrupt. You can be robbed unless you hold it. The same with BTC..you hold the keys. Try and bring a few ozs of gold on a flight....I'd rather bring bitcoin. Think outside your box..Peter.
The only thing that surprised me was the $8 cup of coffee.
M B: you haven’t been to Starbucks and such lately?
Which cup of coffee is $8 at Starbucks? Maybe there is a regional difference between major city centers and the rest of the world.
@@themanifester1807 starbucks cappuccino here is maybe 4$. 8$? damn I don't want to live there. Coffee is maybe 2-3$ here
Listen Andreas Antonopulus first.
Even Mr Antonopoulos is beginning to see crypto is just the next tool from our Masters to enslave us. Listen to his talk on the face book crypto Libra.
@@charlestaylor7890 🤦♂️of course.
@@islandbee Yes I'm a retard for not falling for a ponzi scheme. Lol 🤣
@@islandbee I don't fall for Ponzi schemes. So no, I'm not retarded.
Forget about the price guys! The important is the Bitcoin itself, the philosophy, the technology, the ideology, the updating process and the revolution behind. If you understand that you can see that this a New Global Revolution.
So you spend 3 hours using one digital network to tell us how another more secure digital network has no value? Whats the big deal about bitcoin? Why do you care soo much? I hold both btc and gold. Why is this concept so difficult for you? Not your keys not your btc. Not your gold not your gold. Trust no one.
You want a bitcoin challenge? Transfer 1 million across borders using bitcoin then transfer 1 million across borders using 'gold money' and compare the cost to transfer that value.
Good challenge
If I had a 1933 double eagle gold coin I would except that challenge. The last one sold private sale was over 7 million.
So what’s your argument again? Lol
I do agree though, if you want bitcoin great if you want salt and pepper great, whatever the individual wants and feels confident and comfortable having then let them do whatever they want. ✌🏻
No one knows what BTC is gonna be worth in 10 years, 100 years or 1000 years. The blockchain is useful, but another crypto could replace BTC. A gold backed crypto would be ideal. Gold will always be valuable, BTC will always be a speculative token, even if you can transfer it easily.
Hi Peter, I think everyone should own some gold and also some bitcoins. There are strong arguments un favour of bitcoin being a store of value: it is a highly decentralized Network, the biggest in the world, the biggest hashrate which makes it extremely secure. The funds are safe if you take care. It has some advantages over gold. It is divisible in millons of units called satoshis which allows you to send small amounts cheaper than doing it gold. In fact, it is not possible in gold. I paid a cinema ticket in Brasil using btc. It worked pretty good.
70% gold. 30% bitcoin. That’s all I own.
When price is going down, people will not start to rejecting a bitcoin, they will just want more because lost some % of value. But the market will always have a price for 1 BTC. U dont accept just if u are dumb and are rejecting money.
#CryptoTulips
What a disappointment. Why did you not accept the invitation from one of the cryptocurrency gurus such as Andreas Antonopoulos in a 1-on-1 real skype discussion? This is too easy to get away with, buddy.
That was fun. I think you should definitely do it again. Like I suspected, nobody gave a compelling argument for BTC
@NBK Krypto I do think he should set up a phone though and do call ins
@NBK Krypto he already covered the "peter is old and doesnt understand technology" argument. Crypto might find something that works in the future, it just isnt bitcoin. And even if it does find a good cryptocurrency, government is so good at ruining things. It's all a sham
@NBK Krypto So you babble on attacking someone asking for a compelling argument, and then don't give an compelling argument. Are you brain dead?
Peter, let’s start a new trend by giving crypto’s a new name that is more close to their true nature. How about crypto tulips? CrypTulips :-)
I want to see you in a debate with Andreas
Bitcoin and Cryptos is Digital Fiat. Period. They're Should be no arguments.
2:37:30 "If someone steals your Libra, you can get it back."
Unless someone steals your Libra under the pretense of them getting it back. Bitcoin has none of that nonsense: you are in control of who you send it to, and you bear the full cost of any errors.
Now I see connection Digital ID Bitcoin and FedNow. I have to suspect all Bitcoin transaction will be monitored!
Thanks so much Peter ! This is great that you really help educate and enjoy your post and videos
A vault full of 🥇or a phone full of 101011100100
Hmmmmm 🤔😂🤣😂🤣🤦🏻♂️
20:20 *When grampa trys to use the Internet for the 1st time* 😬
This is coming from the "I know more about the Bitcoin technology than the holders of Bitcoin" geezer.
@@islandbee I give gold a 8/10 I give bitcoin a 9/10
@@J_Bravo - I give this live YT feed a 3/10. Deductions for not delivering the entire purpose of it. And gave 3 for the amount hours spent rambling on to hear himself say the same arguments he's been saying. While, not addressing peoples' valid arguments/comments about Bitcoin. I don't give a shit about his polo shirt or tan.
@@islandbee hahaha I was looking forward to it too....:/
Try carrying a million dolar worth of gold around the world while traveling
As the first cryptocurrency, bitcoin will ALWAYS have a novelty value, which I would project to be between $20-$200 per bitcoin. What sort of speculative value it will have over time is anyones guess, but Peter's point about how bitcoin is just digital fiat, is absolutely correct. It has no inherent value.
Still at 20 k three years later
@@jrbailey8935 yeah, there are still speculators who haven't given up yet. That doesn't change the fundamental fiat nature of bitcoin. The USD will also fail as a fiat currency, but nobody can guess exactly when the collapse will come.
@@OmegaTou its inherit value is automated trust at the cost of electricity. You not understanding the value of automated trust doesnt mean others dont. If you perfer to let central banks counterfeit money and steal from you… you do you, but I prefer BTC (electricity) Over tungsten and paper when storing my wealth.
Invest in unique "rock coin" each of the little stones in my drive way are limited and physical!!! I charge you only $5 per rock .. Invest today for this rare opportunity!!!.. Own some unique pieces of history!!!
this is now 2022, bitcoin has crashed along with every other coin....
If not for human beings, gold/land/food/minerals, etc,. do not have any value. It is the people who attribute value to things. So all value is subjective. There is no such thing as intrinsic value.
Finally somebody telling the truth!!
Virupaksha Swamy If is tangible it has intrinsic value, like gold that is use for electronics, cell phones and in computers to mine bitcoin. What can you do with a bitcoin? Only trade it to a bigger fool that is willing to pay it
James64 Gemy first bitcoin is not a store of value because it has nothing to store, I understand the technology behind bitcoin and I think that blockchain as a technology will succeed but what is the difference between the other Cryptos and Bitcoin NOTHING.
Pedro Andre a medium of exchange has value. Currency is a tool. Currency without weight, and that doesn't require the ability to physically secure it out of every single user, has value if people use it, and advantages over currencies that weigh a lot, and that can be stolen crossing borders, for example.
Value is subjective. In a free market, absent of coercion, each party in a transaction gets more than they give up (or "win/win"), otherwise they wouldn't do it.
As long as there is one other person who values Bitcoin out there, it is a useful medium of exchange,
You may value gold, or .45 acp, or water filters, or hammers, more than Bitcoin... And those are all great assets,and I suspect barter inventory, too.. However, the moment you need something else more than what you have, you will give it up for what you need.... And if those who have what you need don't value what you have, but only accept Bitcoin, Bitcoin (or whatever medium of exchange) will suddenly have relatively greater value to you.
A hammer can be your tool, and barter inventory, at the same time... But if you have 5,000 hammers, the use of them to you isn't really that relevant. Certainly you can use one. You could use two. You might even use a dozen. Then you might even call the next dozen backup in case you lose, destroy, or have stolen, any of the ones you were using.. But at some point, you will never use the next hammer. If you lived 500 years, you probably would never use a 20th hammer. At some point another hammer is just a big, heavy, hard, clunky, bit of currency.
I'd rather have savings in hammers than fiat currency, because I can't imagine hammers ever being worthless, and I know that all fiat currency is eventually worth very nearly zero.
However, if I have to leave quickly and take my savings, having tonnage to move and secure sure isn't optimal. If I lose my hands, I'd sure wish I invested in boots rather than hand tools. If I needed to cross a border, either of my own property, or nation with official highwaymen looking for their take, I'd sure wish I had digital assets.
Gold & Bitcoin are fantastic mediums of exchange. Of course, once at least minimum reqs for guns and ammo are covered,
No asset does you any good if you can't keep it.
Aren't tools great?
James64 Gemy did not answer what is the difference between bitcoin a other cryptos because they are all the same bitcoin is not blockchain, don’t confuse oranges with bottles. Block chain is the technology not bitcoin educate yourself
I hope Peter apologises and recognises BTC as the best money ever created once it's used to buy anything you want . He's completely missing the point and banging on that the only reason for bitcoin is to buy sell and speculate on it. It's DEFLATIONARY . IT IS FINITE 21MILLION. IT IS PERMISSONLESS . it will take time but bitcoin is not going away .
@RC RC Would not a crypto currency backed by gold involve third party risk for whoever holds the gold? Bitcoin has no third party risk.
Peter you knocked out Bitcoin 10% since yesterday. If you keep doing this couple more times Bitcoin will go under 1000 :))
cbbb gbbb not true. There are TAs that have been saying the bearish target for btc is 8.5k since last week
People telling you wrong on bitcoin but they can’t tell you how
*this live stream caused bitcoin to drop 1000+ today*
James dudebud: I bet the “big whales” have been listening to it too. 😂
You already accept Bitcoin on your gold site....
Superchats start at around 38m45sec
@ Peter Schiff : I'm very disappointed in you Peter! Your sexist comment at the end was unnecessary, and disrespectful. You always were always like a gentleman until your comment, so that was a shock to me. So glad you revealed your true colors though as I don't do business with sexist. I'll keep going to Mike Maloney instead.
time stamp please
Also Peter, use LED lights as they do not generate any forward heat.
Thank you Peter. You and George gammon are a godsend
Three hours of Peter Schiff picking out comments, dismissing facts then stating his own ignorant "opinion" without rebuttal... I couldn't think of anything more pointless.
I've got 2h only, where did you get that extra 3rd hour?
What did you think he was going to do?
@@charlestaylor7890 No idea, and didnt care what he was going to do. Whats ur point?
what the hell is it with the US and the requirement to id yourself with a signed utility bill? that’s so incredibly ancient. almost all countries in europe have electronic ways of identifying yourself.
and the professions that are allowed to sign the bills... i never got a goldmoney holding account because i couldn’t find a dentist to sign my electricity bill
This wasn’t a debate !!! Answering few questions and talking like 3 hours !!!!
Sorry Peter you remind me of the time when taxi drivers were complaining about uber and telling everyone that uber never works ...you sounded desperate and just trying so hard to not to lose to bitcoin.
I think bitcoin and gold both are a store of value. One for older generation and the other one for new generation.
And eventually bitcoin will win this game . 💪
"I understand technology" ........
"how to make the scrolling stop .. wheres the scroll bar ? " LMAO
I like cold water too, Pete. One of life's truest treasures. And nice watches.
One thing that comes out of this is that no ones knows exactly what is going to happen . My tip . Buy some Gold and buy some bitcoin .
OK am 40min in and Peter knows about gold and economics, but he has not understood crypto's just yet. Go and research it fully. Same goes to those commenting, it is clear they have also not fully grasped what cryptos are or do.
And with your comments, equates to your lack of knowledge on economics.
@@mooredann69 Am well aware of how economics works. To a point. Clearly I did not go and study it in collage. But I am willing to learn and have been for the past two years. I am just perplexed by what some people understand as value. Would you care to explain value to me. But more so people wanting to talk trash about a subject they clearly do not comprehend either and dare I say is also very obvious by their comments. Nobody says bitcoin will for sure be around tomorrow. But it is extremely likely when you wake up tomorrow it will be. Same for next year.
@@workwithnature the argument of vaule is debated between economist. You might as well went into a bar with a Muslim a Jew and a buddist and asked. What is God? The fact this is undecided and fought over, brings vaule to all the points of each. The markets are our God, the vast knowledge that is driving price discovery is the only thing that matters. The only problem is, government/banks has killed price discovery. This is the only way BTC has gotten to this point.
@@mooredann69 True trying to define anything in this universe is difficult when it is based on our limited human logic. Certainly trying to take a bitcoin with me when I die probably wont work. But to me value is what someone is willing to pay for an asset, even if governments and their central banks have blown up so many bubbles, that it has distorted the intrinsic value many of these assets would have had under normal circumstances. Things may change soon if all the asset bubbles burst. But for now and I know this sounds obvious, bitcoins value is what it is right now. So to say bitcoin has no value is wrong, because people say it has value. Gold only has the same value to us because it costs a certain amount to mine and people have used it in the past as a store of value. It also as Peter mentions can be used in industry, but so can a lot of other metals that are way cheaper. Bitcoin is a store of value because it was designed to be mined and designed to be deflationary. It is also devisable like gold. It was designed to be hack proof, unless someone has a quantum computer that works lying around the place. Gold and crypto people should work together to take down those who wish to keep us all poor.
To test your knowledge of crypto’s, here’s a quick question. True or false, Bitcoin cannot under any circumstances have 25 million coins. Is this statement true or false?
I've read almost all the criticisms of Peters cogent points in this comments section.
Summary:
(1) Peter's never done Google Hangouts before and doesn't know how to scroll. Therefore, he doesn't understand technology and is obviously clueless about the value of bitcoin.
(2) I dare Peter to debate our bitcoin champion Andreas Antanopopolopulous the Giant. Peter will get CRUSHED!
Pathetic.
search for my comments if you would like to read some actual counter points. Though I admit I did make fun of him for not knowing basic chat functions as well.
Just checking in to let you know Bitcoin is at ~$62,000 USD.
GREAT JOB PETER SCHIFF,,,, CONTINUE YOUR WORK ,,,,,
The real value is neither gold or bitcoin. You must eliminate two of your largest expenses in your life, house and car.
Mr Schiff,
One suggestion: when you talk with people about cash, gold, cryptocurrencies and so on, just ask them this and I think that you will prove your point:
if you would have a time machine and you are able to use it to travel 100 years into the future, what would you take with you:
one million dollars in cash
one million dollars in Bitcoin
one million dollars in gold?
A false proposition. I would take 1/3 cash, 1/3 Bitcoin, 1/3 gold.
Spoken like a true hedge fund analyst
Stephen Taylor sorry, you’d be a fool to take cash and bitcoin. If the American dollar is even still being used in 100 years, it would be devalued tremendously by then. Your bitcoin better be on a paper wallet, but even then, don’t you think there’d be many technological revolutions by then that would one way or another make bitcoin obsolete? Or that there’d be other risks that bitcoin would fail? A lot can happen in 100 years. The only problem with the original question is people aren’t planning for 100 years from now. Schiiff is wrong short term, but right long term.
You are assuming Bitcoin is around that long as well as cash.
Using a time machine to travel into the future just proves you, sir, are an idiot. All the fun would be had going back in time. Obviously. ;)
Peter also thinks bitcoin is based on trust. Bitcoin was designed from the ground up to be a trustless system. The only thing you have to trust in bitcoin is every actor will and does act in their own self-interest. Take some time and read a little deeper into the incentive structure of the network.
It's hard to argue with common sense. Good job, Peter!
@1:18:00 Peter talks about the cost of gold vs. bitcoin the energy it takes... He says how bitcoin costs money to run the network and to mine whereas gold is free once it has been mined.
*WRONG!* Transfer $1 million dollars in GOLD to the other side of the planet, will cost lots of money(comparable to the cost of the network). To store a bitcoin, can be done on a piece of paper, the network is only needed to verify and to transfer. Again to further clarify; sending gold bricks across the ocean will costs thousands of dollars in oil while sending millions worth in bitcoin might cost only $1.
this didnt age well
1:41 yes you do.... 🤦♂️
X R P !!!!!!!!!!!!!!!!!!!!
Hi Peter, you certainly do require one educator to give you a FULL understanding. His name: ANDREAS ANTONOPOULOS. Then we'll possibly witness a shift in you Mr Schiff! (all due respect) It's a new crypto world.
He won't shift, because it's a scam, also he repeats same arguments over and over and bitcoin shills never listen, it's like Jordan Peterson debating Slavoj Zizek, each of them talks about something else and you can't make any conclusions. Every bitcoin debate is like that you give them arguments, they keep talking about something else. It's pointless.
your not wrong
lol
Every single mutual fund offered by Europac is lower than its ipo price, save one...it's up 0.28% its starting price. You're up a quarter percent in 9 years. Congrats.
@Trivdgun "it's [its] starting price." It's = it is.
@@Lawliet734 Forgive me, you're correct on all accounts. As expected from a world renowned detective.
1:13:48 The funny thing is that you are ignoring the younger generation's view on money, like you're saying they are ignoring the older generation. And have you learned from your mistake yet - not buying bitcoin? So closed minded and stubborn it's hilarious :)
Sure not buying Bitcoin when I first learned about it was a mistake. But buying it now would be an even bigger mistake. Two wrongs don't make a right. The big mistake most Bitcoin owners are making now is not selling. The price of Bitcoin is already down over 12% since i started this live stream less than 24 hours ago.
@@peterschiff People make mistakes, it’s fine. We can’t change the past, so let’s be productive about the future. What about dca into a 0.5% portfolio position, just as a hedge if one’s wrong? For the first time in history all the world’s population can participate in the price discovery of a new monetary invention. How does one put a price tag on the money of the internet anyway?
(Especially when the biggest use case is saving people’s lives every day in countries like Venezuela)
Peter if Blockchain currency becomes a new type of currency, backed by electricity bill, I believe the value of Crypto will fall off a cliff. Imagine everyone and their grandma owning Crypto currency, energy prices will surge as crypto currency is mined from electricity. Not only that Gold value should rise as Gold is still finite unlike mining Crypto currency.
A permanent database for the world. Very useful. Cant do that with metals.
Crowquills Crowquillz - he’s referring to the immutable ledgers for crypto’s
Go store the rare Beatles recordings for the future generations using Bitcoins, then.
Bitcoin is far from a "database for the world" it's a ledger of transactions of... bitcoin.
And a large EMP will destroy all computers and hard disks in the world, putting down all cryptos but gold isn't susceptible to that. If you think it's a stupid argument: well the sun constantly sends us such waves with varying intensity and is bound to release such large electromagnetic wave any time, like the one that destroyed the telegraph network in the early times.
I own BTC and I mined Zcash just after it was created. I try an use those cryptos and to be honest I don't see an interest apart from making money. Speculation is the only use for those.
It's the case for most cryptos, some have a very specific application to count things (a ledger of XXX things), and there's ethereum which as some good potential with the spart contracts, but which isn't used.. so it tells me it's nice but difficult to either use or convince people to use it.
Peter Schiff trying to figure out the chat is hilarious!!!! I'm laughing my ass off... Love Peter Schiff!!
You put forward a great argument & many great points...very good. Liked your debate with Erik Voorhees months back. Great show :)
Next time you go Live, bring Spence to help. He can be your Techie, show you in a jiff what a Scroll bar is, teach you how Superchats work, and chase the dog away. :D
This. He's a smart cookie and would be a great help to his dad
Love the 2:00:00 analogy of the bully
Funny how Bitcoin price is dropping after Peters livestream. Looks like some people took his advice and took their gains off the table.
Gains? Hahahaha thinking everyone gains here is the stupidity of this entire thing.
Just wait for 30 more days!! U will know how many people took his advice seriously
@@mooredann69 at this point in time, there is only 2 months in Bitcoin's 10 years where if you bought it, you would be down on value right now. Any other time of purchase in the life span of Bitcoin you would be net positive on your investment. The majority of people who buy Bitcoin gain value, not lose.
@@Silarous yet those 2 months, is where most people bought in, which is why the price was high?
@@mooredann69 price being high does not necessarily mean that the most people bought in at that time. It means that the supply available on exchanges at the time could not keep up with the demand. Majority of Bitcoin holders are net positive on their purchase as long as it was bought for a long term hold. Never buy any asset at all time highs without caution.
I might not agree with everything you say, but this is real stuff. This is great for regular people who cannot afford other forms of investing advice.
I am given some hope when I see that a couple hundred thousand people on the planet appreciate sober prudent earnest discussion.
Then I look at twitter
Anybody notice the IP address wherever you are is tracked with ADs in the video window
You made very good points against Bitcoin, the price is extremely unstable and most people use it to trade or profit from a fiat currency nominal appreciation but it would be interesting that you also make more positive arguments for Bitcoin to show you understand the value it can have. Bitcoin has 2 huge values :
-The fact you can digitally hide money just by being careful about how you get your bitcoins and transfer them. For example, you can use a mixer or buy new coins from a miner.
-The value in your bitcoins can never be seized nor have third party risk if you save it yourself, not on a digital wallet or an exchange.
Yes your bitcoins can lose 90% of their value but this value you have is hidden, yours for ever and can appreciate in value as well. You know funds in most banks or safes can be seized or freezed by a government for or an institution for many reasons : financial, political or just to transfer the value to someone else : your associate, your debtor, your ex-wife.
There are huge legal and fiscal risks in Bitcoin but the probability that the worst will materialize within 15 years is far less than 100% so it does not eliminate all the value. We shall fight for the freedom to be able to own bitcoins, not surrender to some that want to outlaw it.
Understand that betting on something that has 1% 10% 20% or maybe 50% of losing 95% of its value is not for everyone but in a few sectors, particularly in the tech sector, the data and the experience of many VCs have shown you can do it profitably.
Have you ever invest in tech ? Facebook and Amazon may have looked overvalued by traditional investors like you but they have showed they can bring in tens of billions in profit every year and many many others companies have shown that with a lot of capital they can build brands that take huge shares of a market in a matter of a few years.
The central banks have been creating a lot of inflation to prop up bubbles and that put a lot of upward pressure of prices but the innovation and creativity of tech companies put a lot of downward pressure of some prices like the price of getting information, some services, hardware, travel or move around a city. The US are not only a huge government and always higher taxes and debt, it's also a lot of creative minds that innovate and find more efficient ways of doing pretty much everything, that counteracts the failures of government, create new wealth that ultimately brings new taxes to the government, help it survive and allows it to grow even more. The US also has a lot of residual wealth accumulated in the past, investing or not in the US is not a choice to be made between the US and a perfect country but between the US and other very imperfect countries, as you know.
Last point, the Bitcoin network is well done in terms of security. Cryptography is maths and not just yet an other software, you can judge by yourself of it's robustness by digging into the tech behind it : it's unlikely it will be cracked soon.
The Bitcoin foundation had to intervene many times but the network is automatically self correcting : if there are few transactions, the amount of nodes needed is low. If there are many transactions, all things being equal, the incentive to have a node increase so there will be more nodes and the network get more secure. The network can work with only 2 computers connected to it.
Think Jerome Powell said it simply but well : Bitcoin is a very speculative store of value. It has value now like you often points out and it is likely it will have at least 10% of its current value in a month, in a year and even in 10 years so it's coherent to get 1% of your net worth in bitcoins as an insurance in case you need to perform a secure and private transaction. For example, how would you easily and securely send money to help a libertarian politician that would have all its financial assets cut off ? Bitcoin !
@NBK Krypto It's good to challenge its beliefs once in a while. Peter says he wants to discuss, let's give him the benefit of the doubt that he is really interested about learning new arguments, he is obviously very smart economically and like minded with the core believers of Bitcoin. He is offering visibility to Bitcoin among its watchers.
When Peter Schiff says the price of Bitcoin is very unstable, it's a good argument, the legal risk of requalification as a security and KYC rules for exchanges are real as well. And most people that bought bitcoins last 3 years probably did to make a fiat profit. Maybe a lot of them are out of the market now but it's a difficult asset to price correctly.
To convince someone, you have to discuss with him, he understands that and it is why he discuss and open a conversation. Let's do the same.
Peter is obviously not very bullish or tech or new business models nor is he on Bitcoin but he listens and is genuine. For example, he defends Libra and see it for what it is : an incredible opportunity for fast and efficient internet currency, it would just be so much better if they would use some gold and some bitcoins in their reserve but they are looking for non speculative currencies and assets that can bring them a revenue.
Ugh, not the its a ponzi scheme argument again. Come on Peter that line of thought just makes you look foolish, call it a bubble, call it fomo, explain why you think it's doomed to failure (either internally or through external state level intervention) but don't throw around terms that have a clear and technical definition that do not apply. I listen to you to hear well thought out and well articulated counter-points to my own pro bitcoin bias, not to roll my eyes at blatant falsehoods.
Peter has guts, intelligence, and the gift of gab. Kinda like Lynette Zang at ITE. I hope you two do a podcast together, (if the servers don't implode)lol.
Lynette is at ITM Trading
What make of socks are they and do they have holes them?
You look brown, and a little red, but very healthy. Congratulations. Bitcoin-owners will look green some day.
Do not like FB , but agree on Libra.
About the topic of Bitcoin being the "first of the invention", from a programmer's perspective, the bare-bones and stripped down structure of Bitcoin improves it's resilience to exploits. It has a smaller attack surface than many other cryptocurrencies that offer cute and quirky features like smart contracts and the like.
Peter thanks for always sharing your perspective big fan here in Puerto Rico. I will like to see you debating with Andreas Antonopoulos ✌️
We need a crypto called MLP for "multi-level ponzi"
All currencies are ponzis
The government...with The Federal Reserve, is THE BIGGEST Ponzi scheme ever.
Switch to 100% untraceable cryptocurrencies, such as Monero [XMR], to protect your wealth and privacy.
Do not invest in cryptocurrencies for capital gains speculation in government fiat currency.
Buy cryptocurrencies only for the purpose in anonymously transacting in cryptocurrencies for goods and services.
"The real test of an asset is whether you would want it even when its price is never again quoted." -- Warren Buffett
LOVE THIS ENTIRE LIVE VIDEO!
You are very wise Peter, and I'm very happy that you share your knowledge with us, younger people. THANKS A LOT!
Andres Vernazza: I felt the same way, exactly! Every time I hear him speak, I feel greatful!
Peter himself just tanked the Bitcoin price $200. HOLY SHIT is Bitcoin that unstable?? 🤣
$200 is nothing to Bitcoin lmao. That's like a $0.01 move in Silver or a $1 move in Gold...
@@backthen911 So at what point do you sell and cash out?
@@peaceandfreedomeconomics8984 Might potentially cash out a tiny bit, but I'm holding for the long-term.
This format was great Peter, do more in the future!!
Gold is manipulated. Its value and price are centralized.
Sayonara Punk lolwhat
@@juius-b look into naked short selling and other shady practices
Peter, I could listen to you forever. Rational and hysterical ... just in your delivery, of course!
So the Btc price did hit $60,000+ and now dropped back to $20,000…. So what’s your thoughts now…. Are we going back to Zero or $100,000+ next…??
Every time he finished a fiery statement, I expected to hear: Dun Dun - Dun Dun Dun - Dun Dun Dun Dun Dun Dun Dun....... (podcast outro music get it?)
Peter, this is a fine format. You could potentially improve it by allowing people to ask questions in advance and let the bitcoin community upvote those questions. You could do this with a polling website or using "like" counts on twitter where the most liked questions are answered. I also think that allowing people to call in would open the door to people saying obscene things on the air... the crypto space is *full* of people who would do that.
Peter, I can save you money. Great coffee is available for less than $5. How many cups are you buying a year? 400? 500?
Maybe he likes that kind of coffee as a luxury. My coffee is free at work but if i’m out having a meeting with someone a few bucks is not too much for the pleasure
You should debate John McAfee
Blockchain and Cryptocurrency welcomes people of all ages, including really old like Peter 😊
if Blockchain currency becomes a new type of currency, backed by electricity bill, I believe the value of Crypto will fall off a cliff. Imagine everyone and their grandma owning Crypto currency, energy prices will surge as crypto currency is mined from electricity. Not only that Gold value should rise as Gold is still finite unlike mining Crypto currency.
@@wackyjackscum408 Ever heard of proof of stake?...
@@ben5609 I am talking about foreign Governments that are going into Blockchain to mine electricity for money to circumvent the Dollar. What do you think will happen to Bitcoin once Blockchain technologies are used by Governments as currencies, it will devalue BTC but Gold will not devalue, in fact Gold could be peg to these new currencies and bought by Blockchain currencies hence Gold will rise as Gold will always have value regardless of Blockchain taking over the US dollar in International transactions.
1:59:00 Lenin's dream