🔴 Gold vs Bitcoin Debate: Peter Schiff vs Anthony Pompliano
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- เผยแพร่เมื่อ 31 ก.ค. 2019
- Peter Schiff on CNBC Africa 7/31/19
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I've been listening to Peter for too long I could have done this debate my self
Me too, all day long Peter is like: ₿itcoin, ₿itcoin, ₿itcoin, ₿itcoin, ₿itcoin, ₿itcoin, ₿itcoin, ₿itcoin, ₿itcoin, ₿itcoin.
@3 Subscribers Without Any Videos!!!!! Bitcoin is money
Yep
That how you get brainwashed right?
@3 Subscribers Without Any Videos!!!!! Gold and silver are money because you can not print them. Cryptos are money because you can not print them. God did any of you learn anything in school. Think for yourself before you make any automatic comments.
I guess CNBC Africa is about 10,000 times better than CNBS USA, who knew?
Chris Mares no they’re shills like normal US media.
Google CNBC bitcoin indicator.
I guess gold is going 2 the roof...
Chris Mares huh?
So true ! Good one
They are not yet rotten by the advertisers' advices..
Congrats to all parties involved on a respectful and coherent discussion, very refreshing.
my balls are refreshing
Pomp didn’t do as great a job in this debate as possible, as he‘s not a Bitcoin Maximalist (avoid all altcoin shitcoins). He’s kind of a normie.
For example: 1) Bitcoin already has layer 2s developed, like Lightning and Liquid, which make spending easier. And this is only the beginning. 2) Vast majority of gold demand (90%) comes from store of value speculation, only 10% or less is from “using” it. 3) Gold is used as store of value as reserve asset by central banks and individuals- Bitcoin is used same way by individuals, but not by central banks ONLY because it is very early in Bitcoin’s history. There’s no reason it won’t happen later. 4) Bitcoin is unique because it doesn’t need a trusted third party (TTP) to use it on the Internet. TTP is a security hole (see Nick Szabo’s work). Gold requires TTPs for digital use. 5) Requiring a TTP for use means gold is also subject to restrictions by government. It cannot be digitally sent or used in Iran, as mentioned in the debate, if the TTP is subject to sanctions on Iran. But, Bitcoin can be used without permission anywhere, so it actually has more utility. 6) Bitcoin is far more portable than gold, it can be stored on paper and taken across country’s border in emergency. 7) Bitcoin can be verified instantly to be real, but gold needs complicated assaying to verify it is not fake. 8) Gold can not benefit from the Internet’s innovations, while Bitcoin is born digitally on the Internet, and benefits fully from the innovation there. 9) Bitcoin doesn’t depend only on the Internet. It is just data. So it can be used across radio signals, satellites, etc. Bitcoin is already usable from satellite (Blockstream satellite). 10) Bitcoin didn’t simply have one run from 0 to 20,000 and then correct to 3,000. It had multiple run-ups and corrections in its 10 year history. Arguing it’s a bubble is not realistic, when it has 10 years of this history, and so cannot be compared with tulips which had only 1 bubble. 11) Lottery tickets cannot be compared with Bitcoin, as they are not traded on liquid free markets with buyers/sellers and a floating price. 12) Bitcoin is unique vs. other cryptos because of first mover advantage & network effect. This is why BTC is worth $200 billion according to the market, and nothing else even comes close. 13) It is possible in the near or distant future to have asteroid mining that causes gold supply to inflate hugely. It is impossible to ever have Bitcoin supply inflation. Bitcoin max supply is known and can’t change. 14) If Peter thinks he’s right, he should have skin in the game by short-selling Bitcoin on the market, as he lacks accountability with only his words. People who buy Bitcoin put their money where their mouth is, but Peter does not, so there is no cost for him to make bad arguments against Bitcoin. 15) etc. etc. etc.
@@EnderViBrittania half of what you said is either untrue or speculation
@@EnderViBrittania didn't read the other half
@@kelvinb16 Nah, everything I said is true.
Just the fact that you're appearing on media outlets so much more frequently makes me think that were that much closer to a recession LOL
I know right
Black swan fallacy
well that aged well
@BeGood 2Me hes holding it off for sure but his holding it off is going to make it far worse
Lmfaoo
Peter is very good at debating. This was very respectful but had really good thoughts. And despite their strong opinions, they really listened to each other and didn't talk over each other much. Respect to both.
Lol are you serious the guy does nothing but keep interrupting! Facepalm
Not really. His problem is that he rehashes the same point over and over again - without understanding how irrelevant his points are in the face of the technology.
"I think the market peaked in 2017". Entertaining is an understatement.
just butchers his prediction lol
He admitted that it could reach a new all time high. His prediction is that it will ultimately go to 0. It’s not a matter of if, but when.
@@HenryPaulThe3rd lol right any day now it's going to 0 hahaha!
Memo: you do realize that even if it does go to "0" that doesn't mean it just goes away, lololol 😂😂😂 FACEPALM. It's not a stock lololol
Without Gold you can't have computers. Without computers you can't have bitcoin.
Without gold you can’t have jewelries. Without jewelries, you can’t wear gold.
What’s your point?
Pointless 😂😂😂😂
@@bahmak2003, I remember when bitcoin was being traded in World of Warcraft back in 2008/2009. Along with all the other digital coins being created... everyone knew it was a scam. Just as it is still a scam. If you don't understand that than go and buy bitcoin all you want. But don't go crying to people when you've lost it all.
Peter's main argument is that gold has physical inherent value and bitcoin does not. Gold can be used for real things.
I would argue bitcoin also has such a property, an inherent value that is less obvious. Pompliano almost touched on this, when he distinguished bitcoin the cryptocurrency from bitcoin the network. If Peter understood that the bitcoin network is a consensus protocol which can be used for many things (monetary transactions being the first use case, but not the last) maybe he might understand better. I think rather than directly trying to see why the cryptocurrency has value, you need to understand why the bitcoin network has value first.
It's important to understand that the bitcoin network is providing something completely novel: a decentralised consensus algorithm. This has never been possible before. That's where the innovation is. It's like a formula, it's not the code that has been written and used, that's just an implementation of the formula.
Most of the stuff bitcoin does, like payment, is not in and of itself a new obviously.
But when you build a payment system on top of a decentralised consensus algorithm, then you have something that looks like a payment system of sorts, but under the hood it's actually quite different. Is it better? Well, perhaps, but it doesn't need to be better, it only need to work to be valuable. Certainly in some instances it is better. Yes it's "slow", but that doesn't make it less useful for uses that don't need to be instant, (if they can wait an hour, like large transfers of money). If it ever becomes fast enough, it would become useful to more people particularly for instant payments.
I would say as a store of value, it definitely works. The most secure, anti-fragile place to store value that can be easily transported anywhere in the world has got to be worth something.
Yes, there is volatility, but that's only because the market cap is low. If Bitcoin's market cap matched that of gold, it would be about as volatile as gold is. Volatility is not a property of bitcoin, just a result of an easily manipulated low cap market.
If you can admit that there is even one use case in which the bitcoin network is useful (and I'm not saying it has to replace anything, just that it might be useful to some people), then you are saying that the bitcoin protocol has value.
But does Peter realise that for the bitcoin protocol to work, the algorithm requires a cost function. In other words, it has to cost something for everyone to agree that X happened. Otherwise there is no incentive for anyone to participate in making the network decentralised and it would also allow for sock puppet attacks. The algorithm uses game theory by providing rewards to those who make the protocol chug forwards. These rewards are a cost to those who require the use of the protocol, for whatever activity they want. That cost is bitcoin, the cryptocurrency. It's embedded into the protocol's functionality. If you say the protocol has value, then by definition so does the bitcoin cryptocurrency.
The confusion occurs because people only see the bitcoin network used as a way exchanging bitcoin the currency. But in order to send bitcoin, it will cost you bitcoin to do so. Not fiat. Not gold. It can only cost you bitcoin. What you must realise is that if you were to use the network for ANYTHING, eg. voting - it will cost bitcoin. This is why bitcoin has value, because it is required for the activities on the network to take place. It's doubly confusing because the network and the cryptocurrency have the same name.
ambiyou Well said my friend 👨🏽🚀
Arguably the first attempt at a "decentralized consensus algorithm" was Adam Smith's ideas of Free Trade/Free Market. The problem in these ideas is the idea that people/entites are 'rational actors'. This can imply both 'rationality' and 'good faith'... and markets have no shortage of bad actors. (Of course these Enlightenment Liberal ideas are also much of the backbone of AI, neural networks, etc. high tech)
BTC lacks 'use value', it only has 'exchange value'. As such volatility is utterly a 'property' of BTC, as its value is derived from an abstraction. Furthermore, compare the social volatility brought about by High Technology, the internet and all our power usages. For BTC to 'remove' its volatility, you must remove that of humanity and its tech usage...
The physical value of Gold is beyond a human desire for it, or rather its physical inherent (use) value exists outside of humans. As an element Au holds particular and interesting properties, itself and vis-a-vis other elements. The ancients and the alchemists saw this, calling them the Noble and Planetary Metals -- the same tradition carried on by Chemistry and Atomic Physics, with their reverence and irony in continuing the tradition of Noble Metals. It is not that Au just has 'use value', it is unique among the stars. But still it is found amongst the stars: there is not fiat or bitcoin on Mars, but there is Gold (etc.)
That guy Anthony smashes his own arguments often
"When you're moving gold, you're moving something. When you're moving bitcoin, you're moving nothing" 🤣
faith is not nothing though. It isn't physical and it can't be seen but that doesn't mean it amounts to nothing
@@chrisnewtownnsw True, but that's the same argument that the US government uses for the US dollar. The US dollar is trusted by everyone, there's no other reason for it's value but for the trust people have in it.
@@defcon2544 the utility of gold is things like jewellery and computer parts e.t.c, the utility of bitcoin is the impenetrable coding. so both stores of value have their utility here.
@@chrisnewtownnsw well, the miners or hash rate makes it very secure, but it's not absolute. The network has to stay up and grow, and the more it grows, the more secure it is. That's value, but you have the environmentalists today accusing bitcoin of destroying the planet. I say that's not true, and it's the price you pay for a much better currency system. But yeah, you have the tree hugging nut jobs attacking bitcoin, and that's another danger.
@@defcon2544 All true and it's the reason why i went 50% silver, 25% bitcoin and 25% xrp
Forget the debate Just buy gold and bitcoin its a win win situation
@@mitchalx I'd rather buy gold directly to the company I trust instead. You are going to trust the company that stores it anyway so why would you need to have a coin on the blockchain. Unless it is for sharing it, that would make it very convenient to just share the coin rather having to transfer the claim to the gold to the recipient bank/goldStorageFacility. But for now, no business will take your coin anyway, so you'd rather not buy the coin.
@@4CiiD3 I've used OneGold. I bought gold and when the gold: silver ratio climbed I bought silver with my gold and had shipped to me. Fees were low and the whole process was very convenient.
The blockchain is only used as a ledger in this case.
I'd rather walk in a storefront and buy physical gold with cash, but OneGold is a convenient way to buy and trade online.
You can buy however way you like.
mitchalex - That is a trusted third party, and thus a security hole and subject to government restrictions. There is zero need for a blockchain to buy gold.
or just buy the better one and actually win...
Bill Johan - Buying both can actually be logical, since it lets you hedge your bet just in case you’re wrong.
There`s also a reason why the host wanted to put the gold card in his pocket, gold has strong ties to human emotions. My precious!
That was funny
That’s mean easy for a thief to get your gold!😂😂😂
Man, I love Peter Schiff. I’m not saying he demolished Popliano or anything, but he is just always so on point with everything. So clear and concise. If only he could be Treasury Secretary for life.
It’s clear now , bitcoin smashing gold 😂😂😂😂
Peter is the best
Yeah okay. People have lost sooo much money listening to this guy!
Peter stop smashing crypto guys😂😂
Lol bitcoin smashing gold now😂😂😂😂
I’m not a big bitcoin fan but I have to say, I was very impressed by how respectful and calm Anthony was In the debate. Peter is just being Peter.
Have things changed since then?
@@JacobNelson I'm curious as well. My whole thesis after spending most of all last year down the bitcoin rabbit hole, it may be crazy to be all in on bitcoin. It may be just as crazy to not have at least some bitcoin.
@@4Mikes4Mindset4 at this point it's better to have some put aside. I'm not all in but I have a stash.
@@JacobNelson 💯👌
@@JacobNelson I agree. There are some in metals that waste time hating on bitcoin and some in crypto that waste time hating on precious metals. I own physical metals and around 7 crypto that I feel have valuable business use cases. To me, it's like being back in the 90's watching the internet just get started.
This moderator didn’t even need to be there.
Then he's done his job flawlessly
He was great you hater! He had humour, was cheeky when he pretended to keep Peters card in his pocket, animated, and added valuable points about time scales and not involving other crypto currencies in the debate etc.
Schiff definitely made the better arguments. I buy silver, gold, and crypto but Pimpliano really had weak arguments that didn't convince me of anything other than the fact that Bitcoin is a speculative asset that is good for trading. Who knows, maybe in the future Bitcoin will become a globally accepted and used currency.
17:40 - that made me crack up. Peter just finished answering that. haha
But why male models ?
38:00 give the moderator credit for pointing out the tiny window of time this guy is relying on as a sample to extrapolate from
I don't know why Peter even wants to debate bitcoin. What's he trying to prove? What does he care if bitcoin stays or falls of a cliff.
roy west good question
Attention bro.. He wants people to listen to him, he talked so much.
Peter has strong convictions and he has a big ego as well.
24:10 I would have admitted that owning gold entails some level of trust still. Just a lot LESS trust than the other alternatives. Maybe a working bicycle or gin or gins n ammo in my garage entail less trust as a hedge against multiparty defaults and disaster too but would you really put more than 20-30k into those?
Pompliano left this debate & cashed in half of his Bitcoins to buy Gold!
This comment aged beautifully
@@butterball_ yea it sure did 😉
I wish I had watched it earlier.
lmfaooo. Hold that my Fellow Fernando
during debate btc 9000 dollars , now 37000 dolars
more like 70k
Peter totally owned this conversation
during debate btc 9000 dollars , now 37000 dolars😃
@jon are you deaf?😂😂🤣
I would never accept a piece of gold in a real world situation, because I couldn't verify its authenticity! In contrast, for Bitcoin its authenticity I can easily verify and I cannot be defrauded.
Hostile aliens arrive on earth and demand all our resources if we are to be allowed to live. They take all our gold, silver, and hot women. Surprisingly, not a single Bitcoin was taken. Those fools!
@@campion04 why would the aliens take gold n silver if only humans value it.
Why not? Lol. Who cares if you don’t. You are nobody in that case. Billions of other people already do. And no you can’t easily verify a Bitcoin transaction. It takes miners, energy, a software. Which equals to a lot of time energy and money. For gold, you just need to physically collect it. And pass it on physically. And yes, you can very much not only lose your Bitcoin key or password, but also have your wallet hacked in infinite number of ways by infinite number of people.
@@araashmehta7719 You should show more respect and not overestimate yourself. Because your understanding of Bitcoin is wrong. Verification that a transaction is correctly and reliably confirmed does not require a miner. Every full node can do that without special mining hardware. You confuse "verification that a TX is valid" with "creation of a new block of TXs". There are even simpler vetification methods, like SPV. If you do not understand that difference or if you think that this is untrue, then I advise you to learn more about Bitcoin.
@@araashmehta7719 You say that Billions of people do verify whether gold is authentic. That is an obvious lie. Because even for experts it is quite difficult to check authentic gold bullions or coins vs. those with a tungsten core, for example. It requires expert knowledge AND exprnsive equipment. You are obviously just trolling - better shut up.
Both lose if the IRS remains King of the
Collection Game.
Wayne Salvador :( so true
Wayne Salvador IRS cannot make anyone pay taxes by collecting information using forms without an OMB number. The W4 does not have an OMB number.
coin shop gives me cash for my coins last I checked, why would I report it?
No ...
The IRS is not an immortal all powerful entity . Like all tax collectors of the empire they die with it too.
Great debate, informative and hilarious.
50:07. One of the funniest 30 seconds in all of TH-cam!
I bought gold in 2007 because of Peter Schiff but today I am on the side of gold AND bitcoin.
/\
|
This guy gets it
Depending on what you try to do. Gold is store of value. Bitcoin is making a bet.
Thank you for your input
Great closing statement by Peter!!
props to the interviewer, he was great at making sure the topic was complete before moving on and tried to give both parties a chance to speak. although Peter butted more times xD
48:29 I did miss my shot I should have bought it when I 1st heard about it - Peter Schiff
lmao his dumbass would've sold at 10% profit. no vision.
amazing debate!! love both of their views
anthony should address peter as "daddy" after this debate
Security, Stability, Transparency, Reliability, Accountability all are qualities that instill human trust and thus value in something. By buying Bitcoin, you're placing your Trust in Mathematics, which carries all the aforementioned qualities.
CureCode1 this. It all comes down to TRUST. No one seems to get it. Bitcoin is crypto fiat. But the diff is control and rules. Which do u trust more? Bitcoin fiat or govt fiat.
I vote bitcoin. Bitcoins value is that I trust it more than govt fiat.
Gold has value but one thing lacking is that it will never be used as currency.
@@nanonerd100 but you cannot buy anything with it!
Peter Schiff WINS..... Goldtality!
The symbol for bitcoin is a freakin GOLD coin. Nuff said.
I have a question for all the gold and silver bugs here... I have been buying physical silver for years now but what's the move? To wait until the dow to gold ratio gets below 2:1 and then put everything in the dow? Or just hodle everything and wait for the purchasing power of gold to go up? What's your plan? Sorry for the dumb question... I'm figuring out that i'm buying all this gold and silver like the bitcoiners: for the price to go up, but dont actually have a plan as to what to do with it when the time is right... any help is appreciated, thx!
It's a store of value, when the US dollar drops in value due to the unpayable 24 trillion National Debt then gold will rise 10,000 percent. When you can buy a house with a half a dozen gold coins that's when to trade them up or buy 20 acres with 4 gold coins or buy a nice car with 2 gold coins. Eventually all fiat currencies go to 0 over the history of the Earth.
thats right, measure everything on ratios, not just gold and silver, do it with all assets. silver is historically undervalued compared to other assets right now, wait for the gaps to close and thats when you convert.
that moment when the government can come and confiscate all your gold but can't touch your bitcoins
It happened before
@Shaun s They actually can't. You can either memorize the private key or setup a code to get your private key which could be stored in a book or by using a numeric system.
@@Sage16226 u can hide ur gold and recover it later, hide it in a secret room and someone, preferably ur heirs may find it. u may forget ur private key, or die in a freak accident and ur sh!tcoin is lost forever
@@brainwashington1332 Ahh sh!tcoin, I see you've watched those CNBC Congressional hearings. Moving on, you miss the point I was trying to convey. In the likely to unlikely event where a government tries to ban or confiscate crypto, you can store your BTC in the way I described earlier and easily walk across the border with nothing more than the clothes on you and some of your wealth stored in your brain.
Shaun s they can’t dumbass lmao unless they torture you
Just FYI Peter, it is only legal to use precious metals as a medium of exchange in the state of Utah.
And in Switzerland
Lol. Now Mexico has come out with Libertad silver coin. Your argument seems to be dwindling by time.
sweet cant wait to watch!
Buying gold is not easy... specially if you want to store it yourself. Buying it electronically can be sort of easy but making sure you are getting what you paid for is not that easy at least for the lay.
The Bitcoin side’s best argument is the concept of level one technology as a standard for value, though that argument has some holes. The problem is that gold has a long history to back it up, whereas Bitcoin is a bet that society will adopt it as a replacement.
Title of the video is wrong Gold vs Imaginary prime numbers. 😂😂
The universe is data too, our senses make us experience things like matter
@@hubblebublumbubwub5215 Data is certainly valuable eg. numbers language, mathematics, schematics. But they are not physical commodities therefore can't be a store of value or energy. Cryptos are no different from email free and opensource.
We will see, wont we ;)
Very enjoyable debate!
19:00 what is the cost of this trust? In terms of time to transfer and middleman fees
I buy bitcoin and silver and I have yet to buy anything like a cup of coffee with either.
lol
me too
Lol
Yeah, because these are also used as store of value, which is perfectly fine. No need to buy things with it, that’s what currency like USD is for.
Gold and Silver are useful commodities beyond just a unit of exchange. This fact alone trumps bitcoin and other fiat currencies, ultimately ending the debate for me. I am very grateful for the knowledge Peter and his father Irwin Schiff (who stood strong against the tyrannical, illegal IRS and should be celebrated as a hero) has shared through several books, speeches, and recordings over the years. Like Alex mentioned below I have been listening to Peter and Irwin so long, I could debate bitcoin advocates in my sleep.
D H What peter having the same old arguments that get debunked every debate he’s in. The amount of people who have only listened to Peter to learn about bitcoin is astonishing. Listen to Andreas Anotonopolous, but I’m sure you won’t.
Really? What do you use gold and silver for and what supermarkets accept it for a some bread and milk?
Respect on Respect Shown. The macro reasons why to hold both are agreed on. That is more than enough to buy into old school, new school.
Cue the Endgame music for this debate!!! 🥊🏅
Good to hear a rational reasonable calm debate. END THE FED AND HANG THE BANKERS.
Buy Bitcoin and you are hanging bankers and killing the Fed
Antony missed a lot of opportunities to point out Bitcoin's advantages/Gold's disadvantaged. They need to put Andreas Antonopoulos in front of Peter Schiff.
lol
Looks like schiff is right once again
@@kylegross1081 You did not get it. Schiff is not right, he just had an extremely weak opponent who sucks at debating. If you get convinced this easily by superficial debating and the ever same one argument that peter re-iterated 10s of times because it's the only argument he has, then xou are really gullible.
Agreed! Pomp didn’t do as great a job in this debate as possible, as he‘s not a Bitcoin Maximalist (avoid all altcoin shitcoins). He’s kind of a normie.
For example: 1) Bitcoin already has layer 2s developed, like Lightning and Liquid, which make spending easier. And this is only the beginning. 2) Vast majority of gold demand (90%) comes from store of value speculation, only 10% or less is from “using” it. 3) Gold is used as store of value as reserve asset by central banks and individuals- Bitcoin is used same way by individuals, but not by central banks ONLY because it is very early in Bitcoin’s history. There’s no reason it won’t happen later. 4) Bitcoin is unique because it doesn’t need a trusted third party (TTP) to use it on the Internet. TTP is a security hole (see Nick Szabo’s work). Gold requires TTPs for digital use. 5) Requiring a TTP for use means gold is also subject to restrictions by government. It cannot be digitally sent or used in Iran, as mentioned in the debate, if the TTP is subject to sanctions on Iran. But, Bitcoin can be used without permission anywhere, so it actually has more utility. 6) Bitcoin is far more portable than gold, it can be stored on paper and taken across country’s border in emergency. 7) Bitcoin can be verified instantly to be real, but gold needs complicated assaying to verify it is not fake. 8) Gold can not benefit from the Internet’s innovations, while Bitcoin is born digitally on the Internet, and benefits fully from the innovation there. 9) Bitcoin doesn’t depend only on the Internet. It is just data. So it can be used across radio signals, satellites, etc. Bitcoin is already usable from satellite (Blockstream satellite). 10) Bitcoin didn’t simply have one run from 0 to 20,000 and then correct to 3,000. It had multiple run-ups and corrections in its 10 year history. Arguing it’s a bubble is not realistic, when it has 10 years of this history, and so cannot be compared with tulips which had only 1 bubble. 11) Lottery tickets cannot be compared with Bitcoin, as they are not traded on liquid free markets with buyers/sellers and a floating price. 12) Bitcoin is unique vs. other cryptos because of first mover advantage & network effect. This is why BTC is worth $200 billion according to the market, and nothing else even comes close. 13) It is possible in the near or distant future to have asteroid mining that causes gold supply to inflate hugely. It is impossible to ever have Bitcoin supply inflation. Bitcoin max supply is known and can’t change. 14) If Peter thinks he’s right, he should have skin in the game by short-selling Bitcoin on the market, as he lacks accountability with only his words. People who buy Bitcoin put their money where their mouth is, but Peter does not, so there is no cost for him to make bad arguments against Bitcoin. 15) etc. etc. etc.
Ender vi Britannia so much more to name even but great one!
Thanks Peter
Two great guys!!!
Cant be fake young people cant remember the Hunt brothers.
The Hunt Brothers were accused of cornering the silver market. The Fed and exchanges responded by making it "illegal" to buy silver contracts. One could only sell. The silver price fell from $50.00 to $7.00. Fast forward to today. JP Morgan owns the third largest physical stockpile of silver in the world. JP Morgan is also the custodian of the second largest stockpile of physical silver which backs the exchange traded fund, SLV. We the Peons own the largest amount which is decentralized to meaninglessness when it comes to price control. In other words, JP Morgan has cornered the silver market without a peep from the "authorities". They have reduced silver to a shitcoin.
mostpeople that have hunt bros on the mind havent made a penny in there life
Aged like milk.
"Is Bitcoin the new gold?"
Good of CNBC Africa to have Peter Schiff on this crash course on real currency.
"well you could put lottery tickets in your portfolio" LMAOOOOOOOOOOO
Anthony looks like a freshman getting his first lecture in macro economy 101 from a college professor.
Except that he brought more points than Peter in this one
Peter looks like the stubborn professor who cannot admit he is wrong even though the truth is right in front of his eyes.
@@cryptoverse1014 all of his arguments were completely flawed. he compared owning crypto to using a gps or listening to a song. well, it doesnt cost me anything to do either of those things, yet they are both far superior technology to bitcoin and also happen to be far cheaper to invest in.
Gold not that heavy tell my back that, I work for brinks that shits heavy, maybe not as heavy as other metals but its heavy
In the context of how much gold the average person could carry their live savings very very easily in gold.
if you carry 1kg of gold would be about $50k so no relative to it's value it's not really very heavy at all and I think that is his point.
Great debate Peter!
Nice!
17:42 Ha, ha. Moderator is a funny guy. Peter just explained all the use cases of gold other than a store of value and he asks what all the other use cases are.
Yeah he thought of the question early and shut down, waiting for Peter to stop talking and then finally said
“But why male models?”
Gold is currently priced at all-time record highs in most currencies except for the "USD".
That doesn’t make sense. It’s either most currencies period or all currencies except for USD
@@hubblebublumbubwub5215 It is all ass-backward and one would think so, but this is not the actual case.
Hubblebub Lumbubwub because the $USD is strong against most other currencies.
2100 here in Australia. Highest ever in aud. up 10% in 3 months
Peter, the outer electron shell for gold is a complete shell, therefore, gold has very few reactions compared to other metals.
Is there a transcript of this?
Peter, please stop interrupting Pomp. You lost, and Bitcoin will continue to outperform Gold. I'll bet 100k with you, that my 10 bitcoins will outperform your 10 gold ounces in 5 years.
31:45 hershey bar wrappers are a non correlated asset too
Extremely entertaining debate!
I own both as speculative investments. I choose both.
The end was great where he admitted he missed his shot buying it low to cash out for big profits. 😎
I think he meant it was a good fad for a while as new people were learning about it, now pretty much EVERYONE knows about it and those who bought it have done so. Therefore as time goes on the price will just slowly decline as they sell it to use it for bills they have. Possible it goes to the exact number it started out at.
This is why Bitcoin is ass backwards. No one is actually using it for it's intended purpose. Everyone is just being greedy and HODLing, for the moon. You need those morons to keep buying , if you want to keep HODLing. There's no smart people that are going to dump their live savings into an asset that has risen faster and higher than any other asset in history. Back then it was play money, at 10,000 , this is real money. But, props for acknowledging that the US dollar is a total scam. That's what it's all about. I hope Bitcoiner's will one day go back to trashing fiat and not gold. Barry Silbert's DropGold campaign it's utter garbage. Physical gold is a true store of value. Bitcoin is a speculation. It might work out it might not. I do think Blockchain is the future of logistics tech though, but will Bitcoin or a competitor conquer the world as money? That's a whole different question.
@Pierre Gleize I have friends that sell their bitcoin to try and buy ChainLink coin and VTX coin in an attempt to make quicker gains. As do all the speculators, that's why it peaked at 20K as a fad and now it just slowly goes down as thousands of new crypto's are being developed. Every new crypto developed dilutes Bit Coin a little more over time it just goes down more.
Hey Pierre, I'm not pointing fingers, just saying in general, the Bitcoin community loves trashing gold. You don't see the gold community making ridiculous commercials, and starting campaigns.
I know I have a GoldMoney account. It sucks they took away the ACH option away when they went over to GoldMoney Holding. I agree that's a joke, total joke. But, the service isn't a joke if you want to store metals. No one is buying gold to send it to people around the world. Bitcoin is sick in that regard. Not many people need a service to send money directly to people around the world though, nor gold for that matter.
The average person doesn't even have 500 in a bank account. People are going to be scared shitless to put their savings in it at this point. Which it's going to take average people to start buying a lot, if Bitcoin is going to a million. I actually think the blockchain is incredible, and will get put to good use, but the fact that there is a price tag attached to "Bitcoin", built on this new tech that everybody is going to use is scary. It's not like email or the internet. You didn't have the risk of getting rich or going broke, when you wanted to send an email. People always say, your just a luddite, get on board with the future or get left behind, comparing it to email or the internet. Bitcoin involves people making huge risks for it to work. Even it Bitcoin fails though, Satoshi will still have given the world the Blockchain tech, which will be great.
Aren't you confusing Bitcoin with Blockchain though. Blockchain is the tech. Bitcoin is just numbers on top of the blockchain. It's mind blowing to me too. Definitely exciting. I already had a Gemini account , but they forced me to close my account when I moved to Panama. I'm only here for five months, and I still have a permanent address in the states, and they still forced me to close . Now I'm screwed. Prob why I'm so bitter! JK..it's the gold bashers that drive me nuts.
Schnorr signatures will make Bitcoin transactions untraceable.
NOW, you might have something!
We already have that, with Confidential transactions. elementsproject.org/features/confidential-transactions
So funny to hear Peter Schiff talk about the Bitcoin price at $10,000 4 years ago...
Good job Peter
The Fed makes no promises,,,
With their promissary notes,lol
Peter is a wise bird, he knows his shiz to a tee.
@Ezra BitCohen The economic principles stay the same. The whole attitude of "this time it's different" is precisely how people fall into traps.
@Ezra BitCohen I'm talking about the crypto market being a speculative bubble
@Ezra BitCohen. Sure if you want to make transferring a piece of nothing highly secure. Peter said it is very easy to transfer a piece of nothing lol.
Pomp didn’t do as great a job in this debate as possible, as he‘s not a Bitcoin Maximalist (avoid all altcoin shitcoins). He’s kind of a normie.
For example: 1) Bitcoin already has layer 2s developed, like Lightning and Liquid, which make spending easier. And this is only the beginning. 2) Vast majority of gold demand (90%) comes from store of value speculation, only 10% or less is from “using” it. 3) Gold is used as store of value as reserve asset by central banks and individuals- Bitcoin is used same way by individuals, but not by central banks ONLY because it is very early in Bitcoin’s history. There’s no reason it won’t happen later. 4) Bitcoin is unique because it doesn’t need a trusted third party (TTP) to use it on the Internet. TTP is a security hole (see Nick Szabo’s work). Gold requires TTPs for digital use. 5) Requiring a TTP for use means gold is also subject to restrictions by government. It cannot be digitally sent or used in Iran, as mentioned in the debate, if the TTP is subject to sanctions on Iran. But, Bitcoin can be used without permission anywhere, so it actually has more utility. 6) Bitcoin is far more portable than gold, it can be stored on paper and taken across country’s border in emergency. 7) Bitcoin can be verified instantly to be real, but gold needs complicated assaying to verify it is not fake. 8) Gold can not benefit from the Internet’s innovations, while Bitcoin is born digitally on the Internet, and benefits fully from the innovation there. 9) Bitcoin doesn’t depend only on the Internet. It is just data. So it can be used across radio signals, satellites, etc. Bitcoin is already usable from satellite (Blockstream satellite). 10) Bitcoin didn’t simply have one run from 0 to 20,000 and then correct to 3,000. It had multiple run-ups and corrections in its 10 year history. Arguing it’s a bubble is not realistic, when it has 10 years of this history, and so cannot be compared with tulips which had only 1 bubble. 11) Lottery tickets cannot be compared with Bitcoin, as they are not traded on liquid free markets with buyers/sellers and a floating price. 12) Bitcoin is unique vs. other cryptos because of first mover advantage & network effect. This is why BTC is worth $200 billion according to the market, and nothing else even comes close. 13) It is possible in the near or distant future to have asteroid mining that causes gold supply to inflate hugely. It is impossible to ever have Bitcoin supply inflation. Bitcoin max supply is known and can’t change. 14) If Peter thinks he’s right, he should have skin in the game by short-selling Bitcoin on the market, as he lacks accountability with only his words. People who buy Bitcoin put their money where their mouth is, but Peter does not, so there is no cost for him to make bad arguments against Bitcoin. 15) etc. etc. etc.
Sure if you want to send a blockchain of nothing lightning fast. Sure you can keep your piece of nothing insanely secure. Sure your piece of nothing would be portable. But in the end, does anybody really need a piece of nothing? lol
A blockchain of nothing (Bitcoin) is the same as a chain of empty bags, you still get stuck holding an empty bag.
Diversify and own both
Oh my, Peter....... this has to hurt . 🤔👊🫒
Peter was very convincing here
This wasn't even a debate Anthony was literally asking peter questions lol
30:29 thad didn't age well...
Schiff wins the debate (I already saw this one and am not going to spend an hour watching, but good content as usual)
I take Bitcoin. Cause I don't believe banks. However I also take gold. Cause they both have value. Keep your Fiat
Digital assets have value. Whether its a pic of granddaughter playing sports or a whistleblower evidence for a company or google map directions. Sometimes the digital info is worth $1, sometimes $1000. Bitcoin invented blockchain. Immutable ledger.
dirtyvarmint I’m not BTC fan but you make a pretty weak argument. If your computer falls into the river or your house, town, or state loses power, BTC still plugs long and your ‘coins’ are still on the ledger.
Some "digital assets" have value. Not everything digital is a "digital asset".
If bitcoin is between gold and fiat in some sense, that makes it even more valuable, than if it were simply a better version of gold. It has the best of both worlds. And that, readers, is a hallmark of any great scientific discovery and innovation.
whats the best part on the fiat half? to me if its in the middle that means its in second place to gold
I agree. What a dumb answer. Lol
44:47 absolutely bang on! About why they don't want to listen drawbacks of bitcoin
when he says crypto has no value does he mean only bitcoin? As Ethereum for eg does have value backing the asset. (if i am wrong feel free to tell me why)
Whatever go up, the state will tax it and so the state will be the winner!
At 23 minutes i think Peter delivers a one punch knockout , the moderator shuts him down..
When the first country goes to a digital currency , and it will , it will not be bitcoin .
Eurocoin , dollarcoin , yuancoin ? Your bitcoins would be worthless instantly , and probably made illegal . My gold would still be gold .
Wrong. Bitcoin is attractive because it is a decentralized non-inflationary asset. a “dollarcoin” would still be controlled by the government and they could “print” more dollarcoins at a moments notice by minting more dollarcoin tokens. Bitcoin cannot be manipulated in this manner and that is the main reason it has, and will continue to see so much upside. You are assuming bitcoin is only valuable because it is digital and therefore digitizing fiat currency would render it obsolete, but bitcoin derives its value not for the mere fact that is digital, but because it is programmed to have a fixed supply and people cannot just print more bitcoin.
@@RhymesALittle Can't they divide it ? What is a millionth of a Bitcoin worth ? Same as printing , just backwards and same result i imagine . Enjoy the ride brother .
Man has used Gold as Money for thousands of years because of one thing. ... Gold is IMMORTAL. And IMMORTALITY is what Man has Always been trying to Achieve. Gold represents that which Man CANNOT attain and that's why it is seen as a store of Value.
Good show peter, nice one!
Maybe it’s just me but this was absolutely phenomenal
HMMM.... POWER OUTTAGE= IMMEDIATE BITCOIN FAIL
No you need to look into it because what you just said is not true.
Dwayne Lattimore you realise bitcoin runs on thousands computer all over the world 🤦♂️
@@johnbaird1694 guys, guys, guys..... I totally understand what server redundancy is in disaster recovery ......the point that I'm making is that if power is lost, so is your ability to trade digital currency no matter the down time. Imagine your phone dying while out in public. You wouldn't be able to buy a movie ticket without a device that's powered up and able to relay the transaction.
Dwayne Lattimore that’s the persons responsibility. If the power goes out, what is your alternative ? Other then fiat cash. Are you going to a cinema and purchasing a movie ticket with physical gold ? “Hold on, I’ll be back in 2 hours until I’ve melted down your gold for your change”
Moonsize Astroid hits earth = Bitcoin worthless. These arguments like power out and Bitcoin is dead are stupid. I'm thinking the future is not all or nothing and there is going to not only be electricity but even more advanced Networks than today. If you want to argue we are going back to being cavemen then money won't exist and food will be the only currency
Peter had good arguments. Unfortunately he lost the debate at 20:30. It's clear he doesn't understand crypto.
This debate is very great. The dialog is clear, and both parties could express their points without too much sophistry. Amazing !
Agreed, but Pomp didn’t do as great a job in this debate as possible, as he‘s not a Bitcoin Maximalist (avoid all altcoin shitcoins). He’s kind of a normie.
For example: 1) Bitcoin already has layer 2s developed, like Lightning and Liquid, which make spending easier. And this is only the beginning. 2) Vast majority of gold demand (90%) comes from store of value speculation, only 10% or less is from “using” it. 3) Gold is used as store of value as reserve asset by central banks and individuals- Bitcoin is used same way by individuals, but not by central banks ONLY because it is very early in Bitcoin’s history. There’s no reason it won’t happen later. 4) Bitcoin is unique because it doesn’t need a trusted third party (TTP) to use it on the Internet. TTP is a security hole (see Nick Szabo’s work). Gold requires TTPs for digital use. 5) Requiring a TTP for use means gold is also subject to restrictions by government. It cannot be digitally sent or used in Iran, as mentioned in the debate, if the TTP is subject to sanctions on Iran. But, Bitcoin can be used without permission anywhere, so it actually has more utility. 6) Bitcoin is far more portable than gold, it can be stored on paper and taken across country’s border in emergency. 7) Bitcoin can be verified instantly to be real, but gold needs complicated assaying to verify it is not fake. 8) Gold can not benefit from the Internet’s innovations, while Bitcoin is born digitally on the Internet, and benefits fully from the innovation there. 9) Bitcoin doesn’t depend only on the Internet. It is just data. So it can be used across radio signals, satellites, etc. Bitcoin is already usable from satellite (Blockstream satellite). 10) Bitcoin didn’t simply have one run from 0 to 20,000 and then correct to 3,000. It had multiple run-ups and corrections in its 10 year history. Arguing it’s a bubble is not realistic, when it has 10 years of this history, and so cannot be compared with tulips which had only 1 bubble. 11) Lottery tickets cannot be compared with Bitcoin, as they are not traded on liquid free markets with buyers/sellers and a floating price. 12) Bitcoin is unique vs. other cryptos because of first mover advantage & network effect. This is why BTC is worth $200 billion according to the market, and nothing else even comes close. 13) It is possible in the near or distant future to have asteroid mining that causes gold supply to inflate hugely. It is impossible to ever have Bitcoin supply inflation. Bitcoin max supply is known and can’t change. 14) If Peter thinks he’s right, he should have skin in the game by short-selling Bitcoin on the market, as he lacks accountability with only his words. People who buy Bitcoin put their money where their mouth is, but Peter does not, so there is no cost for him to make bad arguments against Bitcoin. 15) etc. etc. etc.
What a biased opening! Lol laughable. Thank you Peter Schiff for presenting the case for gold! I hope someone heard the truth for the first time today because you spoke it, so it could be heard
@Crypto Mining the question "what is money" is an economics question. Also it is informed by history and what human nature has always tried. Many societies have attempted to reduce money to a unit of account. But Murray Rothbard wrote a long essay entitled "what has government done to our money" that gives an explanation of money as a COMMODITY at it's core. The technology of Bitcoin is unique, but the principal is not. It is a digital fiat.
@Crypto Mining fiat "let it be done". The value is conferred upon it, rather than the value being inherent. (A cigarette works as a means of trade because it can be smoked by someone. Gold works as a means of trade because it can be made into jewelry or electrical or computer functions). Bitcoin's value is conferred upon it. It is valuable "because I said so". It has no inherent value. That is all that is meant by fiat. Money must be a commodity to work. Bitcoin will not last, since it's value is fiat, not inherent.
Way to tell em, Petey
lol I bet you feel pretty stupid right about now!
@@freestrike2000 yeah I pretty much quit listening to this guy altogether
I love this. Grey is looking good on you Peter. Great debate.
It was once like I was craving for your videos but now I have to drag myself but still 6 videos behind.