I am sure I have heard excellent anti btc arguments. For the btc community there is no anti argument worthwhile, you guys are fanatic. Don’t listen to reason. Or you are extremely naive or extremely narcissistic, believing you are the new Warren Buffet. Listen to Hugo Salinas, James Rickards, buffet himself. Btc is a token NOT a currency. I am rooting for what Texas , China, etc are doing: launch a cryptocurrency backed by gold. That would be great, but remember it’s gold.
Ok, all I needed was to listen to the first sentence of his reply to get bored. "Bitcoin cannot store value", he argues. Nonsense. Value is a perceived upon property supported by consensus, that doesn't require that which has value to be tangible. Your word, your promise has a value, yet it's intangible. Reputation is a form of stored value, and it's traded with competence. You spend competence to gain tangible and intangible assets, both of which have value. So all that's necessary is for people to agree upon what's valuable, not for that thing to be tangible as the fundamental requirement.
Bitcoin's "value" is proportional only to how many people buy whatever quantity. It has the same logic as a Ponzi scheme. Unless other people are losing money, you cannot gain money by cashing out on your Bitcoin. It's a closed loop of value that can neither increase or decrease. It's just a massive pool of wealth that is transferred amongst people involved. It's based strictly on social premises only, which is the most dangerous and most volatile form of value that exists and cannot survive a recession. Since gold is an actual commodity with utility-driven value, it doesn't matter what state the world is in, it will always have intrinsic value. Bitcoin has zero intrinsic value.
You can't sell your word to others in a time of economic disparity. When shit hits the fan, nobody is going to trust anyone. A loaded gun has more value than your word. So does a loaf of bread or a gold coin.
Even if the market continues to decline, if you're an expert, you won't have any trouble making large gains despite the downturn. Everything depends on how long you're willing to hold.
Despite the current economic crisis, I observed that many people continue to earn six-figure salaries; the only difference is that these tactics are frequently and successfully applied by those with a deep understanding of the market.
Prior to the amazing FTX forgery, 75% of my portfolio was losing money and sinking. With the assistance of an investment advisor, I was able to better understand the issue and have greater confidence in my investment. I wondered whether to sell it right now or wait a while. Despite the fact that consultants have more resources and skills in this industry, the majority of DIY investors, like myself, do not believe consultants are necessary.
@@godof-ou1dw I need assistance coming up with improved strategies to safeguard my portfolio following the significant falls. Who should I consult for advice?
@@godof-ou1dw Access to good information is what we investors needs to progress financially and generally in life. this is a good one and I appreciate..
Turned it off when he started talking about a crypto backed by gold. The chief problem bitcoin solves is the need for trust. With bitcoin, you don't have to trust anyone. If your crypto is backed by gold, then there must be a custodian of that physical commodity that you must trust (they could lie about how much is in storage), then there's a vector for attack (someone could steal the gold). That defeats the entire purpose of bitcoin and makes the system no better than the dollar in the 1960s. Apparently Peter Schiff doesn't really understand bitcoin.
Yea blockchain tech is great. But bitcoin needs to be more, if you send me your bitcoin, I can only sell it for fiat right now. It does nothing else, the value is just based on pure perception. It can be worth whatever, my fart could be worth more. Blockhchain itself has great potential, but you talking about a token based on blockchain, which I can only sell for fiat and value is just based on speculation. It needs to be more before we can really trust it.
@@davicpetrovski155 you can currently sell bitcoin for a variety of goods and services, not just fiat. All value, including that of fiat, is based on pure perception. Technically you’re right that your fart COULD be worth more, but good luck selling it. If you don’t trust Bitcoin yet, that’s your loss. Learn more asap. Only thing left is to grease the wheels and make usability easier. The core is already exactly what it should be.
I agree, either he is completely missing the point, or what I think, is that he's incentivised not to as he's been wrong, and he'll continue to be wrong and therefore doubles down. If he were to just put 5% into BTC he'd have the best performing hard money asset allocation globally. But he's dogmatic, and his clients are being penalised for that. As Greg Foss says....Shifty Pete is the worst risk manager out there.
SCHIFF is bang on with CBDCs and the push to eliminate fiat currencies. It would be oppressive and actually unconstitutional to eliminate paper currency.
Nowhere in the constitution does it say you have to have paper money. It says that gold and silver shall be the only legal tenders. Now you can have a paper currency backed by gold and silver as legal tender, but that ended for us in the 70s.
@@celestialappetite without our own currency we wouldn't have an economy capable of fighting for our independence. Minting our own coins was the main reason we won independence. Without our independence we wouldn't have a constitution. Digital currency eliminates our independence which is the heart of our constitution. Without that we have lost our claim to human rights and given it back to a central power that turned our ancestors into slaves.
Bless him,he just can't get his head around something you can't touch having value. I always wonder if he thinks if the internet network has value. I'm pretty sure if that was monetised it would have monetary value as a network. A token backed with gold does not solve the problem.....you rely on the person storing the Gold, and you rely on the issuer of the coin issuing 1-1, and also that they won't be influenced/shut down by the Government. It suffers from the same problems the Gold standard did....human greed and desire for global power will lead to unethical behaviour and the network being controlled.
Clearly he understands it better than you do, you can't consume bitcoin, having bitcoin on it's own gives you zero benefits. Of course he sees the value of the internet, it gives us many benefits, we are able share information on a global scale effectively because of it, which we weren't able to do, and won't be able to do without it. Even if you can't sell the internet you can still share information globally with it, same goes for digital music, and information in general (all of which you can't touch by the way), even if you can't sell them you can use them. If you can't sell bitcoin can you use it? The only thing of value here is the Blockchain network, which I can't believe we are wasting on something as useless as bitcoin, watch bitcoin become irrelevant when people stop buying.
@Prayer Joseph You can't consume Gold either if just have it on its own, and you've just said there's value in decentralised networks (internet) which BTC is....I don't understand the lack of ability to understand that. Whether you subjectively think it's valuable is completely different, and up to you of course though.
@@PercyTP5161 I can make jewelry out of it with enough dedication.... maybe. Lol that's* not BTC that's blockchain. bitcoin is just one implementation of blockchain, a useless one at that, at least when you try to use it solely as money.
@Prayer Joseph But making jewellery out of Gold is not what makes it valuable. Its scarcity does. So I could turn toilet paper into jewellery and that doesn't make it valuable. Scarcity gives value and the requirement to spend significant energy to increase supply. Eg Gold mining. And no it's not.....adoption of a network is what gives a network value, not just something that exists.
@@PercyTP5161 Scarcity does not make something valuable, I understand why you would think that but that's not the case. If broken phones were more scarce than phones in good condition would you say broken phones are more valuable? Scarcity only increases the cost required to obtain something of value, because there is less of that thing. Food is a good example, it provides us with sustenance, this makes it extremely valuable, more valuable than gold, however it's cost is lower than gold, why? Because it is easy to obtain. If food were to become more scarce than it is now, not even scarce to the level of gold, I'm sure it's would cost several times more than what gold would. You have to understand that value and cost are two different things, cost is what you pay, value is what you get. Just because the cost of something is high doesn't mean it's value is necessarily high, and just because something is valuable doesn't necessarily mean it's cost will be high.
Would Schiff's opinion of Bitcoin change if it eventually became legal tender or a reserve currency like with what's happening in El Salvador? The value of Bitcoin is not in its tangible properties, the value is in its decentralized nature of being immune to external meddling and having a set finite amount.
Yes, the set finite amount of 2,100,000,000,000,000 Satoshis. Very handy. Only 67x the size of the USA national debt in dollars. Or roughly 10 the amount of total world-wide national debt. Also, it's not immune from meddling. Did you not see etherium get reset after the DAO was looted?
My opinion on Peter Schiff is that he was smart when he was younger, but got proud for correctly predicting the 2008 crash, and hasn't learned a single thing about how the world works since then.
@@mynameisdavidwalters So you don't think bitcoin could do exactly the same thing etherium did in terms of meddling? Not sure what you're smoking, but you should probably learn how these systems work. And yes, I'm comparing sats to dollars *exactly like* the person I'm responding to.
@@darrennew8211 It's called Ethereum, not Etherium. Bitcoin is decentralized and immutable, Ethereum is centralized and can be rolled back or frozen. Comparing sats to dollars is weird dude. I happen to develop these things. You are clearly confused. Level up.
So Peter agrees that Bitcoin captures all the properties of Gold (limited supply) with added advantage of ease of transfer, not centrally controlled. Then he contradicts himself by saying Bitcoin is like FIAT (which has unlimited supply and supply can be created anytime as and when the controlling body desires).
It’s not scarce if something else can be created with the exact same properties and potential value like any number of the other 10,000 cryptos. The main problem with bitcoin is transaction cost and lack of any privacy.
@@HughesEnterprises I do agree with the privacy concern and transaction cost, those are significant concerns and solutions are being worked on. As for scarcity, over 95% of the 20K cryptos are just tokens that live in the Ethereum and other Layer 1 blockchains. It is easy to create since anyone can make a token in a few minutes by paying a bit of Eth. Bitcoin is its own blockchain and mining code with 21M fixed max supply, currently over 19M is already in circulation and the remaining ~10% will take another 100 years or so to be mined. The max supply cannot be changed, the mining rate halves every ~4 years and cannot be changed. So it is scarce and becomes scarcer over time, the value mainly depends on adoption.
It's a lot more than the new gold, dude. No one wants to use a money that other people can create more of for free, whilst they have to work for it. And more people are realising this every day.
Peter absolutely knows the power of Bitcon. What a proud man , so sad Peter can’t admit the truth about Bitcoin. Gives power back to the people. The People's Money Bitcoin.
No. Gold backed crypto isn't backed at all. The reason gold-backed currency works is that the issuer of the currency punishes cheaters. If you take normal crypto and try to back it with gold, you're right back to trusting the holder of the gold to not sell the gold after giving you the crypto. All the value of crypto goes out the window as soon as you tie it to actual gold. Why is trading crypto backed by gold better than giving someone an IOU denominated in gold?
In 2021, Venezuelans were breaking off flakes of gold to pay for meals and haircuts. It's not happening much at the moment, but if people need to resort to paying for things with gold, they absolutely can.
As a programmer, I admire Bitcoin because its such a simple idea - fairly easy to code each part, yet to come up with ALL the parts that worked together to create a currency is truely difficult, and must have taken a visionary to come up with the idea. Each part is simple, yet to see them all work together is very difficult, starting from nothing.
Investors doesn't care about Gold's metallic value, they only care about their money not going down during a recession. If something goes up while everything is going down, they will buy it, even if its named Gold, Bitcoin or Pizza.
Bitcoin only goes up because more people are buying it. It has the same logic as a Ponzi scheme. Unless other people are losing money, you cannot gain money. It's a closed loop of value that can neither increase or decrease. It's just a massive pool of wealth that is transferred from person to person. The average investor doesn't know this, which is exactly what keeps it going.
I wouldn't want to lug around gold if the power went off forever. If I had any chance to find or produce power in the future, Bitcoin would keep working. The day Humans quit using power is the day we go extinct.
If the power goes out worldwide that is capable of disabling the whole internet. I think we will have more important things to worry about. I would definitely rather have air, shelter, water, food, clothing and weapons to defend my resources. I won't trade anything with your useless gold. ;)
A decentralised currency for the world is the best option for the world to avoid corrupt governments, so dont let them tell you theyre protecting you from it
anything that has no intrinsic value is a fiat currency including gold. if and when evil is so prevalent that it collapses society, the only things that will have value will be the things that are necessary. water, food, shelter, the ability to protect yourself and your group, skills. there is tons and tons of gold just sitting in fort knocks. how many times the perceived value of that gold has been spent protecting that gold?
No crypto is flimsy; reliant on the internets continued success. Gold on the other hand has survived the trial of 'known time'. Crypto backed by gold is good.
Crypto backed by gold is pointless. Just have gold ownership transacted digitally (which is how we do it now). There would be bigger problems than money if we couldn't even send 4 MB of data every 10 minutes, which is all you need to transact Bitcoin.
To my limited knowledge, specific to Bitcoin, while it relies on the internet for transactions, the whole blockchain is stored in every mining node and there are tens of thousands of nodes distributed all across the world, anyone with an old laptop can download and start a node from anywhere as long as there is internet access. Thus, even if there is a worldwide power outage, the data is not affected. Once the power and internet is back, mining/transactions can continue. Every crypto use their own mechanisms for storing blockchain, mining, etc. So we cannot simply group them as one.
@@sleepandrelaxation3395 There are currently about 17000 "reachable" nodes, which means there are also an unknown number of nodes which don't advertise themselves on the network.
He missed out on the energy factor that makes commodities valuable, (Mining). Gold-backed crypto still involves heavy outdated machinery compared to the computer processing power that mines blocks on the BlockChain. The electrical energy also paves the way for renewable energy sources if regulated correctly.
Schiff claims Bitcoin has no value because it has no physical use like gold does. However, value is a perception. If the public's perception is that Bitcoin has value, then it has value and people will buy it.
"Gold is stable..." yep, its so stable that you won't gain or lose money over a decade of holding. Unless if you account the dollar debasement. Then gold loses. To each their own.
if you had a "gold backed" crypto currency and it caught on ( widely adopted ) eventually there would be lending and borrowing of that crypto currency, that lending/borrowing cycle could then lead to the impossibility of fulfilling gold transfers as gold supply would be finite.
Bitcoin is a store of value because it is a store of work. I mean that in terms of economics, but more importantly: energy. The measure of an economy is the amount of energy it uses. Therefore, the entire energy usage of BTC miners is what is being stored as value.
What the fuck are you on about? You do realize that most ASICs never even confirm a single transaction before they hit the bin, simply because the mining pools are that big by now. The gluttonous energy consumption is a catch 22 dilemma of the proof of work principle and one of the core reasons why it scales like dogshit.
I like gold and bitcoin Bitcoin exists as an entry on the block chain. It derives its use from the network of computers that support it. It's literally a separate payment processing option outside of government and third party control. It's more viable than a money entry in a bank that only has to back up ~1% of deposits with actual cash
It's not more viable than gold. Bitcoin is a logistical instrument without a backing. Until it's backed by a commodity or a unit of steady, intrinsic value (metals, real-estate, etc) then it accounts only for cash, which is the exact thing we're all running away from.
Pete running scared and despite having the chance to learn about BTC, he’s chosen not to. Confiscation of gold is likely the biggest threat rapidly followed by the fact no one actually knows how much gold govt’s actually have. I believe many states in the US allow taxes to be paid in crypto already. I think based on this I’ll go and buy some BTC and store a bit of shiny stuff, silver, with arguably better properties than gold in medicine, jewellery, electronics, etc. Pete has been wrong in this for 14 years and will continue getting poorer as each year goes by.
I would warn against silver over gold on the principle of "hard money", as in money that is hard to produce, and "stock to flow ratio", as in the stockpiles of a money compared to the flow of more money being produced. Gold is harder to produce than silver because there is less of it in the crust of the Earth to be mined. Gold also has a large stockpile from thousands of years of mining it and not consuming, but silver stockpiles have been steadily shrinking from industrial consumption. Bitcoin is harder to produce that both, and has a stock-to-flow ratio about equal to gold currently, but will decrease gradually as issuance programmatically reduces, making Bitcoin the hardest money in history.
@@chestersnapdragonmcphistic579 agree. I’d have BTC for money and store of value and Silver for the shiny stuff. It was a reference to something Schiff said about shiny stuff.
If you have a token backed by gold, it wouldn't be decentralised. You would need an entity that looked after all the gold. You would have counter-party risk.
Schiff is mostly focusing on the material and not on the monetary SYSTEM. Bitcoin is a superior system, but has to see more adoption. Gold has never worked well as a coin, because it was a centralized currency therefore the gov had the power to decide what coins were valid. When they needed money they introduced new coins half the size in exchange of the old ones. Gold is not a solid investment now, it hasn't kept up with inflation, although it is better than most things. Gold value is too manipulated by large banks and it's price goes down every time new gold is found. It's also heavy to transport. Gold backing Bitcoin does sound good to me as long as BitCoin does not become the new fiat money (it already has in some stores), but I hope BitCoin becomes the new euro.
Frustratingly, I still haven't seen anyone challenge Schiff on his assertion that gold's value mainly comes from its utility as a metal eg for jewellery, as he asserted again in this video. Central banks aren't stockpiling gold because of its utility as a metal - they are doing it because it meets the requirements of Money such as fungability and scarcity. Bitcoin shares these qualities.
Bitcoin isn't fungible though. Something like Monero meets this definition. It's also way more stable. The only thing that makes me paranoid about holding crypto is stuff like inflation bugs which don't exist with gold.
Yes, but can you name any valuable thing, gold included, that doesn't have a use value, either an aesthetic value as in art or as jewelley or an industrial use?
@@adielstephenson2929 I cannot, but that isn't addressing my assertion that central banks' stockpiling of gold is not because gold has some utility as a metal
@@adielstephenson2929 You might be right, but I'm not completely sure. It's a different era now and gold is perhaps not CURRENTLY a primary store of value BECAUSE of its utility, so perhaps bitcoin could be adopted as a primary store of value
99% of cryptos will go to zero. The ones that stick around will be the ones that are the best at the primary and most revolutionary function of cryptocurrency which is as the internet of value. The ability to send value as easily as we send information, which is instant and basically free. Whatever crypto projects can do that the best while also making governments and financial institutions their customers, as opposed to competing with them, will remain.
BTC is backed by the energy required to mine the coin, which right now takes about 17k avg in a recent study. Gold as well isn't sold at its mined price, hence why btc is sitting at 28k and could go higher as it gets more expensive to mine the coin as well with the halfing and electrical costs and infrastructure costs rising.
Come on Peter, do you hear yourself? No way is gold better than Bitcoin, especially not because it has metallic utility. True Bitcoiners recognize that Bitcoin is not for getting rich, it's for saving wealth from the debasement of fiat and the manipulated derivatives of other hard assets like gold.
Talking to Peter Schiff about Bitcoin is like speaking to the homeless about living in Monaco He's not gonna know where Monaco is, he's not getting to Monaco, he doesn't even understand what Monaco is, so you won't get an intelligent response. Speaking to a child about Bitcoin would be much more fruitful, and entertaining. And they'd pick up on Bitcoin much faster than Peter.
Isn't bitcoin "backed" by the energy used to produce it? If one chooses to use fiat currency, it should at least be backed by hard assets like gold, but why would bitcoin need to be "backed" by anything other than proof of work, i.e., the energy used to produce it? In other words, proof of work makes bitcoin a digital store of energy, which makes it a store of value. Doesn't that make it the ultimate hard asset? Unlike gold, which incentivizes more mining when the price rises, bitcoin's available supply cannot ever be increased: 21 million is all there will ever be. Why is Peter saying it's not a good store of value? Peter seems ignorant of Austrian Economics and Bitcoin. I wish Jordan would interview Michael Saylor, or Lyn Alden, or Max Keiser to discuss bitcoin. Peter Schiff has always been insane when it comes to bitcoin.
He talks about a generic gold backed crypto in general terms and then saying it would be faster and cheaper? How can you be specific about a theoretical?
short term bitcoin might be the new gold , but long term never, gold is a perfection for bordering in the case we get send back to the prehistoric age, which we can not rule out, in this event even paper currency will still have more value then digital, the rarity in crypto is the same as the rarity and uniqueness of my turd, unique maybe , but once basic sets in at a major level and it will both of them will prove useless , but bard able goods will not
and here we are, one year later (may, 2024) and banks are buying bitcoin, large companies are buying it (blackrock an vanguard) but the "expert" says it has no value. Okdokey.
The moment this guy claimed the gold has a store value I knew he didn't know he was talking about. Gold is not useful metal. He clearly has no technical understanding or he would know that it is not a great conductor and very rarely used in technology for its unique properties. Jewelry which it is used in has no practical value and is truly only worth what people are willing to pay
@@z3rocodes According to the Austrian School of Economics, money is the most salable (or liquid) good. It makes trade easier by solving the problem of the "coincidence of wants" where Alice has what Bob wants, but Bob doesn't have what Alice wants, so they can't trade, unless Bob first makes an intermediate trade to get what Alice does want. Money is the thing that everybody wants because they know they can use it for any trade with anybody else in the future, so everyone can almost always make a trade. Money emerges organically through the many individual trades happening all the time throughout history and geography. Certain attributes make certain things more attractive as money. Gold has many of these attributes, and so does Bitcoin. For Austrian School of Economics, I direct you to the Mises Institute. For Bitcoin, I direct you to the Nakamoto Institute.
@@z3rocodes Scarcity is not based on "inherent value" (which does not exist - all value is subjective), it is the other way around. Value comes from scarcity. Go ahead and try to produce more bitcoin than is scheduled. You and entire nations will fail, because you can't make everyone change the code they choose to run if they really want to keep running it. If you make some people change the code they run, you will hardfork the network and end up with two separate moneys. You won't get rid of the old code. The new money with inflated supply will loose value compared to the original, and people will be attracted back to the original. The hardest money always wins out in the long term. Gold is no longer hard money, because government has captured and transformed it into a mostly-digital asset, a hollowed out shell of its former monetary self. In the Digital Age, digital scarcity is needed, and Bitcoin provides.
@@00SILVERBACK technically true because gold and silver would exist as elements even if they weren't money. But Bitcoin does not require gold or silver. If they didn't exist, people would still be attracted to hard money in whatever form it takes, such as seashells or glass beads. Bitcoin is the hardest money in history and will continue to get harder, and would not be diminished if gold and silver vanished tomorrow.
@Chester Snapdragon McPhisticuff The results revealed that seven kilograms of high-grade gold ore is needed to produce enough gold for just one smartphone, according to the study conducted by a team at the University of Plymouth. “Each phone contained 90mg of silver and 36mg of gold,” researchers at University of Plymouth said in a press release.Mar 17, 2019
Some pixels on a shit box monitor screen as opposed to the most beautiful precious metal. I'm a fitter turner machinist with over 35 years experience in workshop precision engineering. Bitcoin is digital property that's not worth a bean until you spend it, just like money in general. The Devil's Lexicon describes money as, Something that's useless until you part with it.
Who covers the insurance for the third party holding and verification of gold in a 3rd world country? If the gold is lost, stolen or misplaced, what is the penalty? Why pay for something that isn't needed that you have no control over and costs money to store and verify? In 5 years AI will find a way to replicate gold in a laboratory, then what?
Sure BTC has helped some people become wealthy but it’s not some scheme like Doge or Shiba is. It’s an alternate currency that is faster and more secure than the the money in your bank and has the potential to beat the dollar. And in some cases already has.
The answer is no. The reason being even if one bitcoin is 1 million dollar i will still not accept it as a form of payment because without internet i dont have anything.
How? They can close the exits to fiat and even criminalize possession but that doesn't stop bitcoin any more than banning drugs stopped drugs. If person A and person B agree to conduct a transaction on the blockchain there isn't a way the government can get in between them to "stop" anything.
Peter's fundamental problem is that he doesn't recognise any value in an intangible asset, for example first place in a queue. Value is utility times scarcity. As the native token of a global immutable ledger, bitcoin's utility is pretty obvious.
If i have gold stored with a third party haha yea bro thats the who bloody problem. You have to trust someone to keep it and not abuse it. The flaws of gold is why we have FIAT. You can devide gold into tiny little pieces? How exactly if the average man going to do this? Special tools? Do i have to pay someone to cut my gold? I now ive got to carry a scale around with me because how am i going to pay for a coffee with gold? Sprinkle gold dust on a scale lol and hope i get it right first while people wait behind me. Listening to Peter is painful and repetitive. Good thing his son gets it.
Unless they find a novel use for gold that will somehow revolutionise the world it’s intrinsic value is not in its use it is in its historic acceptance as a store of value. It is neither the rarest, nor most useful metal. Bitcoin is a protocol that is made material in its energy use (e=mc2) and it’s price is linked to the cost of energy. There is speculation for sure but the same exists for all commodities, it doesn’t make them less useful. As for the idea that it is cumbersome to use that is always the case with new technologies until the infrastructure is completed and it is made user friendly. If you have a gold backed crypto there will always be that counter party risk that there is a “trusted” third party. That is the whole point of Bitcoin is to eliminate third parties.
You will eventually realise that BTC's value is based on belief, and Gold is tangible. Eventually, belief will collapse, like tulip mania in 1634. Enjoy the ride while it lasts.
I'm not sure if I've ever heard an argument against Bitcoin as bad as this. Schiff really embarrassed himself here.
you think?
Why is it a bad argument?
Schiff is a Bitcoiner. He chooses to play this antagonistic character to make the scene more dramatic and get people looking at it.
This is a great argument, Bitcoin is a pyramid scheme
I am sure I have heard excellent anti btc arguments. For the btc community there is no anti argument worthwhile, you guys are fanatic. Don’t listen to reason. Or you are extremely naive or extremely narcissistic, believing you are the new Warren Buffet. Listen to Hugo Salinas, James Rickards, buffet himself.
Btc is a token NOT a currency. I am rooting for what Texas , China, etc are doing: launch a cryptocurrency backed by gold. That would be great, but remember it’s gold.
Ok, all I needed was to listen to the first sentence of his reply to get bored. "Bitcoin cannot store value", he argues. Nonsense. Value is a perceived upon property supported by consensus, that doesn't require that which has value to be tangible. Your word, your promise has a value, yet it's intangible. Reputation is a form of stored value, and it's traded with competence. You spend competence to gain tangible and intangible assets, both of which have value. So all that's necessary is for people to agree upon what's valuable, not for that thing to be tangible as the fundamental requirement.
Bitcoin will hit 18,500 in a week .. get ready
And I would argue that it’s energy usage is what makes it tangible. Matter is just stored energy (e=mc2)
Bitcoin's "value" is proportional only to how many people buy whatever quantity. It has the same logic as a Ponzi scheme. Unless other people are losing money, you cannot gain money by cashing out on your Bitcoin. It's a closed loop of value that can neither increase or decrease. It's just a massive pool of wealth that is transferred amongst people involved. It's based strictly on social premises only, which is the most dangerous and most volatile form of value that exists and cannot survive a recession. Since gold is an actual commodity with utility-driven value, it doesn't matter what state the world is in, it will always have intrinsic value. Bitcoin has zero intrinsic value.
You can't sell your word to others in a time of economic disparity. When shit hits the fan, nobody is going to trust anyone. A loaded gun has more value than your word. So does a loaf of bread or a gold coin.
@@DB-fn3fz Nope. Wrong. But that's ok.
Even if the market continues to decline, if you're an expert, you won't have any trouble making large gains despite the downturn. Everything depends on how long you're willing to hold.
Despite the current economic crisis, I observed that many people continue to earn six-figure salaries; the only difference is that these tactics are frequently and successfully applied by those with a deep understanding of the market.
Prior to the amazing FTX forgery, 75% of my portfolio was losing money and sinking. With the assistance of an investment advisor, I was able to better understand the issue and have greater confidence in my investment. I wondered whether to sell it right now or wait a while. Despite the fact that consultants have more resources and skills in this industry, the majority of DIY investors, like myself, do not believe consultants are necessary.
@@godof-ou1dw I need assistance coming up with improved strategies to safeguard my portfolio following the significant falls. Who should I consult for advice?
@@harod033 Maybe you've already met Ruth Loralann Brennan. my coach. Look her up; many consider her to be the greatest in her profession.
@@godof-ou1dw Access to good information is what we investors needs to progress financially and generally in life. this is a good one and I appreciate..
In Switzerland you can pay local taxes with BTC
Thank God, I've been looking for a way to pay more tax
@@RealDeanWinchester what does that mean?
@@deoxzyKun HODL
And they can embezzle that bitcoin to wherever they want with no recourse
There are States in the US that are starting to accept bitcoin to pay taxes.
Turned it off when he started talking about a crypto backed by gold. The chief problem bitcoin solves is the need for trust. With bitcoin, you don't have to trust anyone. If your crypto is backed by gold, then there must be a custodian of that physical commodity that you must trust (they could lie about how much is in storage), then there's a vector for attack (someone could steal the gold). That defeats the entire purpose of bitcoin and makes the system no better than the dollar in the 1960s. Apparently Peter Schiff doesn't really understand bitcoin.
And anyone who thinks the problem of 'trust' needs to be solved doesn't live in the real world of flesh and blood humans.
Yea blockchain tech is great. But bitcoin needs to be more, if you send me your bitcoin, I can only sell it for fiat right now. It does nothing else, the value is just based on pure perception. It can be worth whatever, my fart could be worth more. Blockhchain itself has great potential, but you talking about a token based on blockchain, which I can only sell for fiat and value is just based on speculation. It needs to be more before we can really trust it.
@@davicpetrovski155 you can currently sell bitcoin for a variety of goods and services, not just fiat. All value, including that of fiat, is based on pure perception. Technically you’re right that your fart COULD be worth more, but good luck selling it. If you don’t trust Bitcoin yet, that’s your loss. Learn more asap. Only thing left is to grease the wheels and make usability easier. The core is already exactly what it should be.
@@lamentate07 No that's always been part of reality, whole kingdoms being sold out through history.
Exactly!@@davicpetrovski155
gotta love knowing his son is a fan of Bitcoin 😏
That's a good thing.
Fathers earn, children loose
@@anatoliypankevych4853And his son lost a LOT!
@@YankeeStacking He sure did
The last time I saw this much straw manning was during the Kathy Newman interview
He answered the question directly. "Bitcoin is not gold, it's the new fools gold."
Peter Schiff sells gold. He doesn’t sell BTC and he doesn’t get BTC. I think Jordan Peterson is slowly getting it.
Schiff only buys and sells real assets
Bitcoin, the scam and ponzi of the century
What a he missing
I agree, either he is completely missing the point, or what I think, is that he's incentivised not to as he's been wrong, and he'll continue to be wrong and therefore doubles down. If he were to just put 5% into BTC he'd have the best performing hard money asset allocation globally. But he's dogmatic, and his clients are being penalised for that. As Greg Foss says....Shifty Pete is the worst risk manager out there.
Can you disprove any of the points he made?
JORDAN, i would like you to watch Peter Schiff and Tone Vays's Debate on this.. aslo I think, Peter is the worst guy to ask about bitcoin's viability.
Interview two of the Bitcoin greats - Andreas Antonopolous and Michael Saylor
This!
Saylor is just a pumper and a conman.
@@lamentate07you’re a scammer
SCHIFF is bang on with CBDCs and the push to eliminate fiat currencies.
It would be oppressive and actually unconstitutional to eliminate paper currency.
Nowhere in the constitution does it say you have to have paper money. It says that gold and silver shall be the only legal tenders. Now you can have a paper currency backed by gold and silver as legal tender, but that ended for us in the 70s.
@@celestialappetite without our own currency we wouldn't have an economy capable of fighting for our independence.
Minting our own coins was the main reason we won independence. Without our independence we wouldn't have a constitution.
Digital currency eliminates our independence which is the heart of our constitution. Without that we have lost our claim to human rights and given it back to a central power that turned our ancestors into slaves.
"You have to trust a third party" not with bitcoin you don't. That's the beauty of it, it is decentralized.
Bless him,he just can't get his head around something you can't touch having value. I always wonder if he thinks if the internet network has value. I'm pretty sure if that was monetised it would have monetary value as a network.
A token backed with gold does not solve the problem.....you rely on the person storing the Gold, and you rely on the issuer of the coin issuing 1-1, and also that they won't be influenced/shut down by the Government. It suffers from the same problems the Gold standard did....human greed and desire for global power will lead to unethical behaviour and the network being controlled.
Clearly he understands it better than you do, you can't consume bitcoin, having bitcoin on it's own gives you zero benefits. Of course he sees the value of the internet, it gives us many benefits, we are able share information on a global scale effectively because of it, which we weren't able to do, and won't be able to do without it.
Even if you can't sell the internet you can still share information globally with it, same goes for digital music, and information in general (all of which you can't touch by the way), even if you can't sell them you can use them. If you can't sell bitcoin can you use it?
The only thing of value here is the Blockchain network, which I can't believe we are wasting on something as useless as bitcoin, watch bitcoin become irrelevant when people stop buying.
@Prayer Joseph You can't consume Gold either if just have it on its own, and you've just said there's value in decentralised networks (internet) which BTC is....I don't understand the lack of ability to understand that. Whether you subjectively think it's valuable is completely different, and up to you of course though.
@@PercyTP5161 I can make jewelry out of it with enough dedication.... maybe.
Lol that's* not BTC that's blockchain. bitcoin is just one implementation of blockchain, a useless one at that, at least when you try to use it solely as money.
@Prayer Joseph But making jewellery out of Gold is not what makes it valuable. Its scarcity does. So I could turn toilet paper into jewellery and that doesn't make it valuable. Scarcity gives value and the requirement to spend significant energy to increase supply. Eg Gold mining. And no it's not.....adoption of a network is what gives a network value, not just something that exists.
@@PercyTP5161 Scarcity does not make something valuable, I understand why you would think that but that's not the case. If broken phones were more scarce than phones in good condition would you say broken phones are more valuable?
Scarcity only increases the cost required to obtain something of value, because there is less of that thing. Food is a good example, it provides us with sustenance, this makes it extremely valuable, more valuable than gold, however it's cost is lower than gold, why? Because it is easy to obtain. If food were to become more scarce than it is now, not even scarce to the level of gold, I'm sure it's would cost several times more than what gold would.
You have to understand that value and cost are two different things, cost is what you pay, value is what you get. Just because the cost of something is high doesn't mean it's value is necessarily high, and just because something is valuable doesn't necessarily mean it's cost will be high.
Would Schiff's opinion of Bitcoin change if it eventually became legal tender or a reserve currency like with what's happening in El Salvador? The value of Bitcoin is not in its tangible properties, the value is in its decentralized nature of being immune to external meddling and having a set finite amount.
Yes, the set finite amount of 2,100,000,000,000,000 Satoshis. Very handy. Only 67x the size of the USA national debt in dollars. Or roughly 10 the amount of total world-wide national debt.
Also, it's not immune from meddling. Did you not see etherium get reset after the DAO was looted?
My opinion on Peter Schiff is that he was smart when he was younger, but got proud for correctly predicting the 2008 crash, and hasn't learned a single thing about how the world works since then.
@@darrennew8211 In both cases you are comparing apples with oranges: Sats vs Dollars and Ethereum vs Bitcoin.
@@mynameisdavidwalters So you don't think bitcoin could do exactly the same thing etherium did in terms of meddling? Not sure what you're smoking, but you should probably learn how these systems work.
And yes, I'm comparing sats to dollars *exactly like* the person I'm responding to.
@@darrennew8211 It's called Ethereum, not Etherium. Bitcoin is decentralized and immutable, Ethereum is centralized and can be rolled back or frozen. Comparing sats to dollars is weird dude. I happen to develop these things. You are clearly confused. Level up.
So Peter agrees that Bitcoin captures all the properties of Gold (limited supply) with added advantage of ease of transfer, not centrally controlled. Then he contradicts himself by saying Bitcoin is like FIAT (which has unlimited supply and supply can be created anytime as and when the controlling body desires).
It’s not scarce if something else can be created with the exact same properties and potential value like any number of the other 10,000 cryptos. The main problem with bitcoin is transaction cost and lack of any privacy.
@@HughesEnterprises I do agree with the privacy concern and transaction cost, those are significant concerns and solutions are being worked on.
As for scarcity, over 95% of the 20K cryptos are just tokens that live in the Ethereum and other Layer 1 blockchains. It is easy to create since anyone can make a token in a few minutes by paying a bit of Eth.
Bitcoin is its own blockchain and mining code with 21M fixed max supply, currently over 19M is already in circulation and the remaining ~10% will take another 100 years or so to be mined. The max supply cannot be changed, the mining rate halves every ~4 years and cannot be changed. So it is scarce and becomes scarcer over time, the value mainly depends on adoption.
The FIAT comparison was one aspect of it.
No he doesn’t
He is saying there is rush to buy bitcoin and it is being overvalued
Silver and gold can exist without bitcoin but bitcoin can not exist without silver and gold
You pay in sats not in BTC. Also lightning is new to him?
Yeah, sounds like a good idea to "give" your gold to a third party company in exchange for tokens.. Wait, seems familiar!🤡
Peter knows money better than anyone. Bitcoin is not money.
It's a lot more than the new gold, dude. No one wants to use a money that other people can create more of for free, whilst they have to work for it. And more people are realising this every day.
So where do I buy gold? And where do 'tokenize' my gold once I buy it?
Peter absolutely knows the power of Bitcon.
What a proud man , so sad Peter can’t admit the truth about Bitcoin.
Gives power back to the people.
The People's Money Bitcoin.
You have not listened
"The People's Money Bitcoin"
Only if the people love being scammed and being front-run by exchanges.
The worst was his causal mention of el Salvador. Literally a country adopted it and he won't acknowledge
Correct 👍
How's bitcoin doing? OH IT'S BROKE!!😂 500k transactions unvalidated as we speak
Jordan Peterson 🎉🎉🎉🎉🎉🎉🎉🎉🙏🙏🙏🙏🙏🙏🙏🙏🙏
Right now central banks are buying gold like crazy and yet the price is more or less asleep ?!?!
🧐🤔
Gold is manipulated, bitcoin cannot be :)
So...gold backed "crypto currency" ....or gold backed currency?... gold backed is gold backed...
No. Gold backed crypto isn't backed at all. The reason gold-backed currency works is that the issuer of the currency punishes cheaters. If you take normal crypto and try to back it with gold, you're right back to trusting the holder of the gold to not sell the gold after giving you the crypto. All the value of crypto goes out the window as soon as you tie it to actual gold. Why is trading crypto backed by gold better than giving someone an IOU denominated in gold?
People who buy BTC, buy it for the need and appreciation of freedom.
Ya can't buy a coffee with gold. Any one wanna test that. If ya negotiate with the owner of the business I bet you'd still get a coffee.
So what
In 2021, Venezuelans were breaking off flakes of gold to pay for meals and haircuts. It's not happening much at the moment, but if people need to resort to paying for things with gold, they absolutely can.
As a programmer, I admire Bitcoin because its such a simple idea - fairly easy to code each part, yet to come up with ALL the parts that worked together to create a currency is truely difficult, and must have taken a visionary to come up with the idea. Each part is simple, yet to see them all work together is very difficult, starting from nothing.
You cannot get tokens from Gold without first turning the gold to fiat in order to purchase the token.
You'd also suffer from the same problems of issuing more tokens than gold.
The fed reserve or treasury doesn't need fiat to do anything at all.
I want decentralized money. no more gov or rich control
Remember how the FBI "recovered" the ransom paid in Bitcoin to the colonial pipeline hackers?
Crypto isn't what you want.
Investors doesn't care about Gold's metallic value, they only care about their money not going down during a recession.
If something goes up while everything is going down, they will buy it, even if its named Gold, Bitcoin or Pizza.
Bitcoin only goes up because more people are buying it. It has the same logic as a Ponzi scheme. Unless other people are losing money, you cannot gain money. It's a closed loop of value that can neither increase or decrease. It's just a massive pool of wealth that is transferred from person to person. The average investor doesn't know this, which is exactly what keeps it going.
Exactly! There are some metals that perform better than gold in certain use cases
Gold is 11% used in industries. So it doesnt have a value either.
If 💩REALLY hits the fan what would someone want...B or Gold🤔Power goes out and then what?
phone? Any mobile device that has acces to the internet? Bad argument my man.
I wouldn't want to lug around gold if the power went off forever. If I had any chance to find or produce power in the future, Bitcoin would keep working. The day Humans quit using power is the day we go extinct.
If the power goes out worldwide that is capable of disabling the whole internet. I think we will have more important things to worry about. I would definitely rather have air, shelter, water, food, clothing and weapons to defend my resources.
I won't trade anything with your useless gold. ;)
Reach out to Charles Hoskinson with regards to the crypto space. You two would have a fantastic dialogue
No reason to platform known scammers.
A decentralised currency for the world is the best option for the world to avoid corrupt governments, so dont let them tell you theyre protecting you from it
anything that has no intrinsic value is a fiat currency including gold. if and when evil is so prevalent that it collapses society, the only things that will have value will be the things that are necessary. water, food, shelter, the ability to protect yourself and your group, skills. there is tons and tons of gold just sitting in fort knocks. how many times the perceived value of that gold has been spent protecting that gold?
No crypto is flimsy; reliant on the internets continued success.
Gold on the other hand has survived the trial of 'known time'.
Crypto backed by gold is good.
That's silly, you're talking about a nuclear war scenario. Gold is going to have a massive fraud problem very soon.
Crypto backed by gold is pointless. Just have gold ownership transacted digitally (which is how we do it now). There would be bigger problems than money if we couldn't even send 4 MB of data every 10 minutes, which is all you need to transact Bitcoin.
To my limited knowledge, specific to Bitcoin, while it relies on the internet for transactions, the whole blockchain is stored in every mining node and there are tens of thousands of nodes distributed all across the world, anyone with an old laptop can download and start a node from anywhere as long as there is internet access. Thus, even if there is a worldwide power outage, the data is not affected. Once the power and internet is back, mining/transactions can continue.
Every crypto use their own mechanisms for storing blockchain, mining, etc. So we cannot simply group them as one.
@@sleepandrelaxation3395 There are currently about 17000 "reachable" nodes, which means there are also an unknown number of nodes which don't advertise themselves on the network.
Crypto is good for momentary transfer, not storage of value.
Wrong
How you getting your money when the power goes out?
Radio waves! Look into it!❤
You won't, the only gold is Au.
look up paper wallets
How are you accessing your bank account with no power?
@@Xarior That's ... not a way to trade bitcoins.
He missed out on the energy factor that makes commodities valuable, (Mining). Gold-backed crypto still involves heavy outdated machinery compared to the computer processing power that mines blocks on the BlockChain. The electrical energy also paves the way for renewable energy sources if regulated correctly.
Schiff claims Bitcoin has no value because it has no physical use like gold does. However, value is a perception. If the public's perception is that Bitcoin has value, then it has value and people will buy it.
"Gold is stable..." yep, its so stable that you won't gain or lose money over a decade of holding. Unless if you account the dollar debasement. Then gold loses. To each their own.
if you had a "gold backed" crypto currency and it caught on ( widely adopted ) eventually there would be lending and borrowing of that crypto currency, that lending/borrowing cycle could then lead to the impossibility of fulfilling gold transfers as gold supply would be finite.
Doesn't sound like this man knows fully what he's talking about.
Goldrepublic is a leader in this space. I would watch them carefully.
Hey, can you invite the Pope and ask him if he thinks Buddhism is the new Christianity?
😂😂😂😂 well played
Bitcoin is a store of value because it is a store of work. I mean that in terms of economics, but more importantly: energy. The measure of an economy is the amount of energy it uses. Therefore, the entire energy usage of BTC miners is what is being stored as value.
Incorrect
You don't hear about gross domestic consumption, it's gross domestic product.
Production. Not consumption.
What the fuck are you on about? You do realize that most ASICs never even confirm a single transaction before they hit the bin, simply because the mining pools are that big by now.
The gluttonous energy consumption is a catch 22 dilemma of the proof of work principle and one of the core reasons why it scales like dogshit.
You CAN completely eliminate the third party with Bitcoin. That's the value. If that's not important to you, no need to use it.
Bitcoin will be backed by gold and ethereum by silver. Their current prices reflect the actual value of Gold and Silver currently.
Wait for it
As usual Peter is talking out of both ends protecting his moat.
I like gold and bitcoin
Bitcoin exists as an entry on the block chain. It derives its use from the network of computers that support it. It's literally a separate payment processing option outside of government and third party control. It's more viable than a money entry in a bank that only has to back up ~1% of deposits with actual cash
It's not more viable than gold. Bitcoin is a logistical instrument without a backing. Until it's backed by a commodity or a unit of steady, intrinsic value (metals, real-estate, etc) then it accounts only for cash, which is the exact thing we're all running away from.
Pete running scared and despite having the chance to learn about BTC, he’s chosen not to. Confiscation of gold is likely the biggest threat rapidly followed by the fact no one actually knows how much gold govt’s actually have. I believe many states in the US allow taxes to be paid in crypto already. I think based on this I’ll go and buy some BTC and store a bit of shiny stuff, silver, with arguably better properties than gold in medicine, jewellery, electronics, etc. Pete has been wrong in this for 14 years and will continue getting poorer as each year goes by.
I would warn against silver over gold on the principle of "hard money", as in money that is hard to produce, and "stock to flow ratio", as in the stockpiles of a money compared to the flow of more money being produced. Gold is harder to produce than silver because there is less of it in the crust of the Earth to be mined. Gold also has a large stockpile from thousands of years of mining it and not consuming, but silver stockpiles have been steadily shrinking from industrial consumption. Bitcoin is harder to produce that both, and has a stock-to-flow ratio about equal to gold currently, but will decrease gradually as issuance programmatically reduces, making Bitcoin the hardest money in history.
@@chestersnapdragonmcphistic579 agree. I’d have BTC for money and store of value and Silver for the shiny stuff. It was a reference to something Schiff said about shiny stuff.
@@JakeyJay26 Yes, we must also indulge our lizard brains with the shiny stuff.
Does he not know about the advantages of blockchain technology? Not even a mention of those...
Price reflects supply vs demand imbalance, not value. Just as the most valuable people in society arent paid high wages.
If you have a token backed by gold, it wouldn't be decentralised. You would need an entity that looked after all the gold. You would have counter-party risk.
Peter either doesn't understand technology or is lying about buying Bitcoin. Bitcoin > Gold any day. It's simple math and common sense.
Gold is heavily manipulated. Bitcoin is freedom! End of discussion
Schiff is mostly focusing on the material and not on the monetary SYSTEM. Bitcoin is a superior system, but has to see more adoption. Gold has never worked well as a coin, because it was a centralized currency therefore the gov had the power to decide what coins were valid. When they needed money they introduced new coins half the size in exchange of the old ones. Gold is not a solid investment now, it hasn't kept up with inflation, although it is better than most things. Gold value is too manipulated by large banks and it's price goes down every time new gold is found. It's also heavy to transport.
Gold backing Bitcoin does sound good to me as long as BitCoin does not become the new fiat money (it already has in some stores), but I hope BitCoin becomes the new euro.
Frustratingly, I still haven't seen anyone challenge Schiff on his assertion that gold's value mainly comes from its utility as a metal eg for jewellery, as he asserted again in this video. Central banks aren't stockpiling gold because of its utility as a metal - they are doing it because it meets the requirements of Money such as fungability and scarcity. Bitcoin shares these qualities.
Bitcoin isn't fungible though. Something like Monero meets this definition. It's also way more stable. The only thing that makes me paranoid about holding crypto is stuff like inflation bugs which don't exist with gold.
Yes, but can you name any valuable thing, gold included, that doesn't have a use value, either an aesthetic value as in art or as jewelley or an industrial use?
@@adielstephenson2929 I cannot, but that isn't addressing my assertion that central banks' stockpiling of gold is not because gold has some utility as a metal
@@GreenAlien2023 If gold had no utility value, it would never have gained its reputation as a steady store of value.
@@adielstephenson2929 You might be right, but I'm not completely sure. It's a different era now and gold is perhaps not CURRENTLY a primary store of value BECAUSE of its utility, so perhaps bitcoin could be adopted as a primary store of value
99% of cryptos will go to zero. The ones that stick around will be the ones that are the best at the primary and most revolutionary function of cryptocurrency which is as the internet of value. The ability to send value as easily as we send information, which is instant and basically free. Whatever crypto projects can do that the best while also making governments and financial institutions their customers, as opposed to competing with them, will remain.
When governments around the world get their own central banks digital currency in place & look up & say they don't see Bitcoin as a currency...
BTC is backed by the energy required to mine the coin, which right now takes about 17k avg in a recent study. Gold as well isn't sold at its mined price, hence why btc is sitting at 28k and could go higher as it gets more expensive to mine the coin as well with the halfing and electrical costs and infrastructure costs rising.
The advance in tech and processors counteracts that so the price of mining lowers overall
Nonsense
@@shughy1 The network aims for a 10 minute block time regardless of processing power.
The amount of energy used to create something has nothing to do with its value. Over my life I have used lots of energy going to the toilet.
@@jaredspong7841 perfect example
When a clearly rich guy who speaks for the banks tells me not to buy bitcoin... hmm. Sounds like he's been saving up his gold
Starting at 9:49 blew my mind..
"Has a price but doesn't have value.."
Whaaat ?!!!
:))) this guy runs banks ? You fcking serious ???
Come on Peter, do you hear yourself? No way is gold better than Bitcoin, especially not because it has metallic utility. True Bitcoiners recognize that Bitcoin is not for getting rich, it's for saving wealth from the debasement of fiat and the manipulated derivatives of other hard assets like gold.
Bitcoin (and cryptos) is/are not a store of value - they are a medium of exchange. He dances around this fact a great deal.
Talking to Peter Schiff about Bitcoin is like speaking to the homeless about living in Monaco
He's not gonna know where Monaco is, he's not getting to Monaco, he doesn't even understand what Monaco is, so you won't get an intelligent response. Speaking to a child about Bitcoin would be much more fruitful, and entertaining. And they'd pick up on Bitcoin much faster than Peter.
Isn't bitcoin "backed" by the energy used to produce it? If one chooses to use fiat currency, it should at least be backed by hard assets like gold, but why would bitcoin need to be "backed" by anything other than proof of work, i.e., the energy used to produce it? In other words, proof of work makes bitcoin a digital store of energy, which makes it a store of value. Doesn't that make it the ultimate hard asset? Unlike gold, which incentivizes more mining when the price rises, bitcoin's available supply cannot ever be increased: 21 million is all there will ever be. Why is Peter saying it's not a good store of value? Peter seems ignorant of Austrian Economics and Bitcoin. I wish Jordan would interview Michael Saylor, or Lyn Alden, or Max Keiser to discuss bitcoin. Peter Schiff has always been insane when it comes to bitcoin.
He talks about a generic gold backed crypto in general terms and then saying it would be faster and cheaper? How can you be specific about a theoretical?
short term bitcoin might be the new gold , but long term never, gold is a perfection for bordering in the case we get send back to the prehistoric age, which we can not rule out, in this event even paper currency will still have more value then digital, the rarity in crypto is the same as the rarity and uniqueness of my turd, unique maybe , but once basic sets in at a major level and it will both of them will prove useless , but bard able goods will not
And why Bitcoin, when we can have XLM or XRP for better transactions…. 😊
Bitcoin is mined. And it takes a lot of energy to mine.. El Salvador is using a volcano to mine bitcoin
and here we are, one year later (may, 2024) and banks are buying bitcoin, large companies are buying it (blackrock an vanguard) but the "expert" says it has no value. Okdokey.
Until somebody can REALLY answer....WHO REALLY created Bitcoin....I don't trust the price trap.
Schiff is talking like we are still on the gold standard😂
The moment this guy claimed the gold has a store value I knew he didn't know he was talking about. Gold is not useful metal. He clearly has no technical understanding or he would know that it is not a great conductor and very rarely used in technology for its unique properties. Jewelry which it is used in has no practical value and is truly only worth what people are willing to pay
@@z3rocodes According to the Austrian School of Economics, money is the most salable (or liquid) good. It makes trade easier by solving the problem of the "coincidence of wants" where Alice has what Bob wants, but Bob doesn't have what Alice wants, so they can't trade, unless Bob first makes an intermediate trade to get what Alice does want. Money is the thing that everybody wants because they know they can use it for any trade with anybody else in the future, so everyone can almost always make a trade. Money emerges organically through the many individual trades happening all the time throughout history and geography. Certain attributes make certain things more attractive as money. Gold has many of these attributes, and so does Bitcoin. For Austrian School of Economics, I direct you to the Mises Institute. For Bitcoin, I direct you to the Nakamoto Institute.
@@z3rocodes Scarcity is not based on "inherent value" (which does not exist - all value is subjective), it is the other way around. Value comes from scarcity. Go ahead and try to produce more bitcoin than is scheduled. You and entire nations will fail, because you can't make everyone change the code they choose to run if they really want to keep running it. If you make some people change the code they run, you will hardfork the network and end up with two separate moneys. You won't get rid of the old code. The new money with inflated supply will loose value compared to the original, and people will be attracted back to the original. The hardest money always wins out in the long term. Gold is no longer hard money, because government has captured and transformed it into a mostly-digital asset, a hollowed out shell of its former monetary self. In the Digital Age, digital scarcity is needed, and Bitcoin provides.
I always say silver and gold exist without bitcoin but bitcoin can not exist without gold and silver.
@@00SILVERBACK technically true because gold and silver would exist as elements even if they weren't money. But Bitcoin does not require gold or silver. If they didn't exist, people would still be attracted to hard money in whatever form it takes, such as seashells or glass beads. Bitcoin is the hardest money in history and will continue to get harder, and would not be diminished if gold and silver vanished tomorrow.
@Chester Snapdragon McPhisticuff
The results revealed that seven kilograms of high-grade gold ore is needed to produce enough gold for just one smartphone, according to the study conducted by a team at the University of Plymouth. “Each phone contained 90mg of silver and 36mg of gold,” researchers at University of Plymouth said in a press release.Mar 17, 2019
Some pixels on a shit box monitor screen as opposed to the most beautiful precious metal. I'm a fitter turner machinist with over 35 years experience in workshop precision engineering. Bitcoin is digital property that's not worth a bean until you spend it, just like money in general.
The Devil's Lexicon describes money as,
Something that's useless until you part with it.
Who covers the insurance for the third party holding and verification of gold in a 3rd world country? If the gold is lost, stolen or misplaced, what is the penalty? Why pay for something that isn't needed that you have no control over and costs money to store and verify? In 5 years AI will find a way to replicate gold in a laboratory, then what?
Peter Schiff is the wrong person to ask about bitcoin. He's wilfully ignorant about it.
Sure BTC has helped some people become wealthy but it’s not some scheme like Doge or Shiba is. It’s an alternate currency that is faster and more secure than the the money in your bank and has the potential to beat the dollar. And in some cases already has.
How's bitcoin doing? OH IT'S BROKE!!😂 500k transactions unvalidated as we speak.
Completely wrong. Misses the whole point.
The answer is no. The reason being even if one bitcoin is 1 million dollar i will still not accept it as a form of payment because without internet i dont have anything.
Bit coin can't be currupted but it can be stopped by goverments. And that is the problem
How? They can close the exits to fiat and even criminalize possession but that doesn't stop bitcoin any more than banning drugs stopped drugs. If person A and person B agree to conduct a transaction on the blockchain there isn't a way the government can get in between them to "stop" anything.
His hair matches the wall so well it's tripping my brain
Stablecoin backed by USD backed by Gold Crypto backed by Gold backed by oil for easier transactions please 🙏🙏🙏🙏
Btc crashing on 3,2,1
I believe in Bitcoin too much, I was hoping Schiff would give a valid argument against it. I NEED a valid reason to leave Bitcoin's philosophy.
Convenient how he just quickly glossed over El Salvador tho....
Now do Richard Heart. 😎
Peter's fundamental problem is that he doesn't recognise any value in an intangible asset, for example first place in a queue. Value is utility times scarcity. As the native token of a global immutable ledger, bitcoin's utility is pretty obvious.
The Blockchain has value, bitcoin has zero.
I can't wait until the day Peter has to admit he was wrong. He's a smart guy but he's just not getting it yet
Ur great 🎉
Short Schiff and prosper. Bitcoin is freedom and perfection!
If i have gold stored with a third party haha yea bro thats the who bloody problem. You have to trust someone to keep it and not abuse it. The flaws of gold is why we have FIAT.
You can devide gold into tiny little pieces? How exactly if the average man going to do this? Special tools? Do i have to pay someone to cut my gold? I now ive got to carry a scale around with me because how am i going to pay for a coffee with gold? Sprinkle gold dust on a scale lol and hope i get it right first while people wait behind me.
Listening to Peter is painful and repetitive. Good thing his son gets it.
@5:09 how you said it, i💕 loved it,
Sounds like the solution was a gold NFT
Unless they find a novel use for gold that will somehow revolutionise the world it’s intrinsic value is not in its use it is in its historic acceptance as a store of value. It is neither the rarest, nor most useful metal.
Bitcoin is a protocol that is made material in its energy use (e=mc2) and it’s price is linked to the cost of energy. There is speculation for sure but the same exists for all commodities, it doesn’t make them less useful.
As for the idea that it is cumbersome to use that is always the case with new technologies until the infrastructure is completed and it is made user friendly.
If you have a gold backed crypto there will always be that counter party risk that there is a “trusted” third party. That is the whole point of Bitcoin is to eliminate third parties.
You will eventually realise that BTC's value is based on belief, and Gold is tangible. Eventually, belief will collapse, like tulip mania in 1634. Enjoy the ride while it lasts.
Blockchain and gold = decentralized gold, nice
Bitcoin, no thanks. Nobody accepts it when I buy groceries.