The Bitcoin bull case still appears to be full of past performance statistics, hollow comparisons to gold, ad hominem attacks, double-speak and ignoring key questions.
Schiff did a great job, thanks for posting the interview link. I feel the fed will smack down all the HODLERS, whatever that means. I won't hold any position I can't bail on on a mement's notice
A few concerning points that I've arrived at after reading a few pieces here on crypto and btc. 1. the fraudsters and con artists have flocked to these unregulated areas in order to stalk their next victims. 2. While the decentralized nature of all this makes it attractive in all sorts of ways, it also means the any government can kill it instantly by making it illegal like China did, and there's nothing you can do to stop them if they move that way. 3. There doesn't seem to be any disincentive to the con artists that lie endlessly, and their lies will ultimately only be self serving. Nobody is going to make a dime of real money based on these criminal operators, and how would one go about holding these people accountable for their misleading comments and outright falsehoods? These are the scary things I see attached to the movement. A complete lack of understanding by the patrons, and Wall street is involved. That means the experts at separating "investors" from their money are in the game, and there is no regulation. How long until the I-banks destroy the retail investor in the space because they can?
I just cannot wrap my head around your thought process. All you have to look at the characteristics of sound money -- compare gold and Bitcoin on those characteristics -- and you will clearly, logically see how Bitcoin beats gold in all of those characteristics.
You also say things like "They're just using past performance!" well that's all you're doing with gold.
Look -- when Myanmar recently got taken over by the Junta I was in Thailand. I had friends there.
They shut down the gold shops and shut down the Internet and stopped allowing people to withdraw a certain amount from ATMs.
Many people fled to Malaysia.
Do you think anybody was able to hop on a plane or run through the jungles with hunks of metal in their pants?
No. The only people who were able to flee their wealth intact were NOT people with gold and NOT people with cash...but people with Bitcoin.
* I cannot carry gold with me anywhere in the world through any International border, without paying heavy fees and risking confiscation and even being looked at like a terrorist.
* I cannot transfer gold anywhere in the world, any time I want, to anybody I want without trusting a 3rd party. I CAN use a token (like PAXG) to send the VALUE of gold to anybody I want, but I have to trust that the vaults that gold are held in will remain intact (and they aren't lying about the amount of allocated gold). I also have to trust the Government where that gold is held won't seize it.
* I have no idea how much gold will be discovered tomorrow -- but I know 100% how much Bitcoin will be discovered tomorrow (zero).
I don't understand how you can look at all of these factors and not understand that Bitcoin is superior money.
And you keep talking about a "crash" -- BUT YOU FAIL TO MENTION HOW EVERYBODY CAN SEE THE BITCOIN MONETARY NETWORK.
Look -- I have no CLUE how many people in the world actually own gold. I have no clue whether or not the vaults, banks, exchanges, and so on are telling the truth about their gold holdings.
There is no 100% transparent monetary network in which I can CLEARLY see how much gold is in the world, how much of it it is in whose hands, and how much of it is currently entering the open market.
But I can see all of that -- for free -- on the Bitcoin monetary network.
And you're saying this "crash" could happen -- but if that were to happen everyone could see it coming from a million zillion miles away.
Because everybody can see the amount of selling / buying / movement on the Bitcoin network. Again -- FOR FREE.
It is the most transparent and honest monetary network that has ever existed in all of human history.
So if people are not selling it...and people are buying it....and people are holding it. And we can all 100% see this is the case. And adoption is exceeding that of mobile phones and Internet did....
Then for a "crash" to happen -- the entire world all at once would need to sell their Bitcoin at the same time.
The likelihood of that happening is insanely low.
I don't think you're seeing any of this clearly. And I cannot comprehend how you and Schiff think.
It just seems like you're ignoring the obvious...or you're incapable of seeing where an obvious trend is heading.
I didn't watch it and probably won't. Schiff is a habitual hot head which makes him a poor debater. He tries to argue every single point, he always drones on so long the moderator inevitably has to rein him in, he gets overly combative and it's just hard to listen to. A good debater remains calm, picks his spots, keeps his answers short and sweet. It just is not his strength so I don't know why he insists on doing so many debates. Peter is at his best ranting solo on his own podcast. I'm always interested in his takes and that is my preferred venue for receiving them.
Any chance of a discussion with Lyn Alden about bitcoin? It would be nice to hear a discussion with someone who is actually thoughtful and knowledgeable on the subject.
C'mon...we know people chase returns. This looks like a majority case of bitcoin FOMO and not a case of underlying fundamentals/intrinsic value (esp considering the GOV tracking/regulation angle- WHICH WILL HAPPEN....like it or not, they'll control the satellites & sniff out the nodes eventually)...Pete agrees blockchain is revolutionary, but is it bitcoin??? Asset allocation, ya'll....
This debate is a classic example of how people get suckered in to bitcoin. The bulls always fail to admit that there's tons of people who buy when the price is high cause they don't want to miss the train. Then when the inevitable crash comes they sell at a loss due to fear. More you can't use up over %1000 as a pitch when if you go into the weeds that's just not the return for most people. We have such a financialized economy no one understands yield. They see more then what the bank pays and jump on board no questions asked..
In 1929, most small investor were using loans to fund their investments because, "It's only going to go up!" Young paperboys and shoe shine boys were passing investment tips. It was pure mania. I see much of that in the massive fluctuations in cryptos today. While past performance does not guarantee future results, history sure repeats itself, especially when the human psyche is involved, as in manias.
you are uninformed ser. bitcoin does pay yield with very little risk if you actually know what you are doing. do yourself a favor an look up some decentralised exchanges (DEXs) like uniswap where you can provide bitcoin liquidity in exchange for protocol fees. or maybe lending platforms like aave. or maybe options protocols like hegic. or you can just keep your head buried in the sand and look like an idiot with a keyboard
This article gets a little far fetched. Why didn't you mention that Schiff was not prepared and repeated himself numerous times. How stupid can it be when asked about loss of internet when Schiff either lost internet with his dial-up or he knew he was beat and turn it off, got his composure and turn it back on. I have a relative that is a Schiff follower and yes I listen to some of his podcasts. As some are good I noticed Schiff is starting to lose ground in what he says. Just look at gold stocks. They are behind YTD and no it will not hit 2300 to 2500 next year. No, Bitcoin will not hit !50,000
Schiff did a great job, thanks for posting the interview link. I feel the fed will smack down all the HODLERS, whatever that means. I won't hold any position I can't bail on on a mement's notice
A few concerning points that I've arrived at after reading a few pieces here on crypto and btc. 1. the fraudsters and con artists have flocked to these unregulated areas in order to stalk their next victims. 2. While the decentralized nature of all this makes it attractive in all sorts of ways, it also means the any government can kill it instantly by making it illegal like China did, and there's nothing you can do to stop them if they move that way. 3. There doesn't seem to be any disincentive to the con artists that lie endlessly, and their lies will ultimately only be self serving. Nobody is going to make a dime of real money based on these criminal operators, and how would one go about holding these people accountable for their misleading comments and outright falsehoods? These are the scary things I see attached to the movement. A complete lack of understanding by the patrons, and Wall street is involved. That means the experts at separating "investors" from their money are in the game, and there is no regulation. How long until the I-banks destroy the retail investor in the space because they can?
I just cannot wrap my head around your thought process. All you have to look at the characteristics of sound money -- compare gold and Bitcoin on those characteristics -- and you will clearly, logically see how Bitcoin beats gold in all of those characteristics.
You also say things like "They're just using past performance!" well that's all you're doing with gold.
Look -- when Myanmar recently got taken over by the Junta I was in Thailand. I had friends there.
They shut down the gold shops and shut down the Internet and stopped allowing people to withdraw a certain amount from ATMs.
Many people fled to Malaysia.
Do you think anybody was able to hop on a plane or run through the jungles with hunks of metal in their pants?
No. The only people who were able to flee their wealth intact were NOT people with gold and NOT people with cash...but people with Bitcoin.
* I cannot carry gold with me anywhere in the world through any International border, without paying heavy fees and risking confiscation and even being looked at like a terrorist.
* I cannot transfer gold anywhere in the world, any time I want, to anybody I want without trusting a 3rd party. I CAN use a token (like PAXG) to send the VALUE of gold to anybody I want, but I have to trust that the vaults that gold are held in will remain intact (and they aren't lying about the amount of allocated gold). I also have to trust the Government where that gold is held won't seize it.
* I have no idea how much gold will be discovered tomorrow -- but I know 100% how much Bitcoin will be discovered tomorrow (zero).
I don't understand how you can look at all of these factors and not understand that Bitcoin is superior money.
And you keep talking about a "crash" -- BUT YOU FAIL TO MENTION HOW EVERYBODY CAN SEE THE BITCOIN MONETARY NETWORK.
Look -- I have no CLUE how many people in the world actually own gold. I have no clue whether or not the vaults, banks, exchanges, and so on are telling the truth about their gold holdings.
There is no 100% transparent monetary network in which I can CLEARLY see how much gold is in the world, how much of it it is in whose hands, and how much of it is currently entering the open market.
But I can see all of that -- for free -- on the Bitcoin monetary network.
And you're saying this "crash" could happen -- but if that were to happen everyone could see it coming from a million zillion miles away.
Because everybody can see the amount of selling / buying / movement on the Bitcoin network. Again -- FOR FREE.
It is the most transparent and honest monetary network that has ever existed in all of human history.
So if people are not selling it...and people are buying it....and people are holding it. And we can all 100% see this is the case. And adoption is exceeding that of mobile phones and Internet did....
Then for a "crash" to happen -- the entire world all at once would need to sell their Bitcoin at the same time.
The likelihood of that happening is insanely low.
I don't think you're seeing any of this clearly. And I cannot comprehend how you and Schiff think.
It just seems like you're ignoring the obvious...or you're incapable of seeing where an obvious trend is heading.
Or you just aren't even looking?
You should have a closer look at tether, they create tether out of thin air and use it to buy bitcoin. It's the biggest scam going.
I didn't watch it and probably won't. Schiff is a habitual hot head which makes him a poor debater. He tries to argue every single point, he always drones on so long the moderator inevitably has to rein him in, he gets overly combative and it's just hard to listen to. A good debater remains calm, picks his spots, keeps his answers short and sweet. It just is not his strength so I don't know why he insists on doing so many debates. Peter is at his best ranting solo on his own podcast. I'm always interested in his takes and that is my preferred venue for receiving them.
Any chance of a discussion with Lyn Alden about bitcoin? It would be nice to hear a discussion with someone who is actually thoughtful and knowledgeable on the subject.
C'mon...we know people chase returns. This looks like a majority case of bitcoin FOMO and not a case of underlying fundamentals/intrinsic value (esp considering the GOV tracking/regulation angle- WHICH WILL HAPPEN....like it or not, they'll control the satellites & sniff out the nodes eventually)...Pete agrees blockchain is revolutionary, but is it bitcoin??? Asset allocation, ya'll....
like gold has been such a great hedge against anything. it's been flat for like 10 years now.
This debate is a classic example of how people get suckered in to bitcoin. The bulls always fail to admit that there's tons of people who buy when the price is high cause they don't want to miss the train. Then when the inevitable crash comes they sell at a loss due to fear. More you can't use up over %1000 as a pitch when if you go into the weeds that's just not the return for most people. We have such a financialized economy no one understands yield. They see more then what the bank pays and jump on board no questions asked..
In 1929, most small investor were using loans to fund their investments because, "It's only going to go up!" Young paperboys and shoe shine boys were passing investment tips. It was pure mania. I see much of that in the massive fluctuations in cryptos today. While past performance does not guarantee future results, history sure repeats itself, especially when the human psyche is involved, as in manias.
Today I learned that Celsius is under investigation/enforcement action by at least 5 state regulators for (allegedly) violating securities regs. https://www.coindesk.com/policy/2021/09/17/3-states-alabama-securities-commission-also-claims-celsius-violated-securities-laws/
Is this really the best spox for crypto that Kitco could come up with?
you are uninformed ser. bitcoin does pay yield with very little risk if you actually know what you are doing. do yourself a favor an look up some decentralised exchanges (DEXs) like uniswap where you can provide bitcoin liquidity in exchange for protocol fees. or maybe lending platforms like aave. or maybe options protocols like hegic. or you can just keep your head buried in the sand and look like an idiot with a keyboard
This article gets a little far fetched. Why didn't you mention that Schiff was not prepared and repeated himself numerous times. How stupid can it be when asked about loss of internet when Schiff either lost internet with his dial-up or he knew he was beat and turn it off, got his composure and turn it back on. I have a relative that is a Schiff follower and yes I listen to some of his podcasts. As some are good I noticed Schiff is starting to lose ground in what he says. Just look at gold stocks. They are behind YTD and no it will not hit 2300 to 2500 next year. No, Bitcoin will not hit !50,000