Topic: Debate: Bitcoin vs Gold with Anthony Scaramucci and Peter Schiff (Read 368 times)

This shouldn't be a debate any longer, people knows their choice and that's what they would go for.

As time goes on I decided to choose Bitcoin because it seemed like a better choice, since what I am making from it is far more bigger than what I have been getting since I started in Gold. The both of them are good, gold investment is less risky because the volatility is not as high Bitcoin.

Kind of the arguments that are used to diminish bitcoin are actually counter arguments. Example: bitcoin is just a string of numbers. Sure, and gold is just a metal with not that many applications other than looking good and making great electrical contacts. The problem is that we are so used to certain things such as the money and gold that people even believe that these actually have any intrinsic value on themselves other than the one that comes from adoption, supply and demand. It takes a mental leap to break from that and not everyone is able to take it.

The moderator said the world economy was plunged into crisis as a result of covid-19, many economists predicted a great time of instability in normal times investors we seek to hedge against volatility by buying gold, but this time some are putting their money in large quantity into bitcoin and other digital assets. This raise a pretty fundamental question that will bitcoin or gold be a trusted store of value and the assets of the future

Well I think there are many opinions, and none should be dismissed, but I think that both gold and bitcoin represent money, and each one has its differences, gold is by nature the safe haven and the only one that has the ability to draw of any crisis to a country or nation, besides that it is accepted worldwide and is usually used as the best backup option before banks and money that will not suffer inflation, while Bitcoin has the ability to represent money under the tonic that it obeys only to supply and demand, whose purpose has the non-participation of third parties such as banks and governments, being a deflationary economy.

Indeed, the discussion of this eternal problem still can lead nowhere. Gold and bitcoin are completely different financial assets that have almost nothing in common except for the high price. Gold has always existed next to man, while bitcoin has been known for only a little more than ten years and can only exist alongside high technologies. Cryptocurrency still needs to be convinced that it can compete with such an eternal value as gold. Under any circumstances, gold will have value in the future. What will happen to the cryptocurrency, no one can know yet. We hope that a person will be able to preserve the Internet, and with it its offspring - cryptocurrency.

But at the end of the day, bitcoin and gold is not correlated.

Gold and bitcoins are very different as compared to each other and at the end of the day, it's not ideal to compare them both with each other. I do think that people are right now just too desperate to try and compare things to bitcoins and other cryptocurrencies since this would not only attract more attention but at the same time this would get them in the news 📰.
Both are important and at the same time both of them are used all around the world, it's more like comparing black and white. Why do we even give thought to people like that? For some people it's better to be involved with cryptocurrencies like bitcoins and for some people things like gold works out, that does not necessarily exclude the possibility of the other being an absolute failure.

Gold and bitcoins are very different as compared to each other and at the end of the day, it's not ideal to compare them both with each other. I do think that people are right now just too desperate to try and compare things to bitcoins and other cryptocurrencies since this would not only attract more attention but at the same time this would get them in the news 📰.
Both are important and at the same time both of them are used all around the world, it's more like comparing black and white. Why do we even give thought to people like that? For some people it's better to be involved with cryptocurrencies like bitcoins and for some people things like gold works out, that does not necessarily exclude the possibility of the other being an absolute failure.

If you truly believe the dollar is going to fail, then your options to hedge your money are pretty much anything that isn't based on the dollar. Gold, sure. But also any other precious metal, oil or pretty much any other commodity, real estate, bitcoin, any stock or share from a company which would either be unaffected by the dollar collapsing or would make money from the dollar collapsing. Hell, even a "stable" fiat like Swiss francs. Even better, spread your wealth among multiple assets. Going all in on gold is just as stupid as going all in on bitcoin.

Going all in on gold is just as stupid as going all in on bitcoin.

In the case of Schiff, it's that the dollar is eventually going to fail and so even if you're wrong on the timing, it's just the timing that's wrong, not the premise.

That was good PR for Mr. Sun despite failing to convince Omaha that it was the right time for D-Day.

They are just manipulating their followers. Schiff comes out and says "I'm holding 0.001 BTC as an experiment, here's my address, I sure hope no one sends me any more!" and gets a bunch of free bitcoin. Then he says "Now my son has just bought some bitcoin, look at his account here!" and then he gets a bunch more sent to him for free. Listening to Schiff on anything bitcoin related is stupid, but sending him or his son free bitcoin "to teach him a lesson" or "to spite him" or something is just downright moronic. As I said above, he is just the same as an altcoin shiller, manipulating his followers for his own benefit.

Listening to Schiff on anything bitcoin related is stupid, but sending him or his son free bitcoin "to teach him a lesson" or "to spite him" or something is just downright moronic. As I said above, he is just the same as an altcoin shiller, manipulating his followers for his own benefit.

Genuinely laughed out loud at that.

But at some point people must question it, no? When Schiff has been regularly promising for 20 years that gold is going to hit $5,000 within a few years, and in that entire time it has only been over $2,000 for like a week, surely the people who listen to him must start having doubts? I suppose I just continue to be amazed at how long someone can peddle complete bullshit before they lose their following.

Genuinely laughed out loud at that.

But at some point people must question it, no? When Schiff has been regularly promising for 20 years that gold is going to hit $5,000 within a few years, and in that entire time it has only been over $2,000 for like a week, surely the people who listen to him must start having doubts? I suppose I just continue to be amazed at how long someone can peddle complete bullshit before they lose their following.

Hell, Jim Cramer built an entire career out of yelling aggressively.

They're essentially the same untrustworthy personalities peddling pseudo-nonsense, but for some reason have devoted followings, most likely by virtue of simply appearing on mass media, which implicitly gives them credibility.

He's been predicting gold will hit $5,000 since the year 2000, and he's been predicting bitcoin will hit $0 since 2013. He is a broken record, completely insulated from the real world. It is a wonder he keeps getting invited back on TV when he has been so consistently and monumentally wrong with every single one of his predictions.

Although, it is a debate but why would someone make many lies all because he wanted to support gold, the lies that can mislead people.

he generally doesn't know what he's talking about when prediction after prediction about how doomed the dollar was failed to materialize for years.

They are just manipulating their followers. Schiff comes out and says "I'm holding 0.001 BTC as an experiment, here's my address, I sure hope no one sends me any more!" and gets a bunch of free bitcoin. Then he says "Now my son has just bought some bitcoin, look at his account here!" and then he gets a bunch more sent to him for free. Listening to Schiff on anything bitcoin related is stupid, but sending him or his son free bitcoin "to teach him a lesson" or "to spite him" or something is just downright moronic. As I said above, he is just the same as an altcoin shiller, manipulating his followers for his own benefit.

There is no point arguing with Peter Schiff. He does not care about facts or figures in the slightest. He is all in on gold, and so will constantly try to pump gold and shit on bitcoin.

When I made that post, gold was valued at $1,520 per ounce and bitcoin was valued at $10,300.
Today, gold is valued at $1,796 for a gain of 18%.
Today, bitcoin is valued at $47,400 for a gain of 360%.
If you had ignored Schiff and bought bitcoin instead of gold when I made that post, you would be 20 times better off.

Peter Schiff is the dumbest person you can argue with and get useful information because he starts all his discussions from a rule he doesn't want to change, which is that Bitcoin is bad and that gold is the only asset.

so their discussions on Twitter are already known as conflicts between father and son, although I doubted that they just want to attract even more attention to themselves.

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I do not bother to quote Anthony Scaramucci's support for bitcoin, but you can watch the whole debate, he is definitely right.

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6. Fools do not buy Bitcoin, wise people buy Bitcoin because they want a way to store money against their depreciating fiat and Bitcoin never fails them. The more the adoption, the more Bitcoin will never fail.

7. Bitcoin is not gold 2.0, Bitcoin is Bitcoin, although some people are calling it digital gold but it is Bitcoin,

I agree completely, Peter Schiff is a true idiot.  Gold is NOT a good investment.  It is a nice hedge, but it's not some sort of investment you should expect to make a lot of money off of.  The second thing is, the whole Gold vs Bitcoin debate itself, it's absolutely ridiculous and silly as can be.  Own both.  They are both great assets to use as a hedge, and are both likely to at least increase some over time.

There is no point arguing with Peter Schiff. He does not care about facts or figures in the slightest. He is all in on gold, and so will constantly try to pump gold and shit on bitcoin.

Here is a post I made 2 years ago (almost to the day) about Peter Schiff and his terrible predictions: https://bitcointalksearch.org/topic/m.52236976

When I made that post, gold was valued at $1,520 per ounce and bitcoin was valued at $10,300.
Today, gold is valued at $1,796 for a gain of 18%.
Today, bitcoin is valued at $47,400 for a gain of 360%.
If you had ignored Schiff and bought bitcoin instead of gold when I made that post, you would be 20 times better off.

He's been calling for gold to hit $5k for 10 years now, and yet in those 10 years, it has barely hit $2k. He's been calling for bitcoin to hit $1k for 5 years now, and well, we all know how that turned out. He is a broken record trying to pump his own bags, little more than an altcoin shiller just with a bigger audience.

He'll keep going for another 2 years I'm sure. If the percentages above repeat, then gold will just get over $2k as bitcoin hits $150k.

There is no point arguing with Peter Schiff.

He'll keep going for another 2 years I'm sure. If the percentages above repeat, then gold will just get over $2k as bitcoin hits $150k.

Know the other thing about this gold versus bitcoin type debates is that in reality bitcoin and gold have absolutely nothing in common, I mean bitcoin part of the market and fraud is to try to portray Bitcoin as gold gold 2.0 digital gold I mean Bitcoin itself is always displayed as a coin and the colour is gold and put like a b on it but it's not a coin it's a digital string of numbers it doesn't have any subs it doesn't have any colour. And what made good money was the properties that gold the element processes has a metal as a commodity, bitcoin doesn't possess any of the metallic properties that gives gold value but what bitcoin tried to mimic what some of the other qualities that made gold a better form of money than other commodities that could be and have been used as money you see by definition money is the most marketable commodity, and yes Anthony mention that we use to have barter and money was an invention that made trade more efficient because barter is inherently very inefficient and so the invention of money who was a major progress as far as human history is concerned and a lot of things where money before gold ultimately immerged as the best money because it satisfies the qualities of money best and some of qualities that gold had divisibility, portability, fungibility. These are some of the properties the Bitcoin copied but without the fundamental value of gold a metal bitcoin can never be money because money has to be a store of value and a lot of people in the crypto community try to claim that Bitcoin the story of value because if you bought a time 11 years ago the prices gone up, well there is a difference between a price and value. The reason that gold as a store of value is because you are storing the value of the metal gold. Good can be used to do all sorts of things sure you could use it for jewellery... It is used in industries it's used in the aerospace medicine dentistry the results of the man should gold medal because it's the most useful metal on the periodic table even if I'm not going to use the gold myself and of those uses if I'm just going to store gold coins or gold bars you know in my safe what I'm doing is storing the future use of gold because god does not lose any of its properties over time that's what makes it such a good store of value in a 100 years in a 1000 years, gold that I am storing today can be melted down and used in electronics...and for whatever new uses have been invented that don't even exist today in contrast bitcoin can't be a store of value because it has no actual store there is nothing I can do with my Bitcoin today there is nothing anybody else can do with it tomorrow sure you can give it to somebody else we can trade bitcoin but why somebody want your Bitcoin because they think they can give it to somebody else who thinks they can give it to somebody else at a higher price this is a greater fool world Bitcoin in effect is it's kind of like a combination Ponzi scheme pyramid chain letter the only value comes from the belief the Bitcoin can be sold and the future to a greater fool who is equally convinced he can sell in the future at a hgher price, this isn't gold, this is fool's gold this is more than alchemy, bitcoin doesn't have a future to me, it is not good 2.0, this is mania 2.0, except tulips had more intrinsic value than Bitcoin because at the end of the day you had a flower