Peter Schiff: China’s Gold Backed Crypto is better than Bitcoin

SolarWindMiningCompany

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Quote from: kidbounty on November 06, 2019, 06:56:43 PM

no coin is better than bitcoin. maybe many say that Chinese coins can beat bitcoin, but it is important to remember that centralized crypto is hated by the community. so it is impossible for the coin to have a place here, even if it is backed by gold or fiat once.

Anything negative from come from any critique on bitcoin. A lot of the has slandered bitcoin but yet, bitcoin has remain tail and the focus of cryptocurrency. China rates Neo above bitcoin yet it can influence the market reaction towards it. Btc remain king as it is the base pair of all coins and I don't see that changing ever

jazmuzika217

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I think he is not a critic because if he is a real critic he can analize what the market and demand will say which is bitcoin is still the king of all crypto. He under estimate the power of bitcoin the oldest and the strongest coin here in crypto industry. I think this is part of their marketing strategy to build up gold crypto.

magneto

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Lmfao.

Peter Schiff has been exposed long ago for being a completely irrational gold bug. I'm not sure why anyone would still take him seriously when he has not acknowledged decentralised cryptos as a viable means of storing value (or any other asset, for that matter), outside of gold.

He has vested interest in saying good things about gold, so it's not surprising that he's clearly biased. Just don't fall into the trap.

acdc

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China's gold-backed cryptocurrency cannot be better than Bitcoin because these are two different currencies. Bitcoin is a fully decentralized and anonymous currency while China's gold-backed cryptocurrency is a coin managed by Chinese banks and governments.
I don't like a coin backed by gold or oil because if I like gold or oil I will buy stocks of those companies.

ajiz138

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Peter Schiff just wants to make things worse. The predictions he claimed had never happened and nothing came true. An idiot like Peter Schiff only says ridiculous things about bitcoin. Peter Schiff is just jealous of seeing bitcoin succeed and can surpass gold.

Aabcde

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I think for now it can't be said that Chinese crypto is better than bitcoin. I am not taking any side, but for sure the world is spinning, something unthinkable will happen someday. And I still love BTC
On the other hand, everyone needs privacy and anonymity in transactions, bitcoin provides services where Chinese crypto seems to be only part of centralization. In addition, the demand for bitcoin is created naturally, in the sense that people do need bitcoin, unlike crypto-backed gold whose demand is created because assets will be safe because they are backed up by gold or replace the existing currency. This is only a matter of belief or not.

starblocks

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If China launches its own Central Bank Digital Currency (CBDC) it is unlikely that will impact too heavily on Bitcoin besides a bit of price manipulation so there shouldn't be too much to be concerned about long term for cryptocurrency investors

BlackFor3st

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Quote from: Harrydose on November 06, 2019, 09:13:37 AM

With the launch of china’s gold-backed cryptocurrency, Peter Schiff a known advocate for precious metals especially gold claim that China’s crypto will pull bitcoin price down. though Peter is a known critic of Bitcoin. Schiff had always stressed to prove bitcoin lower to gold, many of their predictions become a hoax. Recently he gave the statement indicating that Bitcoin as “backed by nothing”

Source: TheCoinRepublic

Well known critics are gaining nothing from it, instead they are only spreading useless information's to divert the investors especially that he didn't believe in bitcoin as it is back by nothing as he stated.

And now he sees the opportunity to favor in China's crypto currency that is backed by gold so he has something to counter for bitcoin. In the first place, China's crypto currency has been born because of bitcoin so it's not a good idea to claim that that the son is better than the mother of all currencies.

X-ray

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What he knows is if China creating gold backed crypto people will instantly move over from bitcoin but that's not the reality. There are various reasons why bitcoin will not lose the users to china's crypto. China's crypto is basically a gold backed and you kmow most of the people are afraid to save money if it's china that hold the absolute authority to the crypto also the gold will not be yours even if you buy it anyway. why dont just buy the gold directly? it will be yet another stablecoin that people use just to save value from fluctuation but there are already many. This crypto of china will compete with USDT not bitcoin.

huu78

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Their Chinese project is good, and the criticism can be that everyone has a different opinion. But if talking about competing can lower the price of BTC, I think it does not.
Bitcoin already has demanded from their own community that is huge and can be told the king of Cryptocurrency. So it does not allow this Chinese project will be able to change bitcoins experiencing bad prices.

goaldigger

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Quote from: kidbounty on November 06, 2019, 06:56:43 PM

no coin is better than bitcoin. maybe many say that Chinese coins can beat bitcoin, but it is important to remember that centralized crypto is hated by the community. so it is impossible for the coin to have a place here, even if it is backed by gold or fiat once.

We know that the government of China wants to be more centralized and control their people, a communist country and if they force their people to have it then there’s a chance for bitcoin to blown away. Yes bitcoin is good because its decentralized but the competition is not finish yet, i just hope that despite of making their own coin China will still support bitcoin.

xiboothrezi

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Quote from: Pearls Before Swine on November 06, 2019, 12:03:52 PM

I'm sure Schiff would like to back *everything* with gold and probably has a solid gold toilet bowl in his home...and the reason I say this is because he is madly in love with gold. He's a permabull on gold and he will *never* suggest to anyone at any time that there is any reason to sell gold. He's always 'buy buy buy' and how can you trust a person like that?

China is an enigma to me and I really don't know what they're trying to do with their state run crypto. It isn't going to be anything like bitcoin in spirit, and if it's backed by gold...I just don't know about that. It isn't like a cryptocurrency with a fixed amount of coins can be inflated, so I don't know why it would need to be gold backed. But I'm pretty sure that this is a solution in search of a problem, ie, it isn't necessary. But we'll see.

I don't know, what game is this? Some sort of manipulation to play the market, speculation was growing uncertain. Give statements to lead opinions for personal gain. Maybe something like that was done to return to the low BTC prices to be able to buy more. Who knows?

salty

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Quote from: Harrydose on November 06, 2019, 09:13:37 AM

With the launch of china’s gold-backed cryptocurrency, Peter Schiff a known advocate for precious metals especially gold claim that China’s crypto will pull bitcoin price down. though Peter is a known critic of Bitcoin. Schiff had always stressed to prove bitcoin lower to gold, many of their predictions become a hoax. Recently he gave the statement indicating that Bitcoin as “backed by nothing”

Source: TheCoinRepublic

That's just a paradox-China's cryptocurrency has not yet appeared,but the price of bitcoin is already beginning to decline rapidly in price.Who's to blame?)

alrose

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Quote from: Harrydose on November 06, 2019, 09:13:37 AM

With the launch of china’s gold-backed cryptocurrency, Peter Schiff a known advocate for precious metals especially gold claim that China’s crypto will pull bitcoin price down.

What is based on his arguments is not clear. And in general, the guys learn to trust deeds and not words.As far as I understand the digital currency of China will be a stablecoin,and it is unlikely that it will somehow affect bitcoin for the worse.At best, only for the better.

landoffaucets

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Quote from: Harrydose on November 06, 2019, 09:13:37 AM

With the launch of china’s gold-backed cryptocurrency, Peter Schiff a known advocate for precious metals especially gold claim that China’s crypto will pull bitcoin price down. though Peter is a known critic of Bitcoin. Schiff had always stressed to prove bitcoin lower to gold, many of their predictions become a hoax. Recently he gave the statement indicating that Bitcoin as “backed by nothing”

Source: TheCoinRepublic

Many FUD news come from China, they are going to ban all cryptocurrency exchanges and people will be persecuted if they trade cryptocurrencies + China is going to create its own cryptocurrency.
Is this a future what we want? Totalitarianism also in a financial sphere?

mich

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hope he is wrong in this case

Peter Schiff Is Convinced Bitcoin Will Now Crash to $1K

Bitcoin (BTC) proponents have ridiculed one of the cryptocurrency’s most infamous critics after he delivered a highly bearish price prediction.

https://cointelegraph.com/news/ok-doomer-peter-schiff-is-convinced-bitcoin-will-now-crash-to-1k

kidbounty

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no coin is better than bitcoin. maybe many say that Chinese coins can beat bitcoin, but it is important to remember that centralized crypto is hated by the community. so it is impossible for the coin to have a place here, even if it is backed by gold or fiat once.

kooboat

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The dominance of bitcoin on the market has always been on the high side. I don't see a newly established cryptocurrency from China to outshine bitcoin. Critics of bitcoin have always ended up with disappointments hence I see no reason why one should trust any new opposition.

biddicoin

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He just thinks that gold-backed asset is better, so, he would say that FIAT is worse too bcz it's backed by abosolutly nothing

he even doesnt see from other aspect, such as technology behind bitcoin, borderless, etc. this comparison isnt fair

this looks like trying to make FUD but i think bitcoiner doesnt give a f***

tenakha

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Quote from: Harrydose on November 06, 2019, 09:13:37 AM

Peter Schiff: China’s Gold Backed Crypto is better than Bitcoin

What does he want to prove with this thought? Is Bitcoin worse? Let him talk, on the other hand, everyone thinks that paper money is better, but we know what the truth is.

Quote from: Harrydose on November 06, 2019, 09:13:37 AM

With the launch of china’s gold-backed cryptocurrency, Peter Schiff a known advocate for precious metals especially gold claim that China’s crypto will pull bitcoin price down. though Peter is a known critic of Bitcoin. Schiff had always stressed to prove bitcoin lower to gold, many of their predictions become a hoax. Recently he gave the statement indicating that Bitcoin as “backed by nothing”

Source: TheCoinRepublic

With what, other valuable assets backed up? How did the paper money gain value? or gold? What are they backed up with? He acts like he is not an economist of the years.

bigcash2011

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This statement of peter just indicates that he does not know much about blockchain and how decentralized cryptocurrencies work, just like a common old school guy he is interested in physical or so called 'real' things and are not ready to learn or accept the advancement in technology and internet in the form of blockchain and world has already started to accept and implement it slowly but surely so all these guys like peter can do is regret in few years when crypto mass adoption will become a reality.

BitHodler

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I'm sure that we'll see mr Schiff eventually launch his own gold backed crypto coin, which he will shill into oblivion.... he is so pathetic that I don't see any point for people to debate with him ever again.

I have seen two debates between Schiff and Pompliano, and in both debates there was no point conceded by Schiff, which just points out that he is only out to trash talk Bitcoin as gold bug.... this dude deserves to be ignored.

Schiff agrees to debate Pompliano to increase his following on social media, while Pompliano seriously believes that he can get Schiff to become more accepting of Bitcoin. Lips sealed

poornamelessme

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As others have already stated, it doesn't mean much. Schiff is a gold nut.

It's like if King Midas was going around knocking bitcoin because it's not made out of gold. Schiff would have us using tiny gold coins to pay for groceries.

dothebeats

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And how would I even believe his opinions again? The dude is a gold bug, and anything gold-related he could get his hands on, he would surely go, even if it means discussing things he never fully understand nor comprehend. After Jamie Dimon went into silence after years of bashing bitcoin, Schiff has replaced him and been continuing to stress that “bitcoin is inferior to gold” thing to further his ambitions. This time, piggybacking China’s decision to create a gold-backed crypto.

I just hope he wouldn’t retract his statements after the said currency has launched, and failed.

disconnectme

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When Government says it has something at her disposal how in the world are you going to confirmed. There is a reason why they moved to Fiat currencies. With the level of financial recklessness we see now, I won't trust any monetary design they come up with, because it is going to be a sham. Peter Schiff must be jealous of Bitcoin success, he never imagine Bitcoin surpassing the value of Gold but has also trade more than 10X the value of Gold.

DarkDays

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There are literally dozens of gold-backed cryptocurrencies, just because China might be making their own one doesn't necessarily mean that gold-backed stablecoins are now the future.

Bitcoin is used by tens of millions of people worldwide, sure there are around a billion people in China, but only a handful of those will actually use the cryptocurrency.

So unless they make it the nations default currency, Bitcoin will still remain in the number 1 spot.

enhu

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Peter doesn't understand the decentralization which is why he is up to resist the technology just like Dimon. He had not seen it before that it isn't the first crypto project backed by gold that failed.

Peter knew he already sound stupid with all his claims but he wanna express himself, maybe to save his business in the brink of collapse when all the businesses around his are now gradually looking into blockchain which currency he hates the most also uses blockchain.

bkbirge

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He's a clown where his income and reputation is tied to his precious metals advocacy personality. I wouldn't listen to anything he says anymore than listening to John McAffee's ridiculously hyperbolic btc supportive statements.

o48o

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Peter Schiff just shills his gold bags, he is too irrelevant to even quote about but this is just stupid:

Quote from: Harrydose on November 06, 2019, 09:13:37 AM

.... Bitcoin as “backed by nothing”

I guess that gold is also backed by nothing but gold yet he keeps on rambling about that.

Doell

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oh it's a bit of person wants to start investing in bitcoin but he wants the price of bitcoin to be very low because he has only a small amount of funds ,china makes crypto which is equivalent to the price of gold is very centralized ,we already have a lot of centralized coins so in my opinion it's normal dear

Pearls Before Swine

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I'm sure Schiff would like to back *everything* with gold and probably has a solid gold toilet bowl in his home...and the reason I say this is because he is madly in love with gold. He's a permabull on gold and he will *never* suggest to anyone at any time that there is any reason to sell gold. He's always 'buy buy buy' and how can you trust a person like that?

China is an enigma to me and I really don't know what they're trying to do with their state run crypto. It isn't going to be anything like bitcoin in spirit, and if it's backed by gold...I just don't know about that. It isn't like a cryptocurrency with a fixed amount of coins can be inflated, so I don't know why it would need to be gold backed. But I'm pretty sure that this is a solution in search of a problem, ie, it isn't necessary. But we'll see.

blckhawk

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Thinking rationally, bitcoin really is backed by nothing but only trust to the platform. This trust is what drives people to invest on something, which increases the demand and therefore, its price. However, I don't think it would affect Bitcoin's price instantly, as it would still go through a phase when people from China would decide which to use. And having known that China already retracted ban to cryptocurrencies, Bitcoin would still have a lot more trust and chance to be on top rather than this newly minted coin.

Javi_Anibarro

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Quote from: ecnalubma on November 06, 2019, 10:46:57 AM

Probably another hoax claim by a famous prophet Schiff, if everything related to gold this guy always make a statement and keep bearish over Bitcoin. China’s gold-backed cryptocurrency may have effect in their economy but may have less impact in Bitcoin.

What do you expect from someone widely known as an advocate of precious metals?
Let alone China, even if you create an ERC20 token and it is backed by real Gold. He will say something like this too about your token and Bitcoin, just do not take it to the heart.

ecnalubma

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Probably another hoax claim by a famous prophet Schiff, if everything related to gold this guy always make a statement and keep bearish over Bitcoin. China’s gold-backed cryptocurrency may have effect in their economy but may have less impact in Bitcoin.

CjMapope

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Quote from: Harrydose on November 06, 2019, 09:13:37 AM

With the launch of china’s gold-backed cryptocurrency, Peter Schiff a known advocate for precious metals especially gold claim that China’s crypto will pull bitcoin price down. though Peter is a known critic of Bitcoin. Schiff had always stressed to prove bitcoin lower to gold, many of their predictions become a hoax. Recently he gave the statement indicating that Bitcoin as “backed by nothing”

Source: TheCoinRepublic

Oh man this guy reminds me of Jamie Dimon haha, always talking shit, then getting foot in mouth
i wouldnt worry about what these plebs say, they have a vested interest in BTC staying low, as they are like 5+ years behind on their accumulation
They just want the price to stay down for a few more years so they can get invested more : / banks did the same thing years ago

Rodeo02

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China's gold backed crypto currency might be good idea because it will make thier own crypto currency stable in price ,but it will never change The demand of BTC. since we all know that there are many investors use bitcoin not only because of its use and for transaction but because BTC price is does not dependent on the government .

Red-Apple

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that guy is not a "bitcoin critic" he is just an idiot who is babbling on about bitcoin nonstop because he has nothing better to do and has been feeling threatened by it for a long time now.
so far he has not made a single prediction to be right or wrong. all he has done was to make idiotic statements regarding bitcoin and its future which have always been obviously wrong. he doesn't even put any efforts in his FUDs !!

Harrydose

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With the launch of china’s gold-backed cryptocurrency, Peter Schiff a known advocate for precious metals especially gold claim that China’s crypto will pull bitcoin price down. though Peter is a known critic of Bitcoin. Schiff had always stressed to prove bitcoin lower to gold, many of their predictions become a hoax. Recently he gave the statement indicating that Bitcoin as “backed by nothing”

Source: TheCoinRepublic

Topic: Peter Schiff: China’s Gold Backed Crypto is better than Bitcoin (Read 270 times)