Peter Schiff on Bitcoin - page 3. | Bitcointalksearch.org

noel57

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Quote from: canadense on June 03, 2013, 10:29:36 PM

Bitcoins have value, but it is a USE value determined by market forces; he is correct in asserting that the value of bitcoin is NOT intrinsic since the digital substance of the blockchains has no other use than as a medium of exchange and store of value. Were bitcoin to cease being used as money it would have no INTRINSIC value outside of this function, and in this respect it differs from gold and silver which do have substantial intrinsic value.

Yes , bitcoin is not intrinsic but its use and marketing power is way out of this world just imagine its network outreach up to date.

flyingcatt

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This guy should sell 50% of his Gold and buy BTC if he doesnt want to be seen as the biggest idiot in the next decade.

MoonShadow

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Quote from: MoonShadow on August 13, 2014, 10:53:50 PM

Quote from: shawshankinmate37927 on August 12, 2014, 04:30:45 PM

Quote from: tvbcof on August 12, 2014, 03:58:44 PM

Schiff likes to pretend that he's the only one who foresaw the housing issues and such in the mid 00's. Not true at all. Many many bright people were shrieking from the roofs about it. He was the only one that I remember who was yammering on about how the Euro-zone and APAC were the magic bullet. Few others were that retarded.

Do you happen to have any links to the predictions that were made by a few of them? I do remember seeing that Ron Paul predicted the housing collapse a few years in advance but don't recall seeing any others. (www.youtube.com/watch?v=9S3lXDOQ7ec)

Mish Shedlock did. I know there were at least a few more that I paid attention to. Several at motleyfool.

Without a doubt, Mish did it with the most profound detail and accuracy of any I know of. He was tracking the progression of the housing market over a silhouette of the graph of the rise and fall of the real estate market in Japan before and after it's great crash in the 80's. It was odd how well it tracked. It's statistical corrolation was above 90% IIRC.

MoonShadow

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Quote from: shawshankinmate37927 on August 12, 2014, 04:30:45 PM

Quote from: tvbcof on August 12, 2014, 03:58:44 PM

Schiff likes to pretend that he's the only one who foresaw the housing issues and such in the mid 00's. Not true at all. Many many bright people were shrieking from the roofs about it. He was the only one that I remember who was yammering on about how the Euro-zone and APAC were the magic bullet. Few others were that retarded.

Do you happen to have any links to the predictions that were made by a few of them? I do remember seeing that Ron Paul predicted the housing collapse a few years in advance but don't recall seeing any others. (www.youtube.com/watch?v=9S3lXDOQ7ec)

Mish Shedlock did. I know there were at least a few more that I paid attention to. Several at motleyfool.

shawshankinmate37927

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Bitcoin: The People's Bailout

Quote from: tvbcof on August 12, 2014, 03:58:44 PM

Schiff likes to pretend that he's the only one who foresaw the housing issues and such in the mid 00's. Not true at all. Many many bright people were shrieking from the roofs about it. He was the only one that I remember who was yammering on about how the Euro-zone and APAC were the magic bullet. Few others were that retarded.

Do you happen to have any links to the predictions that were made by a few of them? I do remember seeing that Ron Paul predicted the housing collapse a few years in advance but don't recall seeing any others. (www.youtube.com/watch?v=9S3lXDOQ7ec)

coinits

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011110000110110101110010

Quote from: puffpuffpass on June 04, 2013, 12:03:57 PM

peter schiff is an idiot who has been pumping precious metals and is heavily invested in them. I knew about him before bitcoin and I would have told you the exact same thing, because it's obvious. end of discussion.

Hardly an idiot! Any wise person would hold some physical precious metals as part of their portfolio.

tvbcof

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Quote from: shawshankinmate37927 on August 12, 2014, 03:01:45 PM

Quote from: Seth Otterstad on August 12, 2014, 01:50:16 PM

"He was right on real estate, but dead wrong on bitcoin."

Only if being right includes losing 40-70% of his client's money in 2008....

http://www.businessinsider.com/2009/1/peter-schiffs-clients-got-hosed-this-year-too

Peter's response to the assertions in that article can be found here:
http://www.schiffradio.com/b/Mish-Shedlock-Exposed/-99733001115235480.html

Another butt-hurt loser screed from Peter Schiff. Yawn. I still have him in my bookmarks from almost a decade ago, but fortunately I stopped paying any attention to him whatsoever before even the 2008 fiasco, much less before he had a chance to lose me a ton of money on Bitcoin. Actually, the guy was way late on Bitcoin. He'd yet to even hear about it by the time I'd made my move.

Schiff likes to pretend that he's the only one who foresaw the housing issues and such in the mid 00's. Not true at all. Many many bright people were shrieking from the roofs about it. He was the only one that I remember who was yammering on about how the Euro-zone and APAC were the magic bullet. Few others were that retarded.

shawshankinmate37927

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Bitcoin: The People's Bailout

Quote from: Seth Otterstad on August 12, 2014, 01:50:16 PM

"He was right on real estate, but dead wrong on bitcoin."

Only if being right includes losing 40-70% of his client's money in 2008....

http://www.businessinsider.com/2009/1/peter-schiffs-clients-got-hosed-this-year-too

Peter's response to the assertions in that article can be found here:
http://www.schiffradio.com/b/Mish-Shedlock-Exposed/-99733001115235480.html

Seth Otterstad

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"He was right on real estate, but dead wrong on bitcoin."

Only if being right includes losing 40-70% of his client's money in 2008....

http://www.businessinsider.com/2009/1/peter-schiffs-clients-got-hosed-this-year-too

bassclef

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Quote from: tabnloz on August 10, 2014, 07:48:31 AM

According to Jeffrey Tucker (speaking on LTB podcast), Schiff has had a complete change of heart re: bitcoin.

Tucker puts it down to experiencing bitcoin; he related the story of being ridiculed by Schiff for 18 months over his bitcoin stance until one day Schiff approached him, marvelling at how quick bitcoin transactions were completed and how it saved his company plenty on fee payments.

Slowly but surely, the gold bugs are turning.

Haha, that's great. I knew Peter would come around sooner or later.

Fun fact: His father Irwin was a big figure in the tax protester movement and is currently serving time in Federal Prison for it. Of course Peter likes Bitcoin.

bitrider

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Quote from: tabnloz on August 10, 2014, 07:48:31 AM

According to Jeffrey Tucker (speaking on LTB podcast), Schiff has had a complete change of heart re: bitcoin.

Tucker puts it down to experiencing bitcoin; he related the story of being ridiculed by Schiff for 18 months over his bitcoin stance until one day Schiff approached him, marvelling at how quick bitcoin transactions were completed and how it saved his company plenty on fee payments.

Slowly but surely, the gold bugs are turning.

Could not help a big, big Grin

come over me, when I heard that story.

tabnloz

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According to Jeffrey Tucker (speaking on LTB podcast), Schiff has had a complete change of heart re: bitcoin.

Tucker puts it down to experiencing bitcoin; he related the story of being ridiculed by Schiff for 18 months over his bitcoin stance until one day Schiff approached him, marvelling at how quick bitcoin transactions were completed and how it saved his company plenty on fee payments.

Slowly but surely, the gold bugs are turning.

shawshankinmate37927

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Activity: 854

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Bitcoin: The People's Bailout

Quote from: painlord2k on August 02, 2014, 11:08:15 AM

Backing is just a promise waiting to be broken.

Another great way of putting it and I completely agree. I'm not interested in promises from bankers or politicians.

madken7777

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Quote from: painlord2k on August 02, 2014, 11:08:15 AM

Quote from: joae1975 on July 27, 2014, 09:52:43 AM

Quote from: shawshankinmate37927 on July 27, 2014, 08:08:43 AM

Peter Schiff and the mythological belief in "intrinsic value" that he and others have is discussed with Tuur Demeester on the most recent episode of the Ed and Ethan show:

https://www.youtube.com/watch?v=iLxNp44tRSE&list=UUX-pglnBfZBq9r-BxsLQznQ

Devils advocate. What's backing bitcoin?

If value is subjective, nothing can back anything and ideed it does.
Backing is just a promise waiting to be broken.

Right. And there is no such thing as "intrinsic value" that is not subjective.

Gold has value because we give it value. It is worthless to non-human.

painlord2k

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Quote from: joae1975 on July 27, 2014, 09:52:43 AM

Quote from: shawshankinmate37927 on July 27, 2014, 08:08:43 AM

Peter Schiff and the mythological belief in "intrinsic value" that he and others have is discussed with Tuur Demeester on the most recent episode of the Ed and Ethan show:

https://www.youtube.com/watch?v=iLxNp44tRSE&list=UUX-pglnBfZBq9r-BxsLQznQ

Devils advocate. What's backing bitcoin?

If value is subjective, nothing can back anything and ideed it does.
Backing is just a promise waiting to be broken.

wenben

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Quote from: shawshankinmate37927 on July 28, 2014, 08:41:10 AM

Quote from: joae1975 on July 27, 2014, 11:39:50 PM

He believes in limited government. He believes in a gold standard. He believes the only job of government is to protect life, liberty, and property. No more, no less. There are a lot of problems with our gov, no doubt. But I think the fact that Peter consistently puts his money where his mouth is says a lot about his integrity. He's no hypocrit, far from it.

I didn't accuse him of being a hypocrite. I accused him of believing the fiat scam can be brought to an end via the political process. His idea of a gold standard is "let's let the bankers hold all of the gold and issue paper to the people". Fuck that. That's already been tried. It failed. For some inexplicable reason he believes it will work out just fine if they just try it one more time.

He believe in paper gold because he is getting commission selling them.

shawshankinmate37927

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Bitcoin: The People's Bailout

Quote from: joae1975 on July 27, 2014, 11:39:50 PM

He believes in limited government. He believes in a gold standard. He believes the only job of government is to protect life, liberty, and property. No more, no less. There are a lot of problems with our gov, no doubt. But I think the fact that Peter consistently puts his money where his mouth is says a lot about his integrity. He's no hypocrit, far from it.

I didn't accuse him of being a hypocrite. I accused him of believing the fiat scam can be brought to an end via the political process. His idea of a gold standard is "let's let the bankers hold all of the gold and issue paper to the people". Fuck that. That's already been tried. It failed. For some inexplicable reason he believes it will work out just fine if they just try it one more time.

kerafym

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THE GAME OF CHANCE. CHANGED.

Quote from: joae1975 on July 27, 2014, 04:17:55 PM

Quote from: leezay on July 27, 2014, 01:57:15 PM

Has he change his view on bitcoin yet?

He was right on real estate, but dead wrong on bitcoin.

Everybody laughed at him all the way up until the housing crisis occurred. People are laughing at him now regarding the crash of USD. Now all of the people that laughed at him won't even talk to him. The whole bitcoin community laughs at him. I think he's right. Bitcoin is a bubble. Peter says, "If it looks like a bubble, walks like a bubble, and quacks like a bubble, it's probably a bubble. And if there's one thing I know, it's bubbles." When/if bitcoin goes main stream, all of the early adopters holding hundreds or thousands of bitcoins will cash out all at once. Then it will crash. Bitcoin is a means to something greater. Only time and ingenuity will tell what that is.

And keep in mind that Peter doesn't really accept bitcoin for gold. He uses bitpay.

No doubt bitcoin is in bubble. But that is true for just about any assets out there largely due to the printing press running non-stop.

joae1975

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Quote from: shawshankinmate37927 on July 27, 2014, 10:43:18 PM

Quote from: joae1975 on July 27, 2014, 04:17:55 PM

Everybody laughed at him all the way up until the housing crisis occurred. People are laughing at him now regarding the crash of USD. Now all of the people that laughed at him won't even talk to him. The whole bitcoin community laughs at him. I think he's right. Bitcoin is a bubble. Peter says, "If it looks like a bubble, walks like a bubble, and quacks like a bubble, it's probably a bubble. And if there's one thing I know, it's bubbles." When/if bitcoin goes main stream, all of the early adopters holding hundreds or thousands of bitcoins will cash out all at once. Then it will crash. Bitcoin is a means to something greater. Only time and ingenuity will tell what that is.

And keep in mind that Peter doesn't really accept bitcoin for gold. He uses bitpay.

He still believes in the political process and that the way to fix the system is to reform it from the inside. He thinks the solution is to just get the right people into power. He seems to prefer "top down" solutions over "bottom up" solutions. He even flushed a lot of his own money down the toilet on a run for the Senate a few years ago.

He believes in limited government. He believes in a gold standard. He believes the only job of government is to protect life, liberty, and property. No more, no less. There are a lot of problems with our gov, no doubt. But I think the fact that Peter consistently puts his money where his mouth is says a lot about his integrity. He's no hypocrit, far from it.

shawshankinmate37927

hero member

Activity: 854

Merit: 1000

Bitcoin: The People's Bailout

Quote from: joae1975 on July 27, 2014, 04:17:55 PM

Everybody laughed at him all the way up until the housing crisis occurred. People are laughing at him now regarding the crash of USD. Now all of the people that laughed at him won't even talk to him. The whole bitcoin community laughs at him. I think he's right. Bitcoin is a bubble. Peter says, "If it looks like a bubble, walks like a bubble, and quacks like a bubble, it's probably a bubble. And if there's one thing I know, it's bubbles." When/if bitcoin goes main stream, all of the early adopters holding hundreds or thousands of bitcoins will cash out all at once. Then it will crash. Bitcoin is a means to something greater. Only time and ingenuity will tell what that is.

And keep in mind that Peter doesn't really accept bitcoin for gold. He uses bitpay.

He still believes in the political process and that the way to fix the system is to reform it from the inside. He thinks the solution is to just get the right people into power. He seems to prefer "top down" solutions over "bottom up" solutions. He even flushed a lot of his own money down the toilet on a run for the Senate a few years ago.

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