Topic: Peter Schiff on Bitcoin - page 5. (Read 38869 times)

I remember him screaming for people to buy gold when it was dropping from 1800,1700, 1600 etc.   He called for $5000 to $10,000 per oz in few years.

I don't remember him saying anything about it when it was around $300.

Now, his Overstock argument is one sided.  He assumes that people who already have bitcoins will go on Overstock to spend it.  Effectively selling their coins.

IMHO, the retail acceptance is positive for bitcoin in terms of broader acceptance and an overall image.  The actual mechanics of bitcoin retail transactions should have no effect on the price of bitcoin.  If you want to buy something on Overstock with bitcoins, you have to buy bitcoins and spend them on Overstock site (they would sell bitcoins using bitpay).  

He might be right about one thing, the price of bitcoin cannot go up without new buyers coming in, but that is kinda obvious.

On the last drop, about 1M exchanged hands (if you add up volumes all the exchanges).  Assuming (I don't remember where I read it) that 3M are in inactive/lost wallets, that still leaves a large number of whales who did not participate in this drop.

So price pressures might still continue for a long time.  Looks like FBI has not dumped their holdings, if they do, expect the price to drop to <$50 because there is no liquidity to handle 100,000+ BTC type of trades.  I don't expect FBI to be picky about the price they get for their coins.  After all, it is not their own money.

Schiff is like the Jim Jones of money management.  Thank God they guy has stayed away from Bitcoin.  When he jumps on board I would take it as a sign that it's time to bail.

http://www.nakedcapitalism.com/2014/02/peter-schiff-wrong-everything.html

Digital offering is a way for small investors to act as venture capitalists.  Small meaning upper middle class, not millionaires.  There's a minimum of like 100k I think.  But it's has nothing to do with cryptos.

edit:  http://digitaloffering.com/

I could be wrong about what I said above.

Which is exactly what he wants. He is a salesman, and a good one. He sees digital currencies as a threat. I get his e-newsletter. The title of a recent one was something like "our new digital offerings." I believe he is principled but he's also looking out for his own interests.

Peter has addressed this point.  He says he knows that bitcoin is big amongst libertarians but he's not going to lie about it.  He says he's not going to sacrifice his principles to appeal to his fans ideology.  He said, "If there's one thing I know, it's bubbles.  If it walks like a duck, quacks like a duck, then it's probably a duck."  I wish I would have posted the audio where he addressed it.  It might be in my audio posts somewhere, I can't remember when he said it.  It was a good point.  He also addressed how people may think he's bashing bitcoin to sell more gold.  He's a very principled man.  I trust him and his philosophy.  Which is why I sold many of my mined bitcoin for gold/silver.  I sold bitcoin and invested fiat with his company.  I'm also holding more bitcoin/altcoins to hedge that.

I'd take some issue with the assumption that the 'libertarians did it'.  Hal doesn't seem to be one and has stated otherwise.  Satoshi is unknown and didn't talk about politics much.  Gavin says he's a libertarian, but doesn't back it up much beyond that.  Garzik and Maxwell have been beat up in the past for not bowing sufficiently to the Libertarian idols.  Hearn is a died-in-the-wool fascist/totalitarian type dude.  Dunno about Sipa and Lian.

I don't give a crap about the libertarian ideology myself. 

Bitcoin is valuable for commercial reasons.  It's cheaper than processing credit card payments.

The fact that it has potential for reasonable privacy is just a bonus. 

peter schiff is an idiot, bitcoin is the only good thing libertarians have ever done and he trashes it...

Added:
https://dl.dropboxusercontent.com/u/21580995/Peter.Schiff.bitcoin.2.10.2014.mp3

The fact that he has a vested interest in gold doesn't take anything away from what he says, the fact is he has chosen to risk his capital and invest in gold means he's willing to back up what he's saying which means I trust him more than any other academic economist. I'm not saying I agree with everything he's saying however and I do think he's wrong on cryptocurrencies.

He quite often speaks for free. Yes he's a salesman, but all businessmen are. 

Schiff is a salesman, a marketing expert.
 
He broadcasts a daily radio show, as well as writing weekly articles and doing videos and media appearances and conferences etc etc. He'll speak at your meeting for a lousy $25k. 

And it's all very predictably the same old stuff about debt the Fed, it's basically his fine-tuned sales script.

When does he do any real economic research?

He has a gold company and he flogs gold. Simple.

He does not deserve the attention he gets and he certainly doesn't deserve a one on one with Anton A.

I didn't read the rest of the thread, but I think It would be more accurate to say that gold fell during the crash of 2008 (WAY less than everything else) because the MBS and other assets that the banks were getting margin calls on were/are denominated in USD.  So  they had to sell whatever assets they had that were still worth something to raise USD to cover their Margin calls.  People called the dollar rally a flight to quality, I think, it was more of a flight to raise the margin they needed to remain solvent.  If MBS were priced is Turkish Lira they would have sold their gold and bought that.  They didn't have a choice.

EDIT:  SCHIFF is just a gold bug talking his book, the same book he's been talking for a decade.  I used to really like schiff, when I was betting on a collapse and a rally in gold.  But when gold fell due to what I described above, I had to re-evaluate, focus on shorting equities, and then re-buy gold once the deleveraging was over.  I lost a lot of respect for him then when he kept charging ahead losing his clients tons of money in spite of new facts.  I thought gold would skyrocket and the dollar would go when the crash came, just like him.  But I was wrong, and adjusted my strategy.  Now with bitcoin, I've lost all respect for him.  BTC is like gold in all the good ways, and vastly better in the ways that made gold fall out of favor in exchange for deposit receipts, then eventually fiat.  BTC is the best of both worlds.

Some will, some won't.  That's no differnent than a rally in gold attracting newcomers who get burned on the correction.  Strangely, there are still people who don't abandon that barbaric relic.

Another anti-bitcoin rant on todays show.  Will post later.  He keeps stating how newcomers to bitcoin will get discouraged by the sudden price drop and be completely turned off and never come back to it.  I hope he's wrong, but Peter is the man.

Peter Schiff talks about Charlie Shrem and bitcoin taxes
https://dl.dropboxusercontent.com/u/21580995/PeterSchiff.bitcoin.1.27.14.mp3

Peter never considers that bitcoin is more than a "currency."  I can't wait for Andreas Antonopoulos to be on his show.

Very dissapointing  view peter has . His point is possibly correct in the very short term but he just doesn't get the fact that more real world use bitcoin has the higher it will go.

 tsk tsk peter.

Thanks!

If gold got the same success as a payment system, Peter Schiff would be ecstatic. Even though all the criticisms - gold getting instantly converted to USD on the market - would still apply, I bet you wouldn't hear ANY of that from him then.

Had to use box.  Sync is really taking forever.  I took Gigs out of my dropbox.  Gotta let it simmer.
https://app.box.com/s/g10742faolbkeq07ih6g