Peter Schiff on Bitcoin - page 6. | Bitcointalksearch.org

joae1975

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Quote from: joae1975 on January 11, 2014, 03:09:04 PM

Added:

Jan. 10th, 2014
Peter on Overstock.com
https://dl.dropboxusercontent.com/u/21580995/Peter.Schiff.bitcoin.1.10.14.mp3

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It's syncing, taking forever, sorry. Give it a few more hours. I took out some really big files and it's just taking forever!!!

joae1975

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Added:

Jan. 10th, 2014
Peter on Overstock.com
https://app.box.com/s/g10742faolbkeq07ih6g

GoldWater

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Gold and Silver have intrinsic value, yes. I think we ALL know why...

Bitcoin has intrinsic value, yes. To say it doesn't, is the same thing as saying "I don't understand what Bitcoin is"

They BOTH have intrinsic value in their own ways. It's not a "one or the other" conversation so why talk about it that way. We don't use gold and silver for money exchange, we use paper money (which we ALL know is NOT backed by gold anyways) so WHY the heck are comparing them like they are apples to apples?!?! Bitcoin basically represents intrinsic value, this is not a freaking opinion!!!!

On a side note, Peter Schiff is a drama queen, lets be serious (or practical for that matter).

joae1975

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Quote from: ?? on ??

The only reason that economists use the term 'intrinsic value' with regard to commodity based hard currencies is because there isn't really a better term in English. It shouldn't be taken as a literal statement that gold or silver have value because of their scientific properties. Gold and silver are valued by humans because of their particular scientific properties, but to what degree any particular person values those properties depends mostly upon what their own experiences and needs might be.

It's mostly because they've stood the test of time throughout human history.

joae1975

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Quote from: AnonyMint on December 12, 2013, 02:16:19 PM

Quote from: joae1975 on December 04, 2013, 03:27:36 PM

Quote from: cryptoanarchist on December 04, 2013, 03:04:18 PM

Quote from: joae1975 on December 04, 2013, 02:32:47 PM

Bitcointalk has been down for a few days. I lost track of all the Peter Schiff bitcoin talk. There was a debate with him and Erik Voorhees. It's on youtube.
http://youtu.be/7mUn-d8R98k

Peter knows better. I think he believes he has to make these arguments to sell gold.

Well, it's working on me. I sold some bitcoins and wired him some USD for Au/Ag. He does have the best premiums around and really good customer service.

Lower premiums than tulving?

Actually, on a 50g Valcambi bar, Europac is better.

greenlion

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Quote from: Hideyoshi on December 04, 2013, 11:18:21 PM

Why did nobody tell Peter Schiff that he can easily create digital currency backed by gold, if he just use Colored Coin and backed it with gold?

This would require him to actually understand something about what this is instead of jumping to immediate superficial conclusions and then punch that strawman.

AnonyMint

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Quote from: joae1975 on December 04, 2013, 03:27:36 PM

Quote from: cryptoanarchist on December 04, 2013, 03:04:18 PM

Quote from: joae1975 on December 04, 2013, 02:32:47 PM

Bitcointalk has been down for a few days. I lost track of all the Peter Schiff bitcoin talk. There was a debate with him and Erik Voorhees. It's on youtube.
http://youtu.be/7mUn-d8R98k

Peter knows better. I think he believes he has to make these arguments to sell gold.

Well, it's working on me. I sold some bitcoins and wired him some USD for Au/Ag. He does have the best premiums around and really good customer service.

Lower premiums than tulving?

joae1975

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Quote from: Rassah on December 05, 2013, 09:59:03 AM

Quote from: joae1975 on December 04, 2013, 02:32:47 PM

Bitcointalk has been down for a few days. I lost track of all the Peter Schiff bitcoin talk. There was a debate with him and Erik Voorhees. It's on youtube.
http://youtu.be/7mUn-d8R98k

Thank you. I didn't think this would be released for free.

Cool! Eric was The Tom Woods show Dec 11th too.

http://www.schiffradio.com/pg/jsp/verticals/archive.jsp?dispid=310&pid=63335

Let me know if you can't access it.

Rassah

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Quote from: joae1975 on December 04, 2013, 02:32:47 PM

Bitcointalk has been down for a few days. I lost track of all the Peter Schiff bitcoin talk. There was a debate with him and Erik Voorhees. It's on youtube.
http://youtu.be/7mUn-d8R98k

Thank you. I didn't think this would be released for free.

Hideyoshi

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Why did nobody tell Peter Schiff that he can easily create digital currency backed by gold, if he just use Colored Coin and backed it with gold?

tvbcof

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Quote from: joae1975 on December 04, 2013, 03:27:36 PM

Quote from: cryptoanarchist on December 04, 2013, 03:04:18 PM

Quote from: joae1975 on December 04, 2013, 02:32:47 PM

Bitcointalk has been down for a few days. I lost track of all the Peter Schiff bitcoin talk. There was a debate with him and Erik Voorhees. It's on youtube.
http://youtu.be/7mUn-d8R98k

Peter knows better. I think he believes he has to make these arguments to sell gold.

Well, it's working on me. I sold some bitcoins and wired him some USD for Au/Ag. He does have the best premiums around and really good customer service.

I'll be doing the same fairly soon if things remain more-or-less as they are now, but it has nothing to do with Peter's mindless blather and a damn sure won't be using his services.

If I had a lot of Au and few BTC in my portfolio, I'd be going the other way. Indeed, that's what I did a few years ago (using excess fiat at least.) Today I see the likelihood of Bitcoin 'paying off' as higher than a few years ago, but of course the potential payout is lower since we've already seen a few 10x's.

joae1975

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Quote from: cryptoanarchist on December 04, 2013, 03:04:18 PM

Quote from: joae1975 on December 04, 2013, 02:32:47 PM

Bitcointalk has been down for a few days. I lost track of all the Peter Schiff bitcoin talk. There was a debate with him and Erik Voorhees. It's on youtube.
http://youtu.be/7mUn-d8R98k

Peter knows better. I think he believes he has to make these arguments to sell gold.

Well, it's working on me. I sold some bitcoins and wired him some USD for Au/Ag. He does have the best premiums around and really good customer service.

cryptoanarchist

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Quote from: joae1975 on December 04, 2013, 02:32:47 PM

Bitcointalk has been down for a few days. I lost track of all the Peter Schiff bitcoin talk. There was a debate with him and Erik Voorhees. It's on youtube.
http://youtu.be/7mUn-d8R98k

Peter knows better. I think he believes he has to make these arguments to sell gold.

joae1975

hero member

Activity: 752

Merit: 500

Bitcointalk has been down for a few days. I lost track of all the Peter Schiff bitcoin talk. There was a debate with him and Erik Voorhees. It's on youtube.
http://youtu.be/7mUn-d8R98k

Erdogan

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There is no middle class. Look it up, it is not defined properly. It is a politician non-word.

The money you have is either earned by labour, by interest or profit, or received as a gift.

There are wage earners, where wages varies depending on skill and other things, wages vary within a narrow band because labour is highly mobile.

Then there are savers. They hold money in reserve for the long run. They may lend it, earning extra money in the form of interest.

Then there are capitalists. They have used some of their savings to buy capital goods, earning extra money in the form of profit. The profit is somewhat larger than interest, due to risk.

Then there are entrepreneurs. That is people who have the knowledge and understanding to invest in new things, reeking profits greater than the standard profit. An entrepreneur can use loaned money, or his own. If he uses his own money, he is a capitalist-entrepreneur. An entrepreneur takes extra risk, and if he is unsuccessful, he will fall back to wage earning. If he is successful, he can continue his entrepreneurship.

Unsound money can completely distort this picture.

AnonyMint

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http://armstrongeconomics.com/2013/11/11/keynesianism-monetarism/

Quote

not understanding that it is confidence as well as Irving Fisher´s velocity that determine if the credit multiplier works (inflation) or not (deflation).

In my haste (too busy on other thoughts) I was confusing Irving Fisher with Irwin Schiff.

That is an example of my highly expansive pattern searching engine failing me.

MoonShadow

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Quote from: greenlion on November 27, 2013, 11:11:41 PM

I think it's also important to point out that in debates/commentary like the Schiff clips posted in this thread, the term "intrinsic value" is not being used in its strict financial definition. What Peter Schiff is talking about is "value" being modified by the general adjective "intrinsic".

The actual technical term "intrinsic value" does not actually mean what he's talking about.

We've actually been over this point to a great deal.

greenlion

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I think it's also important to point out that in debates/commentary like the Schiff clips posted in this thread, the term "intrinsic value" is not being used in its strict financial definition. What Peter Schiff is talking about is "value" being modified by the general adjective "intrinsic".

The actual technical term "intrinsic value" does not actually mean what he's talking about.

AnonyMint

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Try reading the links I provided, as it is explained there why your logic is incorrect. In short, the masses don't have BTC yet, they have fiat, so the relative value does impact their net worth.

You could make an argument that most people are in debt or are subsistence laborers, thus they have no net worth any way. So all they care about is receiving BTC in payment for their ongoing labor.

However, it is the middle class which still has net worth that makes that decision because only they can buy and obtain Bitcoin (unless the rich hoarders spend all on labor, but that again is chicken and egg problem because the laborers can't accept BTC because they can't spend it).

Cryddit

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No way to do it without bankrupting the middle class?

Um, why? If there is no redistribution (ie, Satoshi continues to sit on his money) the money that's not in circulation simply doesn't count -- ie, the value produced will be the same whether there are 100 coins in actual circulation, or 21 million. The difference is that with just 100 coins we'd need a unit smaller than Satoshis. But that's easy.

The market cap of coins in actual circulation, I expect to be about equal to the value it provides in its roles relative to the banking system now in place. If 90% is held out of circulation by the earlier adopters, then that market cap will be spread over one-tenth as many coins and the equilibrium price will be ten times higher. As oldtimers start using the coins that have been held out of circulation, the equilibrium price will simply go down. But if the old timers aren't complete idiots who spend their coin all at once in unison, the price won't come down more than 5 or 10 percent a year. And people are entirely used to that kind of inflation.

Topic: Peter Schiff on Bitcoin - page 6. (Read 38888 times)