Topic: Peter Schiff, the famous investor, does his first youtube live and (Read 224 times)

Some people just really want to see bitcoin fail, part of it is probably due to jealously of missing out and watching it continue to rise.  Or he may truly not fully understand the use cases that it provides and how the decentralized nature can change the relationship of man and money.

I think that there are definitely some people who would regard both gold and Bitcoin holders as being somewhat the same.
It's usually people who are pretty libertarian who are most passionate about Bitcoin & gold, so in that sense we're quite similar.

On a side note, the livestream was really interesting, currently almost half way. 

I've definitely been feeling crazy for a long time 

it's not his first live, he's on youtube for years talking about finances and economy and has already a good audience.

Do regular, non-holder people view the gold bugs, and the typical Bitcoin HODLER/maximalist in the same regard? We point fingers, and call each other crazy, but we ourselves might be crazy to other people.

Well, in space as well we are limited by the speed of light (it takes more than 3 minutes to reach just Mars. But anyway - there was an article recently, that there is 210km big golden asteroid within our Solar System. If we know how to mine it relatively cheaply, gold would lose its investment value (just as once it happened with aluminium).
Next argument for cryptocurrency.

About to watch this video, thanks for the link.

But before I lay down and watch, all you have to say to any gold bug is this https://en.wikipedia.org/wiki/Executive_Order_6102 I have plenty other reasons why bitcoin is better than gold but that is the main one. They stole all the peoples gold before and will do it again, they can`t with bitcoin if you do not give them your key.

UNSEIZEABLE

another decent reason is we will not be able to transfer gold in space in seconds, like we can with bitcoin, heck you can`t even do that on earth with gold.

Anyways hes right on a lot of things, but what he forgets at the end of the day, gold is also measured in fiat lol.

You are all morons and need to start measuring time/duration to things, or we are fucked.

You are welcome.

Peter Schiff has very good points against Bitcoin and very good points about Gold, let's help ourselves and stop saying gold has no value !!
As for Bitcoin, the price is extremely unstable and most people use it to trade or profit from a fiat currency nominal appreciation but it would be interesting that he also makes more positive arguments for Bitcoin to show you understand the value it can have. Bitcoin has 2 huge values :
-The fact you can digitally hide money just by being careful about how you get your bitcoins and transfer them. For example, you can use a mixer or buy new coins from a miner.
-The value in your bitcoins can never be seized nor have third party risk if you save it yourself, not on a digital wallet or an exchange.

Yes your bitcoins can lose 90% of their value but this value you have is hidden, yours for ever and can appreciate in value as well. You know funds in most banks or safes can be seized or freezed by a government for or an institution for many reasons : financial, political or just to transfer the value to someone else : your associate, your debtor, your ex-wife.

There are huge legal and fiscal risks in Bitcoin but the probability that the worst will materialize within 15 years is far less than 100% so it does not eliminate all the value. We shall fight for the freedom to be able to own bitcoins, not surrender to some that want to outlaw it.
Understand that betting on something that has 1% 10% 20% or maybe 50% of losing 95% of its value is not for everyone but in a few sectors, particularly in the tech sector, the data and the experience of many VCs have shown you can do it profitably.
Have you ever invest in tech ? Facebook and Amazon may have looked overvalued by traditional investors like you but they have showed they can bring in tens of billions in profit every year and many many others companies have shown that with a lot of capital they can build brands that take huge shares of a market in a matter of a few years.
The central banks have been creating a lot of inflation to prop up bubbles and that put a lot of upward pressure of prices but the innovation and creativity of tech companies put a lot of downward pressure of some prices like the price of getting information, some services, hardware, travel or move around a city. The US are not only a huge government and always higher taxes and debt, it's also a lot of creative minds that innovate and find more efficient ways of doing pretty much everything, that counteracts the failures of government, create new wealth that ultimately brings new taxes to the government, help it survive and allows it to grow even more. The US also has a lot of residual wealth accumulated in the past, investing or not in the US is not a choice to be made between the US and a perfect country but between the US and other very imperfect countries, as you know.

Last point, the Bitcoin network is well done in terms of security. Cryptography is maths and not just yet an other software, you can judge by yourself of it's robustness by digging into the tech behind it : it's unlikely it will be cracked soon.
The Bitcoin foundation had to intervene many times but the network is automatically self correcting : if there are few transactions,  the amount of nodes needed is low. If there are many transactions, all things being equal, the incentive to have a node increase so there will be more nodes and the network get more secure. The network can work with only 2 computers connected to it.

Think Jerome Powell said it simply but well : Bitcoin is a very speculative store of value. It has value now like you often points out and it is likely it will have at least 10% of its current value in a month, in a year and even in 10 years so it's coherent to get 1% of your net worth in bitcoins as an insurance in case you need to perform a secure and private transaction. For example, how would you easily and securely send money to help a libertarian politician that would have all its financial assets cut off ? Bitcoin !

I will follow the video later but what drives someone to change their opinions that Bitcoin is a bubble^[1] to "I Guess I'll Have to Hodl It"^[2]?
Generally what is the end result of this challenge and if there is a summary of the important points he mentioned, "3 hours look a lot."

[1]
[2]

Peter Schiff, the famous investor, does his first youtube live and asks to be convinced of the value of Bitcoin :

https://www.youtube.com/watch?v=clbHyIAc8U0 He is an honest libertarian, that should be interesting.