peter schiff is only interested in getting people to buy his gold, any way he can find a way to talk people out of fiat, shares, stocks or bitcoin. and then to talk them into bying gold.. he wil do that.
one thing for sure that is negative about bitcoin is the AMLKYC is killing the crappy PHP exchanges. more large whale investors are trading privately and their trades are not ever seen on the PHP coded exchanges.
PHP exchanges (notbitcoin) is dying. most exchanges are only playing with dust amounts and an occasional 300btc buy/sell wall.
just like in february when people realised mtgox was not allowing FIAT withdrawals people started to no longer masure bitcoins via the mtgox price and instead measured bitcoin via exchanges that offered easy FIAT deposit/withdrawal (the $100mtgox $450other exchange saga)
the same thing is happening now, local bitcoins trading is happening with much higher spread compared to PHP exchanges, other private trades through large organisations and otc are also at a nice premium compared to the public PHP coded exchanges.
dont blame bitcoin for the low php exchange price.. blame AMLKYC flags and limits.
Topic: Very interesting points on Bitcoin by a great Economist - page 4. (Read 5820 times)
Peter Schiff is and will ever be negative on this topic because he is an idiot.
Peter Schiff warned about the DOTCOM bubble and the housing bubble! He is not what you say he is, he has a sound view on Economics
BUT he is missing the point on new technologies sometimes when he oversights facebook or Bitcoin, he is repeating facebook doesn't make money which is not true : they made 3Billions last quarter and it is increasing by 60% compared to last year!
They have 1.3 Billion MONTHLY users, who would think it has no value??
They have 12Billions of cash and the expected EBITDA this year is 8Billions, no value?
Peter Schiff is and will ever be negative on this topic because he is an idiot.
Peter Schiff is giving his negative point of view on Bitcoin in his last podcast :
https://www.youtube.com/watch?v=lMfoFlJhcck at 01:05:48
A lot of what he says about Bitcoin is 100% true : not enough shorter of the market, most people enter bitcoin to make a profit, more and more bitcoiners are at a loss now so it is bad press, miners need to sell, regulation can be a problem for Bitcoin, a lot of bitcoiners are naive/romantic/unrealistic, stop loss orders are taken advantage of in the market
But he is wrong on many things : the qualities of Bitcoin and the flaws of fiat will push the price higher, we are still telling on friends to buy, people who bought at 300-600$ didn't lose much and there is an increasingly high number of people that bought at this level, it has value as a store of value and medium of exchange, mtgox coins lost have been lost because of the third party risk such as when you give your money to a bank : if you keep your bitcoins securely you won't lose them
Peter Schiff likes Gold so much that he is not judging Bitcoin correctly and he wants bitcoiners to buy Gold; Schiff says facebook doesn't make any money and is worthless...
All the rest of what Peter Schiff says is good and he is warning everyone about the coming USD collapse, the real inflation not showed in official statistics, the fixing of the market by the FED, the dangers of Big Government, the hypocrite non racist organisations that are in fact racist and the never ending QE
https://www.youtube.com/watch?v=lMfoFlJhcck at 01:05:48
A lot of what he says about Bitcoin is 100% true : not enough shorter of the market, most people enter bitcoin to make a profit, more and more bitcoiners are at a loss now so it is bad press, miners need to sell, regulation can be a problem for Bitcoin, a lot of bitcoiners are naive/romantic/unrealistic, stop loss orders are taken advantage of in the market
But he is wrong on many things : the qualities of Bitcoin and the flaws of fiat will push the price higher, we are still telling on friends to buy, people who bought at 300-600$ didn't lose much and there is an increasingly high number of people that bought at this level, it has value as a store of value and medium of exchange, mtgox coins lost have been lost because of the third party risk such as when you give your money to a bank : if you keep your bitcoins securely you won't lose them
Peter Schiff likes Gold so much that he is not judging Bitcoin correctly and he wants bitcoiners to buy Gold; Schiff says facebook doesn't make any money and is worthless...
All the rest of what Peter Schiff says is good and he is warning everyone about the coming USD collapse, the real inflation not showed in official statistics, the fixing of the market by the FED, the dangers of Big Government, the hypocrite non racist organisations that are in fact racist and the never ending QE
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