I'm going to quote myself below, from the previous thread I read about Peter Schiff. The TL;DR is that he is consistently wrong on everything, and taking his advice is a terrible idea. Also worth pointing out that OP is a well known troll, and only ever posts baseless nonsense like this.
Yawn. When are people going to stop listening to Schiff?
In October 2012, when gold was around $1,700 he said it was going to $5,000 within 2 years:
https://www.cnbc.com/id/49550053. Not only did it not hit $5,000, but it never went higher than the $1,700 it was when he made his prediction. In fact, all gold did over the next two years was slowly lose value down to around $1,200.
In December 2015, having been proved monumentally wrong, he made the same prediction that gold was heading for $5,000:
https://www.cnbc.com/2015/12/17/gold-is-still-going-to-5000-peter-schiff.html. Now, 4 years on from that, again not only has gold not hit $5,000, but it
has never gone higher than the $1,700 it was when he made his original prediction 7 years ago, and is currently sitting around $1,500.
Having been proved completely wrong again, earlier this year he made the same prediction yet again:
https://schiffgold.com/videos/peter-schiff-gold-will-go-much-higher-than-5000-video/. Let's see how that turns out for him.
Looking at his predictions for bitcoin, in July last year when bitcoin was around $6,000, he said bitcoin was heading for $1,000 and would then collapse entirely:
https://hacked.com/peter-schiff-tells-joe-rogan-bitcoin-price-will-hit-1000/. Needless to say we never came close to $1,000, and yet again the exact opposite of what he has predicted has happened, and we are up 50% from when he made his prediction.
Even last month he said we had hit a "major top" and were rapidly heading for $4,000:
https://twitter.com/PeterSchiff/status/1176577713412419589. Yet again, wrong.
He is so completely invested in gold that he rubbishes anything and everything that isn't gold, and refuses to see past his catalogue of errors. I would hate to think what his returns over the last decade have been since he is so consistently wrong all the time. If you did the exact opposite of what he said over the last 10 years, you would be sitting on a nice profit.
TL;DR: If Schiff says bitcoin is going to collapse, that makes me bullish.
To answer these specific points is trivial.
Points 1-3 are essentially "Gold is better". See above for why this argument is nonsense. Schiff is heavily invested in gold and will say anything to try to prop up his poor investment portfolio.
4 - A non-argument. No one seriously thinks bitcoin is "going to the moon" simply because it requires time and energy to mine. The fact that he even suggests this is a testament to his lack of knowledge.
5 - Another non-argument. I completely agree that a limited supply of something does not automatically mean it is valuable. This isn't an argument against bitcoin, however. Although a limited supply is obviously better than more fiat being printed at will out of thin air until it collapses, that's not why bitcoin is valuable.
6 - Libra is a centralized, censored, seizable, privacy invading, shitcoin. If you want to use a system like that, then go use PayPal.
7 - Bitcoin is risky, and no serious user in the space would ever claim otherwise.
