Bitcoin Forum

https://i.imgur.com/SMky9H0.png

https://twitter.com/PeterSchiff/status/1303009420713111553

Peter Schiff twitted that his son buy more bitcoin against his advise. Then Peter in turn put up a poll as to who's advise someone will follow, his or his son. An overwhelming 80++% voted for the kid move to get into bitcoin.  ;D, Lol, he should follow his kid's advise as well and get into BTC, or is he secretly stashing already?

You should've included the epic Tweet reply from Spencer Schiff himself  ;D:


I'm still up to this day quite convinced that what mostly separates Austrian economists that are gold bugs from being bitcoiners is their technological literacy. I don't think it's a coincidence that people who are less technologically literate are the ones who dislike bitcoin with passion.

Unfortunately, most of these finance professionals are only accustomed to traditional investment vehicles that they often resist change and only wants to interact with legacy systems per se but we cannot blame them on their preferences.

The incident mentioned by OP is quite analogous to some older office professionals who don't want to use computers to become more productive and rejects any form of automation in their workplace but in fairness, they could also do their job effectively via their own terms. Imho.

There's hope for the future, then.  The younger generations get it, because they've never been given a good reason to trust traditional finance.  Peter Schiff needs to take off the rose tinted glasses and recognise the situation for what it is.  What used to work for him probably won't work for our descendants going forwards.

If Dad didn't want his son to spend money on something like Bitcoin, then he shouldn't have given him more money than he needs for basic living needs. It's very easy to spend money you didn't earn, and the children of the rich are the best example of that - but I guess it's better to spend on Bitcoin than on drugs and alcohol, although probably for a young Schiff money is no problem.

This is more than obviously a small play of dad and son on social networks, the little one must get involved in the business when dad become more or less irrelevant ::)

I am sure he also bought it and had it, if you look at his site he also uses bitcoin payments https://schiffgold.com/buy/buying-gold-silver-cryptos/, I think he also holds bitcoin in his wallet, no one knows, but I think his son is quite smarter than him

His son betting against his advise, I think that is nice because if bitcoin will fail he would win but if it will succeed his son will win, as a family, they don't lose. Probably as influence as he is, I think there's something behind that tweet, probably he is also investing, just trying to get some attention doing some indirect way of promoting bitcoin.

The survey result was epic, I'm pretty sure that was not he is expecting if the intention was transparent.

I would also vote for his son. ;D Normally, I would prefer to take advise from an experienced person in this field. But there are a lot of experienced investors who are just following the traditional ways to invest and not self-improving with the new technologies. So, I would like to follow a person who always keep up with the technology and improves himself/herself besides being an experienced investor. Also, his son seems very smart. I don't understand why his father underestimates him.

Each generation changed and the world is changed too. You'll see so many things changed in the past just like transaction. In ancient era, if you want bread you need to give milk because fiat money not exist yet. After many years later, fiat money exist and you can buy almost everything with your money. And now we have Bitcoin.

Most of old peoples are too worried, they always don't allow kids to do something new especially if he doesn't have any experience. Even though you didn't listen your parents advice, if you believe what you do... just do it and make them proud of you.

Hasn't he only recently confessed (https://www.rt.com/business/500051-schiff-wrong-about-bitcoin/) that he was wrong about BTC all this time?

Peter probably wanted his kid to have something real, as in palpable. What Peter doesn't understand is that technology has advanced to a point where you can have more trust in something that is virtual than in something that has a physical form.

Gold has been a great mean of exchange during all the previous recessions. Fake gold has been a great one as well. Times have changed, and we have something that cannot be faked or tampered with, can be instantly sent anywhere around the world and has no physical weight. It may be time for Peter himself to understand that Bitcoin is the literal revolution of money.

So this guy is bashing Bitcoin every time he can, still people send money to his son's address.
Since Bitcoin has big price variations, this guy has plenty of opportunities to say that bitcoin is bad (of course, he can conveniently shut up when Bitcoin is doing good).

Also with all the attention his twitter account gets will make his ideas reach even more users.

Is it me or his "son's Bitcoin wallet" story was premeditated as a win-win situation for this guy?

I don't know why but I find this really funny because for sure he tweeted that with confidence, he even added a poll but the result shows the opposite. But I would agree to what others have said, he may be experienced and professional in investing but it doesn't mean he's always right. They've been in the field but mostly in the traditional investment that's why they are very reluctant with bitcoin but at least, his son is open for this kind of investment even if his father advised him not to.

This is pretty funny and pretty sad at the same point.  What father would oust their own son to the entire world on twitter, of all places, because he bought an investment that he doesn't particularly have faith in.

Peter is like a lot of older financial professionals.  As an investment advisor myself this is something that I see quite often in this business.  Most Older financial professionals are not willing to open their minds to new investments/technologies.  Warren Buffet is another perfect example of this.  He doesn't even know or understand how bitcoin works but yet hates on it every chance he gets.  Whats that tell you?

peter schiff said against his advice , meaning he is against btc so i dont think  he is hoarding btc secretly but where did the kid get the idea of investing in btc if not from his dad  . from the public maybe ? because btc isnt also new to this date   .

 the poll says 18 yr old kid with no experience , reminds me of the kids that also invested on btc and became millionaires now .  im also rooting for the kid because of that .

I saw this and i am not sure if he is being serious because i can't figure out the tone from that. He must realise at least in some level that he is actually promoting bitcoin with his "Old man yells to the cloud" -routine. From what i've listened him, he isn't stupid, he just doesn't want to understand bitcoin.

I wonder what Peter Schiff's first reaction was when he found out about this. Perhaps there were some shouting here and there but after a while, he accepted that his son's decision isn't something that he should really control after all.

Peter Schiff is a good investor, a gold bug and quite successful at that. He's good at what he does, however he, together with other gold bugs and the traditional investors don't seem to want to end their era on investment. They refuse to accept change, and here they are trying to make a point that what they know about investing is better since they have years upon years of experience in the field plus the companies they built with that experience is still standing. Times are changing, and it's pretty evident that some people no longer want to get themselves involved in a market where only a few controls everything there is that can be controlled. Hence, why some people are already turning into cryptocurrencies and some companies are already trying to catch up to the game.


It could be like that, although knowing Schiff, he accepts no compromises and perhaps must have tweeted this genuinely wanting to make a point, but failed miserably.

I wonder if Peter is feeling embarass to himself knowing that many will favor to bitcoin than his words and comparisons. At least his son knows what he's doing.
We're on the new generation where kids are more open and oriented to the new sets of digital assets. His profession being a professional investor can't be gone but he has to make up his mind, we're not anymore in the 80's-90's classic type of investing.

That'd be a shame. I'd be happy to know that my kid is investing in something, especially if we're diversifying the portfolio as a family. Some people get the wrong idea that if they occupied a certain position in the society, the next generation must do the same as well.

The thing is, gold investment is a risk as well. Price fluctuates in any market, and the fact that it's been a reliable asset for so long doesn't mean it will be in the future as well. With technology, the future may not look as sweet for gold as it used to. Replicating substances could be a thing at one point while replicating the same Bitcoins cannot happen. He could take it from any perspective and I'd get it - he's a goldbug and that has been his lifetime passion. But not accepting something just because it's new is just pathetic, especially when after a while you finally give up and say "hey, Bitcoin is fine as well after all", lol.

I consider this a slapped in his face for asking this kind of question in social media and people voted for his son's decision to buy, he should know better he should now that we are moving to different direction when it comes to investing, people are voting in technology and internet based projects like Cryptocurrency, his son will end up richer than him.

i have seen enough people in real life and online that seemingly hate bitcoin so much and criticize those who bought it to the point that they are trying to change their mind and then i find out later that they have been buying bitcoin long before i even know about bitcoin.
the scarcity seems to have gotten to these people.
that is why i am not convinced that this guy isn't accumulating bitcoin himself and this is mostly like a social media fakeout to me.

Peter Schiff has earned good out of his stocks and investments. This has made him give more importance to businesses/investment than technology developed bitcoin. The son belong to the technology grown generation, and the same has made his son choose bitcoin.

All the above, from the polling results it is clear that majority of the Twitter users were young people, who fall on the technology driven generation.

Apparently Peter Schiff is learning that sons are totally different people and cannot handle his thinking, his son has realized the potential that Bitcoin handles, not only because of its technology but because of the great value it has in profit of investment and trading.

LOL  ;D ;D  Is this some kind of joke or what ? It's funny though, seeing your own son getting more attention than yourself.
It's kind of free promotion for bitcoin. I guess he would have bought it now since the price has decreased recently.
Must be hard for Peter to digest this. Sometimes we must just accept what the harsh reality is.

Yeah I agree, younger generation tends to be more impatient than the older ones because of the internet and technology advancements that we had for years now. I can see that the generation now are into fast cheap money making cylinder like crypto, if you will ask an adult if he's into bitcoin or gold, he'd probably say bitcoin coz it's easy money in here, when it is literally not. It depends now on which is trendy isn't it?

Cultured? coz they think they are more experienced, well indeed they have the more age of living and it means they got the experience of living the life longer but the opportunity now does not deal with how long you existed, buy bitcoin now or never.

The funny thing is that even Peter Shciff's follower voted on his son,  ;D.

Just shows how different where the time is, Peter is an old traditional fart, compare to his son, who is open minded has his own thinking as far as investment goes. Also doesn't surprise me if Peter is really into bitcoin, with all the shilling he is doing right now with BTC.

Fudding Bitcoin to accumulate more has been a proven tactic by some well known individuals and this could be a possible reason on his persistent stance against Bitcoin.

Or ...  the other reason is that maybe he was disappointed why he didn't bought BTC at the earliest when it was very very affordable. ;D

That is also what I supposed to think about. They know more than normal people, but they actually never see the good things in Bitcoin. It could be possible that this is against from their Business? Doubtedly that they have any and they want just to ruin Bitcoin for their own benefits, in fact, some big business owners are accumulating Bitcoin already which means that they are preparing the transition and it is nearly to happen one day.

I don't get their well, not even to understand why he hated Bitcoin. Or they are just loyal to the stock market.

Its up to his decision already if he do tend to follow on what most being suggested. 80% of the poll? He would really make up some consideration basing off that there are lots
who do really trust up bitcoin or he would simply just stand on his ground and follow strong into his own belief but it wont be surprising if he do changed up his mind and go along
with his son decisions or would be secretly stashing just for him not to be embarrassed that he did actually follow on son's suggestion.

I can't stop smiling at the poll results by Peter Schiff, they are truly epic. More than 80% of the voters voted for Spencer Schiff,
this is sure to blow Peter Schiff away. And this also proves Bitcoin's popularity is increasing and many people already think Bitcoin
is better than traditional investment. Hopefully Peter Schiff realizes his mistakes quickly, because experienced investors / business
are not always right.

PETER SCHIFF owns GOLD, and buys it all the time.  Peter Schiff constantly promotes gold.   How could you possibly think Peter Schiff talks bad about bitcoin so that he can buy it cheaply, but not talk bad about GOLD to make the price go down   ??? ??? ???

Bitserfer2014 obviously did not THINK before he posted the above statement   ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D

This is why i love the internet, its free from censorship and bias  ;D  Clearly his son surpasses him despite being a experienced/business owner, and in time he might change his mind once he has clear knowledge on how digital assets works.
This goes to show don't follow financial advise from so called experts, always do your own research because they do not know everything and not everything they say is right.

Its quite funny and at the same time, this is like a slap on the face on his father.

This just shows that experience doesn't matter when it comes to this matter. I'm curious about how his father is feeling right now since he created the poll and it went into the way that he doesn't expected to. This just shows that Bitcoin will be safe for the next generation because we see some kids who understands how it works already. Even if I'm in the position of the son, I will choose the kid too and not him :D.

What is Peters purpose publicising this?telling the world His son is not under His control or just to show that youngster now really loves Bitcoin?or even altcoins.

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This is not something a parent can be proud but this is Crypto market wanna hear.

Lets assume this is the start of many college youngsters starts investing and liking crypto currencies.

The old are stuck in their old ways, they set the path because they've experienced it and think that that's the best path, but really, that just brings stagnation since it doesn't really provide an improvement on ANY matter. The young are innovative and explore the ways since they see the world in a different light and can think up of things that others can't, and aren't really afraid to challenge it. Props to twitter peeps who voted for the Kid option, It isn't just to make fun of Peter Schiff or anything, rather it's the actual truth.

Idiotic advice would remain idiotic even when someone with reputation and experience says it. Imagine using your age and reputation to prove that your own opinion is right, anyone in their right mind wouldn't compare it like that.

Some have commented that The Kid will one day inherit all of his gold and convert it to Bitcoin. Peter also commented that he fears that older people are investing in Bitcoin and that they will not have time to recoup their loss.

Antoni Pompliano, Adam Vack and others from the crypto space also commented on this survey.
Trick or not, we already know about his son and we can take a look at him if he really is one of ours.

May he thought that he is right and also thought that this followers will agree to him making his son embarassed.

But it is a mistake, it shows most of Peter Schiff's followers are unto Bitcoin and maybe other cryptocurrencies the reason his losing the poll he posted. Later he posted again saying he is just 'trolling" and should spend our time selling our Bitcoin and buying Gold.  (https://twitter.com/PeterSchiff)He is trolling but he is trolled back by his followers. Now his seemed annnoyed by his next tweets.

Mate, its just an assumption and hypothetically speaking, its my opinion for the sake of argument. Its not a hard fact and can be definitely ignored if any one prefer to do so. Imho.:)

A longtime investor has a different way of thinking from newcomers. He is experienced enough to know what to do to get the best return because he is used to his work and he believes it to be the best.
Maybe he was right at the time his son invested because the price of bitcoin fell, but I firmly believe that in the future his son's bitcoin investment is right and he will change his mind.

We are now the new era where experience investors may never going to learn new investment like in cryptocurrency. However his dad was right talking about experience in investment but we are in different kind of investment. Cryptocurrency is earning but it also mean that one could still lose depeding on the decision making and how you join the investment. Buying crypto when market is good and sell it when price is high. Noore waiting of ATH and just intent to sell when it is earning already.

He's definitely so embarrassed due to the gigantic amounts of exposure he, his son, and his businesses gained by him trashing on bitcoin on the daily. Weird how a lot of people still haven't realized that they're being played like a damn fiddle.

Of course the poll results that Peter Schiff made on tweeter embarrassed him, not expecting many people to prefer investing
in Bitcoin compared to traditional investments. It must be admitted that successful old people like Peter Schiff will find it
difficult to accept Bitcoin, this also happens with Warren Buffet, until now Warren Buffet has also not been able to accept Bitcoin.

care to explain what do you mean here?and yeah i believe you are still a kid because you cannot even spell "Professional" correctly lol.

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If i where Peter?sure i will salute and support my sun for this action because even if we are having different opinion yet both of us wanted to profit.

Here are two things at once but being organized. Although the company is benefiting many but I think some people are in trouble. Yes, it is true that some of our privacy is being compromised to help them commit crimes. Even then, I would like to thank the law enforcement agencies. But it is better if one of the most modern ways can be found so that our privacy is not compromised. Hopefully this will happen very soon.

Of course he is not,,, why would he put something like that up on Twitter if he were? He knows Twitter is Bitcoin majority,,, and he already embarassed himself by losing the pin to his Bitcoin wallet so we know he loves the attention. People are being played and they just keep getting played.

Teenagers always think they know everything, and are smarter than their parents... 

The only " LOL " is that people here are to brainwashed to see this for what it is, a simple matter of a teen rebelling   :D

I just read the whole thread 🧵 all the time thinking exactly that!

Peter Schiff is waiting for his "I told you so you stupid fuck." moment so badly.

And guess what... he might actually have it while more than $14b worth of tethers are around and ticking.

I am with the professional on this one. Sorry kid.

Not really, teenagers are also showing respect, it is just that, they are born in this era of new technology that their parent's couldn't really digest or understand. I am not generalizing all but most of the time, teenagers are correct because they are in their age.


Even I, if I am in his shoes will do the same thing. Sadly, I don't have a parent like him  ;D

easy for you to root for btc to tank.

how many coins did you dump at a nice low price?

to all mindrust sold his stash and then watched coins soar.



I am merely repeating the info I read so if I am wrong please correct.

I sold the bottom and I have no intentions of buying back till the tether scam disappears. (even after that It won't be easy to regain my trust) In March, I thought that was the moment btc was going to "0" this time and I panic sold.

Right after I sold my coins tether doubled its market cap. Tripled it since the January/2020. ($14.3b now)

There is a chance for btc to shoot over $100k however, it will happen just before the tether collapses. I don't believe it would be a natural growth. Then it would go to $1k. (if we are lucky) Back to the point when the tether madness started.

I do hold a few $k worth of btc and other shitcoins and waiting for that moment. (Either one is fine. $1k or $100k.) It is all play money now. I don't have anything from my own pocket in this anymore.

This is a ticking bomb and some people will become super duper rich while some others will lose every penny they got. I was that close to become one of those all-in btc greedy dudes, my spider senses didn't let me.

I don't give much credence to the result of the poll itself, purely because Peter Schiff has been such an outspoken detractor towards Bitcoin.  It wouldn't surprise me at all if Bitcoin supporters were just voting against him out of spite, heh.  Take everything on twitter with a pinch of salt. 

The more interesting story is the difference of opinion between generations.

Hilariously decisive, I must say. I like the twist and how the older Schiff took the whole thing on social media based on the poll result. Peter took a whopping on that from the lad's decision. Bitcoin is bae to the youth. On a serious note, it's very glaring that this phenomenal called Bitcoin (and by extension, cryptocurrency) is a tech for the younger generation. We should just let the old folks stay with their fiat, instead of relying on them for mass acceptance and adoption.

Although people were probably trolling Peter and purposely voting against him, there can be a lot of such "kids" ready to buy Bitcoin out there.

This is something we underestimate but each year new young people grow up and get their first full time jobs. Their idea of saving is different from what their parents and grandparents had in mind. These young guys can be what Bitcoin needs to go to the next ATH.

Aside from it being hilarious it shows how fcked up Schiff is even as a family member. Is there really a need to do this all publically?

You are correct and decision to be made after will entirely be changed or not basing of on the poll results.This really shows the difference between the opinion of between generation

but it wont be surprising if the old one will adapt on whats been currently on the trend.Not only just its being too hyped or something but actually it did really have that real benefits in terms of payment system.
For Peter to buy bitcoin then he might be doing that already in silent or he do make up some discussion with his son about on the said investment.

News like this still frequently exists on social networking sites. The way he communicates is like a joke because he doesn't understand the value of bitcoin. He buys gold and his child buys bitcoin, what's wrong?

LoL!!! ))) How funny this situation is))) But personally for me it was not a great surprise, that lots of people voted for kid's decision. May be because first - elder people are more experienced in traditional ways of investments and have more traditional views, but not so experienced in new tendencies and directions. And the second - younger generation is more active, more advanced in new technologies, creations and discoveries, they are more active and always try to create or find something new, not alike their parents has, that is why I think that more younger people voted for this second answer))) More over I would vote the same - for kid's choice, for BTC.

Old people will never accept bitcoin could be a revolutionary asset in the investment market because they excatly don't know what it is and the high volatility makes them to feel scary to invest on it, maybe they are right it is not good for the investment but still huge profits can be made by investing on it and that is what exactly the younger generation are doing right now.

https://i.imgur.com/sQoCxlK.jpg

This got my attention.

business owner and investment professional for over 30 years.
and he can convince his son? how can he convinced his business partners before?  ;D

His son is doing the right thing. Nobody should ignore the changing world. You could be a very good investor/businessman. But if you refuse to follow new technologies then you are on the wrong way I think. 

I think his son is getting with the times as we will see the world move towards digital currencies however I still think that gold will be a good investment to hold as the world economy is in a very bad shape and still most of the world does know or use Bitcoin so gold and silver will be good to have in the next few years and then once the world switches to digital currencies then we'll most likely see Bitcoin more adopted world wide or each country will have their own cryptocurrency. 

We have our own minds and I think you should not compare it to that.

Children grew up and they will always do some rebelling sometimes. If you do that in a business, I don't think you should be in that partnership in the first place. His son might've seen something in cryptocurrencies that his father didn't see, that we can also see in the future of Bitcoin and other cryptocurrencies.

He should be embarrassed, his son knows better what is the best investment in this new age Peter is not updated and he has doubt if Bitcoin is the best investment, his son knows better than he did to think that he is He is he CEO and chief global strategist of Euro Pacific Capital Inc.

Many investors listened to his advice he should be updated on this technology, and how people look on how to invest he can insert his influence if he becomes part of this technology and I don't see a conflict of interest on what he is doing and investing in Bitcoin.
 

It's important to be open unbiased about investment. Peter is not. He thinks Bitcoin is a threat to his business and likes to criticize it.
It's obvious that "the kid" has a much smarter and healthier attitude towards it. Even if Bitcoin doesn't make him a millionaire at least he won't be in denial about the possibilities it presents.

Funny thing about what happened here is that he might start giving it a thought by now, and might even make up his mind to start investing in Bitcoin and when he does, it might be secretly so that no one will know about the decision he made.

Well, for me no one can really tell what’s going to happen here, they are all just routing for his 18 year old son because people have this belief that it’s always good to invest in Bitcoin when the price is down or just keep on with their HODL and believing that the price will go for a bull run at anytime. So, none of the both sides can actually tell where the market will be heading to next, they are just voting for what they think is right.

It's good to have a good advisor, but there is also our own intuition, which sometimes needs to be heeded.

If the kid has not got a job ever since, who's money is he spending to buy BTC?

It must come from Peter himself still basically its still his BTC and I guess his son follows order from this father who somewhat want to look stupid in every possible way in crypto space. First he though his wallet forgot his passwords which he also got attention because of it.

That was a funny twitter exchange. My father doesn't know twitter exists. For that kid the choice isn't difficult though, he has a wealthy father to bail him out anyway. If he's never had a job, how is he buying BTC anyway, if not with daddy's money ?

Anytime Peter does this, he is just doing free advertisement for Bitcoin to all the huge followers he has in his possession. At this age, no doubt that most people will favour a revolutionary technology above traditional means of doing things.

Of course, this is dad's money, it is unlikely that his son won a large amount in the lottery. As for bitcoins, I don't think it's a bad strategy to buy a lot of bitcoins if the funds allow.

Maybe Peter Schiff never heard about

Distruptive Technology

https://en.wikipedia.org/wiki/Disruptive_innovation

and

Maslows Hammer

https://en.wikipedia.org/wiki/Law_of_the_instrument

I think a lot of people agree investing in bitcoin is a very good investment at the moment but I think the business investment is not bad either and may be less risky than investing in bitcoin at all. Whatever he is he's choice is still risky because it an investment it is always a gamble. Bitcoin was just a good investment at the moment but we don't know what could happen in the future because bitcoin is just a digital currency compared when you invested in a business.

LOL, the irony on this is so delicious, the guy that is always claiming that bitcoin will crash and disappear cannot convince his own son about not investing in bitcoin, I will have to give it to Spencer to have a father that is so opposed to bitcoin and he believes is always right should be very hard and yet he is able to see past that and still assert his will and buy bitcoin.

And then when Peter Schiff tries to use social media to validate himself like many people do these days the overwhelming majority rejects his advice and sides with his kid, it simply does not get better than that.