Bitcoin Forum

Peter Schiff: Bitcoin intriguing, but isn't going anywhere

http://finance.yahoo.com/video/breakout-peter-schiff-bitcoin-intriguing-161407451.html



i guess you think he is right  :P

 :D :D :D

Is this guy serious? I thought he was coming around when EuroPacific started accepting Bitcoin.

He still clings to the naive idea that if you can't hold it in your hand it can't be worth anything. He'll come around when Bitcoin's value exceeds the value of his useless metal.

I used to really enjoy his brash way of going after topics, specifically the fed bankers, but he seems to be bending over backwards to jeopardize his credibility. I know some people that have their 401Ks invested w/ his outfit and they are all happy fwiw. Of course, none of them has any Bitcoin.

...that we know about! :p

I wish news sites like this would just stop trying to make wild predictions about bitcoin... it just never works.

One great thing about the information age is that we can easily take a look back and laugh about these radical predictions in the not too distant future.

Saying bitcoin isn't going to work is just as radical as saying each bitcoin will be valued at $1MM+. In fact more radical, because bitcoin already DOES work. So I guess Peter should join this forum. He'd fit in well with the trolls.

Haha good point. Can't forget about those professional economist views on bitcoin: http://www.professorbitcorn.com/

Max Keiser was actually talking about this on his show once, apparently he and Peter's brother went behind his back with it to try and get things moving.

"What is Bitcoin?" That's so 2013.

That is because the video is FROM December 23, 2013...at least that is the date on it!!

Thanks, I was wondering what they were talking about. The date in the thread heading is very misleading. It should be [2013-12-23], the linked page does not contain a date.  I don't understand why the OP uses [2014-07-24].

That is odd that it doesn't show the date.  :-) the thread date is very misleading, true. 

Anyway, when I go to the page it shows:

Is it intreaguing? Very much so. Is it not going to go anywhere? I don't think so. I'm sure this guy will be proved massively wrong over time. Just wait and see.

Yeah.. I bet he also knows the bitcoin price for the next 365 days, up to 8 decimals. :D

This is going to be one of those phrases we'll quote in the future for fun.
Like "640K ought to be enough for anybody."

I thought this bitcoin sceptic had changed his mind a while back?


Well I wouldn't call gold a useless metal, but bitcoin is far better as a currency than gold.

He did.  This interview, according to the date on the page was from December 2013, not July 2014 which is just confusing matters. 

In May 2014, he said they would accept bitcoin for precious metals (with bitpay) which wasn't a real about face, but more along the lines of, he thinks the Fed and other central banks are destroying currencies (like many bitcoiners) and so it is a ripe market to tap if people want to buy gold with bitcoin:

http://www.cnbc.com/id/101693790


:-)

Maybe in the future it will be, but I still very much consider bitcoin a project and gold probably *at the moment* beats it in terms of usefulness and overall outlook as a currency.

I disagree on gold being better as a currency. You can't buy items with a bar of gold. There's no change can be given. You can't send gold around the world in seconds. BTC is far better in these regards. I think there's more chance for profit with BTC too.

That's the thing, I think cryptocurrencies will be used for internet transactions and Gold/Silver for local trade, no need to transport huge amounts of the stuff that way and put at risk unless it's totally necessary.

Meanwhile, the CEO of Amagi Metals makes a bet with Peter Schiff on the future price of BTC that bitcoin will outpace gold in the next five years, in relation to how much gold bitcoin can buy. Peter agreed to the bet that will cost the loser 1 bitcoin, assured that the price of bitcoin will eventually plummet.  :D

https://www.amagimetals.com/info/ceo-of-amagi-metals-makes-a-bet-with-peter-schiff/  (https://www.amagimetals.com/info/ceo-of-amagi-metals-makes-a-bet-with-peter-schiff/)

I hope Peter is prepared to pay up. That could be quite an expensive bet to lose.  ;D

That is great! I hadn't seen that.  Hopefully he'll have to pay up in the 6+ figures!

I think Schiff is wrong here, but he is right on a lot of things and his views have a lot in common with many people here in terms of the problems with the Fed, bankers, and devaluing fiat etc.  He just thinks gold, silver and other PMs are the way to go, I'm inclined to think that bitcoin has a place as do gold, silver, and lead if one is worried about the impact of default.

:-)