Added: Nov. 22nd, 2013. Peter talks about the news that Virgin Galactic is accepting bitcoin as payment for trips to outer space. He has audio clips of Richard Branson. Also takes calls on bitcoin. https://dl.dropboxusercontent.com/u/21580995/Peter.Schiff.bitcoin.11.22.13.mp3Btw, on a side note, I called that Virgin should take bitcoin for trips to space on Oct. 9th on the "Life on Bitcoin" facebook page. I suggested that they ask Sir Richard Branson about it. So maybe my comment sparked it. Wishful thinking, LOL! |
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Peter made a Bitcoin vs. Gold Video today 11/21/13 http://www.youtube.com/watch?v=0L7SOPDOvvIEdit: I think he talked about it on 11/19's show too. Same old same old. I just can't keep up with it as of late. He's been talking about it so much! But it's the same message over and over. If something new is added to the conversation, I'll let you all know. I think Peter knows bitcoin is hurting his metals business so that's why he's so anti bitcoin. I know I would have bought more gold/silver from him if it wasn't for bitcoin. I would have invested lots more with him. I still will in the future, but gotta get my ROI, lol! |
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LOL! He's so funny when he's honest which is why I like him. Well that was last Feb. I would assume he's learned more sense then. Thanks! |
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I figured as much. So what's the difference between new and old school Austrian economists? Is new school just a term for Keynsians posing as Austrians? |
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The bitcoin defenders are poor in understanding here, particularly the first one, but Peter does make some good points here. Gold cannot go to a use value of zero, while it's possible that Bitcoins can. Granted, if gold were to drop to it's 'intrinsic value' it would be somewhat comparable to the value of lead, maybe slightly more due to much lower toxicity, but close. Considering that refined lead is under a dollar a pound right now, that would represent something on the order of a 99.99% loss in value. "You didn't lose everything, you've still got .01% of your life savings! Don't Jump!" While it's possible for bitcoins to go to zero, the only way that happens now is if there is some tragic & unfixable flaw discovered in the protocol that gives Bitcoin it's 'intrinsic value' to start with. Again, possible; but the tragic and unfixable flaws with using electronic precious metal deposit receipts as an online trade currency are, if not altogether obvious, already demonstrated by the folding of both Egold.com and the persecution of the Liberty Dollar. Governments will not suffer any competitor to exist if they can help it, but they can't help it with Bitcoin. That last caller seemed to know his stuff, but was cut off by Peter before he could actually finish the argument. You ever heard of "Gold Backwardation?" I've only heard about. Someone brought it up in Peter's show and Peter blew him off. See here: http://www.professorfekete.com/articles/AEFTheDailyBellinterview2013.pdf |
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The difficulty just went up...
Bitcoin Difficulty: 609,482,679
Estimated Next Difficulty: 734,301,945 (+20.48%)
Adjust time: After 2012 Blocks, About 13.0 days
Hashrate(?): 4,719,890 GH/s
...
next dif is usually underestimated. It'll probably end up closer to 800 mil. My coinbits app has next at 652 mil. Edit: now it's 623 |
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Oh my gosh, block 270144 is taking forever!!
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People are calling Peter's show on bitcoin today. I'll post later. I'm really curious what Peter will say when he gets his "ah huh" moment.
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Awesome! Eric Voorhees has been on the Peter Schiff Show. This is going to be good. I forwarded the link to Peter. He's responded to my messages (or his rep) before so I know he gets them. |
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So who here (btc community) will step up and call his radio show and debate his position on bitcoin? I can't do it, I suck. I get it but I'll choke up on the air. Who can best debate Peter? Max Keiser? Peter was just on Max's show in London. http://youtu.be/MNXmL771mBA I'm sure Max would return the favor. |
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it might ROI if purchased in Bitcoins depends on how the difficulty escalates, if purchased in dollars it will ROI, but it is also true that purchasing the Bitcoins would have been better investment.
buying a miner is a very high risk investments that can have high rewards, in case of loses they will not be very high, unless if you purchase from BFL and get the miner a year later.
Hindsight is 20/20, therefore I think you got it backwards my friend. If purchased in dollars, you will ROI. If purchased in BTC, you'd be better off keeping the BTC last June/July/Aug. You would have made triple if you just kept the bitcions last summer. You would make nothing if you just kept the dollars. Yes, purchasing the bitcoins would have been better. 20/20. Heck, I think purchasing them now would be better than getting into mining. They could be 1000 in a year. Who knows. Yes, BFL sucks. They're an expensive lottery ticket at this point. I will be solo mining with mine soon. 1 Jupiter would cost ~60 bitcoins last summer. If you had a day 1 order, you'd have made ~20 at this point. Maybe 10-20 more before next couple dif changes. So all in all better to not buy in bitcoin last summer, but buy in USD. IMHO |
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So I'm solo mining PPC with my erupters using cgminer3.1.1. I just received my bfl's in the mail and am running those on bfgminer. But in order to get the cgminer started, I have to unplug the bfls from the computer first, start cgminer, then plug in the bfl's and run cgminer. Otherwise cgminer gets all confused when I run the bat file. Ok, so first I start the erupters, then the bfl. When I start the bfl's, the cgminer running the erupters and soloing the ppc's has a message at the bottom:
USB init, open device failed, err -12, you need to install a windows USB driver for - BFL device 1:4
BitForce dectect <1:4> failed to initialise <incorrect device?>Please note, the USB's are blinking and hashing. Image of cgminer: https://www.dropbox.com/s/rnkx73qwt31eavr/cgminer.ppc.png |
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Well at least now you added a time-frame. But betting on something happening "in our lifetime" is still lol. Shorting the dollar because you think it might crash in 60 years is dumb. Austrians like Schiff don't make useful predictions in reasonable time-frames, because if they say something like "the dollar will crash within 5 years" or put any sort of reasonable time-frame on their estimates like all good analysts do, they look like even bigger idiots. The fact that people still listen to him when he says "I don't know when it's going to happen, but IT'S GONNA HAPPEN" blows my mind, although it does appear to me that some listeners are starting to think something is wrong with the gloom-and-doom theory now that US companies are crushing the world just 5 years after the crash.
They're crushing it because of the Fed stimulus/QE. There's no other reason. There are more Americans on welfare than Americans working a full time job. There's no way it's sustainable. It will happen before Obama leaves office. That I'm sure of. I think O is counting on it. I think he'll usher in Martial Law, declare a national emergency, and try to remain president. But that's just my own crazy theory. |
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Investors have to have a time-frame to make any money at investing. Saying "the US dollar will go to zero" is like saying "the sun is going to burn out". No one will disagree with you if you give an infinite time-frame for it to happen. The dollar is SUPPOSED to go to zero eventually. Continuing to listen to Peter Schiff because "he'll be right eventually" will cause you to lose a lot of money. How long will Schiff listeners keep listening to his bearish rants while ignoring 134% stock market heaters and 10,000% bitcoin price increases? Just listen to someone else. Even better, watch an economics course on Khan Academy for free.
Yeah the sun will burn out in a billion years. But USD is gonna crash in our life time, very soon. It's not gonna go to zero. Right now USD index is ~80. It'll prob drop to ~50 in a matter of days when it happens, or lower. |
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