peter schiff disses bitcoin

[Severian]

"It’s in a computer somewhere. "

Someone needs to remind Schiff that none of his bank accounts are real.

[odolvlobo]

I was on Peter Schiff's radio show today (though Tom Woods was guest hosting).

Peter will not be able to avoid BTC for long 

Friday March 8 episode. Bitcoin talk starts at 40:00
http://schiffradio.com/

Sigh I have to sign up and give a credit card just to listen? And then figure out how to cancel? I only pay for Howard Stern.

No. Just click on the "Erik Voorhees Interview" link.

"You must be a Schiff Premium Member to listen to this audio. Please upgrade to a Schiff premium membership."

[Mike Christ]

Well, he's not wrong.  The question is kind of dumb.  Bitcoin isn't tangible.  But debts aren't tangible either, and we kill people over those.  Tangibility's got nothing to do with it.  Gold's as useless as you'll let it be (unless you're using it for certain mechanical applications.)  But it's shiny and tangible and orangey-yellow, like the sun, so it must be worth loads, right?  Right?

...right?

[notbrain]

I was on Peter Schiff's radio show today (though Tom Woods was guest hosting).

Peter will not be able to avoid BTC for long 

Friday March 8 episode. Bitcoin talk starts at 40:00
http://schiffradio.com/

Sigh I have to sign up and give a credit card just to listen? And then figure out how to cancel? I only pay for Howard Stern.

No. Just click on the "Erik Voorhees Interview" link.

"You must be a Schiff Premium Member to listen to this audio. Please upgrade to a Schiff premium membership."

Weird, borked in Chrome but worked in Safari.

[notbrain]

I was on Peter Schiff's radio show today (though Tom Woods was guest hosting).

Peter will not be able to avoid BTC for long 

Friday March 8 episode. Bitcoin talk starts at 40:00
http://schiffradio.com/

Sigh I have to sign up and give a credit card just to listen? And then figure out how to cancel? I only pay for Howard Stern.

No. Just click on the "Erik Voorhees Interview" link.

"You must be a Schiff Premium Member to listen to this audio. Please upgrade to a Schiff premium membership."

https://i.imgur.com/hQ2zl8H.png

Thanks. Was having Flash issues. Was able to DL with alternate browser.

[chmod755]

99% of Gold's value is based on "faith". Does he think it's currently valued at around $1600 per ounce because people can look pretty or conduct electricity with it?

Actually 100%. Gold is like Bitcoin in that it has no value in itself and is not backed by anything. 5,000+ years of history do not guarantee future usage or value (actually the number of people getting married and buying jewellery is getting lower) . It's purely based on supply and demand.

Of course almost everything is better to have than government money, but I'd never tell anyone to put 100% of his/her wealth in one thing.

[gradient vector]

Bitcoin is superior to gold. Bitcoin's value is in its code. Facebook and twitter aren't tangible but no one questions their value. I think the problem is that people are focusing on the unit rather than what bitcoin allows users to do.

[BTCvFiat]

Bitcoin is superior to gold. Bitcoin's value is in its code. Facebook and twitter aren't tangible but no one questions their value. I think the problem is that people are focusing on the unit rather than what bitcoin allows users to do.

I disagree that Bitcoin is superior to gold, neither do I say Bitcoin is inferior (maybe close to Silver as an equivalent, hence the current price vs "the poor mans gold"  ).
Bitcoin is to online transactions as gold is for storing physical wealth as an investment [or hedge if you can look past the propaganda in shows like 'Preppers' or whatever it is  ] against currency instability.
They both have their uses that best suits the pro's and cons (sending Gold/Silver in the mail is much slower than sending Bitcoins for example) which is why I would not simplify the value between the two.

[bit-fxtrader]

i like Peter he's wrong on lot of issues but he has a point with the whole 'gold had a 5k year history'. The problem i see with that statement is that I wont be alive for 5k years. In my lifetime gold may turnout to be a crap investment, just like in the 20 years from 1980-2000.

[arde]

I was on Peter Schiff's radio show today (though Tom Woods was guest hosting).

Peter will not be able to avoid BTC for long 

Friday March 8 episode. [Suspicious link removed]tarts at 40:00
http://schiffradio.com/

great stuff! thanks

[theta]

Peter Schiff not only doesn't understand the first thing about bitcoin, he even has wrong understanding of his claimed area of expertise, i.e. monetary systems. His main thesis has been a bullish call for gold and a prediction of imminent hyperinflation on the basis of money printing i.e. increase of base money, ignoring the simultaneous decrease in total credit in the US economy. Hyperinflation of course in not coming when the economy is deleveraging at a pace faster than the increase on base money (as total demand depends on the sum of base money and credit, which has been very stable throughout the financial crisis).
The irony of it is that the reason he is calling for gold to go to the moon is that according to his theory (read: religion), total gold value has to mirror the monetary base. By the same argument then, a bitcoin should be worth > $100,000, even more considering it's a global currency, which makes him look ridiculous when he makes both claims at once. Of course, in reality, the total value of any commodity does not need to match the monetary base of any fiat-based system, especially one with such a developed credit system around it, with total credit dwarfing the monetary base, rendering it practically useless for any fundamental analysis.