Bitcoin will be on the Peter Schiff Show 2011-06-20 at 10AM EDT

[hazek]

Here we go, Peter is saying that bitcoin doesn't have any intrinsic value.. this is the point where this Norman guy needs to hit a home run and sounds like he's striking out =(

Yea but the guy did an excellent rebuttal to that I thought.

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[Dobrodav]

As i am heard (and this can be wrong), that there is very restricted rules on trading metals start to act in US. How this will affect gold\silver guys ?

[finnthecelt]

Shiff bashed bitcoin before, he talked about it and said negative things about it like, no intrinsic value, its a scam, don't get caught holding the bag etc etc. I can already tell what the show will be like, he will repeat his warnings to not touch bitcoin. Especially after the Mt. Gox incident. Guarantee he will bring that up and will be bashing bitcoin. I don't know why but a majority of the precious metals community really don't like bitcoin. They don't understand the revolutionary impact it can have. I think its because they are focused on things intrinsicly and since bitcoin isn't physical they disclaim it right away.

That's probably true for the most part. I for one am a silver guy and initially dismissed BTC. Not long ago a member of the gold community wrote a piece about BTC in a positive manner and I reevaluated my position. I think he pushed a lot of activity into BTC because shortly thereafter the price ran up like nobody's biz but I think the BTC community largely missed this as it's not their world. Just like the silver and gold people largley do not frequent here.

Most silver and gold bugs have been trained to think in terms of tangible assets. Also, most of them are an older generation skeptical of technology. Fortunately for me I am younger and just simply skeptical of security! Moreso now than ever (Mt Gox).

I have a large circle that turn to me for advice and I have been explaining to them the similar concepts of mining gold and mining BTC. It'll be a process but there's some acceptance already and one guy is going to be purchasing BTC from an exchange. Progress.

[pokermon919]

Didn't get a chance to hear it yet, but I had a feeling where Shiff stands on bitcoin. I like Peter he keeps it real honest although sometimes he too much of a doom and gloomer, but if ppl saw the big picture like he does there is no reason not to be a doom and gloomer.

[finnthecelt]

Didn't get a chance to hear it yet, but I had a feeling where Shiff stands on bitcoin. I like Peter he keeps it real honest although sometimes he too much of a doom and gloomer, but if ppl saw the big picture like he does there is no reason not to be a doom and gloomer.

When Schiff first started promoting gold he was promoting all kinds of paper products that were very risky. He has since changed his tune.

Schiff's a respectable enough of a fellow but it doesn't mean he understands completely what he's talking about. There's an interview that he did with Robert Kiyosaki that will prove that point quite clearly.

[frozen]

Didn't get a chance to hear it yet, but I had a feeling where Shiff stands on bitcoin. I like Peter he keeps it real honest although sometimes he too much of a doom and gloomer, but if ppl saw the big picture like he does there is no reason not to be a doom and gloomer.

Peter's concerns about bitcoin aren't unreasonable. He is reasonably skeptical about the future value of the "concept." A lot of that may have to do with the fact that he is simply ignorant of the mathematical principles that make bitcoin possible, but ultimately what matters is whether people in the future will give it any value. The fact that people like Peter remain skeptical about bitcoin I think will be a positive force moving forward. It will be these skeptics that ultimately provide a stable value base for the currency.

[frozen]

Schiff's a respectable enough of a fellow but it doesn't mean he understands completely what he's talking about. There's an interview that he did with Robert Kiyosaki that will prove that point quite clearly.

I listened to that interview and I got the impression that Kiyosaki was somewhat of a prick. It may be true that Kiyosaki is doing things that Peter isn't familiar with, but Peter asked the right questions and Kiyosaki was playing dodge ball.

[Grant]

Here we go, Peter is saying that bitcoin doesn't have any intrinsic value..

Of course, Peter is a hyper-hypocritical goldbug. 

[MoonShadow]

That's probably true for the most part. I for one am a silver guy and initially dismissed BTC. Not long ago a member of the gold community wrote a piece about BTC in a positive manner and I reevaluated my position. I think he pushed a lot of activity into BTC because shortly thereafter the price ran up like nobody's biz but I think the BTC community largely missed this as it's not their world. Just like the silver and gold people largley do not frequent here.

I've been a silver bug  for decades.  Have never sold an ounce of what I have, even after discovering Bitcoin last year.  I'm an econo-geek, and versed enough in the crypto to understand how the system could work, even though I can't dive into the code and determine for myself it it actually does what others may say that it does.

Mostly I consider them complementary.  If the future looks anything like Schiff or Olov think that it could, then a return to in person barter trade is likely, and thus Bitcoin will prove to be a useless endeavor.  However, I don't consider that remotely likely, as even in the days of sail trade prior to the wireless telegraph; communications were required to facilitate trans-Atlantic trade, and that was largely limited in credit trust due to the physical nature of gold money.  Therefore, the Internet will not die easily, and there will be groups in every city with deep vested interests in maintaining some kind of Internet link long after the cars stop moving due to lack of fuel.  So even a 100+  year reversal of fortunes in transit technology would benefit from the existance of Bitcoin, a Mad Max scenerio notwithstanding.

I think that there are more metal bugs, and vastly more Austrians, engaged in Bitcoin than many would otherwise be inclined to believe.

[relative]

keep in mind that peter's show is about protecting purchasing power and prudent income-generating investing.

bitcoin qualifies for neither. if you specifically asked schiff what he though about competing currencies and explained the bitcoin concept I'm pretty sure he would voice support for it.
he just wouldn't invest his networth in it, and neither should anyone else.

[BubbleBoy]

I don't know why but a majority of the precious metals community really don't like bitcoin.

Maybe because they are heavily vested in precious metals and are experiencing a mild cognitive dissonance ?

Off-topic: liquid zeolite 

[Jaagu]

If the future looks anything like Schiff or Olov think that it could, then ...

Did you mean Dmitry Orlov and he's semi-classic "Closing the Collapse Gap"?

[cunicula]

http://peterschiffblog.blogspot.com/

Looks like the guy is a nutter. Sigh.

[frozen]

http://peterschiffblog.blogspot.com/

Looks like the guy is a nutter. Sigh.

That's not actually Peter Schiff's blog. That is a blog run by another individual that simply tracks Peter's media appearances, articles and videos.

Here's the "nutter" in his true glory, being 100% right: http://www.youtube.com/watch?v=2I0QN-FYkpw

[hawks5999]

deleted.

[Alex Thornton]

I don't know why but a majority of the precious metals community really don't like bitcoin. They don't understand the revolutionary impact it can have. I think its because they are focused on things intrinsicly and since bitcoin isn't physical they disclaim it right away.

I understand where you are coming from. My theory is that they feel threatened by Bitcoin (whether they know it consciously or not.) Consequently, they lash out at it.

It is very similar to the internet in the early 90's and TV. Local TV stations would regularly have news segments hyping up "pedophiles on the internet". This negativity was simply because they knew that the internet would take away their viewership.

[finnthecelt]

That's probably true for the most part. I for one am a silver guy and initially dismissed BTC. Not long ago a member of the gold community wrote a piece about BTC in a positive manner and I reevaluated my position. I think he pushed a lot of activity into BTC because shortly thereafter the price ran up like nobody's biz but I think the BTC community largely missed this as it's not their world. Just like the silver and gold people largley do not frequent here.

I've been a silver bug  for decades.  Have never sold an ounce of what I have, even after discovering Bitcoin last year.  I'm an econo-geek, and versed enough in the crypto to understand how the system could work, even though I can't dive into the code and determine for myself it it actually does what others may say that it does.

Mostly I consider them complementary.  If the future looks anything like Schiff or Olov think that it could, then a return to in person barter trade is likely, and thus Bitcoin will prove to be a useless endeavor.  However, I don't consider that remotely likely, as even in the days of sail trade prior to the wireless telegraph; communications were required to facilitate trans-Atlantic trade, and that was largely limited in credit trust due to the physical nature of gold money.  Therefore, the Internet will not die easily, and there will be groups in every city with deep vested interests in maintaining some kind of Internet link long after the cars stop moving due to lack of fuel.  So even a 100+  year reversal of fortunes in transit technology would benefit from the existance of Bitcoin, a Mad Max scenerio notwithstanding.

I think that there are more metal bugs, and vastly more Austrians, engaged in Bitcoin than many would otherwise be inclined to believe.

Then we are of the same understanding. I think the net is now synonymous with our existence. If it doesn't exist it won't be becuase of oil. It will be because of nuclear holocaust. I took Boris and others very seriously for awhile and then it occured to me; that kind of change just doesn't happen overnight. And if it did materialize nothing I do now will really matter anyway so live as we do now and we will just live with less "stuff" in future.

Those with BTC can pay their ISP!!

[Epinnoia]

Here we go, Peter is saying that bitcoin doesn't have any intrinsic value.. this is the point where this Norman guy needs to hit a home run and sounds like he's striking out =(

As long as Western Union and MoneyGram charge those outrageous fees, Bitcoins have intrinsic value.

Schiff is a goldbug, and he would prefer that you were too...  If technology were to appear which, to the alchemists' dream, allowed lead to be turned into Gold, then what intrinsic value would gold have?  And just why does gold have intrinsic value?  You can't eat it.  It doesn't sustain life.  It has value because people say it has value.  People want it.  Same with bitcoins.

[hugolp]

Here we go, Peter is saying that bitcoin doesn't have any intrinsic value.. this is the point where this Norman guy needs to hit a home run and sounds like he's striking out =(

And Peter Schiff calls himself an austrian? Intrinsic value Peter? Really?

[vector76]

It's a shame that very few people seem to know what "backing" means and what "intrinsic" value is.