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Author Topic: Peter Schiff on Bitcoin  (Read 38426 times)
AnonyMint
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November 22, 2013, 03:01:14 AM
 #261

I freaking hate the term "instrinsic value". No such thing.

Your penis has an intrinsic value, i.e. it can generate offspring.

Tangible things always have some intrinsic value, even if just as landfill.

Intangible things only have intrinsic value if the shared idea is factually true (e.g. whether Bitcoin is a currency) or if (e.g. religion) the shared idea can never be falsified.

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MoonShadow
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November 22, 2013, 03:11:07 AM
 #262

I freaking hate the term "instrinsic value". No such thing.

Your penis has an intrinsic value, i.e. it can generate offspring.

Tangible things always have some intrinsic value, even if just as landfill.


This is incorrect.  All value is subjective, even nominally 'intrinsic' value.  Whatever value his penis has is only for him to decide, based upon how much he values offspring (or other uses for said penis).  His offspring have zero value to me, however.

See what I did just there?  The term 'intrinsic value' gets English speaking economics professors in trouble, simply because it conveys the wrong idea.  It's not that anything can have a value that is intrinsic, but that any given item can have intrinsic characteristics that we, both individually and as a society, value.  Said another way, we value the object because of it's intrinsic characteristics, but how much we value it depends upon our subjective preferences.  Value is never an intrinsic characteristic itself.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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November 22, 2013, 03:13:05 AM
 #263

I freaking hate the term "instrinsic value". No such thing.

Your penis has an intrinsic value, i.e. it can generate offspring.

Tangible things always have some intrinsic value, even if just as landfill.


This is incorrect.  All value is subjective, even nominally 'intrinsic' value.  Whatever value his penis has is only for him to decide, based upon how much he values offspring (or other uses for said penis).  His offspring have zero value to me, however.

See what I did just there?  The term 'intrinsic value' gets English speaking economics professors in trouble, simply because it conveys the wrong idea.  It's not that anything can have a value that is intrinsic, but that any given item can have intrinsic characteristics that we, both individually and as a society, value.  Said another way, we value the object because of it's intrinsic characteristics, but how much we value it depends upon our subjective preferences.  Value is never an intrinsic characteristic itself.

I guess he missed the word "shared". Selective comprehension is not comprehension.

Intrinsic means nominal in the shared context, mofo.

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November 22, 2013, 04:04:12 AM
 #264

I freaking hate the term "instrinsic value". No such thing.

Your penis has an intrinsic value, i.e. it can generate offspring.

Tangible things always have some intrinsic value, even if just as landfill.


This is incorrect.  All value is subjective, even nominally 'intrinsic' value.  Whatever value his penis has is only for him to decide, based upon how much he values offspring (or other uses for said penis).  His offspring have zero value to me, however.

See what I did just there?  The term 'intrinsic value' gets English speaking economics professors in trouble, simply because it conveys the wrong idea.  It's not that anything can have a value that is intrinsic, but that any given item can have intrinsic characteristics that we, both individually and as a society, value.  Said another way, we value the object because of it's intrinsic characteristics, but how much we value it depends upon our subjective preferences.  Value is never an intrinsic characteristic itself.

I guess he missed the word "shared". Selective comprehension is not comprehension.

Intrinsic means nominal in the shared context, mofo.

https://yourlogicalfallacyis.com/black-or-white

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AnonyMint
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November 22, 2013, 04:26:11 AM
 #265

Sweet irony that your B&W fallacy link describes your misunderstanding of my non-B&W logic on this matter.

I already provided the link to the butt hurt report form, which you can submit to air your emotional grievances.

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November 22, 2013, 04:27:07 AM
 #266

Sweet irony that your B&W fallacy link describes your misunderstanding of my non-B&W logic on this matter.

I already provided the link to the butt hurt report form, which you can submit to air your emotional grievances.

https://yourlogicalfallacyis.com/tu-quoque

I can do this all night,

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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November 22, 2013, 04:29:27 AM
 #267

True.  Wink

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November 22, 2013, 07:24:16 AM
 #268

Added:

11/19/13  Sort of a run up to his lastest youtube video.  Same 'ol stuff.  I had to post to be consistant.  Nothing on 11/21's show.
https://dl.dropboxusercontent.com/u/21580995/Peter.Schiff.bitcoin.11.19.13.mp3

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November 22, 2013, 11:11:56 PM
 #269

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.mp3

Btw, 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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AnonyMint
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November 23, 2013, 12:29:35 AM
 #270

Now the intrinsic value of Bitcoin on the other hand is a consistent distributed asset ledger that is maintained on a P2P distributed network, and that is something even the gold bugs can use to manage their paper gold. 

It is same as recording the ownership of paper rocks if Bitcoin isn't a currency.

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November 23, 2013, 01:56:36 AM
 #271

The intrinsic value of government fiat is as a very poor grade of toilet paper, also as kindling for when the lights finally go out because government has put a cap on the price of electricity.

In the absence of government putting a gun to your head it would trade at its intrinsic value.

Bitcoin's intrinsic value: evading government coercion.

Bitcoin is doomed to be a Ponzi-bubble because it can't scale distribution to be a currency:

https://bitcointalk.org/index.php?topic=341594.0


----------------------
Two ways Bitcoin is technologically doomed

I discovered both of these.

"Spiraling Transaction Fees Destruction" of bitcoin:

https://bitcointalk.org/index.php?topic=340686.msg3681159#msg3681159

Transactions Withholding Attack (takeover by Amazon or cartel):

https://bitcointalk.org/index.php?topic=336350.0

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joae1975
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November 23, 2013, 03:25:00 AM
 #272

The intrinsic value of government fiat is as a very poor grade of toilet paper, also as kindling for when the lights finally go out because government has put a cap on the price of electricity.

In the absence of government putting a gun to your head it would trade at its intrinsic value.

Bitcoin's intrinsic value: evading government coercion.

Yes, I agree.  The liberty and freedom bitcoin provides is part of its value.  So the fact that America is damned if they do and damned if they don't, with regard to accepting/outlawing bitcoin, says a lot about it's value.

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AnonyMint
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November 23, 2013, 03:31:09 AM
 #273

The intrinsic value of government fiat is as a very poor grade of toilet paper, also as kindling for when the lights finally go out because government has put a cap on the price of electricity.

In the absence of government putting a gun to your head it would trade at its intrinsic value.

Bitcoin's intrinsic value: evading government coercion.

Yes, I agree.  The liberty and freedom bitcoin provides is part of its value.  So the fact that America is damned if they do and damned if they don't, with regard to accepting/outlawing bitcoin, says a lot about it's value.

How can it provide liberty and freedom if it is both certain to crash in price as a Ponzi-bubble and is doomed to fail technologically?

Your statement makes no sense to me at all, in light of the revelations I have revealed.

I can only assume you don't believe my revelations. Then go ahead and join the others over the cliff you go.

I'm done here. Enjoy.

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November 23, 2013, 07:59:08 PM
 #274


How can it provide liberty and freedom if it is both certain to crash in price as a Ponzi-bubble and is doomed to fail technologically?

Your statement makes no sense to me at all, in light of the revelations I have revealed.

I can only assume you don't believe my revelations. Then go ahead and join the others over the cliff you go.

I'm done here. Enjoy.

I'm selling little blocks of BTC which I paid under $30 for a few years ago for the likes of $10,000 on my last sale.  Needless to say, I'm enjoying it hugely.  And I plan on sitting on a fair chunk if/when they collapse.

Sorry you missed the boat.  Better luck next time.  But if you have a limited ability to recognize potential opportunistic, and that appears to be the case, then I don't really expect that you will have much 'luck' going forward.


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November 23, 2013, 08:01:08 PM
 #275

The intrinsic value of government fiat is as a very poor grade of toilet paper, also as kindling for when the lights finally go out because government has put a cap on the price of electricity.

In the absence of government putting a gun to your head it would trade at its intrinsic value.

Bitcoin's intrinsic value: evading government coercion.

Yes, I agree.  The liberty and freedom bitcoin provides is part of its value.  So the fact that America is damned if they do and damned if they don't, with regard to accepting/outlawing bitcoin, says a lot about it's value.

How can it provide liberty and freedom if it is both certain to crash in price as a Ponzi-bubble and is doomed to fail technologically?

Your statement makes no sense to me at all, in light of the revelations I have revealed.

I can only assume you don't believe my revelations. Then go ahead and join the others over the cliff you go.


Of course not.  Why are you still here?

Quote
I'm done here. Enjoy.

Oh, thank God!

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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November 23, 2013, 08:03:03 PM
 #276


I'm selling little blocks of BTC which I paid under $30 for a few years ago for the likes of $10,000 on my last sale.  Needless to say, I'm enjoying it hugely.  And I plan on sitting on a fair chunk if/when they collapse.


Wait, are you saying that you bought uncirculated block rewards for $30 each?  And that you sold one of these 50 BTC blocks for $10K?

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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November 23, 2013, 08:28:49 PM
 #277


I'm selling little blocks of BTC which I paid under $30 for a few years ago for the likes of $10,000 on my last sale.  Needless to say, I'm enjoying it hugely.  And I plan on sitting on a fair chunk if/when they collapse.


Wait, are you saying that you bought uncirculated block rewards for $30 each?  And that you sold one of these 50 BTC blocks for $10K?

s/blocks/chunks/


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November 23, 2013, 08:52:00 PM
 #278

...
I'm done here. Enjoy.

At least! Bye bye!  Roll Eyes

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November 25, 2013, 02:17:59 AM
 #279

Peter Schiff and Erik Voorhees

http://youtu.be/IaBREg5rzlI

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November 26, 2013, 04:44:19 AM
 #280

http://www.youtube.com/watch?v=mFcTJAQ7zc4
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