Peter Schiff on Bitcoin

[greenlion]

I think it's also important to point out that in debates/commentary like the Schiff clips posted in this thread, the term "intrinsic value" is not being used in its strict financial definition. What Peter Schiff is talking about is "value" being modified by the general adjective "intrinsic".

The actual technical term "intrinsic value" does not actually mean what he's talking about.

[MoonShadow]

I think it's also important to point out that in debates/commentary like the Schiff clips posted in this thread, the term "intrinsic value" is not being used in its strict financial definition. What Peter Schiff is talking about is "value" being modified by the general adjective "intrinsic".

The actual technical term "intrinsic value" does not actually mean what he's talking about.

We've actually been over this point to a great deal.

[AnonyMint]

http://armstrongeconomics.com/2013/11/11/keynesianism-monetarism/

not understanding that it is confidence as well as Irving Fisher´s velocity that determine if the credit multiplier works (inflation) or not (deflation).

In my haste (too busy on other thoughts) I was confusing Irving Fisher with Irwin Schiff.

That is an example of my highly expansive pattern searching engine failing me.

[Erdogan]

There is no middle class. Look it up, it is not defined properly. It is a politician non-word.

The money you have is either earned by labour, by interest or profit, or received as a gift.

There are wage earners, where wages varies depending on skill and other things, wages vary within a narrow band because labour is highly mobile.

Then there are savers. They hold money in reserve for the long run. They may lend it, earning extra money in the form of interest.

Then there are capitalists. They have used some of their savings to buy capital goods, earning extra money in the form of profit. The profit is somewhat larger than interest, due to risk.

Then there are entrepreneurs. That is people who have the knowledge and understanding to invest in new things, reeking profits greater than the standard profit. An entrepreneur can use loaned money, or his own. If he uses his own money, he is a capitalist-entrepreneur. An entrepreneur takes extra risk, and if he is unsuccessful, he will fall back to wage earning. If he is successful, he can continue his entrepreneurship.

Unsound money can completely distort this picture.

[joae1975]

Bitcointalk has been down for a few days.  I lost track of all the Peter Schiff bitcoin talk.  There was a debate with him and Erik Voorhees.  It's on youtube.
http://youtu.be/7mUn-d8R98k

[cryptoanarchist]

Bitcointalk has been down for a few days.  I lost track of all the Peter Schiff bitcoin talk.  There was a debate with him and Erik Voorhees.  It's on youtube.
http://youtu.be/7mUn-d8R98k

Peter knows better. I think he believes he has to make these arguments to sell gold.

[joae1975]

Bitcointalk has been down for a few days.  I lost track of all the Peter Schiff bitcoin talk.  There was a debate with him and Erik Voorhees.  It's on youtube.
http://youtu.be/7mUn-d8R98k

Peter knows better. I think he believes he has to make these arguments to sell gold.

Well, it's working on me.  I sold some bitcoins and wired him some USD for Au/Ag.  He does have the best premiums around and really good customer service. 

[tvbcof]

Bitcointalk has been down for a few days.  I lost track of all the Peter Schiff bitcoin talk.  There was a debate with him and Erik Voorhees.  It's on youtube.
http://youtu.be/7mUn-d8R98k

Peter knows better. I think he believes he has to make these arguments to sell gold.

Well, it's working on me.  I sold some bitcoins and wired him some USD for Au/Ag.  He does have the best premiums around and really good customer service. 

I'll be doing the same fairly soon if things remain more-or-less as they are now, but it has nothing to do with Peter's mindless blather and a damn sure won't be using his services.

If I had a lot of Au and few BTC in my portfolio, I'd be going the other way.  Indeed, that's what I did a few years ago (using excess fiat at least.)  Today I see the likelihood of Bitcoin 'paying off' as higher than a few years ago, but of course the potential payout is lower since we've already seen a few 10x's.

[Hideyoshi]

Why did nobody tell Peter Schiff that he can easily create digital currency backed by gold, if he just use Colored Coin and backed it with gold?

[Rassah]

Bitcointalk has been down for a few days.  I lost track of all the Peter Schiff bitcoin talk.  There was a debate with him and Erik Voorhees.  It's on youtube.
http://youtu.be/7mUn-d8R98k

Thank you. I didn't think this would be released for free.

[joae1975]

Bitcointalk has been down for a few days.  I lost track of all the Peter Schiff bitcoin talk.  There was a debate with him and Erik Voorhees.  It's on youtube.
http://youtu.be/7mUn-d8R98k

Thank you. I didn't think this would be released for free.

Cool!  Eric was The Tom Woods show Dec 11th too.

http://www.schiffradio.com/pg/jsp/verticals/archive.jsp?dispid=310&pid=63335

Let me know if you can't access it.

[AnonyMint]

Bitcointalk has been down for a few days.  I lost track of all the Peter Schiff bitcoin talk.  There was a debate with him and Erik Voorhees.  It's on youtube.
http://youtu.be/7mUn-d8R98k

Peter knows better. I think he believes he has to make these arguments to sell gold.

Well, it's working on me.  I sold some bitcoins and wired him some USD for Au/Ag.  He does have the best premiums around and really good customer service.  

Lower premiums than tulving?

[greenlion]

Why did nobody tell Peter Schiff that he can easily create digital currency backed by gold, if he just use Colored Coin and backed it with gold?

This would require him to actually understand something about what this is instead of jumping to immediate superficial conclusions and then punch that strawman.

[joae1975]

Bitcointalk has been down for a few days.  I lost track of all the Peter Schiff bitcoin talk.  There was a debate with him and Erik Voorhees.  It's on youtube.
http://youtu.be/7mUn-d8R98k

Peter knows better. I think he believes he has to make these arguments to sell gold.

Well, it's working on me.  I sold some bitcoins and wired him some USD for Au/Ag.  He does have the best premiums around and really good customer service.  

Lower premiums than tulving?

Actually, on a 50g Valcambi bar, Europac is better.

[joae1975]

The only reason that economists use the term 'intrinsic value' with regard to commodity based hard currencies is because there isn't really a better term in English.  It shouldn't be taken as a literal statement that gold or silver have value because of their scientific properties.  Gold and silver are valued by humans because of their particular scientific properties, but to what degree any particular person values those properties depends mostly upon what their own experiences and needs might be.

It's mostly because they've stood the test of time throughout human history.

[GoldWater]

Gold and Silver have intrinsic value, yes. I think we ALL know why...

Bitcoin has intrinsic value, yes. To say it doesn't, is the same thing as saying "I don't understand what Bitcoin is"



They BOTH have intrinsic value in their own ways. It's not a "one or the other" conversation so why talk about it that way. We don't use gold and silver for money exchange, we use paper money (which we ALL know is NOT backed by gold anyways) so WHY the heck are comparing them like they are apples to apples?!?! Bitcoin basically represents intrinsic value, this is not a freaking opinion!!!!

On a side note, Peter Schiff is a drama queen, lets be serious (or practical for that matter).

[joae1975]

Added:

Jan. 10th, 2014
Peter on Overstock.com
https://app.box.com/s/g10742faolbkeq07ih6g

[joae1975]

Added:

Jan. 10th, 2014
Peter on Overstock.com
https://dl.dropboxusercontent.com/u/21580995/Peter.Schiff.bitcoin.1.10.14.mp3

Error (404)?

It's syncing, taking forever, sorry.  Give it a few more hours.  I took out some really big files and it's just taking forever!!!

[joae1975]

Added:

Jan. 10th, 2014
Peter on Overstock.com
https://dl.dropboxusercontent.com/u/21580995/Peter.Schiff.bitcoin.1.10.14.mp3

Error (404)?

It's syncing, taking forever, sorry.  Give it a few more hours.  I took out some really big files and it's just taking forever!!!

Had to use box.  Sync is really taking forever.  I took Gigs out of my dropbox.  Gotta let it simmer.
https://app.box.com/s/g10742faolbkeq07ih6g

[Pokerfan]

Thanks!

If gold got the same success as a payment system, Peter Schiff would be ecstatic. Even though all the criticisms - gold getting instantly converted to USD on the market - would still apply, I bet you wouldn't hear ANY of that from him then.