farfiman
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Activity: 1449
Merit: 1001
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January 12, 2014, 03:10:27 PM |
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Very dissapointing view peter has . His point is possibly correct in the very short term but he just doesn't get the fact that more real world use bitcoin has the higher it will go. tsk tsk peter. |
"We are just fools. We insanely believe that we can replace one politician with another and something will really change. The ONLY possible way to achieve change is to change the very system of how government functions. Until we are prepared to do that, suck it up for your future belongs to the madness and corruption of politicians."
Martin Armstrong
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Bitcoin mining is now a specialized and very risky industry, just like gold mining. Amateur miners are unlikely to make much money, and may even lose money. Bitcoin is much more than just mining, though!
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Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
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joae1975 (OP)
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February 10, 2014, 03:50:52 PM |
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Another anti-bitcoin rant on todays show. Will post later. He keeps stating how newcomers to bitcoin will get discouraged by the sudden price drop and be completely turned off and never come back to it. I hope he's wrong, but Peter is the man.
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1PewuG8KZJUPK3CtvAkAs1Uw42rQgUv5Jk
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MoonShadow
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February 10, 2014, 06:53:53 PM |
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Another anti-bitcoin rant on todays show. Will post later. He keeps stating how newcomers to bitcoin will get discouraged by the sudden price drop and be completely turned off and never come back to it. I hope he's wrong, but Peter is the man.
Some will, some won't. That's no differnent than a rally in gold attracting newcomers who get burned on the correction. Strangely, there are still people who don't abandon that barbaric relic. |
"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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asfbhero
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Activity: 48
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February 10, 2014, 08:42:58 PM |
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Gold dropped in '08 because the dollar didn't drop. People still had faith in the dollar. But that sentiment is slowly changing. I notice customers at work, through conversation, we look for the rare silver dimes/quarters. Then again this libro girl I'm kinda dating has no clue. She gets mad when I try to explain it all to her.
Anyway I live how we're all preaching to the choir here.
I didn't read the rest of the thread, but I think It would be more accurate to say that gold fell during the crash of 2008 (WAY less than everything else) because the MBS and other assets that the banks were getting margin calls on were/are denominated in USD. So they had to sell whatever assets they had that were still worth something to raise USD to cover their Margin calls. People called the dollar rally a flight to quality, I think, it was more of a flight to raise the margin they needed to remain solvent. If MBS were priced is Turkish Lira they would have sold their gold and bought that. They didn't have a choice. EDIT: SCHIFF is just a gold bug talking his book, the same book he's been talking for a decade. I used to really like schiff, when I was betting on a collapse and a rally in gold. But when gold fell due to what I described above, I had to re-evaluate, focus on shorting equities, and then re-buy gold once the deleveraging was over. I lost a lot of respect for him then when he kept charging ahead losing his clients tons of money in spite of new facts. I thought gold would skyrocket and the dollar would go when the crash came, just like him. But I was wrong, and adjusted my strategy. Now with bitcoin, I've lost all respect for him. BTC is like gold in all the good ways, and vastly better in the ways that made gold fall out of favor in exchange for deposit receipts, then eventually fiat. BTC is the best of both worlds. |
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101111
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February 11, 2014, 03:03:35 AM |
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Schiff is a salesman, a marketing expert.
He broadcasts a daily radio show, as well as writing weekly articles and doing videos and media appearances and conferences etc etc. He'll speak at your meeting for a lousy $25k.
And it's all very predictably the same old stuff about debt the Fed, it's basically his fine-tuned sales script.
When does he do any real economic research?
He has a gold company and he flogs gold. Simple.
He does not deserve the attention he gets and he certainly doesn't deserve a one on one with Anton A.
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joae1975 (OP)
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February 11, 2014, 01:42:46 PM |
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Schiff is a salesman, a marketing expert.
He broadcasts a daily radio show, as well as writing weekly articles and doing videos and media appearances and conferences etc etc. He'll speak at your meeting for a lousy $25k.
And it's all very predictably the same old stuff about debt the Fed, it's basically his fine-tuned sales script.
When does he do any real economic research?
He has a gold company and he flogs gold. Simple.
He does not deserve the attention he gets and he certainly doesn't deserve a one on one with Anton A.
He quite often speaks for free. Yes he's a salesman, but all businessmen are. |
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Misesian
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Activity: 94
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February 11, 2014, 03:55:39 PM |
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The fact that he has a vested interest in gold doesn't take anything away from what he says, the fact is he has chosen to risk his capital and invest in gold means he's willing to back up what he's saying which means I trust him more than any other academic economist. I'm not saying I agree with everything he's saying however and I do think he's wrong on cryptocurrencies.
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daneel2
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February 11, 2014, 10:07:55 PM |
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peter schiff is an idiot, bitcoin is the only good thing libertarians have ever done and he trashes it...
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Cryddit
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Merit: 1129
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February 12, 2014, 12:02:15 AM |
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I don't give a crap about the libertarian ideology myself.
Bitcoin is valuable for commercial reasons. It's cheaper than processing credit card payments.
The fact that it has potential for reasonable privacy is just a bonus.
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tvbcof
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Activity: 4592
Merit: 1276
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February 12, 2014, 12:09:34 AM |
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peter schiff is an idiot, bitcoin is the only good thing libertarians have ever done and he trashes it...
I'd take some issue with the assumption that the 'libertarians did it'. Hal doesn't seem to be one and has stated otherwise. Satoshi is unknown and didn't talk about politics much. Gavin says he's a libertarian, but doesn't back it up much beyond that. Garzik and Maxwell have been beat up in the past for not bowing sufficiently to the Libertarian idols. Hearn is a died-in-the-wool fascist/totalitarian type dude. Dunno about Sipa and Lian. |
sig spam anywhere and self-moderated threads on the pol&soc board are for losers.
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joae1975 (OP)
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February 12, 2014, 04:56:07 PM |
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peter schiff is an idiot, bitcoin is the only good thing libertarians have ever done and he trashes it...
Peter has addressed this point. He says he knows that bitcoin is big amongst libertarians but he's not going to lie about it. He says he's not going to sacrifice his principles to appeal to his fans ideology. He said, "If there's one thing I know, it's bubbles. If it walks like a duck, quacks like a duck, then it's probably a duck." I wish I would have posted the audio where he addressed it. It might be in my audio posts somewhere, I can't remember when he said it. It was a good point. He also addressed how people may think he's bashing bitcoin to sell more gold. He's a very principled man. I trust him and his philosophy. Which is why I sold many of my mined bitcoin for gold/silver. I sold bitcoin and invested fiat with his company. I'm also holding more bitcoin/altcoins to hedge that. |
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bassclef
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February 12, 2014, 08:03:03 PM |
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I sold bitcoin and invested fiat with his company.
Which is exactly what he wants. He is a salesman, and a good one. He sees digital currencies as a threat. I get his e-newsletter. The title of a recent one was something like "our new digital offerings." I believe he is principled but he's also looking out for his own interests. |
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joae1975 (OP)
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February 12, 2014, 10:38:07 PM
Last edit: February 17, 2014, 12:37:04 AM by joae1975 |
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I sold bitcoin and invested fiat with his company.
Which is exactly what he wants. He is a salesman, and a good one. He sees digital currencies as a threat. I get his e-newsletter. The title of a recent one was something like "our new digital offerings." I believe he is principled but he's also looking out for his own interests. Digital offering is a way for small investors to act as venture capitalists. Small meaning upper middle class, not millionaires. There's a minimum of like 100k I think. But it's has nothing to do with cryptos. edit: http://digitaloffering.com/I could be wrong about what I said above. |
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101111
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February 13, 2014, 05:08:38 PM |
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tvbcof
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February 13, 2014, 05:52:35 PM |
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... He lost 60% to 70% of customer assets in a two-year period when he was supposedly making correct macro calls. ... Schiff is like the Jim Jones of money management. Thank God they guy has stayed away from Bitcoin. When he jumps on board I would take it as a sign that it's time to bail. |
sig spam anywhere and self-moderated threads on the pol&soc board are for losers.
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af_newbie
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Merit: 1468
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February 13, 2014, 06:16:12 PM
Last edit: February 13, 2014, 06:39:14 PM by af_newbie |
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... He lost 60% to 70% of customer assets in a two-year period when he was supposedly making correct macro calls. ... Schiff is like the Jim Jones of money management. Thank God they guy has stayed away from Bitcoin. When he jumps on board I would take it as a sign that it's time to bail. I remember him screaming for people to buy gold when it was dropping from 1800,1700, 1600 etc. He called for $5000 to $10,000 per oz in few years. I don't remember him saying anything about it when it was around $300. Now, his Overstock argument is one sided. He assumes that people who already have bitcoins will go on Overstock to spend it. Effectively selling their coins. IMHO, the retail acceptance is positive for bitcoin in terms of broader acceptance and an overall image. The actual mechanics of bitcoin retail transactions should have no effect on the price of bitcoin. If you want to buy something on Overstock with bitcoins, you have to buy bitcoins and spend them on Overstock site (they would sell bitcoins using bitpay). He might be right about one thing, the price of bitcoin cannot go up without new buyers coming in, but that is kinda obvious. On the last drop, about 1M exchanged hands (if you add up volumes all the exchanges). Assuming (I don't remember where I read it) that 3M are in inactive/lost wallets, that still leaves a large number of whales who did not participate in this drop. So price pressures might still continue for a long time. Looks like FBI has not dumped their holdings, if they do, expect the price to drop to <$50 because there is no liquidity to handle 100,000+ BTC type of trades. I don't expect FBI to be picky about the price they get for their coins. After all, it is not their own money. |
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shawshankinmate37927
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February 17, 2014, 01:13:24 AM |
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Both of those links are to the same audio. |
"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." - Henry Ford
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