Peter Schiff: China’s Gold Backed Crypto is better than Bitcoin

[Harrydose]

With the launch of china’s gold-backed cryptocurrency, Peter Schiff a known advocate for precious metals especially gold claim that China’s crypto will pull bitcoin price down. though Peter is a known critic of Bitcoin. Schiff had always stressed to prove bitcoin lower to gold, many of their predictions become a hoax. Recently he gave the statement indicating that Bitcoin as “backed by nothing”

Source: TheCoinRepublic

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[Red-Apple]

that guy is not a "bitcoin critic" he is just an idiot who is babbling on about bitcoin nonstop because he has nothing better to do and has been feeling threatened by it for a long time now.
so far he has not made a single prediction to be right or wrong. all he has done was to make idiotic statements regarding bitcoin and its future which have always been obviously wrong. he doesn't even put any efforts in his FUDs !!

[Rodeo02]

China's gold backed crypto currency might be good idea  because it will make thier own crypto currency stable in price ,but it will never change The  demand of BTC. since we all know that there  are many investors use bitcoin not only because of its use and for transaction but because BTC price is does not dependent  on the  government .

[CjMapope]

With the launch of china’s gold-backed cryptocurrency, Peter Schiff a known advocate for precious metals especially gold claim that China’s crypto will pull bitcoin price down. though Peter is a known critic of Bitcoin. Schiff had always stressed to prove bitcoin lower to gold, many of their predictions become a hoax. Recently he gave the statement indicating that Bitcoin as “backed by nothing”

Source: TheCoinRepublic

Oh man this guy reminds me of Jamie Dimon haha, always talking shit, then getting foot in mouth
i wouldnt worry about what these plebs say, they have a vested interest in BTC staying low, as they are like 5+ years behind on their accumulation
They just want the price to stay down for a few more years so they can get invested more : /  banks did the same thing years ago

[ecnalubma]

Probably another hoax claim by a famous prophet Schiff, if everything related to gold this guy always make a statement and keep bearish over Bitcoin. China’s gold-backed cryptocurrency may have effect in their economy but may have less impact in Bitcoin.

[Javi_Anibarro]

Probably another hoax claim by a famous prophet Schiff, if everything related to gold this guy always make a statement and keep bearish over Bitcoin. China’s gold-backed cryptocurrency may have effect in their economy but may have less impact in Bitcoin.

What do you expect from someone widely known as an advocate of precious metals?
Let alone China, even if you create an ERC20 token and it is backed by real Gold. He will say something like this too about your token and Bitcoin, just do not take it to the heart.

[blckhawk]

Thinking rationally, bitcoin really is backed by nothing but only trust to the platform. This trust is what drives people to invest on something, which increases the demand and therefore, its price. However, I don't think it would affect Bitcoin's price instantly, as it would still go through a phase when people from China would decide which to use. And having known that China already retracted ban to cryptocurrencies, Bitcoin would still have a lot more trust and chance to be on top rather than this newly minted coin.

[Pearls Before Swine]

I'm sure Schiff would like to back *everything* with gold and probably has a solid gold toilet bowl in his home...and the reason I say this is because he is madly in love with gold.  He's a permabull on gold and he will *never* suggest to anyone at any time that there is any reason to sell gold.  He's always 'buy buy buy' and how can you trust a person like that?

China is an enigma to me and I really don't know what they're trying to do with their state run crypto.  It isn't going to be anything like bitcoin in spirit, and if it's backed by gold...I just don't know about that.  It isn't like a cryptocurrency with a fixed amount of coins can be inflated, so I don't know why it would need to be gold backed.  But I'm pretty sure that this is a solution in search of a problem, ie, it isn't necessary.  But we'll see.

[Doell]

oh it's a bit of person wants to start investing in bitcoin but he wants the price of bitcoin to be very low because he has only a small amount of funds ,china makes crypto which is equivalent to the price of gold is very centralized ,we already have a lot of centralized coins so in my opinion it's normal dear

[o48o]

Peter Schiff just shills his gold bags, he is too irrelevant to even quote about but this is just stupid:

.... Bitcoin as “backed by nothing”

I guess that gold is also backed by nothing but gold yet he keeps on rambling about that.

[bkbirge]

He's a clown where his income and reputation is tied to his precious metals advocacy personality. I wouldn't listen to anything he says anymore than listening to John McAffee's ridiculously hyperbolic btc supportive statements.

[enhu]

Peter doesn't understand the decentralization which is why he is up to resist the technology just like Dimon. He had not seen it before that it isn't the first crypto project backed by gold that failed.

Peter knew he already sound stupid with all his claims but he wanna express himself, maybe to save his business in the brink of collapse when all the businesses around his are now gradually looking into blockchain which currency he hates the most also uses blockchain.

[DarkDays]

There are literally dozens of gold-backed cryptocurrencies, just because China might be making their own one doesn't necessarily mean that gold-backed stablecoins are now the future.

Bitcoin is used by tens of millions of people worldwide, sure there are around a billion people in China, but only a handful of those will actually use the cryptocurrency.

So unless they make it the nations default currency, Bitcoin will still remain in the number 1 spot.

[disconnectme]

When Government says it has something at her disposal how in the world are you going to confirmed. There is a reason why they moved to Fiat currencies. With the level of financial recklessness we see now, I won't trust any monetary design they come up with, because it is going to be a sham. Peter Schiff must be jealous of Bitcoin success, he never imagine Bitcoin surpassing the value of Gold but has also trade more than 10X the value of Gold.

[dothebeats]

And how would I even believe his opinions again? The dude is a gold bug, and anything gold-related he could get his hands on, he would surely go, even if it means discussing things he never fully understand nor comprehend. After Jamie Dimon went into silence after years of bashing bitcoin, Schiff has replaced him and been continuing to stress that “bitcoin is inferior to gold” thing to further his ambitions. This time, piggybacking China’s decision to create a gold-backed crypto.

I just hope he wouldn’t retract his statements after the said currency has launched, and failed.

[poornamelessme]

As others have already stated, it doesn't mean much. Schiff is a gold nut.

It's like if King Midas was going around knocking bitcoin because it's not made out of gold. Schiff would have us using tiny gold coins to pay for groceries.

[BitHodler]

I'm sure that we'll see mr Schiff eventually launch his own gold backed crypto coin, which he will shill into oblivion.... he is so pathetic that I don't see any point for people to debate with him ever again.

I have seen two debates between Schiff and Pompliano, and in both debates there was no point conceded by Schiff, which just points out that he is only out to trash talk Bitcoin as gold bug.... this dude deserves to be ignored.

Schiff agrees to debate Pompliano to increase his following on social media, while Pompliano seriously believes that he can get Schiff to become more accepting of Bitcoin.

[bigcash2011]

This statement of peter just indicates that he does not know much about blockchain and how decentralized cryptocurrencies work, just like a common old school guy he is interested in physical or so called 'real' things and are not ready to learn or accept the advancement in technology and internet in the form of blockchain and world has already started to accept and implement it slowly but surely so all these guys like peter can do is regret in few years when crypto mass adoption will become a reality.

[tenakha]

Peter Schiff: China’s Gold Backed Crypto is better than Bitcoin

What does he want to prove with this thought? Is Bitcoin worse? Let him talk, on the other hand, everyone thinks that paper money is better, but we know what the truth is.

With the launch of china’s gold-backed cryptocurrency, Peter Schiff a known advocate for precious metals especially gold claim that China’s crypto will pull bitcoin price down. though Peter is a known critic of Bitcoin. Schiff had always stressed to prove bitcoin lower to gold, many of their predictions become a hoax. Recently he gave the statement indicating that Bitcoin as “backed by nothing”

Source: TheCoinRepublic

With what, other valuable assets backed up? How did the paper money gain value? or gold? What are they backed up with? He acts like he is not an economist of the years.

[biddicoin]

He just thinks that gold-backed asset is better, so, he would say that FIAT is worse too bcz it's backed by abosolutly nothing

he even doesnt see from other aspect, such as technology behind bitcoin, borderless, etc. this comparison isnt fair

this looks like trying to make FUD but i think bitcoiner doesnt give a f***