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

[kooboat]

The dominance of bitcoin on the market has always been on the high side. I don't see a newly established cryptocurrency from China to outshine bitcoin. Critics of  bitcoin have always ended up with disappointments hence  I see no reason why one should trust any new opposition.

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[kidbounty]

no coin is better than bitcoin. maybe many say that Chinese coins can beat bitcoin, but it is important to remember that centralized crypto is hated by the community. so it is impossible for the coin to have a place here, even if it is backed by gold or fiat once.

[mich]

hope he is wrong in this case

Peter Schiff Is Convinced Bitcoin Will Now Crash to $1K

Bitcoin (BTC) proponents have ridiculed one of the cryptocurrency’s most infamous critics after he delivered a highly bearish price prediction.

https://cointelegraph.com/news/ok-doomer-peter-schiff-is-convinced-bitcoin-will-now-crash-to-1k

[landoffaucets]

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

Many FUD news come from China, they are going to ban all cryptocurrency exchanges and people will be persecuted if they trade cryptocurrencies + China is going to create its own cryptocurrency.
Is this a future what we want? Totalitarianism also in a financial sphere?

[alrose]

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.

What is based on his arguments is not clear. And in general, the guys learn to trust deeds and not words.As far as I understand the digital currency of China will be a stablecoin,and it is unlikely that it will somehow affect bitcoin for the worse.At best, only for the better.

[salty]

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

That's just a paradox-China's cryptocurrency has not yet appeared,but the price of bitcoin is already beginning to decline rapidly in price.Who's to blame?)

[xiboothrezi]

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.

I don't know, what game is this? Some sort of manipulation to play the market, speculation was growing uncertain. Give statements to lead opinions for personal gain. Maybe something like that was done to return to the low BTC prices to be able to buy more. Who knows?

[goaldigger]

no coin is better than bitcoin. maybe many say that Chinese coins can beat bitcoin, but it is important to remember that centralized crypto is hated by the community. so it is impossible for the coin to have a place here, even if it is backed by gold or fiat once.

We know that the government of China wants to be more centralized and control their people, a communist country and if they force their people to have it then there’s a chance for bitcoin to blown away. Yes bitcoin is good because its decentralized but the competition is not finish yet, i just hope that despite of making their own coin China will still support bitcoin.

[huu78]

Their Chinese project is good, and the criticism can be that everyone has a different opinion. But if talking about competing can lower the price of BTC, I think it does not.
Bitcoin already has demanded from their own community that is huge and can be told the king of Cryptocurrency. So it does not allow this Chinese project will be able to change bitcoins experiencing bad prices.

[X-ray]

What he knows is if China creating gold backed crypto people will instantly move over from bitcoin but that's not the reality. There are various reasons why bitcoin will not lose the users to china's crypto. China's crypto is basically a gold backed and you kmow most of the people are afraid to save money if it's china that hold the absolute authority to the crypto also the gold will not be yours even if you buy it anyway. why dont just buy the gold directly? it will be yet another stablecoin that people use just to save value from fluctuation but there are already many. This crypto of china will compete with USDT not bitcoin.

[BlackFor3st]

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

Well known critics are gaining nothing from it, instead they are only spreading useless information's to divert the investors especially that he didn't believe in bitcoin as it is back by nothing as he stated.

And now he sees the opportunity to favor in China's crypto currency that is backed by gold so he has something to counter for bitcoin. In the first place, China's crypto currency has been born because of bitcoin so it's not a good idea to claim that that the son is better than the mother of all currencies.

[starblocks]

If China launches its own Central Bank Digital Currency (CBDC) it is unlikely that will impact too heavily on Bitcoin besides a bit of price manipulation so there shouldn't be too much to be concerned about long term for cryptocurrency investors

[Aabcde]

I think for now it can't be said that Chinese crypto is better than bitcoin. I am not taking any side, but for sure the world is spinning, something unthinkable will happen someday. And I still love BTC
On the other hand, everyone needs privacy and anonymity in transactions, bitcoin provides services where Chinese crypto seems to be only part of centralization. In addition, the demand for bitcoin is created naturally, in the sense that people do need bitcoin, unlike crypto-backed gold whose demand is created because assets will be safe because they are backed up by gold or replace the existing currency. This is only a matter of belief or not.

[ajiz138]

Peter Schiff just wants to make things worse. The predictions he claimed had never happened and nothing came true. An idiot like Peter Schiff only says ridiculous things about bitcoin. Peter Schiff is just jealous of seeing bitcoin succeed and can surpass gold.

[acdc]

China's gold-backed cryptocurrency cannot be better than Bitcoin because these are two different currencies. Bitcoin is a fully decentralized and anonymous currency while China's gold-backed cryptocurrency is a coin managed by Chinese banks and governments.
I don't like a coin backed by gold or oil because if I like gold or oil I will buy stocks of those companies.

[magneto]

Lmfao.

Peter Schiff has been exposed long ago for being a completely irrational gold bug. I'm not sure why anyone would still take him seriously when he has not acknowledged decentralised cryptos as a viable means of storing value (or any other asset, for that matter), outside of gold.

He has vested interest in saying good things about gold, so it's not surprising that he's clearly biased. Just don't fall into the trap.

[jazmuzika217]

I think he is not a critic because if he is a real critic he can analize what the market and demand will say which is bitcoin is still the king of all crypto. He under estimate the power of bitcoin the oldest and the strongest coin here in crypto industry. I think this is part of their marketing strategy to build up gold crypto.

[SolarWindMiningCompany]

no coin is better than bitcoin. maybe many say that Chinese coins can beat bitcoin, but it is important to remember that centralized crypto is hated by the community. so it is impossible for the coin to have a place here, even if it is backed by gold or fiat once.

Anything negative from come from any critique on bitcoin. A lot of the has slandered bitcoin but yet, bitcoin has remain tail and the focus of cryptocurrency. China rates Neo above bitcoin yet it can influence the market reaction towards it. Btc remain king as it is the base pair of all coins and I don't see that changing ever