Crazy fund manager spreading incredible FUD

[tradri]

https://youtu.be/6fmwTGpVCvo?t=478

But in all seriousness, he does have a point, doesn't he?

[death69]

Everybody has their own opinion and surely some of them want to express it. This guy does not trust bitcoin and I respect his idea. However, It is clear that he does not spend much of his time to make research deeply on bitcoin and he is a conservative who put too much faith in gold. So don't let this guy tell you what to do. Having your own opinion is important. Don't invest in bitcoin if you dont own a perspicacious mind.

Personally, bitcoin can become digital gold but gold will not be replaced by bitcoin. Both of them will become important pieces of the financial. Together, they create a much more attractive market for us to jump on and take some money.

[tradri]

If Bitcoin's main value proposition nowadays is being a store of value, then wouldn't it be reinventing the wheel if gold has been doing just that for 4000+ years?

[tradri]

...and to anybody saying that gold can be taken away while Bitcoin can't.

here is a funny cartoon, take it light-heartedly ;-)

https://blog.keys.casa/content/images/2020/04/xkcd.png

[oktana]

We've seen worse statement from people. I really see him as someone who is jealous of the present Bitcoin height. Bitcoin can replace / has replaced gold but gold cannot replace  Bitcoin. There are even some cryptocurrencies that are pegged to the price of gold, and that makes them gold too, so, I don't really see what is giving gold such confidence. Instead of buying gold, I'd just keep buying more Bitcoin.

[TimeTeller]

Everybody has their own opinion and surely some of them want to express it. This guy does not trust bitcoin and I respect his idea. However, It is clear that he does not spend much of his time to make research deeply on bitcoin and he is a conservative who put too much faith in gold. So don't let this guy tell you what to do. Having your own opinion is important. Don't invest in bitcoin if you dont own a perspicacious mind.

Personally, bitcoin can become digital gold but gold will not be replaced by bitcoin. Both of them will become important pieces of the financial. Together, they create a much more attractive market for us to jump on and take some money.

Sometimes lack of knowledge or ignorance, is the reason why people are hesitant to see what is in front of their eyes.
But if he will be open-minded and check the facts behind what he is talking about, maybe he will change his outlook in life.
We don't need other's opinion, just to change our perspectives towards a specific subject.
It is our duty, to educate ourself, so as not to be deceived by insights from self-proclaimed experts or known personalities.
Everyone can say something on basically anything. But at the end of the day, it is you, alone, who is responsible to take care of your own portfolio.

[tradri]

isn't it the same argument Bitcoin fanboys say about altcoins?

"Nothing can replace Bitcoin because it's the first"

well, gold bugs are using the same argument against you...

[milewilda]

Everybody has their own opinion and surely some of them want to express it. This guy does not trust bitcoin and I respect his idea. However, It is clear that he does not spend much of his time to make research deeply on bitcoin and he is a conservative who put too much faith in gold. So don't let this guy tell you what to do. Having your own opinion is important. Don't invest in bitcoin if you dont own a perspicacious mind.

Personally, bitcoin can become digital gold but gold will not be replaced by bitcoin. Both of them will become important pieces of the financial. Together, they create a much more attractive market for us to jump on and take some money.

Sometimes lack of knowledge or ignorance, is the reason why people are hesitant to see what is in front of their eyes.
But if he will be open-minded and check the facts behind what he is talking about, maybe he will change his outlook in life.
We don't need other's opinion, just to change our perspectives towards a specific subject.
It is our duty, to educate ourself, so as not to be deceived by insights from self-proclaimed experts or known personalities.
Everyone can say something on basically anything. But at the end of the day, it is you, alone, who is responsible to take care of your own portfolio.

Mistake here is that most people are way too lazy on doing their job or assignment on verifying things up thats why most of the time they do just
fully rely on what they had heard or see in front of their eyes and try to believe it fully and when headaches or problems had been experience then
thats the time they do make out searches.Well, mistakes are the best teacher.People wont make an action or do learn up things first
until they do experience unfortunate events. About on those words then he does have some points but you can eventually tell
that there are lacking.

[tradri]

what's the point of exchanging arguments when all you guys are saying is "do you own research"?

[A62662]

If Bitcoin's main value proposition nowadays is being a store of value, then wouldn't it be reinventing the wheel if gold has been doing just that for 4000+ years?

There are lots of things that are a store of value. Any non-perishable commodity is a store of value. Gold for instance is a store of value. Property is also a store of value, and many other things.

The point in the video is that Bitcoin has no intrinsic value and if investors get tired of it, or something else steals its thunder, Bitcoin will eventually be close to worthless.

Right now Bitcoin is in a bubble, when will it pop, nobody knows.

[crwth]

I don't know what he is trying to say but saying that it's false hope? Nahhh. I don't think so. If he knows the reason behind it and knows that there is no one behind Bitcoin, he might have changed his views. In the video, he keeps telling that it's "them" but no one is behind Bitcoin. OR he might be just saying that but he is just trying to make a dip for some reason, lol.

He is just saying some random stuff that he doesn't know about.

• Bitcoin has no use
• Nothing similar to Gold
• "Fools" Gold
• Buying Bitcoin is a mistake

Save your time people.

[A62662]

That guy in the video has been managing funds for a long time and has a solid track record. I believe he knows more about investing and money than the combined readers on bitcointalk put togheter.

He used to be on CNBC a lot before giving interviews, but he was against the FED printing too much money, so they threw him out.

[tradri]

I wouldn't say that a lot of things are a store of value. Property can easily lose its value if bad policies ruin the country. Same with companies, bonds and many other things that require a "civilization" to maintain its value.

While bitcoin's cool properties are that nobody can easily change the rules, it still is online thus requiring much more infrastructure and trust in civilization to run properly compared to something truly off-grid like gold ;-)

[tinopener]

If Bitcoin's main value proposition nowadays is being a store of value, then wouldn't it be reinventing the wheel if gold has been doing just that for 4000+ years?

Regarding gold, and indeed any other investment, never forget the principle maxim:

Past returns are no guarantee of future returns.

Also, the intrinsic electronic and cosmetic value of gold is only around 10% of market cap.

You could also say that 10% of the intrinsic value of bitcoin is the freedom it provides.

Think about it this way: there will always be someone somewhere in the world who needs to preserve the value of their wealth due to government clampdowns, for example in Argentina (where people are restricted to owning a certain amount of US Dollars) who will be willing to buy 10% of your Bitcoin for that purpose.

And there are many other uses such as this, some obviously illicit.

Think of that circa 10% intrinsic value of Bitcoin as an insurance policy, and you could say insurance has no physical intrinsic value either.

[odolvlobo]

I think it is hard to disagree with much of what he said. His arguments are clear and well-supported, but I think he is wrong overall.

The disagreement all boils down to these two questions:

1. Will bitcoin have any utility in the future?
2. If so, does that future utility justify the current price or even a higher price?

Peter Schiff believes that that Bitcoin has little future utility, if any, and if it does have any future utility, it does not justify the current price. That is a reasonable belief. I challenge anyone to show that is not.

I believe that Bitcoin probably has some future utility, though how much is unclear. I believe that a higher price is justified based on the potential of future utility.

I agree with everything else that he says. I especially agree with his assertion that Bitcoin today is a pyramid scheme. It wasn't in the beginning and I'm sure it won't be in the future, but it is right now.

[tradri]

I think it is hard to disagree with much of what he said. His arguments are clear and well-supported, but I think he is wrong overall.

The disagreement all boils down to these two questions:

1. Will bitcoin have any utility in the future?
2. If so, does that future utility justify the current price or even a higher price?

Peter Schiff believes that that Bitcoin has little future utility, if any, and if it does have any future utility, it does not justify the current price. That is a reasonable belief. I challenge anyone to show that is not.

I believe that Bitcoin probably has some future utility, though how much is unclear. I believe that a higher price is justified based on the potential of future utility.

I agree with everything else that he says. I especially agree with his assertion that Bitcoin today is a pyramid scheme. It wasn't in the beginning and I'm sure it won't be in the future, but it is right now.

based

[A62662]

I don't think Bitcoin will have any utility in the future, why, because it's not fit for purpose. It's too slow, the fees are too expensive, it does not scale well, there are other problems as well. Once the pyramid scheme ends, better crypto's will take over.

[tradri]

I don't think Bitcoin will have any utility in the future, why, because it's not fit for purpose. It's too slow, the fees are too expensive, it does not scale well, there are other problems as well. Once the pyramid scheme ends, better crypto's will take over.

it will at least have nostalgia/collecter value. we have to give it that, at least

[irixo10]

I am of the opinion that people say some sort of bad things towards something or someone when they feel threatened, jealous of that thing or when they lack the simplest idea on what that thing is all about, with this mindset, I have learn not to bother listening to people who say thrash about Bitcoin, thus seeing them as people who have limited or rather little to no knowledge of Bitcoin. Yes, he is not serious and doesn't have a point because if he truly understand Bitcoin, he would have known that for Bitcoin to attain such a piece today means it is doing something great, something worthwhile and offers something really needed in the world today. Also, if he carries out little research, he would have come across platforms which are already adopting it, then he would have understood how wonderful the future is. Well, everyone is entitled to their opinion, decisions and choices, but Bitcoin on the other hand, will keep surprising everyone.

[mindrust]

https://youtu.be/6fmwTGpVCvo?t=478

But in all seriousness, he does have a point, doesn't he?

He has a point. Bitcoin is not gold. You can say btc is better or worse but in the end it is not gold that part is for certain. People really should stop comparing bitcoin to gold and using gold images when writing bitcoin articles. It is not cool anymore. Use 1's and 0's instead it suits bitcoin a lot better.