Crazy fund manager spreading incredible FUD

[amishmanish]

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...

I don't worry about this Gold vs Bitcoin FUD as it probably helps those of us who see value in BTC to accumulate more. Bitcoin is irreplaceable not just because it is the first but because it is the only PoW crypto with this network effect and hashing power. Not to forget the base of developers and open source hobbyist who are building on Bitcoin.
Tomorrow if something recreates all of this, they can well have a chance to claim the supremacy that Bitcoin enjoys. Till then, try to understand the pro-bitcoiner argument better.

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 ;-)

Without civilization, nothing is of value. Honestly though, if we were somehow thrust back into the pre-computing era suddenly due to some semi-apocalyptic event, Bitcoin won't retain the value that Gold would. In a "Mortal Engines" sort of future, you'll be better off with gold.

Yet, comparing utility of Gold vs Bitcoin is just stupid. Gold is ONLY Store of Value. With Bitcoin, you can do whatever you can do with code. Its a piece of code residing everywhere but under the control of your private keys. Gold has nothing of that sort. You cannot prove to someone that you have gold without actually exposing yourself to danger and coercion. You can do that way more easily with Bitcoin.

 

[A62662]

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.

CNBC and their guests basically are comparing it to gold, and according to the youtube video, Peter Schiff states that Grayscale Investments is paying them to do so.

Wouldn't that make it a clear ponzi scheme?

[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.

CNBC and their guests basically are comparing it to gold, and according to the youtube video, Peter Schiff states that Grayscale Investments is paying them to do so.

Wouldn't that make it a clear ponzi scheme?

I don't think comparing something to something and getting paid to promote something makes that something a ponzi scheme. Peter's strongest argument against bitcoin is that it doesn't produce any value like a company and that means bitcoin is not a company stock which is also true.

Bitcoin's best use case is sending/receiving money without needing banks but then you need banks to get back to FIAT anyway unless people accept bitcoin directly for their goods which some people do but many don't.

It is true the banks can close your accounts and your bitcoins will be yours forever if you own the keys but what good is it if the same authorities can demand the public btc address of yours and blacklist it? You got booted anyway.

[tradri]

that's why many claim Monero is the cryptocurrency that Bitcoin tried to be originally.

[A62662]

From what I've heard him talking about btc, Peter's strongest argument against bitcoin is that is has no intrinsic value and no proper valid use cases, unlike gold, that has both intrinsic value and many use cases.

He's calling it worthless shit, that one day will be worth nothing or close to nothing.

[tinopener]

From what I've heard him talking about btc, Peter's strongest argument against bitcoin is that is has no intrinsic value and no proper valid use cases, unlike gold, that has both intrinsic value and many use cases.

He's calling it worthless shit, that one day will be worth nothing or close to nothing.

I think only 8% of the value of gold has physical value, either electronic or cosmetic. I guess if you took the speculative value of gold away, you could probably start substituting gold for copper in uses like plumbing / pipes etc.

The intrinsic value of Bitcoin is portability. There is someone in the world willing to buy a percentage of your Bitcoin because of government regulations or to take wealth out the country. Or for transfer of money for illicit purposes. Gold doesn't have this ability.

I think of it like travel insurance, which has no intrinsic physical value either.

[mindrust]

that's why many claim Monero is the cryptocurrency that Bitcoin tried to be originally.

Monero provides better anonymity than bitcoin and that's why it is getting delisted from the exchanges and also for the same reason it won't ever get adopted by the masses. Another dead end.

[tradri]

that's why many claim Monero is the cryptocurrency that Bitcoin tried to be originally.

Monero provides better anonymity than bitcoin and that's why it is getting delisted from the exchanges and also for the same reason it won't ever get adopted by the masses. Another dead end.

true, the masses simply don't care about privacy, as can clearly be seen by the failed adoption of Linux/Firefox/etc...

[Wysi]

This is one of many who are against the concept of bitcoin itself but we all should respect other's opinion which was missing in this content and moreover he should have stopped stating why he don't want to invest into bitcoin rather than asking others to stop investing into bitcoin. This shows lack of research about Bitcoin and crypto, sooner or later these folks will be turning towards crypto and I am not against gold but gold cannot be compared with bitcoin as these are two different domain.

[imstillthebest]

that's why many claim Monero is the cryptocurrency that Bitcoin tried to be originally.

Monero provides better anonymity than bitcoin and that's why it is getting delisted from the exchanges and also for the same reason it won't ever get adopted by the masses. Another dead end.

true, the masses simply don't care about privacy, as can clearly be seen by the failed adoption of Linux/Firefox/etc...

says who ? i care about my privacy and who wouldnt ? that is why i am here and you guys are all here .
 btc is still a private coin although not as private as monero but aside btc and monero we have other privacy coins that we love to use and firefox, linux , popular privacy brands did not fail.
 there are users that uses them but people tends to go if what is more trendy and that is chrome , windows but by using both of these doesnt mean your privacy are now going to be expose but you can do some tweaks to keep it private .

[carlfebz2]

This is one of many who are against the concept of bitcoin itself but we all should respect other's opinion which was missing in this content and moreover he should have stopped stating why he don't want to invest into bitcoin rather than asking others to stop investing into bitcoin. This shows lack of research about Bitcoin and crypto, sooner or later these folks will be turning towards crypto and I am not against gold but gold cannot be compared with bitcoin as these are two different domain.

Why there are still people who do try to compare gold and bitcoin? Its pretty obvious that those things are just different but people really love to connect things eh?

When we do saw someone who do have those kind of words which are clearly not right towards bitcoin then we do really get pissed because this way it do really mislead out people
specially to those who do have zero knowledge about it.

Sooner or later they would really be realizing those things that they had said in the past were actually wrong when the time comes that they had already
learned sufficient enough about bitcoin or entire cryptocurrency thing.

[Samthehero]

Why there are still people who do try to compare gold and bitcoin? Its pretty obvious that those things are just different but people really love to connect things eh?


The reason is that bitcoin has failed as a viable means for day to day financial transfer platform, due to it's being too slow and too expensive, to the point that the only thing that is left is the so called digital gold aspect.

And by the way, you guys are right. Bitcoin is not gold, but that only means bitcoin has failed at everything. It is a complete failure.

[gurunanakji777]

I don't believe such people even I don't consider these people's opinion seriously I always listen to myself because no one is a better analyzer than you. Everyone has a different-different opinion about Btc and we should not mind and I would say it is all because of a lack of knowledge about BTC but the common man still trust in Gold.

[mindrust]

that's why many claim Monero is the cryptocurrency that Bitcoin tried to be originally.

Monero provides better anonymity than bitcoin and that's why it is getting delisted from the exchanges and also for the same reason it won't ever get adopted by the masses. Another dead end.

true, the masses simply don't care about privacy, as can clearly be seen by the failed adoption of Linux/Firefox/etc...

says who ? i care about my privacy and who wouldnt ? that is why i am here and you guys are all here .
 btc is still a private coin although not as private as monero but aside btc and monero we have other privacy coins that we love to use and firefox, linux , popular privacy brands did not fail.
 there are users that uses them but people tends to go if what is more trendy and that is chrome , windows but by using both of these doesnt mean your privacy are now going to be expose but you can do some tweaks to keep it private .

Says the statistics. There are many more Windows/Chrome users than Linux/Firefox/Brave users out there. That's visible by eye. It is also obvious that there are much less Monero users than Bitcoin users. People just prefer to be sheep.

[tradri]

that's why many claim Monero is the cryptocurrency that Bitcoin tried to be originally.

Monero provides better anonymity than bitcoin and that's why it is getting delisted from the exchanges and also for the same reason it won't ever get adopted by the masses. Another dead end.

true, the masses simply don't care about privacy, as can clearly be seen by the failed adoption of Linux/Firefox/etc...

says who ? i care about my privacy and who wouldnt ? that is why i am here and you guys are all here .
 btc is still a private coin although not as private as monero but aside btc and monero we have other privacy coins that we love to use and firefox, linux , popular privacy brands did not fail.
 there are users that uses them but people tends to go if what is more trendy and that is chrome , windows but by using both of these doesnt mean your privacy are now going to be expose but you can do some tweaks to keep it private .

Says the statistics. There are many more Windows/Chrome users than Linux/Firefox/Brave users out there. That's visible by eye. It is also obvious that there are much less Monero users than Bitcoin users. People just prefer to be sheep.

Spitting facts bro...

[A62662]

Why does the OP call the fund manager crazy, just because he says bitcoin is worthless shit? He's not crazy at all, in fact he's the exact opposite of crazy. He is one of the smartest men out there.

Let me tell you what pure crazy looks like ---- buying bitcoin at the peak after a large run up and see it crash hard. That is what crazy look like.

[Sirait]

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

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

^ It's been often people who have thoughts like this, their minds aren't really open ^{[words that are often seen are comparison words]}. we don't have to waste energy dealing with their thoughts or even trying to change their minds. let's keep productive observing and investing in Bitcoin slowly until the price exceeds $ 100k then enjoy the results of our belief in Bitcoin.

[adzino]

I haven't looked at the video, but if I were you, I would see what he has to say and point out the problems or counter argue whatever he said with logic and facts so that others can see.  Those people just try to seek attention by talking trash about crypto currencies. Kinda feels like they are either butthurt or just regret not investing early, hence tries to undermine bitcoins for their own peace.

It would be better if you gave a detailed explanation and left. But I listened to his explanations and couldn't figure out what he was after. I always wonder what they are aiming to spread this kind of news. In other words, are they trying to get what the nation has by scare the market?

Lol, most of the people who trash talk about crypto currencies are exactly like him. They can't explain why they "hate" crypto currencies. All they say is gibberish.

[A62662]

I would suggest just watching the Schiff video where he explains in detail the facts. If you still have questions after watching it, watch it again.

[torrantz]

Asset management company that doesn't welcome new technology but after missing the train then spitting out these fud to get the whole crypto down. I mean, he's kinda got a point about bitcoin digital gold and myself honestly don't even consider bitcoin as a gold even once but it seems he keeps refusing the underlying technology of bitcoin and how blockchain really works. People like him still think crypto which is truly decentralized can be manipulated as easily as printing money.