The Bitcoin vs Gold Debate (CZ vs Schiff)

[avp2306]

Schiff better be enjoying his moment in the limelight.  It'll be another 15 years before he has a moment like this again with precious metals outperforming everything.  He needs to make the most of it for his brand.  I'm sure his management team is working overtime trying to get his name out there as much as possible before the crash inevitably occurs.

Imagine how huge the boost of his popularity since Schiff has been notice by CZ, also I don't think there's in need of debate since whatever answer that can point out how good Bitcoin is for sure he won't listen since Schiff is close minded dude.

He provably loves the attention he gotten especially that he became well known Bitcoin critic.

But better not to get bothered with everything what he says and best for people to start forgetting about that dude then proceed to other more valuable things also person that can give more better contribution on Bitcoins existence.

[catnine1]

Bitcoin and Gold are very valuable assets and doing pretty good in the assets class but soon the world would realise that Bitcoin has the potential of being a better asset, infact Bitcoin is digital Gold since it's scarce and can also be used as a store of value, and i think it's prepared for security challenges including the potential quantum hacks in the future.
 With that being said, who else has seen the debate between CZ (Binance founder) and Peter Schiff  who's a Gold marketer and Bitcoin critics? I came across a short clip of their debate, where CZ gave Schiff a Gold bar he got from a prominent person from Turkistan and asked if he could tell if it's a real Gold or not but all Schiff could do was laugh and say " I don't know" while stammering. That says it all and what i learnt from that debate is that you can be sold fake Gold but you can't fake Bitcoin or sell fake Bitcoin to someone.

ol that clip was legendary. schiff talkin' gold all day but cant even verify a bar in his hand? says it all.
u can fake gold, u can inflate dollars, but u cant fake a bitcoin on the blockchain the trustlessness is the whole point goldbugs are stuck in the past

[Antona]

Schiff better be enjoying his moment in the limelight.  It'll be another 15 years before he has a moment like this again with precious metals outperforming everything.  He needs to make the most of it for his brand.  I'm sure his management team is working overtime trying to get his name out there as much as possible before the crash inevitably occurs.

Imagine how huge the boost of his popularity since Schiff has been notice by CZ, also I don't think there's in need of debate since whatever answer that can point out how good Bitcoin is for sure he won't listen since Schiff is close minded dude.

He provably loves the attention he gotten especially that he became well known Bitcoin critic.

But better not to get bothered with everything what he says and best for people to start forgetting about that dude then proceed to other more valuable things also person that can give more better contribution on Bitcoins existence.

Exactly the debate was entertainment not education. Schiff's whole brand is being the gold guy, he won't change the attention just fuels him. We're better off ignoring the noise and focusing on builders educators and actual protocol development that's where real contribution happens

[shinratensei_]

Fairly speaking someone like peter schiff would be buying gold ETF which is guaranteed to be authentic and verifiable based on the gold in custody with some counter party risk so he doesn't even need to verify it by himself.
But I get CZ's point about bitcoin's advantage of being easily verifiable and authenticity by just looking at the blockchain.

[Rustam Meraj]

I also agree that Bitcoin and gold are both valuable, but Bitcoin has special advantage since it is much easier to check. Whereas gold needs experts and equipment to prove that it is not fake, anybody with phone can prove ownership of Bitcoin and its overall supply within seconds without trusting another individual. This is weakness of gold that is well shown in debate you have mentioned because even experts cannot always tell whether gold bar is real by just looking at it. I believe that this is what makes Bitcoin highly attractive tool to modern world since it is built on basis of clear math and openness. Other than seeing it as battle between Bitcoin and gold, I would suggest viewing Bitcoin as new method of sending money that is more easy to prove and transfer around world, and that is why more individuals are beginning to use it despite opinions of critics.

[Die_empty]

Bitcoin and Gold are very valuable assets and doing pretty good in the assets class but soon the world would realise that Bitcoin has the potential of being a better asset, infact Bitcoin is digital Gold since it's scarce and can also be used as a store of value, and i think it's prepared for security challenges including the potential quantum hacks in the future.
 With that being said, who else has seen the debate between CZ (Binance founder) and Peter Schiff  who's a Gold marketer and Bitcoin critics? I came across a short clip of their debate, where CZ gave Schiff a Gold bar he got from a prominent person from Turkistan and asked if he could tell if it's a real Gold or not but all Schiff could do was laugh and say " I don't know" while stammering. That says it all and what i learnt from that debate is that you can be sold fake Gold but you can't fake Bitcoin or sell fake Bitcoin to someone.

I have had this long desire to diversify my assets by adding gold. There are many gold traders in my state that are offering services. The problem now is how to identify real gold. Some people have been scammed because of their lack of knowledge. Bitcoin remains the real deal because you don't need any special skill to deal with it.

I watched the whole video a while ago. Surprisingly, cz did way worse than I expected from him. Peter was the same Peter… repeating the same stuff but cz… he was underwhelming. The only time where he shined was the moment when he gave Peter a gold bar and asked him if it is real. Other than that cz was a weak sauce. I hate to admit it but Peter was the dominant figure in that debate. I somehow wish that never happened because people who watch this video might actually believe Peter’s bullcrap.

Peter say bitcoin nutthin and backed by nutthin and cz couldn’t counter this bullcrap with “btc is backed by hashpowa”

Shame

Maybe Michael Saylor would have done better than CZ. The former Binance head is not an authority on decentralization. His advocacy for Bitcoin was driven by the business interests of his exchange.

[free-bit.co.in]

I have had this long desire to diversify my assets by adding gold. There are many gold traders in my state that are offering services. The problem now is how to identify real gold. Some people have been scammed because of their lack of knowledge. Bitcoin remains the real deal because you don't need any special skill to deal with it.

Gold is a very valuable physical asset, so counterfeiting is inevitable. But we can minimize the risk by buying gold from legitimate, government recognized gold companies and stores with a good reputation in the market.

Additionally, those lacking knowledge may end up buying wrapped Bitcoin or non native BTC. There have been many such cases, and most of them were new investors.

Maybe Michael Saylor would have done better than CZ. The former Binance head is not an authority on decentralization. His advocacy for Bitcoin was driven by the business interests of his exchange.

Michael Saylor is a Bitcoin maximalist, but he pursues it also for profit. We don't really know whether he has thoroughly researched and understood the decentralized nature of Bitcoin.

[Free Market Capitalist]

Maybe Michael Saylor would have done better than CZ. The former Binance head is not an authority on decentralization. His advocacy for Bitcoin was driven by the business interests of his exchange.

And you think Saylor is? What Saylor's company does is offer centralized exposure to Bitcoin for people who buy its shares, preferreds, and convertible debt (that bought it, as the company no longer offers it).

Saylor has always avoided a one-on-one debate with Schiff, and now even more so because Schiff wanted to debate with him not about Bitcoin but about Strategy's business model, which Schiff calls a Ponzi scheme. Although I personally think this is an exaggeration, I believe he has some strong points on this issue.

[bits86]

I believe the debate about whether gold or Bitcoin is better is merely a marketing gimmick by Changpeng Zhao (CZ). Gold has enjoyed millennia of consensus, while Bitcoin is humanity's first decentralized, novel crypto asset, but they are not the same asset. Simply comparing price increases over the past decade or so is unfair to gold.

[hbqchjy]

I believe CZ cannot endorse Bitcoin. Binance profits from contract gambling and targeted exploitation. For example, the price crash of all altcoins on Binance on October 10th last year was a form of exploitation of retail investors.

I don't want CZ to be the face of Bitcoin.

He can go be the face of DeFi, crypto and other shitcoins. But he's no bitcoin maxi so we don't want him here.

I watched the whole video a while ago. Surprisingly, cz did way worse than I expected from him. Peter was the same Peter… repeating the same stuff but cz… he was underwhelming. The only time where he shined was the moment when he gave Peter a gold bar and asked him if it is real. Other than that cz was a weak sauce. I hate to admit it but Peter was the dominant figure in that debate. I somehow wish that never happened because people who watch this video might actually believe Peter’s bullcrap.

Peter say bitcoin nutthin and backed by nutthin and cz couldn’t counter this bullcrap with “btc is backed by hashpowa”

Shame

Peter Schiff is an actual podcaster for his gold investments so he has plenty of experience debating.... CZ should get his Trust Wallets in order before getting dunked on in another debate.

[fuguebtc]

I believe the debate about whether gold or Bitcoin is better is merely a marketing gimmick by Changpeng Zhao (CZ). Gold has enjoyed millennia of consensus, while Bitcoin is humanity's first decentralized, novel crypto asset, but they are not the same asset. Simply comparing price increases over the past decade or so is unfair to gold. For example, in 2014, someone created physical models of 1 ounce of gold and 1 Bitcoin and compared their price changes: initially, 1 ounce of gold was equal to 2 Bitcoins, but now it's only equal to 0.05 Bitcoins, and the comparison continues to this day (see https://goldphysicalbitcoin.com).

As far as I recall, Schiff sparked the debate after CZ publicly criticized Schiff tokenized gold project. CZ wasn't the initiator, so saying the debate was just a marketing ploy of his is inaccurate

In addition, over the years there have been many debate and comparison between gold and Bitcoin, and this has even occurred on our forum. This is nothing new, and the debate is far from over as each asset class has its own loyal investor base, and Bitcoin investors will continue to compare until Bitcoin surpasses gold .

[CryptoYar]

[...]

Peter Schiff vs. CZ argument is not just marketing trick, but basic difference of opinion on whether physical earth or digital math should be trusted to keep our wealth safe. Although fact that Schiff tried to put gold on blockchain shows that it is difficult to move gold without help but limited amount of Bitcoin is built into its code. Instead of waiting for one to beat other, it is smarter to see them as two types of insurance gold in case internet goes down, and Bitcoin in case banking system goes down.
I think that although overall value of Bitcoin may pass that of gold in future, gold will not be useless due to its long history, and therefore most sensible way is to have part of both to protect yourself.

[Hamza2424]

With that being said, who else has seen the debate between CZ (Binance founder) and Peter Schiff  who's a Gold marketer and Bitcoin critics? I came across a short clip of their debate, where CZ gave Schiff a Gold bar he got from a prominent person from Turkistan and asked if he could tell if it's a real Gold or not but all Schiff could do was laugh and say " I don't know" while stammering. That says it all and what i learnt from that debate is that you can be sold fake Gold but you can't fake Bitcoin or sell fake Bitcoin to someone.

Haha Then CZ nailed it and Schiff's first thing to do after reaching home is to get knowledge on how to tell if the gold is real or not and few days ago I was reading somewhere that the scammers are so professional now that they mix some other things in a way that even the buyer with good technology won't be able to identity the real gold.

I know there are many ways and I know what I am saying might not making sense to someone who knows how to find the real or fake gold but I am saying what I read, is there anyone here who can differentiate?

[Btcloop]

https://app.binance.com/uni-qr/cpos/33672345908105?l=en&r=MQFTTQ54&uc=web_square_share_link&us=copylink
Value

The worldwide average annual return of gold between 1971 and 2022 was 7.8%.

Bitcoin has returned 671% per year (as of February 2024) since its inception.

Supply

Gold is scarce but more can be mined.

Only 21 million Bitcoin units will ever exist.

Divisibility

Divide gold into smaller increments and you pay a premium.

One Bitcoin can easily be divided into up to eight decimal places.

Security

You must make sure it's authentic and stored somewhere safe and trustworthy.

Bitcoin can provide very high levels of security if used correctly.

Programmable

Not programmable.

Bitcoin implements programmable transactions and smart contract functionality.

Portability

Gold is heavy and tough to move.

With Bitcoin, your money is always available.

Liquidity

Converting gold to cash can be quite time consuming.

Bitcoin can be converted into cash quickly through cryptocurrency exchanges and Bitcoin ATMs.

Accessibility

Gold can be acquired at brick-and-mortar coin shops and online dealers.

Purchasing Bitcoin has become increasingly easy thanks to Bitcoin exchanges and user-friendly platforms.

[coolcoinz]

What's there to debate with Schiff, who likes to ridicule bitcoin only to get more media attention and sell you his gold to earn a fee. All his stuff is t a premium.
While bitcoiners just tell you to get some BTC whenever you're comfortable with it, but you should own BTC for safety, financial freedom and all that, gold bugs like Peter want you to buy at the top. They just want you to pay them, that's it.

When I tell you to buy bitcoin, I'm not trying to sell you my stash. In fact I haven't sold for a few months now and I'm not going to at current price, so you're not going to get it from me, but I want you to own some for your own sake. At the same time Peter would gladly sell you his gold at a premium because that's what he does to make money - he sells gold. If gold was valuable to him, like bitcoin is to some of us, he wouldn't want to sell it.

[suzanne5223]

Bitcoin and Gold are very valuable assets and doing pretty good in the assets class but soon the world would realise that Bitcoin has the potential of being a better asset, infact Bitcoin is digital Gold since it's scarce and can also be used as a store of value, and i think it's prepared for security challenges including the potential quantum hacks in the future.

Saying the world will soon understand Bitcoin has the potential of a better asset is understatement because the consensus used to create Bitcoin has technically make a better asset ever since it solve the issue of trust of third parties, centralization  with single points of failure, 2% inflation adopted by CBN, fraud in reversible transaction, double spend, unlimited supply, etc.
Which are all the features the institutional banking, investment firm like Fidelity, BlackRock sees in Bitcoin before filing for it ETF.

With that being said, who else has seen the debate between CZ (Binance founder) and Peter Schiff  who's a Gold marketer and Bitcoin critics? I came across a short clip of their debate, where CZ gave Schiff a Gold bar he got from a prominent person from Turkistan and asked if he could tell if it's a real Gold or not but all Schiff could do was laugh and say " I don't know" while stammering. That says it all and what i learnt from that debate is that you can be sold fake Gold but you can't fake Bitcoin or sell fake Bitcoin to someone.

I never watch the debate because I dont see any reason in fighting a battle Bitcoin have already won but I like the perfect example CZ used for Schiff.
Having said that, some newbies have once reached fake Bitcoin, which is Tbtc, as real BTC due to their naiveness about BTC, and some newbies have also once sent BTC, as payment but the sender later cancel the transaction after the deal is completed.
No matter the space we find ourself having indepth knowledge is important.

[fuguebtc]

I think that although overall value of Bitcoin may pass that of gold in future, gold will not be useless due to its long history, and therefore most sensible way is to have part of both to protect yourself.

Regarding whether Bitcoin will surpass gold, frankly, I'm quite skeptical about that. The gap between them is too wide, and gold is not just an asset with a long history intertwined with humanity. It has many practical app in our lives, not just for investment purposes.

Despite the world's development and shift towards the digital age, physical assets like gold and silver continue to demonstrate their importance. Therefore, surpassing the market capitalization of gold is an enormous challenge for bitcoin. However, one thing is certain, Bitcoin still has the potential to deliver better return than gold.

Diversifying a portfolio with gold isnt a bad thing, but for those seeking better returns. I think its better to hold a majority of their holding in Bitcoin

[sleepfirefly]

With that being said, who else has seen the debate between CZ (Binance founder) and Peter Schiff  who's a Gold marketer and Bitcoin critics? I came across a short clip of their debate, where CZ gave Schiff a Gold bar he got from a prominent person from Turkistan and asked if he could tell if it's a real Gold or not but all Schiff could do was laugh and say " I don't know" while stammering. That says it all and what i learnt from that debate is that you can be sold fake Gold but you can't fake Bitcoin or sell fake Bitcoin to someone.

i find it ironic that a gold marketer can’t even tell real gold from fake one the experts usually notice characteristics that would indicate the gold bar is real or fake though might not be 100% accurate but he should at least have some idea if he is going to argue for gold

[X-ray]

I believe the debate about whether gold or Bitcoin is better is merely a marketing gimmick by Changpeng Zhao (CZ). Gold has enjoyed millennia of consensus, while Bitcoin is humanity's first decentralized, novel crypto asset, but they are not the same asset. Simply comparing price increases over the past decade or so is unfair to gold.

It's not really unfair, price increases can always be compared between assets regardless of whether an asset has existed since the beginning of time or not.

We are just talking about the overall price growth and whatever happen between the timeframe is a fair comparison. Gold can exist for thousands of years but if it doesn't perform as good as bitcoin within a decade, then bitcoin as an investment is the better asset.

In this context, I don't even think the fact that some asset has existed for so long still relevant.

[goldphysicalbitcoin]

Haha, nothing new under the sun, fellas.
Back in 2014, the Chinese Bitcoin community ran this fun little "experiment" comparing gold and Bitcoin head-to-head. They minted actual physical commemorative gold coins — 1 troy ounce of pure 24k gold, loaded with a private key worth 1 BTC at the time.
Back then, that 1 oz of gold was worth roughly 2 BTC. Fast forward just 12 years, and today one ounce of gold buys you only about 0.05 BTC.
That's right — in a little over a decade, Bitcoin has flipped the script and gone up ~40x against gold.
We've always known Bitcoin's market cap will eventually eclipse gold's. Might take another 10 years or so to fully get there, but the trend is crystal clear.
HODL strong, OGs. The best is yet to come.
Vires in numeris.