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Author Topic: Peter Schiff comes round to bitcoin - EuroPac now use bitpay / btc for PM's  (Read 1547 times)
tabnloz
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May 21, 2014, 03:16:42 PM
 #1

Serial bitcoin sprayer Peter Schiff has, commendably, done a 180 and now accepts bitcoin as payment for PM's.

http://blog.europacmetals.com/2014/05/euro-pacific-precious-metals-now-accepts-bitcoin/

This is a fine example of someone formerly so staunchly opposed to bitcoin / blockchain tech accepting crypto's merits

Interesting to note in the blog post how CC fees and slowness of transfer were part of the reasoning..
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E-C.Guru
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May 21, 2014, 03:39:48 PM
 #2

A bit offtopic perhaps but:


The gold price is said to be manipulated by people selling "paper"-gold. Which means, people own gold as an investment on the paper but don't actually hold it themself. And then supposedly the big holders are selling a lot more gold than they actually have thus keeping the price down.

I've listened to hours of Peter Schiffs radio and other talks n rants but I just realized - isn't he one of them?


Or is his company actually shipping out physical gold to their customers?

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zeetubes
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May 21, 2014, 03:48:32 PM
 #3

Schiff sells allocated gold certs which are held in the Perth Mint in australia. So they are actual gold bars but I don't think he deliver an actual physical bar to you.
tabnloz
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May 21, 2014, 03:57:56 PM
 #4

thing is, he has been outspokenly anti bitcoin for a while, calling it ponzi scheme, pyramid scheme etc.

its good to see him coming around.
Dalmar
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May 21, 2014, 04:02:56 PM
 #5

thing is, he has been outspokenly anti bitcoin for a while, calling it ponzi scheme, pyramid scheme etc.

its good to see him coming around.

I don't think he called it a ponzi or whatnot. He simply thinks it is overvalued due to speculation and little usage. Moreover, he fears that merchant adoption will drive down the price. And obviously he thinks it is not as secure as gold..

Overall, he's not a hater but more of a skeptic.

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5flags
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May 21, 2014, 04:20:09 PM
 #6

I don't think he called it a ponzi or whatnot. He simply thinks it is overvalued due to speculation and little usage.

It is overvalued, no question. The bulk of its price today is driven by speculation rather than utility. This is neither good nor bad, it is just true.

Moreover, he fears that merchant adoption will drive down the price. And obviously he thinks it is not as secure as gold..

I think he is trivially wrong here. But I'd rather deal with a sceptic than a fan boy any day of the week - they are at least more rational Smiley

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acoindr
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May 21, 2014, 04:29:39 PM
 #7

thing is, he has been outspokenly anti bitcoin for a while, calling it ponzi scheme, pyramid scheme etc.

its good to see him coming around.

I don't think he called it a ponzi or whatnot. He simply thinks it is overvalued due to speculation and little usage. Moreover, he fears that merchant adoption will drive down the price. And obviously he thinks it is not as secure as gold..

Overall, he's not a hater but more of a skeptic.

He didn't call it a Ponzi in the "these people are pump and dump fraudsters" way, but he definitely called it a bubble, one in which he felt early adopters would reap riches leaving later market entrants holding the bag.

I'm a Schiff fan, but even the great ones get it wrong sometimes. The nice thing is usually great ones also don't have a problem admitting when they are wrong.
Dalmar
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May 21, 2014, 04:40:54 PM
 #8

He didn't call it a Ponzi in the "these people are pump and dump fraudsters" way, but he definitely called it a bubble, one in which he felt early adopters would reap riches leaving later market entrants holding the bag.

I'm a Schiff fan, but even the great ones get it wrong sometimes. The nice thing is usually great ones also don't have a problem admitting when they are wrong.

That was at or near the peak of the November bubble, which was technically speaking a bubble if you look at what price has done since then.

Bitcoin wasn't really on his radar before that and since prices have come down he hasn't been as negative about it.

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acoindr
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May 21, 2014, 04:52:57 PM
 #9

He didn't call it a Ponzi in the "these people are pump and dump fraudsters" way, but he definitely called it a bubble, one in which he felt early adopters would reap riches leaving later market entrants holding the bag.

I'm a Schiff fan, but even the great ones get it wrong sometimes. The nice thing is usually great ones also don't have a problem admitting when they are wrong.

That was at or near the peak of the November bubble, which was technically speaking a bubble if you look at what price has done since then.

Bitcoin wasn't really on his radar before that and since prices have come down he hasn't been as negative about it.

Nearly any market can experience bubbles. Peter didn't feel Bitcoin was a legitimate asset where holders could recover losses upon popping of bubbles because there was no there there. He warned against it as such.

EDIT: Here is Peter actually debating Stefan Molyneux over it http://www.youtube.com/watch?v=mFcTJAQ7zc4
odolvlobo
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May 21, 2014, 05:16:02 PM
 #10

...
Or is his company actually shipping out physical gold to their customers?
Schiff sells allocated gold certs which are held in the Perth Mint in australia. So they are actual gold bars but I don't think he deliver an actual physical bar to you.

I have bought physical gold bullion coins from his company, shipped to me via registered mail.

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May 21, 2014, 05:20:11 PM
 #11

I believe Peter Schiff has called Bitcoin a Ponzi scheme. He's been interviewed about Bitcoin often (can anyone claim to have heard every interview?). I think it was on the Ed & Ethan podcast (LTB network).

Also, one does not have to believe in Bitcoin to accept BTC using a payment processor like BitPay, if you actually receive fiat in your bank account.

As much as I'd love to say he's seen the light, I don't think we can say that… yet…

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May 21, 2014, 05:36:24 PM
 #12

I believe Peter Schiff has called Bitcoin a Ponzi scheme. He's been interviewed about Bitcoin often (can anyone claim to have heard every interview?). I think it was on the Ed & Ethan podcast (LTB network).

Also, one does not have to believe in Bitcoin to accept BTC using a payment processor like BitPay, if you actually receive fiat in your bank account.

As much as I'd love to say he's seen the light, I don't think we can say that… yet…

In the video I linked above where Peter is debating Stefan he calls it a scam. He says it in a quick, lighthearted way, but does use that word.

I agree he's probably looking more at the profitability side of Bitcoin right now, but at the same time I'd say his thinking has changed some. He was previously saying people would, in his estimation, get hurt by Bitcoin. He said this was unfortunate because he shared a lot of philosophical ideals with people in the Bitcoin community. People like Peter know their stances and rhetoric can have wide ranging impact since they have a large audience.

I don't believe Peter would become involved with Bitcoin if he still felt people would in the most likely case be hurt by it.
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May 21, 2014, 06:44:13 PM
 #13

His opinion probably hasn't changed much.

He's most likely thinking along the lines of "Well hey if these guys want to buy my products with bitcoin and I can convert it to cash through Bitpay... well hey that's fine with me!".

He will probably do another clip in a few weeks mocking the fact only 2 people wanted to buy gold and pay using bitcoin.
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May 21, 2014, 07:04:00 PM
 #14

His opinion probably hasn't changed much.

He's most likely thinking along the lines of "Well hey if these guys want to buy my products with bitcoin and I can convert it to cash through Bitpay... well hey that's fine with me!".

He will probably do another clip in a few weeks mocking the fact only 2 people wanted to buy gold and pay using bitcoin.

+1

Exactly.
It would take several hours of reading / hearig for this guy just to start to understand how BTC works. I've seen a couple of his criticism videos and most of it is pure ignorance (non rational jiber jaber).
So I agree with you that this news have nothing to do with Peter changing his point of view.
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May 21, 2014, 07:07:56 PM
 #15

I wonder what made him change his mind and do a 180?
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May 21, 2014, 07:19:25 PM
 #16

i think the recent bitcoin price drop and then stability changed his mind regarding bitcoin as a pump and dump

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May 21, 2014, 08:43:24 PM
 #17

....... If he makes Euro Pacific bank accept Bitcoin I think I am going to orgasm.
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May 21, 2014, 09:11:48 PM
 #18

"It's a means of payment that allows us to complete the equivalent of credit card transactions, but with a much more efficient process and with a much lower fee,"

They say this, but still don't think that bitcoin will amount to anything?

http://cryptocoinstats.com/

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May 21, 2014, 09:41:34 PM
 #19

Schiff sells allocated gold certs which are held in the Perth Mint in australia. So they are actual gold bars but I don't think he deliver an actual physical bar to you.


a certificate is a piece of paper which is the same thing as not owning any gold at all. a person has to be able to tell the difference between a piece of paper and a gold bar or coin. there is a big difference. the piece of paper means that you may or may not get your gold when TSHF and you ask for it. they could just do like the comex if it runs out of gold soon and settle you in cash....or worse just not give you anything.
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May 21, 2014, 09:50:44 PM
 #20

This guy shot down crypto all these times, and now crawling back to it. He still doesn't even have full understanding of it, so I'm curious what triggered him to flip around.

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