Very interesting points on Bitcoin by a great Economist

[boumalo]

most of his statements are just negative and not worth to listen it.

He has some interesting points about Bitcoin but he is almost only negative, it will be interesting to see when (if) he comes around

This is all so confusing. Lets setup a Peter Schiff vs Andreas Antonopoulos debate and settle this bitcoin thingy once and for all.

. There are lots of valid points from his side nonotheless I think peter would agree that the market will settle this

He has a lot of valid points and he says a lot of bitcoiners are very emotional about Bitcoin thus don't judge it fairly but he is very emotional about Gold and don't judge Bitcoin fairly sometimes; he underestimate everything that comes from internet like Facebook; he needs to stop saying facebook has no value!!

He just doesn't understand facebook isn't really an internet company. It is a giant marketing platform.

Schiff thinks facebook is too good to be true and it grew so fast that he thinks it is fragile but facebook is not the typical empty-just-an-idea-get-rich-website, it is more than a Billion monthly users, owning whatsapp and instagram and still have a lot of cash
He doesn't understand the business, he should study it a little bit and see they are already making a lot of money

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[bornil267645]

Too many Bitcoin is sitting on cold storage for my liking. He is right. More Bitcoin needs to be on the open for its survival. People needs to sell.

[boumalo]

Too many Bitcoin is sitting on cold storage for my liking. He is right. More Bitcoin needs to be on the open for its survival. People needs to sell.

Bitcoin can be a medium of exchange and used to store value, it is not a problem; there is potentially an infinity of fraction of bitcoins to be exchange

[Onestopbrokers Directory]

peter schiff is not an idiot, infact you have to imply reverse psychology to see his true motives..

everyone knows he is a gold hoarder, and if he was really seing a large investment return on gold, he would hoard HIS gold and get people to buy gold on gold markets to get the price to increase.

now for the reverse psychology.
if he sells you HIS GOLD then its not because he loves gold and wants you to join his love for it. its because he wants to dump his hoard. also to note by accepting bitcoins, shows that HE WANTS bitcoins. why else swap gold for bitcoins unless he secretly prefers it.

http://www.europacmetals.com/ has very low fees and doesn't sell Schiff's gold, Schiff is probably having more gold than ever

Also, while Peter Schiff is no idiot, he's also not a "great Economist" by any stretch. He's more just an ardent gold-bug with standard gold-bug arguments and rhetoric.

Anyone remember when he went on a tirade about bitcon's divisibility being the same thing as supply-inflation? That's just bad math and bad thinking (note: his brother Andrew told me in person that he doesn't know what Peter's hang up there is).

Schiff is sometimes wrong but his record is great : dotcom then housing bubble previsions, QE going to go on and get bigger or more recently when he said the price to pay for the form to renounce to your American nationality was going to go up (http://www.forbes.com/sites/robertwood/2014/08/28/u-s-hikes-fee-to-renounce-citizenship-by-422/)

He is a business man and a good one but he is mostly an advocate of sound money and austrian economics to fight the witchcraft/wishful thinking economics of the likes of marx, keynes or nowadays thomas piketty

+1

[boumalo]

bump

[franky1]

no need for a bump
skip the video to 1:26:15

and thats where you see where his true reason for his speech, which is:

i'm trying to help as many people as i can, go to my gold company schiff gold, if you got enough bitcoins left to buy gold and do it while you can still afford it

right now if you got 10-20 bitcoins you can buy some gold

gold is also at a low, so why sell gold at a low to then receive bitcoin. the reason is that he doesnt want gold, he wants bitcoin. why else accept bitcoin if he has lost faith in it and think its gonna fall?

remember folks, rich guys dont tell poor guys how to get rich as you are their competitor.
when they say gold is great, they want to sell. when they say stay away, they want to buy.

read between the lines.. schiff is trying to grab a hoard of bitcoin and offload his gold.

[BJay87]

Too many Bitcoin is sitting on cold storage for my liking. He is right. More Bitcoin needs to be on the open for its survival. People needs to sell.

And to use.. We dont need hoarders.

[boumalo]

no need for a bump
skip the video to 1:26:15

and thats where you see where his true reason for his speech, which is:

i'm trying to help as many people as i can, go to my gold company schiff gold, if you got enough bitcoins left to buy gold and do it while you can still afford it

right now if you got 10-20 bitcoins you can buy some gold

gold is also at a low, so why sell gold at a low to then receive bitcoin. the reason is that he doesnt want gold, he wants bitcoin. why else accept bitcoin if he has lost faith in it and think its gonna fall?

remember folks, rich guys dont tell poor guys how to get rich as you are their competitor.
when they say gold is great, they want to sell. when they say stay away, they want to buy.

read between the lines.. schiff is trying to grab a hoard of bitcoin and offload his gold.

He wants to sell Gold but he says he is automatically selling all bitcoins he gets, who knows if it's not true and he keeps some. You understand merchants that accept bitcoins are actually selling in USD and usually don't keep much bitcoins if any?

Most if not all rich guys say Gold is bad except Schiff so if you are right, Gold is buy, and actually Gold is a buy because it is inflation protected and when the western countries fiat financial system goes down it will benefit like any other assets except maybe Bitcoin

Too many Bitcoin is sitting on cold storage for my liking. He is right. More Bitcoin needs to be on the open for its survival. People needs to sell.

And to use.. We dont need hoarders.

Think hoarders are find, they will end up selling or using their bitcoins and if only half or a quarter of the bitcoins are moving around, it is fine!

[seriouscoin]

Peter Schiff is a great economist? .....


OP pls dont make me laugh.

[corebob]

A lot of what he says about Bitcoin is 100% true

Schiff is the typical North American, all kinds of stuff keeps pooring out of he's mouth. Bits and pieces is guaranteed to appear "right" when seen in hinesight

[101111]

Schiff is a great salesman, but very much a one trick pony.

[Q7]

I don't get it why he doesn't see facebook as an opportunity. Facebook will not get much further or higher than its current state but its certainly not dropping as well. As for gold can't say much as it is on downward pressure mainly due to hints by the feds that interest rate hike is in store pretty soon. For bitcoin, regardless of what others said I still hanging on to it.

[bernard75]

Peter Schiff is a great economist? .....


OP pls dont make me laugh.

Dude, a pic of old men, accustomed to the 60s, is hardly convince anyone here.

[boumalo]

Peter Schiff is a great economist? .....


OP pls dont make me laugh.

Dude, a pic of old men, accustomed to the 60s, is hardly convince anyone here.

The establishment and people beneficing from a Big State or QE don't like Schiff, hardly a prove he's wrong

A lot of what he says about Bitcoin is 100% true

Schiff is the typical North American, all kinds of stuff keeps pooring out of he's mouth. Bits and pieces is guaranteed to appear "right" when seen in hinesight

Not at all because he has been consistant, each time he spoke during the Dotcom Bubble he was saying it was going to pop soon and the same with the Real Estate Bubble before Greenspan started raising interest rates 25 basis point at a time and he is consistently saying the USD bubble will pop, the FED has no exit strategy and we are still in a recession

[bithound]

Schiff is a great salesman, but very much a one trick pony.

I dont trust a salesman, that is why I dont trust Schiff.

[jjacob]

I don't get it why he doesn't see facebook as an opportunity. Facebook will not get much further or higher than its current state but its certainly not dropping as well. As for gold can't say much as it is on downward pressure mainly due to hints by the feds that interest rate hike is in store pretty soon. For bitcoin, regardless of what others said I still hanging on to it.

I will be hanging on to bitcoin as well.
Gold has its ups and downs, but the volatility (and possible return) on bitcoin is much more.

[boumalo]

I don't get it why he doesn't see facebook as an opportunity. Facebook will not get much further or higher than its current state but its certainly not dropping as well. As for gold can't say much as it is on downward pressure mainly due to hints by the feds that interest rate hike is in store pretty soon. For bitcoin, regardless of what others said I still hanging on to it.

I will be hanging on to bitcoin as well.
Gold has its ups and downs, but the volatility (and possible return) on bitcoin is much more.

Gold will return nicely and has less downside than Bitcoin but Bitcoin has definitely more potential, you could do x100 in a few years with Bitcoin when Gold will do x5

[boumalo]

Peter Schiff is oblivious to the potential of Bitcoin and start-ups while he is totally correct on the FED that will likely inflate the USD to death to save the face of the government she is in bed with before raising interest rates

[boumalo]

Schiff thinks the Bitcoin price decrease proves Bitcoin is doomed but the graph of the market cap of Bitcoin is not scarier than most nasdaq stocks : https://blockchain.info/charts/market-cap

Schiff is right on qe and the fed and he warned of the real-estate bubble when everyone was oblivious to it.

[101111]

Schiff thinks the Bitcoin price decrease proves Bitcoin is doomed but the graph of the market cap of Bitcoin is not scarier than most nasdaq stocks : https://blockchain.info/charts/market-cap

Schiff is right on qe and the fed and he warned of the real-estate bubble when everyone was oblivious to it.

Rubbish.

Do a quick google.

eg "By 2004, concerns about a housing bubble were pervasive throughout the popular media."  http://www.forbes.com/2008/12/31/housing-bubble-crash-oped-cx_bb_0102bartlett.html