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Author Topic: Peter Schiff about the Winklevoss twins interview about the future of Bitcoin  (Read 5222 times)
boumalo
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January 28, 2015, 05:51:49 PM
Last edit: January 28, 2015, 07:01:40 PM by boumalo
 #1

Let's say he is bearish :

https://www.youtube.com/watch?v=DRPiPTjpSgI

Peter Schiff's views on the economy are very good and he usually makes very good and interesting bearish points on Bitcoin but he is missing the big picture about Bitcoin because he doesn't understand the use of the technology.

On the video he missed the point about Bitcoin that is useful, Bitcoin can have a 400 Billions market cap while visa and western union still exist and the Winklevoss twins will not unload at 100$.

He was saying Facebook was overvalued when its market cap was 10 Billions and it is 215 Billions now.
He still says Facebook is overvalued and doesn't earn anything when their EBITA was 8.1 Billions in 2015 and they have 11.3 Billions in cash!

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January 28, 2015, 06:59:40 PM
 #2

Let's say he is bearish :

https://www.youtube.com/watch?v=DRPiPTjpSgI

Peter Schiff's views on the economy are very good and he usually makes very good and interesting bearish points on Bitcoin but he is missing the big picture about Bitcoin because he doesn't understand the use of the technology.

On the video he missed the point about Bitcoin that is useful, Bitcoin can have a 400 Billions market cap while visa and western union still exist and the Winklevoss twins will not unload at 100$.

He was saying Facebook was overvalued when its market cap was 10 Billions and it is 215 Billions now.
He still says Facebook is overvalued and doesn't earn anything when their EBITA was 8.1 Billions in 2015 and they have 11.3 Billions of cash!
Peter Schiff suffers from the same condition Warren Buffet suffers from, which consists on not being able to see whats going on beyond fiat, metals and regular stocks: Being old as fuck.
boumalo
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January 28, 2015, 07:12:39 PM
 #3

Let's say he is bearish :

https://www.youtube.com/watch?v=DRPiPTjpSgI

Peter Schiff's views on the economy are very good and he usually makes very good and interesting bearish points on Bitcoin but he is missing the big picture about Bitcoin because he doesn't understand the use of the technology.

On the video he missed the point about Bitcoin that is useful, Bitcoin can have a 400 Billions market cap while visa and western union still exist and the Winklevoss twins will not unload at 100$.

He was saying Facebook was overvalued when its market cap was 10 Billions and it is 215 Billions now.
He still says Facebook is overvalued and doesn't earn anything when their EBITA was 8.1 Billions in 2015 and they have 11.3 Billions of cash!
Peter Schiff suffers from the same condition Warren Buffet suffers from, which consists on not being able to see whats going on beyond fiat, metals and regular stocks: Being old as fuck.

He is right on many things but thinks to disregard all digital companies or innovations.

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January 28, 2015, 08:38:48 PM
 #4

Peter Schiff hasn't been right about anything for a long time now. If the Fed raises interest rates like they say they will, it will be the final nail in his coffin.

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January 28, 2015, 11:08:14 PM
 #5

Peter Schiff hasn't been right about anything for a long time now. If the Fed raises interest rates like they say they will, it will be the final nail in his coffin.



He has underestimated the time the market needs to react, he has been wrong on what the market reaction will be to a specific event he was forecasting, he has been wrong on facebook, he is probably wrong on amazon and bitcoin even if he sometimes raises good questions.

But he has been right on the dotcom bubble, the real estate bubble, qe2, qe3, gold not decreasing in 2014..

If the FED raises interest rates to 5%, unwind its balance sheet without any markets going down and if they don't have to back track, decrease interest rates and start qe4 then he would have been wrong but it is not going to happen.

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January 29, 2015, 03:50:12 AM
 #6

Peter Schiff hasn't been right about anything for a long time now. If the Fed raises interest rates like they say they will, it will be the final nail in his coffin.

With the Treasury having amassed (and still amassing) the largest debt in human history, there's no chance the Fed is going to raise interest rates by any meaningful amount, for any substantial length of time.  They might stick their toe in the water, but that'll be about it.

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning."   - Henry Ford
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January 29, 2015, 05:56:34 AM
 #7

Peter Schiff just a d-bag. Just cant stand his monotone flapping

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January 29, 2015, 07:08:39 AM
 #8

Peter Schiff hasn't been right about anything for a long time now. If the Fed raises interest rates like they say they will, it will be the final nail in his coffin.



He has underestimated the time the market needs to react, he has been wrong on what the market reaction will be to a specific event he was forecasting, he has been wrong on facebook, he is probably wrong on amazon and bitcoin even if he sometimes raises good questions.

But he has been right on the dotcom bubble, the real estate bubble, qe2, qe3, gold not decreasing in 2014..

If the FED raises interest rates to 5%, unwind its balance sheet without any markets going down and if they don't have to back track, decrease interest rates and start qe4 then he would have been wrong but it is not going to happen.
Indeed, is not going to happpen. QE4, wil be started soon

Sometimes, if it looks too bearish, it's actually bullish
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January 30, 2015, 06:15:12 PM
 #9

Peter Schiff just a d-bag. Just cant stand his monotone flapping


Peter Shiff puts me to sleep faster than melatonin. This guy is a broken record and a gold dinosaur. A walking boat misser.
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January 31, 2015, 12:24:34 AM
 #10

Peter Schiff just a d-bag. Just cant stand his monotone flapping


Peter Shiff puts me to sleep faster than melatonin. This guy is a broken record and a gold dinosaur. A walking boat misser.

So much negativity on Peter Schiff here. He has been often right when everyone was delusional and he has been right on gold since gold rose from 300$ when he said to buy it to 1280$ now.

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February 01, 2015, 03:35:11 AM
 #11

Some things Peter Schiff say are right: for example, the upcoming QE4 (or whatever name they want give to it).
In fact, IMHO, they have already switched on the printing presses.
The USD Money Base (MB) grew 256 billions December 24 compared to two weeks earlier. This brough the inlfation rate over one year from 0.something% to 8.8% in two weeks. And the next data released kept the value there (7.7% and 8.x%).

This is the largest increase of the MB in the last 4 years. Not only in absolute numbers but also in proportion to the existing MB.

If the MB increase exceed the increase of Bitcoins in existance (now around 9.8-9.7%, ) this will cause an increase in adoption for Bitcoin in the USD area (people will start to buy BTCs and sell $ as a form of savings and speculation). If the ECB start its QE program and the Fed. follows few weeks or months later, we will see an increasing adoption from the € area (the people using € in Europe and around the world) and the USD area (the people using USD around the world and in the US). This could propel the price pretty up up up in the 5000€/$ range

BTW, the current situation of the SCB is pretty interesting:
They printed 8x franc compared to 7 years ago, to prevent the exchange rate to go ballistic.
If the bank need to stay solvent, it will be forced to buy back the francs it sold at lower prices than it sold them (just to make a small profit or a little loss). This will work as a price floor for the Swiss Franc against the €. So, if the franc start to be sold, the SCB need to buy them at less than 1.2 €/franc. The big problem, for the SCB is if the francs it sold start to buy Real Estate in Switzerland. It could rocket the prices in the Twilight Zone.
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February 01, 2015, 07:35:28 PM
 #12

Peter Schiff just a d-bag. Just cant stand his monotone flapping


Peter Shiff puts me to sleep faster than melatonin. This guy is a broken record and a gold dinosaur. A walking boat misser.

So much negativity on Peter Schiff here. He has been often right when everyone was delusional and he has been right on gold since gold rose from 300$ when he said to buy it to 1280$ now.
True, he's had some good predictions but he's just too short sighted when it comes to a thing like crypto. He's feeling like a god now that Bitcoin is crashing but when it comes back he'll have nowhere to hide and will be forced to henceforth admit he was wrong.
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February 01, 2015, 08:49:15 PM
 #13

He's all about gold.

When gold shot up, he was the man and predicted everything.

Not so much now.

He started accepting Bitcoin on his website by the way.

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February 01, 2015, 09:14:13 PM
 #14

From the show:
"Even the people in Bitcoin aren't going to say it's better than gold"

I travel a lot, move a lot and consider myself more of a global citizen where I do not plan on living in one place for too long. So I live in a temporary apartment, I can fit everything I own in a carry on and backpack.

If I had as much gold as I do in Bitcoin I would have so much difficulty doing anything. This past summer I traveled with all of my belongings from Afghanistan to Dubai to the US then Turkey and finally settling in Germany. I carried everything I own to each location. I could not imagine going through so many airports with over 100 oz of gold. The weight alone would have been difficult, going through security would be crazy and the customs would be tedious. I would worry about someone at every border taking my gold, staying in hotels I would be paranoid about leaving the room (they could steal my laptop with my private keys but they would need 5 different difficult passwords to get to my bitcoins so that getting stolen would only inconvenience me).
I'm in an apartment where the landlord comes in and cleans once a week. I can't imagine hiding a bunch of gold in here. Or going into the woods and burying it. I have no idea how to get a German safety deposit box if I wanted to go that route.

I like gold but there is no way I can buy any. Sure, it is useful in computers until they figure out something cheaper.

I spend my bitcoins. I get paid in dollars but spend euros so being able to use bitwage.co to get paid in bitcoins and spend it for anything online and sell it for euros locally is much better than somehow getting paid in dollars then buying gold then looking for a way to sell gold locally or somehow spend it online.

I can pool my bitcoins with other people and vote anonymously, securely and transparently using the blockchain. To do that with gold would require some sort of gathering in a room, maybe some blindfolds and secret marks on each coin...I don't know how it could be done with gold.

I never thought gold was very fashionably pretty, I just think of a 70s pimp or Mr. T when I think of it as jewelry. I much prefer the look of silver.

So...

tl;dr "Bitcoin is better than gold." -Elwar

First seastead company actually selling seasteads: Ocean Builders https://ocean.builders  Of course we accept bitcoin.
Seastead talk at http://seasteadtalk.org
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February 01, 2015, 10:14:39 PM
 #15

Peter Schiff suffers from the same condition Warren Buffet suffers from, which consists on not being able to see whats going on beyond fiat, metals and regular stocks: Being old as fuck.

A lot of the mainstream economists were derided when they were warning about BTC last year. Turns out they were correct and anyone who ignored them lost a lot of their wealth. Schiff may be wrong but there is a tendency to deride anyone who has a negative view.


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February 02, 2015, 12:09:37 AM
 #16

A lot of the mainstream economists were derided when they were warning about BTC last year. Turns out they were correct and anyone who ignored them lost a lot of their wealth. Schiff may be wrong but there is a tendency to deride anyone who has a negative view.

You give them too much credit. There is a big difference between those predicting a drop of 75% from the top and those saying that Bitcoin is worthless. The former may have been correct (and I challenge you to find anyone with that prediction), but the latter could not be more wrong.

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February 02, 2015, 02:09:41 AM
 #17

Peter Schiff suffers from the same condition Warren Buffet suffers from, which consists on not being able to see whats going on beyond fiat, metals and regular stocks: Being old as fuck.

A lot of the mainstream economists were derided when they were warning about BTC last year. Turns out they were correct and anyone who ignored them lost a lot of their wealth. Schiff may be wrong but there is a tendency to deride anyone who has a negative view.
Sure thing Bitcoin was inflated, but they dont say that, they basically say Bitcoin is doomed in the long run.
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February 02, 2015, 02:15:41 AM
 #18

Living the dream, Elwar.   I agree that Bitcoin is much more practical than gold for international travelers.  I think that the type of person who hoards gold bars is also the type who would buy a house in Iowa.   


From the show:
"Even the people in Bitcoin aren't going to say it's better than gold"

I travel a lot, move a lot and consider myself more of a global citizen where I do not plan on living in one place for too long. So I live in a temporary apartment, I can fit everything I own in a carry on and backpack.

If I had as much gold as I do in Bitcoin I would have so much difficulty doing anything. This past summer I traveled with all of my belongings from Afghanistan to Dubai to the US then Turkey and finally settling in Germany. I carried everything I own to each location. I could not imagine going through so many airports with over 100 oz of gold. The weight alone would have been difficult, going through security would be crazy and the customs would be tedious. I would worry about someone at every border taking my gold, staying in hotels I would be paranoid about leaving the room (they could steal my laptop with my private keys but they would need 5 different difficult passwords to get to my bitcoins so that getting stolen would only inconvenience me).
I'm in an apartment where the landlord comes in and cleans once a week. I can't imagine hiding a bunch of gold in here. Or going into the woods and burying it. I have no idea how to get a German safety deposit box if I wanted to go that route.

I like gold but there is no way I can buy any. Sure, it is useful in computers until they figure out something cheaper.

I spend my bitcoins. I get paid in dollars but spend euros so being able to use bitwage.co to get paid in bitcoins and spend it for anything online and sell it for euros locally is much better than somehow getting paid in dollars then buying gold then looking for a way to sell gold locally or somehow spend it online.

I can pool my bitcoins with other people and vote anonymously, securely and transparently using the blockchain. To do that with gold would require some sort of gathering in a room, maybe some blindfolds and secret marks on each coin...I don't know how it could be done with gold.

I never thought gold was very fashionably pretty, I just think of a 70s pimp or Mr. T when I think of it as jewelry. I much prefer the look of silver.

So...

tl;dr "Bitcoin is better than gold." -Elwar

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February 02, 2015, 09:50:53 AM
 #19

Living the dream, Elwar.   I agree that Bitcoin is much more practical than gold for international travelers.  I think that the type of person who hoards gold bars is also the type who would buy a house in Iowa.   


From the show:
"Even the people in Bitcoin aren't going to say it's better than gold"

I travel a lot, move a lot and consider myself more of a global citizen where I do not plan on living in one place for too long. So I live in a temporary apartment, I can fit everything I own in a carry on and backpack.

If I had as much gold as I do in Bitcoin I would have so much difficulty doing anything. This past summer I traveled with all of my belongings from Afghanistan to Dubai to the US then Turkey and finally settling in Germany. I carried everything I own to each location. I could not imagine going through so many airports with over 100 oz of gold. The weight alone would have been difficult, going through security would be crazy and the customs would be tedious. I would worry about someone at every border taking my gold, staying in hotels I would be paranoid about leaving the room (they could steal my laptop with my private keys but they would need 5 different difficult passwords to get to my bitcoins so that getting stolen would only inconvenience me).
I'm in an apartment where the landlord comes in and cleans once a week. I can't imagine hiding a bunch of gold in here. Or going into the woods and burying it. I have no idea how to get a German safety deposit box if I wanted to go that route.

I like gold but there is no way I can buy any. Sure, it is useful in computers until they figure out something cheaper.

I spend my bitcoins. I get paid in dollars but spend euros so being able to use bitwage.co to get paid in bitcoins and spend it for anything online and sell it for euros locally is much better than somehow getting paid in dollars then buying gold then looking for a way to sell gold locally or somehow spend it online.

I can pool my bitcoins with other people and vote anonymously, securely and transparently using the blockchain. To do that with gold would require some sort of gathering in a room, maybe some blindfolds and secret marks on each coin...I don't know how it could be done with gold.

I never thought gold was very fashionably pretty, I just think of a 70s pimp or Mr. T when I think of it as jewelry. I much prefer the look of silver.

So...

tl;dr "Bitcoin is better than gold." -Elwar

Saying Bitcoin is useful is true and Schiff is wrong when he says Bitcoin is not useful and allows to do things that no other currency or security can do.

But when you criticise Gold saying it could be replaced in electronics or you don't like it as jewelry, you are doing the same thing Schiff is doing with Bitcoin. Gold is great, it has been a mean of exchange for thousands of years and it's the best metal in terms of properties. It will not be replaced easily, far less easily than Bitcoin.

I could do like you and say : "how can i use gold to make satellites or computers? Can you melt and shape easily bitcoin? Is it strong and resistant to water?"...

It is not gold or bitcoin; they are quite different in the sense that they have different qualities.

When the US Dollar will lose most its value in a short period of time, owning gold or bitcoin should be great.

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February 02, 2015, 10:25:27 AM
 #20

When the US Dollar will lose most its value in a short period of time, owning gold or bitcoin should be great.

I agree, and I would love to have gold at that time. But Bitcoin is much easier to use in such a situation.

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