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Author Topic: Peter Schiff about the Winklevoss twins interview about the future of Bitcoin  (Read 5222 times)
greenlion
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February 20, 2015, 02:05:57 PM
 #41

Such a conservative man.
We're on a growing exponencial line in terms of technology advancements.
If people who are it their 30/40 sometimes have difficulties coping with novelty, imagine someone born before computers existed. Their minds simply cannot imagine many of the things that await us.

You think 30 to 40 is old?  LOL.  Winklevoss bros are 33 or 34

To some extent it really is, because I'm in that exact demo as the Winklevoss brothers and I personally think alot of what the kids are doing is stupid!
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Creating a Bitcoin client that fully implements the network protocol is extremely difficult. Bitcoin Core and some of its derivatives are the only known safe implementations of full nodes. Some other projects attempt to compete, but it is not recommended to use such software for anything serious. (Lightweight clients like Electrum and Bither are OK.)
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February 20, 2015, 07:21:53 PM
 #42

Everyone that isn't on Bitcoin yet has an old man mind. That's a fact.
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February 20, 2015, 09:39:03 PM
 #43

Everyone that isn't on Bitcoin yet has an old man mind. That's a fact.

Adam Smith guesstimated that only one in a million understood inflation. Nowadays, maybe one in thousand understand fiat, bank money creation, central banking. Half the people understand that it is smart to own real value through being short fiat with leverage (which is another way of saying own a house with a mortgage and a small personal equity).

Almost nobody understand why a house have value, most people believe it has something to do with the cost of building the house (the defunct labour value theory). Most people trust the central banks. Most people believe the money is well managed.

It has nothing to do with age. I suspect some old people know about hyperinflation (but only in failed states, could never happen here).


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molecular
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February 20, 2015, 11:32:11 PM
 #44

Everyone that isn't on Bitcoin yet has an old man mind. That's a fact.

Adam Smith guesstimated that only one in a million understood inflation. Nowadays, maybe one in thousand understand fiat, bank money creation, central banking. Half the people understand that it is smart to own real value through being short fiat with leverage (which is another way of saying own a house with a mortgage and a small personal equity).

Almost nobody understand why a house have value, most people believe it has something to do with the cost of building the house (the defunct labour value theory). Most people trust the central banks. Most people believe the money is well managed.

It has nothing to do with age. I suspect some old people know about hyperinflation (but only in failed states, could never happen here).

some very old people in germany know about hyperinflation quite a bit.

well, actually I just looked it up. I guess there's not many left. Weimar hyperinflation was 1921-1924.

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February 21, 2015, 12:17:59 PM
 #45

Everyone that isn't on Bitcoin yet has an old man mind. That's a fact.

Adam Smith guesstimated that only one in a million understood inflation. Nowadays, maybe one in thousand understand fiat, bank money creation, central banking. Half the people understand that it is smart to own real value through being short fiat with leverage (which is another way of saying own a house with a mortgage and a small personal equity).

Almost nobody understand why a house have value, most people believe it has something to do with the cost of building the house (the defunct labour value theory). Most people trust the central banks. Most people believe the money is well managed.

It has nothing to do with age. I suspect some old people know about hyperinflation (but only in failed states, could never happen here).

I think it has to do with education at school and ignorance. Children are taught the state takes the correct decisions to protect the people and especially the weak and the school system selects a small number of people to rule saying to the rest of them that they don't have the capacity to be in that small number of people.

Also, things were perceived as going correctly in the west for decades in the sense that they were not wars inside the country. So people trust the system. But what is happening is that the Central Banks and the governments have been mismanaging and hiding their errors while not being taken accountable for anything negative.
The west is rich so it is easier for politicians to hide their mistakes and act like everything is ok until the system will fall apart. When it does, they will not hesitate to blame it on the free market, an outside country or immigrants and they will suggest more government action to protect the people.

If you have 200millions, a successful business and you are gambling hundreds of thousands every week-end and having multiple mistresses, you will be able to hide your lies and bad habits to your wife for a while if she doesn't look closely at your expenses.

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February 22, 2015, 06:17:07 AM
 #46

Old people always forget about generational gaps too.  As long as there is a counter-culture, a nerd culture, a tech culture, a drug culture, a black market culture... etc etc etc and as long as bitcoin or other digital provides a means to escape oppression... the oppressed or otherwise diminished populations may realize crypto as an attractive alternative to mainstream markets.

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February 24, 2015, 11:41:50 PM
 #47

Everyone that isn't on Bitcoin yet has an old man mind. That's a fact.

Adam Smith guesstimated that only one in a million understood inflation. Nowadays, maybe one in thousand understand fiat, bank money creation, central banking. Half the people understand that it is smart to own real value through being short fiat with leverage (which is another way of saying own a house with a mortgage and a small personal equity).

Almost nobody understand why a house have value, most people believe it has something to do with the cost of building the house (the defunct labour value theory). Most people trust the central banks. Most people believe the money is well managed.

It has nothing to do with age. I suspect some old people know about hyperinflation (but only in failed states, could never happen here).

Indeed, most people have no idea how fiat and banks work, which in return puts us in an scenareo where Bitcoin makes no sense for them. To understand Bitcoin, you need to understand fiat and banks, but they are perfectly ok using fiat and banks without knowing how it works. This is a problem.
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February 25, 2015, 12:43:24 PM
 #48

Everyone that isn't on Bitcoin yet has an old man mind. That's a fact.

Adam Smith guesstimated that only one in a million understood inflation. Nowadays, maybe one in thousand understand fiat, bank money creation, central banking. Half the people understand that it is smart to own real value through being short fiat with leverage (which is another way of saying own a house with a mortgage and a small personal equity).

Almost nobody understand why a house have value, most people believe it has something to do with the cost of building the house (the defunct labour value theory). Most people trust the central banks. Most people believe the money is well managed.

It has nothing to do with age. I suspect some old people know about hyperinflation (but only in failed states, could never happen here).

Indeed, most people have no idea how fiat and banks work, which in return puts us in an scenareo where Bitcoin makes no sense for them. To understand Bitcoin, you need to understand fiat and banks, but they are perfectly ok using fiat and banks without knowing how it works. This is a problem.

They are ok using it because there is little education explaining it and it is supposed to be safe, taking care of for the better good and protected by the government.
If the system was less protected, more would try to understand it to make good decisions and not give their hard earned money to anyone.

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February 26, 2015, 12:35:58 AM
 #49

Everyone that isn't on Bitcoin yet has an old man mind. That's a fact.

Adam Smith guesstimated that only one in a million understood inflation. Nowadays, maybe one in thousand understand fiat, bank money creation, central banking. Half the people understand that it is smart to own real value through being short fiat with leverage (which is another way of saying own a house with a mortgage and a small personal equity).

Almost nobody understand why a house have value, most people believe it has something to do with the cost of building the house (the defunct labour value theory). Most people trust the central banks. Most people believe the money is well managed.

It has nothing to do with age. I suspect some old people know about hyperinflation (but only in failed states, could never happen here).

Indeed, most people have no idea how fiat and banks work, which in return puts us in an scenareo where Bitcoin makes no sense for them. To understand Bitcoin, you need to understand fiat and banks, but they are perfectly ok using fiat and banks without knowing how it works. This is a problem.

I doubt you know how banking works. 

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February 26, 2015, 02:58:21 AM
 #50

Schiff is a gold bug, and his sentiment on BTC doesn't give any surprises. His business is selling pm's, being publicly skeptical of something that could nibble away at your business is rational.

The point about the Winklevii pretending to not follow the price very closely struck the "true" chord though. As did pointing out the fact that BTC reaching a valuation of all credit card companies + gold is ludicrous to say at this juncture. (Extreme contradiction of the under-promise, over-deliver maxim.)

I am pretty sure he did an interview after the $260 to mid double digits drop that echoed his comments about the 1100 to 200 drop. His comments devolve into saying how your gold hoard will always be good for shoving in your mouth as dental work, do that with your bitcoins! lol

BTC's got some problems, but I'm pretty sure looking to Peter for advice on the subject like asking your heating oil delivery guy about manufacturing raw lithium into something useful. Gold is a hedge on national currencies, financial structures, and shares. Bitcoin is a speculative bet on a new global value transfer and storage mechanism, which is quite reliant on communications infrastructure being there (Not Zombie Proof).
 

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February 26, 2015, 04:29:13 AM
 #51

It's ridiculous... they think they know it all but they don't know the half of the crypto market.  It's already changing the world far beyond what they talk about in the interview.  just the tip of the iceberg

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