🔴 Peter Schiff Argues w/ Bitcoin Activists in Heated Debate
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- Опубликовано: 9 сен 2024
- Peter Schiff debates bitcoin bubble, bitcash, Litecoin, Ether, gold, dollar, market, blockchain, satoshi, crypto and cryptocurrency on The Heat December 19th 2017.
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I respect Peter for keeping this video up on his channel.
Not sure if you meant he was wrong or what but he’s making sense, just because it went up from December to March doesn’t mean a thing.
I respect Sokrates for keeping his comment up on this video.
@@naturelevi8751 Sure, son. (Edit clown deleted his own comment 🤣)
How’s it working out? Lok
@@BlackMambo5 Good burn. The comment stays up though.
The hipster is obnoxious
These people don't like hearing the truth, kinda like with the subprime bubble. A bunch of pretentious wankers.
All hipsters are.
Maybe the banks are waiting: to crash BitCoin so-hard that it plows a wake of despair for the future of crafty speculative currencies.
They only need to make it hurt really bad: once.
Also far from a bitcoin expert
They let Schiff talk for 5 seconds before interrupting him and changing the basis of the question because everything he says makes sense
Peters arguments are always inherently flawed because he attributes value to fiat which has no value
The guy in glasses debate stuff using volume. not facts.
@@brandondavis4598 It may not have the intrinsic value but fiat is currency established as money by the government. So in what way is his argument flawed on that?
@@brucemorrison3301 well they just printed 2 trillion dollars out of thin air, does that seem like a sound currency to you?
@@brandondavis4598 Wasn't asking if it was sound and Peter actually argues against printing more money. The point is currency regulated by government does have value.
"There was more value in the tulips!" 😂😂
Ignorance is a bliss boy! ;)
HFSP lol
Aged like milk
@@pomp4401 Yes Bitcoins has aged like milk literally crashing.
@@RUclipsSucksEggs I'm still up 517%. See you in the next halving. Your comment will age like a fine wine after that.
"The trend is your friend, until it's not!"
Imagine being in an economic discussion with people like Schiff and arguing that gold has no real value... thats some hard core trolling or desperate denial going on there.
6:06 Is a perfect example of how not to win a debate: saying a bad argument, being smug, and then turning your back to the person you just refuted.
gold has value, several electronics, jewellery etc are made using it.
gold has value.
But he didn't argue that. He said that the value for things like jewelery, medicine, and electronics is a small fraction of it's speculative value. Maybe that's not true but that's what he actually said.
It's difficult, complex and costly to mine gold. Gold is not unlimited, there is a finite supply. There are many things you can do with gold. (Oh, almost forgot, all those statements I just made...are also true of bitcoin).... :). Schiff is a clever man but he doesn't understand why bitcoin has value are actually the same reasons gold does!
@@bearnecessiteespolio5359 What can you do with Bitcoin except for bartership/ hedging purposes. Gold is turned into actual things but what can you do w/ bitcoin?
Videos like this will be golden in 5-10 years lol
Chris Salley right? That Trotskyite valkenbergh will look extremely foolish
@Don Jon LOL
@@KA-vs7nl Exactly, you would think the literal reincarnation of Leon Trotsky would recognize that overconfidence in a theoretically beneficial system might have unintended and unforeseen consequences that might end badly.
Yeah, I love that Peter brings up some of the major flaws with cryptocurrencies. Cryptos are not gold. However, I strongly disagree that they can't be intrinsically valuable. They solve some major problems for society, that give them real value. Until they reach a critical mass of liquidity for the average user, they won't be mainstream, and their value has a time limit. If they do reach that critical mass, then I don't think they will ever lose their utility. They'll provide too much financial autonomy if they succeed.
The utility tokens especially, have a bright future. Ultimately, if you want safety, choose precious metals. If you accept a higher risk tolerance, but want faster returns over a shorter period of time, judicious choices in cryptocurrencies are great. That said, there's a lot of less risky ways to grow your wealth just as fast, if you study the market. I love a couple cryptos, but I'm not buying right now.
@@vitalis9343 lol this laughs in the face of "safety".
in a poor economy people want food, not gold.
and crypto is so easy to steal. the average person is ignorant and doesnt realize how it works or even that the bitcoin fees are actually winning for the corporations becaise those are the only real thing to come out of this
“It is difficult to get a man to understand something, when his salary depends on his not understanding it.”
Except Schiff runs a gold company...
@@ericmanget4280 That's exactly my point... but maybe I don't understand what you mean?
@@Psyagnostic Ahh thought you were referring to the bitcoin activists who are equally culpable
Who are you talking about?
@@GuwJuice_PttP Peter Schiff
I love it how they started lowering the volume for Peter Schiff's mic lmao
I really liked his comments in the background 🤣
That guy with the glasses didn't know when to shut up
or imbecil shiff should for 1x listen and finally learn
You whinge on about all this, but...
....does anyone listen in these?
He has so much bitcoin up his ass, it’s working him like a puppet 😂
@@gsssgfdgsdf6312 Schiff let him finish almost every point, this dude would cut him off because he couldn’t stand to get proven wrong. That’s the vibe I got, ofc it’s all theoretical so either one could be right but Schiff’s logic made more sense to me
@@pippyanne2580 no, he knows more on bitcoin subject than him
The last time the media didnt respect peter schiff and didnt give him time to respond, it didnt end very well for them
Great video, trading come with a lot of benefits And I have just bought my first house through it. As a beginner I was scared of loosing my savings but I’m glad I took the bold step that is now favoring me.
Congratulations 🍾
I will love to be your friend dear as well as sharing some i dears which you're benefiting.
Okay but is not luck, is all about having good investment plans most of all trading with a trust worthy expert.
Watching professional trading videos and most especially connecting with the right person the digital world is full of in unreal people I met some of them during my success journey. I felt same way when I started especially when you use demo account you might be winning but when you put in real money you start losing I understand and I pass through it all. I’m very happy I’m profitable now.
I can relate to all you said because I am facing similar thing right now. Congratulations I wish you more success.
Hey how good are your earnings I will like to get some insights into trading thank you.
Peter V might be the most annoying person I have listened too...
BullRun 72 agreed! i wanted to slap my cellphone watching this trash interrupt!
Yes because Peter Schiff is the Bitcoin and technology expert, right? Schifftards are hilarious. Sitting here doubting web 3.0 is coming and that internet money is the next big economy.
Indrid Cold just because you believe in a different point of view than someone you should still let someone finish their thoughts. Schiff always lets the person finish out of respect even though he disagrees. Bitchcoin fans get so worked up that anyone who disagrees with them they just cuss them out and degrade the other person without coming back with a knowledgeable answer as to why that person is wrong. I always like to hear what people have to say if I agree or not it’s in my best interest to look at things from every angle.
25:18 “There will be continuous demand” Oil in 2020: let me introduce myself
Would anyone object to me smacking the skinny dude with th beard?
no he shuts them down so easily
Uh only if i can have a piece too lol
I veto. It could give us a bad image , gentlemen.
I'll help you do it
or imbecil shiff should for 1x listen and finally learn
“I predicted the housing market crash.” Every Peter Schiff interview ever. Lol.
He actually didn't mention it.
That gives validity to what he is about to say. Imagine everyone in the financial sector looking at you and talking to you as if you are an idiot, because you warned of the housing bubble. Then it actually happens? Man, bringing that up is a big middle finger to all those who doubted.
Antoine Winzenried yeah he did
So did a billion other people.
Peter has a lot of bitcoin
Johny Domingo wel he did, while every one else thought he was crazy. Kind of like now with a different situation. People would rather transfer their finds into glorified digital IOUs that only have value if we BELIEVE it does, rather than physical tangible currency like say idk gold.
Simple conclusion: Blockchain Technology is GOOD. Speculative coin is BAD.
This aged well
@@alexschettino5061 so because the bubble is still perpetuating he must be wrong overall right?! Come on
@@LudwigVonFriedman yeah the 13 year long bubble that institutions are adopting
@@alexschettino5061 your uneducated
@@felixedwards2153 see you at 100k now that Fortune 500 companies are pumping my bags clown
Warren Buffet's golden rule: Never invest in anything you don't understand.
Hard work, frugality and savings are what makes nations great. Not debt, consumption and speculation.
this is why bitcoin is a good thing
Tackleqb If thats why bitcoin is a good thing then thats why gold and silver is a good thing. Why risk ur money while if bitcoin makes money real again gold and silver would move way the hell up as well with zero risk put on you with bitcoin.
Bitcoin is not anonymous, its the most transparent monetary ever invented. Once a person gives you their bitcoin address you can use chain analysis to see every transaction that they have ever made.
And forever, too. Perfect for law enforcement.
As usual, the host let the wrong guy talk more.
or imbecil shiff should for 1x listen and finally learn
gss sgfdgsdf imbecile* appears you are the imbecile, just throwing insults without any form of argument.
slayerguitar blockchain saves too much money to not grow. Google and apple berated blockchain until they realized they were going to get passed up if they did not start their own. Look at them now. Schiff is doing the same thing because he is scared bitcoin will take demand from the gold he owns. Clearly
@@wmbasscommanders5855 Shiff? u mispronounced Shill, Shillf's goldo bags 2heavy, crybaby
You sure about that? Lol
peter always on point!!!!!!
Peter Schiff, stop doing Call in debates and Call in interviews. You needa be on the floor to get your words in
Then he won't be able to promote his business in the upper right corner
@@AaronD313 you really think he is hurting in his business? His name is his promotion. Just having the name Peter Schiff gets people to Google search him and then see EPC
@@jessebowles5632 no not hurting, but part of any business is promotion. You won't see him give any interview without his business in the top corner of the screen
@@AaronD313 thats because he doesn't need new clients. If Peter Schiff needed more people to invest in EPC, then he would make a commercial or a billboard but he doesn't need to do that. They say a low ball figure is that EPC is worth 250million dollars.
Peter isn't poor, he doesn't have problems making money. He's doing OK for himself so why would he need to promote his company? He's had it for 20+ years, he doesn't need any new clients dude
@@jessebowles5632 Why do we still see ads for Coke and Pepsi? Why would Peter do that then , put the name of his business on the screen, and continue to remind us he has a business? It's FREE advertising. Why wouldn't he do it.
Both sides have valid points..... One thing that isn't talked about is how JP Morgan physically buys silver quietly and over a long period of time then also shorts the hell out of silver to artificially suppress the price.
great call Adam they just got caught out but nothing will happen the DOJ is as corrupt as them
Not only is that hipster dude annoying, he’s extremely rude. When I was a broker with Schwab, I talked to geeks like this all the time...they never made money...
lololol just wait till tax season rolls around and the number of millionaires in the us increases by huge percent. It's funny because 99% of brokers aren't even qualified to manage money. We'll see what happens buddy.
you have to define "geek" tho because most hustlers are sitting behind a computer now. More money online. Why would you want to wear a suite and brown nose your boss when 50% of the world has access to the internet. Brokers rely on market conditions and fees? The brokers work for people with...Money.
Rude? there was one guy with a high pitched voice who kept interjecting and trying to speak over the other panelists. Guess which Peter I'm talking about.
I feel bad whenever someone doesn't let Peter speak because they don't believe in his views. It's okay to not agree but let him share his thoughts and actually try to listen and understand him.
10:27 hahahahaha there is more value in the tulips
That nerd bugs me. And what's up with the host skipping over Peter constantly?
They way he worded questions makes me think he thought it was going to be a big circle jerk. Then he realized Peter wasn't in the circle.
he's a huge egghead. what a dork!
Peter is a broken record who knows nothing about it.
Bit nasty...
....what's wrong with being a nerd?
Peter you have the opportunity of your life ,you said bitcoin is gonna crash and it has no value .so you can short bitcoin now as there is bitcoin future contracts
If I had more money I would buy some put options on bitcoin
Bit coin can stay irrational longer than you can stay liquid. Dangerous game. Puts are better, but can still make you broke depending on how committed you are.
Hosam Alobaid why would he short and lose since bitcoin can go to 100k with irrational investors?
Lol he believe bitcoin will go to zero so he has the golden opportunity to short it now but I bet he would do ,sorry Peter
Why would he ? He’s openly said it could go much much higher
'Who is FIAT' LMAO
You don’t understand? Lol
I think if BitCoin was locked at $1000 it would be taken more seriously as a currency. It looks to me that most people are buying it because they hope someone will buy it from them at a later date at a higher price. Surely that's just gambling?
Too many people.
Max Freedom ..yup and they all talking to much shit.
One moment, peter, one moment...
Max Freedom
Yes. Only by having many opinions open you can have a better and wider understanding and thus Maximising Freedom
The guy with the glasses is the problem. Erase any value in the conversation.
Only 7 billion... should we have less? What of Mars and Io?
This never gets old! Peter is awesome.
How long does he have to be wrong for until he’s not awesome?
@@JimJamJuicy He's wrong? Where? Bitcoin is still an entirely speculative "asset" with zero intrinsic value. If you want to be a bagholder, that's your prerogative.
@@dylancatlett6580 it beats gold in every area. The fact that he can’t see that all value is subjective shows how little he knows of Austrian economics. And I’m not even a bag holder
@@JimJamJuicy If you’re not a bagholder, you’re knowingly arguing for digital Monopoly money-a much worse, much more undignified look.
Bitcoin, unlike gold, is not tangible and has no real-world utility. Just for those reasons alone, your *lie* about BTC beating gold is already disproven. Its value is completely driven by speculation. It’s not a store of value because the price is given to fluctuation so much of the time.
Bitcoin like all the other popular cryptocurrencies is just a testbed for CBDC features. They get people used to the idea of transacting with online tokens, and different ideas can be tested with different cryptocurrencies. Once central banks roll out the CBDCs, cryptos will be legislated out of existence. They rely on electricity and the internet to really even exist, and it’s the powers that be who control that. Don’t argue that Bitcoin et al can still survive on “just a few generators”, because at that point popular demand for it will have collapsed due to fear of the government and due to widespread lack of access causing a wake-up call to the uselessness of BTC.
Wake up. Or just ignore what I said, and eat ze bugs and shop online with your favorite CBDC, which is totally better than gold.
@@dylancatlett6580 Someone didn't get the memo that Schiff is a bitcoiner now.
Who turned the arrogant young guys mic up so loud?
It's a bubble. Give up, crypto fools-buy gold.
That's the exact same thing people said when it hit ATH $1 in 2009, then $10, then $100, then $1000now over $10,000 and will continue to say at $100,000, $1,000,000...and so on. Bitcoin growth is not linear, it's exponential.
What most people crying "Bitcoin is a bubble!" don't know is that bitcoin is a decentralized system with limited supply currency and of exponential growth. So is not farfetched to say that it will be at 100,000 by 2020, since it came from less than $1 to $10,000 in less than 10 years, and it hasn't even hit the bottom part of the exponential 'S-Curve' of technology adoption:
www.business-planning-for-managers.com/main-courses/marketing-sales/marketing/the-adoption-curve/
fsmoura lmao you're fucking kidding me.
Gold is up 3.9%. It could reach $1,500 by 2020!
You guys are disturbingly biased. The "hipster with the glasses" made a lot of sense.
Hahaha you’re right. I bet most commenters here doesn’t know or didn’t use bitcoin. All they notice is about this person but they can’t even repute his argument.
This is gold. Thanks for the content Peter.
there can be an infinite number of cryptos with a "limited supply of coins"
zero value
It is like saying that because there could be an infinite number of websites so the website apple.com is zero value ...
@@Preclik23 apple website isnt a mean of exchange. You wont pay me in "apple websites".
@@Preclik23 Apples and oranges ...
@@plastifiedmetal5682 but i bet you will take pay in apple products...
@@Jumpkic nope, it'll lose half the value in 6 months...
The interviewer is a disgrace. He allowed the pro Bitcoin to talk over everyone else. You need to give people a chance to speak. Peter Shiff was continually talked over. Like his view or not, you need to give people a chance to put their view across otherwise what’s the point.
Peter Van Valkenburgh loves to pump bitcoin, ya'll better watch out for the dump.
It seems that his job. He's a lobbyist for bitcoin according to the introduction. Hard to take a paid spokesperson at face value, particularly when he keeps interrupting with straw-man arguments and mischaracterizations of other panelists' comments.
Every article about bitcoin shows photos of gold coins would be like every article about gold showing hot air. Lol.
wut
?
Bitcoin; where you can be a millionaire one day and homeless the next!
Who? Do you knew someone?
4 months later people lost in 20h $200 billion
@@percenter7416 and now it's at 51k
@@outdoorpompano2 it doesn't matter how much is worth, I have crypto to but you missed my point xD
Didnt age well
21st Century Battle: Digital Gold Money vs Cryptocurrency
I love Peter Schiff.
I love Bitcoin.
I feel so conflicted. Lol
don't get hurt on all that edge...
Your name suits you, hammer.
John Bai they're both right, Bitcoin is worthless in the sense that it is fiat as peter said, we need a Crypto backed by Gold although that would likely be made illegal by the powers that be.
Don't be John. Schiff is a salesman. He is selling his company and his ego. He does not sell cryptocurrencies. When money goes to crypto, he losses opportunity. That's it. He is arrogant in this interview. Not cool.
Peter has a lot of bitcoin
NOT BOT bitcoin is not fiat numpty. Learn what fiat means, lol. Also, cryptocurrencies only have value under certain scenarios just like gold. If you were stranded on an island with a $1billion dollars worth of gold, it would be absolutely worthless to you. Intrinsic value arguments are dumb.
THEY LOWERED PETER'S MICROPHONE VOLUME!!!
Stop interrupting other people... Can't listen to this..
Peter is absolutely right. it's just a bubble.
LMAOOOOOOO
Im crying
Peter is right... As an engineer, I recognize that BlockChain technology is not remotely scalable. If it were to become a ubiquitous platform, it would be complete unusable. The performance is almost completely relative to the scale.
Two kind of people buy bitcoin:
1. Naive
2. Arrogant narcissist.
BTC was a great idea, but speculators destroyed it as a valid alt currency, I would go as far as saying it was sabotaged for that reason.
@@merchantofveniceentertainm9894 valid point. Although I wouldn't buy it, your point makes perfect sense.
@daren darensky jajajajaa. Thank you. I'll my money on real estate, shares, gold, silver. Ask any muslim or jewish what do they do with their money. They are knowledge regarding money. Believe me mate.
You have no idea what’s coming. Stay poor!
I'm so sick of hearing about Bitcoin and all of the others.
Then buy! It's not too late, cryptos are the future of the economy: Digital and Decentralized.
He's basically calling blockchain a hot potato and everyone in it is just trying to dump it on the next guy.
Peter Schiff was right.
Right because he said it would crash lol Dude i predicted it would crash and i didnt have to be an expert to come to that conclusion. Nothing is automatically stable from the start, stability is achieved as a result of volatility.
Максим Кузичев as always
I've watch a number of videos/tutorials about Bitcoin as it's a hot topic at the moment. The thing that really surprised me was that it costs $30-$40 for one transaction. Wow! So how can Bitcoin be taken seriously as a potential source of exchange?
It's not true that money has always started as a commodity with value (IE metal). For example, before metal coins there were societies that used seashells as part of their trade system. Scarcity is what matters, not the utility value of the material itself. If it wasn't scarcity that was valuable then you couldn't explain how fiat currencies work.
So crypto crashed. Will this clown own up?
"One moment Peter!"
The beard doesn't let anyone talk.
I hate videos like this where there's a guy who interrupts loudly each and every time a point contrary to what he is trying to sell is brought up. In this case, it was the worm with the beard. This just tells me that bitcoin is a first-class hustle to be avoided. In the end, the suckers who have them will get nothing but apologies and cold comfort.
unless you bought low and sold high
You mean, like yesterday? I've never seen a market like it where the price dropped more than 25% IN ONE DAY. Go bitcoin.
DICKSON PFISTHUR there is manupaltion, add high tx fee which are becoming visible now to the public. Bitcoin will not be the currency that we will use. Like internet company’s in the 90’s, AOL had problems too. But you would not wanna miss the chance to invest in amazon, RUclips or facebook. If you dont understand blockchain technologyt then dont invest in crypto and miss the boat. There will be enough people who will drive the tech and get rich of it.
Your bad spelling makes it difficult to understand what you wrote. I assume you are referring to "manipulation" and "tax" (or maybe "transaction fee"??). I made an effort to invest $1,000 in bitcoin when it was about $1,000. Because I live outside of the USA, the parties I contacted would not allow me to transact with them even though I have a US bank account (I'm also American). I also noticed ridiculous Bid-Ask spreads which would have cost me $500 to buy (price was quoted at around $1500). To sell would have netted me about $500. So I gave up on the idea completely and decided it was nothing but a giant ripoff. I will not invest in any crypto currencies. Soon the sovereign nations, particularly those with aggressive central banks, will impose oppressive regulations and taxes on it that will destroy the anonymity. It started as a haven for criminals and will end as a giant scam. Just remember what happened with Mt. Gox. They're still trying to figure it out. But the money is gone and losers didn't even get an apology.
DICKSON PFISTHUR you can attack me on my Grammar, I dont care, It is not my native language. If it makes you feel smarter, good for you.
You dont understand crypto that much is clear. If you think crypto is big because it being a safe haven, that shows you have 0 understanding of blockchain technology and its potential. Its fine leave the space, enough smart people who do realise its potential and are gonna profit from it.
the Bitcoin casino should have been shut down by Governments long ago. It amazes me this has happened after the internet stocks crime. Bond market about to implode. The dollar is history. I put my gold on gold. It has value because its popular, hilarious.
9:40 what a genius. House value is an asset and not insured by the FDIC. People who defaulted didn't even own their homes, they were failing to pay for it. Debt isn't FDIC insured. Investments have risk attached and are not FDIC insured.
I bet peter has a few thousand In bitcoin just in case
Absolutely not
20:00 is the single line that wins this argument...
Bitcoin is not the issue - blockchain is the issue. Peter Schiff doesn't seem to understand the distinction.
"When you own a bitcoin, what do you actually own?"
"Well, you do own value..."
Ummm...ok...
You on a piece of computer code.
You own a portion of social adoption... THEE only value this thing that COULD be defensible vs infinite supply of new coins -- still a risk but defensible and could endure til the next better one knocks the reign.
Beyond that, it's a big fat obvious zero. The fact these stupid fucks can't just say that is beyond hilarious (they being the entire world that's debating this). No one. Not heard ONE person say this.
When you own a piece of paper like a dollar that governments can continuously print what sort of value do you actually own? Other than the fact I can wipe my ass with it or use it as a fire starter kit.. it only has value because people believe it has value. Same with cryptos. However there is more potential value in them compared to fiat because you can build dapps on them and they have real world use..
I'm not arguing in favor of fiat paper dollars. Nice try though.
What you see is what you get. And I see nothing.
The hipster is still too young and inexperienced to know how the world turns.
metro2002 Please tell us how money works? Let's see you contribute something that will totally blow our minds in awe and make us finally understand the fundamental idea behind money that we could not grasp. Perhaps it is people like you and Peter who do not fully grasp the underlying technology behind Blockchain and why it already has changed the world and the way "money works"
First of all, you blew my mind. I did not know that was the thing about how money works... now it is all so clear to me! Without your explanation, I would not have been able to google how money works in the fiat currency system.
Second of all, you still do not understand the entire purpose of cryptocurrencies and blockchain technology behind them. The purpose of bitcoin was to be a decentralized currency that needed no backing and no central government to give it value. Guess what, people have already assigned it a value, and it is not backed by any authority. It is a true currency based on the blockchain ledger, that is what "backs" it, and it works. It may not be perfect, it may have scalability issues, but it is still currency and is the driving force behind the entire crypto revolution. It is not the end-all be-all, it is just the very first implementation of blockchain technology, which is again the real innovation. It may end up dead and not used, but it already sparked the third major revolution since the industrial revolution and internet revolution.
There are other cryptocurrencies besides bitcoin, and many of them are looking to solve real-world problems using blockchain technology. The ones that do will indeed change the way everything you know and understand works. They are projects led by incredibly smart teams of developers that are reimagining the world. You may not care to understand them, but when the "bubble" pops, the crypto projects that actually solve the problems they are looking to solve and that are looking to create value will become the future Apple, Google, Amazon, Netflixes of the world. You will literally not understand how the world functioned before them, much like the internet. This is why the crypto-frenzy is both a bubble and a real revolution that will push us forward even with many stragglers who don't understand the technology trying to resist.
metro2002 okay, why don't you tell us what backs gold? What gives it value? Why did it used to be worth 2000 an ounce but now is worth almost half that? Why do people pay so much for diamonds? What value do they have? Why do you pay for food? What value do you assign it? Get the point? Value is determined by demand. If people give bitcoin value, it doesn't matter if it's 20000 one day and 10000 the next. The value exists. You can call it unicorn shit or flower powder, but the technology is real and your comments add nothing to the discussion.
Yes, Gold has applications in electronics as an excellent conductor and is used as jewelry, but that doesn't back gold or assign it the value that it has in the market, the only thing that assigns a value to anything is demand. The point of my argument is not even to say that gold is useless or valueless, it is to say that it is pretty much the same thing as cryptocurrencies. If a crypto has a value assigned to it, it can be a currency. Like I said before, many of these cryptos do more than act as a currency, they have actual application to real world problems, much more useful than gold as a component or as jewelry.
"Cryptocoins have neither."
That's the philosophy of cryptocurrency. It was designed to be free from those things.
At the end of the day what is bitcoin backed by? When you compare bitcoin to fiat currency they have one similarity. Fiat currency is backed by governments, bitcoin is backed by demand, but in each case there is no intrinsic value.. Governments are stable and so their currency is more or less stable but demand isn't stable and neither is bitcoin.. This is why bitcoin is purely speculative. Gold is NOT speculative and is very dependable, even more than governments, because it has INTRINSIC value. The fact that there is some digital setup to keep track of bitcoin transactions does negate the fact that the only thing that adds any "value" to bitcoin is hype.
Peter is absolutely right.. Bitcoin or any criptocurrency for that matter is nothing more than a speculative tool that people buy hoping to sell at a bigger price than they paid for in the first place.
Yea bitcoin is stupid and people lose money
It's stupid when you don't understand it.
Bitcoin can be used as a system of payment worldwide.
Try that with gold.
You can't
@@joonkim7899 yes you can, it’s been that way for 5000 years before 1970. Read a book, get off the internet.
Bitcoin has 10X since this debate, what has gold done?
Bitcoin will collapse. Guaranteed and I own it. The block chain will live on but BTC will become worthless.
Hashgraph will replace blockchain. Much simpler and more efficient protocol.
Ricardo Santos That's what makes it valuable.
Basic economy: value of something is determined based on it's demand. If something has practical usage or people simply want to posses it, that something has value. For some reason, gold turned out to be the most desirable thing in the world and it exists in limited quantity, so there's the basis for determining high value of it. That's how it works.
Money used to be based on the gold or some other commodity. What it means is that for same piece of paper you are able to get same amount of that commodity (gold). With gold, you could trade it further for something else, but you could also use it for other purpose - medicine, electricity, jewerly, chemistry...
Problem with bitcoin is that it doesn't rely on any commodity. Can you exchange one bitcoin for the same amount of gold that you could months ago? Of course not. That's what makes it fiat currency, it's value is determined by the artificial demand, but the demand is purely speculative, i.e. you want it just because others want it too. The problem is that most of other currencies have become fiat too, but existance of one problem cannot be used to justify the existance of other similar problem.
Two guys that are in studio here either don't fully understand the economy or they are actively decieving the public with false claims of bitcoin's value. They should accept the fact that it is a bubble and the only good thing about it is that it introduced a new blockchain technology that has many other applications today. Nothing more, nothing less.
So there is demand for bitcoin because lots of people want to posses it?
Yeah Peter... All you want to say was: "It is a bubble!" now we know it. Thank you!
Where's the moderator in this debate? People keep talking over their guests... The dark bearded kid has a disproportionately loud audio,so he can just black out anyone else trying to speak... -What a mess!
New World Forward I hate that fking hipster to.
I assumed that was the point. It is clear the bias this show has. Invite the 2 guest into the studio who are for it. And keep the 2 who are sceptical via internet. So they can be pushed out.
exactly. i do not care what he has to say with that lack of manner
If you think it's going to ZERO then short it or shut it.
No one ever discusses how cryptocurrency requires electricity to even exist. Turn off the lights and you lose your wealth in an instant.
They do mention it
@@EricSmyth4Christ who?
@@EhunterL
ruclips.net/video/RXTw4b8N1g8/видео.html
umm...yeah, that's not how it works at all.
I feel like they have Peter's mic turned down
March 7, 2022 😱 Peter Schiff was right!!!
Bitcoin is not like gold!!
It’s not a hedge against inflation!!
People are running to gold not bitcoin when the economy is struggling!!! 😱😱😱💀💀💀
😂😂😂😂 these crypto guys are all over the place i love it 😂😂 basic questions always make them go nuts 😂🤣🤣🤣
O get so angry 😡. With this old stupid people
I like how the dweeb retorts, "there is no they". Then later says, "that was not our original intent"... Just a zelot.
While I support cryptos I too saw this. He also started to say “We” as if he spoke for bitcoin even though he told peter there is no we or they.
Mark W - yup, it is merely a critique of his tactics in this debate.
He really hammers it home heavily that the government can track and trace every transaction back to you, then denies that the whole bitcoin thing was supposed to be "anonymous" to begin with. It's double speak.
00O0O00O0O00O0O - There is a lot of money on the table, so sales men are selling. I don't agree with all of Schiff's opinions on Bitcoin. But I think his position that over-hyping it will be counter productive if there is a huge correction and people come to see it as a scam. This could lead to a environment where more governments would feel pressure to target the space.
00O0O00O0O00O0O - I don't understand the, "literally nothing" claim. If nothing else, it is a novel, secure way to transfer value. The argument is over how much value. The scam is when those on the inside sucker in those from the outside. If all parties involved were on the same page, it would be phenomenally usefull and valuable.
I have a hard time believing anything else someone says after they claim that in 2007 the money in my bank was "gone all of a sudden." That's not true. Perhaps investments crashed. Perhaps unrealized gains crashed. Perhaps "equity" in real estate crashed. But money never disappeared. So because he says this, I must believe he will say other lies to try to make his case.
More than $150 billion in market cap for these imaginary coins wiped out in a single day. We have more to go before the real panic starts. The real panic is when people realize that they're holding imaginary coins. And there are no magic beans in this story.
$150 billion in the stock market is a drop in the bucket. Cryptocurrency is still in its infancy, reason for it being volatile. People thinking it’s reach mass adoption, not even close. Gold market is at $7 trillion, real estate 70 trillion, and people are calling this a bubble? Brain dead. Imaginary coin? Do your research, it’s the tech people are investing in. Well the smart ones anyways
The smart ones have already cashed out. The US M1 money supply is about $3.6 trillion. The market cap for these imaginary coins is about $0.545 trillion. When these imaginary coins are devalued because of the ever-expanding variety of imaginary coins and people want to cash out, they will have a difficult time getting access to dollars.
blockchain.info/stats
Look at bitcoin. The 0.3 million bitcoin transactions per day limit for the 11 million Coinbase customers is also a plan for chaos when the market tanks and people head for the exits.
Yes yes. Technology and data are just imaginary things. They don't actually exist. How old are, doofus? 55? 60? Going a bit senile there.
Technology is the product of imagination. However, virtual or imaginary coins are a terrible idea. Limitless imaginary coin expansion by professional con men offers no advantage over existing payment systems; great for the scammers, terrible for the deceived. You are also off by decades.
Sound Money Report You obviously haven’t done any research on these so called “imaginary coins”. End of story. Take your pills old man
If hashgraph lives up to it's claims, the block chain will become useless.
like cassette tapes versus mp3
How can I invest in hashgraph
Today is Feb 2, 2019...whats the price of your 18k bitcoin today? I hate these young Bitcoin Technocrates....pompus and arrogant...and proven wrong. The concept of money is thousands of years old. Bitcoin is simply a fiat money online. And if you do your research you will find that the NSA and other GOV-Banker groups hatched this plan way back in the 90's.
Mmm gotta love a highly educated know all who actually knows nothing
It's like the controllers created an army of apple heads to combat honest money.
You call run away printing of fiat currency honest money? Go eat a pterodactyl dinosaur.
We need a part II with these guys
"One moment Peter..."
Peter Schiff is 100% right but it doesn't mean you can't make money trading cryptos. I do it but I know it's an absolute bubble by every definition of the word.
Peter V is wrong about gold. Look at "Distribution of global gold demand by industry in 2016" on Statista.
47.38 % Jewelry
23.89 % Bars & Coins
12.34 % Central Bank Net Purchases
8.90 % Electronics
5.91 % Other Industrial
1.16 % Dentistry
0.42 % ETFs & Similar
Peter just can't conceive a world where the people would rather own a system, rather than a system own them. That is the value Peter, the system itself.
Pablokolter If the value is in the system then why hype up Bitcoin specifically and not all blockchain technology? The answer is people like Peter V want to get rich off the bubble and need to keep the mania going to do so.
Because Bitcoin is blockchain technology, end.
The people own block chain technology? Funniest comment! Topkek
So good to see Peter Schiff back in 2017 telling these guys that Bitcoin will crash and now almost one year later crypto and bitcoin are down 80% YTD, I would love to see that hipster explaining himself now
Exactly. Bitcoin is the new tulip mania.
@@SuperHtownswag lol. Peter has been saying Bitcoin will crash since it was $20, it's been in and out of several crashes since, but still massively up overall.
Bitcoin is alive and well. Think longer-term.
If its not real how does it have value?
Gold can get you through the van allen belt. just sayin
You need to get through the Van Allen belt of your mind! And only Bitcoin can do that.
space humor...melikes.
Much love to you
blockchain the government
Schizo dude. Schizo
"one moment peter"
Oh, because "DUH-HUH he tells the treeeeeeeeeuuuuuuuuuuuuueeeeeeeeeeeeeeuuuuuuuuth" and is "DUH-HUH never wrong" and it's always the media...
Ever considered Liberal views are shelved?
I checked the price of bitcoin on Dec 20, 2017, about $17,000. Price today is $37,400 = 120% gain. Not a bad result in 3 years.
forex trading makes you rich if you have the hedge fund with a deep pockets usually skills currency trade
trading in forex is very risk that's the reason you need to trade with a professional broker
well,if you trade with a professional broker the risk becomes less
@Cuman Lucas yes I trade Bitcoin my profits was $13000 and my capital was $3000
@Cuman Lucas no I trade with expert Mrs Jessica shes absolutely the best broker ever
@Cuman Lucas I'm not expert Mrs Jessica
Peter, you weaken your position and power by talking over people too much! Wait your turn because you have the Master Key!
They wouldn't even let him speak most of the time lol...
PS embarrassed himself, has not done any DD on btc obviously, he might as well talk about basketball
In 2011 I was hacked with ransomware and I was told to pay $500 in bitcoins. After that, I really have problems trusting bitcoin and people who pushed it. Plus where is backing to bitcoin?
As I watch this video, bitcoin has lost half of its value from Dec 20, 2017 to today Feb 22, 2018.
now 75% lmao
Now it's up to 30k
@@billdipperly6079 aged well lmfao
@@jojocool1694 oh you’re a remindoor
Turns out Peter was right. Crypto has crashed.
Bennet Carpenter reason being was exactly what Peter says, everything has been speculative. Every speculative investment without operational utility is bound to crash. However you will see that blockchain will emerge with real solutions to big problems. That’s the missing piece to this conversation. They are arguing over a primitive cryptocurrency (bitcoin) that provides only the natural benefits of blockchain, without much other utility. You will see innovative monstrous sized companies emerge inspired by bitcoin and if you do not invest, you will simply miss out and wish you got in.
The reason Peter is right at least on Bitcoin having no value is based on the
fact that it isn't able to scale to a real world use case. Other digital assets such a as XRP can scale in an adopted way for everyday use. There isn't any need for 3000 different currencies and most cryptos or digital assets are either securities or an elastic form of commodities with security similarities or some sort of bond.
today 6093$, Peter Win.
aaron gao it’s 4000$ already
@@anzman911 $3400 today.... down 6 months in a row.
Now $10,000. Heading back to all time high and beyond!
@@islandbee rising on low volume = manipulation, whales offloading to retards
this aged really well, have fun been poor peasant