How a ‘digital gold’ system should really work | Peter Schiff | #LDNBlockchain23

Peter Schiff is a notorious advocate for gold in the financial system and a prominent critic of the speculative digital asset hype—but the one thing he’s not is a critic of blockchain or even digital currencies in general. In fact, Schiff has clear ideas about the role blockchain technology—and gold—can play in the global economy system and the inevitable financial turmoil we’re about to face.

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[kmr]

Peter is the greatest economist of our time.

[AlbertastPodcast]

the man is a legend & i cannot wait to tell my future sons about him god bless you Peter Schiff

[Gold_Silver.]

The 🐐 of economics 👌🏼 #Gold & #Silver to the 🌕 baby Sound Money > Fiat currency

[codemonkey]

It's almost pay day and I can't wait to buy more gold dips. Thank you, Peter.

[WalterMangandid]

I agree with Peter 100%. Also, buy some phisical Gold and Silver if you can. These metals are severely undervalued right now. The opportunity is there for those who are able to see it.

[christophernorrinventor]

That is why we should buy gold in exchange for our currency. Thankful for the opportunity someone introduces us to Quantum Metal.

[garygranato]

a gold backed crypto is the ultimate killer, i'd love to buy some gold backed crypto ! !

[cael]

He got the biggest applause at the end, when he said bitcoin was a pump and dump. Go gold!!

[johnalbutra]

Here in the philippines even you have work we still short of money to buy food the inflation in our country is not mentioning in mainstream media the government want to block any inflation issue in our country

[AbramTaylor-pwgs]

Digital Gold and Goldbacks will be the money of the future

[ekkamailax]

Amazing talk. The only thing that Michael Saylor would disagree with is Peter’s claim that gold can last forever and is protected by a third party. Michael points to times in history where one country invaded another country and stole their gold. If that were to happen, the people who own gold notes are basically going to lose all their wealth.

Michael argues that bitcoin doesn’t pose this risk because there is no third party that controls the actual bitcoins.

However, as Peter points out, bitcoin has no intrinsic value.

[ChrystelleCasales]

You're doing a fantastic job! Could you help me with something unrelated: My OKX wallet holds some USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). Could you explain how to move them to Binance?

[CraigAustin-AZPLAY]

100% agree with any form of currency to be backed by a commodity like gold but One question that should be asked is what happens when there is a natural disaster and the internet dysfunctions? Unless the digitally backed currency is also aligned to a fiat/ paper currency that can be stored and transacted off the internet, it is flawed as a true form of currency.

[coltssongs]

Gold backed crypto already exists, does it not? There are several coins backed by gold as I understand it. What am I missing?

[Honestcritic]

Unfortunately, not one of Peter Schiff's better presentations. Seemed a bit unorganized and despite the topic being Gold having a place in the modern world with the help of the blockchain, he then concedes at the end by saying there still needs to be paper market for gold as well due to the dangers of government surveillance and the risk it poses to our privacy. I wish he articulated that better because he seemed to backtrack at the end but his argument from the beginning should've been that gold blockchain should exist not alone, but alongside the traditional paper market of Gold. He could've justified the position more by saying that technology, while it does have it enhancements, does have some tradeoffs, and that is with privacy. In a digital world, one loses more a sense of privacy due to the ease at which governments can surveillance. I wish he brought that to the audience's attention more. Many people in the crypto world who believe that digital assets are the future while also having very anarchist views seem to fail to understand the contradiction in their world view. There is a reason why many of the notorious anarchists in history were opposed to a civilized society and any technological advancements at all, they were more cavemen in style and would prefer bartering, despite how inefficient it is, due to their sole priority in life being privacy above all else. Of course, the tradeoff is that if you love technology, you are by definition willing to sacrifice a bit of your privacy; classic you cannot have your cake and eat it too.

[Richest_Person_in_the_World]

Gold is a barbarous relic. They take it from the ground, and in the end store it in an underground central bank vault.

All the effort for Ground-Ground

[weozol]

Its genies, it would be adopted worldwide, essentially a private gold bank, no inflation, because u holding gold when u bank there

[emmafuentesbaltazar]

Yes please 🙏 to all people and the world from Philippines love God please to Emma Fuentes baltazar to all of us please ❤️

[TheFoxOfThredneedleStreet]

Hand in an ounce create a coin. Take an ounce destroy a coin. That simple.

[steven]

The funny thing is Peter is literally describing what Bitcoin already acheives