Is Bitcoin the New Gold?

Dr. Peterson and Peter Schiff discuss the future of cryptocurrencies.

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[brian]

I'm not sure if I've ever heard an argument against Bitcoin as bad as this. Schiff really embarrassed himself here.

[simonecocco]

In Switzerland you can pay local taxes with BTC

[andre.]

Ok, all I needed was to listen to the first sentence of his reply to get bored. "Bitcoin cannot store value", he argues. Nonsense. Value is a perceived upon property supported by consensus, that doesn't require that which has value to be tangible. Your word, your promise has a value, yet it's intangible. Reputation is a form of stored value, and it's traded with competence. You spend competence to gain tangible and intangible assets, both of which have value. So all that's necessary is for people to agree upon what's valuable, not for that thing to be tangible as the fundamental requirement.

[HafezBd]

Even if the market continues to decline, if you're an expert, you won't have any trouble making large gains despite the downturn. Everything depends on how long you're willing to hold.

[FerrisMcLaren]

gotta love knowing his son is a fan of Bitcoin 😏

[justinadams]

Turned it off when he started talking about a crypto backed by gold. The chief problem bitcoin solves is the need for trust. With bitcoin, you don't have to trust anyone. If your crypto is backed by gold, then there must be a custodian of that physical commodity that you must trust (they could lie about how much is in storage), then there's a vector for attack (someone could steal the gold). That defeats the entire purpose of bitcoin and makes the system no better than the dollar in the 1960s. Apparently Peter Schiff doesn't really understand bitcoin.

[robertbeka]

Interview two of the Bitcoin greats - Andreas Antonopolous and Michael Saylor

[gcruishank]

Peter Schiff sells gold. He doesn’t sell BTC and he doesn’t get BTC. I think Jordan Peterson is slowly getting it.

[Shemdoupe]

The last time I saw this much straw manning was during the Kathy Newman interview

[JFS]

JORDAN, i would like you to watch Peter Schiff and Tone Vays's Debate on this.. aslo I think, Peter is the worst guy to ask about bitcoin's viability.

[jiiig]

SCHIFF is bang on with CBDCs and the push to eliminate fiat currencies.

It would be oppressive and actually unconstitutional to eliminate paper currency.

[Guydude]

"You have to trust a third party" not with bitcoin you don't. That's the beauty of it, it is decentralized.

[AB_n_C]

So where do I buy gold? And where do 'tokenize' my gold once I buy it?

[PercyTP]

Bless him, he just can't get his head around something you can't touch having value. I always wonder if he thinks if the internet network has value. I'm pretty sure if that was monetised it would have monetary value as a network.

A token backed with gold does not solve the rely on the person storing the Gold, and you rely on the issuer of the coin issuing 1-1, and also that they won't be influenced/shut down by the Government. It suffers from the same problems the Gold standard did....human greed and desire for global power will lead to unethical behaviour and the network being controlled.

[sleepandrelaxation]

So Peter agrees that Bitcoin captures all the properties of Gold (limited supply) with added advantage of ease of transfer, not centrally controlled. Then he contradicts himself by saying Bitcoin is like FIAT (which has unlimited supply and supply can be created anytime as and when the controlling body desires).

[abramtaylor]

Peter knows money better than anyone. Bitcoin is not money.

[Dave-zp]

You pay in sats not in BTC. Also lightning is new to him?

[markpalmer]

It's a lot more than the new gold, dude. No one wants to use a money that other people can create more of for free, whilst they have to work for it. And more people are realising this every day.

[MegaSnowman]

Peter absolutely knows the power of Bitcon.
What a proud man, so sad Peter can’t admit the truth about Bitcoin.
Gives power back to the people.
The People's Money Bitcoin.

[Razear]

Would Schiff's opinion of Bitcoin change if it eventually became legal tender or a reserve currency like with what's happening in El Salvador? The value of Bitcoin is not in its tangible properties, the value is in its decentralized nature of being immune to external meddling and having a set finite amount.