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August 11, 2017

Bitcoin is just a form of Digital Fiat based on faith

>https://news.bitcoin.com/peter-schiff-cryptocurrency-market-signals-wrong/

Local merchant says that bitcoin is worthless! Bagholders BTFO how will we recover goys?
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He is rekt, his understanding of money is outdated now.
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>>3011276 (OP)
Quick goys! Sell your internet funny money and buy google stock! Invest in a company that supports progressive values! SELL SELL SELL GOYS
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>>3011276 (OP)
>based on faith
so just like fiat. confirmed bitcoin is a full fledged currency
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he is a gold salesman what do ya expect
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>>3011311
this guy hates stocks, hes a gold bug
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>>3011366

>hates stocks

He hates U.S stocks, and it's not that unreasonable to right now. Very precarious.

>he's a gold bug

Having some gold or selling gold for a living doesn't make you a """gold bug""". I have some cryptos, the mainstays like BTC, ETH, and get some decent money by buying and dumping the cheap ass alt coins, but I have hundreds of ounces of silver as well, and 2 ounces of gold. They're great for recessions and depressions, and for maintaining purchasing power.

I'm glad we have crypto, but cut the faggotry and stop thinking that having hard assets is for old people.
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>>3011475

>being a gold salesman, storing the majority of your wealth in gold, shilling for gold incessantly and denying the legitimacy of its competitors doesn't make you a gold bug
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He's right about BTC. Bitcoin Cash is the future!!!
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>A is just B
wow such an argument
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>"digital fiat"
>fiat means legal tender by decree of government
but that's wrong you fucking retard
read a fucking book
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>>3011276 (OP)
Damn I used to respect Peter Schiff back in 2010 because he somewhat predicted the 2009 crash, but now I realize he's just a complete moron.
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>>3011276 (OP)
>based on faith
But that's wrong though. Digital currency has value because it allows you to do things you couldn't otherwise do with it. The more powerful digital currency is, the more its intrinsic worth increases. For a loose analogy, think of a money order. It isn't worth much unless you need it for some transaction that can't be done any other way. That gives it its value. What it can do above and beyond fiat currency. If I want to send money to someone in some other country and I want it to get there fast and I want it secure and I don't want to pay anything, what choices do I have? BTC comes to mind as obvious. So I exchange some fiat for it. It becomes valuable. There are many people like me who see value-add in cryptocurrency thus the existance of exchanges. This is just one example.
tl;dr this guy is a tool and doesn't have a clue.
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he's just mad coz he's a no-coiner
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>>3011475
Hey Peter
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>>3011276 (OP)
Isn't the defining characteristic of fiat the ability to infinitely generate it? Which Bitcoin explicitly by its very nature does not have? Having faith in open and unhackable code makes a hell of a lot more sense than in current world governments.
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actives the almonds
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>>3011276 (OP)
Gold is just based on human faith in a shiny object that comes out of the ground.
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>>3011276 (OP)
Anyone who says BTC is fiat either doesn't understand the term fiat or doesn't understand BTC
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Also,
>“Look [Bitcoin] is never going to be used as money,” Schiff tells Keiser. “People can buy it, and the price can go up until the price collapses, and people don’t want it anymore.” 
>see pic related
>“Amazon is one, there are hundreds that went to zero,” says Schiff. “So how do you know? What if somebody comes up with a digital currency a year or two from now that is so much better than bitcoin? It’s everything bitcoin does, better, faster, and cheaper. Everyone then wants that new one, and nobody wants bitcoin. It’s worthless. 
>What is paying attention to the market
>What are stop losses
>What are crypto exchanges
This is some fierce nocoiner fud
wonder if he'll kill himself whenever NASA starts mining asteroid gold and his precious shiny metal instantly equates in value to aluminum
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>>3011679
Wrong pic kek, lost my train of thought
been high on crypto for 30+ hours
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>>3011276 (OP)
I'm baffled.
This guy spent DECADES of his life thinking about gold and currencies and he still doesn't get it!

He believes the value of gold isn't also based on faith, but it's 'real value'.
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The nocoiner cries out in poverty as he strikes you.
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I thought this was a Nigerian (You) mining forum.
>all the while implying that (((economists))) can do no wrong.
Honestly though I think articles like this (no substance, no valid arguments) are just attempts to temporarily drive down the market to get in st a lower price.
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3600 dollars of 1 bitcoin is pretty worthless. I'm a poorfrog.
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>>3011341

Fiat itself is not a """full fledged currency""".

>>3011569

It's valued in fiat. Fiat printed for governments by privately owned banks that tell those governments to pay it back and then some...even though governments can easily just issue their own currency debt free, no (((Central Bank))).

I wonder, can Bitcoin be a unit of account the way gold can? I.e can it rise to meet inflation and ultimately account for every dollar in existence?
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Bitcoin is actually based on the biggest trustless decentralised network in the world capable of 6+ exahashes per second.

Why do people insist on having strong opinions on shit they know absolutely nothing about?
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Hi, I'm Peter Schiff. Next election, I will be the president.
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It's like the 10th jew this month telling people not to invest in Bitcoin.
What are they up to?
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>>3011798
I think that reserve currencies and BTC have/will soon have an inverse relationship. As inflation lowers fist value, BTC and other crypto coins will go up in value.
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>>3011847
this.

I'd consider myself a goldbug but I've outgrown the phase Schiff is stuck in years ago. Gold and fiat can (and do) coexist peacefuly. Gold, fiat and Bitcoin (Cryptos) can too.

Just look at the nonsense that other moron Jim Rickards has written on ZH. He want's to back Bitcoin with gold now. These guys will never learn.
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>>3011900
Oy vey goyim, crypto is a ponzi bubble scam! Stay away!
>[Goldman-Sachs BTC purchases intensify]
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>>3012025
Bancor was already a way to steal BTC and ETH from people. I wonder what will be their next trick...


>He always preferred to exchange rather than buy, and he had a trick of thrusting some useless article into one's hand and then pretending that one had accepted it. Once I saw him take a good overcoat from an old woman, put two white billiard-balls into her hand, and then push her rapidly out of the shop before she could protest. It would have been a pleasure to flatten the Jew's nose, if only one could have afforded it.
>GEORGE ORWELL
>DOWN AND OUT IN PARIS AND LONDON
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>>3012233

>that quote

god damn...
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>>3012286
Another one from Orwell, same book :

>Have I ever told you, mon ami, that in the old Russian Army it was considered bad form to spit on a Jew? Yes, we thought a Russian officer's spittle was too precious to be wasted on Jews
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I love fud like this, keeps some normies double guessing if crypto is a meme or not.
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This stupid currency nihilism is retarded. Everything is worthless in some sense and has a value just because people give it to it.

Fiat currencies are not bad because "omg nothing has value" but because it's owners(me, you and everyone else) are not in control of it and governments are CONSTANTLY forging money devaluaing your wealth.

That's the difference between fiat crap and gold/bitcoin/whatever. Gold is just not practictal for too many reasons to start listing them. Blockchain is reliable enough to use for payments and as a currency. It has a lot of problems that still need to be solved but currently it is the only possible solution to countries and elite manipulating everyone's wealth.
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>Jew bashes Bitcoin

Big surprise here

Do the opposite of what Jews tell you

>wage cuck
>401k
>use drugs
>don't get married or have kids
>trust kikes to run banking and media
>like diversity
>jerk off to traps
>inflation is good
>borrow 500k for college
>hate white people 
>fight wars for Israel
>be a nihilist
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>>3011276 (OP)

All tender and value stores are based on faith, what is his point?
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>>3012573
>401k
If you hedge on taxes rising or falling in the future and if your employer matches you its good because more compensation.

>use drugs
Aren't Jews opposed to drug use?

>>don't get married or have kids
>getting half your wealth stolen by bitch or your entire life stolen by kids

>be a nihilist
Isn't that against Jewish principles entirely?
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>>3011276 (OP)

I like Schiff because of my past lolbertarian self, but listen to the kind of shit Paul "The internet will make about as much impact as the fax machine" Krugman has said about BTC:

https://krugman.blogs.nytimes.com/2013/12/28/bitcoin-is-evil/

Dear Peter Schiff, when your opinions align well with Paul Krugman regarding emerging technologies, it's best to re-evaluate your opinions. Boomers, even ones that are otherwise well educated and smart, are fucking worthless when it comes to evaluating emerging tech, they are so used to things being a certain way (and working for them) that when something with massive revolutionary potential comes along they can have trouble recognizing it.
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>>3011276 (OP)
Bit coin will got to zero once its all mined.

There are infinite replacements and the only profit is from mining and transactions from the mining.
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>>3012725
they want other races to fail. Telling them to do drugs and become worthless is a great way of doing that.

Look at popular media today. DUDE SMOKE WEED rap, glorifying coke and acid trips ect.

It's all a way to keep us subdued and weak.
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>>3011276 (OP)
Crypto is like fiat + stocks + Forex

You could live on Mars and participate on cryptocurrency (if you have internet and the Mars base will have cryptobanks) whereas stocks and Forex can't reach Mars.

Also, there's already a coin where you can mine that specific coin through solarpanels rather than computers/mining rigs. I'm not telling you which coin that is, but if your research skill is excellent, you WILL know.

Yes, I'm living 25 years ahead of you, fags.
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There was a guy on MSNBC this morning telling people that Bitcoin is sustainable and they shouldn't buy into it.
I'm starting to think they're secretly investing while telling people to do the opposite.
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>>3012807
isn't* rather
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>>3012807
Of course, the consumerist sheeps shall know it last.
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the only thing i see that's safe is SOLID GOLD BARS. just like from looney tunes
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>>3012725
401k is for suckers.
You can't put your money in alternative investments like pre-ipo shares or crypto.

Locking your money in a 401k that will crash the moment you retire is a sucker's game.
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>>3011276 (OP)
>https://news.bitcoin.com/peter-schiff-cryptocurrency-market-signals-wrong/

a literal gold shilling jew
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>>3012765
>t.compete fucking moron who does not understand wtf hes talking about
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>>3011276 (OP)
>[Bitcoin] is the same concept. It’s being created but there is no real value in bitcoin it’s all based on faith. If somebody doesn’t want your bitcoin there’s nothing you can do with it right? 

its funny because his comments on Bitcoin could be replaced with gold, yet he doesn't see the irony in this at all
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>>3011679
Also you could make this argument with everything

>“Horse is one, there are hundreds that went to zero,” says Schiff. “So how do you know? What if somebody comes up with a transportation a year or two from now that is so much better than cars? It’s everything car does, better, faster, and cheaper. Everyone then wants that new one, and nobody wants car. It’s worthless. 

Gotta sell my car right now.
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>>3011366
it makes sense, he understands that bitcoin will take gold's place and that people will dump their gold for bitcoin, the gold 2.0.
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>>3013135
That cunt is shitting himself right now. Gold will lose its value over the years when people and banks will buy bitcoin instead.
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>>3011311
He voted for trump btw

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