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.
>>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.
>>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.
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
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.
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?
>>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
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.
>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
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.
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.
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.
>>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
>>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.