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Peter Schiff Shared: According to Bitcoin pumpers on CNBCFastMoney, Bitcoin is both a risk-on and risk off-asset at the same time. It’s highly correlated to the NASDAQ if you want risk, but it’s also a store of value in you want a safe haven. The perfect asset. It’s whatever a buyer wants it to be.
Community Response: The position of any given asset on the spectrum of risk is always dependent on the opinion of the buyer, and not an actual attribute of the asset itself. Every asset is whatever the buyer wants it to be, you just desperately want it to fail. Stop projecting fam.
It’s not that I want it to fail, I just know that it can’t succeed. But the sooner it fails the better. Since failure is inevitable, the sooner it happens the less money new buyers will lose, the fewer bad decisions current owners will make, and the less capital will be wasted.
What factors make you think it will fail? Adoption rate? Network growth? Accessibility? Secular trend? / Move away from digital? Debt will get paid off? Other macro? Lack of regulatory approvals? Other?
The fact that Bitcoin itself is worthless, not scarce, not a currently and has not actual value are some of the reasons why it will ultimately fail.
Why is it worthless? what about is not scarce? why is it not a currency? are there any features about it that could hold value? honestly interested in discussion.
There are trillions of other digital tokens that do the same thing. The fact that there 21 million Bitcoins is meaningless when you have trillions of other coins that do the same things. So, it’s not scarce. Not by a long shot.
Nah you don’t know what you are talking about. You don’t know what is pow, what is decentralization, or censorship resistance. In fact, you never learned about Bitcoin if you think all coins works, the same way. Not scarce? Ok, give me some of your Bitcoin then.
If that’s what’s behind your rational against Bitcoin, then you haven’t done the work to see why it IS different. Such a lazy argument.
Just buy some bitcoin, deep in your heart you want it so bad. You must ignore your ego just do it. Bitcoin is going Up forever.
Oh! don’t believe you want it to fail out of spite but you’ve spent so much time predicting collapse that Buddha himself would want to be proved right. Don’t let sunk cost bias prevent you from learning, your son understands, it’s never too late to commit
We all like you Peter. But you should really look at what’s going on technology and generation wise.
What’s the threshold when you’d be willing to concede? When you would admit you were wrong? Surely there is some price target or some volatility range. Else your extreme stance is completely irrational.
Recent analysis on Bitcoin (BTC) shows that BTC is moving from liquid to illiquid state at the rate of $100 thousand a month. Illiquidity signifies assets held in wallets with little transaction history.
The report drew quick reactions from the Crypto Twitter community. Although it garnered split opinions, the majority expressed their apprehension over the development. That’s because BTC’s illiquidity impacts its value and hence accessibility.
Honestly, this man will be stubborn until the day he passes. Too hard-headed to be any real influence in future money. Without other assets in his portfolio, gold has lost him money.
Bitcoin has made owning & storing gold meaningless. What about diversification? What if the power does go out?
Congratulations to Peter Schiff — Gold is the best new stable coin. In spite of all the currency-based inflation in the past decade, gold hasn’t moved. Gold is better than USDT, USDC & most other stable coins. Gold isn’t a hedge against inflation it’s stable.
Gold or bitcoin? Both shit. Invest in a company that makes profits and adds value to society. This might be a shock to some but some companies do more than market shit.
Profits are denominated in money. Bitcoin is a new form of money outside state control. That said I also invest in companies. It’s not a problem to be diversified.
