Fidelity Digital Assets Calling Bitcoin (BTC) as Digital Gold is Hype

Peter Schiff Shared: Fidelity Digital Assets just released a sales pitch promoting Bitcoin as digital gold. Ignore the hype. The truth lies in their disclaimer. “An investment in Bitcoin involves a high degree of risk and is only for those investors willing to risk losing all of their investment.”

Community Response:

Did you read the whole thing?  Yes, though I skimmed a few parts.

Did you skim the part where it said: “don’t publicly make decisive statements about things you don’t understand”?

If enough people say a turd is a digital gold, then a turd will be digital gold no matter how wrong people are. The same logic applies to Bitcoin.

This is it. Money is about social consensus, the rest is irrelevant. We could decide to keep giving away our time, energy, and future to central planners or we can use the only money which is not vulnerable to corruption. Bitcoin

Bitcoin is no less prone to the impact of it being used as a basis for derivatives products abstracting away direct speculative interest that ultimately inflates supply. There is ~10x more paper gold than there is real gold. BTC as a functional idea is not immune to corruption.

Yes! Finally a critique of bitcoin that makes sense! The criticism is redundant however, it misinterprets the value proposition of Bitcoin, and argues a point that could apply to any asset, and therefore it can’t be considered valid in a comparative statement.

Yes, it can be applied to anything, including BTC, and that is the point – BTC is not immune to abstracted market influence prone to manipulation. BTC’s value proposition as an answer to problems is undermined if it is itself prone to those same problems through abstraction.

But bitcoin isn’t an answer to those problems. Manipulation can happen within free markets, Bitcoin is a free market. It’s a solution to the money problem, that doesn’t rely on centralized governance, thus invulnerable to associated issues. Not including market manipulation.

BTCs price determines its purchasing power. The money problem boils down to an impact on purchasing power. BTC is not real money, it is more a fungible speculative stock, subject to instability in purchasing power, much greater than that created by the money problem.

At least, people who have Bitcoin see their portfolio grow unlike GOLD holders.

For the Gazillionth time Ben – gold is not for increasing wealth investment – it’s to preserve wealth. You will probably only understand this when the SEC closes down all crypto exchanges for “regulation” or executive order and you won’t be able to cash out. Then you’ll get it.

So you argue that gold is better because the SEC won’t overreach its power and devalue it? You do know FDR made gold illegal to be held by private owners and confiscated it all. It could happen again. Why preserve wealth when you can grow it? Nothing makes sense lol.

Don’t be jealous that new technology is eating away at old technology, Au. You should pay attention and take your glasses off because the rest of the world is slowly awakening to BTC nirvana. It takes lots of study time to get to this point! You still have not studied BTC.

No, it’s the Bitcoin cult that will soon wake up to reality.

Peter Schiff prefers a faster horse over an automobile.

“Bitcoin possesses a lot of good qualities of money, combining the scarcity and durability of gold with the ease of use, storage, and transportability of fiat.” – Fidelity.

Yes but all of the gold miners couldn’t magically increase the supply of gold even with 100% consensus. That isn’t a given in the BTC network. Gold is something that’s ‘hard-coded’ into nature. You can’t undo it. Would BTC last 5000 years through multiple WWs? Transient wealth.

But you can increase gold. And it can be confiscated by the government. What if they start mining gold in space? Gold or BTC would be anyone’s last worry if we had multiple WWs. Especially gold holders as the “winners” would take it. Can’t take BTC on the chain.

That perspective is interesting: that they mine gold / rare metals off asteroids. In that case, yes the supply would increase. My point about WWs was if there was a nuke that took down the internet, gold would still be around but not BTC (not counting Block stream satellites).

The maxis have overhyped their bags to the point where they’re projecting BTC to be something it’s not. What is it? A monetary experiment that is still trying to find its legs.

Still “trying to find its legs” at 38K dollars? What will be the price when it finds its legs?

When we can use it as a currency instead of speculating on it, it will have found its legs. Amazon, Walmart, Microsoft — all of these companies and more have been accepting BTC payments for years at this point.

I bought ~400 DOGE just to familiarize myself with crypto. When I bought it at 38 cents I thought: “Watch, I’ll never get my money back”. It may sound odd, but I keep those electro-wampums as a hex. Its failure isn’t just vindication; it will protect novice, future investors.

It’s because you’re ignorant of Bitcoin that’s why you antagonize it. Take your time and study. Don’t shroud potential investors in secrecy.