Peter Schiff recently Expressed: The meme stocks got crushed today. GameStop plunged by 14% while AMC tanked by 15%. Though these stocks are now down 72% and 68% from their respective 52-week highs, they still have a long way to fall. If meme stocks are crashing, meme “assets” like Bitcoin could well be next!
Community Response: Bitcoin is not a meme asset. Shiba Inu is a meme asset. Know the difference.
Bitcoin won’t be here 5k years from now, gold will be. I buy Bitcoin for speculation purposes, but don’t be a cultist. It will come and go, as your dad is suggesting. As Murray Rothbard suggested in “What has government done to our money.”
Garbage, effortless and tired analogy. Horses are still here. If mad max scenario happens 500 years from now, we won’t be driving cars swill we? Re-read my post REAL slow. And try to have an original thought of your own.
But we live in the moment. Prices are now. 5000 years from now oil will be depleted. Doesn’t mean it’s not one of the most valuable assets now. Gold may still exist 5k years from now. Maybe humanity evolved so much gold can be mass produced. Rendering it worthless.
Hey Peter Waving hand Do you think GME is overvalued at current levels? If so, why? Not sure if you’ve taken a look at their balance sheet and/or transformation lately but it seems you’re out of the loop. $1.4 billion cash on hand, no debt.
Having zero debt is not necessarily indicative of a healthy business model. Many great companies carry debt.
Part of the original short thesis for GME was that it was going bankrupt & was drowning in debt. That’s no longer the situation. They also have at least $1.5B on hand to fund transformation efforts and the $500M credit facility they can use whenever. So why would they need debt?
If I am a Gold maxi and I get more engagements whenever I tweet about Bitcoin then I may as well tweet about it all the time…good job Sir.
Is math trustworthy? Will 2+2 always equal 4? If so, then Bitcoin is trustworthy since it’s backed by mathematical truths.
I don’t concern myself with tether. Bitcoin doesn’t need tether. Bitcoin is backed by mathematical truths. You can trust in math. You can’t hack math. You can’t counterfeit math.
Bitcoin won’t exist without gold. That’s silly. Bitcoin doesn’t need gold. If you’re talking about gold being used in electronics; there’s alternatives. FYI, seashells used to be used as currency, and in aggregate for concrete, but there’s alternatives.
Bitcoin does need computing power, that is made by using all kinds of chips, be it graphic cards, RAM etc, all of those need gold to be created
No. They don’t NEED to be created with gold. It’s just convenient. As I already mentioned there’s alternatives. Regardless it’s a moot point since gold isn’t finite. There’s an abundance of gold. The universe is constantly creating more.
For those Bitcoin maximalists: Here is a small factoid about gold use case: Jewellery, Finances and Investing, Electronics and Computers, Dentistry and Medicine, Aerospace, and Medals and Awards. What is the use case of bitcoin? Still don’t know to this day.
Peter, you think this is being crushed? They’ll literally be up 30% end of week. The future of investing is volatility, not a shiny rock that only loses value.
How liquid is gold? How often do you trade it? I suppose as a store of value it’s great, but you won’t make nearly the same amount of return that you get with Bitcoin. It’ s simple, buy low, HODL. Sell high. Repeat. Volatility can be your friend.
Gold has been used for thousands of years do your homework. It’s another day and you have failed to address fake gold in the gold market – you distract people with tweets about Bitcoin while covering up a major problem for gold.
I wish Bitcoin would end up back at $21k. I may fuck around and grab a whole coin.
Sell Bitcoin than what should I do with the money? Buy the worst performing asset which has been Gold. If Bitcoin never existed, neither would 2/3rds of your tweets. You should be thanking Bitcoin for making you somewhat relevant still!
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