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Peter Schiff Shared: The Grayscale Bitcoin Trust is now trading at a 21% discount to NAV. It looks like many investors who were persuaded to drop gold and buy GBTC are cutting their losses. They may also be giving up hope that the trust converts to an ETF. Yet another bearish sign for Bitcoin.
Community Response: If the government should tax You 1 dollar for every tweet you make about bitcoin, for sure, there will be no debt anymore in the States. So far bitcoin is the only inflation resistant asset to invest into. Bitcoin is limited in quantity, physical gold not.
A limited quantity of nothing is still nothing. Plus there is an unlimited supply of other nothings you can buy instead. At the moment that supply is rapidly approaching 16,000. But the potential future supply is unlimited.
There are unlimited rocks in the universe too Peter, does that dilute gold somehow by the same logic you use here? Thanks for giving me more tweets to frame and laugh at! Like this one.
How will 16,000 crypto’s and growing justify their existence? As usual, the scheme will collapse as people are forced to ask themselves: Why didn’t I see this coming when the signs were all around?
I don’t get the argument that a store of value has to be used for something like how gold is used to make Jewellery, like does gold being able to make jewellery really the reason it’s a store of value and Bitcoin is not? Bitcoin is pure monetization.
Bitcoin in not a currency in term of utility so far as it does not fulfill all the requirements. Not talking about the outdated security protocol.
How is Bitcoin’s security protocol outdated? It hasn’t been hacked for over 10 years. And I’m not arguing it’s a currency, it’s a store of value like gold is.
Proof of work has proven itself to be the most reliable. With a billion dollar bounty for anyone who can crack the protocol, still nobody has done it. Other chains are cheaper, but IMO Bitcoin will remain dominant for its flawless track record so far.
It’s not the only one. Maxies and cultists wants you to believe it.
Bitcoin has a flawless track record + has the longest history + is the most decentralized.
These are feature or being the first one not the best one. Bitcoin is a technical dead-end IMO. The only thing that make it work is by adding layers to solve its core issues.
Whether or not they’re features of it being the first, it’s also a feature of it being the most adopted. We will just have to see what the market decides. As far as layers, our current financial system works in layers so I don’t see an issue with that.
You’re right about adoption and market but it’s very volatile. Big changes are coming and no token is safe.
Utility & scarcity isn’t nothing. Every object the universe can be distilled down to wave-particles. Digital assets are just as real as your coffee table fundamentally but you refuse to live in the present or to gaze towards the future.
So, you are saying a green piece of paper that I can rip up and throw away has more value than something I can transfer across the ocean in seconds without it being manipulated in any way or going through anyone else’s hands first?? Wake up Peter.
I notice a lot of pride in your words, you despise all the work that goes into creating this technology that today offers so many new ways to invest, saying that it is nothing. The world is changing faster and faster with technology, and it is inevitable.
Gold has been a store of value throughout history due it it’s durability. It cannot be destroyed. The environmental damage caused to extract and refine it though is criminal beyond words. You sir, are complicit in that destruction. Bitcoin will never come close to that destruction.
A sound money always has been a ledger that records debit and credit without being able to manipulate. Can you tell me exactly how much gold is in the world because I can tell you exactly how much Bitcoin is there. Bitcoin is immutable and incorruptible unlike your shiny metal!
If there is a digital verse where people open stores, sell software and other pieces of code, alongside real goods and services; why not have acceptable digital cash that people can either use as payment or hold for personal reasons? Bitcoin is both digital cash and SOV.
It’s the believe of what it stands for and represents, you believe the dollar has value, but it really doesn’t, money could grow out of trees if we would have chosen to.
This trust is only 1 of 2 safe ways to short Bitcoin. Selling pressure is coming from shorts, as it’s probably a pretty crowded trade. The crowd is on the long side. Long and wrong!
One could look at your past tweets of the exact same empty content & your being wrong about Bitcoin 100% of the time, and question your sanity. Smart people adapt after the first mistake – you’ve been making the same one repeatedly for years.
The gold vs Bitcoin argument is coming to a close. If you want to continue to engage the crypto community then you will need to figure out how gold fits into the Web2 vs Web3 discussion. Bitcoin
