🔴 Gold vs Bitcoin Debate: Peter Schiff vs Anthony Pompliano

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4 жыл бұрын

Peter Schiff on CNBC Africa 7/31/19
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@Alex-gr7rr 4 жыл бұрын

I've been listening to Peter for too long I could have done this debate my self

@JoelBondurant 4 жыл бұрын

Me too, all day long Peter is like: ₿itcoin, ₿itcoin, ₿itcoin, ₿itcoin, ₿itcoin, ₿itcoin, ₿itcoin, ₿itcoin, ₿itcoin, ₿itcoin.

@flik221 4 жыл бұрын

@3 Subscribers Without Any Videos!!!!! Bitcoin is money

@shadowbanned4days 4 жыл бұрын

Yep

@jma5599 4 жыл бұрын

That how you get brainwashed right?

@workwithnature 4 жыл бұрын

@3 Subscribers Without Any Videos!!!!! Gold and silver are money because you can not print them. Cryptos are money because you can not print them. God did any of you learn anything in school. Think for yourself before you make any automatic comments.

@chrismares1851 4 жыл бұрын

I guess CNBC Africa is about 10,000 times better than CNBS USA, who knew?

@meetstepsisalcoholicdouche6167 4 жыл бұрын

Chris Mares no they’re shills like normal US media. Google CNBC bitcoin indicator.

@djpdoxx 4 жыл бұрын

I guess gold is going 2 the roof...

@codycast 4 жыл бұрын

Chris Mares huh?

@mywinningpicks 4 жыл бұрын

So true ! Good one

@TheControlBlue 4 жыл бұрын

They are not yet rotten by the advertisers' advices..

@MrHf1991 4 жыл бұрын

Congrats to all parties involved on a respectful and coherent discussion, very refreshing.

@trifectat8694 4 жыл бұрын

my balls are refreshing

@EnderViBrittania 4 жыл бұрын

Pomp didn’t do as great a job in this debate as possible, as he‘s not a Bitcoin Maximalist (avoid all altcoin shitcoins). He’s kind of a normie. For example: 1) Bitcoin already has layer 2s developed, like Lightning and Liquid, which make spending easier. And this is only the beginning. 2) Vast majority of gold demand (90%) comes from store of value speculation, only 10% or less is from “using” it. 3) Gold is used as store of value as reserve asset by central banks and individuals- Bitcoin is used same way by individuals, but not by central banks ONLY because it is very early in Bitcoin’s history. There’s no reason it won’t happen later. 4) Bitcoin is unique because it doesn’t need a trusted third party (TTP) to use it on the Internet. TTP is a security hole (see Nick Szabo’s work). Gold requires TTPs for digital use. 5) Requiring a TTP for use means gold is also subject to restrictions by government. It cannot be digitally sent or used in Iran, as mentioned in the debate, if the TTP is subject to sanctions on Iran. But, Bitcoin can be used without permission anywhere, so it actually has more utility. 6) Bitcoin is far more portable than gold, it can be stored on paper and taken across country’s border in emergency. 7) Bitcoin can be verified instantly to be real, but gold needs complicated assaying to verify it is not fake. 8) Gold can not benefit from the Internet’s innovations, while Bitcoin is born digitally on the Internet, and benefits fully from the innovation there. 9) Bitcoin doesn’t depend only on the Internet. It is just data. So it can be used across radio signals, satellites, etc. Bitcoin is already usable from satellite (Blockstream satellite). 10) Bitcoin didn’t simply have one run from 0 to 20,000 and then correct to 3,000. It had multiple run-ups and corrections in its 10 year history. Arguing it’s a bubble is not realistic, when it has 10 years of this history, and so cannot be compared with tulips which had only 1 bubble. 11) Lottery tickets cannot be compared with Bitcoin, as they are not traded on liquid free markets with buyers/sellers and a floating price. 12) Bitcoin is unique vs. other cryptos because of first mover advantage & network effect. This is why BTC is worth $200 billion according to the market, and nothing else even comes close. 13) It is possible in the near or distant future to have asteroid mining that causes gold supply to inflate hugely. It is impossible to ever have Bitcoin supply inflation. Bitcoin max supply is known and can’t change. 14) If Peter thinks he’s right, he should have skin in the game by short-selling Bitcoin on the market, as he lacks accountability with only his words. People who buy Bitcoin put their money where their mouth is, but Peter does not, so there is no cost for him to make bad arguments against Bitcoin. 15) etc. etc. etc.

@kelvinb16 3 жыл бұрын

@@EnderViBrittania half of what you said is either untrue or speculation

@kelvinb16 3 жыл бұрын

@@EnderViBrittania didn't read the other half

@EnderViBrittania 3 жыл бұрын

@@kelvinb16 Nah, everything I said is true.

@DoctorMotorcycle 4 жыл бұрын

Just the fact that you're appearing on media outlets so much more frequently makes me think that were that much closer to a recession LOL

@pocketminer702 4 жыл бұрын

I know right

@aznbspikey 4 жыл бұрын

Black swan fallacy

@PO-sz7qw 4 жыл бұрын

well that aged well

@closer20jc 3 жыл бұрын

@BeGood 2Me hes holding it off for sure but his holding it off is going to make it far worse

@telos3834 3 жыл бұрын

Lmfaoo

@Nagol5000 3 жыл бұрын

Peter is very good at debating. This was very respectful but had really good thoughts. And despite their strong opinions, they really listened to each other and didn't talk over each other much. Respect to both.

@sirdynos5646 3 жыл бұрын

Lol are you serious the guy does nothing but keep interrupting! Facepalm

@brenaes304 2 жыл бұрын

Not really. His problem is that he rehashes the same point over and over again - without understanding how irrelevant his points are in the face of the technology.

@wuwi5833 3 жыл бұрын

"I think the market peaked in 2017". Entertaining is an understatement.

@zombie6653 3 жыл бұрын

just butchers his prediction lol

@HenryPaulThe3rd 3 жыл бұрын

He admitted that it could reach a new all time high. His prediction is that it will ultimately go to 0. It’s not a matter of if, but when.

@sirdynos5646 3 жыл бұрын

@@HenryPaulThe3rd lol right any day now it's going to 0 hahaha! Memo: you do realize that even if it does go to "0" that doesn't mean it just goes away, lololol 😂😂😂 FACEPALM. It's not a stock lololol

@akimboanansi 4 жыл бұрын

Peter's main argument is that gold has physical inherent value and bitcoin does not. Gold can be used for real things. I would argue bitcoin also has such a property, an inherent value that is less obvious. Pompliano almost touched on this, when he distinguished bitcoin the cryptocurrency from bitcoin the network. If Peter understood that the bitcoin network is a consensus protocol which can be used for many things (monetary transactions being the first use case, but not the last) maybe he might understand better. I think rather than directly trying to see why the cryptocurrency has value, you need to understand why the bitcoin network has value first. It's important to understand that the bitcoin network is providing something completely novel: a decentralised consensus algorithm. This has never been possible before. That's where the innovation is. It's like a formula, it's not the code that has been written and used, that's just an implementation of the formula. Most of the stuff bitcoin does, like payment, is not in and of itself a new obviously. But when you build a payment system on top of a decentralised consensus algorithm, then you have something that looks like a payment system of sorts, but under the hood it's actually quite different. Is it better? Well, perhaps, but it doesn't need to be better, it only need to work to be valuable. Certainly in some instances it is better. Yes it's "slow", but that doesn't make it less useful for uses that don't need to be instant, (if they can wait an hour, like large transfers of money). If it ever becomes fast enough, it would become useful to more people particularly for instant payments. I would say as a store of value, it definitely works. The most secure, anti-fragile place to store value that can be easily transported anywhere in the world has got to be worth something. Yes, there is volatility, but that's only because the market cap is low. If Bitcoin's market cap matched that of gold, it would be about as volatile as gold is. Volatility is not a property of bitcoin, just a result of an easily manipulated low cap market. If you can admit that there is even one use case in which the bitcoin network is useful (and I'm not saying it has to replace anything, just that it might be useful to some people), then you are saying that the bitcoin protocol has value. But does Peter realise that for the bitcoin protocol to work, the algorithm requires a cost function. In other words, it has to cost something for everyone to agree that X happened. Otherwise there is no incentive for anyone to participate in making the network decentralised and it would also allow for sock puppet attacks. The algorithm uses game theory by providing rewards to those who make the protocol chug forwards. These rewards are a cost to those who require the use of the protocol, for whatever activity they want. That cost is bitcoin, the cryptocurrency. It's embedded into the protocol's functionality. If you say the protocol has value, then by definition so does the bitcoin cryptocurrency. The confusion occurs because people only see the bitcoin network used as a way exchanging bitcoin the currency. But in order to send bitcoin, it will cost you bitcoin to do so. Not fiat. Not gold. It can only cost you bitcoin. What you must realise is that if you were to use the network for ANYTHING, eg. voting - it will cost bitcoin. This is why bitcoin has value, because it is required for the activities on the network to take place. It's doubly confusing because the network and the cryptocurrency have the same name.

@Aganoify 4 жыл бұрын

ambiyou Well said my friend 👨🏽‍🚀

@hindukushethnostate3288 4 жыл бұрын

Arguably the first attempt at a "decentralized consensus algorithm" was Adam Smith's ideas of Free Trade/Free Market. The problem in these ideas is the idea that people/entites are 'rational actors'. This can imply both 'rationality' and 'good faith'... and markets have no shortage of bad actors. (Of course these Enlightenment Liberal ideas are also much of the backbone of AI, neural networks, etc. high tech) BTC lacks 'use value', it only has 'exchange value'. As such volatility is utterly a 'property' of BTC, as its value is derived from an abstraction. Furthermore, compare the social volatility brought about by High Technology, the internet and all our power usages. For BTC to 'remove' its volatility, you must remove that of humanity and its tech usage... The physical value of Gold is beyond a human desire for it, or rather its physical inherent (use) value exists outside of humans. As an element Au holds particular and interesting properties, itself and vis-a-vis other elements. The ancients and the alchemists saw this, calling them the Noble and Planetary Metals -- the same tradition carried on by Chemistry and Atomic Physics, with their reverence and irony in continuing the tradition of Noble Metals. It is not that Au just has 'use value', it is unique among the stars. But still it is found amongst the stars: there is not fiat or bitcoin on Mars, but there is Gold (etc.)

@yuugewall8369 4 жыл бұрын

That guy Anthony smashes his own arguments often

@ruzzellcrowe9352 4 жыл бұрын

Without Gold you can't have computers. Without computers you can't have bitcoin.

@pomp4401 Жыл бұрын

Without gold you can’t have jewelries. Without jewelries, you can’t wear gold. What’s your point?

@bahmak2003 2 ай бұрын

Pointless 😂😂😂😂

@ruzzellcrowe9352 2 ай бұрын

@@bahmak2003, I remember when bitcoin was being traded in World of Warcraft back in 2008/2009. Along with all the other digital coins being created... everyone knew it was a scam. Just as it is still a scam. If you don't understand that than go and buy bitcoin all you want. But don't go crying to people when you've lost it all.

@brictator 4 жыл бұрын

24:10 I would have admitted that owning gold entails some level of trust still. Just a lot LESS trust than the other alternatives. Maybe a working bicycle or gin or gins n ammo in my garage entail less trust as a hedge against multiparty defaults and disaster too but would you really put more than 20-30k into those?

@andersbraathen1256 4 жыл бұрын

There`s also a reason why the host wanted to put the gold card in his pocket, gold has strong ties to human emotions. My precious!

@4Mikes4Mindset4 3 жыл бұрын

That was funny

@bahmak2003 2 ай бұрын

That’s mean easy for a thief to get your gold!😂😂😂

@brictator 4 жыл бұрын

38:00 give the moderator credit for pointing out the tiny window of time this guy is relying on as a sample to extrapolate from

@joshprice333 4 жыл бұрын

I’m not a big bitcoin fan but I have to say, I was very impressed by how respectful and calm Anthony was In the debate. Peter is just being Peter.

@JacobNelson 3 жыл бұрын

Have things changed since then?

@4Mikes4Mindset4 3 жыл бұрын

@@JacobNelson I'm curious as well. My whole thesis after spending most of all last year down the bitcoin rabbit hole, it may be crazy to be all in on bitcoin. It may be just as crazy to not have at least some bitcoin.

@JacobNelson 3 жыл бұрын

@@4Mikes4Mindset4 at this point it's better to have some put aside. I'm not all in but I have a stash.

@4Mikes4Mindset4 3 жыл бұрын

@@JacobNelson 💯👌

@michaelpeck5547 3 жыл бұрын

@@JacobNelson I agree. There are some in metals that waste time hating on bitcoin and some in crypto that waste time hating on precious metals. I own physical metals and around 7 crypto that I feel have valuable business use cases. To me, it's like being back in the 90's watching the internet just get started.

@franksam8452 4 жыл бұрын

Forget the debate Just buy gold and bitcoin its a win win situation

@4CiiD3 4 жыл бұрын

@@mitchalx I'd rather buy gold directly to the company I trust instead. You are going to trust the company that stores it anyway so why would you need to have a coin on the blockchain. Unless it is for sharing it, that would make it very convenient to just share the coin rather having to transfer the claim to the gold to the recipient bank/goldStorageFacility. But for now, no business will take your coin anyway, so you'd rather not buy the coin.

@mitchalx 4 жыл бұрын

@@4CiiD3 I've used OneGold. I bought gold and when the gold: silver ratio climbed I bought silver with my gold and had shipped to me. Fees were low and the whole process was very convenient. The blockchain is only used as a ledger in this case. I'd rather walk in a storefront and buy physical gold with cash, but OneGold is a convenient way to buy and trade online. You can buy however way you like.

@EnderViBrittania 4 жыл бұрын

mitchalex - That is a trusted third party, and thus a security hole and subject to government restrictions. There is zero need for a blockchain to buy gold.

@ElCalamar_ 4 жыл бұрын

or just buy the better one and actually win...

@EnderViBrittania 4 жыл бұрын

Bill Johan - Buying both can actually be logical, since it lets you hedge your bet just in case you’re wrong.

@GordonGkko 4 жыл бұрын

Man, I love Peter Schiff. I’m not saying he demolished Popliano or anything, but he is just always so on point with everything. So clear and concise. If only he could be Treasury Secretary for life.

@bahmak2003 2 ай бұрын

It’s clear now , bitcoin smashing gold 😂😂😂😂

@tomdeitch2305 Жыл бұрын

Peter is the best

@ali87485able Жыл бұрын

Yeah okay. People have lost sooo much money listening to this guy!

@roywest6557 4 жыл бұрын

I don't know why Peter even wants to debate bitcoin. What's he trying to prove? What does he care if bitcoin stays or falls of a cliff.

@OilBaron 4 жыл бұрын

roy west good question

@thewindsorgroup9952 4 жыл бұрын

Attention bro.. He wants people to listen to him, he talked so much.

@hanswhite 4 ай бұрын

Peter has strong convictions and he has a big ego as well.

@bilbobaggins8819 4 жыл бұрын

"When you're moving gold, you're moving something. When you're moving bitcoin, you're moving nothing" 🤣

@chrisnewtownnsw 3 жыл бұрын

faith is not nothing though. It isn't physical and it can't be seen but that doesn't mean it amounts to nothing

@defcon2544 3 жыл бұрын

@@chrisnewtownnsw True, but that's the same argument that the US government uses for the US dollar. The US dollar is trusted by everyone, there's no other reason for it's value but for the trust people have in it.

@chrisnewtownnsw 3 жыл бұрын

@@defcon2544 the utility of gold is things like jewellery and computer parts e.t.c, the utility of bitcoin is the impenetrable coding. so both stores of value have their utility here.

@defcon2544 3 жыл бұрын

@@chrisnewtownnsw well, the miners or hash rate makes it very secure, but it's not absolute. The network has to stay up and grow, and the more it grows, the more secure it is. That's value, but you have the environmentalists today accusing bitcoin of destroying the planet. I say that's not true, and it's the price you pay for a much better currency system. But yeah, you have the tree hugging nut jobs attacking bitcoin, and that's another danger.

@chrisnewtownnsw 3 жыл бұрын

@@defcon2544 All true and it's the reason why i went 50% silver, 25% bitcoin and 25% xrp

@jessejohnchiasson4254 4 жыл бұрын

This moderator didn’t even need to be there.

@tomr6955 3 жыл бұрын

Then he's done his job flawlessly

@tekkertruth1256 3 жыл бұрын

He was great you hater! He had humour, was cheeky when he pretended to keep Peters card in his pocket, animated, and added valuable points about time scales and not involving other crypto currencies in the debate etc.

@Dhaiziheee 3 жыл бұрын

Schiff definitely made the better arguments. I buy silver, gold, and crypto but Pimpliano really had weak arguments that didn't convince me of anything other than the fact that Bitcoin is a speculative asset that is good for trading. Who knows, maybe in the future Bitcoin will become a globally accepted and used currency.

@jonfleck8687 Жыл бұрын

Peter totally owned this conversation

@geoms6263 6 ай бұрын

during debate btc 9000 dollars , now 37000 dolars😃

@bahmak2003 2 ай бұрын

@jon are you deaf?😂😂🤣

@ChipperClipper1 4 жыл бұрын

I bought gold in 2007 because of Peter Schiff but today I am on the side of gold AND bitcoin.

@kurtjohansson1265 3 жыл бұрын

/\ | This guy gets it

@MugenTJ Жыл бұрын

Depending on what you try to do. Gold is store of value. Bitcoin is making a bet.

@mauijane420 4 жыл бұрын

Pompliano left this debate & cashed in half of his Bitcoins to buy Gold!

@butterball_ 3 жыл бұрын

This comment aged beautifully

@HenryPaulThe3rd 3 жыл бұрын

@@butterball_ yea it sure did 😉

@waynesalvador9925 4 жыл бұрын

Both lose if the IRS remains King of the Collection Game.

@Erihk_ 4 жыл бұрын

Wayne Salvador :( so true

@JennWest-Liberty 4 жыл бұрын

Wayne Salvador IRS cannot make anyone pay taxes by collecting information using forms without an OMB number. The W4 does not have an OMB number.

@FreedomFinance88 4 жыл бұрын

coin shop gives me cash for my coins last I checked, why would I report it?

@truewealth50 4 жыл бұрын

No ...

@toomuchdebt5669 4 жыл бұрын

The IRS is not an immortal all powerful entity . Like all tax collectors of the empire they die with it too.

@MiccaPhone 4 жыл бұрын

I would never accept a piece of gold in a real world situation, because I couldn't verify its authenticity! In contrast, for Bitcoin its authenticity I can easily verify and I cannot be defrauded.

@campion04 4 жыл бұрын

Hostile aliens arrive on earth and demand all our resources if we are to be allowed to live. They take all our gold, silver, and hot women. Surprisingly, not a single Bitcoin was taken. Those fools!

@rz9018 3 жыл бұрын

@@campion04 why would the aliens take gold n silver if only humans value it.

@araashmehta7719 3 жыл бұрын

Why not? Lol. Who cares if you don’t. You are nobody in that case. Billions of other people already do. And no you can’t easily verify a Bitcoin transaction. It takes miners, energy, a software. Which equals to a lot of time energy and money. For gold, you just need to physically collect it. And pass it on physically. And yes, you can very much not only lose your Bitcoin key or password, but also have your wallet hacked in infinite number of ways by infinite number of people.

@MiccaPhone 3 жыл бұрын

@@araashmehta7719 You should show more respect and not overestimate yourself. Because your understanding of Bitcoin is wrong. Verification that a transaction is correctly and reliably confirmed does not require a miner. Every full node can do that without special mining hardware. You confuse "verification that a TX is valid" with "creation of a new block of TXs". There are even simpler vetification methods, like SPV. If you do not understand that difference or if you think that this is untrue, then I advise you to learn more about Bitcoin.

@MiccaPhone 3 жыл бұрын

@@araashmehta7719 You say that Billions of people do verify whether gold is authentic. That is an obvious lie. Because even for experts it is quite difficult to check authentic gold bullions or coins vs. those with a tungsten core, for example. It requires expert knowledge AND exprnsive equipment. You are obviously just trolling - better shut up.

@upadeshbhatta Жыл бұрын

Peter stop smashing crypto guys😂😂

@bahmak2003 2 ай бұрын

Lol bitcoin smashing gold now😂😂😂😂

@CureCode1 4 жыл бұрын

Security, Stability, Transparency, Reliability, Accountability all are qualities that instill human trust and thus value in something. By buying Bitcoin, you're placing your Trust in Mathematics, which carries all the aforementioned qualities.

@nanonerd100 4 жыл бұрын

CureCode1 this. It all comes down to TRUST. No one seems to get it. Bitcoin is crypto fiat. But the diff is control and rules. Which do u trust more? Bitcoin fiat or govt fiat. I vote bitcoin. Bitcoins value is that I trust it more than govt fiat. Gold has value but one thing lacking is that it will never be used as currency.

@GamezGuru1 4 жыл бұрын

@@nanonerd100 but you cannot buy anything with it!

@FernandoRisuenho Жыл бұрын

I wish I had watched it earlier.

@YouAlreadyKnowBabi Жыл бұрын

lmfaooo. Hold that my Fellow Fernando

@geoms6263 6 ай бұрын

during debate btc 9000 dollars , now 37000 dolars

@thiagowutzkeod2453 Ай бұрын

more like 70k

@goldismoney5899 4 жыл бұрын

Good to hear a rational reasonable calm debate. END THE FED AND HANG THE BANKERS.

@BD-me4nk 4 жыл бұрын

Buy Bitcoin and you are hanging bankers and killing the Fed

@levi2954 4 жыл бұрын

Just FYI Peter, it is only legal to use precious metals as a medium of exchange in the state of Utah.

@mikel87 4 жыл бұрын

And in Switzerland

@araashmehta7719 3 жыл бұрын

Lol. Now Mexico has come out with Libertad silver coin. Your argument seems to be dwindling by time.

@jarronjackson6670 4 жыл бұрын

Peter, please stop interrupting Pomp. You lost, and Bitcoin will continue to outperform Gold. I'll bet 100k with you, that my 10 bitcoins will outperform your 10 gold ounces in 5 years.

@brictator 4 жыл бұрын

31:45 hershey bar wrappers are a non correlated asset too

@thundaga4005 4 жыл бұрын

17:40 - that made me crack up. Peter just finished answering that. haha

@EricSmyth2Christ Жыл бұрын

But why male models ?

@MiccaPhone 4 жыл бұрын

Antony missed a lot of opportunities to point out Bitcoin's advantages/Gold's disadvantaged. They need to put Andreas Antonopoulos in front of Peter Schiff.

@fastt4211 4 жыл бұрын

lol

@kylegross1081 4 жыл бұрын

Looks like schiff is right once again

@MiccaPhone 4 жыл бұрын

@@kylegross1081 You did not get it. Schiff is not right, he just had an extremely weak opponent who sucks at debating. If you get convinced this easily by superficial debating and the ever same one argument that peter re-iterated 10s of times because it's the only argument he has, then xou are really gullible.

@EnderViBrittania 4 жыл бұрын

Agreed! Pomp didn’t do as great a job in this debate as possible, as he‘s not a Bitcoin Maximalist (avoid all altcoin shitcoins). He’s kind of a normie. For example: 1) Bitcoin already has layer 2s developed, like Lightning and Liquid, which make spending easier. And this is only the beginning. 2) Vast majority of gold demand (90%) comes from store of value speculation, only 10% or less is from “using” it. 3) Gold is used as store of value as reserve asset by central banks and individuals- Bitcoin is used same way by individuals, but not by central banks ONLY because it is very early in Bitcoin’s history. There’s no reason it won’t happen later. 4) Bitcoin is unique because it doesn’t need a trusted third party (TTP) to use it on the Internet. TTP is a security hole (see Nick Szabo’s work). Gold requires TTPs for digital use. 5) Requiring a TTP for use means gold is also subject to restrictions by government. It cannot be digitally sent or used in Iran, as mentioned in the debate, if the TTP is subject to sanctions on Iran. But, Bitcoin can be used without permission anywhere, so it actually has more utility. 6) Bitcoin is far more portable than gold, it can be stored on paper and taken across country’s border in emergency. 7) Bitcoin can be verified instantly to be real, but gold needs complicated assaying to verify it is not fake. 8) Gold can not benefit from the Internet’s innovations, while Bitcoin is born digitally on the Internet, and benefits fully from the innovation there. 9) Bitcoin doesn’t depend only on the Internet. It is just data. So it can be used across radio signals, satellites, etc. Bitcoin is already usable from satellite (Blockstream satellite). 10) Bitcoin didn’t simply have one run from 0 to 20,000 and then correct to 3,000. It had multiple run-ups and corrections in its 10 year history. Arguing it’s a bubble is not realistic, when it has 10 years of this history, and so cannot be compared with tulips which had only 1 bubble. 11) Lottery tickets cannot be compared with Bitcoin, as they are not traded on liquid free markets with buyers/sellers and a floating price. 12) Bitcoin is unique vs. other cryptos because of first mover advantage & network effect. This is why BTC is worth $200 billion according to the market, and nothing else even comes close. 13) It is possible in the near or distant future to have asteroid mining that causes gold supply to inflate hugely. It is impossible to ever have Bitcoin supply inflation. Bitcoin max supply is known and can’t change. 14) If Peter thinks he’s right, he should have skin in the game by short-selling Bitcoin on the market, as he lacks accountability with only his words. People who buy Bitcoin put their money where their mouth is, but Peter does not, so there is no cost for him to make bad arguments against Bitcoin. 15) etc. etc. etc.

@OfficialXAntiDote 4 жыл бұрын

Ender vi Britannia so much more to name even but great one!

@tekkertruth1256 3 жыл бұрын

Great debate, informative and hilarious.

@user-oy9zy4ds9m 4 жыл бұрын

The symbol for bitcoin is a freakin GOLD coin. Nuff said.

@workwithnature 4 жыл бұрын

Peter regarding your debate with Pomp. This is what I think you are missing regarding gold vs crypto. You mentioned gold derives it's value from being used in industry and it is made into jewelry. Golds physical properties are about as useful as coppers physical properties, when used in industries. Maybe golds are a little bit better. As for jewelry, the properties of silver are as useful in making jewelry as the properties of gold. Society has just decided gold is worth more. You saying that gold derives its value from those attributes is not true, people use gold in jewelry because it has value and in electronics because it makes a slightly better conductor than copper. But copper is cheaper, silver is cheaper. Both then should have the same value as gold. That was not a good argument. It is true what gives everything a store of value is the belief in some properties the asset has, that are desirable. So what gives gold it's value if it is not those two attributes you mentioned. In my opinion golds value is, as you also mentioned the attribute that it will stay the same for 1000's of years. Bitcoins main value is it is a decentralized payment system. Furthermore both assets are rare adding to why they make sound money. Gold is rare in a useable form on earth. Bitcoin and the 40 or so other decent cryptos were designed to also be rare. There are some pros and cons in both. Crypto will only be usable for as long as there are computers in use and the internet is a thing and as the space develops new ones can take the place of old ones. They are a good medium term store of value. Gold is a long term store of value. But for how many generations will you store that gold? Golds drawbacks are it can be confiscated if you don't hide it well. But it is more tangible and some will trust it more. Both of these assets do not complete with each other, but rather compliment each other. I own some of both. When the dollar collapses there will be more than enough to go around for those who own both. Am more worried about those who do not own any deflationary assets. If we spent our energy more on educating the public, which in fairness you are doing than this in house fighting then then that would benefit more people. Even in the crypto space there are in house fighting of my crypto is better than yours nonsense. It becomes real old fast.

@tigeroll 4 жыл бұрын

He made a good point that the first crypto available had no competition so it was more rare and scares like gold now there are over 1000 cryptos and more every day developed. Having so many choices of cryptos to buy dilutes their value each and every day, eventually they will be worth where they started at. If there could only be 1 crypto only then it would only go up, but that can't be forced so they all go down over the long time. Gold can not be created, there is only so much of it on Earth so it's value will only go up over the long time.

@workwithnature 4 жыл бұрын

@@tigeroll Well not quite true as of right now. Bitcoin does have first mover advantage and has kept that for ten years now. It is known in the space to be the store of value, as also institutional investors are now buying in. There are forty or so cryptos that have good tech and do completely different things to bitcoin. They are designed to run smart contracts on them, decentralized protocols that have many use cases in the real world. Also applications can are build on them. Different thing all together. So not just payment systems. Many of the scams and failed cryptos are either near zero or already gone and nobody invests in them anymore. A bit like how stocks go to zero if they have weak fundamentals. If you want a way store your capital for the medium term then bitcoin would be the one to go for. I can't see it changing any time soon. If you want to speculate then investigate cryptos that have a real world usecase and are working with well known companies like google, Samsung or IBM.

@tigeroll 4 жыл бұрын

@@workwithnature Some friends of mine sell some of their BTC holdings and try to buy newer ones like ChainLink or VTC to make more profit so it does draw away from bitcoin when they sell it. If too many people sell it like that it goes down more.

@workwithnature 4 жыл бұрын

@@tigeroll Yes exactly. But most money buying right now is in bitcoin, because of all the factors going on in the economy. The space also has an alt season and bitcoin season. So most of the alternative cryptos are down a lot right now. I bought then now because there is a good chance that when bitcoin hits 20k the alts will take off too. Now they are cheap.

@estimatesalestraining366 3 жыл бұрын

it’s not a store of value! It’s not an investment! It doesn’t produce anything! You can trade apples for oranges. You can measure oranges in apples. Measure Bitcoin without using dollars. How many Bitcoin for one apple? Don’t use money to measure it

@010193daniel 3 жыл бұрын

Peter Schiff WINS..... Goldtality!

@stephb7702 4 жыл бұрын

I have a question for all the gold and silver bugs here... I have been buying physical silver for years now but what's the move? To wait until the dow to gold ratio gets below 2:1 and then put everything in the dow? Or just hodle everything and wait for the purchasing power of gold to go up? What's your plan? Sorry for the dumb question... I'm figuring out that i'm buying all this gold and silver like the bitcoiners: for the price to go up, but dont actually have a plan as to what to do with it when the time is right... any help is appreciated, thx!

@tigeroll 4 жыл бұрын

It's a store of value, when the US dollar drops in value due to the unpayable 24 trillion National Debt then gold will rise 10,000 percent. When you can buy a house with a half a dozen gold coins that's when to trade them up or buy 20 acres with 4 gold coins or buy a nice car with 2 gold coins. Eventually all fiat currencies go to 0 over the history of the Earth.

@AC-wl7ve 3 жыл бұрын

thats right, measure everything on ratios, not just gold and silver, do it with all assets. silver is historically undervalued compared to other assets right now, wait for the gaps to close and thats when you convert.

@gregrichey840 4 жыл бұрын

I buy bitcoin and silver and I have yet to buy anything like a cup of coffee with either.

@JesusChrist5000 4 жыл бұрын

lol me too

@indo3052 4 жыл бұрын

Lol

@EnderViBrittania 4 жыл бұрын

Yeah, because these are also used as store of value, which is perfectly fine. No need to buy things with it, that’s what currency like USD is for.

@sanleeyang914 4 жыл бұрын

that moment when the government can come and confiscate all your gold but can't touch your bitcoins

@Sage16226 4 жыл бұрын

It happened before

@Sage16226 4 жыл бұрын

@Shaun s They actually can't. You can either memorize the private key or setup a code to get your private key which could be stored in a book or by using a numeric system.

@brainwashington1332 4 жыл бұрын

@@Sage16226 u can hide ur gold and recover it later, hide it in a secret room and someone, preferably ur heirs may find it. u may forget ur private key, or die in a freak accident and ur sh!tcoin is lost forever

@Sage16226 4 жыл бұрын

@@brainwashington1332 Ahh sh!tcoin, I see you've watched those CNBC Congressional hearings. Moving on, you miss the point I was trying to convey. In the likely to unlikely event where a government tries to ban or confiscate crypto, you can store your BTC in the way I described earlier and easily walk across the border with nothing more than the clothes on you and some of your wealth stored in your brain.

@Silvermeow 4 жыл бұрын

Shaun s they can’t dumbass lmao unless they torture you

@Playonstereo 4 жыл бұрын

Whatever go up, the state will tax it and so the state will be the winner!

@angelitavenegas5619 3 жыл бұрын

Thank you for your input

@HunterBISONQB 4 жыл бұрын

Great closing statement by Peter!!

@slhines7 4 жыл бұрын

Gold is currently priced at all-time record highs in most currencies except for the "USD".

@hubblebublumbubwub5215 4 жыл бұрын

That doesn’t make sense. It’s either most currencies period or all currencies except for USD

@slhines7 4 жыл бұрын

@@hubblebublumbubwub5215 It is all ass-backward and one would think so, but this is not the actual case.

@codycast 4 жыл бұрын

Hubblebub Lumbubwub because the $USD is strong against most other currencies.

@Reecemacka 4 жыл бұрын

2100 here in Australia. Highest ever in aud. up 10% in 3 months

@financefreedom8988 4 жыл бұрын

There have only ever been a half dozen or so precious metals: gold, silver, copper, platinum, palladium, and nickel. But the number of cryptos has quickly risen from 1 to more than 1,000. That's hyperinflation of cryptos.

@EnderViBrittania 4 жыл бұрын

Finance Freedom - Bitcoin is unique vs. other cryptos because of first mover advantage & network effect. This is why BTC is worth $200 billion according to the market, and nothing else even comes close.

@brictator 4 жыл бұрын

28:20 no Peter! the thousands of years argument only goes so far. I wanted to see you list the elementary properties of gold that make it unique in the universe, ajd how those have NOW surprisingly lent it new life in industry, outside jewelry, which here in Thailand you couldn't miss. Most ductile element. Period. Can stretch it into the thinnest wire that ALSO conducts electricity in the top tier of elements but DOES NOT TARNISH so could be run underwater and left alone a thousand years, or used on Mars or other planets in exploration robots without reacting with whatever's in their atmosphere. In tiny medical implants that you wouldn't want to have to reopen a guy to clean off. It is ancient, it is pretty, but it is uniquely perfect for the most modern and futuristic applications. If you believe the crazy Annunaki stories then gold was even in demand by aliens who wanted to pump atomized gold into their atmosphere to deflect harmful solar radiation. Sounds like the green new deal is coming soon, I'd expect them to try that

@EVERYTHINGUNEDITED1 2 жыл бұрын

whereas bitcoin or crpyto currency are just mathematics and programming.

@EVERYTHINGUNEDITED1 2 жыл бұрын

doesnt provide any value in itself

@ayy2193 4 жыл бұрын

19:00 what is the cost of this trust? In terms of time to transfer and middleman fees

@DH-eg8nt 4 жыл бұрын

Gold and Silver are useful commodities beyond just a unit of exchange. This fact alone trumps bitcoin and other fiat currencies, ultimately ending the debate for me. I am very grateful for the knowledge Peter and his father Irwin Schiff (who stood strong against the tyrannical, illegal IRS and should be celebrated as a hero) has shared through several books, speeches, and recordings over the years. Like Alex mentioned below I have been listening to Peter and Irwin so long, I could debate bitcoin advocates in my sleep.

@johnbaird1694 4 жыл бұрын

D H What peter having the same old arguments that get debunked every debate he’s in. The amount of people who have only listened to Peter to learn about bitcoin is astonishing. Listen to Andreas Anotonopolous, but I’m sure you won’t.

@user-tq1qd3iu2t 5 ай бұрын

Really? What do you use gold and silver for and what supermarkets accept it for a some bread and milk?

@tylergallagher6991 3 жыл бұрын

The Bitcoin side’s best argument is the concept of level one technology as a standard for value, though that argument has some holes. The problem is that gold has a long history to back it up, whereas Bitcoin is a bet that society will adopt it as a replacement.

@DeeDeckerOfficial 4 жыл бұрын

I take Bitcoin. Cause I don't believe banks. However I also take gold. Cause they both have value. Keep your Fiat

@SportZFan4L1fe 3 жыл бұрын

Man has used Gold as Money for thousands of years because of one thing. ... Gold is IMMORTAL. And IMMORTALITY is what Man has Always been trying to Achieve. Gold represents that which Man CANNOT attain and that's why it is seen as a store of Value.

@imconfusedtwo9268 4 жыл бұрын

Peter is a wise bird, he knows his shiz to a tee.

@Snubrevolver 4 жыл бұрын

@Ezra BitCohen The economic principles stay the same. The whole attitude of "this time it's different" is precisely how people fall into traps.

@Snubrevolver 4 жыл бұрын

@Ezra BitCohen I'm talking about the crypto market being a speculative bubble

@user-hc5hy3lm7k 4 жыл бұрын

@Ezra BitCohen. Sure if you want to make transferring a piece of nothing highly secure. Peter said it is very easy to transfer a piece of nothing lol.

@EnderViBrittania 4 жыл бұрын

@user-hc5hy3lm7k 4 жыл бұрын

Sure if you want to send a blockchain of nothing lightning fast. Sure you can keep your piece of nothing insanely secure. Sure your piece of nothing would be portable. But in the end, does anybody really need a piece of nothing? lol A blockchain of nothing (Bitcoin) is the same as a chain of empty bags, you still get stuck holding an empty bag.

@DListening 4 жыл бұрын

Anthony looks like a freshman getting his first lecture in macro economy 101 from a college professor.

@cryptoverse1014 4 жыл бұрын

Except that he brought more points than Peter in this one

@RhymesALittle 3 жыл бұрын

Peter looks like the stubborn professor who cannot admit he is wrong even though the truth is right in front of his eyes.

@AC-wl7ve 3 жыл бұрын

@@cryptoverse1014 all of his arguments were completely flawed. he compared owning crypto to using a gps or listening to a song. well, it doesnt cost me anything to do either of those things, yet they are both far superior technology to bitcoin and also happen to be far cheaper to invest in.

@jma5599 4 жыл бұрын

Peter, the outer electron shell for gold is a complete shell, therefore, gold has very few reactions compared to other metals.

@toomuchdebt5669 4 жыл бұрын

Title of the video is wrong Gold vs Imaginary prime numbers. 😂😂

@hubblebublumbubwub5215 4 жыл бұрын

The universe is data too, our senses make us experience things like matter

@toomuchdebt5669 4 жыл бұрын

@@hubblebublumbubwub5215 Data is certainly valuable eg. numbers language, mathematics, schematics. But they are not physical commodities therefore can't be a store of value or energy. Cryptos are no different from email free and opensource.

@matthewmurphy2259 4 жыл бұрын

We will see, wont we ;)

@DBEdwards Жыл бұрын

1 OCTOBER 2021. BITCOIN $68,925.00 USD. TODAY 7 OCTOBER 2022 BITCOIN $19,505.00 USD.. Investors in Bitcoin are having their arses kicked. Peter Schiff is right.

@geoms6263 6 ай бұрын

during debate btc 9000 dollars , now 37000 dolars

@Bri_bees 4 жыл бұрын

Cant be fake young people cant remember the Hunt brothers.

@Freempg 4 жыл бұрын

The Hunt Brothers were accused of cornering the silver market. The Fed and exchanges responded by making it "illegal" to buy silver contracts. One could only sell. The silver price fell from $50.00 to $7.00. Fast forward to today. JP Morgan owns the third largest physical stockpile of silver in the world. JP Morgan is also the custodian of the second largest stockpile of physical silver which backs the exchange traded fund, SLV. We the Peons own the largest amount which is decentralized to meaninglessness when it comes to price control. In other words, JP Morgan has cornered the silver market without a peep from the "authorities". They have reduced silver to a shitcoin.

@Burning_Babylon 4 жыл бұрын

mostpeople that have hunt bros on the mind havent made a penny in there life

@sophiemckeon9785 4 жыл бұрын

sweet cant wait to watch!

@bjarman125 2 жыл бұрын

anthony should address peter as "daddy" after this debate

@alelaw9526 4 жыл бұрын

Buying gold is not easy... specially if you want to store it yourself. Buying it electronically can be sort of easy but making sure you are getting what you paid for is not that easy at least for the lay.

@changmoon 4 жыл бұрын

props to the interviewer, he was great at making sure the topic was complete before moving on and tried to give both parties a chance to speak. although Peter butted more times xD

@JuanAdam12 4 жыл бұрын

I don't buy the "other uses" of gold argument, just as I don't buy the "Bitcoin has value because people want it" argument. Both are weak, and beside the point of what makes each appealing. That said, I think a solution is to combine the virtues of both assets: Blockchain technology backing physical gold. Peter's sparring partner was very respectful. Peter could've reciprocated a bit more and not talked over him so much (per usual). You'll outwear your welcome acting like this, Peter Schiff. If nobody wants to debate you, you have no voice in the conversation happening despite you.

@major69420 4 жыл бұрын

if i remember right they tried that in the early days of bitcoin and the sec or some agency shut it down... wonder why

@JuanAdam12 4 жыл бұрын

Michael S I remember this, too. I know my idea isn't original. I suspect the reason both parties don't get into this is that they each have something to sell, right now. They aren't (interested in) having a discussion about monetary policy. The whole thing is dumb. If you want gold, buy gold. If you want crypto, buy crypto. Then shut up about it. No one cares what you decided and being vocal isn't going to move the market for what you bought.

@jma5599 4 жыл бұрын

When peter was asked to compare the underlying software of BTC vs the software of music, he quickly deter the conversion to his rhetoric. lol Isn't the software is the same across the spectrum? Is the software keeping the books and record of eurpac capital worth anything?

@garrettbrown1871 4 жыл бұрын

QuickBooks doesn't fluctuate in price daily on a market. Blockchain, comparable to the book keeping software, is the tech. Bitcoin, is what's moving in price, not blockchain. It's like all the software necessary to make your brokerage account work. The stocks are what's moving in price, not the software. Peter's point was, music has value forever( to whomever likes it of course). You can sell a Led Zeppelin record that is 35 years old to someone, it will always have value. Bitcoin is nothing but a stream of 1's and 0's. I know, so is digitized music, but music can be undigitized back to acoustic music, you get my point. Bitcoin it nothing. If it crashes and no one wants it, it is literally NOTHING,ZIP! Just like all the numbers on the screen in your bank account. It's fiat. I get it though, Bitcoin is backed by a network of participants, which is something. Just better hope to God nothing comes along to steals that status, or Bitcoin is going bye bye like mySpace. Even if Bitcoin fails, blockchain tech will live on forever though. Blockchain is the new internet, not Bitcoin.

@Imakeplanesboom 4 жыл бұрын

50:07. One of the funniest 30 seconds in all of KZfaq!

@robwulz3493 4 жыл бұрын

At 23 minutes i think Peter delivers a one punch knockout , the moderator shuts him down.. When the first country goes to a digital currency , and it will , it will not be bitcoin . Eurocoin , dollarcoin , yuancoin ? Your bitcoins would be worthless instantly , and probably made illegal . My gold would still be gold .

@RhymesALittle 3 жыл бұрын

Wrong. Bitcoin is attractive because it is a decentralized non-inflationary asset. a “dollarcoin” would still be controlled by the government and they could “print” more dollarcoins at a moments notice by minting more dollarcoin tokens. Bitcoin cannot be manipulated in this manner and that is the main reason it has, and will continue to see so much upside. You are assuming bitcoin is only valuable because it is digital and therefore digitizing fiat currency would render it obsolete, but bitcoin derives its value not for the mere fact that is digital, but because it is programmed to have a fixed supply and people cannot just print more bitcoin.

@robwulz3493 3 жыл бұрын

@@RhymesALittle Can't they divide it ? What is a millionth of a Bitcoin worth ? Same as printing , just backwards and same result i imagine . Enjoy the ride brother .

@vibhumehrotra6254 3 жыл бұрын

when he says crypto has no value does he mean only bitcoin? As Ethereum for eg does have value backing the asset. (if i am wrong feel free to tell me why)

@hundredrolex4574 3 жыл бұрын

quick question.... if you bought $1000 of gold and $1000 of bitcoin when this debate happened what would you have today?

@ludwigvonmiseswasright4380 4 жыл бұрын

What a biased opening! Lol laughable. Thank you Peter Schiff for presenting the case for gold! I hope someone heard the truth for the first time today because you spoke it, so it could be heard

@ludwigvonmiseswasright4380 4 жыл бұрын

@Crypto Mining the question "what is money" is an economics question. Also it is informed by history and what human nature has always tried. Many societies have attempted to reduce money to a unit of account. But Murray Rothbard wrote a long essay entitled "what has government done to our money" that gives an explanation of money as a COMMODITY at it's core. The technology of Bitcoin is unique, but the principal is not. It is a digital fiat.

@ludwigvonmiseswasright4380 4 жыл бұрын

@Crypto Mining fiat "let it be done". The value is conferred upon it, rather than the value being inherent. (A cigarette works as a means of trade because it can be smoked by someone. Gold works as a means of trade because it can be made into jewelry or electrical or computer functions). Bitcoin's value is conferred upon it. It is valuable "because I said so". It has no inherent value. That is all that is meant by fiat. Money must be a commodity to work. Bitcoin will not last, since it's value is fiat, not inherent.

@dchan0425 4 жыл бұрын

You know it's a scam if people try to say bitcoin is like gold. Gold owners will never say gold is like X.

@Schoolship. 4 жыл бұрын

if you were trying to tell me what gold is, and I knew what X was, you'd say "it's like X, but..."

@Leeway4434 4 жыл бұрын

"Gold is like silver"?

@dchan0425 4 жыл бұрын

@@Leeway4434 Totally different properties. Only similarity is they are both metals.

@airRozi 4 жыл бұрын

Well if u dont understand the similarities u dont undersand bitcoin good enough. Do more research

@Leeway4434 4 жыл бұрын

@david Chan false. They are also both a store of value

@Chris-pn2iy 3 жыл бұрын

"Is Bitcoin the new gold?" Good of CNBC Africa to have Peter Schiff on this crash course on real currency.

@obafaappteam4777 Жыл бұрын

Thanks Peter

@nytronymous 4 жыл бұрын

Gold will always keep its barterability..but blockchain is the next faze. Bitcoin backed by precious metals...your debate is unnecessary.

@EnderViBrittania 4 жыл бұрын

10 Comm IMMANU EL code - Bitcoin backed by precious metals makes no sense. Bitcoin is already digital gold, the point is it does not need to be backed by anything.

@EnderViBrittania 4 жыл бұрын

Shaun s - Bitcoin is unique vs. other cryptos because of first mover advantage & network effect. This is why BTC is worth $200 billion according to the market, and nothing else even comes close.

@frogger2513 4 жыл бұрын

Schiff does an idea have value? How about a picture on your computer. Things do not have to be physical to have value.

@Investortradeschool 4 жыл бұрын

Frogger 251 until it’s manifested, it’s only potential. Zero value to anyone else until potential is realized

@justinbrian3422 4 жыл бұрын

Very enjoyable debate!

@codycast 4 жыл бұрын

Why the hell is music playing in the background?

@zonnenrad 4 жыл бұрын

What about all the gold in outer space that can suddenly inflate the supply when found. Aint no Bitcoin in space

@myshit3694 4 жыл бұрын

Aaron Van Langendonck then silver would be the thing to have.....

@JustinColletti 4 жыл бұрын

That’s a silly argument. It already costs so much to dig gold out of right here on the earth that most of it is not economical to mine. How much do you think it would cost to mine gold in space? A lot. There’s plenty of gold in the bottom of the ocean, but no one mines it because the gold price would have to rise dramatically for it to make any sense to try and go get it. Trying to get it from space would be much more expensive still.

@jannisrothenhaeusler8610 3 жыл бұрын

30:29 thad didn't age well...

@cryptogeist8872 5 ай бұрын

This aged well for Pompliano and BTC.

@jackkrauser1763 2 ай бұрын

How about now?

@876pips 3 жыл бұрын

Didnt play out well huh peter

@wussmode 4 жыл бұрын

Good debate. Very level and informative despite I think Bitcoin is a Ponzi scheme.

@workwithnature 4 жыл бұрын

everything is a ponzi in that case. The greater fool will buy my gold too.

@aalmisry 4 жыл бұрын

Peter was very convincing here

@musicislife2000 2 жыл бұрын

This wasn't even a debate Anthony was literally asking peter questions lol

@BLDUBMUSIC 3 жыл бұрын

amazing debate!! love both of their views

@4CiiD3 4 жыл бұрын

This debate is very great. The dialog is clear, and both parties could express their points without too much sophistry. Amazing !

@EnderViBrittania 4 жыл бұрын

Agreed, but Pomp didn’t do as great a job in this debate as possible, as he‘s not a Bitcoin Maximalist (avoid all altcoin shitcoins). He’s kind of a normie. For example: 1) Bitcoin already has layer 2s developed, like Lightning and Liquid, which make spending easier. And this is only the beginning. 2) Vast majority of gold demand (90%) comes from store of value speculation, only 10% or less is from “using” it. 3) Gold is used as store of value as reserve asset by central banks and individuals- Bitcoin is used same way by individuals, but not by central banks ONLY because it is very early in Bitcoin’s history. There’s no reason it won’t happen later. 4) Bitcoin is unique because it doesn’t need a trusted third party (TTP) to use it on the Internet. TTP is a security hole (see Nick Szabo’s work). Gold requires TTPs for digital use. 5) Requiring a TTP for use means gold is also subject to restrictions by government. It cannot be digitally sent or used in Iran, as mentioned in the debate, if the TTP is subject to sanctions on Iran. But, Bitcoin can be used without permission anywhere, so it actually has more utility. 6) Bitcoin is far more portable than gold, it can be stored on paper and taken across country’s border in emergency. 7) Bitcoin can be verified instantly to be real, but gold needs complicated assaying to verify it is not fake. 8) Gold can not benefit from the Internet’s innovations, while Bitcoin is born digitally on the Internet, and benefits fully from the innovation there. 9) Bitcoin doesn’t depend only on the Internet. It is just data. So it can be used across radio signals, satellites, etc. Bitcoin is already usable from satellite (Blockstream satellite). 10) Bitcoin didn’t simply have one run from 0 to 20,000 and then correct to 3,000. It had multiple run-ups and corrections in its 10 year history. Arguing it’s a bubble is not realistic, when it has 10 years of this history, and so cannot be compared with tulips which had only 1 bubble. 11) Lottery tickets cannot be compared with Bitcoin, as they are not traded on liquid free markets with buyers/sellers and a floating price. 12) Bitcoin is unique vs. other cryptos because of first mover advantage & network effect. This is why BTC is worth $200 billion according to the market, and nothing else even comes close. 13) It is possible in the near or distant future to have asteroid mining that causes gold supply to inflate hugely. It is impossible to ever have Bitcoin supply inflation. Bitcoin max supply is known and can’t change. 14) If Peter thinks he’s right, he should have skin in the game by short-selling Bitcoin on the market, as he lacks accountability with only his words. People who buy Bitcoin put their money where their mouth is, but Peter does not, so there is no cost for him to make bad arguments against Bitcoin. 15) etc. etc. etc.

@anthonyhu341 4 жыл бұрын

I love gold, but Anthony Pompliano has a point. Having some exposure to this asset class doesn't hurt. Starting think it could be a good hedge.

@xesentertainment 3 жыл бұрын

48:29 I did miss my shot I should have bought it when I 1st heard about it - Peter Schiff

@sonny4997 3 жыл бұрын

lmao his dumbass would've sold at 10% profit. no vision.

@yourdad6846 4 жыл бұрын

It was once like I was craving for your videos but now I have to drag myself but still 6 videos behind.

@4Mikes4Mindset4 3 жыл бұрын

Respect on Respect Shown. The macro reasons why to hold both are agreed on. That is more than enough to buy into old school, new school.

@brictator 4 жыл бұрын

30:20 10 is less than 20. looking forward to the reply on that one

@goldenindependence4457 3 жыл бұрын

I think he got that one wrong too. It proves he doesn't understand bitcoin.

@satoshifomonacci8748 3 жыл бұрын

This didn't age too well, did it?

@necorvartem6803 2 жыл бұрын

Hi I’m from the future. It’s 60k now. It’s totally declining. Market peaked for sure.

@fifteenbyfive 2 жыл бұрын

@@necorvartem6803 People who are wrong on Bitcoin are some of the wrongest people on earth.

@herpderp7114 2 жыл бұрын

@@necorvartem6803 I'm also from the future, it's now under 20k again.

@JoelBondurant 4 жыл бұрын

Schnorr signatures will make Bitcoin transactions untraceable.

@tigeroll 4 жыл бұрын

NOW, you might have something!

@SagefulSolutions 4 жыл бұрын

We already have that, with Confidential transactions. elementsproject.org/features/confidential-transactions

@Oetti 4 жыл бұрын

Extremely entertaining debate!

@MissingFrogs 4 жыл бұрын

Is there a transcript of this?

@lailai6402 4 жыл бұрын

If bitcoin is between gold and fiat in some sense, that makes it even more valuable, than if it were simply a better version of gold. It has the best of both worlds. And that, readers, is a hallmark of any great scientific discovery and innovation.

@coastshooterkills4614 3 жыл бұрын

whats the best part on the fiat half? to me if its in the middle that means its in second place to gold

@araashmehta7719 3 жыл бұрын

I agree. What a dumb answer. Lol

@jakethesnake2655 4 жыл бұрын

Gold not that heavy tell my back that, I work for brinks that shits heavy, maybe not as heavy as other metals but its heavy

@Alfie-ni7lx 4 жыл бұрын

In the context of how much gold the average person could carry their live savings very very easily in gold. if you carry 1kg of gold would be about $50k so no relative to it's value it's not really very heavy at all and I think that is his point.

@ZFerguson 4 жыл бұрын

I own both as speculative investments. I choose both.

@gg-ni9xe 2 жыл бұрын

Schiff wins the debate (I already saw this one and am not going to spend an hour watching, but good content as usual)

@michaelbacchiocchi8111 4 жыл бұрын

Way to tell em, Petey

@freestrike2000 3 жыл бұрын

lol I bet you feel pretty stupid right about now!

@michaelbacchiocchi8111 3 жыл бұрын

@@freestrike2000 yeah I pretty much quit listening to this guy altogether

@hmmob3956 4 жыл бұрын

17:42 Ha, ha. Moderator is a funny guy. Peter just explained all the use cases of gold other than a store of value and he asks what all the other use cases are.

@EricSmyth2Christ Жыл бұрын

Yeah he thought of the question early and shut down, waiting for Peter to stop talking and then finally said “But why male models?”

@gperilli 5 ай бұрын

So funny to hear Peter Schiff talk about the Bitcoin price at $10,000 4 years ago...

@ratipati2007 4 ай бұрын

Watching in 2024 where BTC is $43,000. Peter's arguments are so wrong and it seems his position is a sour grapes kind (because he missed the shot when it was $10).