Ivan on Tech debates Peter Schiff - Bitcoin vs Gold, US Dollar Crash
I'm excited to tell you guys that we've hadthe one and only Peter Schiff here on the show! Peter has been critical about the traditional financial system for many years, he foresaw the financial crash of 2008. HE HATES BITCOIN though. Peter is all about gold and doesn't see the value in Bitcoin. We've talked about his past, financial system, gold, bitcoin, dollar crash etc. Was interesting, deep, knowledgable, and extremely fun! JOIN US!
PETER'S WEBSITE http://www.schiffgold.com/
Thanks for watching guys 💝
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Ivan on Tech by Ivan Liljeqvist
Thanks for your great work Ivan. You helped me a lot if it comes to learning about crypto from the technical side. I also like the new perspectives, interviews like that bring in.
Peter Schiff is another interesting guest, bringing in arguments and thoughts, I haven't considered before. To my surprise, he also had some reasonable knowledge about the crypto space but at the same time, he seems to lack the view of a bigger picture. The fact, that he seemed to be more interested to stand in for gold, than giving both sides a fair share of attention and interest, did not serve his credibility. Although I have to agree on some points, some arguments are almost hilarious, and how he insisted on pushing his agenda of getting back to the gold standard almost gave it a nostalgic touch.
One of the worst arguments/examples was the comparison of Bitcoin to a modem and the fact that modems were rendered obsolete due to technical progress. Since Bitcoin is a protocol, it should not only be compared to a protocol but also has the property of a protocol to sustain/grow with technical progress over decades, like TCP / IP did.
Although I spoke critical of Peter Schiff, he deserves respect and appreciation for sharing his point of view and taking time for this interview. Also and again, a huge thanks to @ivanli for bringing up not only interesting content in the technical domain but also controversial debates/interviews like this.
Good comment. It's good to engage with controversial viewpoints to arrive at what is more accurately The Truth.
Thanks Ivan, I have to say I am very impressed! You did a great job! 😆 😉 👍
cool brader
Great interview, @ivanli!
As much as I like Peter Schiff's economic insights, I think he still hasn't understood crypto or Bitcoin.
He seems to think that bitcoin is just about its codebase, which can be improved upon by other projects. But Bitcoin is also the adopter community, developer community (which has some of the brightest minds in the world), merchant adoption, exchanges, etc., etc...
Bitcoin is now a living entity that will continue to evolve and refuse to die!
True, I think the biggest obstacle for many is that crypto does not represent something tangible unlike metal. Not sure that it's rational to prioritize tangible assets over intangible - but still this bias persists.
The history of money begins with governments creating it out of thin air... gold backed money comes much later as does privately issued money. This guy needs to read a book...
The history of money begins with people bartering. I think someone else needs to read a book...
No it doesn't... where did you read that? Money starts with fiat money about 5,000 years ago in the middle east ... it was credit that kept track of debts between citizens in. There's no evidence of bartering in our history (despite what economist speculate in their textbooks)... there were complex systems of gifting goods between friends and family but no bartering (which is distasteful in most cultures). We went from fiat credit to coins around 250 BC when formal armies started to be formed.
Read a better book :p
Yes and history has proven that every time there is a crisis that barter system makes you reconsider what the value of some goods are.. for instance a roll of toiletpaper and tampons are worth much more when SHTF. Everything seems common and taken for granted until the music stops. Haven't drank the kool aid but nothing wrong with some extra water, rice, beans, ... in your personal stock.
Common now.. educate yourself a bit more on this matter. Up for grabs if internet visits you much 😊
'It was more than 5,000 years ago that primitive commodity money was used in Mesopotamia, and it's been over 3,000 years since metal coins began circulating. For more than 99.2% of human civilization, money actually meant something… right up until 1971 when Richard Nixon ended any remaining link between the dollar and gold.' *business insider
Mesopotamia used credit that was fiat in nature... not commodity money. They recorded debts on tally sticks (which could be traded much like bonds currently are). The debt wasn't backed by a commodity. Debt began to be backed by a commodity when coinage began circulating. Due to people confusing the coin which was meant to reflect a magnitude of debt with the wealth it represented. Both the original form of credit and the coinage that followed was fiat in nature. Free market money comes much later
Oh Peter, always see the dips coming but never know what to do to make a profit off of it... then miss the 7 years of expansion every time :s
In this day and age it's easy to say there's a crash commin'. It doesn't take a rocket scientist to see this fiat money system is an end game. But still, markets can be irrational longer than you can stay solvent.
I just get confused when they say a crash is coming after a crash just came... after the crash comes the recovery but Peter always forgets about the 7 years of prosperity.
Ivan great job. Keep up the great work. People will continue to criticize cryptos, bitcoin. Buy you were right that’s how people criticized internet and email also in the beginning.
wow Peter Schiff is a level. Hope to see you in Anarchapulco 2019! Or maybe soon on Anarchast with @jeff.berwick from @dollarvigilante
Great conversation @ivanli
I appreciate your recent shows between Schiff and Heart. A lot of good diverse viewpoints! I like that you don't limit your guests to Bitcoin Maximalist and Crypto Perma Bulls!
I think we as a community should focus on why something that is intangible can have more value than something tangible. It may be easier for younger people who are more fluent in digital spaces. However it's clear that older folks around Schiff's generation (baby boomers in USA) still have deep skepticism of intangible assets.
Agreed. My rebuttal to the objection that bitcoin is intangible and unbacked is this: The bitcoin network is tangible because it is comprised of scarce resources like hardware, energy and human capital. This is what we need to convince people of. No, you cannot eat a bitcoin, and it won't keep you warm in the winter, but what you're buying is the freedom to transact in a trustless manner. The biggest hurdle for the mainstream is the education gap and the paradigm shift required to take the leap of faith by taking personal responsibility. We're so used to having our hands held by the financial system. However I see a place for both fiat and crypto to coexist.
True good points @steadytoken. The freedom to transact in a trustless environment should have a dynamic pricing mechanism.
Ivan, Great podcast with Peter, thanks for posting on Steemit