Peter Schiff is Wrong on Bitcoin and Gold
Peter Schiff seems to hate bitcoin.
Today on his podcast he describes it as a 'digital asset' rather than currency. Bitcoin is set to fail so badly that it will make fiat currencies look good, was the gist of what he said.
In June 2013, Peter Schiff was predicting that gold was on the 'verge of its biggest rally ever' [http://www.businessinsider.com/schiff-gold-on-verge-of-biggest-rally-2013-6?IR=T]
When he made that prediction in June 2013, the price of gold was US$1200 per ounce and by the end of 2013, the price was just over $1205. A year later, in June 2014, $1316, and today, August 2017, $1273 per ounce.
A gain of US$73 in four years in fiat currency. Although towards the end of 2013 bitcoin passed the US$1000 mark for the first time, but an ounce of gold cost more. Today with one bitcoin you can buy three ounces of gold.
One of his major arguments against bitcoin is that although it can be used for purchases, goods are not priced in bitcoin.
Cryptocurrencies may be the biggest bubble in history. Bitcoin is like Pets.com. He even mentioned Tulip mania. And again called fool's gold.
I think not. Blockchain is the technology that is important and not one particular digital currency (or asset).
Steemit has DTube which is an alternative to YouTube which seems to arbitrarily demonestize content.
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