Just watched the recent Joe Rogan with Peter Schiff and now all my money is out of crypto and into gold.
He's right. Crypto is not digital gold, it has no value as a commodity. It is digital fiat. And it is not valuable, no coin is valuable. You only make money from crypto because for now, some greater fool will buy it for a higher price. But it won't continue forever. All crypto value eventually goes to zero, just like all fiat.
You call people nocoiners not out of derision, but out of fear. If the normies don't eventually buy into your coins, you won't be able to make any more exponential gains, because you won't be cash your bags on them. You'll be left holding.
Gold is the past and the future of currency, while crypto is literally no better than a ponzi scheme. It lives on hype alone, you make money only by generating hype and bringing more and more suckers in. Not only shitcoins for which this is transparent, but bitcoin itself. Bitcoin is just a slower process. Blockchain is a valuable technology, but should be applied to actual commodities, not digital beanie babies.
>good goy, take your money our of that system and reinvest it into ours
Isaac Perry
filthy dumb boomer scum
Brody Watson
Mr. Buffet would like a word with you. At least shitcoins have at minimim 1 use case.
Samuel Myers
>all these butthurt coinholders I'll enjoy seeing you burn.
Or you could just get out now like I did.
Jacob Lee
Totally agree I mean this satoshi nakamoto guy could steal all the bitcoins aswell dont forget satoshi he is a pivotal charctr in this "bitecoin" thing
William Russell
Already cashed out, I just hold enough to reinvest and repeat my cycle again which I am
Aiden Phillips
You do know the US not owning gold anymore right? Sorry to burst your bubble but you should research first. All gold is spread out over the world. Heck most gold is thin air. there are more papers than actualy gold. Check out fort knox and the gold reserves from the US. I bet it's almost empty.
Caleb Ross
The hansiatic league felt the same why when double-entry accounting came out of Italy.
This guy mistakes use value for exchange value.
James Gomez
Peter Schiff?
Well shit if he says it, I'm out. Cya fags. I'm not even kidding, he predicted the crash in 2008 and made tons of money. I am out of here.
Evan Kelly
How do goldbugs manage to be literally wrong 100% of the times? One's gotta admire their perfect score at being wrong and oblivious. Is there any way I can ask a goldbug info about what shitcoin to buy and then do the opposite?
Jeremiah Garcia
You are showing incompetence by calling people butthurt nocoiners and trying to push your agenda onto others based on an opinion you heard on a podcast.
Just leave man, just go do your gold thing and leave crypto behind. If we all burn it wont affect you so why are you so upset.
Brayden Jenkins
normie pieces of human scum >missed out an crypto >now think they can FUD retarded inbred imbecile pedophiles you are >empty from the inside >not able to feel >not able to enjoy
Ethan Gonzalez
This.
Salty boomers are pissed that the newer generations found a way to stop them from sucking the blood of the young. No free retirement and medicaid for you, you worthless fucks.
Peter Schiff is the epitamy of a spoiled, delusional boomer and Im looking forward to watching all of their unethical schemes collapse on top of them just as they get to that special age. I hope they invested in a gun with at least one bullet in it.
Ryder Morales
>taking decades to become a millionaire
Joseph Perez
Not a fair analysis.
I actually disagree with OP that >every coin has no value
my digibyte coins once held in a hardware wallet allow me to experience great amounts of sadness and sorrow. Before I bought them I never felt sad or upset but after dgb now i can feel more emotions Thank you Jared
Dylan Fisher
Use cases: looking pretty, dentistry, electronics.
If I had a building with a huge and elaborate golden facade I wouldn't say it has "no utility", throw out the facade and replace it with more living space. Just like I wouldn't throw out huge quantities of cosmetics or decorations.
They may be useless to a guy putting on his emotionless witticism cap, they are not actually useless to the human race which appreciates aesthetics. Gold has huge utility in being a visible show of status, whereas nobody is going to fuck you if you staple the drive with your bitcoin wallet to your clothing.
You can stop using this image as a defense mechanism, especially since Warren Buffett doesn't even have crypto.
Luis Edwards
LOLol
Asher Parker
not fair but 100% true >OP is human scum >OP most likely got burned because he entered crypto and bought ETH for 400$ >OP most likely works shitty job and as being the imbecile he is dead from the inside
Carson Ward
>believes an old faggot in suit >does not believe an autistic russian nerd get out of here,cuck
Juan King
Peter Schiff is wrong about crypto, I agree.
His other points aren't though. I know people always mention that a broken clock is still correct twice a day but that's missing the substance around it all.
The idea that the fed went 10 years at basically 0% interest is unfathomable. Nobody expected any of this. The fed lied so many times about raising the rates over the last 10 years that it all becomes a joke. The CPI is a fucking joke and obviously cooked.
It's not Peter who is delusional, it's the fact that the lies went on for such a long time and unseen prior at this scale. The USD and markets were inflated painfully high and we will all suffer for it soon enough. The recovery from the recession is an absolute joke.
Adam Thomas
never post here again your male asshole sucking piece of raped (by dad) creature
Jack Wright
This raises an interesting point.
I have a bachelor in computer science from a respectable school, I graduated with a 4.0 GPA. I was far ahead of the average graduate in my cohort.
Most of you are not actually knowledgeable about technology; you are just everyday normies who know enough about crypto to either pull the wool over your own eyes or pull it over others.
There are guaranteed to be people from /g/ with respectable computer science educations and degrees, but they are maybe 5% of the population here. The rest are along for the ride.
Brayden Bell
>buy gold >keep it in a safe and don't use it for anything >price goes up because others are doing the same
>buy crypto >keep it in a wallet and don't use it for anything >price goes up because others are doing the same
aren't they exactly the same?
Gavin Taylor
>I have a bachelor in computer science from a respectable school spends his time posting on Veeky Forums
Juan Torres
Sure thing senpai. See you in 10 years
David Bailey
>I graduated with a 4.0 GPA mom hates me dad hates me everybody in our family hates each other
Noah Davis
Got one too but i believe that this stuff will change at least financial transactions even for normies, or even more I can not take someone seriously who does NOT think that this will not be a revolution
Eli Johnson
...
Grayson Lopez
This.
We've gone on too long this way. Our currencies and economies are hollow and empty. The emperor has no clothes. Someone like Peter Schiff is going to take cooked figures and regurgitate them like they are true.
The US has more than $100 Trillion in unfunded liabilities last I checked, there's no magic way of getting out of it unfucked.
Peter Schiff is just a baby boomer fuck who wants to keep the charade going just long enough for it to outlive him just like every other piece of shit babyboomer cocksucking piece of shit.
Robert Morgan
>Totally agree I mean this satoshi nakamoto guy could steal all the bitcoins
You people know literally nothing about how digital currency or asymmetric cryptography works. Read a fucking book or something
Ryder James
wooooooooosh
Ryder Bailey
>>keep it in a wallet and don't use it for anything wrong, with crypto you can buy pretty much anything
Gavin Nelson
hahaha, they propably worked their homosexual pedo asses off for years to buy this small faggot house and the stupid car they will crash before the end of this year
Aaron Brown
Well put, fuck these faggots trying to rain on our shitcoin parade.
Adrian Parker
Bitcoin value is zero
People buying and selling tens of millions of dollars++ every day at $4,000+
Pick one, then proceed to kys
t. Schiff fan who's been actively listening to his stuff since 2007 but now questions whether he's fudding to buy low or just a retard
Elijah Phillips
everybody who spergs about intrinsic value is a retard.
Thomas White
You can sell gold whenever you want too, it's not like you're hoarding gold coins. Some do, the large majority don't.
Most people buy gold in equity. You can sell it instantly to get cash on whatever the fuck you want. They even have shit like this now.
Crypto and gold both generally hedge against the official currency. They do differ in unique ways, but it's not in the regard you mentioned.
Aaron Lewis
Neither, he has a vested interest in making sure that crypto never takes off. He's either lying to himself or to everyone who listens to him spew diarrhea from his mouth, crypto is no worse than fiat currency and some (like ETH for example) have use beyond just a means of storing value.
Colton Clark
Bitcoin's use case is actually in accounting. It acts as a fully transparent ledger for trades. It's not just about holding value as value. It's about publicising it and securing it. That is a use case in itself, somewhat separated from simple speculative value.
But other crypto actually has valuable, NON-CURRENCY use. Smart contracts are a good example. Programs that are stored and run on the block chain. Upon pre-set and agreed upon conditions.
If the whole internet would run IPFS, for example, and get paid in Ethereum or similar for doing so, then much of the inefficiency of network travel would be alleviated. No longer would the entire network need to suffer performance for the transfer of viral videos from the initial server to the viewers. As the local users themselves would upload automagically to anyone nearby. And people could get paid for doing jack shit to do it. Incentives for efficiency.
Jace Perry
>You can sell gold whenever you want too you don't need to sell crypto to buy stuff with it, and it's incredibly divisible as opposed to Gold. Gold is also easier to fake. >They do differ in unique ways, but it's not in the regard you mentioned. They do though.
Brody Lewis
>Software has no value >Networks have no value >Software that facilitates a global payment network has no value
I would tell you to KYS but you will do it on your own eventually
Gavin Price
guys wtf is this thread I can't tell what's serious and what's not anymore it needs to stop
Jayden Parker
In the short term yes, but Ignoring intrinsic value over the long term is retarded.
If you don't understand this then you need to read about some basic investing and discipline behind it.
Once the government enters the picture, it will all be very different.
Connor Evans
Yeah I have no idea what I am doing. My gains arent even that impressive. But i have gains....well I mean they're impressive compared to the stock market. I turned 3 grand into something like 12 grand in 5 months. Not bad. Not great either. I tried to get out. These gains lately are insane....and while I am fairly greedy I am not fucking retarded. I know unnatural growth when I see it. But I mean gold doesn't really have any value either. I own some and it just collects dust. I do think we are going to go through rough times here soon in this recovery from the last recession. I want to get into weed and alcohol stocks because I think those will do good in a recession or even depression. Anther guy here told me to look into VIX and I still have to do that.
Ryan King
I really doubt your intelligence and your claim to be a Schiff fan if you claim that something having no real value and yet people are spending millions buying and selling them are somehow contradictory statements.
Mortgage-backed securities composed of home loans to people who have no capacity to pay them back are completely worthless and yet people decided to spend hundreds of millions and billions on them. The point isn't that "there isn't money in it" but that you don't want to be holding the bag when the market tops out and people realize that they've been riding a bubble and the price then plummets towards it's real value, little to nothing.
Ethereum has no value, Bitcoin is questionable, and like 99% of the other altcoins are completely worthless. Literally the only coin I can think of that has intrinsic value is Monero because at least that can be used for laundering money, which is of obvious and direct value that you can't (easily) do with paper money you have running through the IRS-watched banking system.
Jonathan Jones
>gold has no use other than store value >crypto is a network that will change everything from transactions to banking to internet and cloud storage
At one point I was like you, all these shitcoins spawning, surely a bubble, then I started to see shitcoins aimed at changing already existing markets such a gambling, went deeper and deeper, crypto is the future, the marker might crash, the current kings might fall, but out of it all cryptos will rise to rule our financial system, might not be bitcoin or ETH but crypto will be around for a long time and will reshape many things in our life for the better.
By now bitcoin and altcoins are so established that any crash would be bought up instantly bouncing it back up to new highs. And we will have many real life uses for these coins in the next years apart from buying drugs online. This Individual coins are fragile right now, but the market as a whole will continue to grow. Most people who start getting into cryptos are convinced this shit is just a huge bubble. But as you dive deeper into this world you realize it's the future. And businesses realize it as well.
John Robinson
>Ethereum has no value Not true. It can be used for smart contracts. The capacity to bypass legal necessity to enforce access to a service is incredibly valuable.
Henry King
People care less and less about physical objects as we continue to move into a virtual world. we can see more amazing things through a screen- nobody will care about a shiny piece of metal in the future.
Thomas Kelly
>changing already existing markets that have no incentive to change
Seriously, Netflix changed things because people are too lazy to get up off the fucking couch, not because it's ON THE INTERNET. What problem is being solved by any of these fucking coins?
Josiah Cooper
haha Peter Schiff
Robert Butler
Espers on YoBit sir can host websites on the blockchain
Michael Martinez
>op the fag cant make his own decisions >instead listens to people that have ulterior motives when they speak to the public
the same washed up shitty argument has been repeated every day since bitcoin hit $10 kys
Angel Gonzalez
>doesn't understand why we use gold and foundation for currency >doesnt understand how the blockchain works and why crypto has intrinsic value
Stay poor or do your own research instead of letting others decide your opinion for you.
Luke Peterson
>4 transactions per second >need to have half TB of blockchain on your HD just to pay for some weed >revolution Masters degree here, bitch.
Chase Price
Everyone knows this already... Doesn't mean you can't make money out of it before it pops.
Jordan Bell
Enjoy the ride while the government stays silent collecting the lists of people who ignore federal law behind things like profit from capital gains you may not pay or transactions not reported. Tier 1 blackmail for them.
Let's ignore that though because it is too scary to think of.
Cryptos are a lot like research chemicals. Unregulated, free, no bullshit involved. Then the games are played and the wild west days come to an end. Don't ignore the incentives that people have to use bitcoins, you know what I mean.
Kevin Evans
They changed Veeky Forums, because they have intrinsic value for the meme-economy
memeconomy
Cameron Powell
If Peter Schiff knew anything, he would have gotten decent hair plugs.
Kevin Ramirez
roll
Ayden Cooper
Every human activity is pulling wool over eyes to you tinfoil FUDers. You're like Freud with sex or Marx with rich people. Too dumb to comprehend more than one dimension to life.
Xavier Cooper
Bad analogy, in your example banks who bought "worthless" mbs backed paper ultimately got bailed out, so they were hardly bagholding in the end. It was basically all reward with minimal or zero risk. Btc and cryptos are different, there is no bailout, at least not until the big banks join the party.
Also why are you denouncing people who bought btc at like $50 or even $100? They can cash out now and enjoy huge gains. How is that worthless? Without a time frame, saying "x is worthless" or "x is going to $5000" is pointless.
And also, how loud would schiff be and how hard would he beat his chest if gold was above $4250? He's been calling for $5k gold for years and goes nuts when it breaks above "key technical levels" of $1300 when it was $1900 years ago. Pretty pathetic
Aaron Russell
Why are stocks valuable then? You could argue people only buy stocks in hopes their prices will go up some day.
Evan White
i love this comment
Parker Roberts
Companies hold actual physical fucking assets like land, buildings, machinery and general means of production.
Liam Myers
Well, coins are used for stuff too, you know? Bitcoin, for instance, is used everyday by millions of people. Only old folks and low IQ idiots think BTC has no use.
Dominic James
And what are you using it exactly for..?
Carson Perez
>no incentive to change I'll name a few. >Replacing requirements for trust in authority with automatic verifications from an autonomous system Cuts out bank costs. No need for workers, customer support for banking, legal bodies for contracts, debit card services. Cut out the middleman by allowing the users to run the system themselves. >Reducing fees to use systems by distributing workload over the network of users By removing the need for and cost of those institutions, the cost to run the system is far massively reduced. Therefore the cost to use the system is comparatively reduced. No bank wire fees. No paypal/etc taking a chunk out of vendor profits. I mean it's not completely free. People need an incentive to run the chain. But the ease and comparably low cost of running the chain do make up for it. >Worldwide accessibility You can send money to and from anywhere you have the internet and can run a program.
The only problem is a need for a fiat gateway. Jobs currently only pay in a countries' currency. Countries only accept debts in their own currency as valid and enforceable. Debt is seen as an absolute requirement in modern times, due to the insistence of having a home and mode of travel before having the ability to pay for them in any capacity. Functionally hosting debt on a blockchain system is currently infeasible. And society is not yet automated enough to function without the work that debt enforces upon people. That's really the only reason fiat stands so strong.
Xavier Gray
Buying stuff on fucking Amazon? My god, normie, get outta here.
Jacob Johnson
This so much.
Justin Johnson
You're fucking dumb, you don't understand the vision of Satoshi, the value is based on, not just market sentiment, but the electricity you use to mine. It removes the middle man, it makes total fucking sense. And blockchain technology will revolutionize not only our economy but all information systems. I like Schiff but he's a fucking dinosaur, and you're a fucking idiot
Joseph Hall
>you make money only by generating hype and bringing more and more suckers in >Just watched the recent Joe Rogan with Peter Schiff and now all my money is out of crypto and into gold. really makes you think nice argument, faggot
Jace Russell
OP stay poor wagecuck
Camden Lopez
I'm don't know, but BTC and the others criptos, are commodities and same that if the price down much, don't will disappear. One exemple is at Skins in Games how CSGO, one knife with price of 2000 usd...
Kevin Morgan
I agree with you, but I see no reason why crypto would crash before fiat. And I don't expect fiat to be worth zero anytime soon.
Jackson Sanchez
Nice English, dude.
Colton Hernandez
Why should I care; I took out my original investment and I the reward to risk ratio is totally asymemetical; If the market gets wiped out tomorrow, I loose all my speculative profits which will be a bummer but if I keep making the kind of gains that I have been making, I can make a fortune.
Easton Jones
Peter Schiff is an expert on how to get paid to spread FUD on tv. So he predicted the 2008 crash? How much profit did his massive short positions make him, then? Jack shit? Why isn't he a multibillionaire already from shorting all these things he talks shit about for a living?
Sebastian Roberts
and what makes gold valuable? nothing except what people perceive its value to be, and for some people thats rare shiny things
how long has shiff been predicting economic collapse btw? decades?
Levi Ramirez
>Bitcoin's usecase is perfect for the IRS! AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
Elijah Anderson
Last time I checked there was no "Checkout with Bitcoin" button over there. I really doubt that double conversion of fiat->btc->fiat with some kind of side app is a smart idea..
Nathaniel Nguyen
>Gold has huge utility in being a visible show of status Because gold has been around for centures >whereas nobody is going to fuck you if you staple the drive with your bitcoin wallet to your clothing while cryptocurrency is in it's fetal/early baby stages Stop making retarded arguments
Kevin Baker
>It removes the middle man >15 fucking dollars fee for miners to verify your transaction
Also Peter is right that bitcoin itself might have limited quantity, but nothing limits the creation of new crypto that replaces the old crypto due to popularity and new features. This entire market has unlimited inflation.
Hunter Cruz
>nothing stops people from making new alloys with shiny new colors! gold has unlimited inflation
Jeremiah Campbell
>this coiner delusion
all bubbles pop kiddo you just never seen one
Chase Powell
What shiny new alloys you stupid fuck? There are few precious metals on the periodic table and that's it.
Also, I'm not arguing that gold is the future because it will be completely BTFO by asteroid mining.
My point is that cryptos are speculative garbage and at the end of the speculative chain the ultimate fool won't be able to find a greater fool to sell his cryptos to.
Mason Johnson
This so fucking much. Makes me angry when I hear schiff parrot this retarded line. He was yammering on about how "ANYONE CAN CREATE A NEW BITCOIN AND CALL IT SUPER BITCOIN AND THEN YOU WON'T KNOW WHICH COIN YOU'RE BUYING HURR DURP"
Gabriel Turner
Tell me how much of a cut paypal takes from its vendors. Something like 5%?
Bitcoin's fees are only high on low cost transactions. Because they charge by the memory size to add the trade to the block. Large trades are much, much cheaper in percentage.
Imagine if miner fees were paid in percentage instead. NO ONE would trade any high value. Low value trades wouldn't pay miners enough for the electricity used. Miners stop mining, trades build up, blockchain stagnates, usage disappears. Having it based on memory cost is far more stable and sustainable. No matter how much it sucks for small transactions.
One way to fix the cost would be to allow small transactions to be handled by another chain. One much less computationally expensive and faster. You could even have a decentralized exchange automagically convert the two based on market prices. Boom, dreamland.
Grayson Hughes
Just because some pajeet creates a new coin doesn't mean Bitcoin (or "other useful coin x) itself is "unlimited"
Owen Bell
>just using IOTA instead
Thomas Mitchell
If people want low transaction fees they should use IOTA or Stellar Lumens