Where Peter Schiff is Wrong with Crypto
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- čas přidán 30. 06. 2024
- In this episode, I share with you mistakes from the Great Economist named Peter Schiff. Peter is an economist I have been following for at least fifteen years, he has been very much on point about some things. However, the man has his blind spots. We will cover Peter's crypto blind spots in this episode. Hope you enjoy!
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Hey Im 50 and Im here man 😁
Hell yeah, we love to have you here too
I personally don’t think the dollar is going to collapse any time soon and especially not in the next 10 years. It’s going to take a long time for countries to move away from USD. I know there has been a lot of talk relating to SA moving to not trade oil in dollars but that is one piece of a very large pie. The amount of dollars used in worldwide exports alone is a vast number. It would take a long time for any challenger to take over the world reserve currency. Maybe it will happen but if it does, it will be a slow process with perhaps some bumps along the way.
You are so behind world movements dude it's not even funny. The dollar is already dude. Saudi Arabia let the petro dollar deal expire two weeks ago and didn't renew. The new world order won't be clear to everyone though until after a major war
@@cxcyeah i know they didn’t renew but just because one country didn’t renew it’s exports of oil to be denominated in USD doesn’t mean the immediate collapse of USD. There are a lot of other things that require dollars. Don’t get me wrong, I think it’s reserve currency status will probably lessen but by how much and by when is the question.
@@TheOmfg02 Definitely in your lifetime the dollar will completely die. Who knows what will replace it. Probably something on the blockchain
@@cxc maybe, i think its still all to play for. I do think the whole brics thing and SA selling their oil not in dollars is a bit over hyped though. Lets be conservative and say only 40% of all world trade is in dollars ( some estimates are as high as 60% ). Now lets assume global oil trade represents 12% of the total trade. Without going into SA’s slice of that 12% which is likely to be less now that the USA is also once again a big exporter we can say that approximately 2% of the dollars current traded via SA’s oil will be out of the system. It’s a dent for sure but like I said, I think it will take decades for the drop of the dollar. Not least because other countries have to setup infrastructure to settle trades in different currencies, put in frameworks, the legal, fiscal and monetary policy, it all adds time to the equation. And all of this assumes the USA will be forever on a downward trend and that theres nothing they can do to help their situation. Im still a big believer in crypto obviously but i think it’s all still so grey to predict what could happen.
The dollar will continue to be a "safe haven" for quite a few countries before we see a full collapse. We could actually see a strong US dollar suck up global fiat (Yen, Peso, rupee,) . Stable coins backed by USD are going to be more and more available. Keep in mind all fiat trades against USDC.
Peter Schiff still thinks that crypto is a further development of money, but it is actually a further development of the internet (from web 1 and web 2 to web 3). Web 1 (html, smtp, pop, imap): one-way information transport (a static internet page and e-mail), web 2 (html + java, php etc.): two-way information transport (forums, facebook, youtube etc.) and web 3 (ICP) two-way information transport + value transport + decentralized identity + online privacy (DEXs, NFTs, DIDs, ZK-proofs, Dapps like open chat etc.).
When web 1 and 2 emerged, forms of skeuomorphism emerged. An example of this are buttons with shadows and stores that saw their web page as a digital storefront. No one could have predicted then that this technology would lead to new phenomena such as Uber. Bitcoin is also a form of skeuomorphism, but of money. No one can now predict what new phenomena Web 3 will lead to.
Thank you for the information.
can you do a video where you compare ckBTC to Kaspa as a way to make bitcoin mass adopted.
I believe ICP should be working to capture interest from the BIS because many of the current challenges they face ICP can solve without the need for other investments or middle men crypto coins.
Perhaps ICP is making it's way there. The flip-side is that if BIS use something like ICP, their partners and old banking friends will not like that at all.
@@mikhail8295 yes but the future waits for no one. The technology revolution is here for the next 100 years. ICP is like Google in the background when AOL ruled the Internet . My personal opinion only.
But crypto needs energy to run and then when energy is scarce or really expensive. Can crypto maintain it’s position in the world
I think printing more money will flood the crypto market on a micro level and it will just look like another pumping cycle. I think the dollar failing will flood the crypto market on a macro level and it will look like a revolutionary market.
Over 98% of the buyers of stable coins choose USD-backed stables. Tether is one of the largest buyers of US treasuries, along with gold and BTC. Don't be surprised if USD has a second wind in it's sails that carries it longer than the typical 80-100 years with world reserve currency status
I’m 60 and I’ve been into cryptocurrencies for 8 years +
You're an OG
Having little gold pieaces might be a good idea for the future, just enough like you have little money at home incase your debit card would stop working. Having money in your own currency wont do any good if you had to go somewhere else and buy things, so gold is the to go solution.
While ICP technology is superior to Bitcoin. Bitcoin is still much more secure than ICP. With the Bitcoin ETF already approved, mass adoption is already in store for Bitcoin. It took Bitcoin 15 years to get to this level. While ICP is around about 7 years now, it may take another 7 to 10 more years to get to the level of Bitcoin in terns of mass acceptance. So its just about right to stake ICP upto 8 years and forget about swing trading ICP because you may get better returns choosing other coins instead of ICP right now. Im an 8 year gang member and my goal is to accumulate more ICP as much as I can until this adoption come. Forget about short term price fluctuations.
Agree
ICP8ygBullish❤❤❤👍💯😎😇