Bitcoin vs. Gold Debate featuring Brock Pierce and Peter Schiff
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- čas přidán 8. 01. 2022
- Peter Schiff and Brock Pierce debate #Bitcoin and #Gold during the Limitless Conference at #BlockChainWeek in San Juan, Puerto Rico.
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The moderator really pissed me off interrupting constantly to make some condescending snarky joke at Peter and hyping up Bitcoin.
yeah at 26:05 his level of intelligence really showed
moderator seems very low level. Other than that these two guys had a pretty nice respectful debate
he's a numale
Yeah, seems like a real tool all around...@27:00, he acts like he's gonna punch the sound guy for the mic problems...nice guy.
@@FXtelepath he didn't get it through his thick skull that gold is a stable currency, and preservation of wealth
When the moderator has a position and takes part in the debate, it negates the roll of the moderator.
This moderator was as arrogant an individual as I’ve listened to. He’s yet another indication that this bubble has peaked. It’s nauseating listening to him.
Peter had to debate the moderator again (Michelle Makora 2.0) wtf 😄
"It has a value because we believe it has a value" -- that sounds more like an argument *AGAINST* BitCoin.
Sounds like you have trouble with people’s opinion!
@@KYLEnSTITCH Sounds like you believe in MMT & Santa
He actually said it!😆 Total 🤡
Yup. At least he understands not to put everything in Bitcoin though. Most crypto fanatics don’t understand that.
@@rchicks22 I don’t even understand how crypto works tbh. I been hearing data is the new money for a decade but I do think it’s a market super easy to manipulate. What you think a Ponzi scheme is? (To the people putting there whole heart into this new currency)
"You don't buy gold to get rich, you buy gold to stay rich!" -Best quote in this "debate".
Buy silver and you get both.
That's why printing dollars/ fiat currency like theres no tomorrow kills savings in dollars. The beauty of pricing things in gold is its stability over long times. But those in power don't like that. To corrupt/buy the system they need a never ending flow of fiat. Like a cancer they only grow bigger killing the body in the process.
@@1986rez41
No because then you could no longer use it as money. That is why Bitcoin doesn't work as money. Money should be neutral like a referee.Rich in the free market world you only get making a product everybody needs and selling it for the lowest price possible.
_"How many people got rich of Bitcoin? Raise your hand. And how many got rich of gold?"_ - Boneheaded response by the biased moderator.
@@1986rez41 lol silver, has done nothing for 11 years, even paladium has gone up 2-3x..
this mod is awful??? Constantly injecting his opinion and cutting them off 😵💫
This is f-ing crazy, the Bitcoin guy sounds like a cult leader, using a bunch of positive and hope like language to back Bitcoin. This is nuts
Bitcoin maximalists are nucking futs. Def some Jonestown koolaid going around
Reminds me of the religious Prophet Michael Saylor with his constant shooting star btc space/time/btc changes you... talk to recruit.
@@ppg4667 Did you notice his wacky clothes? They try to emulate that peacock flash. That idiot Max Keiser does the same thing. They look like they just got in from some parallel woodstock reality. Who would in their right mind want to take investment advice from some acid tripping clown.
Actually, I find Brock Pierce to be one of the more reasonable BitCoin promoters I've listened to. Most of them completely write off gold as some sort of relic of the past, only seriously considered by 'technophobic Boomers'.
Yeah. They truly believe Bitcoin is the pinnacle of money, the "people's" money. Funny how the people that buy into this the most are also the ones who got in early. They would benefit the most from this dream of theirs. So a few early birds have thousands of Bitcoins and the vast majority can only afford a few Satoshi's? No thanks.
Moderator: Let's save the low blows for later. *Proceeds to make low blows against one of the panel members.
Seriously Peter obviously 🙄 touched a soft spot for the host .....when facts hurt SMH
Yeah, that host was obnoxious.
The host was an asshole, invite the guy and the insult him.
Didn't go the way he wanted as Gold won that debate so he got bitter.
I think he was intending for it to be friendly banter, but it came off petty.
Peter’s patience is amazing. If I was a Bitcoin investor I’d be scared to see this moderator is invested in the same thing as me
haha my thoughts exactly
bitcoin eats sh^t ;like the garbage who believe in it, just as these brain dead idiots (not Peter) belive in fiat
I heard NFT's are the new Bitcoin! Can we take them seriously?
😆😆😆
What about Bill Miller?
That ‘moderator’ was insufferable.
IMHO, moderator of this debate has no idea of what a real moderator does. No actual moderating or offering topics to discuss, just throwing in his own views. Not at all what a moderator should be doing.
Yea, moderator is a joke
I love Peter Schiff . I have all his books and several of his father's.
He's the man.
What is the best book of all of peters. I don’t have time to read them all. Haha
@@57rumors Start with How a economy grows. Crash proof was my first. I also really like The Federal Mafia By Irwin Schiff.
Honestly his books aren't as good as his talks. If you want to read something Peter would def endorse I'd recommend "Economics In One Lesson" by Henry Hazlitt.
He will be on the right side of the coin 🪙 when it lands
@@57rumors yea how an economy grows and why it crashes is a great and easy read too, and not that long. Lil funny as well.
They say they give bitcoin value because they believe in it. Gold doesn’t care if you don’t believe in it or you dislike it, it’s still works. This wasn’t even a debate. Looks like Brock is just fishing for new suckers with philosophy vs facts. Lol Thank you Peter for educating them and us. Hope you live forever.
When Peter Schiff argues against the value of Bitcoin by saying things like "I can't do anything with a Bitcoin," or "Bitcoins have no value to store," he's making a reference to a reality that doesn't exist. The fact is that "a Bitcoin" is no more real than "a unicorn." The only things that exist (insofar as the argument about the value of Bitcoin is concerned) are the people who use the Bitcoin protocol and the computers that run the protocol. Bitcoin isn't actually a thing, so when Peter says, "I can't do anything with a Bitcoin" he's referring to something ("a Bitcoin") as if it actually is a thing, which it's not! He might as well be saying "Bitcoin has no value because I can't do anything with my imaginary unicorn."
The tangible, base-layer reality of Bitcoin is the humans and computers, and the next layer of reality is the values/attitudes of the humans and the protocols programmed into the computers.
So, when Peter makes arguments about the value of Bitcoin, it's entirely INVALID to refer to the value of "a Bitcoin," and the VALID argument would have to be directed at that which actually exists, which is what I just described---the humans that are part of the Bitcoin network and their values, and the computers and their programming that operates the network. His assessment of value is only valid insofar as it is directed at those things which actually exists, otherwise his assessment is moot. Therefore, his assessment of value must be directed at the millions of working people who use Bitcoin, and the protocol written by Satoshi Nakamoto.
@@Andrew_2414 still a Ponzi scam lol
@Andrew C There are better ways to do that in the block chain for doing what you said. If that is your argument then there are other cryptos that do it better.
It's ironic they don't know what gold is while having had the periodic table in front of them for years. You'd expect people to know about atoms in 2022.
@@doubleaa658 False.
I had no idea David Spade was an advocate for Bitcoin!
"you don't buy gold to get rich, you buy gold to stay rich" should be the name of Peter's next book
@TheGenZGuy Gold preserves your wealth, as peter and the other guy said. Even if you could afford to buy only an ounce or less of gold, it preserves that wealth even during times of inflation. You don't need to be rich to preserve your wealth.
Keeping your savings out of reach of grabby claws of government bureaucrats and rothschild banksters...
@TheGenZGuy Crypto and TSLA, plus increase your income and learn about househacking
8:46 is a close second.
Gold can be used as a safe savings vehicle in times of market mania. When bubbles burst and you have gold as a hedge, it gives one the opportunity to buy up markets at a very cheap price when the crash inevitably occurs.
Is it just me or was the host hostile towards Peter😒 Peter made great points. No matter what the future holds reinventing the wheel accomplishes nothing. Fiat currency is proven to corrupt in all institutions because of the lack of transparency that's the value that crypto currency holds its ledgers the fact that you can't cook the books. Yet without a crypto currency being backed by gold a time tested store of value its simply a speculative investment. Think back on the tulip mania value was placed on the flower but eventually the bubble burst no different from the inherent danger all crypto currencies inevitably will face. When the music stops crypto currency will burst like a bubble because it has no inherent value. Peter actually gave the perfect solution a form of dollar merged with blockchain technology backed by gold. If only people listen because it doesn't have to all or nothing like Brock said many times!
For sure
It was his conference. It was also a Bitcoin conference. So he was very much on Brock's side, and I knew that would he the case going in.
@@peterschiff The man.
You must be new here. It's 2 against 1 in almost every debate I've seen with Schiff in it.
@@peterschiff Is Brock a Free Market guy ?
I am at 26:25 so far and I can tell this moderator is ridicoulously cringing me out. I think he doesn't know anything about gold or about this debate :D
Also he is very unprofessional and disrespectful
Peter is a certified Bitcoin Headhunter. I’ve never seen him lose one of these debates… He even has to debate the moderator every time!
When you have an entire lifetime of experience showing that 1+1=2, it's hard to lose debates with those saying 1+Z=Purple "if we all just believe"
Peter loses these debates all the time. Brock is probably the worse debater and still held his own. I think Peter built a brand batching Bitcoin therefore will never accept its value.
Only in your dreams
I feel that usually the problem is they just scratch the surface and he uses the same answers.
Some people use bitcoin for many things and that network effect develops real value, and I think digging into that would challenge his point of view. Love peter to death tbh
@@davidwright1001 There's dozens of cryptos that compete BTC and any could become more popular at any time. It is not a SCARCE unit of account. Useful? Maybe. Money? No.
Good convo. Moderating could have been better - dude had a chip on his shoulder.
Absolutely.
Wouldn't call him a moderator.
Brock Pierce comes off like a fed acting like the hip new young salesperson going against the system and establishment without answering any questions with value. Reminds me a lot of what Yasha Levine said in his book surveillance valley.
Here is a very simple fact: All Central Banks are bying gold massively. Why is that?
because the U.S. financial system is about to crash really bad...
because its suuper cheap now
@@juanmanuelpedrosa53 I agree Juan,However many countries will crash before the US due to their currency being backed by the US dollar.
Because gold is incapable of replacing them
It’s awesome to watch these two dudes constantly looking to the audience for affirmation. Peter Schiff doesn’t answer to the crowd. Peter Schiff answers to logic.
I didn’t underestimate the human intelligence, I over estimated it! That right there should have ended the debate.
Brock is relying on an emotional argument, Schiff is appealing to the intellect
Except that Peter Schiff makes an invalid argument.
When Peter Schiff argues against the value of Bitcoin by saying things like "I can't do anything with a Bitcoin," or "Bitcoins have no value to store," he's making a reference to a reality that doesn't exist. The fact is that "a Bitcoin" is no more real than "a unicorn." The only things that exist (insofar as the argument about the value of Bitcoin is concerned) are the people who use the Bitcoin protocol and the computers that run the protocol. Bitcoin isn't actually a thing, so when Peter says, "I can't do anything with a Bitcoin" he's referring to something ("a Bitcoin") as if it actually is a thing, which it's not! He might as well be saying "Bitcoin has no value because I can't do anything with my imaginary unicorn."
The tangible, base-layer reality of Bitcoin is the humans and computers, and the next layer of reality is the values/attitudes of the humans and the protocols programmed into the computers.
So, when Peter makes arguments about the value of Bitcoin, it's entirely INVALID to refer to the value of "a Bitcoin," and the VALID argument would have to be directed at that which actually exists, which is what I just described---the humans that are part of the Bitcoin network and their values, and the computers and their programming that operates the network. His assessment of value is only valid insofar as it is directed at those things which actually exists, otherwise his assessment is moot. Therefore, his assessment of value must be directed at the millions of working people who use Bitcoin, and the protocol written by Satoshi Nakamoto.
Gold and silver run the blockchain.
Without Gold and silver there is NO crypto.
How do you produce computer processors without Gold and silver? How to you mine crypto without computers and processors?
All these "experts" yet none can tell you who actually created bitcoin
Could be created by the CIA for all the "experts" know.
When you can tell me who created it then we will consider you an "expert".
Also, crypto is a decentralized LIE.
Only the computation are decentralized NOT the exchanges.
Unless of course you know of a country that doesn't enforce local laws on computer servers?
Even P2P is BS cos you still need a third party to complete transaction, by way of a hard wallet.
holding Gold and silver are the only assets that have zero third party counter risk
It's difficult to listen to Brock's "voice," like finger nails on a chalkboard. The moderator is borderline useless.
Gotta say Peter with the win
The fact he has to argue to convince people why something has no value - even though a lot of people think it does, speaks for itself. These "debates" make zero sense
1) This guy is a real piece of work. I instinctively cover my wallet when he speaks. (Not Peter, the other guy)
2) Bitcoin is not being used by anyone for it's alleged purpose in the first place, as a currency. Nobody is buying and selling with bitcoin, they are buying and selling bitcoin itself.
Agree
I have seen far more transactions being done with Ethereum. Many of the transactions are for digital art or the wacky NFT craze but still, at least there are some sort of transactions happening using ETH. Watching the goalposts move for BTC is hilarious to me, calling it "digital gold" is so ridiculous.
@@Ziegfried82 Like Peter, I heard about bitcoin very early on, like below 10 dollars. I REALLY wish I had a bought a bunch of it. But I didn't. Now it's not even useful as a currency, which was what I would have bought it for. It simply costs too much to transact in it.
The second the central banks get tired of it, the governments will outlaw it and then it will be ENTIRELY confined to illegal activity because there will be no way to take it from virtual into the world because all the exchanges will be shut down.
These cryptobugs REALLY underestimate the power of the state gun.
Using it for transaction right now
@@flyinbry good for you..I guess.lol
"revolution," "paradigm change," "innovate," "build better systems," "find your passion, build a better world," - Brock is a motivational speaker. He could build his own religious sect if he wanted to.
I was gonna write a comment…..saw you beat me saying the same thing…..this guy made Peter look smart…..We need to unleash blockchain potential for REAL assets….i wanna start a local digital currency backed on land, water, organic produce etc…..Bitcoin has no more intrinsic value than fiat currencies….peters is right….we can just make a new blockchain and convince everyone to move over and make btc worthless
Not to imply Peter sniff isn’t smart….he’s sharp as hell
He forgot reimagining.
The guy is delusional
The asteroid mining people always crack me up.
Yeah, it’s absurd. It’s telling as it shows how these people have no clue about gold, mining, or money. They’re just desperate to argue for their Bitcoin position regardless of logic.
I would like to hear the AISC of mining an asteroid though. It’s got to be tens of millions $ per ounce, if not hundreds. Can you imagine funding an exploration & drilling project in space?
@@rchicks22 🤣 ive never understood why they choosed this argument. Its already fucking hard to find a valuable enough mine to venture it. Like wtf? Mining in space? If we have to get there it means we fucked up every once on earth therefor reinforce the argument that gold is supreme.
@@rchicks22 that’s not even considering the amount of fuel they would have to take with them in order to slow down the payload of heavy elements enough to not crash into the earth at 20x the speed of sound.
@@huemann7637 exactly. NASA discards items in space for that very reason. It’s expensive to haul things back and forth. You can also consider the amount of money it would require to construct a mine on the asteroid. It’s pretty funny to think about honestly. The Bitcoiners just assume an asteroid covered with gold nuggets is going to be found any day now. They don’t realize that the asteroid has to be explored, drilled, studied, a mine has to be built, tons upon tons of rocks & dirt has to be dug up and then hauled back to Earth to sort through it for the gold. Maybe they’re assuming the astronaut miners will complete the entire refining process right on the surface of the asteroid. 😂
"There's gold in them there asteroids!" Lol
So far, Bitcoin is a speculative digitized asset
Exactly 💯
calling it an asset is overstating it, i like Peter's description "token"
@@Paz133 Yes, a game token. Lol
If it was cheap, free, fast & secure to transact in, it would be great! If it was anonymous it would be even better.
It's all speculation as a platform and it records your every exchange forever! Spooky- sounds like a govt & banksters wet dream. Lol
I wouldn't even describe btc as an asset.
@@kevkeary4700 I don't think anyone knows what to call it or how to classify it.
I just can’t believe that I own a restaurant and I work 90 hours a week just make ends meet and this brooks guy has so much more money than me for basically doing nothing if the world stops promoting bitcoin for a day it will collapse
You're gonna have a conniption when you learn who Warren Buffet is
It may seem unbelievable, but the reason for Brock's success is fairly simple: perception - Brock possesses something (Bitcoin) that other people *perceive* as being valuable. His success rests on the social construct of the acceptance of Bitcoin as money. If nobody accepted Bitcoin, then people would probably not perceive it to be valuable. The same dynamic is true of the US dollar.
Successful people don't become that way overnight What most people see at a glance-wealth, a great career purpose is the result of hard work and hustle over time.
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It's not about watching videos and wasting your time on strategies, I was ignorant doing so. So I decided to try Mrs Lora and ever since then she's has made about $14,000 for on every $5,000 I invested just.
She's the key to crypto
All for freedom to gamble I'm with Peter !!
Gambling is only when you make bets when the odds are against you
Amen!
If you buy silver, you're buying a commodity that is undervalued with a price determined by its utilitarian demand.
If you buy gold, you're speculating on the possibility of the future possible demand for its monetary properties. 50% of gold's value comes from people speculating on its monetary properties.
I’m with Perter. Gold investing is solid. Bitcoin is a gamble at best. Everyone has a right to their opinion. To each their own.
@Ostia Hermes well said . It’s all been planned 👍
@Ostia Hermes yup . It’s all so obvious. Stay safe out there. Crazy times were in. God bless
Completely backwards actually, you think gold's monetary premium will come back instead of fade away like it has for all other monetized commodities.
The moderator was a complete idiot
I just prefer precious metals. If ppl want to invest in bitcoin that’s great. I hope you make tons. Me I just don’t have money to gamble with.
Not exactly a Bitcoin vs Gold debate. Just sounds like a weak/defensive argument to buy (as of today) a digital speculative asset.
Peter's been on a roll recently,
Keep it up man.
Why do all bitcoin advocates remind me of cult leaders..👽
What’s with white clothing?
Moderator is a cartoon character
"Gold is money, everything else is credit" -JP Morgan
It was
Brock Pierce seems like a nice a man, though he's too goody-woolly in his sentimentalism. But at least he understands gold has its purpose, and value. Good for him in this debate. Ultimately however he is probably going to lose and cause a lot more people to lose.
Nothing about him seems nice to me. The only thing my gut says about him is, charlatan, con artist.
That’s how all of these bitcoin ppl act. Just lots of big warm and fuzzy buzzwords.
You really are in lala land if you think Bitcoin is anything but fool's gold.
When Peter Schiff argues against the value of Bitcoin by saying things like "I can't do anything with a Bitcoin," or "Bitcoins have no value to store," he's making a reference to a reality that doesn't exist. The fact is that "a Bitcoin" is no more real than "a unicorn." The only things that exist (insofar as the argument about the value of Bitcoin is concerned) are the people who use the Bitcoin protocol and the computers that run the protocol. Bitcoin isn't actually a thing, so when Peter says, "I can't do anything with a Bitcoin" he's referring to something ("a Bitcoin") as if it actually is a thing, which it's not! He might as well be saying "Bitcoin has no value because I can't do anything with my imaginary unicorn."
The tangible, base-layer reality of Bitcoin is the humans and computers, and the next layer of reality is the values/attitudes of the humans and the protocols programmed into the computers.
So, when Peter makes arguments about the value of Bitcoin, it's entirely INVALID to refer to the value of "a Bitcoin," and the VALID argument would have to be directed at that which actually exists, which is what I just described---the humans that are part of the Bitcoin network and their values, and the computers and their programming that operates the network. His assessment of value is only valid insofar as it is directed at those things which actually exists, otherwise his assessment is moot. Therefore, his assessment of value must be directed at the millions of working people who use Bitcoin, and the protocol written by Satoshi Nakamoto.
Gold is a fool's money
I didn't know Johnny Depp was into bitcoin! Nice Peter you're moving up in the world.
In Gold we trust. In Peter Shiff we trust. Bitcoin only for speculation. from 65.000 down to 42 000 dollars a lot of people are crying. Peter is the BEST.
Rapid growth implies extreme volatility. It comes with the territory and is expected by most people in the space. Bitcoin solves alot of monetary problems better than anything else out on the market, which is why it's grown so rapidly in the first place.
Every time you buy something at a gas station with a card for example the gas station loses about 3% to visa or whoever, with bitcoin on the lightning network it's basically a free transaction and gets cheaper the bigger the lightning network grows
Edit: that's just one example, another would be the extreme ease of portability. If you look up airport news a guy had his gold confiscated from his fart door at one last year and in america a woman had 20 thousand dollars stolen from her by cops at one. They posted the theft on social media so it should be easy to find. That can't happen with bitcoin.
100 % agree with Peter..
Gold has Value.
Bitcoin is not even worthless .... it cost even the power to get access to it.
so its even less worth than zero.
False.
When Peter Schiff argues against the value of Bitcoin by saying things like "I can't do anything with a Bitcoin," or "Bitcoins have no value to store," he's making a reference to a reality that doesn't exist. The fact is that "a Bitcoin" is no more real than "a unicorn." The only things that exist (insofar as the argument about the value of Bitcoin is concerned) are the people who use the Bitcoin protocol and the computers that run the protocol. Bitcoin isn't actually a thing, so when Peter says, "I can't do anything with a Bitcoin" he's referring to something ("a Bitcoin") as if it actually is a thing, which it's not! He might as well be saying "Bitcoin has no value because I can't do anything with my imaginary unicorn."
The tangible, base-layer reality of Bitcoin is the humans and computers, and the next layer of reality is the values/attitudes of the humans and the protocols programmed into the computers.
So, when Peter makes arguments about the value of Bitcoin, it's entirely INVALID to refer to the value of "a Bitcoin," and the VALID argument would have to be directed at that which actually exists, which is what I just described---the humans that are part of the Bitcoin network and their values, and the computers and their programming that operates the network. His assessment of value is only valid insofar as it is directed at those things which actually exists, otherwise his assessment is moot. Therefore, his assessment of value must be directed at the millions of working people who use Bitcoin, and the protocol written by Satoshi Nakamoto.
@@Andrew_2414 NO ! Bitcoin can´t provide what you trying to implement into it .... the moment you give someone the bitcoin ... you can´t guarantee that it has the same Value before the transaction and after it.
It is still nothing..... you can´t touch it ... it isn´t real.
Again it has a PRICE ... but it has NO VALUE ... LIKE FIAT... Fiat also has no Value .. that´s why you change it to Gold or other REAL assets.
@@tezcatlipoca6336 There is no such thing as "a bitcoin" or "the bitcoin," so it's invalid to make the argument that a bitcoin has no value. You might as well be telling me that the flying spaghetti monster has no value. It doesn't exist, so how can you say it has no value? The only thing you can say is that it doesn't exist. Or "a bitcoin is not."
Nice try, though.
@@Andrew_2414 Yeah but at the end you don´t want or can´t pay your bills ... with a spaghetti Monster ... even if you wanted to.
@@tezcatlipoca6336 ??? I never said you could.
Didn't think much of the moderator if you could call him that lol. Thanks Peter for entering the Lion's den.
First five seconds watching this goofball Brock speak, tells me so much about this bitcoin mania and the cult of coiners. Many people gonna get wiped out and learn some valuable lessons about how being rewarded too early in your investment career can be a bad thing.
Totally - the worst thing that can happen to a gambler is winning the first time he visits the casino.
That moderator was not biased at all🤣
They are acting like clowns, and the brock is just talking non-sense. It’s ridiculous.
Good job debating, Peter!
No contest .
My thaughts exactly !
Thank you Mr Schiff ✊🏼
Honestly, I was not impressed with this debate. Peter was fine, but the host to Peter’s left was a little rude. Also, the quality of attendees at the event seemed…. Suspiciously low.
Yes, basically they need more suckers to come to the event and to buy into cryptos.
i appreciate peter schiff more when hes explaining Economics the most thats when he is at his very best in doing what he does best!!!!
You could argue he is explaining economics rigth here. Unless you define economics as talking only about the fed and inflation.
@@ferror18 if you watched the video you'd hear the part where he was explaining value creation and supply and demand, and hardly about just the fed and such
@@tomkuz_ Dude did I say he only talked about the fed?
God this is a painful debate to watch. Brock God Bless his heart is all over the place, entertaining none the less. The moderator was a real piece of work though.
This is like an investment manager debating a bunch of lottery ticket winners lol
I bought a cheap metal detector for my kids. The first day they found some bitcoins in a vacant field about one foot under the ground. They dug them up and showed me, said " hey dad, these bitcoins look just like the ones on CNBC. "
Peter slaying !!!!! love it . !!!! his facial reaction to some of the responses by the moderator and the audience and even the debator is amazing . Peter thinking why am i even here with these idiots . !!!! hahaha Peter will win the future . !!!
"your plane still has wheels" mic drop..........
The “asteroid” argument always blows me away. The people who ask this question fail to realize the scenario assumes gold is so valuable we’d spend hundreds of millions of dollars on extremely dangerous space-mining activities to bring it back to earth. If in the future the need for gold is so dire that we’re leaving the planet to search the galaxy for it, then the price on earth will justify the expense to mine it in space.
And I'm pretty sure those on earth witnessing an asteroid landing will be the last thing they observe. Ask the dinosaurs. And if it's small enough with some gold on it, I'd definitely pay big Money to get an ounce!
Gold and silver are used in all of our tech, That cell phone you own gold, tv you watch gold that laptop you want to buy gold, Bitcoin isn't used to build tech you need gold to mine bitcoin realistically.
But, you also have to accept the fact WHEN not IF, humanity has the technological capabilities and efficiency to make those type of exploits that gold is not really scarce at all. When people try to defend the "It's too expensive to mine on asteroids" bit, negate that mankind continues to evolve in technology.
Thank you I'm glad you see this stupidity as well LOL
@@islandbee But the very idea that we would need to mine it on asteroids implies that it's extremely valuable, and that we are running out of it here on Earth. It's completely circular logic to say that mining it on an asteroid would devalue it.
Peter repetedly says "you can't do anything with it" but the bitcoin people never adress this critique, even tho it is the main reason why Peter wouldn't buy it. Instead they bring up some random nonsense about the supposed uniqueness of bitcoin
This is exactly why other cryptos will supplant BTC in the long run. They need a purpose other than just hodling.
My bitcoin is storing my value/protecting my purchasing power. I can settle payments cheaply anywhere in the world, in real time....without providing any personal information. When I receive bitcoin, I know 100% that it's not counterfeit and can't be taken from me/lost if stored properly. Do you use digital banking? Is there any value in using those services? Imagine if you could have it all without them inflating the currency/controlling all of your purchasing power and data.... in fact, your purchasing power would be skyrocketing over the years lol. Would you say that service is "doing nothing" for you?
You can buy a coffee with it in el salvador where it's the national currency.
You can send money to anyone in the world instantly with no wire fees and no bank approval necessary(still costs a penny or so to do this though)
You can walk through airports without fear the police or security are gonna dig gold out of your rectum or steal 20 thousand dollars of your cash as happened last year to some people.
ONLY GOLD AND SILVER ARE MONEY.
Ever notice how Schiff said that software programs are intangible but said they serve a purpose and have value.....but Brock ignored it and ranted about nonsense for 10 min to avoid the point? That's the debate in a nutshell
Yes, that’s true. They can’t refute the fact that there are 16,000 crypto’s and counting either. Brock’s a good salesman. He’s not an idiot though it doesn’t sound like. I’ll bet he’s cashed out plenty of his early Bitcoin money.
@@rchicks22 Any tech company could make a facebook, twitter, or even youtube replacement, and many have tried, but none of them have succeeded.
With bitcoin it's like trying to reinvent the wheel, bitcoin was designed right the first time, it's not dinosaur tech, it's just simple and boring. Developers who would have started up something to replace bitcoin already have bitcoin...so no one is seriously trying to replace it. Except maybe elon musk with doge coin, but that guy is also trying to replace trains with underground traffic jams
@@james3876 so your argument is that Ethereum, Solana, Cardano, XRP, Terra, Avalanche, BNB,wrapped Bitcoin, and any crypto’s created 10, 20, or 50 years from now are all basically worthless because Bitcoin was first and it will always be the best?
@@james3876 bitcoin is simply the biggest bubble and will eventually pop. Just like our old first edition charizards that are no longer selling for hundreds of dollars lol.
Because both share a few things in common: they're both part of a popular fad. And they serve no real purpose...
But to be fair, at least a pokemon card js real.
Pride vs wisdom on a stage
3 minutes in and Peter TKO this guy. 🤣🤣
I don't need electricity to use gold. It's that simple for me. There will be times that there is no power for extended periods of time. I hope that someone will do the Bitcoiners a favor and trade them a little food for their flash drive.
Phones run on batteries, which can last for many weeks if it remains powered off when not in use. The only time a Bitcoiner would really be in trouble is if the whole world's power / internet goes down. And, in that case, you won't want gold or Bitcoin, you'll want a gun.
That is a poor argument. You should think of Bitcoin as internet money. Every country has it's own currency. Now the internet has it's own currency too.
You still live in the 1800's without internet and electricity. I live in 2022 with a future with internet and electricity.
Of course without the internet, there is no Bitcoin. But that's like saying without the USA there is no USD.
Are you going to refuse Amazon and Google shares just because they can't work in a world without power and internet?
In your electricity free fantasy world, there are no cars, no phones, no radios. Your world is stuck in the 19th century.
@@Andrew_2414 but i can buy a gun with the gold i have..
@@davidcolletti7136 Can you? Show me a gun retailer that prices their guns in grams or ounces of gold.
I almost died a few years ago in the ICU, was in a coma in 2017 saw some things, world wide deaths ( covid) and the elec power is going to not be dependable was another one.
This whole event is kinda cringey, ngl… and a pro tip to moderators of debates everywhere: don’t do what this guy did- staying neutral, asking great questions and leading the discussion with minimal impact (but a signature and portionable amount of charisma thrown in the mix) is absolutely key to having a fair, interesting, and entertaining discussion… in this way, you’ll extract the maximum amount of impact that a discussion of ideas can have.
Plus, it just rubs me the wrong way when the ‘ref’ is also an opponent, “C’mon, man!”
Didn’t expect to hear an ultima online reference here haha
The host is brutal. Honestly doesn’t sound knowledgeable and asks questions or states comments after it’s been explained
Hamilcar Barca to Hannibal: "swear that you will not rest until Rome falls"
Irwin Schiff to Peter : "swear you will not rest until the Fed falls"
Epic family.
Peter's a treasure
Here we go again
Bitcoin has intrinsic value, 0's and 1's. Lol.
LOL
It's an accounting book basically, that keeps perfect score and can't be altered by bad actors. Gold was used as an accounting book for a long time and proved inadequate due to the inconvenience of carrying it around and bad actors who used its lack of transparency to fudge numbers leading to its eventual abandonment as an accounting book last century.
It's a commodity now with dying interest in its accounting book properties and a slow bleed of the accounting book price premium it once had.
My father was a stocks and bond man, but, he was a GOLD collector. My father was right about 99% of the time. To each his own, but our world leaders will converge the monetary system into ONE digital currency and it won’t be BTC . It’ll be THEIR’S. Best have something to barter with! ☘️ Go Peter 👌 Trouble maker ~ Olly Murs 🎶.
That was entertaining. History is on gold's side. I am with Peter. The other guy I have sympathy for too, he is knowledgeable and polite and very passionate. But Bitcoin will become obsolete one day
Or it may replace the dollar.
@@user-gh1vc9kb4eno chance
I used to hate Peter but now I understand what he stands on. I bet in 100 years Peter will be the winner on this argument between Bitcoin and Gold.
I genuinely thought that was Kid Rock for half the interview.
Fossil fuels equal heat when it's cold. Warm yourself with bitcoin when it's zero.
They were saying the same thing about the internet in the 90s.
That “moderator” is a complete clown
You're a smart man Peter shift.
I felt like I was watching some weird Tony Robbins bitcoin Kumbaya seminar. Try as I might I just don’t have enough faith to understand the value in bitcoin. Maybe if they keep repeating stories about rainbows and unicorns I will believe in Bitcoin and be set free!
The crackhead in the hat makes this pretty unwatchable
@@ppg4667 lol! The Bitcoin cult leader from fantasy island, he’s got lasers beams in his eyes.
"I'm younger and was born alongside technology, so I innately understand Bitcoin" = "I'm younger and a lot easier to fool"
Exactly! They're too young to see that unfortunately
I died laughing at C*rocket.
Value does not come from beliefs system. If everybody in the world would believe that gold is invaluable, that would not make gold invaluable. Gold would still be valuable, it would still work in your electronics and it would still have physical/chemical properties, whether you believe or not.
Peter, why don't you just start a cryptocurrency backed by gold...partner with Brock...I'm serious. I mean what is stopping you? The world needs it and you and your son would leave a real legacy.
The US dollar was once a currency backed by gold...and look what happened to that. Peter and his wonderful sons could only guarantee 1:1 backing during their own lifetimes. Another worthless currency with fraudulently fractional backing is NOT a "real legacy."
Why own crypto backed by gold when you can own gold directly. If you don't hold it, you don't own it. Crytos are decentralized, meaning no one will be responsible when you can't cash out your crypto for gold, even though they claim it's backed by gold. History has shown when it comes to gold, institutions and their Governments can and will take your gold and run away with them. So that is why people who have been through the Great Depression always tell their kids and grandkids, get physical gold not paper gold.
Wow and this is actually the Bitcoin “intelligencia” lmao .. what a bubble of bubbles !
Peter Schiff debates Brock Pierce and his weed dealer.
I wish I had a father like Peter. He is respectful, has alot of patience, and he speaks logic
Look how calm and collected Peter was compared to Brock. Brock is obviously on drugs, he can’t even sit still in his chair.
That's what I was thinking! He's TWEAKING!
Took only 12 minutes for peter to make him admit bitcoin is as worthless as fiat if not more and is just based on belief 😂😂😂🤣 man peter getting quicker at this every time
I first owned bitcoin in 2015 then in 2018. I made a lot, I lost a lot. Love the idea, just as much as a beautifully built house of cards. I now own gold, a lot. As a real inflation and overall portfolio hedge. Brock Pierce is such a legend and genuinely likable person. I'm going to buy btc just because of that. Will be adding more gold though 😅 Not investment advice. Great, fun debate! 👏🏻 👏🏻 Impossible to debate against Peter Schiff and logic! Remember price is set at the margin and gold will ALWAYS be useful. BTC, not so much.
What was with the host, upset about peter smashing the debate or something those cheeky remarks and questions that are like dude are you listening ? 😂
< TA is all well and good but I find it truly baffling that all major crypto youtubers just look at pure TA and completely ignore the bigger narrative of why BTC is pumping and why the future outlook might not be as rosy as it seems. It's kinda irresponsible to ignore the fact that each ETF launch so far has caused a major dump at the peaks of BTC. More emphasis should be put into day tradiing as it is less affected by the unpredictable nature of the market. I have made over 11 btc from day tradng with FADWA, insights and signals in less than 2 weeks, this is one of the best medium to backup your assets incase it goes bearish,,
sincerely speaking, i will continue to trade and stick to Fadwa daily signals and guides as long as it works well for me ✅✅✅
Thank you so much for this update. i will also want to increase my BTC with Fadwa signal
You are correct about your statement… of course the right signal is what we need to succeed in trading bitcoin 💯✅
WHAT?
I'm sticking with SILVER.... I now have over 10,000 OZ and will be adding more.
Peter, you are my hero. The other person is a preacher not an investor. The moderator is an ???
Moderator got sick so they brought the DJ from the rave party nextdoor. Peter unbeatable, as usual 💪👍
I like how he doesn’t explain how to actually verify your gold is real.
When trying to make sense of this new network, the one common denominator I found is hubris of it's advocates. I put a lot work into understanding this stuff (with an open mind) and where it led me was asking myself the question "how do I want to live?", do I want to value reality or fiction. And if means "enjoying being poor", thanks....I will.
Bitcoiners value reality, not fiction, that’s precisely why they own Bitcoin. The fundamental reality that matters is human society-how it organizes itself, how it interacts with itself and its environment. The integrity of human society is at stake, and that’s why Bitcoiners value Bitcoin so much. There is no belief in fiction, just raw, down to earth reality.
@@Andrew_2414 Hi Andrew, thanks for the reply. I too believe that humanity is at stake, so I hope you right about Bitcoin having the power to purify the system.
Buy gold preserve what you earn instead of gambling is my take.
@@cainejackson8003 if you don't want to gamble buy copper or silver, not gold. The majority of gold's value comes from speculation on its monetary properties.
“Some people dream up nutty ideas too”
- classic Schiff. 🙏✌️🇺🇸
Peter might not be the most popular financial commentator on CZcams but he’s definitely the most valuable!
Bitcoiners keep ignoring that the original White Paper was all about Bitcoin being a P2P form of Digital Cash. It had nothing to do with "digital gold". The fact that they pivoted means they already failed. Meanwhile, Monero is carrying out what Bitcoin was actually supposed to be. So stack Silver/Gold, and if you are into Crypto, look into Monero, which is Private and Fungible E-Cash, unlike Bitcoin.
I hear ya, but did the internet start as what it is today? The 1st human village turned into NYC metaphorically. On the flip side, that 1st village no longer exists
Gold and silver run the blockchain.
Without Gold and silver there is NO crypto.
How do you produce computer processors without Gold and silver? How to you mine crypto without computers and processors?
All these "experts" yet none can tell you who actually created bitcoin
Could be created by the CIA for all the "experts" know.
When you can tell me who created it then we will consider you an "expert".
Also, crypto is a decentralized LIE.
Only the computation are decentralized NOT the exchanges.
Unless of course you know of a country that doesn't enforce local laws on computer servers?
Even P2P is BS cos you still need a third party to complete transaction, by way of a hard wallet.
holding Gold and silver are the only assets that have zero third party counter risk
They move the goalposts and it's hilarious. I sold my BTC years ago no regrets, bought several different "shitcoins". I agree with you about the privacy oriented crypto! Also no crypto will ever replace gold as a defensive asset.
Ramire7Heavenz- No, the internet started out as a open and censor free arena. Now it's a prison. Bitcoin is to chain you into that prison. You're sowing the seeds of your own enslavement.
Might as well spend your time debating bigfoot, total nonsense.
Big foot happens to be real with great intelligence......very insulting.
Not really a debate, not really even a question is it? Would you rather have something or nothing?
Really great debate! Fresh and not the old points! 🤜🤛