How a ‘digital gold’ system should really work | Peter Schiff |

Peter Schiff is a notorious advocate for gold in the financial system and a prominent critic of the speculative digital asset hype-but the one thing he’s not is a critic of blockchain or even digital currencies in general. In fact, Schiff has clear ideas about the role blockchain technology-and gold-can play in the global economy system and the inevitable financial turmoil we’re about to face.
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[@kmr512]

Peter is the greatest economist of our time.

[@Richest_Person_in_the_World]

After me

[@Gold_Silver.]

The 🐐 alongside Dr. Ron Paul 💪🏽 #EndTheFed

[@Alberta1stPodcast]

the man is a legend & i cannot wait to tell my future sons about him god bless you Peter Schiff

[@codemonkey848]

It's almost pay day and I can't wait to buy more gold dips. Thank you, Peter.

[@Gold_Silver.]

The 🐐 of economics 👌🏼 #Gold & #Silver to the 🌕 baby Sound Money > Fiat currency

[@WalterMangandid]

I agree with Peter 100%. Also, buy some phisical Gold and Silver if you can. These metals are severely undervalued right now. The opportunity is there for those who are able to see it.

[@lorenzogarcia9890]

how come it is undervalued if the current price is near the all-time high? 13T market cap and the central banks are holding a lot.

[@Semi_Successful]

@@lorenzogarcia9890 Because Fed is artificially holding down inflation. And if Gold is a hedge for inflation...it means the fed is holding down the price of gold.

[@vltruane]

Gold is all over the universe, it’s not scarce. Bitcoin is limited to 21 million units, ever. It’s obvious, BTC is more scarce. Bye Schiff.

[@cael3132]

He got the biggest applause at the end, when he said bitcoin was a pump and dump. Go gold!!

[@christophernorrinventor7592]

That is why we should buy gold in exchange for our currency. Thankful for the opportunity someone introduces us to Quantum Metal.

[@johnalbutra7397]

Here in the philippines even you have work we still short of money to buy food the inflation in our country is not mentioning in mainstream media the government want to block any inflation issue in our country

[@weozol4065]

Banks/governments print infinite money, buy everything, raise prices. They survive off you, like parasites. #goldstanderd

[@jl3268]

The government needs to run your economy on BSV. nChain can help the People.

[@garygranato9164]

a gold backed crypto is the ultimate killer, i'd love to buy some gold backed crypto ! !

[@felixnewman2473]

It's there already. Pax gold. Tether gold.

[@garygranato9164]

@@felixnewman2473 ha ha ha ha ha tether gold hah ah aha ha bha ha

[@jl3268]

​@@felixnewman2473Built on ETH who are unlicensed, infringing on nChain patents.

[@Richest_Person_in_the_World]

Not really because a gold-backed crypto cannot moon. Why would it, it's pegged to gold price

[@Semi_Successful]

@@Richest_Person_in_the_World What currency do you purchase expecting the value to just go up on its own? When you get a paycheck for $1000, is anyone expecting it to "moon" to $5000? The point is to have sound money. Gold will go up because it's a hedge to inflation. Much like other physical items are now. Like groceries. But if you had the gold, in ANY inflation or deflation time. The same hold would purchase the same amount of groceries no matter what. Not compared to inflation in Fiat.

[@sampsonbannis863]

Sounds a lot like Kenisis money

[@leonardolage7061]

Living legend

[@weozol4065]

Its genies, it would be adopted worldwide, essentially a private gold bank, no inflation, because u holding gold when u bank there

[@aaron_vdp]

You realize the gold supply increases at about 2% per year as well right? Solved nothing by switching to gold. Bitcoin is the answer

[@weozol4065]

@@aaron_vdp it will get harder to mine. Do you know who made bitcoin? Maybe you promote the central banks?

[@guillaumeroy7528]

@@aaron_vdp: Yes but no.

[@Richest_Person_in_the_World]

Gold is a barbarous relic. They take it from the ground, and in the end store it in an underground central bank vault. All the effort for Ground-Ground

[@Honestcritic79]

Unfortunately, not one of Peter Schiff's better presentations. Seemed a bit unorganized and despite the topic being Gold having a place in the modern world with the help of the blockchain, he then concedes at the end by saying there still needs to be paper market for gold as well due to the dangers of government surveillance and the risk it poses to our privacy. I wish he articulated that better because he seemed to backtrack at the end but his argument from the beginning should've been that gold blockchain should exist not alone, but alongside the traditional paper market of Gold. He could've justified the position more by saying that technology, while it does have it enhancements, does have some tradeoffs, and that is with privacy. In a digital world, one loses more a sense of privacy due to the ease at which governments can surveillance. I wish he brought that to the audience's attention more. Many people in the crypto world who believe that digital assets are the future while also having very anarchist views seem to fail to understand the contradiction in their world view. There is a reason why many of the notorious anarchists in history were opposed to a civilized society and any technological advancements at all, they were more cavemen in style and would prefer bartering, despite how inefficient it is, due to their sole priority in life being privacy above all else. Of course, the tradeoff is that if you love technology, you are by definition willing to sacrifice a bit of your privacy; classic you cannot have your cake and eat it too.

[@emmafuentesbaltazar7338]

Yes please 🙏 to all people and the world from Philippines love God please to Emma Fuentes baltazar to all of us please ❤️

[@jdferris4]

$DIGau

[@goldforest06]

Bitcoin does not have any value? Bitcoin is not just the token, it's the whole network. Safest network in the world and nobody can stop you if you wanna transact with somebody else! THAT is valuable to some, same thing for gold. Gold is a commodity yes but useless if you don't have any food, same for Bitcoin.

[@Semi_Successful]

If a government shuts off power. I still have money with gold. Look at Gaza for example

[@guillaumeroy7528]

What was really revolutionary and outstanding about Bitcoin is the use cases for blockchain technology but certainly not BTC as a medium of exchange or even a store of value (but yes as a risky speculative investment without any backing).

[@mikebacchus721]

Block chain sounds possible digital gold. must have real gold transfer from US 😅😂

[@steven7371]

The funny thing is Peter is literally describing what Bitcoin already acheives

[@Semi_Successful]

What makes BTC different from my Mastercard? It's still a fiat currency that has no value.

[@guillaumeroy7528]

Then you didn't get the point.

[@steven7371]

To name a few things, your Mastercard is controlled by a corporation. Bitcoin is controlled by no-one. Final settlement on a transaction with Mastercard takes months. With Bitcoin, final settlement occurs in 6 blocks, or 1 hr. Bitcoin is not fiat, it is a digital commodity that is worth $37,000 right now.@@Semi_Successful

[@Gold_Silver.]

#Bitcoin hasn’t achieved 100% privacy the way u can with #Gold

[@aab-el9bd]

bitcoin as money is just as practical as surviving on digital "food". cows and pigs and potatoes and gold are physical commodities that cost resources to produce.

[@charbouy]

XRP

[@emmafuentesbaltazar7338]

Yes 🖐️ thank you to all of us please 🥺 too Emma Fuentes baltazar godbless please 💗