🔴 Gold vs Bitcoin Debate: Peter Schiff vs Anthony Pompliano

[@Alex-gr7rr]

I've been listening to Peter for too long I could have done this debate my self

[@JoelBondurant]

Me too, all day long Peter is like: ₿itcoin, ₿itcoin, ₿itcoin, ₿itcoin, ₿itcoin, ₿itcoin, ₿itcoin, ₿itcoin, ₿itcoin, ₿itcoin.

[@flik221]

@3 Subscribers Without Any Videos!!!!! Bitcoin is money

[@shadowbanned4days]

Yep

[@jma5599]

That how you get brainwashed right?

[@workwithnature]

@3 Subscribers Without Any Videos!!!!! Gold and silver are money because you can not print them. Cryptos are money because you can not print them. God did any of you learn anything in school. Think for yourself before you make any automatic comments.

[@chrismares1851]

I guess CNBC Africa is about 10,000 times better than CNBS USA, who knew?

[@meetstepsisalcoholicdouche6167]

Chris Mares no they’re shills like normal US media. Google CNBC bitcoin indicator.

[@djpdoxx]

I guess gold is going 2 the roof...

[@codycast]

Chris Mares huh?

[@mywinningpicks]

So true ! Good one

[@TheControlBlue]

They are not yet rotten by the advertisers' advices..

[@DoctorMotorcycle]

Just the fact that you're appearing on media outlets so much more frequently makes me think that were that much closer to a recession LOL

[@pocketminer702]

I know right

[@aznbspikey]

Black swan fallacy

[@PO-sz7qw]

well that aged well

[@closer20jc]

@BeGood 2Me hes holding it off for sure but his holding it off is going to make it far worse

[@telos3834]

Lmfaoo

[@MrHf1991]

Congrats to all parties involved on a respectful and coherent discussion, very refreshing.

[@trifectat8694]

my balls are refreshing

[@EnderViBrittania]

Pomp didn’t do as great a job in this debate as possible, as he‘s not a Bitcoin Maximalist (avoid all altcoin shitcoins). He’s kind of a normie. For example: 1) Bitcoin already has layer 2s developed, like Lightning and Liquid, which make spending easier. And this is only the beginning. 2) Vast majority of gold demand (90%) comes from store of value speculation, only 10% or less is from “using” it. 3) Gold is used as store of value as reserve asset by central banks and individuals- Bitcoin is used same way by individuals, but not by central banks ONLY because it is very early in Bitcoin’s history. There’s no reason it won’t happen later. 4) Bitcoin is unique because it doesn’t need a trusted third party (TTP) to use it on the Internet. TTP is a security hole (see Nick Szabo’s work). Gold requires TTPs for digital use. 5) Requiring a TTP for use means gold is also subject to restrictions by government. It cannot be digitally sent or used in Iran, as mentioned in the debate, if the TTP is subject to sanctions on Iran. But, Bitcoin can be used without permission anywhere, so it actually has more utility. 6) Bitcoin is far more portable than gold, it can be stored on paper and taken across country’s border in emergency. 7) Bitcoin can be verified instantly to be real, but gold needs complicated assaying to verify it is not fake. 8) Gold can not benefit from the Internet’s innovations, while Bitcoin is born digitally on the Internet, and benefits fully from the innovation there. 9) Bitcoin doesn’t depend only on the Internet. It is just data. So it can be used across radio signals, satellites, etc. Bitcoin is already usable from satellite (Blockstream satellite). 10) Bitcoin didn’t simply have one run from 0 to 20,000 and then correct to 3,000. It had multiple run-ups and corrections in its 10 year history. Arguing it’s a bubble is not realistic, when it has 10 years of this history, and so cannot be compared with tulips which had only 1 bubble. 11) Lottery tickets cannot be compared with Bitcoin, as they are not traded on liquid free markets with buyers/sellers and a floating price. 12) Bitcoin is unique vs. other cryptos because of first mover advantage & network effect. This is why BTC is worth $200 billion according to the market, and nothing else even comes close. 13) It is possible in the near or distant future to have asteroid mining that causes gold supply to inflate hugely. It is impossible to ever have Bitcoin supply inflation. Bitcoin max supply is known and can’t change. 14) If Peter thinks he’s right, he should have skin in the game by short-selling Bitcoin on the market, as he lacks accountability with only his words. People who buy Bitcoin put their money where their mouth is, but Peter does not, so there is no cost for him to make bad arguments against Bitcoin. 15) etc. etc. etc.

[@kelvinb16]

@@EnderViBrittania half of what you said is either untrue or speculation

[@kelvinb16]

@@EnderViBrittania didn't read the other half

[@EnderViBrittania]

@@kelvinb16 Nah, everything I said is true.

[@wuwi5833]

"I think the market peaked in 2017". Entertaining is an understatement.

[@zombie6653]

just butchers his prediction lol

[@HenryPaulThe3rd]

He admitted that it could reach a new all time high. His prediction is that it will ultimately go to 0. It’s not a matter of if, but when.

[@sirdynos5646]

@@HenryPaulThe3rd lol right any day now it's going to 0 hahaha! Memo: you do realize that even if it does go to "0" that doesn't mean it just goes away, lololol 😂😂😂 FACEPALM. It's not a stock lololol

[@Nagol5000]

Peter is very good at debating. This was very respectful but had really good thoughts. And despite their strong opinions, they really listened to each other and didn't talk over each other much. Respect to both.

[@sirdynos5646]

Lol are you serious the guy does nothing but keep interrupting! Facepalm

[@brenaes304]

Not really. His problem is that he rehashes the same point over and over again - without understanding how irrelevant his points are in the face of the technology.

[@akimboanansi]

Peter's main argument is that gold has physical inherent value and bitcoin does not. Gold can be used for real things. I would argue bitcoin also has such a property, an inherent value that is less obvious. Pompliano almost touched on this, when he distinguished bitcoin the cryptocurrency from bitcoin the network. If Peter understood that the bitcoin network is a consensus protocol which can be used for many things (monetary transactions being the first use case, but not the last) maybe he might understand better. I think rather than directly trying to see why the cryptocurrency has value, you need to understand why the bitcoin network has value first. It's important to understand that the bitcoin network is providing something completely novel: a decentralised consensus algorithm. This has never been possible before. That's where the innovation is. It's like a formula, it's not the code that has been written and used, that's just an implementation of the formula. Most of the stuff bitcoin does, like payment, is not in and of itself a new obviously. But when you build a payment system on top of a decentralised consensus algorithm, then you have something that looks like a payment system of sorts, but under the hood it's actually quite different. Is it better? Well, perhaps, but it doesn't need to be better, it only need to work to be valuable. Certainly in some instances it is better. Yes it's "slow", but that doesn't make it less useful for uses that don't need to be instant, (if they can wait an hour, like large transfers of money). If it ever becomes fast enough, it would become useful to more people particularly for instant payments. I would say as a store of value, it definitely works. The most secure, anti-fragile place to store value that can be easily transported anywhere in the world has got to be worth something. Yes, there is volatility, but that's only because the market cap is low. If Bitcoin's market cap matched that of gold, it would be about as volatile as gold is. Volatility is not a property of bitcoin, just a result of an easily manipulated low cap market. If you can admit that there is even one use case in which the bitcoin network is useful (and I'm not saying it has to replace anything, just that it might be useful to some people), then you are saying that the bitcoin protocol has value. But does Peter realise that for the bitcoin protocol to work, the algorithm requires a cost function. In other words, it has to cost something for everyone to agree that X happened. Otherwise there is no incentive for anyone to participate in making the network decentralised and it would also allow for sock puppet attacks. The algorithm uses game theory by providing rewards to those who make the protocol chug forwards. These rewards are a cost to those who require the use of the protocol, for whatever activity they want. That cost is bitcoin, the cryptocurrency. It's embedded into the protocol's functionality. If you say the protocol has value, then by definition so does the bitcoin cryptocurrency. The confusion occurs because people only see the bitcoin network used as a way exchanging bitcoin the currency. But in order to send bitcoin, it will cost you bitcoin to do so. Not fiat. Not gold. It can only cost you bitcoin. What you must realise is that if you were to use the network for ANYTHING, eg. voting - it will cost bitcoin. This is why bitcoin has value, because it is required for the activities on the network to take place. It's doubly confusing because the network and the cryptocurrency have the same name.

[@Aganoify]

ambiyou Well said my friend 👨🏽‍🚀

[@hindukushethnostate3288]

Arguably the first attempt at a "decentralized consensus algorithm" was Adam Smith's ideas of Free Trade/Free Market. The problem in these ideas is the idea that people/entites are 'rational actors'. This can imply both 'rationality' and 'good faith'... and markets have no shortage of bad actors. (Of course these Enlightenment Liberal ideas are also much of the backbone of AI, neural networks, etc. high tech) BTC lacks 'use value', it only has 'exchange value'. As such volatility is utterly a 'property' of BTC, as its value is derived from an abstraction. Furthermore, compare the social volatility brought about by High Technology, the internet and all our power usages. For BTC to 'remove' its volatility, you must remove that of humanity and its tech usage... The physical value of Gold is beyond a human desire for it, or rather its physical inherent (use) value exists outside of humans. As an element Au holds particular and interesting properties, itself and vis-a-vis other elements. The ancients and the alchemists saw this, calling them the Noble and Planetary Metals -- the same tradition carried on by Chemistry and Atomic Physics, with their reverence and irony in continuing the tradition of Noble Metals. It is not that Au just has 'use value', it is unique among the stars. But still it is found amongst the stars: there is not fiat or bitcoin on Mars, but there is Gold (etc.)

[@petterenglund3736]

That’s such an intelligent answer

[@brictator]

38:00 give the moderator credit for pointing out the tiny window of time this guy is relying on as a sample to extrapolate from

[@bilbobaggins8819]

"When you're moving gold, you're moving something. When you're moving bitcoin, you're moving nothing" 🤣

[@chrisnewtownnsw]

faith is not nothing though. It isn't physical and it can't be seen but that doesn't mean it amounts to nothing

[@defcon2544]

@@chrisnewtownnsw True, but that's the same argument that the US government uses for the US dollar. The US dollar is trusted by everyone, there's no other reason for it's value but for the trust people have in it.

[@chrisnewtownnsw]

@@defcon2544 the utility of gold is things like jewellery and computer parts e.t.c, the utility of bitcoin is the impenetrable coding. so both stores of value have their utility here.

[@defcon2544]

@@chrisnewtownnsw well, the miners or hash rate makes it very secure, but it's not absolute. The network has to stay up and grow, and the more it grows, the more secure it is. That's value, but you have the environmentalists today accusing bitcoin of destroying the planet. I say that's not true, and it's the price you pay for a much better currency system. But yeah, you have the tree hugging nut jobs attacking bitcoin, and that's another danger.

[@chrisnewtownnsw]

@@defcon2544 All true and it's the reason why i went 50% silver, 25% bitcoin and 25% xrp

[@MiccaPhone]

I would never accept a piece of gold in a real world situation, because I couldn't verify its authenticity! In contrast, for Bitcoin its authenticity I can easily verify and I cannot be defrauded.

[@campion04]

Hostile aliens arrive on earth and demand all our resources if we are to be allowed to live. They take all our gold, silver, and hot women. Surprisingly, not a single Bitcoin was taken. Those fools!

[@rz9018]

@@campion04 why would the aliens take gold n silver if only humans value it.

[@araashmehta7719]

Why not? Lol. Who cares if you don’t. You are nobody in that case. Billions of other people already do. And no you can’t easily verify a Bitcoin transaction. It takes miners, energy, a software. Which equals to a lot of time energy and money. For gold, you just need to physically collect it. And pass it on physically. And yes, you can very much not only lose your Bitcoin key or password, but also have your wallet hacked in infinite number of ways by infinite number of people.

[@MiccaPhone]

@@araashmehta7719 You should show more respect and not overestimate yourself. Because your understanding of Bitcoin is wrong. Verification that a transaction is correctly and reliably confirmed does not require a miner. Every full node can do that without special mining hardware. You confuse "verification that a TX is valid" with "creation of a new block of TXs". There are even simpler vetification methods, like SPV. If you do not understand that difference or if you think that this is untrue, then I advise you to learn more about Bitcoin.

[@MiccaPhone]

@@araashmehta7719 You say that Billions of people do verify whether gold is authentic. That is an obvious lie. Because even for experts it is quite difficult to check authentic gold bullions or coins vs. those with a tungsten core, for example. It requires expert knowledge AND exprnsive equipment. You are obviously just trolling - better shut up.

[@joshprice333]

I’m not a big bitcoin fan but I have to say, I was very impressed by how respectful and calm Anthony was In the debate. Peter is just being Peter.

[@JacobNelson]

Have things changed since then?

[@4Mikes4Mindset4]

@@JacobNelson I'm curious as well. My whole thesis after spending most of all last year down the bitcoin rabbit hole, it may be crazy to be all in on bitcoin. It may be just as crazy to not have at least some bitcoin.

[@JacobNelson]

@@4Mikes4Mindset4 at this point it's better to have some put aside. I'm not all in but I have a stash.

[@4Mikes4Mindset4]

@@JacobNelson 💯👌

[@michaelpeck5547]

@@JacobNelson I agree. There are some in metals that waste time hating on bitcoin and some in crypto that waste time hating on precious metals. I own physical metals and around 7 crypto that I feel have valuable business use cases. To me, it's like being back in the 90's watching the internet just get started.

[@andersbraathen1256]

There`s also a reason why the host wanted to put the gold card in his pocket, gold has strong ties to human emotions. My precious!

[@4Mikes4Mindset4]

That was funny

[@bahmak2003]

That’s mean easy for a thief to get your gold!😂😂😂

[@yuugewall8369]

That guy Anthony smashes his own arguments often

[@GordonGkko]

Man, I love Peter Schiff. I’m not saying he demolished Popliano or anything, but he is just always so on point with everything. So clear and concise. If only he could be Treasury Secretary for life.

[@bahmak2003]

It’s clear now , bitcoin smashing gold 😂😂😂😂

[@brictator]

24:10 I would have admitted that owning gold entails some level of trust still. Just a lot LESS trust than the other alternatives. Maybe a working bicycle or gin or gins n ammo in my garage entail less trust as a hedge against multiparty defaults and disaster too but would you really put more than 20-30k into those?

[@ratipati2007]

Watching in 2024 where BTC is $43,000. Peter's arguments are so wrong and it seems his position is a sour grapes kind (because he missed the shot when it was $10).

[@ruzzellcrowe9352]

Without Gold you can't have computers. Without computers you can't have bitcoin.

[@pomp4401]

Without gold you can’t have jewelries. Without jewelries, you can’t wear gold. What’s your point?

[@bahmak2003]

Pointless 😂😂😂😂

[@ruzzellcrowe9352]

@@bahmak2003, I remember when bitcoin was being traded in World of Warcraft back in 2008/2009. Along with all the other digital coins being created... everyone knew it was a scam. Just as it is still a scam. If you don't understand that than go and buy bitcoin all you want. But don't go crying to people when you've lost it all.

[@TfortLo-q8m]

Explain why you need gold for computers? 😂

[@waynesalvador9925]

Both lose if the IRS remains King of the Collection Game.

[@Erihk_]

Wayne Salvador :( so true

[@JennWest-Liberty]

Wayne Salvador IRS cannot make anyone pay taxes by collecting information using forms without an OMB number. The W4 does not have an OMB number.

[@FreedomFinance88]

coin shop gives me cash for my coins last I checked, why would I report it?

[@truewealth50]

No ...

[@toomuchdebt5669]

The IRS is not an immortal all powerful entity . Like all tax collectors of the empire they die with it too.

[@goldismoney5899]

Good to hear a rational reasonable calm debate. END THE FED AND HANG THE BANKERS.

[@BD-me4nk]

Buy Bitcoin and you are hanging bankers and killing the Fed

[@gperilli]

So funny to hear Peter Schiff talk about the Bitcoin price at $10,000 4 years ago...

[@AnimatedPages]

Schiff definitely made the better arguments. I buy silver, gold, and crypto but Pimpliano really had weak arguments that didn't convince me of anything other than the fact that Bitcoin is a speculative asset that is good for trading. Who knows, maybe in the future Bitcoin will become a globally accepted and used currency.

[@franksam8452]

Forget the debate Just buy gold and bitcoin its a win win situation

[@4CiiD3]

@@mitchalx I'd rather buy gold directly to the company I trust instead. You are going to trust the company that stores it anyway so why would you need to have a coin on the blockchain. Unless it is for sharing it, that would make it very convenient to just share the coin rather having to transfer the claim to the gold to the recipient bank/goldStorageFacility. But for now, no business will take your coin anyway, so you'd rather not buy the coin.

[@mitchalx]

@@4CiiD3 I've used OneGold. I bought gold and when the gold: silver ratio climbed I bought silver with my gold and had shipped to me. Fees were low and the whole process was very convenient. The blockchain is only used as a ledger in this case. I'd rather walk in a storefront and buy physical gold with cash, but OneGold is a convenient way to buy and trade online. You can buy however way you like.

[@EnderViBrittania]

mitchalex - That is a trusted third party, and thus a security hole and subject to government restrictions. There is zero need for a blockchain to buy gold.

[@Somalia690]

or just buy the better one and actually win...

[@EnderViBrittania]

Bill Johan - Buying both can actually be logical, since it lets you hedge your bet just in case you’re wrong.

[@ChipperClipper1]

I bought gold in 2007 because of Peter Schiff but today I am on the side of gold AND bitcoin.

[@kurtjohansson1265]

/\ | This guy gets it

[@MugenTJ]

Depending on what you try to do. Gold is store of value. Bitcoin is making a bet.

[@jarronjackson6670]

Peter, please stop interrupting Pomp. You lost, and Bitcoin will continue to outperform Gold. I'll bet 100k with you, that my 10 bitcoins will outperform your 10 gold ounces in 5 years.

[@badgasaurus4211]

You’d have made a lot more than 100k

[@roywest6557]

I don't know why Peter even wants to debate bitcoin. What's he trying to prove? What does he care if bitcoin stays or falls of a cliff.

[@OilBaron]

roy west good question

[@thewindsorgroup9952]

Attention bro.. He wants people to listen to him, he talked so much.

[@hanswhite]

Peter has strong convictions and he has a big ego as well.

[@Jaglife]

May be he’s trying to save people from something he thinks is a scam?

[@DListening]

Anthony looks like a freshman getting his first lecture in macro economy 101 from a college professor.

[@cryptoverse1014]

Except that he brought more points than Peter in this one

[@RhymesALittle]

Peter looks like the stubborn professor who cannot admit he is wrong even though the truth is right in front of his eyes.

[@AC-wl7ve]

@@cryptoverse1014 all of his arguments were completely flawed. he compared owning crypto to using a gps or listening to a song. well, it doesnt cost me anything to do either of those things, yet they are both far superior technology to bitcoin and also happen to be far cheaper to invest in.

[@tomdeitch2305]

Peter is the best

[@RōninNinno]

Yeah okay. People have lost sooo much money listening to this guy!

[@thundaga4005]

17:40 - that made me crack up. Peter just finished answering that. haha

[@EricSmyth2Christ]

But why male models ?

[@CureCode1]

Security, Stability, Transparency, Reliability, Accountability all are qualities that instill human trust and thus value in something. By buying Bitcoin, you're placing your Trust in Mathematics, which carries all the aforementioned qualities.

[@nanonerd100]

CureCode1 this. It all comes down to TRUST. No one seems to get it. Bitcoin is crypto fiat. But the diff is control and rules. Which do u trust more? Bitcoin fiat or govt fiat. I vote bitcoin. Bitcoins value is that I trust it more than govt fiat. Gold has value but one thing lacking is that it will never be used as currency.

[@GamezGuru1]

@@nanonerd100 but you cannot buy anything with it!

[@Kube-rf2po]

4 years later Peter Shiff prediction of Bitcoin will never see the all-time again, currently sitting at $70k & increasing. hehe 📈😄

[@mauijane420]

Pompliano left this debate & cashed in half of his Bitcoins to buy Gold!

[@butterball_]

This comment aged beautifully

[@HenryPaulThe3rd]

@@butterball_ yea it sure did 😉

[@FrankBatistaElJibaro]

Please never use that moderator again, ever.

[@Playonstereo]

Whatever go up, the state will tax it and so the state will be the winner!

[@richarddixon6352]

The inevitable bitcoin collapse will have Madoff looking like child’s play

[@toomuchdebt5669]

Title of the video is wrong Gold vs Imaginary prime numbers. 😂😂

[@hubblebublumbubwub5215]

The universe is data too, our senses make us experience things like matter

[@toomuchdebt5669]

@@hubblebublumbubwub5215 Data is certainly valuable eg. numbers language, mathematics, schematics. But they are not physical commodities therefore can't be a store of value or energy. Cryptos are no different from email free and opensource.

[@matthewmurphy2259]

We will see, wont we ;)

[@TfortLo-q8m]

​@@hubblebublumbubwub5215 calm down bro

[@sanleeyang914]

that moment when the government can come and confiscate all your gold but can't touch your bitcoins

[@Sage16226]

It happened before

[@Sage16226]

@Shaun s They actually can't. You can either memorize the private key or setup a code to get your private key which could be stored in a book or by using a numeric system.

[@brainwashington1332]

@@Sage16226 u can hide ur gold and recover it later, hide it in a secret room and someone, preferably ur heirs may find it. u may forget ur private key, or die in a freak accident and ur sh!tcoin is lost forever

[@Sage16226]

@@brainwashington1332 Ahh sh!tcoin, I see you've watched those CNBC Congressional hearings. Moving on, you miss the point I was trying to convey. In the likely to unlikely event where a government tries to ban or confiscate crypto, you can store your BTC in the way I described earlier and easily walk across the border with nothing more than the clothes on you and some of your wealth stored in your brain.

[@Silvermeow]

Shaun s they can’t dumbass lmao unless they torture you

[@brictator]

31:45 hershey bar wrappers are a non correlated asset too

[@workwithnature]

Peter regarding your debate with Pomp. This is what I think you are missing regarding gold vs crypto. You mentioned gold derives it's value from being used in industry and it is made into jewelry. Golds physical properties are about as useful as coppers physical properties, when used in industries. Maybe golds are a little bit better. As for jewelry, the properties of silver are as useful in making jewelry as the properties of gold. Society has just decided gold is worth more. You saying that gold derives its value from those attributes is not true, people use gold in jewelry because it has value and in electronics because it makes a slightly better conductor than copper. But copper is cheaper, silver is cheaper. Both then should have the same value as gold. That was not a good argument. It is true what gives everything a store of value is the belief in some properties the asset has, that are desirable. So what gives gold it's value if it is not those two attributes you mentioned. In my opinion golds value is, as you also mentioned the attribute that it will stay the same for 1000's of years. Bitcoins main value is it is a decentralized payment system. Furthermore both assets are rare adding to why they make sound money. Gold is rare in a useable form on earth. Bitcoin and the 40 or so other decent cryptos were designed to also be rare. There are some pros and cons in both. Crypto will only be usable for as long as there are computers in use and the internet is a thing and as the space develops new ones can take the place of old ones. They are a good medium term store of value. Gold is a long term store of value. But for how many generations will you store that gold? Golds drawbacks are it can be confiscated if you don't hide it well. But it is more tangible and some will trust it more. Both of these assets do not complete with each other, but rather compliment each other. I own some of both. When the dollar collapses there will be more than enough to go around for those who own both. Am more worried about those who do not own any deflationary assets. If we spent our energy more on educating the public, which in fairness you are doing than this in house fighting then then that would benefit more people. Even in the crypto space there are in house fighting of my crypto is better than yours nonsense. It becomes real old fast.

[@tigeroll]

He made a good point that the first crypto available had no competition so it was more rare and scares like gold now there are over 1000 cryptos and more every day developed. Having so many choices of cryptos to buy dilutes their value each and every day, eventually they will be worth where they started at. If there could only be 1 crypto only then it would only go up, but that can't be forced so they all go down over the long time. Gold can not be created, there is only so much of it on Earth so it's value will only go up over the long time.

[@workwithnature]

@@tigeroll Well not quite true as of right now. Bitcoin does have first mover advantage and has kept that for ten years now. It is known in the space to be the store of value, as also institutional investors are now buying in. There are forty or so cryptos that have good tech and do completely different things to bitcoin. They are designed to run smart contracts on them, decentralized protocols that have many use cases in the real world. Also applications can are build on them. Different thing all together. So not just payment systems. Many of the scams and failed cryptos are either near zero or already gone and nobody invests in them anymore. A bit like how stocks go to zero if they have weak fundamentals. If you want a way store your capital for the medium term then bitcoin would be the one to go for. I can't see it changing any time soon. If you want to speculate then investigate cryptos that have a real world usecase and are working with well known companies like google, Samsung or IBM.

[@tigeroll]

@@workwithnature Some friends of mine sell some of their BTC holdings and try to buy newer ones like ChainLink or VTC to make more profit so it does draw away from bitcoin when they sell it. If too many people sell it like that it goes down more.

[@workwithnature]

@@tigeroll Yes exactly. But most money buying right now is in bitcoin, because of all the factors going on in the economy. The space also has an alt season and bitcoin season. So most of the alternative cryptos are down a lot right now. I bought then now because there is a good chance that when bitcoin hits 20k the alts will take off too. Now they are cheap.

[@estimatesalestraining366]

it’s not a store of value! It’s not an investment! It doesn’t produce anything! You can trade apples for oranges. You can measure oranges in apples. Measure Bitcoin without using dollars. How many Bitcoin for one apple? Don’t use money to measure it

[@nytronymous]

Gold will always keep its barterability..but blockchain is the next faze. Bitcoin backed by precious metals...your debate is unnecessary.

[@EnderViBrittania]

10 Comm IMMANU EL code - Bitcoin backed by precious metals makes no sense. Bitcoin is already digital gold, the point is it does not need to be backed by anything.

[@EnderViBrittania]

Shaun s - Bitcoin is unique vs. other cryptos because of first mover advantage & network effect. This is why BTC is worth $200 billion according to the market, and nothing else even comes close.

[@MiccaPhone]

Antony missed a lot of opportunities to point out Bitcoin's advantages/Gold's disadvantaged. They need to put Andreas Antonopoulos in front of Peter Schiff.

[@fastt4211]

lol

[@kylegross1081]

Looks like schiff is right once again

[@MiccaPhone]

@@kylegross1081 You did not get it. Schiff is not right, he just had an extremely weak opponent who sucks at debating. If you get convinced this easily by superficial debating and the ever same one argument that peter re-iterated 10s of times because it's the only argument he has, then xou are really gullible.

[@EnderViBrittania]

Agreed! Pomp didn’t do as great a job in this debate as possible, as he‘s not a Bitcoin Maximalist (avoid all altcoin shitcoins). He’s kind of a normie. For example: 1) Bitcoin already has layer 2s developed, like Lightning and Liquid, which make spending easier. And this is only the beginning. 2) Vast majority of gold demand (90%) comes from store of value speculation, only 10% or less is from “using” it. 3) Gold is used as store of value as reserve asset by central banks and individuals- Bitcoin is used same way by individuals, but not by central banks ONLY because it is very early in Bitcoin’s history. There’s no reason it won’t happen later. 4) Bitcoin is unique because it doesn’t need a trusted third party (TTP) to use it on the Internet. TTP is a security hole (see Nick Szabo’s work). Gold requires TTPs for digital use. 5) Requiring a TTP for use means gold is also subject to restrictions by government. It cannot be digitally sent or used in Iran, as mentioned in the debate, if the TTP is subject to sanctions on Iran. But, Bitcoin can be used without permission anywhere, so it actually has more utility. 6) Bitcoin is far more portable than gold, it can be stored on paper and taken across country’s border in emergency. 7) Bitcoin can be verified instantly to be real, but gold needs complicated assaying to verify it is not fake. 8) Gold can not benefit from the Internet’s innovations, while Bitcoin is born digitally on the Internet, and benefits fully from the innovation there. 9) Bitcoin doesn’t depend only on the Internet. It is just data. So it can be used across radio signals, satellites, etc. Bitcoin is already usable from satellite (Blockstream satellite). 10) Bitcoin didn’t simply have one run from 0 to 20,000 and then correct to 3,000. It had multiple run-ups and corrections in its 10 year history. Arguing it’s a bubble is not realistic, when it has 10 years of this history, and so cannot be compared with tulips which had only 1 bubble. 11) Lottery tickets cannot be compared with Bitcoin, as they are not traded on liquid free markets with buyers/sellers and a floating price. 12) Bitcoin is unique vs. other cryptos because of first mover advantage & network effect. This is why BTC is worth $200 billion according to the market, and nothing else even comes close. 13) It is possible in the near or distant future to have asteroid mining that causes gold supply to inflate hugely. It is impossible to ever have Bitcoin supply inflation. Bitcoin max supply is known and can’t change. 14) If Peter thinks he’s right, he should have skin in the game by short-selling Bitcoin on the market, as he lacks accountability with only his words. People who buy Bitcoin put their money where their mouth is, but Peter does not, so there is no cost for him to make bad arguments against Bitcoin. 15) etc. etc. etc.

[@OfficialXAntiDote]

Ender vi Britannia so much more to name even but great one!

[@jonfleck8687]

Peter totally owned this conversation

[@geoms6263]

during debate btc 9000 dollars , now 37000 dolars😃

[@bahmak2003]

@jon are you deaf?😂😂🤣

[@levi2954]

Just FYI Peter, it is only legal to use precious metals as a medium of exchange in the state of Utah.

[@mikel87]

And in Switzerland

[@araashmehta7719]

Lol. Now Mexico has come out with Libertad silver coin. Your argument seems to be dwindling by time.

[@imconfusedtwo9268]

Peter is a wise bird, he knows his shiz to a tee.

[@Snubrevolver]

@Ezra BitCohen The economic principles stay the same. The whole attitude of "this time it's different" is precisely how people fall into traps.

[@Snubrevolver]

@Ezra BitCohen I'm talking about the crypto market being a speculative bubble

[@user-hc5hy3lm7k]

@Ezra BitCohen. Sure if you want to make transferring a piece of nothing highly secure. Peter said it is very easy to transfer a piece of nothing lol.

[@EnderViBrittania]

Pomp didn’t do as great a job in this debate as possible, as he‘s not a Bitcoin Maximalist (avoid all altcoin shitcoins). He’s kind of a normie. For example: 1) Bitcoin already has layer 2s developed, like Lightning and Liquid, which make spending easier. And this is only the beginning. 2) Vast majority of gold demand (90%) comes from store of value speculation, only 10% or less is from “using” it. 3) Gold is used as store of value as reserve asset by central banks and individuals- Bitcoin is used same way by individuals, but not by central banks ONLY because it is very early in Bitcoin’s history. There’s no reason it won’t happen later. 4) Bitcoin is unique because it doesn’t need a trusted third party (TTP) to use it on the Internet. TTP is a security hole (see Nick Szabo’s work). Gold requires TTPs for digital use. 5) Requiring a TTP for use means gold is also subject to restrictions by government. It cannot be digitally sent or used in Iran, as mentioned in the debate, if the TTP is subject to sanctions on Iran. But, Bitcoin can be used without permission anywhere, so it actually has more utility. 6) Bitcoin is far more portable than gold, it can be stored on paper and taken across country’s border in emergency. 7) Bitcoin can be verified instantly to be real, but gold needs complicated assaying to verify it is not fake. 8) Gold can not benefit from the Internet’s innovations, while Bitcoin is born digitally on the Internet, and benefits fully from the innovation there. 9) Bitcoin doesn’t depend only on the Internet. It is just data. So it can be used across radio signals, satellites, etc. Bitcoin is already usable from satellite (Blockstream satellite). 10) Bitcoin didn’t simply have one run from 0 to 20,000 and then correct to 3,000. It had multiple run-ups and corrections in its 10 year history. Arguing it’s a bubble is not realistic, when it has 10 years of this history, and so cannot be compared with tulips which had only 1 bubble. 11) Lottery tickets cannot be compared with Bitcoin, as they are not traded on liquid free markets with buyers/sellers and a floating price. 12) Bitcoin is unique vs. other cryptos because of first mover advantage & network effect. This is why BTC is worth $200 billion according to the market, and nothing else even comes close. 13) It is possible in the near or distant future to have asteroid mining that causes gold supply to inflate hugely. It is impossible to ever have Bitcoin supply inflation. Bitcoin max supply is known and can’t change. 14) If Peter thinks he’s right, he should have skin in the game by short-selling Bitcoin on the market, as he lacks accountability with only his words. People who buy Bitcoin put their money where their mouth is, but Peter does not, so there is no cost for him to make bad arguments against Bitcoin. 15) etc. etc. etc.

[@user-hc5hy3lm7k]

Sure if you want to send a blockchain of nothing lightning fast. Sure you can keep your piece of nothing insanely secure. Sure your piece of nothing would be portable. But in the end, does anybody really need a piece of nothing? lol A blockchain of nothing (Bitcoin) is the same as a chain of empty bags, you still get stuck holding an empty bag.

[@zada4a]

This guy Pompliano is amazing at explaining these things. He's bringing a strong case forward. Also crypto currencies have many uses which most people are not aware of yet. Research. Dapps anyone???

[@dwight4k]

Care to name a few use cases?

[@johnbaird1694]

Dwight Dunker Venezuela, Argentina, Zimbabwe, Bangladesh, Italy, Japan. Search those countries in relation to bitcoin ? There’s your answer

[@MiccaPhone]

I disagree! Antony made a very bad job in this discussion, missed plenty of opportunities to highlight Bitcoin's real advantages!

[@HenryPaulThe3rd]

Uses like what?

[@zonnenrad]

What about all the gold in outer space that can suddenly inflate the supply when found. Aint no Bitcoin in space

[@myshit3694]

Aaron Van Langendonck then silver would be the thing to have.....

[@JustinColletti]

That’s a silly argument. It already costs so much to dig gold out of right here on the earth that most of it is not economical to mine. How much do you think it would cost to mine gold in space? A lot. There’s plenty of gold in the bottom of the ocean, but no one mines it because the gold price would have to rise dramatically for it to make any sense to try and go get it. Trying to get it from space would be much more expensive still.

[@jessejohnchiasson4254]

This moderator didn’t even need to be there.

[@tekkertruth1256]

He was great you hater! He had humour, was cheeky when he pretended to keep Peters card in his pocket, animated, and added valuable points about time scales and not involving other crypto currencies in the debate etc.

[@abramtaylor7575]

Peter dropping ATOMIC TRUTH BOMBS.

[@kpop인스펙터]

Bitcoin is toast when government makes its own cryptocurrency. Why would any government adopt Bitcoin and pay off existing holders when it can just copy any crypto system?

[@FernandoRisuenho]

I wish I had watched it earlier.

[@YouAlreadyKnowBabi]

lmfaooo. Hold that my Fellow Fernando

[@geoms6263]

during debate btc 9000 dollars , now 37000 dolars

[@Funça_do_ancapistão]

more like 70k

[@Bri_bees]

Cant be fake young people cant remember the Hunt brothers.

[@Freempg]

The Hunt Brothers were accused of cornering the silver market. The Fed and exchanges responded by making it "illegal" to buy silver contracts. One could only sell. The silver price fell from $50.00 to $7.00. Fast forward to today. JP Morgan owns the third largest physical stockpile of silver in the world. JP Morgan is also the custodian of the second largest stockpile of physical silver which backs the exchange traded fund, SLV. We the Peons own the largest amount which is decentralized to meaninglessness when it comes to price control. In other words, JP Morgan has cornered the silver market without a peep from the "authorities". They have reduced silver to a shitcoin.

[@Burning_Babylon]

mostpeople that have hunt bros on the mind havent made a penny in there life

[@DH-eg8nt]

Gold and Silver are useful commodities beyond just a unit of exchange. This fact alone trumps bitcoin and other fiat currencies, ultimately ending the debate for me. I am very grateful for the knowledge Peter and his father Irwin Schiff (who stood strong against the tyrannical, illegal IRS and should be celebrated as a hero) has shared through several books, speeches, and recordings over the years. Like Alex mentioned below I have been listening to Peter and Irwin so long, I could debate bitcoin advocates in my sleep.

[@johnbaird1694]

D H What peter having the same old arguments that get debunked every debate he’s in. The amount of people who have only listened to Peter to learn about bitcoin is astonishing. Listen to Andreas Anotonopolous, but I’m sure you won’t.

[@BenSamuel-d6l]

Really? What do you use gold and silver for and what supermarkets accept it for a some bread and milk?

[@devilsadvocate5406]

Digital assets have value. Whether its a pic of granddaughter playing sports or a whistleblower evidence for a company or google map directions. Sometimes the digital info is worth $1, sometimes $1000. Bitcoin invented blockchain. Immutable ledger.

[@codycast]

dirtyvarmint I’m not BTC fan but you make a pretty weak argument. If your computer falls into the river or your house, town, or state loses power, BTC still plugs long and your ‘coins’ are still on the ledger.

[@gordongoodman8342]

Some "digital assets" have value. Not everything digital is a "digital asset".

[@tekkertruth1256]

Great debate, informative and hilarious.

[@Schoolship.]

30:00 did Lamborghini stop accepting bitcoin?

[@dragon4495]

Nope neither did Tesla, overstock, and allot of China’s retailers, as well as governments accepting it to pay taxes in certain states

[@financefreedom8988]

There have only ever been a half dozen or so precious metals: gold, silver, copper, platinum, palladium, and nickel. But the number of cryptos has quickly risen from 1 to more than 1,000. That's hyperinflation of cryptos.

[@EnderViBrittania]

Finance Freedom - Bitcoin is unique vs. other cryptos because of first mover advantage & network effect. This is why BTC is worth $200 billion according to the market, and nothing else even comes close.

[@saburgeonsb]

A couple of points were missed by Anthony, because it wasn't asked in the correct way. I want to transfer $50 million to someone in China. To begin with, no government would allow me to do so without heavy questioning, KYC laws, and hefty fees. The anonymity bitcoin provides is priceless. There is no other way in this world to transfer that much value without interference from a third party. Keep in mind that the government confiscated gold at some point in our history. Couldn't the government just outlaw GoldMoney? What's to stop them from doing so? They've done it before in front of our faces. How then would I transfer $50 million to someone in China? Have a secret plane to secretly go across the borders? If the guy in China opens up a GoldMoney account, that has to go through a government. If Gold threatens the power of governments worldwide, then why would they not ban it? Right now in front of us, Britain is not giving back gold to a country they stored it for. The US defaulted on its gold obligations when coming off the gold standard. If a country is doing this, then why wouldn't a company do this? When a company defaults, and companies will continue to default, how will you store your value? What happens when governments infringe on your property rights like they did years ago? Even when someone from Mexico comes across the US border, the government wants a portion of their assets in the form of taxation. How will you hide your gold? They will search you and they will confiscate and tax you. With bitcoin, I can remember the code in my head and never give it away. If me or my family is threatened, I can write it on a piece of paper, and leave it with someone I trust. Bitcoin is a revolution. Bitcoin is freedom. It's a war against the government. That's the reason it was created, because there was a need. If gold was so great, why did we need to create something like this in the first place? Why do people believe in Bitcoin? Anthony did an injustice to bitcoin believers by not understanding its true purpose. We don't have to fight with guns and swords, but with our wallets, and nothing can stop us, because the government cannot confiscate millions of computers, smartphones, tablets, and electronics worldwide where the ledger is being maintained by millions of people who are motivated by financial incentives to maintain it. The value in Bitcoin is that if Bitcoin works, then the greatest predator to humanity, which is government, will have to be more direct about their theft by direct taxation instead of inflation.

[@EnderViBrittania]

Yes! Pomp didn’t do as great a job in this debate as possible, as he‘s not a Bitcoin Maximalist (avoid all altcoin shitcoins). He’s kind of a normie. For example: 1) Bitcoin already has layer 2s developed, like Lightning and Liquid, which make spending easier. And this is only the beginning. 2) Vast majority of gold demand (90%) comes from store of value speculation, only 10% or less is from “using” it. 3) Gold is used as store of value as reserve asset by central banks and individuals- Bitcoin is used same way by individuals, but not by central banks ONLY because it is very early in Bitcoin’s history. There’s no reason it won’t happen later. 4) Bitcoin is unique because it doesn’t need a trusted third party (TTP) to use it on the Internet. TTP is a security hole (see Nick Szabo’s work). Gold requires TTPs for digital use. 5) Requiring a TTP for use means gold is also subject to restrictions by government. It cannot be digitally sent or used in Iran, as mentioned in the debate, if the TTP is subject to sanctions on Iran. But, Bitcoin can be used without permission anywhere, so it actually has more utility. 6) Bitcoin is far more portable than gold, it can be stored on paper and taken across country’s border in emergency. 7) Bitcoin can be verified instantly to be real, but gold needs complicated assaying to verify it is not fake. 8) Gold can not benefit from the Internet’s innovations, while Bitcoin is born digitally on the Internet, and benefits fully from the innovation there. 9) Bitcoin doesn’t depend only on the Internet. It is just data. So it can be used across radio signals, satellites, etc. Bitcoin is already usable from satellite (Blockstream satellite). 10) Bitcoin didn’t simply have one run from 0 to 20,000 and then correct to 3,000. It had multiple run-ups and corrections in its 10 year history. Arguing it’s a bubble is not realistic, when it has 10 years of this history, and so cannot be compared with tulips which had only 1 bubble. 11) Lottery tickets cannot be compared with Bitcoin, as they are not traded on liquid free markets with buyers/sellers and a floating price. 12) Bitcoin is unique vs. other cryptos because of first mover advantage & network effect. This is why BTC is worth $200 billion according to the market, and nothing else even comes close. 13) It is possible in the near or distant future to have asteroid mining that causes gold supply to inflate hugely. It is impossible to ever have Bitcoin supply inflation. Bitcoin max supply is known and can’t change. 14) If Peter thinks he’s right, he should have skin in the game by short-selling Bitcoin on the market, as he lacks accountability with only his words. People who buy Bitcoin put their money where their mouth is, but Peter does not, so there is no cost for him to make bad arguments against Bitcoin. 15) etc. etc. etc.

[@Dennzer1]

@@EnderViBrittania What if bitcoin founders decide to produce more bitcoins? ( btw I love your points, very thoughtful and well considered ) Would the bitcoin community simply reject that? If so, would it be that easy? Would that not create a very messy problem? Alternatively, if you say that would never happen, is there any way we can be sure of it? What level of certainty?

[@Dennzer1]

@@EnderViBrittania Additionally, I do not understand point 9. Could you please elaborate? And, could a government theoretically block all viable platforms for the exchange of bitcoin?

[@Dennzer1]

By the way, the greatest predator of humanity is not Government. It is certain, and many, Corporations. Without government, the damage wrought by warfare, pollution, and general inhumanity by the Corporation, would be far greater that without those very helpful ( when they are helpful ) regulations. There are many such examples. The Consumer financial; protection Bureau founded by Warren, was one ( they returned 12 billion to defrauded citizens, victims all of Corporations ) . Child Labor Laws is another. The EPA's partial success with toxic dumping is another.

[@EnderViBrittania]

Dennzer1 - Hi, thanks for the kind words! I was very disappointed with Pomp’s debate, so felt obligated to chime in. Point 1 - Bitcoin had only 1 founder, Satoshi. Satoshi is a mystery person or group, and is unknown. Satoshi disappeared around 2010 or so. So it is unlikely Satoshi will ever come back, and moreover it is very unlikely Satoshi would ever support increasing Bitcoin’s max supply of 21 million. That is because Bitcoin was invented as a way to have the first fixed supply scarce asset ever, since even gold is not that way. Gold will always be mined from the ground, it will be recycled (bitcoins, if lost, can never be recycled and brought back, they are just lost forever), and it will be mined from asteroids in the future when it gets cheap enough to reach space (gold is very dense hence compact, so not much volume). Also, incentives for anyone holding bitcoins is to never let the max supply cap be increased, since it would devalue holders’ wealth. This is how we can be sure, because ultimately Satoshi is only one entity, and Satoshi’s opinion is not word of God. Satoshi already made some minor mistakes, which were fixed in the past. Certainty and real power comes not from Satoshi but from Bitcoin’s holders. Bitcoin is sound money for the people.

[@DBEdwards]

1 OCTOBER 2021. BITCOIN $68,925.00 USD. TODAY 7 OCTOBER 2022 BITCOIN $19,505.00 USD.. Investors in Bitcoin are having their arses kicked. Peter Schiff is right.

[@geoms6263]

during debate btc 9000 dollars , now 37000 dolars

[@TfortLo-q8m]

It's back up again 😂

[@badgasaurus4211]

It’s now up to 55+ thousand. Casual man

[@BMANZZS]

Peter had good arguments. Unfortunately he lost the debate at 20:30. It's clear he doesn't understand crypto.

[@upadeshbhatta]

Peter stop smashing crypto guys😂😂

[@bahmak2003]

Lol bitcoin smashing gold now😂😂😂😂

[@renerivera5096]

I owe gold n silver n Bitcoin...i dumped bitcoin as it went up and converted. So basically, i used the Bitcoin hype and took advantage to buy more metals ...loved it.. thank you Bitcoin

[@bahmak2003]

😂🤣😂🤣😂 keep dumping bitcoin. Dump the winner and buy the loser!

[@renerivera5096]

@@bahmak2003 you wanna trade I'll give what's worthless if you have any gold n silver. I am seeking value not digital worthless Bitcoin...let me know..I don't follow the sheep bud

[@bahmak2003]

@@renerivera5096lol trade what? Trade your loser metals against my winning bitcoins ? Yea man I’m a sheeple that bought bitcoins year 2013!😂😂😂

[@bahmak2003]

Buddy, I followed Peter since 2013 and know where his confusion is: 1. He forgot that value is nothing but a function of DEMAND AND SCARCITY. As long as bitcoin has demand and scarce it will have value. 2. He see money in FORM but not in FUNCTION. There are only two function of money, that is you either you SAVE IT OR SPEND IT. That same with bitcoin you can save or spend it. 3. Peter think he’s only on gold business, he didn’t think he’s actually in business of CAPITAL PRESERVATION! And oh boy in terms of capital preservation bitcoin have been smashing gold! 😂😂😂 Use your logic buddy, are you small brain that you can process that? 😂😂😂

[@renerivera5096]

@@bahmak2003 do you know how to read I said I will trade you the Bitcoin I still have for the metal..

[@royshaft]

At 23 minutes i think Peter delivers a one punch knockout , the moderator shuts him down.. When the first country goes to a digital currency , and it will , it will not be bitcoin . Eurocoin , dollarcoin , yuancoin ? Your bitcoins would be worthless instantly , and probably made illegal . My gold would still be gold .

[@RhymesALittle]

Wrong. Bitcoin is attractive because it is a decentralized non-inflationary asset. a “dollarcoin” would still be controlled by the government and they could “print” more dollarcoins at a moments notice by minting more dollarcoin tokens. Bitcoin cannot be manipulated in this manner and that is the main reason it has, and will continue to see so much upside. You are assuming bitcoin is only valuable because it is digital and therefore digitizing fiat currency would render it obsolete, but bitcoin derives its value not for the mere fact that is digital, but because it is programmed to have a fixed supply and people cannot just print more bitcoin.

[@royshaft]

@@RhymesALittle Can't they divide it ? What is a millionth of a Bitcoin worth ? Same as printing , just backwards and same result i imagine . Enjoy the ride brother .

[@JuanAdam12]

I don't buy the "other uses" of gold argument, just as I don't buy the "Bitcoin has value because people want it" argument. Both are weak, and beside the point of what makes each appealing. That said, I think a solution is to combine the virtues of both assets: Blockchain technology backing physical gold. Peter's sparring partner was very respectful. Peter could've reciprocated a bit more and not talked over him so much (per usual). You'll outwear your welcome acting like this, Peter Schiff. If nobody wants to debate you, you have no voice in the conversation happening despite you.

[@major69420]

if i remember right they tried that in the early days of bitcoin and the sec or some agency shut it down... wonder why

[@JuanAdam12]

Michael S I remember this, too. I know my idea isn't original. I suspect the reason both parties don't get into this is that they each have something to sell, right now. They aren't (interested in) having a discussion about monetary policy. The whole thing is dumb. If you want gold, buy gold. If you want crypto, buy crypto. Then shut up about it. No one cares what you decided and being vocal isn't going to move the market for what you bought.

[@germancarranza236]

I genuinely feel bad for that Bitcoin guy. Peter clearly explains how it's much worse than Fiat currency and the guy doesn't understand that. He stuck in the first principle that someone must want something in order for that to have value. That principle is true but it's so basic and for things to become money they must pass so many more barriers. At least Fiat currencies have a whole system demanding it and a gov pointing a gun at you to use it.

[@islandbee]

If you need someone to point a gun at you to force value to your perspective, you're pretty pathetic. Value is 100% subjective. If someone thinks the value of gold is ZERO, then it isn't worth anything to him. It still won't change the fact that there is a free market that will support its value. Same with Bitcoin. No matter how loud and many times Peter Schiff can shout out that Bitcoin has no value, there is a market that does value it. Peter Schiff has been openly accepting Bitcoin donations. Which just shows how much of a hypocrite he really is.

[@germancarranza236]

@@islandbee That's not how that works lol. Everything is "subjective" but some things are more wanted extrinsically. People need to eat and the world eats lots of grain so grain is going to be bought and sold no matter what people feel like doing. We could say grains have an objective value to them because we require them. Gold is intrinsically valued because it serves many purposes and it meets all the requirements for real money. Bitcoin doesn't do that and it can't do that. Bitcoin is purely subjective while gold has some objective value to it. We require gold for jewelry, electronics, wiring, and money. It is objective in it's value since people require it. Bitcoin doesn't serve any purpose except to increase in price. That's literally me printing Gman bucks and telling people that they can store their fortunes in Gman bucks because it will go up with time. Bitcoin is literally that retarded.

[@islandbee]

@@germancarranza236 - No, value is subjective. If the said item does not serve a purpose or is not desired to anybody, it simply doesn't have any value. The reason why the price of Bitcoin is going up is because there is growing adoption and recognition. People who invest into it understand that you can trade it freely around the world without any clearance or third party. What's retarded are the people who think Bitcoin has no value because it's intangible and has no use cases. The fact of the matter is that Bitcoin has served as a means to transfer money freely and securely without any third party or government intervention. Gold is just another metal. If gold were widely abundant and easy to obtain it would not be perceived as a store of value. Future technological innovations in mining and fusion synthesis will decrease the store of value perception of gold.

[@germancarranza236]

@@islandbee Lol you said it yourself, if an item doesn't serve a purpose than it isn't valuable. When we say something has objective value we mean people inherently want it outside of mere emotion or taking advantage of it. Food is objectively valuable. So is many metals including gold. Bitcoin is subjective because the only purpose it serves is to provide a placeholder for things and services out of sheer adoptation. People only want it because they think other people want it. They don't want it for THEMSELVES. Objective value comes from you wanting it while subjective value comes from you wanted something that others want. You want food but others want Beanie Babies. Big difference that I hope you understand.

[@islandbee]

@@germancarranza236 - The only objective value that there is purely in mathematics. Subjective value is matter of personal opinion. Objective is observational, and subjective is opinion based. You need to look up what those mean because your last bit is totally wrong. I hope you can take corrective action and be able to distinguish the two. I agree that Bitcoin is subjectively valued. But, so is gold and food. Me or anybody else desiring them to whatever degree is completely subjective. Please revisit the definitions of objective and subjective and stop spreading this nonsense that you just said.

[@brictator]

28:20 no Peter! the thousands of years argument only goes so far. I wanted to see you list the elementary properties of gold that make it unique in the universe, ajd how those have NOW surprisingly lent it new life in industry, outside jewelry, which here in Thailand you couldn't miss. Most ductile element. Period. Can stretch it into the thinnest wire that ALSO conducts electricity in the top tier of elements but DOES NOT TARNISH so could be run underwater and left alone a thousand years, or used on Mars or other planets in exploration robots without reacting with whatever's in their atmosphere. In tiny medical implants that you wouldn't want to have to reopen a guy to clean off. It is ancient, it is pretty, but it is uniquely perfect for the most modern and futuristic applications. If you believe the crazy Annunaki stories then gold was even in demand by aliens who wanted to pump atomized gold into their atmosphere to deflect harmful solar radiation. Sounds like the green new deal is coming soon, I'd expect them to try that

[@EVERYTHINGUNEDITED1]

whereas bitcoin or crpyto currency are just mathematics and programming.

[@EVERYTHINGUNEDITED1]

doesnt provide any value in itself

[@TheGreatSnafoo]

No electricity, no computer, no Bit Coin. Gold is tangible where Bit Coin isn't.

[@borg386]

There is always electricity! We are not in the cowboy days any longer....you know that,right?

[@JoelBondurant]

Schnorr signatures will make Bitcoin transactions untraceable.

[@tigeroll]

NOW, you might have something!

[@SagefulSolutions]

We already have that, with Confidential transactions. elementsproject.org/features/confidential-transactions

[@CrannBethadh]

It's absolutely hilarious that people are so dumb that they can't tell the difference in value between something that is real with physical properties and is used in products and is scarce, and something that is digital make believe ephemera like Super Mario Brothers coins. Hahaha.

[@syanchuk3025]

Is the internet real or fake?

[@japan32japan]

Chad Muse in this modern age you dont need to touch something for it to have value.... your argument is simplistic

[@CrannBethadh]

Yes digital products can have value but they can be replicated by some glorified version of copy and paste. At that point it's not much different from the printing press.

[@danheinz13]

@@CrannBethadh bitcoin canot be replicated thats the point of this tecnology

[@AC-wl7ve]

i like how he compared it to using a gps or listening to a song...something that is virtually free to do, yet provide so much. bitcoin costs a fortune and provides nothing.

[@gg-ni9xe]

Schiff wins the debate (I already saw this one and am not going to spend an hour watching, but good content as usual)

[@slhines7]

Gold is currently priced at all-time record highs in most currencies except for the "USD".

[@hubblebublumbubwub5215]

That doesn’t make sense. It’s either most currencies period or all currencies except for USD

[@slhines7]

@@hubblebublumbubwub5215 It is all ass-backward and one would think so, but this is not the actual case.

[@codycast]

Hubblebub Lumbubwub because the $USD is strong against most other currencies.

[@Reecemacka]

2100 here in Australia. Highest ever in aud. up 10% in 3 months

[@DZOElPortavoz]

Time has proven Peter to be so wrong 😂

[@tylergallagher6991]

The Bitcoin side’s best argument is the concept of level one technology as a standard for value, though that argument has some holes. The problem is that gold has a long history to back it up, whereas Bitcoin is a bet that society will adopt it as a replacement.

[@obafaappteam4777]

Thanks Peter

[@Investortradeschool]

24:01 debate was won by Peter Schiff “Gold is not about trust, you have to trust when you own fiat currency...”

[@vTruongCuong]

Indeed what Peter said isn't true: He can move around the world with some grams of gold but not whole. He can't send gold easily around the world, for example someone want to send gold to his family in Iran or nord Korea. If he take gold with him or secures at home, they may be ropped. His gold in bank could be freezed by government. If he owns gold, he trusts his gold but if he pays that gold to others, they dont trust that gold is 99.9999% gold, gold maybe faked

[@vTruongCuong]

I'm doubt that people will trust your gold, first: how can they know if that bar of gold is 1.000000000kg? But not 0.0009kg? Second how can they know that its 99.9999% gold but not 50% gold 50% copper? I mean if you take your gold and try to buy a Lamborghini with it. If someone pay me bitcoin I can 100% sure that that is bitcoin and it's a full bitcoin. I don't need to move my bitcoin, its everywhere in internet, so its everywhere I go. I don't even have to use internet to give bitcoin to my family, I just give them the private key. Bitcoin will never go to zero because its characters are usefull and bitcoin network, just like internet, is the base for everything to run on it. So if it down to 0 then probably gold also

[@walden6272]

@@vTruongCuong You can determine Gold with tests. For example 1 ounce of 99.99% Gold has a different volume than 50% Gold and 50% copper.

[@JoelBondurant]

You have to trust fractional reserve gold plated tungsten etfs.

[@vTruongCuong]

@@walden6272 oh, without expensive test equipments, with what accuracy can you determine that? So assume that you have a car saloon then you need to buy those expensive test equipments to test those gold? Or you except gold with 98% accuracy?

[@timhoppers1]

I’m 25% invested in Gold\Silver and 75% Bitcoin. Gold has historical value, but Bitcoin will eventually replace gold. Technology always Wins

[@aadiskywalker]

You sir are a wise man 🚀

[@LesIsMoreFilms]

Kiss me, you fool

[@1Thes418]

As long as you have electricity to power the internet.

[@rona6063]

Tim Hopper I’m opposite, but I think as long as you have both your ready for what’s coming. As long as the gold is physical

[@timhoppers1]

Neil Brown Yes, I agree with you.

[@gregrichey840]

I buy bitcoin and silver and I have yet to buy anything like a cup of coffee with either.

[@JesusChrist5000]

lol me too

[@indo3052]

Lol

[@EnderViBrittania]

Yeah, because these are also used as store of value, which is perfectly fine. No need to buy things with it, that’s what currency like USD is for.

[@brictator]

40:00 50 million dollars in gold right now weighs just over 2,200 pounds, 1.1 tons. A Boeing 767 can carry up to 50 tons and go maximum range. So you can fly $2.3 billion in gold on one maximum range regular cargo plane

[@freestrike2000]

Yes. That's much easier than using a qr code. lol

[@brictator]

@@freestrike2000 good luck with your qr code when the lights go out or a government interferes with your internet

[@freestrike2000]

@@brictator oooooooooo. I'm shaking now. You don't need the internet to send bitcoin and good luck flying a plane full of gold if the lights are out.

[@priley817]

@@freestrike2000 hahaha these people have to create apocalyptic scenarios just to argue against bitcoin. As if gold will help in an apocalyptic scenario. Currencies only come to fruition in civilizations, aka apocalyptic scenarios nothing matters but food and shelter.

[@kelvinb16]

@@priley817 fiat currencies have an average lasting time of 27 years and have failed throughout time spectacularly. What makes the future any different? Gold stores value, cryptocurrencies are fake value.

[@Imakeplanesboom]

50:07. One of the funniest 30 seconds in all of KZbin!

[@changmoon]

props to the interviewer, he was great at making sure the topic was complete before moving on and tried to give both parties a chance to speak. although Peter butted more times xD

[@hmmob3956]

17:42 Ha, ha. Moderator is a funny guy. Peter just explained all the use cases of gold other than a store of value and he asks what all the other use cases are.

[@EricSmyth2Christ]

Yeah he thought of the question early and shut down, waiting for Peter to stop talking and then finally said “But why male models?”

[@user-oy9zy4ds9m]

The symbol for bitcoin is a freakin GOLD coin. Nuff said.

[@xesentertainment]

48:29 I did miss my shot I should have bought it when I 1st heard about it - Peter Schiff

[@sonny4997]

lmao his dumbass would've sold at 10% profit. no vision.

[@normalcitizen]

"well you could put lottery tickets in your portfolio" LMAOOOOOOOOOOO

[@leonardmccool6285]

Schiff won this hands down. Pompliano had nothing.

[@shahub5]

Peter is the goat

[@dontundra2259]

Ha ha ha yes he is.

[@dchan0425]

You know it's a scam if people try to say bitcoin is like gold. Gold owners will never say gold is like X.

[@Schoolship.]

if you were trying to tell me what gold is, and I knew what X was, you'd say "it's like X, but..."

[@Leeway4434]

"Gold is like silver"?

[@dchan0425]

@@Leeway4434 Totally different properties. Only similarity is they are both metals.

[@airRozi]

Well if u dont understand the similarities u dont undersand bitcoin good enough. Do more research

[@Leeway4434]

@david Chan false. They are also both a store of value

[@sigmarecon]

I've seen so many people "debate" Peter on Bitcoin, and all have failed miserably. NOT because they're wrong, but because they haven't broken down the most basic arguments in favor of Bitcoin over Gold, in the TECHNOLOGICAL AGE. I would destroy Peter in a debate. It really shouldn't be that hard to do at this point, especially for people like Anthony.

[@provik1547]

Erik Voorhees was the only one I saw destroy Peter.

[@ValiRossi]

This is Peter Schiff at his best. Both good guys though. Great show! Thanks CNBC Africa!

[@MiccaPhone]

This is Pomp at his worst. A huuuuuuge difference!

[@SportZFan4L1fe]

Man has used Gold as Money for thousands of years because of one thing. ... Gold is IMMORTAL. And IMMORTALITY is what Man has Always been trying to Achieve. Gold represents that which Man CANNOT attain and that's why it is seen as a store of Value.

[@dougeike]

Pompliano was polite and conciliatory, but his positions are still weak. Bitcoin is not an investment. Rather, it's for speculators, and those who placed their bets on time have become billionaires--IF they are wise enough to sell their bitcoin on time. If they don't, they'll be left with only fond memories of the adrenaline rush that accompanied being paper billionaires for a short time.

[@user-hc5hy3lm7k]

those billionaires won't be billionaires if they try to sell a small fraction of those bits. that is why they still need to pump and dump.

[@BD-me4nk]

People buying gold are also speculating as are those buying stocks or anything that is invested cash. The longer Bitcoin continues to prove it does exactly what it says it will do while bankers and governments show how humans manage money the more valuable Bitcoin will be. Bitcoin will prove that math money is better than human money sorta like science will win over religion. You can put your cash into any number of places. Bitcoin will continue to destroy stock market returns by simply doing what it was designed to do. People will leave Fiat the way people are leaving the church in growing numbers. The first ones to leave are labelled as sinners and freaks, the last ones to leave are just stupid and too heavily invested to change. You can choose whatever way off the Titanic you want Peter Schiff is going with Gold and the others with Bitcoin. If history repeats itself the governments will eventually kill Bitcoin by acquiring it all.

[@RōninNinno]

In 13 years PETER will be buying cryptocurrency. 1000percent!

[@wussmode]

Good debate. Very level and informative despite I think Bitcoin is a Ponzi scheme.

[@workwithnature]

everything is a ponzi in that case. The greater fool will buy my gold too.

[@DeeDeckerOfficial]

I take Bitcoin. Cause I don't believe banks. However I also take gold. Cause they both have value. Keep your Fiat

[@brictator]

46:20 moderator was a good guy on this

[@TheGilbalfas]

Except it was too easy to know what side he was on. He should've tried to be impartial that would've given him and the show more credibility

[@JustWanderingAsIDo]

"I don't have a romantic dinner and put my bitcoin on" hahahaha

[@alelaw9526]

Buying gold is not easy... specially if you want to store it yourself. Buying it electronically can be sort of easy but making sure you are getting what you paid for is not that easy at least for the lay.

[@chrisk1903]

"a winning lottery ticket could have been the best performing asset"...LMAO

[@EnderViBrittania]

That argument makes zero sense, since a lottery ticket is not traded 24/7 every day of the year on a liquid free market of buyers & sellers, which reflects supply and demand. Only Bitcoin is.

[@HenryPaulThe3rd]

@@EnderViBrittania He could’ve said Tulip Bulb instead of lottery ticket and he still would’ve been correct on his statement

[@EnderViBrittania]

@@HenryPaulThe3rd Ok boomer. Have fun staying poor, tulip brain…

[@BR-vp2dz]

Peter said bitcoin will never see another all time high. 5/20/21- after a big correction, it’s worth 4x of the price during this debate. 🤷

[@bobsimpson9228]

He corrected himself further into the debate. He didn't literally mean never he meant highly unlikely.

[@bobsimpson9228]

@Andrew White So explain one thing he got wrong. Show your source. I understand crypto at a pretty high level. He understands the only valuable thing about crypto is the blockchain, which every currency operates on and new ones are made everyday on new and better blockchains. What doesn't he understand? Enlighten me. Which argument of his is poor?

[@bobsimpson9228]

@Andrew White yes, market cap rises in a bubble obviously. What's your point? How is bitcoin gold 2.0? What value does btc have? You're out of your mind. Why is bitcoins price going up when the fed is saying the dollar is still going to be strong? It shows bitcoin is not an actual hedge against inflation, it's pure speculation.

[@bobsimpson9228]

@Andrew White I've read the bitcoin white paper.. Stop assuming that people who don't believe in btc don't understand it lol. It sounds like YOU are the one who doesn't understand it. i was once heavily invested in crypto but I've pulled out after making my money knowing it's a bubble. If people know the dollar isn't going to be strong why are all the hedges vs the dollar not going up? Only bitcoin is... your argument is invalid. Smart money knows the dollar is going to crash but the average person in the market does not. People believe the federal reserve. There's an old wall street saying... "Never fight the fed". Bitcoin itself has scarcity yes, but what's stopping the next currency from coming out and doing it better than btc? Nothing. The cost to mine btc doesn't give it value so another invalid argument lol.

[@bobsimpson9228]

@Andrew White lol yes I know what an adoption S curve is... It's funny you think we're in the early stage. BTC is going to banned in America soon or heavily regulated (already seeing that now with Binance.. Binance's ceo already stepped down because he didn't like the direction it was going) and you btc bugs will still be calling it the early stage LOL. If btc is such a great currency, why don't you use it daily? Why aren't you buying your groceries, paying your taxes, paying your rent with it? BECAUSE YOU CANT! No one wants bitcoin. 99.9% of people who have bought a bitcoin have never bought a single thing with it excluding dark web purchases. They all hold it because they want to get rich just like you are. These companies that say they're accepting BTC aren't even accepting BTC... they use middle men services like bitpay to turn the btc into usd. THEY DON'T WANT BTC. You keep going back to "you don't understand crypto". EXPLAIN TO ME WHAT I DONT UNDERSTAND LOL. Every time you comment you spit out baseless assumptions with no facts behind them and have been wrong every time. Done talking to you lol. I'll be back in 5 years.

[@ramsa01Yt]

There are two types of stupidity here: 1. The young generation is out of sync from reality, they will not survive without internet, so they do not even know how gold even look like in real world, they will fail to recognize it, so that the transaction involving gold will fail. So bitCoin wins. 2. The old generation knows that electricity is not guaranteed, in cases of some big crisis our civilization or just few countries and their societies will have to survive without internet. So only gold and silver will be recognizable enough to make economies function. So gold wins. Now you decide for yourselves based on your vision of the future...

[@danmarchamp]

Peter Schiff WINS..... Goldtality!

[@HunterBISONQB]

Great closing statement by Peter!!