Saifedean Ammous vs Peter Schiff on Sound Banking, Gold & Bitcoin

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@PeterSchiff / peterschiff CEO of Euro Pacific Capital europac.com, Chairman: SchiffGold schiffgold.com, Host: Peter Schiff Show schiffradio.com, Author: The Real Crash www.amazon.com/Real-Crash-Ful...
@Saifedean / saifedean Author: The Bitcoin Standard www.amazon.com/gp/product/111...
Website: saifedean.com/
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[@Berniepatton]

Peter did us all a favor by giving us great insight into the minds and thought processes of the people unable/unwilling to wrap their heads around the value of bitcoin. He is stuck looking in the past and not seeing where we will go in the future. AI/machines will not exchange value by handing gold to one another neither will the people participating in AR & VR worlds. If I can talk to someone half way across the world for free why would it not be obvious to also be able to send them money for virtually free? This will never happen with gold or any sovereign currency. Thank you Peter. Bitcoin definitely still could fail, but it was so valuable for me to see someone as experience and educated as you be completely blind to bitcoins potential value when it was laid out so elegantly for you.

[@bitcoinsig]

I'm surprised Tone nor Saifedean never mentioned that with gold being held by a third party you never know if they really have the backing, with BTC you can prove holdings because you have the ability to point to an address and verify the value on chain. BTC is far better to prove asset holding.

[@ckhalifa_]

That's right! And before u know it we're back to fractional gold reserve where central banks now will be required to keep 0.1% in vaults and there u go...start the printing machine again.

[@bitcoinsig]

@Queen Wikiexactly, how much better would USDT be if it was backed by $1 of BTC that was verified on chain, instead of maybe being backed by some USD and maybe whatever other assets they have laying around.

[@eddieneedsboost]

@@bitcoinsig Tether admitted in court to buying BTC with their reserves lol

[@Snide01]

@@eddieneedsboost Tether isn't Bitcoin, its a wanna be fiat coin

[@Nasumbati]

Right. Hold your own keys. Schiff gets absolutely destroyed. No wonder he wasn't on the second debate lmao.

[@suryakantabosechowdhury5018]

I'm skeptical of Bitcoin becoming the dominant medium of exchange but Saifedean undoubtedly won this debate against Peter. But what's even worse for Peter is that he thinks value is objective rather than subjective despite describing himself as an Austrian.

[@beaver6919]

Peter Schiff always does this in debates he talks over his opponent and grandstands them. Not letting them finish their points.

[@JosephMcMurray1984]

It really pains me to see Peter debate someone who knows what they're talking about when it comes to Austrian economics and Bitcoin. Its like, Schiff actually does understand these things that Saifedean is talking about but the second you say the word "Bitcoin", Peters brain just stops working.

[@MachTruck]

So true!

[@kieronmckay4276]

The quality of this channel just went up today, Tone. Try not to spend all your time shit-talking trolls when you can spend your time much better putting together discussions like this.

[@aceyage]

Kieron McKay Peter Schiff is the definition of a troll.

[@damianklepacki4534]

"try putting bcash in my node, it would not work " hahahah best argument ever

[@christseng7645]

We really need a debate between Andreas Antonopolous and Peter Schiff

[@JensHove]

Nah. Peter's had several of these debates, and he just spews the same ignorance every time. It got old a while ago. I so look forward to the day when he will have to admit he was wrong. Math is better than gold. That's the essence of the debate. Math has been essential to most innovation in human history, and it will be the basis of the next incarnation of money too.

[@nicktr84]

As much as I would like to see that, it would be a huge waste of time for both sides. Schiff will listen to Amdreas' irrefutable logic and still deny it, or think he knows better. You cant beat someone at a game of chess if they dont understand the rules.

[@FatherHall]

Should have just asked Peter if starbucks would accept gold before it accepts bitcoin as a payment option.

[@soundexperience1]

Lol dude is owning Peter Schiff. Too blind to see that his argument for gold and against fiat is the same argument for bitcoin. The fact that we are here comparing bitcoin to gold says ALOT!

[@wearewaves3106]

It says that bitcoin has been marketed well. Nothing more. 1929 to 1939, wasn't that long ago.....Keep pushing bitcoin, it may very well take the place of gold. Although I wish you wouldn't. Don't you want "FULL CONTROL" of your money? Are you REALLY looking for financial sovereignty and freedom? Then the choice is very simple and already exists....Gold and Silver. The bitcoin folks, say that there is no middle man in the blockchain... then what is electricity and internet connection? Everyone keeps repeating the phrase "You don't understand bitcoin, go educate yourselves before posting" Well, I don't believe I'm the one who needs the "education" Go research the great depression which was forced upon the people, and come back and tell me for certain that, that could never happen again. Or God forbid, even become worse.

[@fraser8973]

WEARE WAVES you won’t have full control of your money with gold, most cases a third party holds your gold for you. It’s the exact opposite with bitcoin, only yourself holds it. No middle man is needed

[@naderzayid1144]

I don't see where Peter is missing this simple point. Peter: Bitcoin is worth nothing Saifedean/Tone: Bitcoin is worth what the market decides it's worth, just as it is with gold. Peter: No it's not, that's not how it is with gold. So my question, if that is true, than what is it about gold's properties that has changed over the duration of a gold chart. i.e. why has gold changed price over the years??? Obviously it is because over time people have decided that they were willing to pay more or less for an ounce if gold than they were previously paying.

[@chuckbell3780]

I thnk this was excellent. Thanks Tone, Saif, & Shiff. I hope this raises the awareness of Bitcoin's potential because it is obvious to me that it is the best chance we have. Shiff can be a pessimist, but denial was really all he had. He really didn't have any arguments in favor of gold over Bitcoin other than it has been around for thousands of years and will always have some value as jewelry or for industrial uses and, not unlike Bitcoin, it is scarce.. He just doesn't get the decentralized aspect of it and thinks the state can simply outlaw it. My advice to Shiff is, just realize, the state is not your friend.

[@adamn7496]

These debates are priceless, thanks for organising this Tone. Any chance of getting Andreas Antonopoulos in the ring with Peter Schiff next?

[@inventamus]

Mohammad Ali Vs Joe Frazier

[@svetokbolshoi]

Yeah! I thought the same, recalling Andreas))

[@pagexx]

Peter Schiff is an intelligent man who happens to have a big blindsight on bitcoin which is such a shame because a bitcoin blindsight is equivalent to a terminal tumour.

[@alexia1457]

Peter Schiff does not let Saifedean Ammous answer...and does not really listen....🤔

[@dgld15]

"I read your book that I disagree with this morning and I didn't read it but I did read the relevant parts that I care about which is none of them."

[@chk.8344]

Thanks Tone for this discussion. It was incredible valuable!

[@linkamus]

People that have had their bitcoin stolen from them have simply not taken the time to learn how to secure it properly. This isn't the fault of bitcoin, but the fault of the user.

[@DrMarks-qi3jl]

Great debate of legends! Ammous and Schiff. Although as the time passes, it is consistently becoming harder and harder to Peter sustain its arguments against Bitcoin

[@Berniepatton]

That was great. Thank you Tone for organizing and thanks to Peter & Saifedean for taking the time to give us this debate. It was incredible to understand the thinking of Peter and why he doesn’t believe Bitcoin will work. In my opinion he’s judging the future by looking in a rear view mirror. In a world where VR, AR, and AI will be playing more and more of a role it’s hilarious to think people would go back to physically exchanging gold as he talked about. I wish they would have brought up asteroid mining and fact that that will completely destroy gold’s scarcity whether that happens 10-50 years from now. I can’t imagine how salty a part of Peter must be that he’s been debating bitcoins worthlessness since around $100 and has never bought in to hedge just in case it goes to idk $20,000?? 😂

[@bromosapien3688]

I heard that Peter Schiff accepts Bitcoin for gold.

[@JonathanCr0ss]

Maybe the other way around? He sees no value in bitcoin and values gold.

[@plexasm3623]

Saif did great & respect to peter for debating real Bitcoiners and not shitcoin shills which would be way easier It is disappointing that he continues the same arguments that he used in 2013 and doesn't seem to have done research to find why many of them are flawed Namely, saying Bitcoin practically has infinite inflation because anyone can create an altcoin with equivalent properties. This is an extremely erroneous argument. It applies to altcoins but not Bitcoin. You can't reproduce the trustlessness property that Bitcoin has.

[@stevenpitcher555]

Gold is only valuable to dinosaurs. I have no intention to melt down my gold to make jewelry lol. This guy is soo mad that BTC came out, he's definitely holding way to big of bag of gold. He's so emotional

[@Thira333]

no but seriously try Mene cause by gawd it's made me lucky like you wouldn't believe

[@marcmnich]

Gold (immutable metal) is the thing of value that makes it good money. Since gold is physical, it needs certificates to trade in a digital word. For Bitcoin, it is Bitcoin itself (immutable numbers) that is the thing of value and trades directly without certificates. This is the key difference and why Gold is second best in a digital world - third party certificates. If you are on a sinking ship (pun intended), what would you prefer, a life jacket or a life jacket certificate?

[@flipperpatriot]

Best explanation I've seen yet

[@audiovideotweaker]

one of the best metaphors I've seen so far +1

[@GabeHiggins]

Peter arguing water has intrinsic value because you need it to survive... obviously. This is besides the point that even if there is an intrinsic value to a thing, doesn't dictate what the monetary value of that thing in an economy. For Peter's arguements to stand, then water should be the most valuable commodity on the planet because it has more intrinsic value than gold.

[@sl523]

Saifedean has two ears and one mouth. Peter has two mouths and one ear.

[@JS-pc9ls]

More like 3 mouths, he speaks more than everyone else combined.

[@Nasumbati]

Schiff was so embarrassed. Whats even worse is he keeps trying not to be destroyed.

[@user-gp3hh5zc8d]

“Schiff Gold” Peter is a smart guy and he’s not going to advocate for Gold 2.0 per say, when he himself is invested heavily into selling precious metals and gold mining companies. It’s just a conflict of interest that will hurt him financially if he doesn’t stand his ground. This is my own opinion. I also don’t think gold is going anywhere. Gold will be the hardest form of money in the physical world and bitcoin will be the hardest form of money in the digital world.

[@Fibonacci4ever]

Freaking loved this debate. Just made my first crypto purchase yesterday!!! 😎😎😎

[@luvphilter]

Sucks for you.

[@TheCryptoFactor]

This is an amazing debate from all sides.

[@TheSpacemanSpliff]

LOVED this episode. Definitely want to see it revisited in 6 months!

[@1crypto587]

Yeah. They both make good points actually, even tho I hold btc I can’t deny Peter is correct sometimes.

[@TheSpacemanSpliff]

@@1crypto587 Agreed.

[@Coinsider]

Very good debate, respect for all participants for expressing their opinions. The irony will be that one day in the future Schiffgold's service will be represented as a token on Bitcoin, investing and transacting gold on top of the bitcoin network! ;)

[@MarkAllen88]

He better hurry up, there's already plenty of tokenized gold projects!

[@Realisticautism]

@@MarkAllen88 problem is there are plenty of them 🤣🤣 useless junk

[@tommornini2470]

Peter makes a ton of statements about why Bitcoin is worthless that are 100% applicable to gold. He says that bitcoin cannot become a store of value because it’s not a stable value. He also says the world will get back to the gold standard. To get back to the gold standard the price of gold will need to grow, and therefore be volatile as bitcoin is today.

[@wasabininja3494]

@@adriansegura6352 No you're just fucking stupid. You're still looking at things in the lens of the dollar, which that dollar is going to burn up and collapse to 0. ALL FIAT GOES TO ZERO. 1 BTC is still worth 1 BTC. 1 oz of Gold is still worth 1 oz of Gold and neither of them will ever change. Zoom out of your narrow perspective and educate your ignorance.

[@fraser8973]

Adrian Segura seems he had no response. Educate yourself you idiot. It’s astonishing that people to this day can’t accept bitcoin is here to stay, how much more does it have to prove

[@adriansegura6352]

@@fraser8973 : your the dumb ass that doesn't even know bitcoin is.more hackable traceable And it unlimited . I've already showed you the proof

[@tommornini2470]

Adrian Segura Have you ever heard of supply and demand? Bitcoin is going up because demand is outstripping supply. Gold would go up - has recently, a bit - if and when demand outstrips supply. Nothing will ever be stable when demand outstrips supply and stock to flow ratio is high. Bitcoin’s stock to flow will surpass gold’s in 2024, unless someone finds a bunch of new gold before then. We’ll see who’s the dumbass when that happens - in my opinion it’s more likely you than I but I absolutely admit that I may be wrong. 🤷‍♂️

[@adriansegura6352]

@@tommornini2470 : ther is no demand . For bitcoin . Just because one bit miner sells to another bit miner and makes the prices in dollars go up and then suckers in all these idiots like you guys to join in . That's what is actually going on. Pure manipulation

[@alecunico]

It is already funny to see this video after 3 years, I can't imagine how funny it will be in other 3 years

[@adamk7665]

Wow, what a treat! Thank for this interview, Tone!

[@666gene]

You can audit the bitcoin ledger to see if the Central banks have the funds in which they are lending out. its easy to prove they have the funds where with gold you cant audit it.

[@marcmnich]

I have followed Peter for years and read all of his books. Of all people, he should understand this new form of money - and yet misses the entire concept. This once great man now epitomizes insignificance.

[@wasabininja3494]

He doesn't understand the principles of money. He only sees one method and it's Gold. He's a dinosaur stuck in an echo chamber of ignorance. One day he'll get that principles are few, methods are many and Bitcoin is one of the many methods of money just as Gold is. One day he'll get it...but by then it'll be too late.

[@kennethkretschmer1027]

I had no idea this debate happened. Just started, I assume Schiff refuses to listen to reason since this is 3 years old and I’ve heard his more recent takes on Bitcoin.

[@michael2275]

You should either be pro gold and bitcoin or against both. They are complimentary. Being for one and not the other makes no sense.

[@aSqueaker]

Schiffs core argument is that gold has an underlying "utility". (paraphrasing) "At the end of the day, I can melt my gold down and use it for electronics or jewelry." But this ignores the conversion cost -- that the energy needed to fire up your smelter alone would exceed the gold weight value of the cuff links. Furthermore, the value of the gold in weight of those cuff links will never be more than the cuff links themselves, because as cuff links they add on a utilitarian value -- "to make the person wearing them look wealthy and well" -- on TOP of the underlying intrinsic value of the gold weight. So, no, no one will ever melt down those cuff links for money, because the best and only option will always be to go sell it on the street for the local fiat (even if that would be to someone who has their own smelter, you're paying for his conversion costs = unreliable). So, this is why having extra utility is bad, and why gold is better at everything else it does than it is as money or a practical+reliable store of value. That's the gap that Bitcoin fills, and why people value it. It enables forms of international commerce, and machine-to-machine commerce that weren't possible before.

[@audiovideotweaker]

Bravo

[@bjd15664]

AT&T accepts Bitcoin now

[@patrickberard1]

Schiff's looking like a stubborn fool here

[@carpettunnel8837]

38:12 “Try putting copper in your teeth...Try putting Bitcoin Cash in my Bitcoin node” lmao

[@rowesyful]

Peter's a smart guy, but this wasn't even close.

[@islandbee]

Saif absolutely mopped Peter's face on the floor with this debate. I've never heard of this guy, but I'm going to follow him now and read his book.

[@bspus]

Let's forget the industrial uses of gold because they are a novelty compared its many thousand year history of being used as money. Schiff implies that gold has value (partly) because it can be used for jewels. That is not accurate IMO. Gold does not derive value from its ability to make jewels. You can make fake jewels that are functionally equivalent if not better in their "use case" of looking pretty. It's the other way round. Gold-made jewelry derives its value from the material it is made. A gold jewel is just a more convenient way to store it, and it can serve as a status symbol at the same time. In fact, gold emerged as a store of value and money standard because it probably was not useful for anything else. It was heavy and too soft to be used for weapons or other contraptions. But it did not spoil which is crucial.

[@michaelduggan8798]

Having looked at the excellent debate I cannot decide who is right, I am now buying Bitcoin to hold for 5 years. If Peter is right I will be a little poorer. If Saifedean is right I will be a lot richer.

[@abstractthought9308]

Yes! The cost-benefit is in bitcoins favor.

[@ArunHDGaming]

and right now you are up 300% or something, smart man

[@Pshena54]

Saifedean Ammous , good job sir, that was a great attitude and presentation. Schiff is a gold salesman.

[@domman1077]

Saif had Peter swinging for the fences. There was no real argument besides”i don’t think it has value I don’t like it”

[@Crypto_Brandon]

Gold and Bitcoin will do well. We have to remember we're both on the same side going against the current corrupt Central banking system which will implode with too much debt they're buy gold and Bitcoin will do extremely well

[@MaxDamage1984]

I wonder what will happen to gold when we either find a planet or asteroïde to mine full of gold, or when we replace the gold in our electronics with new or other materials. Now what are the chances of that happening vs the chance of Bitcoin failing?

[@geocaste]

Schiff sound like my grandpa telling me that rock and roll is just a fad.

[@poppekast3997]

Ten minutes into this, i reccomed you both a class for communication.

[@chrismale9976]

Peter: there's nobody gona accept bitcoin Peter now: ill accept bitcoin for my failed bank as they've froze my accounts

[@mychannel4]

Thanks Tone. Debate was great. Both have valid points. But those who held Gold/Silver the past 10 years are pissed though. As PM's are controlled. Now BTC looks like will continue to rise long term. I used to listen to Peter back in the day. Times have changed. Live and learn people.

[@vahidara7443]

What's the most valuable thing we have on this planet? It's AIR and it's FREE! I have been living my entire life with no need for gold.

[@tobychenderson]

I though a couple of key problems with gold is it was not divisible enough and open to debasement. I mean, I don't want to get my scales out every time I carry out a transaction. Also, how does one take change from a whole unit? These are the main reason why paper money was invented.

[@reubengermain9771]

Schiff is fully invested into the old paradigm. He is not on our side. Gold standard is not government resistant. Listening to Schiff makes me want to buy MORE Bitcoin.

[@audiovideotweaker]

lol apparently the "Neo-Libertarian" view is to beat the Bitcoin out of you and force the centralized gold standard down your voluntary throats!

[@affirmed_7835]

Be hedged and own gold and bitcoin.

[@lucasjasondl]

Affirmed _78 thank you!

[@achyuta1708]

Tone, thanks for making this available. I think it would be more educational and constructive to have Saif debating a fiat money authority/representative instead of arguing with gold bugs who are in agreement with Bitcoin believers for the most part: Government money (printing) is evil.

[@adammoore7893]

Proper understanding of the subjective theory of value is fundamental to understanding Bitcoin relative to gold.

[@jose_rico_ramos]

Andreas Antonopoulos Vs Peter Schiff could shine some interesting points of views!

[@jaygee3581]

Antonop would never waste his time on this guy. He is a dope.

[@fosho909]

"it's an IQ test" case closed

[@cryptoaddikt9122]

Schiff was all over the place. I thought he had more knowledge than he showed on this debate !

[@bobabonanza9488]

at least he is willing to talk about it and give his point of view, bitcoin is still young and could fail but clearly we are here because we like bitcoin

[@smurt9733]

Great show, shows the true naivety of the FIAT and Gold dinosaurs that aren't in the crypto space

[@ph860109]

Peter sounded ridiculous when he describe a horrible government who could out law the internet but cannot go to your house and confiscate your gold.

[@cramsa]

Henry Dan And he deceptively did not mention the fact that the IS Government have done this in the 1930s, they confiscated gold at a set price, DACT!!!

[@chuck3237]

I got half way into the video and gave up. They kept talking over each other and nothing is more frustrating. Next....

[@leoneldelamojr.1810]

Yea, but I also don’t want it to become long monologues by both parties. I also think it’s funny that Peter continues to accept these debates even though it’s always 2 v 1 lol. Could’ve been a little more cordial, but I think this is the best debate I’ve seen regarding this aspect of Bitcoin - will it become money/currency.

[@shadfurman]

I love Schiff but his insistence that gold is valuable because it's physical is economically bunk. Either he knows this and he's just hawking his gold bank (which I think is grand) or he's ideologically possessed by gold. Things are valuable because they are scarce, that's it. If you have gold in a bank, you never see it, you never handle it, you don't get any utility from the note, you get the utility from the transfer of value. You can use anything of value. Value is supply relative to demand. Furthermore gold has industrial utility, you don't WANT a currency that fluctuates based on its industrial utility, you want a currency that fluctuates based on its utility AS MONEY. Peter's a badass despite my criticisms of his gold religion 😉 We need more people like him.

[@bitfinesse]

Please keep doing these, Tone! Twice per year or even once per year would be SOOOOOOOO GOOOOOOOD. Would love to see these two gentlemen’s opinions adapt, change or stay the same. Brilliant. I haven’t read The Bitcoin Standard. I’ve ordered it today. Thank you, Tone 👍👍👍👍

[@dlukton]

Schiff argues (around 28 minutes) that it's possible that a "better bitcoin" will some day be created. I agree that it's possible; but if it were to happen, there would be plenty of time for holders of bitcoin to switch over to the other cryptocurrency; so the fact that a "better bitcoin" MIGHT some day come along is actually not a good argument against bitcoin today. At around 31 minutes, Schiff argues that the various crashes in the price of bitcoin might scare people away. But the "other side of the coin" is that the OVERALL price increase has been nothing short of spectacular, and that will draw in new buyers. But, no question... bitcoin is more volatile than gold. One argument (by Schiff) that Saifedean didn't adequately address is the possibility of a gold-backed digital currency. All that Saifedean could say is that governments might try to ban it, and that it would be easier for governments to ban a gold-backed digital currency than to ban bitcoin... which is a very weak argument, IMO. As Schiff pointed out, if the US government were to threaten holders of bitcoin with imprisonment, most US citizens would disgorge their bitcoin, and that would drive down the price (especially if the governments of Japan, Germany, UK, France, etc did the same thing). Bottom line: bitcoin has far more potential for price appreciation than gold; but a lot more risk also (as for me, I own a lot of gold, and only a little bitcoin).

[@theodorelogan0735]

The entire west could ban it. That could slow it down but won’t. Currency controls are the beginning of the end for a monetary system. All that will do is drive it to the black market and to the developing world. And good for the developing world. The west is going to wake up and realize the developing world was all the hard money, so I don’t think that will happen.

[@Cushingish]

When Metallurgy meets Cryptography ...good debate by knowledge people . Tone looks stunned !!!

[@skate1xtreme]

aun no hay una version traduccida al español?

[@bpc2558]

Listening to this hurt my ears. It definitely wasn't a moderated discussion. It could have been a wonderful debate but just turned into a shouting match - mostly because Peter Schiff can't restrain himself from talking over the top of other people even when they're answering a question he just put them. My advice, just read Safe's book 'The Bitcoin Standard' where you'll be presented with well researched and reasoned arguments on all the topics raised here today - and not be distracted by someone shouting 'no, no, no' in the corner.

[@in6tinct]

Laughed out loud when Saif pleaded to Peter to be better than this 😂

[@pagexx]

It's weird that Peter won't let Saif finish when he didn't have anything new to say that he hasn't told Erik Voorhies.

[@richardburton1816]

Great discussion. When Peter overcomes his self denial about intrinsic and extrinsic value he will be a great maximalist!!

[@richardburton1816]

@V J True, much like all the cash you have in your wallet. Gold's intrinsic value is due to it's ability to make very thin electrical connections (must account for less than 1% of it's perceived value).

[@Brumor]

Best debate I have seen on the topic.

[@johnfehringer]

Can Peter ever make a comment that doesnt suck the air out of the room and go on and on and on remaking the same point? A very smart man but rude and unaware of what a balanced discussion is all about.

[@babsico1]

WOW!! BEST HOUR AND HALF OF 2019 SO FAR!! There has to be a part ll 🙏

[@89Pleasek]

Great debate! I could've easily listened to you guys for another hour or two.

[@lucasjasondl]

I don’t understand why gold and Bitcoin need to compete. An analog store of value and a digital store of value. Why not hold both PMs and BTC? They’re both deflationary and have a limited supply. BTC has more upside (and more risk), and gold has less upside (but is much safer). It’s good to hold both of them as inflation insurance. I think it’s a bad idea to hold only one or the other.

[@lucasjasondl]

I’ve sold Bitcoin and gold, physical and futures. I don’t understand your point. My point is that it’s smart to hold both.

[@holisticdirectdr.barsoum4278]

I love Tone’s smile 😎

[@goldismoney5899]

I appreciate these guys are actually having a debate and. Not just bashing and name calling. However these bitcoin enthusiasts do not understand what tangible value is. Gold IS money and has been for thousands of years. Bitcoin Is not a store of value. Way to volatile and backed by NOTHING.

[@LateNightCrypto]

you havent read The Bitcoin Standard or much about traits of money. Schiff is playing you. Go to his website and guess what...you can buy HIS gold with bitcoin...i wonder why. "dont listen to what they say watch what they do" . schiffgold.com/ (scroll to bottom)

[@89Pleasek]

Wow, you're everywhere. What's the point of backing something that has a limited supply? Answer me, genius.

[@LateNightCrypto]

89Pleasek what do you mean? You think a limited supply is a bad thing? I agree gold is hard money (far superior to fiat) but i also think you will see the value of bitcoin with a little more reading. Did I say gold won’t continue to be valuable? Or course it will. Limited supply and mined amounts are low in comparison to existing stockpiles. Gold averages what 1.6-2.3% inflation ... that’s great and lower than nearly all fiat but bitcoins will eventually be lower. With higher divisibility, transferability, and censorship resistance.

[@thestonemaster81]

What is gold back bye? It has a limited supply. So does Bitcoin

[@whome8715]

Quality argument. Thanks for letting them go at it.

[@MultiHinrik]

Poor guy he was sent to slaughter. We need more discussions like this, always seems to bring the best out of Ammous

[@hex_gekko29568]

Gold became money because it was believed to be scarce. Bitcoin is provably scarce.

[@peaceandfreedomeconomics8984]

No it's not. Bitcoin has endless supply due to forks.

[@stanleynnaemekaorajiaka8109]

Please I want this debate to be reviewed and peter and Ammous be invited and reference made to their argument. Peter blatantly said Bitcoin would go to zero from $5,000. And if he keeps saying price and currency is determined from value. Why then don't we use water as a medium of exchange and store of value. Ammous argument has been from time immemorial that hard commodity eventually eats up easy commodity and we use it as money. Bitcion is hard and liquid this combination make it unique

[@MrYabusa]

History solves this question about the intrinsic value of money very easily. Initially you started exchanging products, eatable or not. After came salt as a money standard as a scarce good that could be consumed or traded for other eatable or non eatable goods. After came gold as a money standard which could not be eaten but could be used to make other products and be traded by eatable and non eatable goods. After came FIAT currency as a money standard which can't be eaten, cannot be used for any other purpose than to buy eatable or non eatable goods such as gold. And now we will have crypto currency as a money standard , which cannot be eaten, cannot be used for any other purpose than to trade all the previous and with an added and essential feature for transparency and equality for everyone which is, we can trace it. Please note that each one of these stages are increasingly smaller, time wise, which means that in a future not too far there is a big chance that other form(s) of money may appear and replace crypto. These are natural and evolutionary cycles. But for now crypto currencies technology (Bitcoin or any other coin) will be the money standard as technology speeds up, people and businesses are more and more internet connected. en.wikipedia.org/wiki/History_of_money

[@williamphillips1091]

Awesome. Have been waiting for this. I’d also love to see Trace Mayer in this

[@snehal6282]

New generation in India and China reduced wearing gold jewellery so possibly in future use case for gold as jewellery will disappear. The biggest use case of gold is jewellery and this may put gold at risk of loosing value.

[@LeonGaban]

Snehal Patel also jewelry use case is showing of store of value. Gold isn’t valuable because you can make a necklace out of it, that necklace is valuable because it’s made out of gold which is scare.... and Bitcoin is exponentially scarcer ;)

[@whoyatoya]

Schiff really doesn't understand the meaning of "the last word".

[@RoulDukeGonzo]

1:10:00 great discussion of malinvestment. Really great debate!

[@sciflyer67]

I listened live, it was awesome! The only reason gold has more history is because it's been around longer than Bitcoin. Peter is just another one of the old guys that will never get it.

[@victoriajonesdentalstudio]

As a dentist I haven’t used gold for years, but I have offered my services for payment with Bitcoin! 😉

[@adriansegura6352]

Then your a dumb ass . Get paid nothing for your service. Smh millennials are so ignorant . Smh

[@fraser8973]

Adrian Segura millennials understand new technology, unlike yourself. You probably don’t even know how the internet works

[@islandbee]

@@adriansegura6352 - No. You're ignorant. You can't accept the fact that Bitcoin is doing everything and gaining in value as time passes. Hater ass bitch!

[@conormcgregor2547]

@@adriansegura6352 *you’re

[@Quantum3691]

@@conormcgregor2547 Who Da Fook Is That Guy?!

[@MM-rv6bx]

I don't think peter schill understands bitcoin. He has a financial interest not to. Gold still has value but this was sad. Ask peter schill to explain what bitcoin is

[@RoulDukeGonzo]

IT'S LETTERS AND NUMBERS!!!

[@MM-rv6bx]

@@RoulDukeGonzo is that your actual response?

[@RoulDukeGonzo]

@@MM-rv6bx that is what schill said it was several times.

[@MV0023]

Thanks for this,Tone!!!;)

[@nicholasscholten4838]

Consider the energy it takes to produce gold, especially from low grade mines. Check out srs Rocco report on the mine I in Mexico

[@WattanaPui]

This interview changed my view of Peter Schiff - he's actually just a salesman, which explains why he a) has little in-depth understanding of the topic this talk is supposed to be about (the function and history of money and monetary systems) b) is completely immune to any arguments.

[@geocaste]

Try to convince Microsoft and Apple that the OS that they created out of thin air has no value.

[@JR-jl9ut]

Damn great debate. Many thanks, Tone.

[@IncredibleTOPCast]

Peter: It takes an enormous amount of electricity to mine bitcoin. Also Peter: Never mentions how destructive or pollutive gold mining is.