The Bitcoin vs. Gold debate - Peter Schiff, Nick Patel, Olga Feldmeier, Jan Kühne

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[@tekkertruth1256]

Man if people like Olga can be successful, anyone can get successful.

[@mixmastermaverick3336]

Who said she's successful?

[@benwlee]

Olga lost it when she employed audience who rants and shouts. It stops been an investment conversation and turned into a emotional attachment competition. Bad sign. Host has lost his ability to conduct a reasoned conversation too. Doesn't look good.

[@jigga_pops4000]

This was the wrong lady to debate this guy. She didn’t give any relevant facts. The guys definitely didn’t respect what she was saying at all.

[@johnjames5842]

Silver and gold, buy it woth cash, hide it , and you will never lose money

[@urouuroushima5602]

You can love Bitcoin, you can hate it (I also hold some money in Bitcoin); but Peter made some great points!

[@electricman69]

What happens to bitcoin when the power goes out or the political grifters decide it uses to much energy and they outlaw all crypto

[@haparoundthehouse6618]

if the power goes out (I assume you mean for a long period like an attack on infrastructure) all bets are off-and concern about long term financial gains/losses disappear

[@aab-el9bd]

@@haparoundthehouse6618 it doesn't have to go out for everyone. Bitcoin ends when power goes out for the highly centralized bitcoin mining computers. The reality is that bitcoin is not decentralized.

[@GoFast4Me]

If there’s no Internet for the world, then there’s no bitcoin. But overall that’s not really a feasible option.

[@666crippled666]

The government can fuck anything up, true

[@Noksivs]

This Olga is just so bad at this.. I understand why the moderator and audience felt they had to take her place in debating Peter.

[@zendo1410]

total gold supply have 1.15 mil daily tariff for upkeep bitcoin 59 mil today Discussion ends here

[@Richest_Person_in_the_World]

"They printin money"

[@miguelon1995]

#Gold & #Bitcoin (1% allocation) to the 🌕 baby Sound Money > fiat currency. Peter ripping these bitcoiners apart 💀🤣🪦

[@GoFast4Me]

Think of bitcoin, like a new country in the middle of the islands that just started their own currency. We wouldn’t laugh at them and tell them it’s a joke. Even though the currency is technically backed by nothing. But if the US dollar was crumbling, and people transferred their wealth into this new countries currency to be more stable, people would say it’s a genius idea. People just can’t wrap their head around a virtual currency even though everything they use every day is pretty much a virtual.

[@SeanAriez]

Peter ended the conversation when he pointed out you can tokenise gold. Everything else is just a hedge against how far the tyrants will get.

[@cael3132]

Best at the end… if electricity goes down, how do you transport?

[@chuckdawit]

99% of the population agrees that BTC has no store of value (if you ask them), it's the BTC Bro's who drink the cool aid that think it does, only because they want to pump up the price to dump it in the future.

[@Zomoa.amsterdam]

LOL Peter claiming Michael Saylor is evading him....what a joke. Saylor would wipe the floor with Peter

[@StevenCudnoch-oo9gp]

Its ok super fanboy, let your emotions out on KZbin. You got its shoulder to cry on.

[@Zomoa.amsterdam]

@@StevenCudnoch-oo9gpLOL! HFSP

[@GoFast4Me]

Peter is so arrogant. He makes himself unlikable because he thinks he’s so high and mighty and he speaks so condescending. If he was humble, he’d have so much more of a following behind him, because he seems intelligent.

[@chuckdawit]

He's not arrogant, the others are just ignorant.

[@gamesnerd6806]

Stop attacking Peter. He is speaking the truth.

[@CharleneSmith-we9vh]

Ukraine banned crypto for local trade in 2022. Not a very good debate point Olga.

[@CharleneSmith-we9vh]

She just inflated the actual number of active wallets to 400M, it is 330M with the DOJ owning the majority via seizures, China owning the second largest majority via seizures, and the “whales” 1K people owning 40%. Love Peter, buy gold and read the 1996 NSA white paper on “BitGold” if you still believe BTC is “outside the system”. Not only that, Blackrock’s ETF’s have absolutely added even more counterparty risk on top of cold wallet storage ($190M stolen from cold wallet’s via QuadrigaCX), BTC exchanges, and outside networks.

[@The_Angry_BeEconomist]

Olga was really not good here

[@gt0703]

I've never seen anyone counter Peter's arguments, she did ok and gave it a shot, unlike Michael Saylor.

[@vintageplanet9376]

She is awful. She doesnt understand anything.

[@DBlock5566]

Bitcoin is not a store of value, for now it is a failed currency

[@EndlessInflation]

It’s tough cause you can’t really talk either side out of their position. Gold bugs love gold. Bitcoiners can’t be talked out of it. It doesn’t matter that Bitcoin Cash and Litecoin and basically the same thing but cheaper and more efficient.

[@Sparta1993]

Here’s a solution! Buy both !

[@Floridawoodsbanshee]

Wrong

[@breakthrough2318]

Bitcoin has a long term store of value but it’s just too young. It will get there but for now I’m thinking gold will win in the short run. Bitcoin has an enormous potential as a store. It’s transferable, non confiscatable, limited in supply and first mover with a new generation.

[@johnjames5842]

We can revisit it in 6k yrs

[@Semi_Successful]

Did you see how they just shut off power in Gaza Strip? How they transfer BTC then? Who's gonna take an IOU on BTC when it could drop 20% in a day?

[@Semi_Successful]

Also what happens when you get "cancelled?" And you're wallet gets doxxed? Will people want to transfer money with you then? When everyone can see who's doing business with who? Gold will always win. The technology of Bitcoin is the only thing valuable. And it can be copied 1000x by any other token.

[@MikeStillUK]

Peter is not a serious debater. Nobody takes him seriously. He’s a troll and nothing more. Unfortunate that you chose him to debate this topic.

[@chuckdawit]

Mike, seems like you drank the BTC cool aid, take a chill pill and learn some economic principals.

[@TrillReese]

Old money fighting new money

[@johnjames5842]

Gold and silver have been money for 6k yrs , Bitcoin has never been money

[@Zomoa.amsterdam]

​@@johnjames5842 horses were a mode of transport for thousands of years, then the car arrived. Historic succes does not guarantee future success

[@aab-el9bd]

the audience screaming at peter, it's a bunch of fruitcakes arguing with a rational human being.

[@DanBauer]

@@johnjames5842Correct, Bitcoin can’t compete with silver/gold’s longevity. But Bitcoin absolutely is money. Shells were money, cattle was money, paper has been money, gold/silver have been money, and Bitcoin is, indeed, money. It’s a means by which people can store the value of their labor, it’s a medium of exchange, it’s portable, it’s durable, and each one is interchangeable with another. Yes, it is new. But that doesn’t make it not money.

[@ponyboy5939]

Peter is the best!

[@AustinBWH]

Peter is dropping nukes.

[@ponyboy5939]

Gold for the win!

[@jjvaldes1]

What a clown Peter

[@chuckdawit]

Looks like you drank the BTC cool aid!

[@breakthrough2318]

Mansplaining store of value 😂

[@dicktrickle7608]

Excuse me. I have questions no one has answered for me for years. Looking at the process of bitcoin, You need fiat to buy it into existence, Therefore it is a derivative of fiat. That is where it gets it's value from. This is very clear. Now when you buy it into existence using fiat, I would like to know if the creators of the fiat sees this as "used", or "spent" currency. You see, all fiat is owed back to the central banks plus interest. If I am understanding this correctly, no one realizes that this idea is creating a doom loop. The crypto gets bought, the fiat gets "spent", and then the crypto can get spent "again". When you spend crypto, does fiat need to now "print" new money, or water down the supply? Where is this fiat going? It is not going in a bank like a reserve, I know that for sure. There has been a lot of talk over many years about missing, or lost money. Is this it? This is not like a commodity, like a bag of rice, where you buy it, the money goes to the seller, you eat the bag of rice, and shit it out into worthless and used. Extrapolate please.

[@jonathanhall7142]

Everything clicked for me when I heard “unless you have physical money (gold/silver) in your own possession, then what you have is a promise for money. That’s it. Paper currency = promise for money Currency in bank = a promise for a promise for money Crypto is one step further (except maybe PAXg), a promise (crypto wallet), for a promise(transfer to bank), for a promise(take out cash).

[@nathanmezenghe589]

I read the question multiple times and didn't get it exactly. If I understand you correctly, fiat money disappears when price of crypto moves up and it re-emarge when crypto goes down. Please can you explain further, looks like great thing to know!!

[@dicktrickle7608]

@@nathanmezenghe589 No. The fiat money disappears, when crypto is bought, because these exchanges don't hold the fiat in reserve, and the central banks believe that currency has been spent on goods, and services, which in turn decreases the M2 money supply. Then this crypto stuff just magically floats around moving around its value like some magical ferry dust, looking for a home to spend it. Fiat is not a store of value. It is designed to be used, and spent. Since fiat money is debt, owned by central banks, plus interest, when crypto is spent in trade with fiat, or a fiat equivalent, or derivative, it requires the creation of new fiat currency. All new fiat is inflationary, and reduces the purchasing power of all previously existing fiat. The more you use it, the faster the race to the bottom. Don't confuse a rise in value, with a loss in purchasing power. Crypto is not a store of value. It derives its value from fiat. This is not real money.

[@electricman69]

You are correct and the only time fiat currency has any supposed value is when it is fixed to the gold standard otherwise it is an illusion that's not even good as toilet paper

[@eduh7950]

Your problem is that you're thinking about Bitcoin in Fiat terms and that is why people say it's volatile. Bitcoin's USD price to some extent is mapping out in very accurate terms how volatile Fiat has become due to inflation and money printing. Sadly 99% of people can't interpret the price charts that way and even make the mistake of looking at price charts in a linear scale in a 1 month or less timeframe rather than a logarithmic scale since 10 yrs and compare it to gold. If you take 5mns to do this, it's eye opening. If you don't, no problem; your eyes will be opened for you in time.