PETER SCHIFF talks a lot about bitcoin, and even invites people from here to his live-streams to debate him on the facts about Bitcoin.   Is Peter Schiff wrong in his bullet points about the properties and reality of Bitcoin ?   If so, let us know why he is wrong !!!   In a nutshell, here are a few of the things Peter Schiff is saying about Bitcoin:

1.   The Blockchain is the future of money, YES !!!   But Bitcoin is NOT, NOT, NOT the blockchain, an infinite number of crypto currencies can be created to use the blockchain.   Back in 1990, the internet was the future, but that does not mean the first internet browser ( Netscape 1.0 ) was the best and most valuable browser on the planet...   Competition came along and NETSCAPE went to zero, forgotten in the trash heap of history...  Just because Bitcoin is the first cryptocurrency means NOTHING.  Gold backed, and other, better crypto currencies with better use and real backing will make bitcoin obsolete.  Is the world first FIAT currency the best and most valuable FIAT because it was first  ?

2.   The worlds most important Central Banks and Governments are purchasing as much GOLD as they can.  NONE of them are investing in Bitcoin.  

3.   The future of cryptocurrency is most likely to be one backed by gold, or some other real asset.  A crypto backed by NOTHING is not any better than a fiat currency backed by nothing.

Well, his crypto adventure is now over - https://twitter.com/PeterSchiff/status/1218911797626847234

I don't give a shit what he thinks about Bitcoin.

PETER SCHIFF talks a lot about bitcoin, and even invites people from here to his live-streams to debate him on the facts about Bitcoin.   Is Peter Schiff wrong in his bullet points about the properties and reality of Bitcoin ?   If so, let us know why he is wrong !!!   In a nutshell, here are a few of the things Peter Schiff is saying about Bitcoin:

1.   The Blockchain is the future of money, YES !!!   But Bitcoin is NOT, NOT, NOT the blockchain, an infinite number of crypto currencies can be created to use the blockchain.   Back in 1990, the internet was the future, but that does not mean the first internet browser ( Netscape 1.0 ) was the best and most valuable browser on the planet...   Competition came along and NETSCAPE went to zero, forgotten in the trash heap of history...  Just because Bitcoin is the first cryptocurrency means NOTHING.  Gold backed, and other, better crypto currencies with better use and real backing will make bitcoin obsolete.  Is the world first FIAT currency the best and most valuable FIAT because it was first  ?

2.   The worlds most important Central Banks and Governments are purchasing as much GOLD as they can.  NONE of them are investing in Bitcoin. 

3.   The future of cryptocurrency is most likely to be one backed by gold, or some other real asset.  A crypto backed by NOTHING is not any better than a fiat currency backed by nothing.

4.   It makes no difference how much effort and energy is required to create a bitcoin.  There are a lot of bad investments throughout history where a lot of labor and energy have resulted in bankruptcy and the creation of NOTHING.   The world does not value labor, or wasted computation power, it values CREATION OF REAL WEALTH, things that we can use and that make our lives better.   How much time and energy was used to create Enron ?  How much time and energy was used to create WeWork ? You think those companies prices are going to the moon just because of the amount of energy used to create them ?  Quick, buy your WeWork stock !!!

5.   There are a limited supply of an INFINITE number of crypto currencies.  If I create a crypto currency today, and make it so that only 24,000,000  " HARD FACTS COINS " can ever exit, does this give them a huge value ?   A limited supply of nothing is still nothing.

6.   LibraCoin will be MAJOR competition for Bitcoin.  Libra Coin will fulfill the promise of quick, easy, cheap transactions that bitcoin FAILED AT.   Remember the early promise of bitcoin being used like money for more efficient transactions, it FAILED.  Transacting in bitcoin is very expensive, and it never lived up to its original potential, so they just kept changing the narrative.  LibraCoin is just the first of many challengers that will appear in the coming years.

7.   Bitcoin is NOT a store of value, it a speculative investment.  No one is buying bitcoin to act as a savings account, the price of bitcoin can swing thousands of dollars in minutes.   GET REAL, everyone is buying bitcoin in the hopes it will go to 1,000,000 USD.   There is no such thing as a free lunch, the greater the reward, the greater the risk.  If Bitcoin can Skyrocket, it can go to zero just as quickly.

Any intelligent, and rational person could talk about the realities of their investment, anyone that can not is just investing based on greed and emotion.   So what would you say to the above arguments that Peter Schiff so frequently points out ?

But the debates I've seen (read usually)? Pointless since neither side wants to concede.

You are absolutely DELUSIONAL, the vast majority of mainstream investment advisers are NOT putting BitCoin into peoples portfolios.    Even if you are a huge believer in Bitcoin, The fact that you are so out of touch of reality tells me you are not very smart, not analyzing the situation in any logical way, and not someone anyone should ever listen to.

You are absolutely DELUSIONAL, the vast majority of mainstream investment advisers are NOT putting BitCoin into peoples portfolios. Even if you are a huge believer in Bitcoin, The fact that you are so out of touch of reality tells me you are not very smart, not analyzing the situation in any logical way, and not someone anyone should ever listen to.

Hard Facts