Blockchain-based gold reserve currency is the future
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- Опубліковано 20 лип 2023
- #gold #crypto #blockchain
Peter Schiff on Yahoo Finance's The Crypto Mile.
Recorded 6/5/23
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Thank you, Peter Schiff, for doing it again! In my opinion, I'd say that the world's slow response to America losing its status as the reserve currency is the only surprise. Note that a weak dollar can signal an economic downturn, making me to ponder on what the best possible ways to hedge against inflation, and I've overheard people say inflation is a money-eater. Making me worry about my savings around $820k
@@frederickhoff Inflation is over 8%. The stock market is down 20% this year. Keeping my money in bank could be no good but investing is riskier, I wish to find better value deals as asset prices keep decreasing but lack the skill set, mind if I look up your advisor? I admit this is the only way for amateurs like myself
@@frederickhoff Just copied and pasted Heather Lee Larioni on my browser and her website popped up immediately, thank you for saving me hours of researching.
Me too!
Frick off scammer nobody cares about Carey anne Nichole or Samantha Beth Dobson or any of the fake three part names you guys use every time you try to scam people with some telegram channel
Buy Team Fortress 2, 2017 winter cases, I've been saying since they were 10c a pop and now they're $15
So, my concern is: Should I continue to save in US dollars or should I transfer all of my savings and emergencies to precious metals?
Keeping some gold is usually a wise decision. You would be better off keeping away from equities for a bit or, even better, seeking advice from an expert given the current market conditions and everything that is at risk with the current economy.
@LofgrenMark Given the unsettling news I've been seeing about the market, I've been exploring the possibility of working with an expert. Can you share who's been helping you navigate this challenging environment?
@LofgrenMark Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.
Peter Schiff is at it again, thanks!
Get in touch.✍️✍️✍️
Thank you Peter. You have saved my family from financial destruction with the info you’ve shared over the last decade and a half. ❤️
i love this guy for telling the truth
Very knowledgeable, but part of his premise is wrong. This is why his predictions have also being wrong, specially when it comes to gold.
@@josejose2001 Interesting. Which premise?
his honest opinion
you don't know if it's right
if all economists say something it doesn't make it true either
@@szymonbaranowski8184 I did the research myself and came up with the same thing as him years ago
@davidngan3391 Peter knows the whole freaking point of blockchain is to get rid of the government and the trusted third party. He knows how popular blockchain is and he's using it to sell more silly gold coins. A blockchain-based gold reserve currency doesn't even make sense because you must trust the government and the company holding the gold. Once you must trust someone you defeat the whole point of using a blockchain. We've already seen blockchain-based gold reserve currencies like INNcoin fail.
BITCOIN solves the problems of why gold ALWAYS FAILS as money and much more. Bitcoin is money that can't be printed. You simply just spend it. No need to go to some sleazy banker to get something physical before they print more currency and steal your purchasing power. That's why it doesn't need to be backed by anything.
Plus, it's just a matter of time until the government declares an emergency and seizes all the gold.
gold and silver would be much higher than it is, but thanks to all the paper out there that's not actually part of the market is keeping it surpressed.
If you truly believe that, you should buy more (unless your attempting to day trade)…Imagine if $100 bills were being artificially suppressed to $25, what would you be doing?
Why do people make us wait for their videos? I understand waiting for a live video but if it's not live then what's the point?
Crypto theft is quite common these days!
So is gold theft
Watch out for the Nigerian prince
@@flapoverspeed
with gold, something is being stolen, with bitcoin, nothing is being stolen.
@@tallswede80💯👌😂
@@tallswede80 Please explain how the most secure, most decentralized, and only form of incorruptible money is nothing.
It's difficult to take this interview seriously.
Very good interview
Whose idea was it to have distracting music playing through the whole segment with a distracting light show in the background?
Probably some cryptard
What is the most distracting thing we can do during the interview, yeah lets give people epilepsy and continuously play music in the background
Investing in various sources of income that are independent of the government should be the most essential thing on everyone's mind right now. especially in light of the global economic crisis at the moment. I have $560,000 sitting in savings searching for the best method to enter these markets. This is still an excellent moment to invest in equities, gold, silver, and digital currencies.
Something I’ve learned from my first bear market: You don’t have to outperform, just survive. If you can survive and let your competitors blow up you’ll be the only one left and in a better position than before.
Building a good financial-portfolio is more complex so I would recommend you seek professional support. This way you can get strategies designed to address your unique long-term goals and financial dreams.
Working with a professional to develop a well-structured investing portfolio is a wonderful approach to get started. That's why I've been working on my dealings with “NICOLE DESIREE SIMON”. Because most traders enter the market with the intention of making a quick 10% to 20% profit, I've learnt to remain patient with the market
Working with a professional to develop a well-structured investing portfolio is a wonderful approach to get started. That's why I've been working on my dealings with “NICOLE DESIREE SIMON”
Very true, people downplay advisors role, until burnt by their mistakes. I remember just after my layoff early 2020 amidst covid outbreak, I needed to stay afloat, hence researched for license advisors.
Thanks, Peter Schiff! Your argument is compelling!
@benjordan668 Peter's argument is a lie. He knows the whole freaking point of blockchain is to get rid of the government and the trusted third party. Are you going to make them pinky promise to obey the blockchain. HAHAHAHA!!! Bitcoin is money that can't be printed. You just simply spend it. No need to go to some sleazy banker to get something physical before they print more currency and steal your purchasing power.
If the currency is fully auditable ( blockchain) as in every note/unit what government would accept that as they could no longer create money when they need it?
If you melt gold it stays gold. If you burn cash it vanishes. Bitcoin if you loose your keys or password can't get it back.
Exactly right! I'm not about to trust my future in something that'll vanish into Ether or thin air. Gold is the Money of Kings, Silver is the Money of Princes, and Debt is the Money of Slaves...
if you lose your gold you lose your gold..... whats your point?
Not without redeem-ability. Trust is shot dead.
100% must be redeemable or "gold backed" is a lie.
Now this makes sense
Get in touch.✍️✍️
cant watch because of the non stop music.
Peter Shiff understand what is going on simply nothing backed by gold is ponzy.❤❤❤❤
@rollokline4692 I shouldn't even have to say this but obviously bitcoin is not a Ponzi because there is no central authority paying out profits. Bitcoin's price is decided by supply and demand. The supply is more sound than gold and the demand will increase as more and more ignorant people, that don't even know what a Ponzi is, learn that it's the most secure, most decentralized, and only form of incorruptible money. Plus, there are many revolutionary benefits when using bitcoin. It's Peter's silly gold coins that have no use for the users.
BITCOIN solves the problems of why gold ALWAYS FAILS as money and much more. Bitcoin is money that can't be printed. You simply just spend it. No need to go to some sleazy banker to get something physical before they print more currency and steal your purchasing power. That's why it doesn't need to be backed by anything.
Peter's own legit bank got shut down but don't worry we'll make big government pinky promise to leave a gold backed crypto bank alone. HAHAHAHA!!!
Money has been digital for a long time and it will be forever. What don't you gold bugs get about that?
We tried gold backed currencies with the dollar, it didn’t work. We have learned from history that we can’t trust the gold audits. So this gold backed crypto currency would be no different than the dollar. Ironically Bitcoin would be better in this regard, there is no need for audits, no need for third party custody or trust (the blockchain provides this). And it provides the cross border portability that any other currency/crypto provides. That’s the value of Bitcoin.
And to the proposition that gold has more intrinsic value, I beg to differ. The vast majority of the value in gold is its perception as a monetary metal. Without that, the price of gold would be similar to any other industrial metal. The value in gold is in its perception, just the same as Bitcoin. Only Bitcoin is infinitely divisible, cryptographically secure and audited, and there’s no need for transport/vaults.
Wow..that background was so distracting I had to wait until it was over and just listen to the interview.
Yeah. Who's bright idea was it to use that background. Crappy for sure!
So why does Peter accept payment in bitcoin?
Uncle Peter is in 😮, no one else is left 🎉
It is also worth noting that an increase in the quantity of gold is different from an increase in the quantity of a baseless currency.
Gold is a commodity, so if we have more available gold, we have more usable resources, and the standard of living increases.
If you increase the supply of fiat dollars, you distort economic signals, but dollars do not increase the standard of living.
The minimal amount of inflation that results from gold mining is not a problem for the gold standard. Prices are never set, we never know the future with certainty, and the economy is always dynamically changing.
So the Chinese Digital Yen which is Gold Backed is worth investing in.
Oil backed digital and paper money is our present!
I see someone on track to discover Werner's economics
@@szymonbaranowski8184 ??? What do you mean by Werner's economics?
awesome
Get in touch.✍️✍️
No one running crypto wants to tie its value to anything, much less gold. Tying crypto value to a hard asset would immediately and continually reveal the froth. By the way, the background music/noise in this video is exceedingly annoying.
Paxos started this in 2019 and have been getting hit hard for unknown reasons
i appreciate the commentary, i really do. but whoever added the music needs to reevaluate
Typically, we witness certain stocks rise this time of year, but due to the recession and economic situation, that's unlikely now.
I'm holding a lot of stocks hoping for profits this month, but I'm uncertain whether to keep holding or sell-off.
Since Q2 2022, I've been experiencing losses, and the outlook for investors in 2023 doesn't seem promising.
With the market expected to plummet further, I suggest conducting critical analysis on the companies you're holding and their future projections.
Consider seeking guidance from an investment adviser to restructure your portfolio and offset underperforming assets.
This strategy has been effective for me, reducing stress, anxiety, and saving time.
@@FaithMotasi I've been thinking about getting an advisor, as this market is challenging for retail investors like us.
Do advisors actually make a significant impact on a portfolio, or would I be better off managing it on my own? 🤔
@@thewilliams- Unless your intention is to buy and hold stocks for a decade, which seems reasonable to me, I've been closely investing with an adviser for the past 2 years.
So far, I've raked over $560k in net gains, and I'm not worried about what lies ahead in 2023 because I know I'm in good hands.
@@FaithMotasi That's really impressive! I'd love to get some information about your CFP. I'm planning to make some financial changes this year.
@@thewilliams- My advisor is Eric Thomas Witt. He's a genius when it comes to portfolio diversity.
You can easily find him by searching his name on Google to verify his credentials. He has extensive financial market experience.
This video is like a libertarian acid trip
Kill the music and background graphics….too distracting!
The thing that cryptobros don't get is that they think fiat's only problem is supply and by decentralizing it its supply is guaranteed through algorithms. They fail to see that in decentralizing it they remove a crucial aspect of why it has value, the confidence and fear that comes from the government that backs the fiat currency.
How’s the confidence levels in turkey?
What a fantastic ending! Yet another great interview with Peter Schiff!
Okay maybe this is a dumb question but isn't crypto backed by energy since the blockchain runs on it?
Energy doesn't exist in and of itself. It has to constantly be supplied and ran in order to have value. It's like fire. You don't buy and sell fire because the fire itself will burn out eventually. You sell the things that PRODUCE fire, like kindle and gas.
Money was always backed by SOME sort of PHYSICAL goods. Whether it be shells, feathers, copper, diamonds, etc.
Gold was the most practical however because it's value didn't fluctuate erratically, and could be melted in to perfect even units, and was so valuable that you could carry the purchasing power of a house in your purse, so it was convenient.
Things like diamonds are not uniform in value, so they're inconvenient and need an expert in order to determine its value. And things like copper are valuable, but no where near as convenient as gold or silver because you would need an entire cart of copper in order to equal what you could carry on your person in silver or gold.
Gold and silver were always the perfect combo for money
@@dab0331 I just meant that energy is required to produce crypto
You don't own any of that energy like you would if you bought, say, a barrel of oil.
Hes got a point.
Why not on ordinals. On the most secure blockchain
Gold needs paper gold (or tokens) to be more efficient. But backing on something physical can ALWAYS unfold.
That's different for btc certificates on LN backed on btc, it's 100% backed by design.
That's it's strength, but Bitcoin is not without weakness. It's way to volatile for the common person. Anyway, I see a gold backed crypto as a better stable coin rather than a competitor to Bitcoin.
@@felixnewman2473100%
@@felixnewman2473and what happens when you want to redeem your gold and whichever entity is backing it is like "nah can't do it"
@@felixnewman2473 Volatility is not an inherent weakness, it's a function of undervaluation. And there's no purpose to having a gold-backed crypto. If it's gold-backed, it doesn't need to be crypto, it can just be a fiat certificate. Adding a blockchain to a gold certificate accomplishes absolutely nothing.
everything has risk
we lack one big country with sound currency
and nukes
Peter, it's call the BRICS currency.
Peter was the first to call the Bitcoin scam back in 2012!
Pure genius
If we characterise Bitcoin as a virtual or electronic fiat currency....we have to address a central point of Bitcoin proponents....That it is dislike Fiat because of its limited nature and the lack of a middleman to debase transaction abd affect tryst.
There is a gold backed block chain thingie - tally money
Problematic to consider eGold as backed by real gold....if that gold is actually held by others. Unless the amount of real gold is held on blockchain as an immutable volume? And added to...as confirmed (confirmed by whom?) new gold is mined?
That music makes this video unwatchable
Imagine Michael Saylor the richest man in the world !!!!!!!!!!!!!!!.
Let’s call it Bitcoin.
101011101011010? NO THANKS
“If you don’t hold it you don’t own it!”
Get in touch.✍️✍️
Can you hold your car? Your savings account? Your house?
You own those assets, or don’t you?
Well backed by gold or tabacco. Let’s not forget that fiat currency started out as tobacco certificates.
Really ?
The dollar is over and the paper money is over
Thanks to Peter Schiff, I’ve avoided buying a house, investing in crap stocks and understood what true money really is!
That is what you get for being a dumbass.
@macioluko9484 What in the holy hell are you talking about? Peter has been dead wrong on all his major predictions:
1. Worthless dollar
2. Worthless crypto
3. Rate hikes
4. Rate hikes again
5. Another housing bubble
6. 100x on gold stocks
7. $20,000 Gold price
8. New high for silver
9. Gold standard is inevitable
All Peter does is scare his listeners into thinking the end is near. Then claims to be right when the inevitable happens. He has literally never been bullish so giving him credit is absurd.
It is called goldcoin.
Has gold outperformed Bitcoin since 2009?
Absolutely Not!
$LINK
Zero counterparty risk is a big thing to give up with respect to gold.
what Peter describes with his painting and ordinals is exactly the problem gold has :
- the global supply of gold is not known...
- the pure and counterfeit gold is not known...
- the paper gold (promises to deliver gold which may not exist) is not known...
hence bitcoin which solves these issues... ( global supply known and verifiable, purity is not an issue, counterfeit is not an issue, paper bitcoin is less an issue because it is easy to buy and to hold guenuine btc )
The only problem is that it has no intrinsic value.
@@Jot_Pe I don't really see this as a problem, the whole point of money is to have something that has monetary value, most of golds value is monetary, and it would be better for the economy if gold was stripped of its monetary value as it could be used more for what it is actually useful for. Bitcoin is better monetary value because nobody can take it from you unless they read your mind, it can be sent at the speed of light across the world, no counter party risk (as gold-backed crypto would have).
Bitcoin: the investment for today's hard charging go-getter, securely nestled in mom's spare bedroom playing Xbox. 😂😂
yep. and undigitized gold will be outlawed.
So now he has shifted to PaxG
Thanks Peter, now I don't feel so bad anymore for having some % of my portfolio in BTC. 😁👍
Why do you need a blockchain for this? You already need to trust the custodial provider of the gold so what’s the point of holding the token for the IOU yourself when that could just be held at the custodial provider just like the underlying asset is? It just enables people to misplace their IOU.
Because you'll be able to more easily trade a gold-backed cryptocurrency than whatever proprietary token the custodian uses
Gold is the most trusted value of exchange all over the world ...Dig a hole and find a box with old German paper money with some old gold coins ..You will discover the difference
Come ooooon ...your out of present and future ....bitcoin is store of value 10000%%%
Nothing that gets rid of "physical" currency is good for the people. Anything that is back by gold, silver, copper whatever needs to be physical because physical currency is freedom for the people.
Digital currency backed by some tangible assets would make a strong case!
Makes perfect sense. Bitcoin is DIGITAL FIAT. We need DIGITAL GOLD, which is obtained by connecting Gold to the blockchain.
connecting gold to the blockchain accomplishes basically nothing, what you have now is the same as paper money back on when it was on the gold standard as you still have to trust the custodian and they will likely end up lending out more paper than they have gold and history repeats itself.
Peter Schiff says I can include some Bitcoin in my portfolio! 😂
👍👍
Second!
🧠
Fossil fuel backed Russian state guranteed coin would be exactly that
hey Pete
AZMN3T is not just about speed and low fees. The most important thing you missed is it’s scalability!! So it is fast and cheap yes, but that’s not where it wins. It’s infinitely scalable. Get your head around that! That’s why it’s a game changer.
To say something is going to happen in the future is impossible to disprove. It is a Messianic movement. Another myth is the free-market economy/oconomy.
Peter, you goof, the ONLY value gold has is its scarcity, the Value in Bitcoin is in its MORE strict Scarcity than gold will ever be. More gold is mined everyday, and the supply grows. Bitcoin is far more scarce than gold and limited to ever mining more.
Both gold and Bitcoin are proofs of work. Their value comes from the energy cost to obtain another unit of account. Bitcoin solves the trust problem with gold backed anything.
Except you've got 20,000+ other craptos out there now many of which are faster, more secure, more affordable, more environmentally friendlier than bitcons... xD
Plus, the counterparty risk with bitcons is huge, just imagine if your power goes down, are you going to to the grocery store and tell the cashier "I will give you 100 TRILLION bitcons for this bag of potatoes when the internet comes back on I PROMISS!!", see if you've got any takers 😂😂
I really like to listen to Peter and try to watch most of his podcasts but boy, I feel he is so wrong when it comes to Bitcoin and it's role for future money.
Peter converted and doesn't rven realize it. Lmfao
yes
but it was inevitable as his middle man business is literally the same thing as this
just with one funky digital layer more
I will wish you a good luck sir, please just show us how you would stick a gold bullion into a CBDC, digital currency exchange? Magic??? Wow huh?
Gold is the most liquid investment on planet earth. Regardless of CBCDs, there will always be some countries that accept gold. You may have to use some of your gold to buy a private flight to escape whatever country you are in.
Bit coin only 21 million. Fair enough. Now what about 100 million dog turd coin, and a billion Biden coin? Where does that all end?
*says bitcoin has no fundamental properties that give it value*…*proceeds to praise block-chain technology and thinks it should be utilized*.
Peter would say the difference is that gold has useful qualities outside of what makes it a good store-of-value, yet the demand for gold in the physical world because of its industrial purposes supposedly isn’t similar to bitcoin/blockchain technology in the information economy?
Google, Meta, OpenAI, etc prove that physicality had nothing to do with value in the modern economy.
Bitcoin and the blockchain are mutually exclusive. Now the future is to utilise blockchain networks and use real money on its rails.
@@codemonkey848 that’s like saying Gold and conductivity are mutually exclusive. Blockchain is a fundamental property of Bitcoin, just like conductivity is a fundamental property of gold.
@@codemonkey848 yes conductivity can exist in other physical materials, just as there are other applications of the blockchain, but both are necessary characteristics for Gold or Bitcoin to exist
@@jamestheado6327 "Google, Meta, OpenAI, etc prove that physicality had nothing to do with value in the modern economy" They provide services which always had value in human history.
Bitcoin solves the problem of custodians inevitably rug pulling you. Monero solves the problem of government knowing your entire bitcoin financial history because it's a public blockchain.
It potentially solves A problem (custodial trust), but not other problems…it may take away the need for a custodian but it lacks the intrinsic value of real money. At the end of the day if you owned all the Bitcoins and no one else wanted them, you have nothing. Run that scenario with other forms of money…Ultimately you’ll find that gold is the best usage for money.
@@bxbrew17 maybe bitcoin is not money becausr it has no intrinsic value, but it ultimatly can be a useful currency that has no custodial risc.
Bitcoin, the digital pet rock.
@normellow Please explain how the most secure, most decentralized, and only form of incorruptible money is a digital pet rock.
There are many revolutionary benefits when using bitcoin. It's Peter's silly gold coins that are like pet rocks because they have no use for the users.
Money has been digital for a long time and it will be forever. What don't you gold bugs get about that?
This video will not age well.
Peter Schiff at last has realized the strength of Bitcoin..Hopefully
👎👎
I see you either didn’t watch/listen to the video, delusional, or a bot
It only has stength when coupled with a physical commodity
It'll be the best money.
@wesleymalutama3651 What in the holy hell are you talking about? blockchain-based gold reserve currency doesn't even make sense. The whole freaking point of blockchain is to get rid of the government and the trusted third party. Once you must trust someone you defeat the whole point of using a blockchain. We've already seen blockchain-based gold reserve currencies like INNcoin fail.
BITCOIN solves the problems of why gold ALWAYS FAILS as money and much more. Bitcoin is money that can't be printed. You simply just spend it. No need to go to some sleazy banker to get something physical before they print more currency and steal your purchasing power.
love AZMN3T, my second largest position, will DCA every month and holding till the 2030 bull, my advice aim for 30 plus and sit on it long-term, think of it as buying btc at 1$.
the irony... the biggest crypto/bitcoin crytic is now arguing in favor of gold blockchain crypto
It's more ironic that people believe a digital token has real value.
It is all about trust, which can be digital as long as it can be verified by all the people in the world at any time. Physical gold does not have the feature unfortunately.
Peter has always says that blockchain technology has uses. And you can make money trading crypto, like you can trade anything. But he see's Bitcoin as something like mySpace.
@@dz8820That's my understanding of what he has said about the use of Blockchain backed gold.
@@anthonyg6221 Of course bitcoin has real value. It's value is decided by supply and demand. The supply is more sound than gold and the demand will increase as more and more people learn that it's the most secure, most decentralized, and only form of incorruptible money.
Plus, there are many revolutionary benefits when using bitcoin. It's Peter's silly gold coins that have no use for the users.
BITCOIN solves the problems of why gold ALWAYS FAILS as money and much more. Bitcoin is money that can't be printed. You simply just spend it. No need to go to some sleazy banker to get something physical before they print more currency and steal your purchasing power. That's why it doesn't need to be backed by anything.
Peter's own legit bank got shut down but don't worry we'll make big government pinky promise to leave a gold backed crypto bank alone. HAHAHAHA!!!
Money has been digital for a long time and it will be forever. What don't you gold bugs get about that?
More psyop propaganda. In regards to precious metals, if you don't hold it, you don't own it, everything else is just derivatives they can use against you in the casino.
Mr. Shiff is slowly flowing into BTC. His 1% allocation suggestion to BTC will just keep going higher.
That's been his position. He's never going to support digital fiat.
AZMN3T is bulletproof tech built by absolute all-stars
Show some courage and launch a token backed by gold. You talk too much
The thing is there are already multiple out there and has been for years.
Your money given to Bitcoin or Crypto is much worse than your money put in gambling at Casino. At least you could win some money by chance at Casino. Your money given to Bitcoin or Crypto is all controlled by few individuals like the Bitcoin creators and promoters. They can trade each others under the table and do all kind of tricks you can never imagine to manipulate the prices up and down. It’s also very costly to operate the Bitcoin or Cryptos like spending in salaries, advertisements, facilities, equipments….. but they don’t generate any income, just waiting other people to contribute more money to the pool. It’s clearly a modern Ponzi Scheme covered by hight-tech.
@davids3647 I shouldn't even have to say this but obviously bitcoin is not a Ponzi because there is no central authority paying out profits. Bitcoin's price is decided by supply and demand. The supply is more sound than gold and the demand will increase as more and more ignorant people, that don't even know what a Ponzi is, learn that it's the most secure, most decentralized, and only form of incorruptible money.
Sure we can be in ready player 1 but there is no guarantee that that world will be run on bitcoin or on some other crypto or by some fiat currency.
Games are purchased and have purchases made in dollars all the time and it is the game designers who decide what payments they accept.
Most game designers want money in the end.
Everybody wants money in the end.
Bitcoin can be used to send large transactions across the oceans. Yet stable coins do that better.
AZMN3T being mentioned (even briefly) by Coin Bureau. This project has started getting attention.
Just because it’s rare doesn’t automatically make it valuable (aka muh 21 million). The soiled toilet paper I just used has a 1 of a kind pattern too, only one in the world! Any buyers? I give you a good deal, trade you it for a single measly Bitcoin… 😂
@ApatheticPotato23 You sound like the dumbest person in the whole world right now. Bitcoin is the most secure, most decentralized, and only form of incorruptible money. Plus, there are many revolutionary benefits when using bitcoin. It's Peter's silly gold coins that have no use for the users.
BITCOIN solves the problems of why gold ALWAYS FAILS as money and much more. Bitcoin is money that can't be printed. You simply just spend it. No need to go to some sleazy banker to get something physical before they print more currency and steal your purchasing power. That's why it doesn't need to be backed by anything.
Peter's own legit bank got shut down but don't worry we'll make big government pinky promise to leave a gold backed crypto bank alone. HAHAHAHA!!!
Money has been digital for a long time and it will be forever. What don't you gold bugs get about that?
Blockchain and gold are mutually exclusive. If you have gold, a blockchain serves no purpose. If you have a blockchain, gold serves no purpose.
"Blockchain-based gold currency" is like saying oil-based corn contract, or corn-based oil contract, it's a nonsensical concept, it's a solution without a problem.
Lmao no
@uraldamasis6887 Exactly, and Peter knows it. He knows how popular blockchain is so he lies like a typical sleazy salesman to sale more silly gold coins.
That take is nonsense. He’s referring to a record of ownership. Gold ownership being recorded on the blockchain makes perfect sense as does titles for houses, cars, etc. Also, you’ll need precious metals for the to view the blockchain on your phone,computer, tablet, etc. 😂
@@bxbrew17 Comparing it to house and car titles is absurd because the government allows those things but they quickly shutdown anything that has to do with money if they can.
They shutdown Goldmoney's gold spending credit card.
They shutdown E-gold.
They shutdown the liberty dollar.
Guess what else got shutdown by big government.
Peter's own legit bank.
But don't worry we'll make them pinky promise to leave a gold backed crypto bank alone. HAHAHAHA!!! They would have shutdown Bitcoin a long time ago but they can't.
The whole point of blockchain technology is to get rid of the government and the trusted third party. Once you must trust someone you defeat the whole point of using a blockchain.
Bitcoin is money that can't be printed. You simply just spend it. No need to go to some sleazy banker to get something physical before they print more currency and steal your purchasing power. That's why it doesn't need to be backed by anything.
Money has been digital for a long time and it will be forever. What don't you gold bugs get about that?
Not true at all. Using block chain technology means you can have the store of value of gold. And you can spend it like fiat money using block chain technology as well as use in de-fi. It makes spending whatever fraction of gold possible.
Peter is, unfortunately, absolutely CLUELESS about technology in general and Bitcoin in particular. You can tell by watching his podcasts.
@Earej No, he is flat out lying. Peter knows the whole freaking point of blockchain is to get rid of the government and the trusted third party. He knows how popular blockchain is and he's using it to sell more silly gold coins. Peter's own legit bank got shut down. He knows damn well that big government will shut down a gold backed crypto bank in a blink of an eye.
Bitcoin is the answer to all of our problems. Trust me, bro.
The limited supply of bitcoin means that once they are all mined, they can't be mined any further. The Sitoshi argument is flawed. There's a finite number of Sitoshi's just as there is a finite supply of bitcoins. And the ratio between them is constant.
With gold, what's the difference between counting ounces or counting grams or nano-grams. Does that mean that there can be an infinite quantity of gold? No, it merely allows for fractional amounts of gold, just like with bitcoin and fractional amounts called Sitoshis.
But unlike bitcoin, gold can always be mined as there is no limit, and with new technology, it might be possible to mine 2x the amount of gold on the earth, or we could find it in asteroids or on the moon. It might not hold its value for even 100 years, if the space programs makes off earth mining possible.
And it is possible, though not yet today, to turn lead into gold, you just have to change the number of protons and neutrons. After all, it stars can turn other elements into gold, one day we may have the power of stars in our hands.
Some of the value of gold is speculative, some is it's value is its use as a metal. But it's pretty much impossible to know what percentage is each of these two demands. Bitcoin is also partly speculative (perhaps mostly) but as long as there's demand for it, it's got a use as a store of value as well. If a replacement for gold is found, gold might lose its value as a metal.