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cryptocurrency Bitcoin has had a rollercoaster ride over the last week hitting a record $20,000 per coin at the weekend before sliding back to under 17,000 on Tuesday to discuss Bitcoin let's bring in a couple of expert guests enjoyed by Peter Schiff he's the CEO and chief global strategist of Euro Pacific Capital Inc and also by Nick Spanish who's the co-founder of the zap project that works to solve one of the biggest challenges in the blockchain industry welcome to you both gentlemen if I may come to you first Peter I know that you're not from previous interviews you're not a big fan of bitcoin we've seen the roller coaster ride continue when do you think if you think this is a bubble when's it going to burst well I wish I knew that but I am sure that it is a bubble in fact it's probably the biggest bubble I've ever seen in my career as an investor and I've seen quite a few bubbles and I'm familiar with this psychology that surrounds them and you know Bitcoin has all of the characteristics of a bubble in fact it's not just Bitcoin it's the entire cryptocurrency space I think it's a massive speculative bubble and maybe we've seen the top and maybe we haven't I don't know but I think when the top is in I think this thing is gonna come crashing down it's not just gonna go down slowly you know there's an expression that markets take the stairs up and the elevator down well you know Bitcoin it took a rocket ship up and it's gonna come down even faster yeah I think I mean it's exponential the curve at the moment the increase in the in the value and I thought this was an interesting point I heard recently people you know chattering away on social media in Russia saying oh you know we really should have got on board with Bitcoin and I've heard stories of people in the US you know remortgaging their houses to invest in it isn't that the point they say when it stocks and shares that you know you really want to get out you asking me yeah I mean I'm sorry about that I had some static on this thing oh so it's about saying isn't this the point that you knows my people would think is not a bubble well to answer the first question bitcoin is not a bubble bitcoin actually is the pin it's a pin that's popping the legacy financial systems bubble over printing of money overvaluation of stocks of it's a bitcoin is a technology people don't seem to understand and once they do understand they come on board it's a technology and it's a revolution just like the Industrial Revolution changed the world you know this is an information calculation computation communication crypto economic revolution that's changing the world right now and if you don't understand what it is it takes a little while to learn about it but once you realize what bitcoin is you're gonna realize that you're at the ground floor I mean was the Train a bubble I mean there have been bubbles probably in when the trains were invented but some people stayed blacksmiths like some people stay in Goldsmith's but probably some people are staying blacksmiths and you know the trains gonna pass you by and then other people became Carnegie's and Rockefellers and let's go to Pizza Pizza it's the future according to Nick people are getting in at the ground level I mean the beauty of it that the supporters say it's decentralized it's everything that banks aren't you know they're not the banks can't come and just take your money away and it's Bitcoin and it's the blockchain right well first of all nobody buying in today is getting in at the ground floor I mean if anything you're gonna be left holding the bag but bitcoin is not a technology the technology is the blockchain and we can have an argument about you know how relevant the blockchain is and how important it may or may not be but bitcoin is nothing it's simply a digital token that utilizes the blockchain so when you buy into Bitcoin you don't own anything except that one Bitcoin you don't have any ownership of any kind of railroad you've got one car and that car is gonna be obsolete I agree that we have overvaluation and we have a problem in Fiat currents we have problem let me fit we have a problem in fiat currencies but you know you mentioned overprinting we have lots of digital currencies there's 1300 of them there's massive inflation of digital currencies and even Bitcoin itself has spun off Bitcoin cash Bitcoin gold there's no limit to the supply of Bitcoin branded worthless tokens that can be created what do you make of that point I think it's a fair one naked I mean when the the blockchain Forks off from you you get different bit currencies you know to this I mean what he said was Bitcoin is nothing he's trying to say that bitcoin is nothing but Bitcoin is a reward system right for holding up the blockchain without without Bitcoin without bitcoins blockchain bitcoins blockchain is a largest blockchain ever it's the largest for the first one out and has the most participants there's millions of mining machines handling all the transactional and all the informations and calculations that are happening on this blockchain so when you're a miner on you and you participate in the clearing all this information you get a piece a little slice of a Bitcoin as being part of a pool you get a slice of Bitcoin and that's the reward system so yes Bitcoin is is a is a technology and the miners get rewarded in Bitcoin for their physical participation and their other currencies ya know the Bitcoin itself is not the technology it could be the reward but you don't need Bitcoin to have a blockchain there are all these other crypto currencies that have block chains and they don't use Bitcoin and you can use block chains for anything I mean well the latest airline frequent fire Nick what about the forever consensus the logic is the only way that larger is the largest blockchain is the only one that matters the one that does the most no it doesn't the most people that write is the one that's most trustworthy yeah thus more if you can have a blockchain in your pocket and not hang out but sense like a model or algorithm work and meaning you don't have any miners and you don't have any consensus it doesn't mean anything it's just a really really slow data but what and that's what it is but what is what is the value what is the inherent value of a Bitcoin what is what can you do with a Bitcoin to make it worth 17 thousand dollars if I have one Bitcoin look what can I use it for what can I do with it where I derive seventeen thousand dollars worth of value well you seem to misunderstand and a lot of people do and the people who don't misunderstand actually buy it the reality is Bitcoin is the technology satoshis there's a hundred million satoshis perb no it's not it there so what is what can I do it when I Bitcoin there's a hundred ecologies you could buy anything as a matter of fact yeah I could buy gold at a discount I go to packs Volcom and I could buy gold at at this can I get my gold at six ten percent off with Bitcoin no you have to sell the Bitcoin you have to sell your be reddit core no no Peter I just want to get back to a question I was trying to ask Nick earlier you know people are piling into this now just how dangerous are we at the situation we're in now how dangerous is it you know where people are remortgaging and spending savings on Bitcoin look it is very dangerous people think they're gonna get rich quick go ahead pizza yeah and look unfortunately the people people who got in years ago or even people that got in at the beginning of the year yes they have the opportunity to cash out and make a lot of money but people who are buying into this thing at these prices or higher prices are going to lose basically everything I mean these currencies are going to trade to zero or pretty close to it once this bubble pops because right now the only reason that people are buying Bitcoin is because the price is going up and what it turns around then they're gonna be selling it for the same reason there's no value in the Bitcoin you can't use it as money it's too slow it's too expensive and too volatile so it's not a media of exchange it's not a store of value because there's no value to store it is a it is a pure speculative digital asset that as soon as it stops going up is going to implode Nick I just want to look into the future because the price obviously keeps increasing but you know everything is on based on this blockchain everyone thinks it's the new miracle what about when quantum computing comes along in a few years it is anticipated won't that render the blockchain actually very vulnerable well there's a lot of fixes for that already written and then we would have a fork and implement the fork that would take care of that now to answer the question before he said you can't buy anything with Bitcoin I mean that's not true you can buy anything you buy today you can buy with Bitcoin you buy it at a discount and you can buy credit on Amazon for the coupons people have yeah you go to the site and you plug it in and they give you the Bitcoin you have to sell the Bitcoin no you can't they don't have anymore you don't have you can buy this first you've never been on this one oh my god you use the bill on Peter yes you're selling your think about burning it yeah we're gonna sell your gold to buy something - no one's taking your gold no one's hanging around with a gold test kit taking your gold apologize it's the result but I do apologize we are about to run out of time many thanks to my guest Peter Schiff chief exec of Euro Pacific Capital and Nick Spanish co-founder of the zap project thank you guys
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