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so yesterday I was watching I will not text interview with Peter Schiff the gold man and I saw how difficult it is this old man to get convinced on cryptocurrencies and so this is what I found out that there is one thing that Peter Schiff understands about cryptocurrency but there's one particular thing he does not understand about cryptocurrency at all and I'm going to share that with you and definitely want your opinion on what do you think in the first thing I have to say that that he does not have to be convinced that cryptocurrencies are here to stay okay that's not he does not need to be convinced just like Jamie Dimon does not need to be convinced that bitcoin is not a fraud right so he does not need to be convinced Peter Schiff makes a very valid point he says that bitcoin when it was invented it was supposed to be a electronic cash system borderless instant less transaction fee and that's not what it is which is true but coin is expensive it takes like an hour or maybe sometimes day and it's not cheap as well it's slow so he means that argument I agree with that on the other thing is a lot of people in crypto community will call that bitcoin is gold just because it's precious well that's a mistake that's really a mistake bitcoin is not a gold no not at all bitcoin is far far far better than gold bitcoin beats gold how can you compare gold with Bitcoin digital no it's not a digital gold it's not a gold and this is where this gap guy reacts imagine a guy I was reading about Peter Schiff right and this guy's like for 40 40 years or 50 years he's been living with goo right cool wood gold gold one fine day someone goes to him and says listen you know what there's another gold of course he's not gonna be happy about it he's gonna react to it and this is what this guy does when somebody says well Bitcoin is a good he's gonna react right that's what happens what he fails to understand so one thing that he understands is Bitcoin as a precious and then and then what he says that his argument is well bitcoin is not a precious I understand they're only 21 million bitcoins but there are other cryptocurrencies that Bitcoin has to compete with how come it's first edition of precious cryptocurrencies are not precious you can you can create your own cryptocurrencies I can create my own cryptocurrencies how are they play she has a point he has a point on that here is what he does not understand he thinks everything in the cryptocurrencies is just a transfer of money is valuable well that's not true everything in cryptocurrency is not literally a currency well maybe a bitcoin is a currency because you're transferring value transferring money litecoin - but you look on look at the other block chains right you look at yours for example you look at it helium for examples you look at car down of examples you look at iota for example right Dave they are platforms and they are future platforms where the applications are going to be built in future at the decentralized applications and because somebody has to build their decentralized applications with their smart contracts all those blocks on those platform he has to buy so the token the coin becomes integral part of that ecosystem of the platform because you because you want to use the platform you want to build something you buy right so that is how the value comes this guy teacher completely ignores that aspect of it and he calls the cryptocurrency a bubble and he's saying that back all the cryptocurrencies with gold but listen you know what what is gold back by well in fact I think bitcoin is far better than gold bitcoin has some use cases some house well at least you can transfer Bitcoin to anyone across the globe almost instantly if not if you you fee ready to pay some high transaction fee or maybe in a day like what can you do with gold you cannot carry gold along with you across the globe you cannot just transfer gold and one ounce of gold just like in a day that's not possible the only use case of gold is it is a store of value and it is a store of value till the time people perceive it to be a store of value let me tell you that period shift I mean the next generation the new generations which are coming up like me and the new Melanie they don't even buy cold they don't even look at gold for them gold is nothing it's just a metal they are not interested in gold at all they would rather use Facebook Instagram snapchat and Bitcoin and - whining or transfer money they are not buying a whole nobody is interested in gold you know that's the caste the agreement man and so everyone tries to tell him that bitcoin is another goal and that is when this guy reacts imagine this guy has been living with gold for last 40 50 40 or 50 years and of course when somebody sees another gold it gets there's another gold what's that right and I've seen all these interviews I've seen most of it I mean this is a famous topic today Peter Schiff versus cryptocurrencies the good man versus cryptocurrencies what do you think what do you expect of him he's not going to take he's not going to buy your idea that cryptocurrencies are gold he will never buy that never in your ever in his life his subconscious mind has been programmed such a way that for him gold is everything right and but we can have an argument for the sake of it to get his perspective but once we know who that okay this guy he's gonna live with gold I mean he doesn't have to be convinced in order for the Kip to currencies to grow honestly one thing that I do like about him which is so true that he does call the u.s.
dollar Ponzi scheme which is it is because millions of dollars are being printed every year without having backed by anything only it was backed by gold but no more and so is most of the fiat currencies so obviously I think what we are going to do now we are going to step into a system which is a which which you know like I spoke to you about this in my last video the money will be something that will have value that will have news cases right money will not be something which it just spent or which is just a metal even gold will not be a money maybe let's see how long will the Kolbe money so this is what I'll show you guys let me know your opinion so that is definitely there are a few things that he understands about Peter shape understands about a particular shipment they say some important aspects of cryptocurrency is what he feels to understand he he for him all the cryptocurrencies hitting the coin market on Bitcoin this all just one purpose transfer of money that's not really the case let me know if you if you have something else to add if you have to tell Peter Schiff one thing about cryptocurrencies what would that be what would that be let me know in the comment box below thank you so much for watching once again this is not an investment or financial advice just my personal opinion sharing with you share your opinion in the comment box below I'll see you in my next video till then take care
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