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Peter chef I hear that you are a Bitcoin convert oh well you heard wrong Peter ship and I have been friends for many years and he has done great work to teach people about sound money but when it comes to Bitcoin he just doesn't get it and he's been one of the most vocal critics of Bitcoin for a really long time despite some of the best people in the industry trying to convince him otherwise I would also like to thank Peter for agreeing to spar with me here this evening that's why I was pretty frustrated recently when hundreds of people started flooding Peter with donations to what end he's had Bitcoin for a long time and it hasn't done any good convincing him we seem to be beating a dead horse here and I was pretty vocal about voicing my displeasure of the situation i sat down with Peter to talk about it in person and to find out if I am correct in thinking that there is indeed no hope for him 98 other people soon in tarnation's well here's the way it started there were all these articles about how I owned Bitcoin like I'm the secret Bitcoin guy and pop had put out some kind of tweet about hey you know Peter Schiff owns Bitcoin doesn't matter what he says you know look what he's doing with his own money he's secretly been buying Bitcoin yeah I got like 50 bucks worth of Bitcoin someone gave it to me as a gift and I also got a little ether and a little bit coin cash I got the wallet from Erik Voorhees because I did a debate rig debate I think I won but they all the bitcoiners voted me down Eric and I went to dinner we had a nice dinner he set me up a wallet he transferred me a hundred dollars worth of Bitcoin and I transferred him back 50 so we could see how it was done but I got to keep 50 for the record I think it's awesome that Eric sent Peter his first Bitcoin but the fact that over a year later Peter is still as opposed as ever and hundreds of people are still sending him donations to the tune of thousands of dollars I can't help but think that perhaps there would be a better way for these people to spend their money I got the ether and the Bigpoint cash a year ago at the money show because you see I was my dad's book did you just commandeer my show to make it up alright deal pitch no no it's not really a pitch but I'm selling these books so I was selling them for $20 this guy $20 if you'd like to purchase but this guy didn't have any money and he said what I take crypto and I said you know it just so happens I've got a wallet he wanted to pay me an ether and Bitcoin cash so I charged him thirty dollars instead of twenty cuz I said look I don't know I don't have confidence in this you got to pay me a premium to take that you know crypto stuff so I start reading a lot of stuff on the internet about how I own Bitcoin when I saw that the pop tweet then I finally said look I got like not even 100 bucks worth and I didn't buy it it was a gift so then pomp tweeted oh what's your address I'll give you another hundred you've got several thousand dollars worth the crypto donated to you you know actually I'm I haven't sold it but I kind of hedged it how did you hedge it well a friend of mine in Puerto Rico is so convinced that bitcoin is gonna make a new high you know twenty thousand and I said you know I think it's gonna make a new low you know which is about three thousand so I bet him an ounce of gold so my hedge is this if Bitcoin goes to twenty thousand I own an ounce of gold but I'm gonna make more than that on the upside but if it goes down a three thousand then when I get an ounce of gold that will equal what I lost what people I think we're hoping for is that you would get this money in your wallet maybe you will go to a booth around here at Freedom Fest and you'll say oh they accept crypto maybe I'll buy this book for crypto do you think there's a chance that you might try to use it to see how it works where all these donations in Wayne I would use it look when I first got that wallet that I have and I had this Bitcoin I was in Fire Island for a few days and they're out of Euro to Fire Island but they don't nobody takes credit cards everybody has cash and I thought maybe I can use this Bitcoin and every time I went I went for a pizza I went for some frozen yogurt can I pay you in Bitcoin nobody would take it so Peter gave up trying to use Bitcoin because he went to a remote area where they didn't even accept credit cards and they wouldn't accept it there hmm you wouldn't have a hard time finding places on the internet like if you wanted to buy something on Amazon or overstock or something like that there are easy ways for you to purchase I mean but they're like people make a big deal about the fact that shift gold average but we say we take Bitcoin but we actually don't that we use this company bitpay is like a middleman it pays great they work with a lot of company and that's the way that we facilitate a lot of transactions in the crypto space right but it's not like we're actually taking Bitcoin we're taking the dollars that people get after they sell their big I think the important thing is that you're providing a market for Bitcoin people or crypto people who want to want to use it which I think it is good can we give you a challenge to seek out some crypto acceptors and find products and maybe we'll document like what you were able to purchase what your experience was I try to do this thing on YouTube like the Peter Schiff Bitcoin challenge I did mention that I have this RV that I'm trying to sell and I'll take a hundred thousand in crypto somebody wants to give me a Bitcoin for it do not buy his Ave for a hundred thousand dollars PETA is upselling you if someone buys my RV I miss a beautiful RV a hundred thousand dollars in your RV and Bitcoin save some bitcoins Bitcoin millionaires I mean what your RV they're buying like a $200,000 Lambo RV alright so like can we like fine if I find some cool products I think you'd be interested or if I find like a gold dealer who accepts Bitcoin or something would you accept the challenge that you were saying some of that Bitcoin for goods well I have to keep some of it now in case it goes to 20,000 I lose my bet I don't think caring for the inevitable future I appreciate that no I told you got a hole that's my hedge right you got it he's a hard luck so if there's one thing that we've gotten from this interview it's a confirmation Peter Schiff is a Hudler and there's hope for him nod for dear life so it didn't register fully until I started editing this video but Peter is net long Bitcoin he has a hedged position but he is net long perhaps pump was right and we should be watching what he is doing and not what he is saying anyway back to the discussion a lot of people sent you these donations we're not sure what you're going to be doing with the money yet money it's Bitcoin I'd have to sell it to get money see if I've got gold with it that I'd have money oh my gosh alright I'm not gonna try and convince you I absolutely did try to convince him because I've tried in the past I tried to use the guy trying to 2014 I was on the Peter Schiff show in 2014 trying to convince him about Bitcoin this has been a long-running feud between us George our program now is Naomi black well Naomi Brock well I'd be so rich if I didn't listen to you Bitcoin isn't backed by anything and you bring that up all the time gold isn't backed by anything I have to be backed by anything that mean well that bitcoin is the money because bitcoin is a digital asset and I think people have a hard time wrapping their head around the fact that we have digital assets now they don't understand it like that there's value in that but we our computers are just ones and zeros and there's tremendous value in the data bag the computer is more than just the software well the software is ones and zeros and there's tremendous value in that because the software can do something so I can be quite valuable things speed up anything that any other cryptocurrency couldn't do it doesn't have any property it has a network effect and reputation and a whole lot of infrastructure built around it and products and services you can't just replicate those to be lost yes you can you know somebody else can come up they have it that's why it's not interchangeable without the Kryptos right now well so far I mean it does it hasn't been around very long I mean you know so right now you're saying it's money but it might not be money in the future well I don't consider it money I mean some people do I mean you're right it's not a current if it was a currency it would be fiat but if you want to say that it's Viet means by government decree it's the market place that gave Bitcoin its value not government decree no but again it has value because people believe it has value it has value because people believe somebody else will want it in the future right so market has returned it has value that's why it has value rather than the government dictating it and value still comes from faith like even though the government on analyzing the technology and recognizing that it's a useful technology let me finish my point even though the I'm gonna keep interrupting you like you do on your show Peter I think I was still pretty sore from when he kept muting me on his show in 2014 yeah but you know the government's this is what the government's require I mean we'll be right back it's all fun and games we laugh about it now go ahead go ahead look nobody knows in 10 years if anybody's gonna want a Bitcoin right maybe it'll have a lot of value because a lot of people will want it or maybe nobody will want it you don't know that it's you're taking a leap of faith and it's the market that will determine that I mean just to kind of summarize here as we wrap up the thing I would say is that you've really entrenched your position and it's very clear where your position is and your renounce you are you are infamous in the Bitcoin space but your position my question is like I mean I feel bad for you because I think we're moving into a digital age where we're gonna see more and more of these digital commodities am I gonna have programmable money that's the problem for Bitcoin if there's more and more of them that it dilutes the value of Bitcoin not necessarily because you're seeing the emergence of different ecosystems to me if Bitcoin is gonna really work all the other ones have to fail it's not true why why is that because I just think that if other ones can come up that are better then more and more can keep coming and you keep diluting the market you kid you keep inflating the supply of crypto car I think market shares will definitely shift over time but the same way that the US dollar and the yen can compete you know Bitcoin can compete with litecoin and Manero they have different functions and different properties right but then there's no if you're saying that there's no limit there's an endless supply of potential crypto currencies that can be created out of thin air people don't necessarily want them there are a lot of coins but they might not point out a coin what's the difference between the and bit because it has a tremendous amount of hash power behind it that makes it very secure for now you know so if it changes I mean we'll see market shares shift and I think that's totally fine have you put yourself in a corner have you made things hard for yourself if you might change your mind I'm not saying you will change your mind but it's a potential you might is it gonna be difficult for you to admit that no you know I mean people think that look I've got this kind of bias on I'm in the gold business which is only a small part of my business by the way believe me if I actually thought that Bitcoin was digital gold I mean I would you know I would say so and I would buy it myself I mean am I could I possibly admit that I was wrong about Bitcoin in the future I could I mean I don't think I'm so stubborn that I'm I couldn't change my mind if you know new information were able persuade me that my initial feeling was wrong the fact that the price has gone up it hasn't changed my mind on the fundamentals it has you know showed me that I should have bought it obviously because I underestimated that other people wouldn't agree with me how many people would actually some libertarians don't recognize a good thing when it hits the nother head and you're like that's totally fine but I've missed out on so many bubbles you know and this is the one that really was tailor-made for me this you know this is really this is this was my chance to become a billionaire and I kind of blew it I know a lot of people now especially in Puerto Rico and I have a lot of good friends that have a lot of crypto so if I'm wrong at least I'll have some rich friends you know yo yo y'all take care of me right I mean if I you know if I need I I wish I I wish I was one of those rich friends and win bitcoins millions and millions of dollars a coin I still have hope for you and I think that maybe one day we'll get there so I'm gonna keep checking in you have done tremendous amount of good going out there and teaching people about sound money so I pre see up that too and I look forward to the day when you recognize that Bitcoin isn't alternative as well thank you very much for your time I really appreciate all right take care I see
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