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what is going on guys welcome back to the travelling crypto it feels good to be back I was in South America for a while mostly for a work trip but I did get a chance to venture out and and see some touristy things so while I was on the plane I was actually listening to a podcast that I downloaded prior to leaving and one of the podcasts that I was listening to was Joe Rogan's podcast many of you might be familiar with it if you're not Joe Rogan is a commentator who interviews different personalities from a wide variety of genres in this case he was interviewing Peter Schiff now Peter Schiff this guy right here is a businessman who also has a radio show he's a commentator usually on economic topics he is famed with predicting the 2008 financial crisis that is that's his biggest claim to fame and he is a probably the staunchest advocate for gold or at least the most well-known advocate for gold he owns a company called Schiff gold which was then acquired by a parent company called gold money anyway so they were basically they got to a point in the conversation where they were talking about cryptocurrency and Bitcoin he's made a number of statements prior about Bitcoin and about cryptocurrency and if you haven't guessed by the title of the video or you're not familiar with him he is a Bitcoin detractor he's not a believer even though he is a self-professed libertarian he does not believe in the concept of Bitcoin so let's take a look at some of his remarks and see what his criticisms of Bitcoin are and then I will comment on those criticisms to show me how it works they gave me $100 with a Bitcoin and then I gave somebody back 50 but I kept 50 of it so I just in case yeah although now it's only worth 48 cuz it's gone down look it moves all over the place yeah but but you know so I mean I don't feel badly that you know some of these guys lucked into having a lot of money or you know it's luck or they took a shot and it paid off right they got in and you know and that the market exploded and they have an opportunity to cash out on a profit but a lot of them are not cashing out they're gonna I think they're gonna go down with the ship but when you say that you think it's going down oh yeah well since it's look it's not gonna succeed as money it's not going to work it's just a highly speculative asset you know see here's where my ears perked up and this is where I have a huge problem he's conflating or he muddies up the conversation by talking about the speculative nature of trading Bitcoin and what the value of Bitcoin is on the market versus the fact that it's never going to work as money those are completely separate things when Satoshi Nakamoto created the idea of Bitcoin or invented the protocol itself I highly doubt he or she was thinking about how this thing is going to be traded on a market they might not have even considered the fact that there would be a market a speculative market for such a thing so conflating the tradable value of Bitcoin or the speculative value of Bitcoin with its protocol or decentralized mechanism is a huge mistake and this is where I think Peter Schiff first makes a mistake let's go on to see more of this interview and so but when I talk to these people to me you know it's very much you know like a cult I mean they're they believe so strongly in this they're so caught up in the hype and the hysteria and maybe they're blinded by the money they think they're gonna make you know when this that you know these things are a million dollars at peace or wherever they they believe they're the thing that's going to - think it's gonna go a million well there was an article last week some guy was saying a hundred million a hundred million a Bitcoin you know that's why nobody wants to sell right but the smart people are selling the people that got in early or trying to con people into holding on so that they can get out again I mean here he is talking about the speculative nature of Bitcoin the value of bitcoins invention is not in the speculative value or the ability to use the technology as money digitally right like sending money digitally is so easy now you don't need Bitcoin to reinvent the wheel it's not about sending money in a in a digital platform bitcoins value is that it's a decentralized peer-to-peer currency that doesn't have a single point of failure and cannot be sure down or changed by a monopolistic Authority and this is what boggles my mind about Peter Schiff being the self professed libertarian that he is I'm not saying that that I am I'm not making any problem Asians as to my political views but he is a self professed libertarian which is one of the reasons why he is so heavy or bullish on gold and the fact that he cannot understand this concept it just boggles my mind and is actually quite frustrating out of them although some people think it's maybe a compliment of gold but you know it doesn't have any actual value and that's where I get into a lot of arguments with these crypto guys because they say well gold doesn't have any actual value either which is laughable because of course gold has actual value there are lots of things that I can do with gold and that shows that it has value there's nothing that I can do with Bitcoin other than give it to somebody else I mean that's the whole purpose of it is to give it to somebody else and but but our whole economy is kind of screwy it's entirely possible that it could shift over to it all right so then he goes on to compare Bitcoin to gold and says that Bitcoin doesn't have any value but gold does and in full disclosure Peter Schiff should have stated that his main source of income relies on promoting gold and being bullish on gold I mean his company that was acquired was called Schiff gold and it was acquired by a larger company called Gold money he might have emitted this because he is well known and didn't feel the need to preface the conversation but if you don't know who he is his whole business model is rooted in gold based investments and there's even a sector of his business that allows you to digitize your gold investment by owning a debit card that is 100% gold backed so there is a little bit of conflict of interest with regards to cryptocurrency and the ability to send money digitally right if he for if he sees that as a competition to his business model then of course he's going to be critical of it and he makes no mention of his role in Schiff gold or in gold money it's funny because later in the video he sneakily promotes or plugs gold money when giving Joe an example of why gold is valuable you'll see that later in the video anyway he says Gold is valuable because it could be you for other things other than speculation well who do you know in your life who do you know uses gold for anything other than a speculative investment or as a form of jewelry which in and of itself is speculative behavior I mean yeah sure it's a great conductor metal and there there's a niche market where certain companies use gold such as in gold tip audio equipment for instance but we're not talking about that I'm you know that those those are niche markets I'm saying who besides those niche businesses with like what value or what uses does gold actually have and if we're talking about value aside from speculation and aside from being able to be used as a currency then bitcoins blockchain has value as well since the blockchain itself has tertiary use cases aside from being a digital currency all right let's continue a little bit further with this because I have a few more comments and here is actually where he plugs his own company or the parent company that owns his company gold money but what gold money is doing is taking that old blacksmith concept and bringing it into the modern era because I can store my gold in a vault that breaks through gold money and now I can transfer any portion I can give you a gram of my goal that tiny amount of gold I can just send it to you for free and now you own that goal because now the ownership register is going to be changed and instead of being in Peter Schiff name it's going to be in Joe Rogan's name and so once you can do that once I can take a bar of gold and and turn it into liquid money that can be used to buy a cup of coffee and you're doing all this without having physical control of the gold no no it's not physically holding it in your hands it's in a vault somewhere yeah well somebody has to have physical control and that's what a lot of the Bitcoin advocates don't like about something like a gold mine they say well you have to trust a third party to store your gold yes you do I mean but people have been trusting third parties with gold for thousands of years and you know you have reliable third parties that can hold on to something of real value all right so it's so funny because Joe Rogan is not you know he's not particularly well versed in this subject I mean not not at least based off of what I know and based off the interviews I've seen but he asks a very relevant and pertinent question there he said but you don't have control of your own gold as in there is somebody a third party or an authority right who has control over this monetary asset that you supposedly own and all you have is the certificate now I'm not downplaying gold backed money I actually am a fan of that I'm not a fan of pure fiat money as it exists today however trusting this third party or trusting an authority with any of your assets that is one of the main reasons that Satoshi Nakamoto created what he or she created is because it is a decentralized peer-to-peer exchange of money or exchange of currency where for the first time ever you have complete control over what you own so he messily brings up this point about needing to trust a third party needing to trust a third party with your gold and how that somehow adds to the value of gold versus Bitcoin or bitcoins mechanism and as a libertarian that he claims to be this absolutely baffles me if you're a libertarian nothing is more attractive than decentralized structures within society the most important one being money so I don't really see where Peter Schiff is coming from I mean I do understand the criticisms of fiat currency we all if you're involved in the crypto space most likely you hold those same criticisms of fiat currency as well and I do appreciate the concept of a gold backed money system or a gold standard the way that we used to have here in the United States versus the ability to create money you know as you please basically but this gold versus Bitcoin debate I don't quite understand and he keeps subverting the conversation by conflating the speculative nature of Bitcoin or the traded value of Bitcoin with its actual utility and what its its strengths are in terms of monetary function just because bitcoins value in the market drops versus fiat like versus the US dollar that has nothing to do with the underlying principle and the technology itself bitcoin is not a company like Facebook or Amazon as a matter of fact when Satoshi Nakamoto who they hilariously refer to as Nakamura did they ever figure out who that's at oh sheesh no no no she not know she's Nakamura yeah I mean when he or she or they create a Bic one I highly doubt that they had a marketplace in mind I'm and I could tell you for sure that that wasn't their main motivation anyway go ahead and like this video comment if you please subscribe hit that notification bell if you haven't visit the link in the description for the weekly crypto pics and the trade alerts subscribe to the discord it's 100% free stay safe out there peace
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