Bitcoin vs. Gold

Bitcoin vs. Gold

With the surging popularity of Bitcoin, Peter Schiff sees another bubble in the making. Peter explains why Bitcoin is not “gold 2.0” but fool’s gold. It’s modern day alchemy and you are assuming significant risks by “investing” in it. Like a pyramid scheme, many early adapters will profit from bitcoin, but those profits will come at the expense of the losses suffered by those who adapt later.

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49 Responses to Bitcoin vs. Gold

  1. Little Daddy says:

    Gold is a piece of element and a mineral … we humans over time have placed a value on a piece of "ROCK"… this is the same with BTC. The more we invest in a piece of "Rock or algorithms" the more value it will hold. Sorry Peter but you know nothing about BTC but I do agree with you in regards to "Element/Minerals" ;!)

  2. ArtClass SmartAss says:

    Can’t be right about everything. Maybe it’s time you concede.

  3. Dean Turner says:

    Bitcoin is garbage scam ponzi

  4. Sati Muts says:

    the crsh happen a week ago is just prove to me what Peter says . 600$ lost is just crazy

  5. Karly Warly says:

    Bitcoin now at over 4k. A lot of people have gotten rich since this vid was posted! Wish I’d bought in. lol.

  6. Alex Shevchenko says:

    The intrinsic value, are our phones. We the americans told the FBI that our iphones are more important to us than capturing terrorists. Everyone in the us will have a phone and it’ll be cheaper to fund the rest of the population with phones than to continue towards a depression.

  7. ClassicBoxing88 says:

    Love everything Peter says, and he could be right about this. But something tells me that since his euro pacific business sells "precious metals", he’s scared that the Bitcoin will take over his business and become the new thing.

  8. narumol jongsawat says:

    Rate contest in use finance in hight finance in lot vat price in target vat market in flats rule market.

  9. GodismyJudge47 says:

    Such a refreshing objective standpoint.

  10. daren darensky says:

    Digital currency backed by gold????? and who will want to keep the gold and issue certificates????????? maybe you.
    The point is that we dont trust that you will keep our gold safe and not speculate on it

  11. Ben Epstein says:

    Peter Schiff on why gold has intrinsic value but btc doesn’t. "The reason gold became money was first it was valued as a commodity. It was a luxury…Everybody wanted gold."

    Wow, how intrinsic…

  12. Michael Reisch says:

    was about to invest $50,000 in Bitcoin when it only cost 230$ per bitcoin back in mid-2015 and decided not to because of all the trash talked it was getting over the media.

    If I had invested I would’ve made over $500,000!!!!!! FUCK THE MEDIA.

  13. narumol jongsawat says:

    Rate cost gone point vat change in jump vat in long rate in lot price does Tesset cert jump gone continues
    Discount counties opentive in jump pron rate in k bank finance in discount rate gone in pentive in continues vac this in most place?

  14. Sir Jiggles says:

    bitcoin is capped at 21 million… but the number of cryptocurrencies that can be created is unlimited

  15. Dawn Hodges says:

    Peter, by the time long term holders of Bitcoin decide to sell BTC/Bitcoin will be in wide use. The price will stabilize. If I sell my shares of Apple and the price lowers, others will clamor to get shares of Apple at a "discount". Apple is here today and will be here tomorrow. This is how markets work. The same for BTC/Bitcoin. We buy what we value. His argument makes no sense.

  16. Sesame Judas says:

    You can downsize your bitcoin in fractions easy! Just by simply adding extra Zeros, whereas gold you need to smelt gold to downsize xD

  17. breakawaymotorsports says:

    Investing in cryptos is like hoarding smoke. Poof! Here today..gone tomorrow. Gold and silver are forever.The only way someone can take it from you is physically.

  18. Mike Oxlong says:

    +Peter Schiff Good luck trading your gold bars for groceries when the USD continues its asymptotal inflation while gold stays in the $1250 ballpark.

    Businesses will have to increase the cost of accepting USD to even cover the loss on inflation just for the carry.

    The central banks already hold too much of the gold supply, so it is just as prone to abuse as the very fiat that you seek to diversify yourself from.

  19. YukkuriAteMyBaby says:

    Bitcoin really only holds value in the short-term, in the long-term it’s less than worthless. I don’t care how people try to justify Bitcoin’s value, the fact of the matter is a currency that can be so easily rendered inaccessible during times of crisis has NO worth to any sane person. If something as simple as a city-wide power cut can prevent you from using your wealth, then you’ve made a huge mistake somewhere down the line.

    A big part of life is hoping for the best, but planning for the worst. I don’t think that tomorrow we’re going to face nuclear armageddon and end up in a position where everything but gold or gas is rendered useless, but I do think we live in a world where earthquakes, tornadoes and floods are a thing that can and will absolute cripple a city’s internet infrastructure for days, if not weeks at a time.

    At the end of the day, I’m far more likely to convince some stranger to drive me out of a crisis if I throw them a gold watch or a silver CombiBar than if I most definitely totally agree to give them a fraction of a bitcoin once I can get to a stable internet connection, promise!

  20. Ishitonsony says:

    No body wants gold. Gold is manipulated by big money.

  21. Chinie Chin Chen 陳小城 says:

    gold has intrinsic value to store value in the same way copper has intrinsic value to conduct electricity gold will always have this property

    however, bitcoins derives its value from circumstances those circumstances may last decades but will not last forever

    cyrptocurrencies derive its value from an institutional belief in individual rights and freedom and that institution will also last forever

    so bitcoin may not last forever but what it represents will and other ideas will follow to take over for it

  22. Chinie Chin Chen 陳小城 says:

    the confusion here is that bitcoin has price but it does not have value the value is in the technology that keeps improving

    so if you store your money in bitcoins u may gain on the price going up but you also may lose it all when the technology is surpassed by another digital currency

    you have to keep switching from one currency to another

    the storage of value is in the idea of cryptocurrencies and that will persist so long as you are nimble enough to keep up with the technological changes

  23. DRZEL2253 says:

    value is subiective

  24. Lucas Albuquerque says:

    I like Peter Schiff, but I think he’s wrong about Bitcoin. Gold has no intrinsic value as well. Nothing has. Bitcoin is more practicable and it might be improved. More and more companies have been using bitcoin as currency.

  25. K Dave says:

    Tulips are a better bet than bitcoin. Much nicer to look at too.

  26. LetsGetItStartedNow says:

    "Intrinsic Value" is an oxymoron. There is nothing intrinsic about value. Although, gold surely has "intrinsic properties"

  27. valgez1 says:

    LOL What a piece of garbage! If not for Gold, Bitcoin would not even exist… How? Very simple – gold is used in electronics. Gold has huge intrinsic value, most people only know it as a use for golden rings and as an investment, but ignorant of its use in modern technologies. To compare Bitcoin to Gold is like to compare shit to a candy

  28. XMXDelirious H2O says:

    No electricity no Bitcoin ,, Peter is right don’t invest in this fraud

  29. Ted says:

    If you could not use Bitcoin nor gold for transactions, would they be worth anything? Bitcoin would have absolutely no value. Gold however is physical and is used in electronics, medicine, etc. That’s called intrinsic value, which Bitcoin doesn’t have.

  30. chang39188 says:

    The dollar will converge to zero starting from September or October. Buy bitcoins and silvers to save yourself!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

  31. Kapil Goyal says:

    What is the difference paying by bitcoin trade vs. paying by visa card?

  32. Le LEVYATHAN says:

    I understand your point of view … I have all my savings in silver and some gold, but silver is at 16$ and bitcoin at 2500$ … that’s simply the truth.
    I lost the train of bitcoin, ethereum or even litcoin … I will try to take the next wave, I’m buying coins like NEM, SIACOIN, STEEM and others.
    If at that time I would have put my money in cryptos NOW I WOULD BE RICH !

  33. Bkn368 says:

    US dollar is just a piece of paper.

  34. Paco Aguirre says:

    nonsense, nothing has value by itself, value is given by us human beings. Whats the value of gold? Bitcoin value is given by us due to its features. It can be send instantly anywhere in the world whereas gold catn be send so cheap and fast. As well as gold value is given by us cause is precious, it is a metal with many properties… But those properties dont mean value, bitcoin has another properties gold hasnt

  35. Chinie Chin Chen 陳小城 says:

    bitcoin = yahoo

    cryptocurrency = internet

    he is confusing the two its like judging the merits of the internet by looking at the performance of yahoo

    bitcoin is the first big thing in the revolutionary concept of cryptocurrency just like yahoo was the first big internet company

    there will be many failed digital currencies just like many internet companies have failed

    the value is in the concept of cryptocurrencies just like the value is in the concept of the internet

    eventually cryptocurrencies will develop to a stage where a person can store their money in it with some confidence just like the internet has become a place where people feel comfortable posting things and buying things

  36. Chinie Chin Chen 陳小城 says:

    hes assuming that something that does not have substance cannot have value but thats not true

    religion language manners they all dont have substance but a group of people can still come to an agreement on them and use them for their benefit the value is unseen but the benefits are real

  37. Ray Suazo says:

    Chinese own bitcoin dont trust them gold USA silver USA they own internet i dont want them to control us fuck your bitcoin u just made thats why they made a credit card fool visa debit made in bitcoin china

  38. narumol jongsawat says:

    Rate cost vat gone other other vat for cost does that in move rate vat cost go none finance vat cost use in lot price do petter and Targa target trade rate monetary what?

  39. Chinie Chin Chen 陳小城 says:

    gold is forever but letting people be in charge of gold are money is totally unsustainable this is always why fiat currencies r adopted

  40. Tomas Loucka says:

    soon people will wake up from virtual reality to real value .
    bitcoin is like Facebook, google . if people will not use it value is 0 .But try to don’t use food water energy and real money. How long you will survive?

  41. Trodex says:

    It is now July 2017 and the price of Bitcoin is sinking faster than the titanic.

  42. Medyan Ghareeb says:

    Nov 2013 bitcoin $500 gold $1250
    August 2017 Bitcoin $4000 gold $1290

    Dohhhhh… I guess the market has just got it all wrong AGAIN hey Pete?!

  43. Kungfu Healer says:

    The tech behind bitcoin is like the ultimate trust machine. Therefore one intrinsic value of Bitcoin is "trust"…

  44. DoubtUnites says:

    who protects me from government taking my gold like they did after ww2 in many countries?

  45. dactylntrochee says:

    What IS the intrinsic value of gold? I know it’s shiny, soft, heavy, doesn’t oxidize (good for dental fillings), is good for electrical conductivity and, and… well, that’s about all I can think of.

    I find intrinsic value in shoes, fish, the ability to do accounting, to transport things, or to make art. Outside of telegraphing the primitive chieftan’s desire to indicate that women who wear bangles made of it belong only to him, what does gold actually do that’s useful?

    Because Peter never actually defines "intrinsic value", there’s no linchpin in the argument.I

    The main problem I see is twofold: 1) What if the power goes down? 2) Taxes must be paid in local currency. If I earn salary in crypto, and I can pay a percentage of that IN CRYPTO to the taxing authority, then a whole host of problems disappear.

    (Off topic: when I was a kid, I learned of the demon inflation. They used to say "an apple cost a nickel, but nobody HAD a nickel". Saving money was considered a virtue. It made sense to me, then, in that context. The new word is Spend, Spend, Spend. Build up your credit rating, even by chicanery if necessary. That mentality may have a place, but it doesn’t resonate with me. I like money that keeps INcreasing its buying power. Of course, maybe the high price of BTC & co is simply a revelation of the dollar’s decreasing power, but that’s for a different conversation. The painful fact, though, is that if we don’t start USING crypto AS day-to-day currency, it will always remain a speculative asset, and that’s exactly what the mostly young pumpers on Youtube promote.)

    (Rant #2: Governments don’t charge us for gravity, it’s just part of the scenery. Cryptocurrency can do the same. We can save money as nations by not having to pay for treasury departments, central banks, etc. The only people who would REALLY oppose that is the printers of money — and central banks are corporations, so we don’t get to know who owns them — and they’ll have to be dealt with. Regular commercial and retail banks, even investment bankers, will still be able to make a living. The banker will still have to lend you SOME kind of money to buy a house. An electronics fab still starts at a billion dollarsm and the investment banker will still have to raise the capital. It’s only the currency ISSUERS who will have a problem,)

    End of rants. Recap of question:
    What INTRINSIC value does gold have? If I survive an atomic war, my first priority will be fresh water. Now THAT’s intrinsic value.

  46. Max's Cognac Review says:

    I am a gold bug… but you really fcked me on this one ☝️

  47. Ivan Lee says:

    let me anonymously send some gold into China with.. I don’t know, maybe hiding it under my crotch while I take an airplane to Shanghai, then I will use my teeth to bit or a pick axe to split whatever gold my client want

  48. daren darensky says:

    Fake gold

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