One of the most entertaining finance guys on Youtube, and from the beginning of these covid years he has been telling of crypto’s Ponziness. He goes head to head with the Bit Coin sharks – Schiff is a ‘Gold Bug’ on really big debates telling exactly that to the Bit Coin ‘Hodlers’.
There is No value in Crypto, it is merely private Fiat, and backed by nothing. It is a very bad medium of exchange because of the transaction cost of ‘spending’ it; and rarely is worth the same thing more than twice (once going up, the other time going down), and is Not a ‘Store of Value’ because it makes 70% swings in months. It is nothing – just a mass psychosis of speculators. (It is not an investment as it has no actual worth, the only reason anyone would buy it is hoping some even bigger fool will pay even more for this value free token, or international criminals, or CIA for their nefarious underhand dealings, haha)
I have hopes for a gold and silver backed ‘Token’ on Blockchain. That will be a store of value, it will have actual value backing it. You will have to pay for the place which stores the gold though – so it is not perfect as it will decline very slowly as the storage is deducted. It is time to buy some gold….it is looking scary out there.
I agree completely. I love blockchain technology, it has so many different applications that are just starting to be explored but cryptocurrencies themselves are entirely useless. I used to trade a little bit 8 or so years ago, but it was an exercise in frustration. The price would fluctuate wildly with absolutely no rhyme or reason. I could also see no utility as an actual currency due to those large swings in price, long transaction processing times, variable transaction costs and also due to the fact that there really is no benefit to the average person. Many people would struggle to understand the distinction between paying for something with their credit card online or paying for the same thing in crypto, and very few people would ever care. I must say seeing how everyone has gone crypto crazy in the last few years has been puzzling, but then again, a non trivial amount of people are still wearing masks outside and hand sanitizing whenever they go inside.
I agree completely. I love blockchain technology, it has so many different applications that are just starting to be explored but cryptocurrencies themselves are entirely useless. I used to trade a little bit 8 or so years ago, but it was an exercise in frustration. The price would fluctuate wildly with absolutely no rhyme or reason. I could also see no utility as an actual currency due to those large swings in price, long transaction processing times, variable transaction costs and also due to the fact that there really is no benefit to the average person. Many people would struggle to understand the distinction between paying for something with their credit card online or paying for the same thing in crypto, and very few people would ever care. I must say seeing how everyone has gone crypto crazy in the last few years has been puzzling, but then again, a non trivial amount of people are still wearing masks outside and hand sanitizing whenever they go inside.
Last edited 1 year ago by Orlando Skeete
Phillip Arundel
1 year ago
Peter Schiff….
One of the most entertaining finance guys on Youtube, and from the beginning of these covid years he has been telling of crypto’s Ponziness. He goes head to head with the Bit Coin sharks – Schiff is a ‘Gold Bug’ on really big debates telling exactly that to the Bit Coin ‘Hodlers’.
There is No value in Crypto, it is merely private Fiat, and backed by nothing. It is a very bad medium of exchange because of the transaction cost of ‘spending’ it; and rarely is worth the same thing more than twice (once going up, the other time going down), and is Not a ‘Store of Value’ because it makes 70% swings in months. It is nothing – just a mass psychosis of speculators. (It is not an investment as it has no actual worth, the only reason anyone would buy it is hoping some even bigger fool will pay even more for this value free token, or international criminals, or CIA for their nefarious underhand dealings, haha)
I have hopes for a gold and silver backed ‘Token’ on Blockchain. That will be a store of value, it will have actual value backing it. You will have to pay for the place which stores the gold though – so it is not perfect as it will decline very slowly as the storage is deducted. It is time to buy some gold….it is looking scary out there.
Alex Colchester
1 year ago
If you own Gold but not Bitcoin, you might be a fool.
If you own Bitcoin but not Gold, you are a fool.
Peter Schiff….
One of the most entertaining finance guys on Youtube, and from the beginning of these covid years he has been telling of crypto’s Ponziness. He goes head to head with the Bit Coin sharks – Schiff is a ‘Gold Bug’ on really big debates telling exactly that to the Bit Coin ‘Hodlers’.
There is No value in Crypto, it is merely private Fiat, and backed by nothing. It is a very bad medium of exchange because of the transaction cost of ‘spending’ it; and rarely is worth the same thing more than twice (once going up, the other time going down), and is Not a ‘Store of Value’ because it makes 70% swings in months. It is nothing – just a mass psychosis of speculators. (It is not an investment as it has no actual worth, the only reason anyone would buy it is hoping some even bigger fool will pay even more for this value free token, or international criminals, or CIA for their nefarious underhand dealings, haha)
I have hopes for a gold and silver backed ‘Token’ on Blockchain. That will be a store of value, it will have actual value backing it. You will have to pay for the place which stores the gold though – so it is not perfect as it will decline very slowly as the storage is deducted. It is time to buy some gold….it is looking scary out there.
I agree completely. I love blockchain technology, it has so many different applications that are just starting to be explored but cryptocurrencies themselves are entirely useless. I used to trade a little bit 8 or so years ago, but it was an exercise in frustration. The price would fluctuate wildly with absolutely no rhyme or reason. I could also see no utility as an actual currency due to those large swings in price, long transaction processing times, variable transaction costs and also due to the fact that there really is no benefit to the average person. Many people would struggle to understand the distinction between paying for something with their credit card online or paying for the same thing in crypto, and very few people would ever care. I must say seeing how everyone has gone crypto crazy in the last few years has been puzzling, but then again, a non trivial amount of people are still wearing masks outside and hand sanitizing whenever they go inside.
I agree completely. I love blockchain technology, it has so many different applications that are just starting to be explored but cryptocurrencies themselves are entirely useless. I used to trade a little bit 8 or so years ago, but it was an exercise in frustration. The price would fluctuate wildly with absolutely no rhyme or reason. I could also see no utility as an actual currency due to those large swings in price, long transaction processing times, variable transaction costs and also due to the fact that there really is no benefit to the average person. Many people would struggle to understand the distinction between paying for something with their credit card online or paying for the same thing in crypto, and very few people would ever care. I must say seeing how everyone has gone crypto crazy in the last few years has been puzzling, but then again, a non trivial amount of people are still wearing masks outside and hand sanitizing whenever they go inside.
Peter Schiff….
One of the most entertaining finance guys on Youtube, and from the beginning of these covid years he has been telling of crypto’s Ponziness. He goes head to head with the Bit Coin sharks – Schiff is a ‘Gold Bug’ on really big debates telling exactly that to the Bit Coin ‘Hodlers’.
There is No value in Crypto, it is merely private Fiat, and backed by nothing. It is a very bad medium of exchange because of the transaction cost of ‘spending’ it; and rarely is worth the same thing more than twice (once going up, the other time going down), and is Not a ‘Store of Value’ because it makes 70% swings in months. It is nothing – just a mass psychosis of speculators. (It is not an investment as it has no actual worth, the only reason anyone would buy it is hoping some even bigger fool will pay even more for this value free token, or international criminals, or CIA for their nefarious underhand dealings, haha)
I have hopes for a gold and silver backed ‘Token’ on Blockchain. That will be a store of value, it will have actual value backing it. You will have to pay for the place which stores the gold though – so it is not perfect as it will decline very slowly as the storage is deducted. It is time to buy some gold….it is looking scary out there.
If you own Gold but not Bitcoin, you might be a fool.
If you own Bitcoin but not Gold, you are a fool.