/biz/ - Business & Finance

the only thing that got raped was logic and reason, that and schiffs dignity but let's be honest, he has none

>>15148676
Why 1 hour debate needed?

Just ask the old man these question:

If tomorrow gold mining extracting companies found a method to extract and process the gold 100x faster what would happen to the gold price?

If tomorrow a huge gold reserve is found and anyone can go there and take whatever gold they want, what would happen to the gold price?

No more debate needed. Gold value is about supply.

That old man missed his shot to buy bitcoin at $10 and is butthurt since then, I want to see his face when it hits $100,000 haha

Gold is a commodity just the same as anything else priced in dollars.

It just so happens to be very limited in supply and production and doesn't diminish chemically with time.

Anything can be used as a medium of exchange if it is highly valued and in limited supply.

The Romans used salt when gold and silver wasn't available.

I really should have a copypasta saved of all the times I have to post this stuff about gold. It's an argument that goes back and forth over and over again.

>>15149223
When you think niggers cant get any dumber

>Yo piter stiff, wha bout mining gold on asteroids and shieet?

>>15148676
Watch this video if you want to know about gold and the concept of inflation

https://youtu.be/GJ4TTNeSUdQ

>>15148676
The most glaring issue with gold is that it's not secure. When Schiff says third parties are good and necessary, he basically lost the argument. This was the reason Bitgold was conceptualized in the first place, to take the economic properties of gold (unforgeable costliness) and improve on the security properties.

this jew needs to be ashes

>>15149312
What are you talking about? Niggers love gold, you think you're smarter than them just because you buy gold?

>>15150011
Shut up nigger

Gold is white money

They are noobs. They got wrecked by the simpler argument.
Bitcoin took off because you can buy cocaine with it easier, safer and better than in any other form and to facilitate capitalflight now the investment fags come in.
Go for the blackmarket the investment fags will follow
thats why I'm all in on the Pocketnet architecture.

Ultimately it is blackmarket,blackmarket, blackmarket.
Gold is a failsafe not there to facilitate trade or an investment vehicle.

Here an referall link because bizlets are too stupid to follow people who appear to act not for profit like me.
https://pocketnet.app/index?id=wallet&ref=PCfHxhuvr6m6DTYNNPKqfBADu8pr7S5KH9&msocialshare=true

>>15149223
his net worth is nearly $100 million, you are an amoeba to him little guy

>click a random part of the video
>schiff rambling about how there is no value and bitcoin is volatile to a point where it's the same as buying lottery tickets

Lmao this fucking boomer fuck doesn't realize most developing nations' currencies are fucking worse performing than bitcoin when it comes in terms of stability. Jesus what a fucking boomer.

>>15149249
>Anything can be used as a medium of exchange if it is highly valued and in limited supply.
except gold and silver work the best because they essentially last forever and are rare enough where we can avoid over inflation yet not too rare to have actual silver and gold in circulation. You lack a fundamental understanding of gold

>>15151067
If he bought BTC a couple of months ago it would be 300 million. And if he holds until 2020, he'll be a billionaire. But he won't.

Peter Schiff bastardizes austrian econ talking points just for the sake of shilling goal like with "muh instrinsic value" which is just a buzzword for whatever he likes. He's just something of a meme at this point, going to continue getting rekt by his lame predictions about BTC.