/biz/ - Business & Finance

>Is he a secret whale?
yes, whales are accumulating well until over 40k, then they will shill it to the public

>>16080436

Genuine narcissist.

Thinks he knows everything about investing because he got lucky going all in on his boomer version of link.

>>16080436
Jews hate competition. Every dollar that goes into crypto is a dollar that doesn't go into his pocket.

>>16080436
Boomers are fucking stupid. This one especially so.

>>16080452
this. /thread
shiny rock boomers are the linktards of the boomer generation. they had their jewgoogle pump in the 2000s and he's been shilling his heavy fucking bags ever since

>>16080436
>Spent his entire life shilling gold
>Already realized bitcoin is a serious threat
>too late to change though
>Might as well die shilling gold and be known as someone who is consistent with his principles
>He's right in some things

>>16080436
I've been listening to him. so I know precisely why. he thinks bitcoin has no value because he thinks trust minimization has no value. which leads him to think that gold can be sent digitally.
he thinks physical gold is the best money for the internet. jej

>>16080436
>Is he a secret whale?
yes

bitcoin is a scam

>>16080647
Bitcoin won't replace gold. They'll keep existing as two seperate assets. Bitcoin isn't a store of value because it's not backed by anything.

>>16080762
if the whole internet was divided into units of value, would you say it's not backed by anything?

>>16080436

He’s just a boomer with bad arguments because he can’t get over the fact that bitcoin has no physical form.

>>16080762
you have a fundamental misunderstanding of what bitcoin is. in fact you fundamentally misunderstand what value is. you have no idea what "intrinsic" means. your "backed" argument results in infinite regress. what backs up the value of shiny rocks? scarcity? utility? lmao good luck explaining that one.

>>16080436
he secretly owns millions in bitcoin and constantly fuds it so he can buy up all the soft weak hands that sell so he can continue to stack his stack. old ass trick my dad talked about in 80s 90s stock being used in crypto now by him

>>16080873
Gold has demand. People turn it into jewelry. Use it in electronics. There's nothing you can use Bitcoin for except sending money. So in that case the entire value relies on that use case, and since Bitcoin is built on ancient technology it cannot function as a store of value.
Sorry sweaty you can't have just scarcity you need demand as well.

>>16080436
>comes from a middle class family
>works at multiple massive financial institutions
>starts his own hedge fund,
>shorts dot coms
>shorts sub prime
>longs gold from $250 until now, made even more on mining stocks/EM between 2001-2006

>has a net worth of $80 million, which will likely go to $300 million + when gold/gold stocks eclipse prior ATH

and then all of you nobodies living in your mothers basement criticize him and call him stupid, just lol @ you
going to be a YIKES from me

>>16080811
Your argument relies on the idea that Bitcoin is the standard when; it's not. Alts have over 30% of the total market capitalization.
Since you have no way of knowing which protocols will become popular in the feature it has no inherent value; it's gamble and therefore not a store of value.

>>16080921

He's been dooming an apocalyptic monetary collapse since 2008. He's all in on gold and thinks the entire fiat system will collapse at any moment. What he doesn't understand is people wont rush to gold, they'll rush to BTC

>>16080965
your argument is abysmally retarded. it's like saying don't use http to build services because any protocol could become more popular.
any protocol can become more popular anytime, yet bitcoin is still #1. do you know what competition is? in reality you can even use the coin you want to build your application, just like you can use any programming language you like. c++ is seemingly the #1 language in the real world. bitcoin is seemingly the #1 crypto protocol. also you have no good reasons to be against it unless you're a banker or a commie.
also you can use bitcoin to do things that is not sending money. computer illiterate. probably an old boomer

>>16081010
BTC is a speculative asset, NOT a safe haven. Not sure why you retards cant see that.

You realize that BTC has not ever actually seen hard times? a recession/downturn etc. It was created in the aftermath of one, and has benefited from the speculative fueling period of 0% interest rates immensely.

BTC is a literal casino, when rates eventually have to rise and we truly enter despair (SP500 companies go bankrupt/issue MASSIVE layoffs) there will be no appetite for speculation- people will invest in the same asset that has been a SOV for 10,000+ years, gold.

It is TRULY ironic that BTC advocates criticize ZIRP + bank bailouts, QE etc, when it is the very reason BTC even catches a bid. The Federal reserve (Bitcoiner's supposed enemy) has CREATED the environment for BTC to thrive.

>inb4 gold crashed in 2008
yes, for a few months? and it then proceeded to rally 120% and make a new ATH in a matter of 2 years, during the actual recession.

>>16081106
then why is Argentinian trading at 16k?

>>16080436
Schiff is a smart guy and cuts through all the Fed bullshit with ease. He swears up and down that the upcoming recession will be massively inflationary, not deflationary, so it remains to be seen whether he's right or not.

On the topic of crypto he says that he has researched it, but you can tell he knows almost nothing whenever he talks about it. He makes good points that gold is the only truly sound money in the world just by virtue of the laws of physics, and doesn't require electricity or internet to store value. But he also goes on incredibly long boomerants about how Bitcoin is "based on nothing" and how it has "no application", etc.

I know he thinks it's in his best interest to bash crypto because he's long gold. I don't think he realizes that Bitcoin is not a threat, but rather an ally. He really needs to have a debate with someone on the crypto side who is both an expert on the technology AND an expert on economics, so that they can speak apples-to-apples. I really think he would warm to it if he just understood it better. That's the biggest problem I have with Schiff, in a debate he can be incredibly closed-minded even for a boomer. He decides that his argument is correct ahead of time, and nothing anyone can say will get through to him.

It doesn't help that dumbfuck crypto "evangelists" can be just as stubborn. The Grayscale "drop gold" commercial is the dumbest fucking thing ever, and is only detrimental to crypto adoption. https://www.youtube.com/watch?v=Eqy5_QpNd8U

>>16080886
Approximately 60% of gold is used for industry applications: https://www.gold.org/goldhub/data/gold-supply-and-demand-statistics.. That would mean that 40% is used as a "store of value that you can't use except for sending money."

Bitcoin is the export of cheap electricity. People use fiat for capex (ASICs, electricity, storage, personnel) to earn Bitcoin, which is then sold for fiat to either grow or service debt.

>>16081145
bot or pajeet? you decide
>>/biz/?task=search&ghost=&search_text=Schiff+is+a+smart+guy+and+cuts

>>16081077
You can't guarantee Bitcoin will have demand in the future because it's sole use case relies on the fact that other cryptocurrencies won't fuck it in the ass.
It takes 30 fucking minutes to verify a transaction. How is that defensible? Bitcoin's block time is hard-coded. You are stuck with that shit FOREVER. This is awful for any crypto that tries to act as a payment system.
Invalidate the use case and you invalidate the demand for Bitcoin.

>>16081232
I post it in every schiff thread I come across hoping to spark discussion

>>16081241
don't try to look like you know anything or that you're younger than you are grandpa, you just look like a giant retard. you don't know how a protocol works, how consensus works within a PoW mechanism, or even what an application layer is. go to bed

>>16081269
Bitcoin is so terrible at what it does Bitcoin Cash was created just to make smaller payments viable.
Remember 15$ transaction fees in December '17 If your use case is that inefficient you're in trouble. You're just banking on Bitcoin being the one that makes it out.

>>16081287
>what is a BIP?

>>16080651
He says gold is an unseizable asset and then that conveniently transferring the ownership title to his gold securely over the internet is a trustworthy way to spend his gold, he will say this in the same breath top kek

>>16081317
I agree with you. The point I am trying to get across is that it's not a store of value because you don't know whether it will retain usage. Competition could completely eliminate Bitcoin or it could ensure it will stay #1.
This is why it makes me reee when people say Bitcoin is a store of value. It has no characteristics that ensure it will stay valuable.

>>16081352
If you believe gold is a store of value because of its history as one, it's unclear why you think Bitcoin, the first cryptocurrency, is not.
>inb4 "gold has been used for 10,000 years as a SoV" - blockchain's been around 10 years, and Bitcoin is the gold equivalent in the industry

>retards and boomers arguing over their two shit investments

Why don’t you clowns just buy some apple stock and quit being pussies worrying about le end of the world

>>16081010
>He's been dooming an apocalyptic monetary collapse since 2008
Because we have been on that road ever since.
2008 crash was halted by the insane money printing and it's only a matter of time until this house of cards collapses.
Of course he should have realized that after the money printing started the doomsday was inevitably pushed away and he should have stopped his doomsaying for some time and just trusted the insane market.
But inherently he isn't wrong in what he's saying. There's going to be a day when this very unsustainable craziness comes to an end and that day might not be too far away.

>>16081422
>what is QE4?
>>16081400
check'd and kek'd, have fun while tim cook blows through cash reserves on r&d for products that zoomers are too smart to buy using their parent's money and millenials can't afford

>>16081287
an internet value protocol has to be built with security in mind first. what you say has no relevance whatsoever, you're getting your technical knowledge from crypto news headlines.
also don't try to change your narrative as what you were saying is that bitcoin is not a store of value because it's not backed by anything. it's wrong, you can only argue that it will not be an accepted store of value because it will be defeated by the market. and good luck with that. try to wait 50 years to see if bitcoin wins the competition if you like.

>>16080873
hi Peter welcome to the thread

>>16080436
>Why someone who owns a company that sells GOLD, hates other shit and shills for GOLD?

schiff has been selling gold for years, how new are you fucking zoomers.

>>16081010

>Thinking the average retard will rush to digital numbers during an economic collapse

Most people don’t even know how to buy bitcoin. However the same goes for gold. Whoever er gets their money out of the stock market will be safer, gold or bitcoin

>>16081553

It was the average retard who was buying into BTC that fuelled the 2017 bullrun. Every normie around wanted a piece of the action. When the global economy goes to shit, where will the money go? Interest rates will be artificially cut to negative in order to encourage spending, the stock market bubble is about to end. We're on the tail end of a 10 year bullrun while the economy has been of life support. The money certainly wont go the bank. Normies will be watching BTC 3x by the day and fomo in, fuelling the next bullrun in 6 - 9 months. Get in now while we have the chance

>>16081241

Stop posting noob.

>>16080436
he is down from ATH for 10 years
I'm surprised he didn't commit suicide yet

>>16081010
>he's all in on gold

No he's not you stupid retard. It's a small part of his portfolios. Listen to how he actually invests his money.

>>16080436
Because gold marketcap is stuck at 7t while btc marketcap grews 75x every 4 years

The Schiff has sailed.

>>16080436
He homosexual he like put gold bars up his ass

>>16080436

Jewish

>>16080436
this nigger knows every single thing about bitcoin
i wonder why

>>16081375

History is very important when it comes to testing a product out and there are few people who won't look at every aspect of a product and say the historical performance of it can be eliminated from consideration for evalutation how well it will perform.

Also the main issue in my mind for Bitcoin in for some situations/crisis is the fact that Bitcoin relies on having an electricity and Internet infrastructure in place. People especially in developed countries take the internet and the fact that it enables 24/7 connectivity for granted and as a given, when that is not the case. We can revert back anytime infrastructure falls apart and it doesn't really take much to do with cyber or actual warfare destruction that especially seems more likely when the world is becoming more uncertain with American hegemony dying and moving into a multi-polar world. Gold can weather those situations without electricity or infrastructure in place like it has done from a long time ago.

>>16081106
>>16081129
here is the thing, if the fiat currency fails bitcoin will gain massivly, if the economy tanks due to other reasons than the currency, bitcoin will tank too, if both things happen nobody knows which force will be stronger. also there is this strange situation where the euro will collapse and dollar will thrive.

nobody knows exactly how bitcoin will react