/biz/ - Business & Finance

[Anonymous No.57060890]

Crypto aside, what does biz think about picrel? Is he right about inflation and the fed? He was right in 2008 while everyone laughed at him.

[Anonymous No.57060907]

Just another pawn in the mindwar.

[Anonymous No.57060917]

What's his take

[Anonymous No.57060932]

>>57060890
He has predicted 10 of the last 2 recessions

[sage No.57061154]

>constantly shit-talks btc while gold outperforms it massively (but accepts payments in btc anyway)
>btc outlasts his stupid little bank scam on top of that
his only claim to success is succeeding in tradfi during a period it was impossible to fail in and he actually thinks that makes him credible, which is the funniest part
he belongs in a mass grave with a lot of other retarded shit-eating charlatans

all fields

[Anonymous No.57061299]

>>57060890
>He was right in 2008
correction:
he was right in 2006
about the RE destruction of 2007
that would lead to the crash of 2008
and the inflation that would follow
https://www.youtube.com/watch?v=jj8rMwdQf6k

[Anonymous No.57061330]

what's further, that millenials don't seem to be aware of, is that because he lived through stagflation, he also predicted the dotcom crash. you young guns get all your information from tiktok so you wouldn't know jack shit about something that happened before youtube even existed, and was only documented on live tv.
the reason he's rich and literally owns a bank in the first place is by being on the right side of the trade during both of the largest crashes in recent history, with impeccable timing. other people who have not made a single appearance on fox business have done the same, the difference is that he tells everyone, loudly, and well in advance. that's why you know his name and not the names of 100,000 others.
i'm not saying we're in 2006, or 2007, or 2008 again right now. he might be wrong if he has said that, i wouldn't know. but if we get stagflation, see pic related. gold outperformed the S&P and it really won't take very much in US fiscal policy fuckups for it to turn the last year or two into just a blip on the future history of gold's dominance over US stocks. you don't seem to know you were born into an era where absolute mouthbreathing retards play with fire every single day instead of running the country properly, despite the evidence right in front of your eyes.

[Anonymous No.57061336]

>>57061299
Yes sorry I meant the lead up to 2008. Thanks for the vid anon.

[Anonymous No.57061346]

Peter Schiff is right in general, but the notion of a sudden collapse- it’s just not going to happen.
He is absolutely wrong about Bitcoin. He made a fuckload in the gold runup of the aughts and thinks that is where capital will always go to escape inflation. He is wrong in insisting that gold is valuable “intrinsically”. It’s valuable (from a monetary perspective) because it is scarce. However, the more valuable it gets, the more profitable it becomes to go mine the hard-to-get gold, increasing the supply making it less scarce, and decreasing the price. With bitcoin, no matter how many miners join the system, the difficulty will adjust and in any even never will there be more than 21 million. And there’s no competing uses for bitcoin, it is only good as money.

[Anonymous No.57061399]

>>57060890
His fund has been losing money for his clients for since its inception.

[Anonymous No.57061425]

>>57061346
i think his problem with bitcoin stems from the dozen other similar attempts that came before, and most of which came during that same period as the dotcom crash. he lumps them all in together, even though crypto is ever so slightly better than its predecessors. i wouldn't defend his position because it's deliberately ignorant; i think he'd be better off saying he doesn't have any time to care to understand it and that it's too much like all the previous failures.
that said, i have zero belief in bitcoin but not because of him, nor because of its failed predecessors. and again, most millenials don't even fucking know about that.
>digicash, failed
>cybercash, failed
>e-cash, failed
>e-gold, failed
>beenz, failed
>flooz, failed
>internetcash, failed
>bitcoin
>forks of bitcoin, 50%+ failed
>tens of thousands of altcoins, 50%+ failed
you are here.

[Anonymous No.57061449]

>>57061346
>However, the more valuable it gets, the more profitable it becomes to go mine the hard-to-get gold, increasing the supply making it less scarce, and decreasing the price.
this is just retarded. in an inflationary environment, the price of everything else runs up first, and that's exactly what we're seeing right now. gold miners aren't racing ahead because labor costs lead, they don't follow. the whole point of the "gold isn't really an inflation hedge" argument is exactly that.
>And there’s no competing uses for bitcoin, it is only good as money.
flat out wrong. it's credit. credit is not money. the business cycle exists because of this fact.

[Anonymous No.57061472]

>>57060890
I used to listen to his takes way back when I supported Ron Paul's Presidential ones, so I guess back around 2012-2014 at the latest. He probably has good points in general I suppose, but when talking about US economy he can come across as the boy who cried wolf a thousand times... Later when I got into crypto, his credibility sank really low because I think he's essentially lying to people about economics. He must know "intrinsic value" is not a thing, because he subscribes to austrian economics school and that is incredibly basic econ101 that value is subjective.. So I can't say I've bothered listening to him after I realized that. If I mention him at all today, it's just to point out he only talks about BTC so much to get attention and its totally fake to get engagement on twitter probably.

>>57060932
Kek

[Anonymous No.57061516]

>>57061472
>He must know "intrinsic value" is not a thing, because he subscribes to austrian economics school and that is incredibly basic econ101 that value is subjective.. So I can't say I've bothered listening to him after I realized that.
apparently you didn't realize anything.
the intrinsic value of something is the properties it provides that serve mankind. when the entire population of the earth uses a good/service for something for 5000 years straight, the list of those rational decisions as to why they do that, is itself the description of intrinsic value.
"value is subjective" is not an austrian assertion in that context. you are confusing the austrian lesson about subjective imputation of value in the context of an exchange with the very much objective observations just described above.
subjective imputation of value was established to explain why the fact that people trade A for B does not prove the worth of A "equals" the worth of B, that in fact the person getting A values it above B, and the person getting B values it above A, and that that's why the trade happens, a result of inequality, not equality.
this has nothing to do with the objective fact that gold doesn't tarnish, and therefore carried all of human history with it, allowing people to amass wealth sufficient to invest over 100-year periods needed to build colonies which then became contemporary western civilization.

[Anonymous No.57061528]

>>57061399
This. He doesn't know how to make money. Even if he's right in 30 years.

Also it's not just his "view" on bitcoin. He was insanely rich when he heard about bitcoin at 10 dollars. He could have bought a thousand of them and it wouldn't have affected him financially at all. But because he has an absolute obsession with being viewed as intelligent he missed the greatest asset in history. He doesn't care about money. He cares about being viewed as smart and right.

[Anonymous No.57061557]

>>57061399
>>57061528
which fund? name it.
this is of course, wrong, but, you don't even know how many he has.

[Anonymous No.57061572]

>>57061528
>He cares about being viewed as smart and right.
now that's probably true. you describe exactly what i did, and i made 20x on bitcoin turning you guys into my exit liquidity.
and then zero new world-changing applications for crypto appeared, and then 100,000 new fraudulent "alt" coins appeared. what does a rational person conclude in this situation?
even if that person happens to sound like someone you know is wrong for the wrong reasons?
that's why you're going to lose all your money in crypto. not because of peter. where's your exit liquidity?

[Anonymous No.57061637]

>>57061516
Not sure what you think you are correcting me on. I knew everything in that image for example. I understood what Schiff meant when he said gold has intrinsic value. The way he uses it is still an arbitrary thing to say "gold good, but bitcoin is bad/invalid".

>the intrinsic value of something is the properties it provides that serve mankind.
Yes according to men subjectively valuing things. What amount of history for a good being valued by people is enough to say it has muh intrinsic? Subjective arbitrary call. But oh okay then if we try and put semantics aside, bitcoin has properties which are of service to mankind. I was aware of the properties of gold which made it the best money in the past. Bitcoin has such desirable properties and some additional ones that gold does not have. There's no magic category for gold, but Schiff routinely wants to put it on the magic intrinsic value pedestal.

But oh okay you and him can just seethe with the protestation that bitcoin has "no intrinsic value" (which yes is what Schiff says), when BTC flips gold's global marketcap.

[Anonymous No.57061638]

>>57061557
Pic related, his fund has been underwater for most of the decade and in fact is still not breaking even 14 years after kek.
If you factor inflation someone who bought his fund in 2010 would be at -30% kek.

[Anonymous No.57061648]

>>57060917
he wants you to buy gold from him so he can invest the money into bitcoin. not even kidding, he's taking bitcoin payments for years while fudding it at the same time like a linky.

[Anonymous No.57061651]

>>57061638
Ya just look up reviews of his fund. People got absolutely wiped out by Peter. And this was during the greatest boom in stock market history. Everything went up except Peters funds for over a decade. The guy doesn’t know how to make money.

[Anonymous No.57061664]

>>57061572
Learn how to fucking write a paragraph and I might answer your rambling horseshit.

[Anonymous No.57061672]

>>57061648
There’s no evidence of this. Peter claims to take Bitcoin and then he converts it into cash. You claim otherwise. But you have no proof.

[Anonymous No.57062316]

>>57061299
Wtf he predicted it perfectly. Why does Burry get all the credit lol?