Bitcoin Debate’s Defeated Bear: Digitized Gold ‘Only Type of Crypto That Can Succeed’
American stock broker Peter Schiff “technically lost” to ShapeShift CEO and crypto commentator Erik Voorhees in a ‘Bitcoin Debate’ at the SoHo Forum July 2.
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Voorhees, the Bitcoin bull of the debate, claimed that Bitcoin will eventually become a substitute for state-backed money, while government structures would be reorganized using blockchain technology. Voorhees argues that Bitcoin is “supremely good money” praising its provable scarcity, divisibility, durability, fungibility, portability, and decentralized nature, stating:
“Bitcoin will win because there is now competition in money, and Bitcoin is the best money currently available. Because it’s decentralized, it cannot be stopped.”
Defending Bitcoin bear position, gold investor and financial commentator Schiff argued that Bitcoin is not going to succeed in the future and work as substitute for fiat money since it is not backed by anything except the “confidence” of buyers, which is mostly driven by speculation.
“It has no real value into itself as a commodity, there is no way to relate the price of Bitcoin to the price of anything else.”
You get this guys that admits the current fiat system is a weakness with regards to what money should be but they are strongly pessimistic about Bitcoin and cryptocurrencies, what then is the solution will be my question for them.
I bet the solution will be stick to the useless fiat!
@joetunex - Do you not think that Bitcoin or rather blockchain will eventually get global adoption? I believe once regulation sets in, more investors will come in and will allow slow progressive growth and adoption.
@rishabh2s I strongly believe the Bitcoin or blockchain adoption will eventually happen, when and how long will this take is the crucial question.
Blockchain adoption seems to be outpacing Bitcoin and cryptocurrencies at the moment but with time, and less hacking, the cost of transaction with the aid of lightning network for Bitcoin will all facilitate adoption but reality is it will all take time to get there.