RE: Gold and Silver Used to Be My Chosen Store of Wealth Now it is Bitcoin.
This pro-BTC guy misses the point Schiff is trying to make, and continuously interrupts him. While I am invested in Bitcoin, I also see huge potential drawbacks, some of which are already beginning to take shape.
It is even mentioned by the BTC salesman here in this video that the Fed is already drafting policy related to the cryptocurrency. Technology dependent on digital devices is very easily co-opted by the coercive state. This leads to results antithetical to the original libertarian vision for the coin.
That said, it is a great investment, and will continue to rise in value. Schiff was right, however. The business is still being done in fiat dollars from a pure economic view. Money is the most saleable good (ala Mises, Hoppe, etc.) and BTC is not that.
Gold in the mattress will never be replaced by anything digital.
I love both! Diversification is key, no?
Yes, I have my PM's but have not bought any in over two years. They sit in a safe collecting dust just in case I need them. Bitcoin and Crypto on the other hand are growing my wealth. Peter is always pitching his products nowadays, it gets old. His whole business is attached to the old world banking system. I want no part of that world. I think you give the governments of the world too much credit.
How so?
You said the TV stooge was saying the Fed was drafting policy.
Yeah, Bitcoin has the attention of the Federal Government. With the information released in the Vault 7 files from Wikileaks regarding compromising TVs, mobile phones, and other devices, and the NSA and police searching people's phones at airports, and taking cash via "civil asset forfeiture," it seems impossible to me not to imagine Bitcoin being co-opted or corrupted as a possibility.
It's worth money. They'll tax it and take it. And trace it.
I am pro-Bitcoin, don't get me wrong, and not familiar with Schiff, but what he was saying to that loud-mouthed shouting fellow was quite accurate in this video.