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One of the biggest haters of Bitcoin is a guy named Peter Schiff. This man never misses a chance to throw punches at Bitcoin.
On one show he told the host he's going to stick around longer than Bitcoin and Peter Schiff is 62 years. With as much passion as Micheal Saylor speaks on behalf of Bitcoin, Peter Schiff uses the exact same passion to speak against Bitcoin.
His recent strategy against the image of Bitcoin is to use Microstrategy's reduced stocks and Bitcoin valuation to create doubt in the minds and hearts of crypto investors.
You know sometimes I'm tempted to assume guys like that are paid by some rich groups to create FOMO or doubt so they could control the market. The reason is that, if you think Bitcoin is so bad and you see that many people using it and being loyal to it, why fight them with this much anger and passion?
Why not just talk about the value of gold and drop the mic, why shit on crypto? The agenda could be to get more people influenced to invest in a stock they have plenty of so it can rise and then they dump. What do you think about this reason guys?
Literally, this guy has been waiting for years to see the end of Bitcoin but after all those years, Bitcoin is more popular and compared to it years ago, it's stronger than ever.
We've watched Bitcoin and crypto itself defy all expectations in the past and I see no reason why that won't happen in the near future. Yes we're still in the bear season but the word season means it's not forever.
MicroStrategy took a hit in the stock market, dropping 11% and Schiff wants to take that as an opportunity to really speak against them.
The question is, how many people are loyal enough to hold Bitcoin all the way down to zero.
Here's my opinion about that question from Schiff; this is bullshit, lol.
Honestly, it's been the same old story for way too long. We enter a bear season or get a serious dip and the critics start acting like Bitcoin is on the edge of its final extinction. Give it time and it rebounds.
Sometimes bears seasons can take so long that it looks like the coin will never rise and yes perhaps it won't rise instantly or smoothly but history speaks for itself.
The reason they'll get people to believe what they say against Bitcoin is that the market isn’t exactly screaming confidence right now. Trading volume is down 45%, and that’s not great at all because low trade volume can mean disinterest but it can also mean people are just holding tight.
With Bitcoin, it's just clear if you'll be honest, that low trading volume is because everyone has become a hodler but critics will take advantage of less trade to lie to the inexperienced ones.
If you're in doubt, just know that Bitcoin has been through worse cases. It has seen crashes that should have wiped it out, yet it keeps coming back up. Not because it’s invincible but because enough people believe in it.
They are not blindly holding on, they’re making a bet that the world is shifting to the side of cryptocurrency with Bitcoin as King of money or the new digital gold.
Maybe they could be wrong. Maybe Schiff is right, but history is telling you to hold on tight. For now, just allow the skeptics to talk. Bitcoin doesn’t need their approval to keep moving and you shouldn't either.
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I like gold. Schiff likes gold. But Schiff's flippant dismissal of crypto is stupid. It's certainly a volatile world full of shitcoins and scams, but I trust it far more than I trust government fiat.
you made the perfect argument. I don't like gold, I love and think it's one asset any portfolio should have. Like i made mention of, Schiff should just praise gold and drop his mic, but decided to talk down on Bitcoin sadly.
The statement you made is the truest, hahahaha I don't buy crypto that much I usually try to accumulate it performing simple tasks but I trust it more than the government too man. That was cold ass Truth hahaha
Gold is always great. But I agree, dismissing things which fall outside your experience is not the sign of intellect.
As much as there are lovers of crypto, there are also haters who take every opportunity to trash talk. Just let them be, !LOL
you're absolutely right, there's no reason to even bother about them. Funny enough my post got attention on reddit through a good person sharing it and it got met with hater views 🤣🤣🤣 I see a lot of serious haters
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I think Peter Schiff needs Bitcoin to make himself relevant.
I agree that in general you should spend your time talking good about your favorite asset, and less time speaking bad about someone elses asset, unless it is the only thing keeping you relevant, which may be the case for him..
you're absolutely right, he fights it and that's what really makes him relevant 🤣🤣🤣
lol mate @thehivetuber - please see a looooong comment of a crypto hater on the reddit post here :-) - since the reddit intiative I tried to engage and answer but am careful as some of these guys already destroyed my comment karma (was already writing a comment now, also long, but might not help to convince such people
*This article is an extremely poor argument for whatever case they are trying to make.
First it fundamentally conflates two important but very different things (the value of a currency vs a currencies value). Bitcoin has no value as a currency right now, the value of a currency is to transact, it’s a universal conversion mechanism allowing for friction less trade as opposed to bartering. Its only value is as a store of value built up in what ever actual currency you convert into Bitcoin.
Second, Crypto might be the most hypothecated asset on face of the planet. The majority of trading happens on brokerages not on the chains themselves. Further more, the brokerages (eg Coinbase), function as market makers who can also print crypto money. There are no rules there, no reserve requirements, no auditing no nothing. You want to buy crypto they sell you an endless stream, if you had infinite money they would sell you infinite bitcoin. Transparency is so bad in this market no one even knows what the total holdings of bitcoin are as compared to the number of bitcoins mined or the logical maximum number of bitcoins that can exist (21.5M)
Third, notice the incompatibility in the second as compared to the first, how can you store any value in a currency that lacks basic safeguards and transparency? You can’t, that’s your answer, the reason you can’t, any currency can sustain its self even if it’s functionally broken during boom times, or when everyone wants in, when market psychology changes, that’s when demands for conversion come, and that’s the moment you need a currency to be stable and convertible.
Fourth, yes it can be worth zero, it ONLY exists because there are people that invest in things like GPUs to mine for bitcoins, the value of a bit coin drives the value of the mining equipment needed, every miner has a break even price of equipment cost + electricity > price of bitcoin. Serious downward pressure on margins will see miners look for better margins with other Cryptos as they all compete for mining capacity (well really all proof of work coins). As mining capacity shrinks transactions take longer to commit, raising the risk profile of any transaction on the chain. A knock on effect of the drop in mining capacity is the re-emergence of the viability of the 50%+1 class of attacks which result in the the owner of 50%+1 capacity owning the Blockchain allowing the to rewrite it as they see fit.
And finally currencies die and become worth zero naturally, it usually takes a minute, but it happens quite often over a longer time horizon. Technologies also die or become worthless as the landscape changes. Crypto you now have 2x the existential risk because for some inexplicable reason some clowns convinced people that technology (which has utterly failed to improve aggregate productivity for over a decade now despite trillions invested in it) mixed with currency was a good idea. It’s not.**
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