What is Peter Schiff wrong about exactly?

>what is Peter Schiff wrong about exactly?
nothing, he's always been right, just like when he predicted the 2008 crisis
youtube.com/watch?v=WWYRlPOaFxU

Precious metal cannot function as a medium of exchange in a modern society.
Most transaction does not take place "face to face", so you can't pay with physical items of any sort, it would be slow and cumbersome to mail phyiscal gold in order to purchase some items on Amazon etc.

..so gold is not money, because it cannot function as money. It is a store of value, but anything that doesn't decay over time is a store of value, land, metals, art, etc.

Crypto can be used as a medium of exchange, crypto can be moved around a lot faster than gold, you don't have to be face to face to use it as payment, and you don't have to rely on a third person to facilitate the transaction.
It is also a store of value, and has an implied scarcity as gold.
Peter is a demented boomer that is stuck in the pre-internet era.

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That’s it’s not real and you can’t touch it and that it isn’t tangible wealth

You were educated in a Jew controlled govt school.

Gold is fucking money and the dollar is the currency. The fucking dollar is SUPPOSED to represent GOLD. Just like you said faggot, gold is a store of value. And if the currency is not backed by that store of value then after a bunch of decades you have niggers clamoring for 15$/hour min wage when 20$/hour was a good ducking weekly salary 100 years ago.

If the only characteristic money had to be was a medium of exchange then why don’t we all go fucking live in a beach and deem sand as a money. Wouldn’t work to well right?

You ducking dipshits don’t even realize the whole reason your chasing shut coins is because everyone is getting massively poorer because gold doesn’t back the currency anymore. 70 years ago under a gold standard you could drive retarded kids to school on a bus and “make it” with a mortgage, 3 kids and a wife raising them at home.

It isn’t about gold being used to buy a snickers bar you faggot, it’s about gold being money and backing the currency...

>inb4 there’s not enough of muh gold anymore.

Bullshit. You dumbfucks don’t even understand the primary function of money, which is to MEASURE VALUE of goods exchanged for it. Money is a barometer to measure value, and nothing on earth measures value better than gold. Certainly not your faggot bitcoins

>gold salesman makes a case for selling gold
Galaxy brain moves your making I'm sure...

Same bullshit again and again. How about a cryptocurrency backed by gold retard?

There is literally no issue with gold. In fact, crypto fags literally say bitcoin is the new gold. How can it be the new gold when gold never failed? Gold was demonetized by govts 50 years ago... so for all intents and purposes gold should already be worthless, yet it’s close to 2k/ounce. Why is that? Everyone has gotten poorer the last 20 years, but gold did a 5 times in price? So fucking everyone got poorer and decided to buy more gold for jewelry? No. The dollar price of gold represents how unstable, volatile, and lack of store of value the dollar is. Gold is just real savings and sits there and does nothing. The dollar tanking because it isn’t backed by gold is the reason you are investing in shitcoins, because it’s impossible to “make it” otherwise.

Crypto is not money. When the dollar was created people didn’t fucking earn 20$ and put it in a safety deposit box and think.... if I just let this sit here for 7 years I’ll be able to buy 3 houses. Which is what happened if you bought bitcoin.

Bitcoin is an investment. Gold is real savings, and when gold doesn’t back the currency the currency hyperinflates.

The unironic part about it all is the left is actually 1000% correct about income inequality (a term never heard of or said under a gold standard) they just have no idea how it’s happening and it’s because we don’t have a gold standard anymore. The rich are definitely getting richer off our backs but it’s because we don’t have sound money and they are stealing all our wealth thru inflation.

100 years ago a good weekly salary was 20$. Gold was 20$/oz. so a gold ounce equaled a good weekly salary. If you worked for a week 100 years ago and held that 20$ in your pocket until today you can’t even buy a blowjob from a methed out whore for 20$, but that gold ounce.... held in your pocket for 100 years, is still worth a good weekly salary. Since if you exchange it for gist at a coin shop you get 1800$. So gold is money

100 years ago you could go to the bank and give them 20$ for an ounce of gold, and vice versa. Do that today and the clerk will look at you like you have HIV.

Gold and Crypto are on the same team. THEY have you tearing at each others' necks like good little boys while CENTRAL BANKS and FIAT are the real enemy ROBBING you blind.

Wrong. They are not on the same team. They are actually irrelevant to each other. One is a real asset and the other is a speculative digital asset. The gold crypto debate is a meaningless debate. Crypto could go to a 1,000 trillion market cap... and it wouldn’t make gold any less valuable.

>ducking
fuck phone posters

Gold thrives in deflation or inflation. Inflation comes first then deflation. You can go find the Thomas jefferson quote

Yeah respect it... I wrote all that out at red lights while in my car. I might run out of gas again, just not in Missouri this time

yea, but the crypto guys don't know that while in the same time gold guys know that.

This whole post was just bitching about the lack of the gold standard? Like you're not even wrong, but what fucking century do you think it is.

Thats the entire point did you read what i wrote? Your investing in shitcoins because it’s impossible To make it anymore because we don’t have a gold standard.

I don’t know what the delusion is with you people. Bitcoin relies on the dollar. Go walk up to 1,000 random people outside in the next week and ask them how many bitcoin they own. 998 will own zero

Peter Schiff is wrong about economy.

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>Crypto was awesome for early investors, if you're getting in now you're just holding the bag
This is true, laggards pay the ultimate price

>Most transaction does not take place "face to face", so you can't pay with physical items of any sort, it would be slow and cumbersome to mail phyiscal gold in order to purchase some items on Amazon etc.
>..so gold is not money, because it cannot function as money
nigga are you suggesting money didn't exist before paypal

he is right about everything but bitcoin
he can't see that right now bitcoin behaves the same as silver does

Silver is real money and real tangible wealth. Bitcoin is neither of these.

>Hey, Johnny you want to come over and see my pet frog I got?

>why would I want to come see your frog when I have 50 Pepe the frog memes on my computer I can look at?

He's right in a world that plays by his ruleset. The problem is the world doesn't actually play by his ruleset.

Out of 1,000 random people how many you think own even a fraction of 1 bitcoin?

what you're saying makes 0 sense since you can trade gold on ethereum (synths)
they're redeemable too

bitcoin and gold are like gold and silver, they compliment each other

satoshi says this all the time

So? What is this arbitrary point that it gets enough adoption that you will accept it? But more importantly why the fuck would we or anyone care what you perceive as the value when the market decides the value is $9,310?

Why is your defense for people questioning your boner for gold to bash Bitcoin? I thought you said they were irrelevant to each other? Why do you sound like you just found out about deflationary investments in the last year?

mathematics is part of the fabric of our reality, you just can't touch it
en.wikipedia.org/wiki/Fractal

also, the proprieties of what make something money does not involve 'tangibility'
nakamotoinstitute.org/shelling-out/