Schiff's son is buying Bitcoin

are you serious? he must be fudding.

He's mentioned chainlink by name on 2 of his past 4 episodes. But yes he focuses on BTC because it is the only crypto that is already 'complete' and fills its role, being an alternative currency. Everything else is a project with a team or trying to achieve something. BTC doesn't try to achieve anything. It already is what it is. This makes it the most important project in crypto and is the reason it is the highest MC. It also makes it very similar to gold in that it has a limited supply and is well known for being an alternative to fiat. So its only natural that a friendly gold merchant discusses btc the most.

But yes he is a boomer and he should have bought at least a suicide stack of BTC when it was $1.

BTC has no use case, is not a store of value, does not act like gold (has no liquidity), and isn't going to be used in the future because it fills no niche better than any of the other crypto projects.

Schiff explicitly says the only reason BTC is seen as having value is because it was (esentially) the first to market. He's right, and that sort of thing a long-term investment does not make.

You are never going to make it

It's true though. Just look at all the shit coins and forks out there. We even have BSV that says it is the real bitcoin. You thing any of these shit coins are going to be mass adopted? You're delusional

Does Schiff ever talk about silver, or he is just strictly a gold guy?

his son kinda sounds like a little bitch, although this is true for pretty much any teenage that has "social media", and anyone named "spencer".

He buys silver too.

he mostly talks about silver by proxy with gold, but he did mention it a lot when the silver:gold ratio was over 100:1.

A store of value is a substantially important use case, especially now. It doesn't fucking have to be a global currency AND a fucking store of value. Though with future technologies it may even take on that role too, but it doesn't fucking need to.

You have only scratched the surface of cryptocurrency. It's much more fascinating than you think it is. Take the time to fall down the rabbit hole a bit and get back to us.

Go schiff bitcoin somewhere else

>is it because he missed out on early btc
That pretty much describes Zig Forums hating BTC

the problem bitcoin has is there's nothing to really make it distinct from the millions of other shitcoins out there, other than the adoption it has by being the first one. in this sense it's very similar to fiat, although the decree is coming from the userbase, rather than the government. while that may be preferable, the idea that divisible virtual numbers will be a store of value is pretty absurd.

LMAO even his son knows he's full of shit.

Also bitcoin is $10k so who cares it's still funny

The fact that the value is determined by decentralized consensus is literally the defining feature, so no it isn't similar to fiat at all. Not to mention that infinite divisibility has no effect on the absolutely fixed monetary base, so in that regard it is also completely different from fiat. In fact it is absolutely hard money, more so than even gold, which has an expanding monetary base.

Schiff understands that the only use-case of Bitcoin is to serve as an alternative to gold. People speculate on Bitcoin because they have the delusional hope that it will become the new system of money, and go 100x. But either Bitcoin or gold is going to win; you can't have both. And if it is gold which becomes the new system of money, and it obviously will, which is why central banks are hoarding it, then nobody will be stupid enough to trade their gold for Bitcoin after the reset. Schiff doesn't want people to lose everything when the reset takes place. He is especially insistent because the Bitcoin bubble has already burst, so it isn't even intelligent to speculate on it any more; especially when you have junior mining stocks, for example. BTC is a range-bound dead end at this point. Only Twitter moonboys and ignorant boomers are keeping it alive.

Bitcoin is only here as we transition from the old system of money into the new. People buy it as a hedge against inflation. Once fiat is gone, Bitcoin serves no purpose.

Schiff could make a far better case against Bitcoin if he knew more about it. I doubt he's aware quite how useless it is. Even if the LN, which is perpetually "two years away" was widely implemented, BTC would only be usable by 0.1% of the world's population. BTC requires second-layer solutions which track and trace everything you do. Hence it doesn't even serve the purpose of privacy. This is why Mike Hearn left the project in disgust.

blog.plan99.net/the-resolution-of-the-bitcoin-experiment-dabb30201f7

BTC looks even worse when you consider the fact that Satoshi is almost certainly Adam Back, the head of Blockstream. It would make perfect sense to me that crypto was designed as a scam from the beginning; as another way, besides the COMEX, to suppress the price of gold, by deluding people away from real money.

youtube.com/watch?v=XfcvX0P1b5g

As BTC is a scam, every other crypto is simply a scam-derivative.

Attached: btcprice.png (802x506, 423.27K)

Look up the first mover advantage. Look up the market cap of Bitcoin relative to other coins (I'm not a bitcoin maximalist btw).

>the idea that divisible virtual numbers will be a store of value is pretty absurd.

The world is moving increasingly digital and at a terrifying pace. Many people have gold but they keep it in vaults or by trading gold ETF's - in this sense, they are simply virtual numbers. But Bitcoin isn't about being a simple digital number. It's about the amazing technology that allows it to be a decentralized, immutable, eternal blockchain. Take time to research the technology behind it, it's fun.

>>BTC is about the amazing technology that allows it to be a decentralized, immutable, eternal blockchain

Decentralized, immutable, eternal--and capable of accomplishing absolutely nothing.

stop posting the same retarded nonsense lol.

>the problem bitcoin has is there's nothing to really make it distinct from the millions of other shitcoins out there, other than the adoption it has by being the first one.
That's not a problem, that's literally the strongest argument it has going for it. It was first, it has brand recognition. Necessary properties for a new store of value. There needs to be mass consensus that it's inherently valuable or it becomes just another poser shitcoin, like all your other 'muh tech' 'muh tps' wannabe BTC usurpers.

Attached: btc.png (2560x1440, 247.86K)

Lol, you can stop your retarded predictions, reality already has proven you wrong.

First adoption for what purpose? You can't use BTC to transact. It's a dead-end which requires second-layer solutions to function. This has been known for years. If BTC was going to succeed, it would have been in the form of BCH, but BCH itself keeps forking and fragmenting and in-fighting.

Your post is a non sequitur lol.

>compares a 1M graph to a 1Y graph

You're a fucking dropout loser aren't you

You're really writing against established facts and reality. What about market cap? This alone makes btc the first choice for wealth storage. Ffs there are regulated exchanges starting to offer btc investments to normies with insurance against getting hacked and without the need to open a wallet. This is starting right now and 10k will be cape canaveral.

How's that? When BTC got to $15,000 in 2017, it broke down into requiring $100-dollar transaction fees and 3-day waiting times. Mike Hearn's post was completely vindicated (), and the price collapsed shortly thereafter. BTC is unusable as a currency, unless you spoil the alleged use-case by introducing clunky second-layers which destroy privacy. So which part of my post doesn't follow?

Absolute cringe and low iq post

Attached: btc2.png (2560x1440, 270.91K)

Low intellect Bitcoin bagholders.

You listed things that Bitcoin does (which are not easy to do, Bitcoin had to invent them), and then you said it does nothing.

A store of value, yes, you've got it. That's a use case. A pretty large one considering how many trillions are in gold? Look at how the upcoming generations think about crypto compared to gold, look at those studies. Look at inflation. Look at other currencies and their currencies. Look at institutional wealth starting to create funds dedicated to Bitcoin (Fidelity, Paul Tudor Jones, JPMorgan). Do the math. If you'd rather store your money in gold then put it in gold. Gold is great. Gold is not the future.

As for being a global currency, fuck, that's possible to with future technologies, but it doesn't need to be that as well.

I can go scribble on a piece of paper and say its backed by something too, not sure what his point is with that line of thinking