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Ivan on Tech debates Peter Schiff - Bitcoin vs Gold, US Dollar Crash

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I'm excited to tell you guys that we'll have the one and only Peter Schiff here on the show! Peter has been critical about the traditional financial system for many years, he foresaw the financial crash of 2008. HE HATES BITCOIN though. Peter is all about gold and doesn't see the value in Bitcoin. We're going to talk about his past, financial system, gold, bitcoin, dollar crash etc. Going to be interesting, deep, knowledgable, and extremely fun! JOIN US! PETER'S WEBSITE http://www.schiffgold.com/ Thanks for watching guys 💝 🎓 Join my online academy https://academy.ivanontech.com 📣 Join Telegram channel https://t.me/joinchat/AAAAAE2xJE4l8xhC8MU4cg 🎤 If you would like me to speak at your conference, book me here: https://ivanontech.com 🍻 Join the crypto discussion forum - https://thecrypto.pub 📚 Get my free e-book on Bitcoin and Blockchain - http://eepurl.com/c0hyc9 you will receive the book in your inbox once you sign up 👫👭👬Social: LinkedIn: http://linkedin.com/in/ivanliljeqvist/ Instagram: http://instagram.com/ivanontech/ Steemit: https://steemit.com/@ivanli Facebook: http://facebook.com/ivanontech/ Exclusive email list: http://eepurl.com/c0hyc9 🤑 Buy cryptocurrencies: https://www.coinbase.com/join/529bab0ab08ded7080000019 💰 Secure your Crypto with Hardware Wallets: Ledger: https://www.ledgerwallet.com/r/4607 Trezor: https://trezor.io/?a=rvj3rqtje3ph DISCLAIMER: This is NOT financial advice. This is just my opinions. I am not responsible for any investment decisions that you choose to make. Ivan on Tech by Ivan Liljeqvist
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Text Comments (1206)
Crypto Cliff notes (8 months ago)
Hope this helps you guys!!! 0:10 welcome message and what's to come 1:01 How Peter became passionate in economics at an very young age 2:13 What sparked Peters Dad's interest 4:42 Did Peter use any metrics to predict the financial crisis accurately? 6:25 Peter breaks down the reasons of why we are headed to another finacial collaspe 11:12 Good and bad debt explained 13:57 Peter explains how gold is a good solution 19:08 Peter reasons why btc is fools gold? And why cryptocurrencies will collapse. 24:02 Ivan provides his perspectives on why btc has utility 30:32 How the nature of technology gets better ... How bitcoin is trustless 34:29 What happens if crypto gets outlawed? 38:40 Reason why Tx fee will not go down according to Peter 42:34 Bitcoin going to 0....bitcoin compared to model T 44:28 Debating wether the previous gold standard worked? 52:22 How much is one bitcoin worth? 57:27 Ivan explains the network effect of bitcoin 1:01:16 Benefit of govt adopting crypto to track tax evaders 1:03:59 how the government can make up a phony case against you 1:09:23 Bitcoin maxed out at 20k? 1:12:16 President Trump destructive tactics 1:15:20 Two different parties in America now democrats vs socialist 1:16:26 Predictions on when the dollar crisis will happen 1:17:25 Final thoughts 32DGhynSwJaLKLz4MSPkTwziqETkjjSven BTC address 0x99Ad523Bd9536A54F530Ed767d0eeC6F1e38A658 Eth/ERC20 tokens
Timmy Henriksson (2 months ago)
Omar E. Gold is a metal that doesn’t mix with other metals. It is used in electronics, many different areas.
Cryptoversity (7 months ago)
SOrry Peter...I don't live in my parents basement but I did when I just owned Gold. I pay rent in BitCoin and my last car; you are constantly being proven wrong along with Jim Rickards and others who I used to listen to but are now a broken record. BTC used to be used in the same way as gold (people converting back to cash) but increasingly less. I still have 1/3 of my portfolio in Gold, Silver and other metals.....but that started as about 80% and I have drawn from BTC for snowboarding holidays all over the word AND I have made back most of what I spent trading.......try doing that with your gold...I have not drawn from Gold and Silver yet but I know bullion will have it's day (once BTC is $1M). My crypto made stupid gains and I have got back everything I spent on it and it, not my Bullion, has set me financially free as a reward for having faith in BTC, LTC and ETH (and now, laughably, DOGEcoin too). If you think people need to be fooled to move to crypto, just remember, most of them are already fooled in to using and believing in FIAT. For the record, I also called the 2008 crash and sold out of my real estate, you are right, it was fucking obvious as is the coming crash most likely late 2018
No Name (7 months ago)
He mentioned crypto being outlawed if it becomes too good, but didn’t refer to gold confiscation by the government that has happened in the past. At lease crypto cannot be confiscated!! Should have mentioned that mate!
Kurt Smock (7 months ago)
This is a great conversation. The crazy thing is you are both so correct on so many points. The reality is Schiff (who is a good damn genius) just doesn't have the same understanding of crypto as you, Ivan. This is a great test for Schiff. He is a god at being historically correct. But I really think he's dead wrong on his prognosis. If you get to show this video in 19 years and you are historically correct can Schiff. ...damn. That's a really big accomplishment dude. Schiff is a big deal. As a 20 year student of economics... Schiff is someone you KNOW. Everyone knows Schiff in this game. Very smart interview. Really well done. Much much much success my friend. I have a lot of respect for you. Thanks for the content!
Crypto Cliff notes (8 months ago)
ethercept yup also if you revisit you can always jump to specific parts
Oliver Li (1 month ago)
at 30:00, good job, ivan, you got to the point where traditional people don't understand finally
Anthony Yoo (2 months ago)
HOly shit im high as fuck and I'm learning so much right nao.
Colin O'Malley (2 months ago)
I want to die with a pile of Bitcoins that I never spent 39:00
ThanksMia (2 months ago)
Bitcoin is backed by SHA-256
Dibyayan Mukherjee (2 months ago)
Peter Schiff is a great man
Anonymous Smith (3 months ago)
it is pointless to keep discussing BTC. Schiff brings up valid argument after valid argument. Not to mention the wastefulness of the BTC technology. We should have switched these sorts of discussions months ago to a smart contract platform such as ETH. In ETH, africa CAN pay the fees. In ETH, you DO have an intrinsic value, it's a resource to use the blockchain and gives the ecosystem value. It is inherently back BY SOMETHING (BTC isnt), although it may be virtual. I would argue gold barely has intrinsic value. I mean, if the world ends tomorrow, what do you prefer? gold or a 10 dollar jacket? Sure it has properties, but generally speaking gold is way to heavy, way to hard to forge into shapes, etc... none the less it has many real world applications, such as in a computer motherboard etc. Also, BTC has been getting forked over and over. ETH hasn't, and there would be A LOT LESS motivation to do so.. after all.. it doesnt have apps running on it, therefor less intrinsic value.
Todd (3 months ago)
AND BTC IS STILL ALIVE <3
89Pleasek (3 months ago)
Ivan this was a lesson for you, don't waste your time on someone who doesn't want to understand Bitcoin.
Rex Brent (3 months ago)
Schiff is one of these gatekeepers. If you research monetary history in America, you will find that the gold standard was a failure because it was too scarce. It was silver that everyone wanted to have as a monetary standard, because it was more plentiful. A gold system will never work because there is not enough of it. As for "going into debt". That is a polite way of saying, "My Jew, Jesuit, and Freemason buddies print money out of nothing and charge you cattle interest on it. There is no real debt, because the government already paid it off by stealing the purchasing power of your dollar. But we will enslave you with the fake interest charged."
M M (3 months ago)
How do I pay a manufacturer in Bitcoin for a piece of equipment to be build and delivered in 6 month time. The price of Bitcoin can fluctuate in any range one can imagine. How should take the risk? Me or the vendor. There never will be one currency. There will be an inflation of cryptos bigger than fiat currencies because any one with a computer can create one. Crypto nerds with no real life experience in tangible work need reality check.
CryptographicCreedBoi :0 (3 months ago)
Hahahaha!! Peter: millennials don’t even like facebook.
u mudder pucker (3 months ago)
dam ivan got owned... BItcoin is a obsolete product why you arguing about bitcoin should of just argued about crypto currencies in general an that the technology will even go into being gold backed. Thats its technology will take over how transactions are done all over the world even with gold. The only reason people even buy bitcoin is to put money on poker sites or to buy alt currencies cause you can't really use the other ones yet. But that is slowly changing as ethereum has a lot more trading pairs with alt coins now. But bitcoin is a done deal. It wont even last 10 years. Arguing bitcoin is just dumb. Its a old tech that dont work well. So Peter can run all over you he knows its a obsolete product. It should be crypto currency technology vs gold and that its technology can bring gold into it. He would have no arguement anymore. But to act like Bitcoin has value like gold is just dumb. It doesn't its actually worthless outside of using it to trade for altcoins that are built with better technology that will trump bitcoin in the future. We don't know what altcoins will be great but it definitely wont be bitcoin I am 100% sure a bout that.
chun hau Ngai (4 months ago)
This is very interesting. Thank you!!!!
Qaon (4 months ago)
Money is not a commodity. Hence gold is not money. Money is not a loan. Hence paper Fiat is not l money. Money is a proof of work credit.
Jakub S (4 months ago)
''I can send gold in a box by FedEx' xD
Jakub S (4 months ago)
Side note; Bitcoins are actually very easy to destroy if you own them
R.G. DeA (4 months ago)
....why all the B/S, always... ONLY 1 thing can fix it ALL, close the FEDERAL RESERVE, all of them world wide, within a year ...???....?????
V J (4 months ago)
Your assertion that Some African needs something valuable, doesn't prove that bitcoin is valuable. It's only a statement of the African's need. It could be that the African needs value, but bitcoin is worth 0 cents.
D (4 months ago)
Gold will never be used as money again, we can do better than that shiffscam
D (4 months ago)
all his criticism against bitcoin equally applies to gold, shiffscam = dishonest
D (4 months ago)
schiffscam, this guy is just a scam
Mark Scott (4 months ago)
I have always liked and respected Mr. Schiff but what the hell is he talking about? He looks and sounds like someone just walked over his grave financially. I will bet a million of $ he invests in Crypto he is not that stupid. Gold is and was a joke. Plus remember Peter the government can take your gold anytime and not give you much for it!
Czech Shooter (5 months ago)
Funny how somebody compares Bitcoin to Facebook. Did Mark Zuckerberg come out with Facebook and say: Hey I got 50 million accounts available and now they cost a dollar each and then start trading them on an exchange... And NO there will never be another social network because this is the first one and there will always be just one!
Salvador Ocampo (5 months ago)
hehehe I have to say Peter does not show to much conviction in his argument anymore.
Harry Patiry (6 months ago)
Gold is just a pretty rock, this guy is delusional. "I can use it for things". Hes a terrible businessman that is just shilling gold.
Frank White (6 months ago)
does peter realize the exchanges are the ones who deal with compliance not the asset
m c (6 months ago)
This jew is afraid to loose his business. Clueless American, like most of them
Ebrelus (6 months ago)
Gold is passe. Silver is soooo much undervaluated in terms of historic price and actual wide industrial useage.
Simply Connected (6 months ago)
What a pity about these livestream comments - so much swearing, so many utterly pointless idiotic remarks - it is really wise to be displaying these ?
Hypatia (6 months ago)
The fact that gold is not a part of most peoples portfolio does not mean that MOST gold is not being used as a store of value: "Federal Reserve Bank of New York holds the prize as the world's biggest known stockpile of gold, some 550,000 glistening bars of the stuff buried deep into the bedrock of lower Manhattan. That's $203.3 billion worth of gold in a single place." - according to Forbes 2008 article. That's only $42 billion less than the entire market cap of crypto currencies as of the time of this comment, in the hands of a single bank. There are plenty of more places that just store billions worth of gold as a store of value. And I believe gold will be used as a store of value for a long time to come. Peter is right to make a point that gold has been tried and tested for thousands of years and it's value is very stable. However in a real world use case scenario, as Ivan pointed out, you will always have to trust the third party to use gold for transaction, (with a few exceptions, of course). Crypto market is still so young and has infinite potential - it has not proven itself yet. The real threat is the governments trying to shut the whole thing down.
Antoine P (6 months ago)
GTA MONEY WORTH MORE THAN BITCOIN
Antoine P (6 months ago)
kid love bitcoin. man love gold .
Antoine P (6 months ago)
lol watch the comment section on the video. all those winning crying baby LOL . bitcoin is doomed. back to 200 $ in 2018 marke my word
Health And Spirit (6 months ago)
Mr. Schiff has the right diagnosis but misses the boat on Bitcoin : Bitcoin's value is derived by its users (subjective value) and what its users are valuing being able to quickly send private and supply limited (scarce) data to other users anywhere in the world while keeping a record of their transactions on an immutable ledger. Other cryptos are doing even more with this newly developed ledger technology that was developed in 2009 with the goal of solving the double spend problem in computer programming.
William Turner (6 months ago)
can hardly hear him
William Turner (6 months ago)
turn petes sound up
pr4nk5tr (6 months ago)
I agree with Peter that Bitcoin's scarcity argument is questionable. When investing in btc you gotta keep up with the tech since it can be superceded by alt coins. Quite likely in case of btc IMO: A lot of dogma, wishful thinking and anti-business attitude in the community.
Claudel GFX (6 months ago)
Why does anyone wastes time to hear what this dumbo has to say? gold was already tried as a backup and failed, it was called e-Gold, so why is he still talking about gold on the same context with a digital currency?
FidelHimself (6 months ago)
Ol Grandpa Schiff will come around soon. Love both you guys!
ra bA (7 months ago)
sending alot of value in gold, in a box, through fedex is en epic fail idea.
ra bA (7 months ago)
gold is great but it will never be used as money ever again, atleast not anymore than it is currently. its just not that great to use as money, just like bitcoin.
ra bA (7 months ago)
so what if bitcoin is volatile, volatility is how you make money. if an asset just stays the same you dont make any money. when bitcoin is going down during the holidays you sell and buy it back at the bottom and make a ton of profit.
Nick Nguyen (7 months ago)
Schiff is angry because the money that he wanted to flow into, had been gone into crypto. The whole debate segment is a waste of time, as there's no point in comparing crypto to gold, its like comparing email to a horse. They both have their own utility, and nobody knows wether something else better is going to be replacing any of these.
Ian Hopper (7 months ago)
Peter Schiff just shilling his Goldmoney business
MrKrzys01 (7 months ago)
He accuses Ivan of assuming and then proceeds to assume most of the things he says. "They'll make it illegal", "20 years in jail" or "Bitcoin owners live in basements and refuse to sell" to name just three examples.
Wesley Winfield (7 months ago)
Peter Talking about "Millennials living in their parents basements eventually dumping thier BTC because they will eventually want to buy stuff" as if they are the only ones investing in BTC and like it's not a global market. He does realize that like 50% of the trading volume in does in Japanese Yen right..
Mike Novo (7 months ago)
Gold is down 35%. Sales like it's on sale to me
Digital Hedge (7 months ago)
im with ivan on this one
CHACE (7 months ago)
This interview is gold
Damien Parsons (7 months ago)
If gold is such a great store of value, what happens when then atomically create gold? This is not far from reality and something like this would destroy the store of value side of it. Also, Gold has very little usage. Most gold is used for decoration and other materials such as silver have higher use value.
bagariddum (7 months ago)
bought gold in feb '16 sold 80% of it at small lost in feb '18. 2 full years totally wasted. put the cash into crypto...we'll see where we are in a year.
:Nicodemus - :Dean (7 months ago)
Perfect! I'm so glad you had Peter on.
Neil A D (7 months ago)
Ok Ivan, I don't mean to be rude but please tell me why you would a Cryptocurrency hater like this on your channel. I can only 2 reasons 1. you just wanted to get a high profile person on your channel for your own ego 2. you don't like cryptos. Which one is it because there is no upside. And please don;t give me the "I want to be fair and give everyone a voice" Do you really think he would do the same for you on Cryptos?
Darcelle Taylor (7 months ago)
Buy As Much Bitcoin and when it gets banned move to Africa! Hahaha
Raj Sawalakhe (7 months ago)
Peter Schiff, I say him retard not because he opposes bitcoin but because he doesn't listen to the other person perspective and starts defending his own beliefs. That's the real pain, actually in Humanity. Lol can't stop laughing.
WARRIOR OUTLANDER (7 months ago)
schiff sounds so stupid. We aren't repeating economic mistakes because knowledge is lost by the people in control. This shit is happening by design. He is obviously unaware of realty.
hr 777 (7 months ago)
peter peter not all altcoins are expensive to use
shadfurman (7 months ago)
I'm so disappointed with Schiffs arguments against cryptocurrency. They're self defeating. He uses ANTI Austrian economics arguments. I have no way to believe his arguments aren't ideological. Especially when he hocks his own gold backed banking cards. We want many forms of currecy. Gold isn't valuable because it's physical, it's valuable because it's rare. Rocks are physical and they are free. You don't want your currecy to have industrial utility. You want your currencies only utility to be that of value exchange so it accurately reflects the value of supply and demand. Not accurately reflecting supply and demand is one of the major problems of fiat currencies. One crypto-currecy is not the same as another, even if they are identical algorithms, they aren't the same. That's like saying all metals are the same and iron is as valuable as gold. If they were EXACTLY the same, THEY WOULD BE THE SAME!!! The reason they are not the same is because they are different markets. Customers will be attracted to the currecy ideal for their desired transaction (or store if value) and supply and demand will set the price. There is no incentive for anyone to use the millionth new cryptocurrecy, even though it is algorithmically indentical to thousands of others, because there already exists used and proven cryptocurrencies, so the new one will never gain much value unless a random trigger of buyers (or a pump) spikes it fast enough every me too tries to capitalize on it. Crypto has utility beyond just basic currecy, such as automated contracts, and even as far as self funded decentalized apps. IMO, almost ALL the internet and many apps will be based on blockchain in a decade. I've seen a dozen discussions with him, and obvious counter arguments go in one ear, out the other, he moves onto another stupid argument, and he uses the SAME FUCKING STUPID ARGUMENTS in the next discussion. What's frustrating is I know he knows his economics. Like REALLY REEEEAAALLLY knows it, and yet it's like blockchain and economics can't exist in his brain at the same time. I'm sure he has his motivations. I'm sure he thinks he's justified. He's incredibly wrong and he should know better. I don't even have a stake in any crypto, I'm not a ideologically hurah, plenty of markets with volatility I can make money on, I'm just a hobby technologist/scientist/economist/philosopher. SOME crypto will ABSOLUTELY fail hardcore, like many companies do. The technology is so incredibly valuable, crypto as a whole may evolve into something unexpected, but it will always be used to exchange some aspect of value, it's an obvious evolution. Until something better comes along, blockchain will have a firm place in the present from now until then.
John Gibbons (7 months ago)
Joe "pull that up Jamie" Rogan
mpolavieja (7 months ago)
Ivan, your strongest point during the debate was the database argument. Transaction immutability is the main feature Bitcoin brought. In that sense Bitcoin and Gold are not comparable, Bitcoin´s scope is wider an different from gold. Bitcoin is a more than a currency, it is much more comparable to double entry accounting than it is to gold. I´d concede to Peter Schiff that maybe Bitcoin is not the one, but I do think that crypto market cap has a great upside potential, whether that market cap is only Bitcoin, a few cryptos or millions of cryptos.
steem steem (7 months ago)
STEEM! PEOPLE STEEM!!! IT SOLVES ALL PROBLEMS PETER SHIFF IS TALKING ABOUT
Mary Nguyen (7 months ago)
Schiff can NOT wait for gold to go up in value asap because he is running out of time. He is old and has been betting on gold for a long time. Peter Schiff, if you are reading this, if you listened a bit more you might learn a thing or two. And maybe, diversify your investment now. All investment in gold is not a good idea. I have some gold as an investment but I believe bitcoin is here to stay!
Mary Nguyen (7 months ago)
if you let Schiff talks, he would talk forever until he can't talk anymore. so you just got to jump in. His perception is so ingrained in his head, he will die thinking that way.
Mary Nguyen (7 months ago)
Ivan, I'm so proud of you to make a great countering arguments about the utility of btc against the fiat USD. Peter Schiff loves to blab and you actually were patient enough to make him quiet and listen for a couple minutes :D ......GREAT JOB!
Power House (7 months ago)
Gold is a damn rock!!! It only holds value because people BELIEVE it holds value just the same as bitcoin. As market cap goes up bitcoin will be much more stable. This old fart doesn’t understand how markets work. Penny stock are extremely volatile because of low market caps. The same goes for crypto
Edwin Brouwer (7 months ago)
Either that man doesn't just understand that monetary value is being transferred, or he is in denial.
Vince Wynne (7 months ago)
Ivan you are a very kind and respectful human, and Peter was very unkind and disrespectful to you. I just lost a great deal of respect for Dinosaur Schiff. What a tool.
josh sawrie (7 months ago)
Thanks for your content Ivan. Hailing from Canada Ive now watched 3 of your guest videos. I find the questions you ask your guests are particular to the answers "I am"/"We all are"/"We should be" looking for. Thanks for your effort in this space!
Doyle Hargraves (7 months ago)
Ask the Lybyans how moving to a gold standard worked out
Theo Hallenius (7 months ago)
Worst guest to have on your show, clearly he is still uneducated about crypto. Sorry. Also gold market is 90% fakes, how can I trust the buyer who gives me a piece of gold that it's genuine inside? And yes let's receive papers backed by gold that someone else holds, and we're back to IOUs, where everything went wrong.
Fan Stanner (7 months ago)
Both gold and cryptos are useful and have value now. There is utility in both, currently. But gold will win out in the end. Like this hashgraph shit. What if the blockchain technology becomes obsolete? What if governments confiscate gold? Both are risky. Technology moves fast and this could kill blockchain. Governments move slow and could kill gold.
J S (7 months ago)
I liked Schiff's ideals on free markets pre-crypto, but it seems he doesnt want to be convinced and wants it to fail so gold is the best store of value to protect against the fiat madness. salesmen b salesmen
Cryptoversity (7 months ago)
Well Peter, I don't live in my parents basement but I did when I just owned Gold. SOrry Peter...I don't live in my parents basement but I did when I just owned Gold. I pay rent in BitCoin and my last car; you are constantly being proven wrong along with Jim Rickards and others who I used to listen to but are now a broken record. BTC used to be used in the same way as gold (people converting back to cash) but increasingly less. I still have 1/3 of my portfolio in Gold, Silver and other metals.....but that started as about 80% and I have drawn from BTC for snowboarding holidays all over the word AND I have made back most of what I spent trading.......try doing that with your gold...I have not drawn from Gold and Silver yet but I know bullion will have it's day (once BTC is $1M). My crypto made stupid gains and I have got back everything I spent on it and it, not my Bullion, has set me financially free as a reward for having faith in BTC, LTC and ETH (and now, laughably, DOGEcoin too). If you think people need to be fooled to move to crypto, just remember, most of them are already fooled in to using and believing in FIAT. For the record, I also called the 2008 crash and sold out of my real estate, you are right, it was fucking obvious as is the coming crash most likely late 2018
Michael C (7 months ago)
Lol gramps
No Name (7 months ago)
He mentioned crypto being outlawed if it becomes too good, but didn’t refer to gold confiscation by the government that has happened in the past. At lease crypto cannot be confiscated!! Should have mentioned that mate!
Unlimited Potential (7 months ago)
DGX coin is backed with REAL GOLD. 1 DGX coin is backed with 1 gram of real GOLD. Game changer!
vulcanbreeze (7 months ago)
The blockchain has them so worried they're trying to ignore it and hope it goes away haha
LoreZyra . TV (7 months ago)
Wow... Mr. Schiff is really shilling his gold... Reminds me of someone HODLing bags of gold that no one is buying... Mr. Shill is trying to get people to believe the old days before Nixon were the better days where people would actually hold gold...
Unlimited Potential (7 months ago)
Answers to Shiff's criticism: DigixDAO's DGX coin is backed by gold that can be mailed to oneself in exchange for the coin. There are only two million DGX coins. Each coin is backed by one gram of real gold. Problem solved. Also exchanges. Decentralized exchanges will replace current centralized ones. Actually, hybrid exchanges would be best of both worlds. Fast transaction and settlement with no risk. You hold your keys on these DEX's. Thoughts?
IHeartCryptoverse (7 months ago)
A great BS artist. I've never seen someone dance so well and try to paint Bitcoin as something it isn't then say, "look over here!" because he became uncomfortable with the train the conversation was taking. Schiff is too shifty for me. Notice at the end he makes obvious points on risk management then plugs his gold for sale. He is a master at manipulation. Gotta give him that one.
Javier Romero (7 months ago)
I had to stop watching. This guy's blatant and ignorant push for gold regardless of contradictions is cringy af. Thank you Ivan for at least trying to educate him.
Frank Kirk (7 months ago)
This guy seriously just loves hearing himself talk. Saying that we are going to go back to using gold to pay for everything is just ridiculous and too old of a mind set. Gold will always have its place, but it will not be in currency.
Ali Zamani (7 months ago)
I think you made a mistake doing this interview because peter Schiff does not want to be convinced. The main issue is the banks and third parties and he is criticising bitcoin while he knows nothing about it. He talks about bitcoin and he literaly knows nothing about bitcoin. If you want to talk about something you should do your homework not just come and say some bullshit.
Andriy Leshchynskyy (7 months ago)
Peter is saying all the right things.... as long as they don't touch crypto lol I wish he learns and _gets_ it.
Sz27 Clz75m (7 months ago)
Peter said a gold backed digital currency would be a good idea. well we have those now - digibtye, royal mint coin - so are they the best bets????
Sz27 Clz75m (7 months ago)
who else has new healthy doubts about crypto after watching this... ?
eric martin Bosse (7 months ago)
although I don't agree with Peter we absolutely need him to keep us challenging our ideas to make sure we can parallel what used to work best.
Eugene Gulyi (7 months ago)
I challenge you guys to click for random moment of this debate and catch Ivan talking and not the other dude
ColdSilence1 (7 months ago)
Anyone else go to the Schiffgold website? you can purchase gold using bitcoin... it even gives you instructions on how to do it for people who are unfamiliar. that's hilarious.
Crypto Chihuahua (7 months ago)
I quite enjoyed this interview Ivan, great job, i hope you do more of these. Although you two disagreed on many aspects, both made very valid points about bitcoin and cryptocurrency, both good and bad. Peter was surprisingly knowledgeable about the space and made a lot of good points about gold. Gold itself is valued exactly the same way. The small utility of using gold in electronics is still extremely expensive and is often replaced by other metals in favour of storing it for its value. To me personally gold is worthless, it is only attractive for its value and luxury. Anybody ever bragged about use of gold in electronics? Sure, analogue equipment like audio media, but compare that the size of the rest of golds usage. I find that we are going through a huge transition and I hope it goes the right way.
Crypto Chihuahua (7 months ago)
Actually Ivan and Peter have the same arguments but form two different perspectives. Peter is defending Gold because of an old notion of Golds value and the stability that it has reached over the last 100 or so years. You can apply many of his arguments against cryptocurrencies to the problems gold had during the gold rush and this comparison has been mad many times. Crypto is still young and as a culture we are moving away from the physical and more towards digital. The problems are certainly valid but let's look forward not backwards.
Permalink (7 months ago)
what if we will discover better and much cheaper alternatives to gold ?what if we don't need to use gold anymore in electronics ? what if we can transmit electricity wireless ? the utility and scarcity of gold becomes irrelevant .
Donna Forsythe (7 months ago)
Great discussion
Business Partners (7 months ago)
I seriously believe schiff is kinda dumb, notice he rambles, a sign of incoherent thoughts. He peddles gold too.
Ronney McCarthy (7 months ago)
Ivan you are to polite, 10 seconds into everything you tried to explain he cut you off.
Mohamed Nour (7 months ago)
You have the best youtube content on crypto and economy !
Alphonse Capone (7 months ago)
Peter Spliff is all about himself. He's an old fart with outdated ideas. Gold has only made a 10% return in the past five years...and Bitcoin?
tupark82 (7 months ago)
So I should listen to the advice of someone who crapped on Bitcoin all along, never got into it even though he could have, missed a massive opportunity, and is now saying well since you've missed that opportunity, it's not gonna happen again so don't get into it? lol I'll go ahead and pass on anything he has to say about it because he's been wrong the entire time. At some point, accept the fact that you were wrong about it and just say you don't know where it's going to go. This is getting embarrassing.
sick1mind1 (7 months ago)
Peter Shiff has a great video where he calmly disputes the views of the protestors from 'Occupy Wallstreet'. I recommend everyone seeing it, it's a great example of an educated capitalist vs a mob of infuriated supporters of socialism. That being said, he has definitely become more close-minded since then, now that I watch this interview. It's sad and maybe it's because of age that he doesn't want to admit that having gold doesn't really solve the volatility, transferability and availability issues or that having 5-10% of your portfolio in cryptocurrencies doesn't constitute that great of a risk in the long-term, but it could lead to a significant profit.

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