Gold is a safe investment but what about bitcoin
and other cryptocurrencies?
In this video
Dan Dicks of Press For Truth interviews Peter Schiff of Euro Pacific Capital on fiat vs gold and whether or not there is potential for digital currencies in the face of a dollar crash.
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I love Peter but he needs to realize crypto currency is better than government back currency. crypto has a future the central banking system is coming to an end I wish peter would figure that out.
He is stuck in his ways and he is gonna wake up to a new world he does not understand one day if he does not get with the times.
He'll still be rich as fuck with all the gold he's sitting on when the dollar collapses but I bet he'll wish he put some of that in crypto when everything is said and done.
Oh, I am sure he has actually put money into crypto already but just keeps it quiet like a politician on a conflict of interest.
Yeah that's possible. People have been asking him about bitcoin back when he was doing his radio show so he's known about them for several years now.
I heard about that months ago, when I was a Crypto noob lol, you are right!
Peter doesn't understand the difference between inflation via demand and inflation via debt. He doesn't know the difference between a decentralized cryptobubble and a centrally planned derivatives bubble.
Listening to him talk truly drives me crazy.
It's better in some respects. Paper currency has the advantage that you can just hand it to someone. I wish the government would just allow competing paper currencies. Some of those currencies could be backed by bitcoin or other cryptos. If people lost faith in them, they could convert the paper to crypto.
Hes knows it hes a smart guy. He sells gold and pushes goldmoney which is excellent but you cant really push bitcoin when you want as many people as possible in the world to buy gold from you. When you own a business its not really wise to boast about your competition.
Peter makes a false equivalency between a decentralized crypto bubble and a centrally planned derivative market bubble. One is legit, one is artificial. There is a massive difference.
I'm someone that loves gold and silver but Peter's dead wrong. He's been calling a bubble burst since $20 dollar Bitcoin and constantly bases his dollar predictions on economic fundamentals which don't exist in today's economy.
Also, debt based inflation and inflation via demand are two different things.
Schiff drives me crazy. You want to like him but he's so arrogant about everything.
Oh, and he sold his company to a company funded heavily (series A investor) by George Soros. Then calls anyone who mentions that "antisemitic" which is pathetic in my opinion.
Good stuff Dan, as always.
He speaks like a politician who is in a direct conflict of interest here but does not say it.
He is in the Gold business, so of course he will take a swipe at fiat or crypto or anything else that directly competes with him getting greased.
Just like a politician with their wording or actions, not declaring conflicts openly but speaking in circles around it.
I like how he also says he will take your crypto though, and you can buy your metals in it for your position.
LOL.
" Crypto sucks but we will take it and give you your gold" essentially
LOL
OMG, Peter's responses in this interview is like Deja-vu. He has basically laid out the history of banking.
1)People invest in and trade gold, but have trouble storing it (i.e. goldbugs, jewellers).
2)A third party steps forward to aide in storage... in this case three of them(3rd party one - Goldmoney; 3rd party two - Brinks; 3rd party three- the interface to Interac POS devices).
3)The 3rd party then issues a method of spending the gold without having to move it (Goldmoney debit card that can be used at any POS device).
4)WE KNOW HOW THIS ENDS! (Its like watching "Money as Debt" all over again.)
Two things wrong with his company long term.
1)Requires 3rd party trust and verification. How the hell do I know what Goldmoney is doing in the background with their day to day operation? What are their investments, and how exposed are they to a banking collapse? What will Brinks be using as a source of gold if there is a mining collapse? Bitcoin can literally be mined with just one single computer powered up anywhere in the world with a solar panel.
2)Like Bitcoin, it requires a working internet, but unlike bitcoin, contact with your "wallet" can be cut off at anytime. A simple stop order from a law official is all it would take to have your "3rd Party" account frozen. It is not reasonable to think that Goldmoney will stand up for you during a legal issue, at the risk of pissing off the local officials. Lets face it, the first thing that happens when things go awry, is the seizing of all your third party accounts. His debit card that allows you to spend gold is NOTHING like the ability to spend a crypto-currency.
Having said all that... I still would get a Goldmoney account, but would only leave a day to day spending level in it. The idea of allowing the gold equivalent to act as your purchasing power is a good idea as a hedge against the fiat inflation. Like a cold storage wallet for crypto however, any excess in savings of gold must be physical bullion in your direct control. Goldmoney does ship physical to your door if you desire.
I agree, the gold money account i use just has a certain amount because im behind the idea and i want to see where it goes. I do feel confortable with brinks behind it. Physicall is always the best cause we all know the saying if you dont hold it you dont own it. Much like our banks now where we used to be insured depositors now just labeled unsecured creditors. Good luck pulling anything out when you'll need to.
Goldmoney's series A investor was George Soros and the Soros Brothers Fund. They entered the Toronto Stock Exchange with zero provable sales record. Their profit margins are horrendous.
There are many companies that do what Goldmoney does without the conflicting investors and agenda.
Yes i did hear about that. Is their anything him or his son aren't into, man. I was looking into Karatbars but havent had the time to fully check into them.
I'd have to look myself, I'm not super well aware of Karatbars.
I personally like AnthemVault. They have integrity. Anthem Blanchard's father was James U Blanchard III who freed up gold to the American people in the early 1970s after decades of a physical ownership ban initially implemented by FDR in 1933.
He's also starting a gold-backed cryptocurrency called AnthemGold :P
Thanks for the recommendation... Ah 1933 with proclamation 2040, been under temporary military ever since.
Good interview, PFT. Thanks for this. I love gold, but am not entirely sold on Schiff's arguments. Cryptocurrencies in some respects will allow for greater government control and surveillance, as well as for crashes, etc. However, as you said, the blockchain is here to stay and there are some cryptos being used to subvert coercive state control. Only time will tell, but it certainly is an exciting time to be alive. In the end, Schiff has something to sell, so as with everything, I try to take it with a grain of salt.
Oh, the metal stays where it is! You have your trusted bankster that will keep your Gold for you! Where have I heard it already?
Peter Schiff can make a great comedian, really 😂😂😂
Thanks for this, Dan Dicks!
Peter Schiff makes some great points. Diversify.
Dan makes that point. Dan's good at making good points. Peter's good at conning people. :P
I bought into GOLDMONEY with $5K, after about 3 months, request the withdrawal in Gold & Silver, I live in Canada, I request Canadian Gold coins and silver bars, it took three weeks to arrive and was shipped from Texas, now I have $260 in GM account and no way yo withdraw, not a fan.
Hi @baulsac, To withdraw? You will need to sell some of your gold and silver at current price?
https://digix.io/
Replacing cash with digital dollars enables the globalists to control your life and your freedom. Protest against digital dollars.
Love listening to Mr Schiff...
Keep up the fight @pressfortruth
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I love Peters videos and have followed him for years and deep down I know he will be proved right but I do hope he is wrong about bitcoin.