Bitcoin vs Gold: Peter Schiff vs Max Keiser – Who is Right?

>>165773
wait im sorry, bitgold is actually backed by physical gold? is that real? thats hilarious

could you explain a bit more about your issues with the blockchain beyong 'it does not scale'?
beaver pelts, salt, cigarettes, these have a measure of scarcity as well. what part of bitcoin's actual scarcity is artificial? there are a literal finite number of bitcoins.

>>165775
The way I see it is that gold is natures crypto currencies. there is a limited supply and it costs a lot to mine it and counterfits can be checked easily.

The biggest problem for cryptos I see going forward is governments. If cryptos ever become successful and become a threat to the fiat system governments will crack down. Hard.
What are you going to do if the feds start blocking the protocol and seizing serves and wallets.
If the government ever wanted to it could annihilated all crpyot wealth with a simple mouseclick. Private gold is much safer because it can't be seized that easily.

That being said. I like both crypto and gold a lot.

>>165778
gold could be seized in a daring heist tho...

>>165773
>>165778
The potential government strictures do pose an issue, but backing an advanced financial enterprise in a material foundation is the very mistake neoclassical and marxist economists have destroyed their schools of thought on.

fiat currency and bitcoin sidestep the contradictions previous economic theory has ignored because they dont have to adhere to some theory about utils or abstract labor value.
theories that dont actually make sense.

I think for this reason, in the long run, crypto backed by concept/mathematics alone is the logical way to go.

also anon is right
>>165782
what about a daring heist

>>165787
From the governments point of view the biggest problem of crypto is that govermnet has no control over it and can't simply print more for itself like it can now.
They will at some point declare total war on all crypto currencies and try to destroy it with all their might.

Why is this conversation even here? The conference ended more than two weeks ago, and this is more of a /biz/ subject than a /news/ subject.

>>165773
bitcoin is a massive waste of energy. It contributes to pollution way more than gold, and it always will for the system to function. Bitcoin is not a system that should be implemented before all our power comes from renewables.

>>165778
Governments are going to create their own currencies and it will make them insanely rich because everyone will clamor to invest in a cryptocurrency that's backed by a government. I fully expect Russia to do this soon to help with their cash shortage. The ones who get in on the ground floor and mine coins for super cheap are going to make billions. It's literally a pyramid scheme.

>>165816
I hear this theory of governments backing a cryptocurrency, like that the US Federal Reserve might issue a coin. The problem I do not see addressed is what happens to the value of your fiat currency if you issue a parallel currency within the same country? If Russia issued a cryptocurrency that you could buy everyday stuff with, does the ruble not essentially become worthless?

>>165925
Not necessarily. They could be taxed differently, and there would still be shop owners who would still only take rubles or bitcoin.

Several businesses in the US only accept cash, and if bitcoin became backed and taxed, then it would be identical to just paying credit fees. Those businesses would likely continue accepting cash only, in order to cook their books. Granted, cooking their books isn't the only reason to take cash only.

Holy shit

Russia Launches $100 Million Bitcoin-Mining Operation
https://www.bloomberg.com/news/articles/2017-08-08/putin-s-aide-seeks-100-million-to-rival-china-in-bitcoin-mining

Who will be the first to corner the bitcoin market. The end of the bitcoin is coming! Wake Up!

buying bitcoin is like buying wow gold.