IMPORTANT PODCAST: Peter Schiff examines the recent COLLAPSE in Bitcoin

Schiff destroys many of the fallacies of the Bitcoin craze...it's going to the moon, right? Well, it has recently collapsed and is only headed further down.

1 posted on 05/22/2021 3:45:25 PM PDT by RandFan

People have been saying this forever.

2 posted on 05/22/2021 3:56:36 PM PDT by Bones75

It goes in cycles, this bull run is over, its going to 11 or 12k. Time will go by and the cycle will start over.

3 posted on 05/22/2021 3:57:03 PM PDT by Husker24 (Pp)

Peter Schiff doesn’t “destroy” anything. He is an idiot when it comes to financial matters, every bit as stupid as his father, and he is deliberately misinformed on everything related to Bitcoin or other crypto . The returns on the funds he manages are abysmal.

4 posted on 05/22/2021 3:58:06 PM PDT by oblomov

I agree but the rampers are delusional and tell you to HODL it forever

People are going to get wiped out..

5 posted on 05/22/2021 4:05:51 PM PDT by RandFan

Dunning-Krugerrands.

6 posted on 05/22/2021 4:10:40 PM PDT by Kriggerel ("All great truths are hard and bitter, but lies... are sweeter than wild honey" (Ragnar Redbeard))

“Dunning-Krugerrands”

LOL

7 posted on 05/22/2021 4:19:35 PM PDT by dynachrome ("I will not be reconstructed, and I do not give a damn.")

I hardly call it collapsed when 1 bitcoin is currently worth: $37,795.88.

8 posted on 05/22/2021 4:23:04 PM PDT by Robert DeLong

“He is an idiot.” I agree. Schiff is doom and gloom about everything.

9 posted on 05/22/2021 4:32:04 PM PDT by Falconspeed (A"Keep your fears to yourself, but share your courage with others." Robert Louis Stevenson.)

Part of me wants to buy in at 11 or 12k, part of me thinks the govt will come in and finish bitcoin off with regulation or a ban once it hits bottom.

10 posted on 05/22/2021 4:35:03 PM PDT by Husker24 (Pp)

People have been saying this forever.

As long as I can remember. Back in the 1980s, when I started my investing, I was told to stay out of the stock market. Fool's game. House of cards. That I'd literally be better off stuffing my savings under a mattress.

40 years and over a million dollars later, I keep hearing the same advice.

I know, I know. I'll get my "comeuppance" once of these days.

11 posted on 05/22/2021 4:38:00 PM PDT by SamAdams76 (Give me a Pigfoot and a Bottle of Beer)

Schiff is an idiot. The sky is falling all the time. I hate to admit but years ago I tried to read one of his books. YUGE mistake. It was a piece of crap. I read the first chapter and it didn’t say a damn thing. The whole book talked about how bad things were and kept promising to tell us why they were bad and how to fix it. It kept saying that over and over and never got to the point. idiocy!

12 posted on 05/22/2021 4:56:05 PM PDT by fightin kentuckian

13 posted on 05/22/2021 5:04:34 PM PDT by aMorePerfectUnion (“Old wood best to burn, old wine to drink, old friends to trust, and old authors to read.” )

Consistent with click bait.

14 posted on 05/22/2021 5:09:30 PM PDT by ifinnegan ( Democrats kill babies and harvest their organs to sell)

It goes in cycles, this bull run is over...

More likely it'll kick around between 25-40k for a while before making another run to some unreasonably high value. Then over the course of the next year it'll settle back into 30-50k for a couple years.

15 posted on 05/22/2021 5:09:30 PM PDT by Database

Yep, if you invest in productive assets (stocks, bonds, property) you will have a nice retirement.

Investing in anything else is just fancy gambling.

16 posted on 05/22/2021 5:11:33 PM PDT by Renfrew

Schiff is doom and gloom about everything.

But it's always a good time to buy gold.

17 posted on 05/22/2021 5:11:56 PM PDT by Database

To: fightin kentuckian

He’s been right about other bubbles etc.

check this lecture from 2010

https://youtu.be/EgMclXX5msc

Schiff is very good at explaining complex economic theory i’m sorry you feel this way...

18 posted on 05/22/2021 7:47:58 PM PDT by RandFan

For an asset that is up ( after it's supposed collapse ) from pennies to $37,800 (today) in 10 years, you have a very strange perception of a collapse. Peter Schiff always uses that same outdated logic that bitcoin is backed by nothing, and has no value to push his gold business/interests. So let's take Bitcoin out of the equation and talk about networks and data. In a traditional stock investment, those that use the product are often times not those that are invested. Those that eat at McDonald's may not own the stock, and vice versa. With crypto, those that use the network might also be highly incentivized to SPECULATE on it. An example of this could be CargoX. CXO. This project has built a network that reduces the complexity, cost, and time to generate digital, blockchain based Bill of Ladings, and is going to be required for use starting in July by ALL cargo ships leaving or entering any port in Egypt. It's a very simple project that is extremely valuable. This network will allows users ( businesses) to purchase bill of ladings at an 85% discount over traditional methods ( based on USD price at the time of purchase in CXO tokens, $15 ) and then burns 70% of those tokens in each transaction, reducing supply every day. As it will be required for cargo, companies shipping into and out of Egypt will logically want to purchase more than they need because at the current price per token you would need 50 tokens to pay for your B/L.. but, over time, the burn will reduce supply, causing the price of each token to go up. So, if you don't buy extra, you will still only pay the $15 equivalent at the time of generating your B/L, BUT, you could have saved a ton of money buy investing extra capital to secure tokens for years to come. These tokenomics make users of the product highly incentivized to become investors as well. This type of crypto, which is one of thousands that are trying to solve a pain point, is a new digital network businesses model that is here to stay and will continue to create enormous innovation. Projects like Constellation Network are partnered with your very own Department of Defense for securing of data. Yes, this is a crypto that you can buy under the ticker DAG. Projects like VeChain that are working with Walmart, Price Waterhouse Cooper, BMW, etc are tackling traceability and are seeing tremendous growth in network use. That network requires VET token to participate. It allows companies to imbed digital ID's into products proving origination, authenticity and ownership. And that brings me back around to networks. All of these networks mentioned above require their token to use their network. And those tokens are capped. Only so many will ever exist. Bitcoin is just another network. A very simple one actually. All it does is keep a ledger of who owns what. That's it. But, you cant make more Bitcoin once the final bitcoin is generated. 19 million or so circulating, 21 million max. This network has zero point of failure. Nobody runs it. Anyone can mine it. Anyone in any country can participate. Anyone can buy it. Anyone can sell it. Anyone can send it. This network, in a way, is similar to your bank account. You wake up. You have a balance. You have way to send money to someone else. But you can do it so much cheaper with BTC. You can send someone 1 million dollars on the other side of the planet without asking for permission. And you can do it from your phone. For less than a dollar. So, what is the value of bitcoin? For many.. it's considered the most secure, permission-less store of value in existence. So, maybe you or Peter Schiff don't get it. That's fine. Most people my age do. We are tired of governments printing our futures away, and we hedge against this with the best network ever created.

19 posted on 05/22/2021 8:39:25 PM PDT by CryptoBull (Crypto is here to stay)

“Investing in anything else is just fancy gambling.”

totally ...

20 posted on 05/22/2021 9:15:35 PM PDT by catnipman (Cat Nipman: Vote Republican in 2012 and only be called racist one more time!)

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