patrick.net

I don't think so. I think he is considered a poriah now.

@BorderPatrol the video won't play for me. Can you summarize what Schiff is saying about Bitcoin?

Patrick,
This is the first search result I clicked on.
"Ultimately, I think Bitcoin has really no value," said Schiff. "In the market, it has plenty of value. As long as there's buying, there's value. But when the buying goes away, so does the value."

https://moneymorning.com/2017/12/11/peter-schiff-just-set-a-price-target-of-0-for-bitcoin/

anon_3b9ad is lurker HEYYOU.

anon_3b9ad says

"Ultimately, I think Bitcoin has really no value," said Schiff. "In the market, it has plenty of value. As long as there's buying, there's value. But when the buying goes away, so does the value."

I think this is accurate of the current parabolic rise, but not of bitcoin overall. It has, and continues to have purchase value, but that not at the current speculation-inflated number.

Who Doesn't love being seen as a genius for stating the obvious.

anon_3b9ad says

anon_3b9ad is lurker HEYYOU.

Good to know.

i didn't watch the whole thing but he said three things:

- bitcoin can never be money because it's not back by anything. why not the other 1300 coins but bitcoin especially when the other 1300 have features that help function better as money? people will argue that the dollar is not backed by anything and Schiff will have a problem responding to this point, but i think it's only because he doesn't want to end whatever career he has by saying out loud "it's backed by 10K nukes and the Military Industrial Complex."

- big recent jump in transaction fee. this is the opposite of one of the things that made bitcoin popular.

- big delay in transaction time. he said hours but my google reveals minutes.

BorderPatrol says

"it's backed by 10K nukes and the Military Industrial Complex."

You forgot oil. It's called the petro-dollar for a reason.