If I didn’t know better, I would think that Peter Schiff was orange pilling us.
Peter is literally arguing FOR Bitcoin here… he just doesn’t realize it. He’s explaining why his rock is a “real” store of value, not necessarily because it is physical or tangible, but because it has been ascribed value by the users and holders of the rock, and that value of this rock is strongly supported because it has all these wonderful physical properties that make it better than all other rocks that could be used in its place to do what it does.
He explains that his rock is the the best rock for being a store of value because it’s very durable and doesn’t tarnish, and that it is generally scarce and requires effort to mine it from the ground into existence, and that it’s divisible and can be used as a medium of exchange, and it can be used as a unit of account, and it is mostly portable, and can be verified as authentic by a trusted 3rd party… and also now it can be tokenized, so that gives his rock all the same usability as Bitcoin or other blockchain digital assets.
Peter… It is a great store of value… we all agree. Gold was King and it does a pretty great job as a store of value, and did so also as a medium of exchange, and has for centuries. We’re sold on gold. It’s a great rock. Probably the best rock ever.
Now… take the physical element OUT of gold, but add IN all the things Bitcoin does better in its place, and what you’re left with is why Bitcoin is better than gold, and then some!
Bitcoin the PERFECT store of value. One that is impossible to be faked or duplicated. One that has a finite fixed supply (gold increases in supply @ 2% annually, and we don’t know how much is left on earth to be discovered). One that does not have to be securely stored off one’s balance sheets in secured physical vaults. One that does not require any 3rd party at all to transact through. One that is infinitely durable, divisible, residing on a publicly available, decentralized, node validated and immutable digital ledger, forever.
On top of that, Bitcoin is a better Currency than all others. Bitcoin is both the reserve asset AND the native currency, as it can be stored natively in Layer 2 wallets (on networks like Lightning, Liquid or Stacks), where it is already being used for daily purchases at millions of retail establishments that choose to accept it (thank you Block / Square, Bitpay, Coinbase Commerce, etc.), just like the currency you spend via debit cards and even like the physical cash like you use now… AND your government can’t print more or it, ever, devaluing the reserve currency against the reserve asset it was intended to represent.
So… not only is it everything gold was, but it’s also everything money & currency was, is, and will ever be, but better.
Bitcoin > Gold
Bitcoin > All Currencies ever including USD.
Bitcoin > All other PoW native coins.
Bitcoin ≠Tokens of another asset.
Bitcoin ≠A network to issue other tokens on.
Bitcoin is Digital Capital.
Bitcoin is Digital Money.
Bitcoin is governed only by code, that which is secured and validated by the users on network. (Mine Bitcoin and/or at least Run a Node!)
Peter Schiff just explained every single flaw of Gold, and CZ explained every single benefit of Bitcoin over Gold to him and he still doesn’t get it. 🤦‍♂️
TTNB
