/biz/ - Business & Finance

>>16048563
Zoom out

he's right though. cryptos are a bubble. they have no use case

>>16048713
just like his 50 predictions of the recession

>>16048713
yeah because storing fucking yellow metal bars in a basement a band of robber nibbers can take from you is so much better when the crisis comes.

>>16048563
Three wars back we called Sauerkraut "liberty cabbage" and we called liberty cabbage "super slaw" and back then a suitcase was known as a "Swedish lunchbox." Of course, nobody knew that but me. Anyway, long story short... is a phrase whose origins are complicated and rambling.

>>16048713
>they have no use case
you are very wrong
they are an important vehicle for capital flight from many, many places in which the people have lost trust in their government

>>16048563
I don't know how Schiff makes a living anymore. He just can't accept that reality is different from what he expects or wants it to be. Year after year he has the narcissism to think that he is right even though the reality of the markets show otherwise. He missed out on every equity bull market. The DOW is going to 33,000 or higher in 2020-2021 and he will miss out again. I like PM's and they will inflate as well during the next inflationary cycle, but just because I think the fiat system is repugnant doesn't mean that I am going to miss investment opportunities. They are a portion of my portfolio and the weight I give them depends on current events. PM's are a good shock absorber, but equities are going to outperform them over the next 2 years. Hell, right now I moved out of equities and heavily weighted my portfolio with GBTC because reality indicated that in the immediate future I would make the best ROI there. Reality is not going to bend to your investing strategy. You have to tailor your investment strategy to reality. He just refuses to concede his principles in the face of overwhelming empirical evidence.

>>16048563
did his TA predict the tweet by Xi Jinping?
godlike TA

>>16048563
Schiff is a smart guy and cuts through all the Fed bullshit with ease. He swears up and down that the upcoming recession will be massively inflationary, not deflationary, so it remains to be seen whether he's right or not.

On the topic of crypto he says that he has researched it, but you can tell he knows almost nothing whenever he talks about it. He makes good points that gold is the only truly sound money in the world just by virtue of the laws of physics, and doesn't require electricity or internet to store value. But he also goes on incredibly long boomerants about how Bitcoin is "based on nothing" and how it has "no application", etc.

I know he thinks it's in his best interest to bash crypto because he's long gold. I don't think he realizes that Bitcoin is not a threat, but rather an ally. He really needs to have a debate with someone on the crypto side who is both an expert on the technology AND an expert on economics, so that they can speak apples-to-apples. I really think he would warm to it if he just understood it better. That's the biggest problem I have with Schiff, in a debate he can be incredibly closed-minded even for a boomer. He decides that his argument is correct ahead of time, and nothing anyone can say will get through to him.

It doesn't help that dumbfuck crypto "evangelists" can be just as stubborn. The Grayscale "drop gold" commercial is the dumbest fucking thing ever, and is only detrimental to crypto adoption. https://www.youtube.com/watch?v=Eqy5_QpNd8U

>>16049291
He is emotionally attached to his investment. Sunken cost fallacy, cognitive dissonance and all that.

>>16048713
Yeah its only potentially a global currency that potentially could hold a large percentage of the value of global assets. Apart from that it's worthless.

>>16049817
Kek nothing to see here ole man keep on keeping on

>>16048713
>cryptos
spoken like a true ignorant.
>are a bubble
muh 2017 meme. you forgot to say tulip mania
>they have no use case
jesus fuck how fucking stupid do you have to be to go through life as abysmally ignorant as THIS and still advertise that ignorance to the world? i'd like to know how it feels. go back to your shamelessly lefty cuck disinfo non-scientific hivemind - pic related

Dude sells gold and that literally explains anything coming out of his mouth...

>>16048563

His site accepts btc. Think about this. He literally trades gold for btc daily

>>16051668
He doesnt. You give bitcoin to an inbetween service that gives him dollars.