/biz/ - Business & Finance

>>19845352
you wont be able to buy gold within one year. what else could you use to exit fiat?

>>19845352
That last one

>>19845352
He's wrong in that the world will reject the dollar and dump it leading to hyperinflation of the general currency value. It will not happen. He thinks printing will lead to hyperinflation, this will NOT happen because the currency will NOT make its way into the general economy. Printing WILL make its way into the hands of bankers and elites leading to hyperinflation of ASSETS and STOCK PRICES.

>>19845352
Name one thing he was right about crypto

>>19845352
He missled his dumbfuck investors and missed out on a decade long bull run. He will miss out on this bull run also because he’s a piece of shit con man

>>19845713
>leading to hyperinflation of ASSETS and STOCK PRICES.
Explain to me how stocks aren't part of the economy or how buying and selling stocks doesn't trickle into the general economy via divvies / income selling? Everything is interconnected, unless you take the extra money they print and literally walk it down the hall and lock it up in a scrooge mcduck vault never to be opened again, it will absolutely inflate the currency on a long enough time frame.

>>19845713
>thinking hyperinflation of ASSETS will not make its way into the general economy.

nigga, if real estate is inflated, rent will increase accordingly too, you think that won't make an impact on the real economy?

>>19845713
Thank you based Guru. Remember that it is illegal for anything bad to happen to the US. It just WILL NOT HAPPEN

>>19845713
This
If anything we get deflation bc money never made it to the poor people. Same as great depression the comparison bw the rich and the poor are at same levels as then and they got deflation.

>>19845352
>what is Peter Schiff wrong about exactly?
nothing, he's always been right, just like when he predicted the 2008 crisis
https://www.youtube.com/watch?v=WWYRlPOaFxU

>>19845352
Precious metal cannot function as a medium of exchange in a modern society.
Most transaction does not take place "face to face", so you can't pay with physical items of any sort, it would be slow and cumbersome to mail phyiscal gold in order to purchase some items on Amazon etc.

..so gold is not money, because it cannot function as money. It is a store of value, but anything that doesn't decay over time is a store of value, land, metals, art, etc.

Crypto can be used as a medium of exchange, crypto can be moved around a lot faster than gold, you don't have to be face to face to use it as payment, and you don't have to rely on a third person to facilitate the transaction.
It is also a store of value, and has an implied scarcity as gold.
Peter is a demented boomer that is stuck in the pre-internet era.

>>19845730
That’s it’s not real and you can’t touch it and that it isn’t tangible wealth

>>19846363
You were educated in a Jew controlled govt school.

Gold is fucking money and the dollar is the currency. The fucking dollar is SUPPOSED to represent GOLD. Just like you said faggot, gold is a store of value. And if the currency is not backed by that store of value then after a bunch of decades you have niggers clamoring for 15$/hour min wage when 20$/hour was a good ducking weekly salary 100 years ago.

If the only characteristic money had to be was a medium of exchange then why don’t we all go fucking live in a beach and deem sand as a money. Wouldn’t work to well right?

You ducking dipshits don’t even realize the whole reason your chasing shut coins is because everyone is getting massively poorer because gold doesn’t back the currency anymore. 70 years ago under a gold standard you could drive retarded kids to school on a bus and “make it” with a mortgage, 3 kids and a wife raising them at home.

It isn’t about gold being used to buy a snickers bar you faggot, it’s about gold being money and backing the currency...

>inb4 there’s not enough of muh gold anymore.

Bullshit. You dumbfucks don’t even understand the primary function of money, which is to MEASURE VALUE of goods exchanged for it. Money is a barometer to measure value, and nothing on earth measures value better than gold. Certainly not your faggot bitcoins

>gold salesman makes a case for selling gold
Galaxy brain moves your making I'm sure...

>>19846363

Same bullshit again and again. How about a cryptocurrency backed by gold retard?

>>19846363
There is literally no issue with gold. In fact, crypto fags literally say bitcoin is the new gold. How can it be the new gold when gold never failed? Gold was demonetized by govts 50 years ago... so for all intents and purposes gold should already be worthless, yet it’s close to 2k/ounce. Why is that? Everyone has gotten poorer the last 20 years, but gold did a 5 times in price? So fucking everyone got poorer and decided to buy more gold for jewelry? No. The dollar price of gold represents how unstable, volatile, and lack of store of value the dollar is. Gold is just real savings and sits there and does nothing. The dollar tanking because it isn’t backed by gold is the reason you are investing in shitcoins, because it’s impossible to “make it” otherwise.

Crypto is not money. When the dollar was created people didn’t fucking earn 20$ and put it in a safety deposit box and think.... if I just let this sit here for 7 years I’ll be able to buy 3 houses. Which is what happened if you bought bitcoin.

Bitcoin is an investment. Gold is real savings, and when gold doesn’t back the currency the currency hyperinflates.

The unironic part about it all is the left is actually 1000% correct about income inequality (a term never heard of or said under a gold standard) they just have no idea how it’s happening and it’s because we don’t have a gold standard anymore. The rich are definitely getting richer off our backs but it’s because we don’t have sound money and they are stealing all our wealth thru inflation.

100 years ago a good weekly salary was 20$. Gold was 20$/oz. so a gold ounce equaled a good weekly salary. If you worked for a week 100 years ago and held that 20$ in your pocket until today you can’t even buy a blowjob from a methed out whore for 20$, but that gold ounce.... held in your pocket for 100 years, is still worth a good weekly salary. Since if you exchange it for gist at a coin shop you get 1800$. So gold is money

>>19846363
100 years ago you could go to the bank and give them 20$ for an ounce of gold, and vice versa. Do that today and the clerk will look at you like you have HIV.

Gold and Crypto are on the same team. THEY have you tearing at each others' necks like good little boys while CENTRAL BANKS and FIAT are the real enemy ROBBING you blind.

>>19846781
Wrong. They are not on the same team. They are actually irrelevant to each other. One is a real asset and the other is a speculative digital asset. The gold crypto debate is a meaningless debate. Crypto could go to a 1,000 trillion market cap... and it wouldn’t make gold any less valuable.

>>19846547
>ducking
fuck phone posters

>>19846030
Gold thrives in deflation or inflation. Inflation comes first then deflation. You can go find the Thomas jefferson quote

>>19846838
Yeah respect it... I wrote all that out at red lights while in my car. I might run out of gas again, just not in Missouri this time

yea, but the crypto guys don't know that while in the same time gold guys know that.

>>19846547
This whole post was just bitching about the lack of the gold standard? Like you're not even wrong, but what fucking century do you think it is.

>>19846922
Thats the entire point did you read what i wrote? Your investing in shitcoins because it’s impossible To make it anymore because we don’t have a gold standard.

I don’t know what the delusion is with you people. Bitcoin relies on the dollar. Go walk up to 1,000 random people outside in the next week and ask them how many bitcoin they own. 998 will own zero

Peter Schiff is wrong about economy.

>>19845352

>Crypto was awesome for early investors, if you're getting in now you're just holding the bag
This is true, laggards pay the ultimate price

>>19846363
>Most transaction does not take place "face to face", so you can't pay with physical items of any sort, it would be slow and cumbersome to mail phyiscal gold in order to purchase some items on Amazon etc.
>..so gold is not money, because it cannot function as money
nigga are you suggesting money didn't exist before paypal

>>19845352
he is right about everything but bitcoin
he can't see that right now bitcoin behaves the same as silver does

>>19847062
Silver is real money and real tangible wealth. Bitcoin is neither of these.

>Hey, Johnny you want to come over and see my pet frog I got?

>why would I want to come see your frog when I have 50 Pepe the frog memes on my computer I can look at?

>>19845352
He's right in a world that plays by his ruleset. The problem is the world doesn't actually play by his ruleset.

>>19847144
Out of 1,000 random people how many you think own even a fraction of 1 bitcoin?

>>19846363
what you're saying makes 0 sense since you can trade gold on ethereum (synths)
they're redeemable too

bitcoin and gold are like gold and silver, they compliment each other

satoshi says this all the time

>>19847140
>>19847013
>>19847155

So? What is this arbitrary point that it gets enough adoption that you will accept it? But more importantly why the fuck would we or anyone care what you perceive as the value when the market decides the value is $9,310?

Why is your defense for people questioning your boner for gold to bash Bitcoin? I thought you said they were irrelevant to each other? Why do you sound like you just found out about deflationary investments in the last year?

>>19847140
mathematics is part of the fabric of our reality, you just can't touch it
https://en.wikipedia.org/wiki/Fractal

>>19847140
also, the proprieties of what make something money does not involve 'tangibility'
https://nakamotoinstitute.org/shelling-out/

>>19845352
What Schiff is right about:
>The fed is constantly blowing bubbles
>Gold has and will go up in value
>Government debt is an issue
>Gold mining companies are a good investment.

What Schiff is wrong about
>American equities are bad investments
>Foreign dividend companies are good investments
>The ability of government to stimulate economy
> Severity and duration of bear markets.( He missed out on the biggest bull market)
>Dollar collapse so far.

>>19847195
Maybe I’ll accept it but doesn’t mean it’s real money.

>>19845713

>>19847195
They are irrelevant to each other. There’s literally no reason to discuss gold vs bitcoin. The dollar price of gold going up is not the same thing as the dollar price of stocks or bitcoin going up.

Your problem is you don’t understand the difference between money/savings and investments.

Bitcoin is supposedly trying to replace gold but gold is already defunct as a monetary metal by govts. But that doesn’t matter to gold owners because the entire point of buying gold is because the dollar is a Jew scam.

You can convince be your buy bitcoin, it you can’t convince me to sell my gold

>>19847195
You can convince me to buy bitcoin but you can’t convince me to sell my gold for it. Unless it’s temporary to be able to get more gold. And that isn’t to say I’m anti bitcoin or that against holding any.

>>19847195
The market can decide whatever the fuck a bitcoin is worth. But if the dollar doesn’t by you jack shit it doesn’t matter. Bitcoin could go to 10 million dollars a coin. It won’t make gold any less valuable

>>19847013
You're missing a big point, but you're mostly right. Gold and Bitcoin rely on one key factor. That factor is scarcity. One of them is digital scarcity.
One of them is physical scarcity.

We are moving into a world (whether we like it or not) that is extremely reliant on computers and AI. Therefore crypto makes sense. Bitcoin's algorithm is designed in such a way with the block rewards decreasing, that once it clicks in your faggot brain, it will make perfect sense. It is digital gold for the 4th Industrial Revolution. Only a few shitcoins will make it. Lots are shilled here.

Gold is in the third dimension. It's physical. It has all the 4 properties Aristotle talks about. It's intrinsic value is time tested and we would be fools in our lifespan to mock it.

Just because 998 faggots don't have a bitcoin doesn't mean it's not worth anything or doesn't have value. It' just proves its scarcity. And Peter Schiff is fucking faggot, that's why.

Alhamdulillah, bobos do not like to see this, Alhamdulillah

>>19845352
He was bullish on gold when it was $1900 in 2011 and has been bearish on crypto since he first talked about which was probably the same year.
He's a gold dealer so what you get from him is that there's never a bad time to buy gold and why would you buy crypto if you can buy gold. Taking his advice is like looking at a broken clock to tell the time.

>>19846600
More like
>Wall Street investor learned the truth about the fiat currency system and became a gold salesman

>>19847546
There are many characteristics that make gold real money. Scarcity is just one thing. Gold is rare but it’s not too rare. If it was too rare then it would have never been money. If you think gold is valuable simply because it’s kinda rare, that is wrong

>>19847546
I get your point we are moving into a different dimension. I own a lot of link. And desu I don’t even give a shit anymore when I get rich from it given what is happening and how fast we are accelerating into a True totalitarian state. It isn’t a world I care to live in. I was pysched about link back in early 2018 when I got in. I’ve lost 95% of my enthusiasm towards it. If you are excited about living in this AI crypto fag world more power to you... but it isn’t going to be enjoyable

>>19848240
Bump

>>19848240
based. Remember the one true asset is time and you'll never get it back.

>>19845713

>this will NOT happen because the currency will NOT make its way into the general economy

This isn't correct. Unlike 2008,

1) Yields must now be kept so low that, as a consequence, the bond market is crashing, and the debt is being completely monetized;

2) The real economy is now so bad that the government must drop helicopter money on people in order to prevent a violent revolution.

The inflation cannot be exclusively redirected into asset-bubbles this time.

>>19846363

Look into GoldMoney, which used to be called BitGold. You can buy a cup of coffee with gold. Digitally, you can break gold down into as small a fraction as you want. The digital age makes gold an even more efficient medium of exchange. Gold can do everything which crypto is capable of except for offering the absolute privacy aspect.

https://www.youtube.com/watch?v=BjqzyqRz_Mc

>>19846363
>Dude Gold has no value, but my random generated number does
This is your brain on (((modernity)))