/biz/ - Business & Finance

>>25264590
lmao rekted

>>25264590
lol imagine

>>25264590
his son said literally nothing. “dude intrinsic value has nothing to do with it!!” source: dude trust me, im like 12 years old

Shouldn't he have said the latter instead of the former?

Back to school bucko

It's so bizarre how so many "Austrian economists" fall back on the intrinsic value argument whenever gold is mentioned.
Have they bothered reading any books that they cite?

>>25264590
>Your understanding of money is flawed
the kid is right, schiff is a retard boomer rock collector.

whats worse your wife cucking you in public or your son?

>>25264743
Did his wife cuck him?

>dude i heckin love gossip about le heckin kikerino twitter argumenterino!!

>>25264700
His son's response is standard Austrian economics, spoken to someone else that's supposedly an Austrian economist. He doesn't need to cite himself because it's supposed to be part of their common belief system.
Or would be, if Peter Schiff wasn't a complete fraud.

>>25264731
the thing is the austrian school of economics doesn't work without austerity. which means less growth less progress less innovation in the end.
they are ultraboomers

Intrinsic value doesn't exist anyway because all value is by definition subjective. Something can have intrinsic utility, but thinking you can know all the intrinsic utility a thing has is laughable.

Bitcoin, of course, has a lot of intrinsic utility. So does gold. Both can be used as money/currency, and each does better than the other in certain contexts. The important thing is recognizing that fiat is losing all value even more rapidly than normal and to reduce exposure by acquiring land, bitcoin, gold, and guns.

>>25264731
It's an ideology, they don't care about the truth. Same thing with the Keynesians.

>>25264700

Here, I’ll translate the source for you “Digital currency made for people to facilitate trade, fiat currency made for government to exert control.”

Why are you even on this board?

>>25264590
Smart family business move.
Dad attracts all boomers to buy gold that think crypto is a scam. They see him as a hero and defender of gold.
Son attracts the new crypto millionaires looking to diversify into gold after a major run up. He is crypto friendly and understands it.

>>25264590
>M O G G E D

>>25264788
I'm not arguing its validity. I'm saying that Peter Schiff (and others like him) are frauds evaluated within their own philosophical framework.

>>25264788
More happiness

Are growing an economy or growing cancer?

>>25264767
He’s a Jewish man so the odds are astronomical

>>25264792
arguably land and people are the only things with instrinsic value.
people, because they are the source of all value, and land which without there would be no people

>>25264788
>the austrian school of economics doesn't work without austerity. which means less growth less progress less innovation in the end.
Growth and innovation occur when taxes are low, property rights are respected, regulations are few and reasonable, and contracts are enforced. "Progress" is a meaningless buzzword and has been for centuries. Lavish government spending cannot encourage growth and innovation because it can only be financed by either raising taxes or debasing the currency.

>>25264792
Besides being used as money, what can you do with gold and bitcoin?

>>25264700
Try reading it another twenty times and maybe it will start to make sense. Fucking retard.

>>25264782
>>25264807
>>25264964
>crypto
it’s literally fake

>>25264911
Value as a concept only makes sense in the context of goals and desires. Value is ascribed to that which takes the system from as it is to how one would like it to be. For there to be value, there must be "one that would like the situation to be different." Value only exists in the mind of a conscious being with goals and desires.

If you say land has intrinsic value because without it there would be no people, then you must also ascribe intrinsic value to fresh water, clean air, shelter, and on and on and on.

Utility is a similar, but distinct concept. Utility is the sum of all uses to which a material/item/good/thing can be put to. Within this sum of uses usually one or several uses is treated as the standard or default utility of the thing, but that doesn't mean that a thing doesn't have other utilities that may give it more value to a person in a certain context. Land can be used for constructing shelter, building cities, or used for agriculture. Another use that is often overlooked is functioning as a watershed which prevents flash floods. There are multiple ways to value land, depending on what your goals are.

>>25264961
Gold is on the periodic table of elements. It's the metal that can be worked to the thinnest shape and still retain its form period obviously that means it's used in jewelry but also things like aerospace

>>25265019
are you retarded?

>>25265179
kek

>>25264961
Gold is a metal, albeit a soft metal, and can be used for most things metal is used for today, although poorly. It's also shiny and has a pleasing color and weight, making it useful for jewelry, and it can be used as a tooth filling. If you are sailing, it can be used as ballast without taking up as much space as less dense metals or stones would.

Bitcoin can be used to send encrypted messages, the simplest of which is a simple code based on how many sats you send to which addresses and when. 1 BTC gets you 100M sats, and although it's a poor medium for such uses, it can be done.

I'm sure there are other uses I haven't though of, which is what I meant when I said that it's impossible to know all the possible uses of a thing and that therefore you can't perfectly understand the utility of a given thing.

>>25265179
top kek

>>25265019
And fiat money isn’t fake ?

>>25265239
>Gold is a metal, albeit a soft metal, and can be used for most things metal is used for today, although poorly
except electric conductivity

I can't understand why this guy is intentionally acting like a retard all the time, what is his endgame?

>>25264774
is that noggo speech?

>>25265179
holy shit lmao

>>25265261
True, it has a very low resistance and being a soft metal it's easy to form into wires. I believe it is even more useful in a vacuum, like in satellites in orbit, because it doesn't interact negatively with the vacuum. I'm not an materials scientist though.

>>25265261
you fell for the gaming gear meme, it's shittier than copper and silver.

>>25264788
Read literally any article on crypto from the Mises Institute instead of pulling shit out of your ass.

>>25265329
are you sure? in music equipment it is widely used.

>>25265262
>why this guy is intentionally acting like a retard all the time, what is his endgame
Peter just wants to make Spencer look smarter

>>25264788
>less growth less progress less innovation
yes but what growth, progress and innovations you do have is sustainable and doesn't reverse mortgage our childrens' financial futures to fund the sinecures/pensions of today's retireees.

Growth for growths' sake is the mentality of the cancer cell.

OH NO NO NO HAHAHAHHAHAAHAHAHAHAAHAHAHAHA

>>25265401
this, good father.

>>25265179
fucking turbo kek

Does nobody understand Keynesian economics? Inflation is a feature. You're not supposed to hoard cash. Gold is inflation hedge and speculation. Bitcoin is speculation.
You don't want to park a lot of money in hedge. You invest that money instead.

>>25264788
> Less progress
> Less innovation
Not necessarily. Less progress in consumerism, for sure. But perhaps more progress in things like space travel.

Either way, fuck progress. We're evolved to live primitively.

>>25265553
Inflation is theft and government intervention in the economy is the cause of protracted recessions.

>>25265329
It’s one of the most useful research metals. It’s taking over cryoEm. It’s electrically conductive, good heat coefficients, and is biologically inert. Those make it incredible for imaging technology.

I have 3kg in gold scrap from my business, I use a lot of it.

>>25264590
ole spencer made it with btc, now he doesn't have to kiss ass to ensure he's on peters will
btfo

And people saying bitcoin has no use..

Carry around 100 million dollars in your pocket, across borders, and be able to move or transact it at any time.

Gold? Lol.
Fiat? Not in cash. Most banks won’t let you move that much balance around in one go digitally either.

It’s not amazing because of shit TPS, but in its current niche it works.

>>25265361
i was talking about an economic system and 99.98% of crypto projects are literal cancer.

>>25265595
no austerity pretty much comes with prioritizing civilizational resources and energy away from frivolous things like research and focusing on the bare means of survival ie keep things functioning and to maintain reserves for the times when shit hits the fan.

>>25264590
>free market
Anyone who ever says this instantly reveals themselves as a pseud chasing boogeymen. There is no such thing as a free market; no such thing has ever existed, and no such thing will ever exist. None of that addresses the outrageous reach that a currency which spawns from this delusional non-existence is somehow magically more "legitimate" simply because people arbitrarily ascribed value to some bullshit they wanted at a particular moment in time, as if monkey-brained stupefaction by shiny things is somehow more legitimate than a rational process of definition.
And why has he capitalized state? This man is jumping at shadows so fucking hard that he's trying to canonize them.

>>25264590

SON YUO MUST CHOOSE

>>25265553
>Inflation is a feature.
indeed but some morons can't get this for the life of them. inflation is a feature but gross overspending is abuse.
when you give a powerful tool like fiat to greedy imbeciles like politicians... well inflation is the only way out.

>>25264846
peter schiff is a gold merchant. he is playing a role. however annoying it is for us he kinda has to.

>mfw you have to poor molten gold down your kike son's mouth

he is using relativism argument to undermine intrinsic value, which is worse than being a fucking boomer that gives inherent value to things that dont have it

fiat is a better system than decentralized because it adds security and confidence from force, but because of mismanagement they have lost control of it and its trending toward implosion, I think tokenization of everything is coming soon as CZ said, it will happen on the c****s

at the end of the day people just want enough to enjoy life and the old way was better, zoomers are suicidal gamblers that want to see the world burn in hellfire while they fuck eachother in the ass

>>25266123

>>25264961
There’s gold in whatever device you posted this from

They are both heavily in Bitcoin.

Peter just pretends to not like Bitcoin because he's paid big money to promote gold.

>>25264774
Is this the final version of this meme? Is there anywhere left to go?

>>25264633
S N I F F

>>25264590
You know, if my son smart-mouthed me like that: I'd tell him that, once upon a time, his neck was weak enough to allow me to twist his head off like a soda bottle cap and it's a shame that I passed up the opportunity to do that.

>>25266427
Don't be a fool in public and your son won't ever have to smart mouth you. Seems pretty simple.

>>25265636
still not intrinsicly valuable. a starving man would see a sandwich as being more valuable than a mountain of gold.

ergo there is no such thing as intrinsic value, only subjective value. you may see this as "relativist" but calling things relativist is a cope for people who dont want to see the truth

>>25266427
Incels like you gladly dont procreate, so your little retard goes on a power trip fantasy is pointless.

>>25264590
>BTC making new ATHs
>xrp being executed
>schiff getting publicly wrecked by his own son
it's beautiful anons

>>25266560
Pretty sure he was just describing another use, not claiming that gold has intrinsic value.

all this gold fud.. bullish for gold/silver

>>25264743
his wife is getting cucked by multiple members of the los Angeles lakers and thier larger penises

>>25264590
HEY GUYS BUY MY GOLDCARD U CAN PAY WIF CASH BUT GOLD.

GOLD IS GUD

>>25264590
what would happen if Schiff saw that scene in breaking bad with the bald dude who is like THEY ARE MY MINERALS MARIE

>>25265406
>Growth for growths' sake is the mentality of the cancer cell.
very much this

>>25266560
The simple definition of intrinsic is belonging naturally. Gold in its natural for with its natural properties is valuable. Period. It’s just a fact. It was valuable I. The past. It’s valued now. It will be valued in the future.

Bitcoin can also be valuable. But it’s also completely digital. So one bad solar flare and your system is toast.

>>25266560

Attractive women have intrinsic value to straight men since they instinctively want to coom

>>25266849
>Bitcoin can also be valuable. But it’s also completely digital. So one bad solar flare and your system is toast.

If all the computers in the world were destroyed, we would all die, whether you have bitcoin or gold won't matter.

>>25266822

>>25264590
My son holds Kleros, so I will never be.

>>25266951
It's BRAID, dummy.

>>25264804
What's the best school of economics?

>>25265370
it's used as coating over metal connectors because it resists corrosion, but in terms of electrical conductivity then silver is superior

>>25267155
they're all shit in their own ways

>>25267155
Capitalism

>>25267329
Is Keynesianism worse than Modern Monetary Theory or better? Or is this one of those "different tools for different situations" things?

>>25267406
Yeah but there's like 20 different schools of economic thought that promote capitalism.

>>25267486
MMT

>>25264590
This is so cringey I'm betting it's an act
Schiff is the biggest troll in crypto yet I think all this attention is just gaining him customers for boomer rocks

Kinda like how Kevin O Leary came on tv in 2013 explaining bitcoin and being a bull saying it's "here to stay" at $1 Billion marketcap
Now he's on tv as a bear feigning like he doesn't know what it is

I think the rich (especially public figures) do this shit all the time
Imagine if you could make the equivalent of a shitpost on /biz/ and actually affect the price a little bit, you'd do it too

>>25267666
satan checked
but youre right. I've been digging for general public sentiment recently, and everyone still thinks btc is a scam. they're eating this shit up

>>25265179
Kekin kek
this kike just can't stop losing. what a faggot

>>25267756
That's cool
What's your way of finding/determining broad sentiment?

>>25268070
just generally looking around the non-crypto web, comment sections especially.

>>25267155
Marxism. Unexpected I know.

>>25267155
Austrian school ideally, but were gonna need fascist corporatism to built a decent society for a few generations. then we free the markets, when we are free of the jew.