The new DEFI platform enters the market! Earn passively - token sale 0.25 $ I'm going in!

Gold a better store of value or not: Peter Schiff wins the argument

By
Redakcja
-
3 min reading

Peter Schiff a Gold proponent and crypto skeptic has won the debate on whether gold is a superior store of value to Bitcoin. Schiff was going through against Skybridge founder and former politician Anthony Scaramucci in a debate conducted by intelligence squared on Aug 25. 

There was a poll which scored 38% way before the gold vs Bitcoin debate started. In the poll an online audience was seen to be in favor of the precious metal, 26% for BTC and 35% as undecided. Schiff was capable to handle a significant number to the precious metal by the end with final results scoring a 51% for gold, 32% for BTC and 17% undecided. Scaramucci started things stating that BTC’s value is derived from its network which lets peer-to-peer transactions without a third party. He also mentioned that BTC has an edge over gold due to its shortage and digital properties.

“I think this cryptocurrency revolution and Bitcoin specifically, because of its scarcity, is going to transcend gold. It’s more portable, it’s impregnable in terms of the transaction over the blockchain…and it’s being adopted quite rapidly.” Schiff believes that “in reality, Bitcoin and gold have absolutely nothing in common” as he said that Bitcoin is marketed like gold, but doesn’t possess any of the “metallic properties,” that gives gold value. 

“Part of the marketing fraud is to try to portray Bitcoin as gold, gold 2.0, digital gold. I mean Bitcoin itself is always displayed as a coin, and the color is gold, and you put like a “B” on it. But it’s not a coin, it’s just a digital string of numbers, it doesn’t have any substance,” he said. He pointed out there is a difference between “price and value”, with gold’s value being determined by real-world use cases, while BTC doesn’t have a palpable source in the real world. “In 100 years, in 1,000 years, the gold that I’m storing today can be melted down and used in electronics or used in jewellery, or for whatever new uses have been invented that don’t even exist today.” 

Currency Exchange rate Buy cryptocurrency

The new DEFI platform enters the market! Earn passively - token sale 0.25 $

Dear customer,

We use cookies to provide our services correctly and safely. Cookies are small text-based data sets that shall be saved on the device you are using in connection with the use of this instnat website. Cookies are created in order to ensure proper functioning of thes instant website. By clicking the button "I accept and go to the website", you implicitly agree to creation of the cookies on your computer and to deploy automatic tracking and data collection and processing on behalf of the Lushup Holdings FZ LEE. Click the above-captioned button is also tantamount to accepting website's privacy policy. Closing the notification by means of "X" is unequivocally connected with your consent. If you do not agree to any of the above, please discontinue using our Website.

“Cookies” shall make an identification of the software used by you and to customization of this instant website to your needs. Cookies contain the name of the domain from which they origin, duration of period of their storage on your computer and an assigned value.

Third party cookies:
We also use third-party cookies for the following purposes:

  • creating statistics - helping to understand the way Users use the Website, which allows to improve its structure and content with use of the analytical tools
  • defining a user profile - in order to display custom-tailored content in advertising networks.

External entities that might be source of any third-party cookies on this instant Website are as follows:

Using a settings of your web browser or by using pre-set configuration tools available in our service you can independently and at any time change the settings concerning your use of the “cookies”, specifying the conditionsof their storage and how your device is creating and downloading them. These settings can be changed to block the automatic handling of cookies in the settings of your web browser or inform about their placement on your device each time.

Detailed information about the options related to use of “cookies” is available in the settings of your software (web browser).

Service privacy policy

This instant document lays out the principles of the Privacy Policy on the tokeneo.com/news/pl website (hereinafter referred to as the "Website" or "Service"). The administrator of the Website is Lushup Holdings FZ LEE, Fujairah - Creative Tower, P.O.Box 4422 Fujairah, United Arabs Emirates.

The full document to read the Tokeneo privacy policy is available in this document.

Advanced settings can be changed in your browser.