{"id":24601,"date":"2017-08-08T17:08:14","date_gmt":"2017-08-08T22:08:14","guid":{"rendered":"http:\/\/olduvai.ca\/?p=24601"},"modified":"2017-08-08T17:08:14","modified_gmt":"2017-08-08T22:08:14","slug":"bitcoin-vs-gold-peter-schiff-vs-max-keiser-who-is-right-bitcoins-the-new-beaver-pelts","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=24601","title":{"rendered":"Bitcoin vs Gold: Peter Schiff vs Max Keiser \u2013 Who is Right? Bitcoins the New Beaver\u00a0Pelts?"},"content":{"rendered":"<header class=\"post-title\">\n<h3><a href=\"https:\/\/mishtalk.com\/2017\/08\/08\/bitcoin-vs-gold-peter-schiff-vs-max-keiser-who-is-right-bitcoins-the-new-beaver-pelts\/\">Bitcoin vs Gold: Peter Schiff vs Max Keiser \u2013 Who is Right? Bitcoins the New Beaver\u00a0Pelts?<\/a><\/h3>\n<\/header>\n<div class=\"post-content clear-fix\">\n<div class=\"post-extras\"><\/div>\n<div class=\"post-entry\">\n<p>A major debate topic came up between Max Keiser and Peter Schiff at the Freedom Fest conference on July 19-22 in Las Vegas.: Bitcoin vs Gold.<\/p>\n<p>Max Keiser is a huge proponent of Bitcoin. Peter Schiff says \u201cThese digital currencies might make fiat currencies look good. That\u2019s how bad they are.\u201d<br \/>\n<span id=\"more-47281\"><\/span><\/p>\n<p><a href=\"https:\/\/mishgea.files.wordpress.com\/2017\/08\/schiff-vs-keiser.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-large wp-image-47282\" src=\"https:\/\/mishgea.files.wordpress.com\/2017\/08\/schiff-vs-keiser.png?w=529&amp;h=307\" sizes=\"auto, (max-width: 529px) 100vw, 529px\" srcset=\"https:\/\/mishgea.files.wordpress.com\/2017\/08\/schiff-vs-keiser.png?w=529&amp;h=307 529w, https:\/\/mishgea.files.wordpress.com\/2017\/08\/schiff-vs-keiser.png?w=150&amp;h=87 150w, https:\/\/mishgea.files.wordpress.com\/2017\/08\/schiff-vs-keiser.png?w=300&amp;h=174 300w, https:\/\/mishgea.files.wordpress.com\/2017\/08\/schiff-vs-keiser.png?w=768&amp;h=446 768w, https:\/\/mishgea.files.wordpress.com\/2017\/08\/schiff-vs-keiser.png 861w\" alt=\"\" width=\"529\" height=\"307\" data-attachment-id=\"47282\" data-permalink=\"https:\/\/mishtalk.com\/2017\/08\/08\/bitcoin-vs-gold-peter-schiff-vs-max-keiser-who-is-right-bitcoins-the-new-beaver-pelts\/schiff-vs-keiser\/\" data-orig-file=\"https:\/\/mishgea.files.wordpress.com\/2017\/08\/schiff-vs-keiser.png\" data-orig-size=\"861,500\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Schiff vs Keiser\" data-image-description=\"\" data-medium-file=\"https:\/\/mishgea.files.wordpress.com\/2017\/08\/schiff-vs-keiser.png?w=300\" data-large-file=\"https:\/\/mishgea.files.wordpress.com\/2017\/08\/schiff-vs-keiser.png?w=529&amp;h=307\" \/><\/a><\/p>\n<p>The video was well produced, thanks to Stacy Hebert. It\u2019s well worth a play in entirety.<\/p>\n<p><span class=\"embed-youtube\"><iframe loading=\"lazy\" class=\"youtube-player\" src=\"https:\/\/www.youtube.com\/embed\/ccDjhdqZ5yI?version=3&amp;rel=1&amp;fs=1&amp;autohide=2&amp;showsearch=0&amp;showinfo=1&amp;iv_load_policy=1&amp;wmode=transparent\" width=\"500\" height=\"300\" allowfullscreen=\"allowfullscreen\" data-mce-fragment=\"1\"><\/iframe><\/span><strong>Bitcoins the New Beaver Pelts<\/strong><\/p>\n<p>As noted in my clip, I think Schiff is on the right side of the debate. This is my take:<\/p>\n<ol>\n<li>Bitcoins are the new beaver pelts of monetary transactions. For thousands of years, when available by free choice, gold has always been the currency of demand. Things like salt, cigarettes, beaver pelts, and recently Bitcoin, come and go.<\/li>\n<li>The scarcity of gold is real. The scarcity of Bitcoin is artificial. It depends on trust that a human-based promise to mine more coins will be limited.<\/li>\n<li>In a currency crisis, liquidity crunch, or stock market collapse, where would you rather be? If you choose Bitcoin over gold, you are not thinking clearly. You are dreaming.<\/li>\n<li>Blockchain does not scale. Imagine the entire history of every transaction of any size, any place in the world, recorded on a distributed network.<\/li>\n<li>Despite the hype, no one would use Bitcoin to buy a candy bar. or even a meal at McDonald\u2019s. One might easily do that with Bitgold. Transaction costs are the difference.<\/li>\n<li>Absurd proclamations and theories about the value of\u00a0Bitcoin are now commonplace. This is typical of any bubble.<\/li>\n<\/ol>\n<p><strong>Transaction Fees<\/strong><\/p>\n<p>In regards to point number 5, Morgan Stanley says \u2018<a href=\"http:\/\/www.businessinsider.com\/bitcoin-price-rises-but-retailers-wont-accept-it-7-2017\" target=\"_blank\" rel=\"noopener\">Bitcoin acceptance is virtually zero and shrinking\u2019<\/a><\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin vs Gold: Peter Schiff vs Max Keiser \u2013 Who is Right? Bitcoins the New Beaver\u00a0Pelts? A major debate topic came up between Max Keiser and Peter Schiff at the Freedom Fest conference on July 19-22 in Las Vegas.: Bitcoin vs Gold. Max Keiser is a huge proponent of Bitcoin. Peter Schiff says \u201cThese digital [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[4174,309,374,7945,14648,13390,963],"class_list":["post-24601","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bitcoin","tag-fiat-currency","tag-gold","tag-max-keiser","tag-michael-shedlock","tag-mishtalk","tag-peter-schiff"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/24601","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=24601"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/24601\/revisions"}],"predecessor-version":[{"id":24602,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/24601\/revisions\/24602"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24601"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24601"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24601"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}