Bitcoin is based on faith, gold is based on faith, both are scarce and both have no intrinsic economic value. One valid point Schiff does make is that you can create alternative crypto coins. It doesn't make sense that when a cypto currency is forked the sum of the resulting market cap is greater than the prior market cap, but that is what we saw with Bitcash/Bitcoin. This behavior implies we can all get rich by forking bitcoin repeatedly. Not sure what the answer is to this contradiction.
RE: Max Keiser vs Peter Schiff: The Bitcoin vs Gold Debate!!
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Max Keiser vs Peter Schiff: The Bitcoin vs Gold Debate!!
The fork was QE on the Blockchain and betrays the very ethos that Bitcoin was supposed to stand for.
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Yeah, except worse than QE, because QE was designed to be unwound. By selling the bonds you buy back into the market, you mop up the excess money supply created by QE. The fork is purely inflationary - like printing money.
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