I livestreamed our Bitcoin debate at Freedom Fest, and the audio wasn't great (the room seated thousands, and so there was a bad echo from the speakers). Here is a much better version of the debate!
Enjoy :)
This bitcoin debate/discussion I moderated at Freedom Fest featured Jeffrey Tucker, Peter Schiff, Gary Smith, and Anthem Blanchard.
Topic: Bitcoin, revolution or another tulipmania?
There is not a day that goes by I worry about my future and my children's future. This is due in part by the rulers of our world dictating us what to do and how we can live our lives.
No matter how amazing or not bitcoin is the fact that it exists and have people around the world use it makes it all the more valuable. The demand will only increase in time because the younger generations are struggling financially. The reason we have so many crypto is likely because many are hoping to make a quick buck. This is apart of the growth of bitcoin and crypto.
There are becoming more and more people who are desperately trying to figure out how to earn a living without working to death. Crypto have given many hope and it is hope they will drive crypto to succeed.
By the way In the not so distant future the younger generation will be old enough to rule the world and many of them are already use to the digital age. What is not to say they will legalize crypto to the point it must be accepted by all?
Kudos on monderating four well educated men ;)
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Thanks for watching :)
I agree, the cat is out of the bag and there's no putting it back in. Cryptocurrency is going to continue to get more popular and more valuable, especially as a tool for freedom
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This debate shows perfectly that many people simply don't get what the value of Bitcoin is. Peter Schiff as well as Jeffrey Tucker think that a 'better' cryptocurrency will displace Bitcoin, this is simply not true.
The enormous value in Bitcoin comes from the fact that the Network timestamps the truth where millions agree on in a trustless way in the global unhackable ledger every ten minutes and when owning a Bitcoin you own a 21.000.000th share of the total output of this 'incredible powerful machine' (quite valuable in times of corruption and failure of institutions I would suggest). This also makes me believe that you CAN value Bitcoin by summing up the value of all the trusted entities to be replaced and divide it by 21.000.000 (thus heavily undervalued ATM)
There are many different use cases and many more will come. Users will need to buy a part of this total output to use the system, and since the supply is artificially limited this will create a market to include the most important use cases and push up the price. This machine has grown over the last ten year and created a very positive track record and network effect.
It is simply not possible to create a better Bitcoin overnight because it is impossible to recreate the infrastructure, network effect and branding (good luck displacing Mc. Donalds when you can make a better burger Peter) without spending years. Fast and cheap transactions or fancy features don't matter, the important thing is the secure timestamp every ten minutes (and BTC is far ahead on this issue) and 'better' features can be build on top of this.
It is sad that an amazing economist as Peter Schiff is denying that Bitcoin is useful and thus valuable will miss out (and make many others miss out) on this monetary revolution. In a few years he will support the value of my 'speculative' investment by topping up his browser with BTC without even knowing it because the UI tells him it is USD LOL.
Anthem Blanchard was really the only one who understand Bitcoin and in my opinion he should be the clear winner. Please next time don't put a Bcasher in a Bitcoin debate because they simply don't get it.
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Poor debate. I am not a fan of the bring up something else not on point to win. Still a debate is lost if you can't rebut even a cheater. They lost a good chance to stop the nay sayer on the far right who brought in alt coins as an argument when the argument was about Bitcoin being a revolution or tulipmania.
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I completely agree: the inflation of alt coins has nothing to do with the inflation of bitcoin. The same way that the inflation of the bolivar is a separate issue to the inflation of the USD. They should not be conflated.
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I think IF you believe that a better cryptocurrency can take over Bitcoin Peter has a good point about the inflation, but I don't believe that will ever happen because core functions as decentralisation, security, network effect and branding are way more important than fast transactions and fancy features. Especially since Bitcoin is now already succeeding to build fast transactions and fancy features into second layers. A better crypto will be simply be copy / pasted into a second layer of BTC and be superior immediately.
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That's pretty cool to know thanks for the tips by the way, have a nice..../
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You can clearly see the difference between that the 2 sides of the panel is not "support Bitcoin" and "don't support bitcoin"..
Its one side who understands what Bitcoin is and the other side that doesn't.
But this is not to say that Peter Schiff and Gary Smith don't bring up good points. They are saying things that nocoiners think and the misunderstandings they have.
Most importantly though, Great job moderating the panel!!! They sure are a heated bunch and you did awesome to calm them down!
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haha I tried my best :)
I do tend to agree that most misgivings of crypto come from a misunderstanding
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And it's so cool to see that you're actually doing something about the misunderstandings with your public involvements and contents!
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I really appreciate that! :) Thanks for watching :)
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