As some of you know, Peter Schiff made a name for himself by becoming one of the few who predicted the 2008 housing market crash.
Of the few people who knew about the upcoming crash: a few kept it a secret and shorted the market, while others secretly licked their chops and waited for the housing prices to crash, then went on a buying spree.
But Mr. Schiff, one of the most successful investor/business owner in recent years, publicly went on media to predict the crash. He got laughed at for sure, but he did try to warn the people. I commend him for that.
Sidenote: He is predicting another crash coming soon, about 3 times the size of the previous one.
I've simplified one of the main reasons in my previous post: "How the Baby Boomers Generation Screwed Us and the Next Upcoming Crash (Not a FUD post)"
But now, he's recently been on a relentless bashing spree of bitcoin/cryptocurrencies.
There's a long video he made about how crypto sucks but I'm not gonna post it because it mostly sounded like an immature rant. What I'm gonna post instead, is his talk with Joe Rogan, which was more reasonable. He sounded like a reasonable man here.
For the record, I agree with 90% of what he says here. Except the last part about cryptos of course, which I will tell the reason why in a bit.
The rest is worth the watch though! No really, if you ignore the last part about his biased stance on crypto, most of the video is actually good. Worth the watch if you have time.
His points on why Bernie Sanders could never win, because his "Robin Hood" style of taxing the rich will never work, because corporations will simply just "move" to another 'tax friendly' country... And take all of the jobs with them. And His other points on capitalism (practical capitalism, not the fake capitalism you see on TV about bailouts and golden parachutes... those are disgusting btw) made a lot of sense.
Tip on "true" capitalism: Read "Why 'A' students work for 'C' students, by Robert Kiyosaki. Awesome and easy read.
Now here's why he hates crypto.
Goldmoney.com which he desperately tried to plug in, is managed by none other than, Schiffgold!
Here is a screenie of goldmoney.com
https://www.goldmoney.com/support
Yeah seriously, it was kind of strange when it came to the last part, he stopped being calm and collected and it became more of a rant than an explanation.
It sounded like his business (he is MOSTLY invested in Gold) is being disrupted. Which it literally is! Crypto is disrupting Gold!
For crypto's demographic age of mostly 18-34, Gold is a relic of the past and an inconvenience in the digital age.
It literally is a hassle for them to rent safety deposit boxes, or buy a house and spend vastly on a high security anchored safe. Because you need a house for an "anchored safe." Your mama is not going to let you drill a hole in her basement.
Anchored safe because a robber can literally just carry a non-anchored safe out of your house.
Img from getrends.com
Because the word "decentralized" has entered the consciousness of the youngsters, private centralized safes for gold is a nono.
And having an anchored safe means you will also be incharge of your security. Which means, steel enforced window grills and doors. And a gun. A home invader is going to carry a gun and national average police response is 15-20 mins. Home invaders are trained to clean out your house in less than 5 minutes.
Steel window grill, pinterest
And about burying gold on your backyard: sure secrecy is the main goal. But the thought of some thief digging your gold in your yard at 3am is seriously going to wreck havoc on your sleep.
In comes crypto.
Convenience: You can literally erase all traces of crypto in your computers and just leave a lightly coded seed phrase in a safe location.
Some guy hid his laminated tear-resistant, waterproof paper under one of his bathroom tiles! Seriously, he needs to break off his secret tile in order to get his seed. Goodluck finding that.
And he hid another coded seed phrase in an almost indestructible time capsule somewhere that only he and his wife knows about.
Now this may be extreme, but usually a lightly coded seed in a fire-resistant safe (cheap in hardware stores) is enough. Or a small fireproof container that can be hidden anywhere in the house or yard. It's coded, so only you will know.
Plus cryptos are liquid-ish. Localbitcoins.com, tenx, bitpay or the hundreds of giftcards will let you buy groceries. Goodluck shaving a part of your gold coin to buy a coffee.
Goodluck paying for dinner with gold. It's practically illegal to trade gold. Whether you trade it for services or food, uncle Sam don't like it. He only wants you to use fiat (debt money).
Now crypto on the otherhand can be paid with tenx, bitpay or monaco. Or profit a little bit from localbitcoins before you take your date to dinner :)
Plus, you know, the thought of a centralized company suddenly going bankrupt is scary. Or they may go Bernie Madoff on your ass.
That's the problem with centralized companies, whether it be on purpose or a freak accident out of their control... Like an earthquake opening up their stronghold and compromising their security. Or a loyal, trusted employee of 30 years suddenly having a (knock on wood) sick child and desperately needing money for treatment... might betray them and steal gold.
Gold from any centralized location can be stolen.
Schiff may claim brinks security has never been stolen from. But that's exactly the kind of odds that "too big to fail banks and corporations" had back in 2008.
Too big to fail entities used to have a false glamor of untouchability... but suddenly Enron, Lehman bros, Washington Mutual, General Motors, CIT group, Chrysler, Pacific gas and electric, Delta airlines etc. went down! They were billion dollar companies/banks that were too big to fail!
Furthermore, a lot more "should" have went bankrupt had they not went gangsta on the government and STOLE 16 TRILLION DOLLARS FROM THE PEOPLE.
read my story on How the banks made the biggest, most hardcore, in your face, "gangsta style" robbery in human history! Link here:
https://steemit.com/bank/@everluck/how-the-banks-indirectly-created-bitcoin-blockchain-and-cryptocurrencies
Add to that, gold can be stolen by your loving gov't. Most people don;t know but the bigget gold robbery in history was done by Roosevelt through the Gold Reserve act of 1934. Your govt is the biggest gold theif in history.
And I'm not trying to FUD here, but what happened to Venezuela when their currency suddenly crashed practically overnight (like cyprus, greece, Zimbabwe and many others) was literally hell. Gold/silver was hard to transact that's why Venezuelans went on the crypto route. I will post about this in the futute.
When Hugo Chavez declared he was siding with Gaddafi and Mubarak in "dumping" the US petro-dollar and creating their own "African Dinar" --- Lybia and Egypt were raped without lube and Chavez "conveniently" had a cardiac arrest and a puppet gov't was installed after that.
Yes yes, I know the temporary economic boost by Chavez was bound to burst, but he was rumored to be planning a bold economic boost with other oil nations (like OPEC) before the US came over to instill "freedom and democracy." I guess we'll never really know.
Closing...
Crypto is just a direct competition against Peter's biggest investment--Gold.
Don't get caught with the fear-uncertainty-doubt tactics of bankers and corporationists like Schiff and Jamie Dimon... they are just simply protecting their industries.
Industries about to be disrupted by crypto.
The future is Decentralized!
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