Elon Musk vs Peter Schiff on Bitcoin vs Gold
Musk have recently become my favorite person out there not only because he is the world's richest but he is also a smart ass at it, the guy is clued up it is almost unbelievable you would expect him to narrowly focus on Telsa and other forms of business that made him rich but yet he is open to crypto and blockchain technology with elements of empowering the ordinary person in his actions.
According to @elonmusk "Bitcoin is almost as BS as fiat money." So Musk regards both #Bitcoin and fiat as BS. I agree, I just think Bitcoin, which is digital fiat, is even more BS than the paper fiat issued by central banks. #Gold is not BS. It's real money and better than both!
— Peter Schiff (@PeterSchiff) February 19, 2021
An email saying you have gold is not the same as having gold. You might as well have crypto.
— Elon Musk (@elonmusk) February 20, 2021
Money is just data that allows us to avoid the inconvenience of barter.
That data, like all data, is subject to latency & error. The system will evolve to that which minimizes both.
In noting the conversation of two gentle men here, it is left for me to deduce which is smarter. One this traditional fiat is better than what he refers to as "digital fiat" (Bitcoin) If I got my economics right I think Bitcoin with 21 million maximum supply will end up driving more value than the fiat that can be printed at wish and any time. Let's not even go into the counterfeiting aspect of fiat, censorship, inflation and all the crappy characteristics that come with Peter Schiff's favorite fiat.
The other thinks you might as well have crypto, I think that's a man that have done his home work, I think that is a man that have some background in finance. And yes if memory servers me right some time last year I shared an article about millions if not billions of fake gold in the Chinese market that have been used as collateral, which got me wondering what else is real out there. If such amount of gold can be fake, what is the guarantee gold in government reserves are real? On the other hand I am more than guaranteed the Bitcoin in my wallet is real and untampered with
From the debate between Peter Schiff and Elon Musk, I am taking home with me Bitcoin over both gold and fiat and it is beginning to occur to me it takes a smart ass to see value in not only Bitcoin but crypto in general and if you are one involve in crypto in one way or the other you are a smart ass.
We owe it to ourselves to make Hive great
Image by @doze
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