Comments by "Joseph Jones" (@drip369) on "Peter Schiff"
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The technology is great but there is no actual value to the token itself. A business or a company has the chance to profit which is why their stock prices can increase in value, not just price, where with tokens like Bitcoin, they only have a price because somebody bought it but they bought it in a currency that is backed by faith&debt. To spend a bitcoin it must be converted back into that currency backed by faith&debt. If it has a price because somebody bought it, how do people profit? By selling it for that worthless currency essentially stealing currency for others. Pump&dumpers literally made their fortunes by stealing from others. The US dollar is backed by faith&debt, the bitcoin is backed by the dollar and gold&silver are backed by themselves, and their history. They are real and do not depend on buyers, electricity and internet. Buyers, electricity and internet are not 100% guaranteed but nature cannot destroy 5 elements on the periodic table, where two of them became the perfect forms of money, something currencies cannot, also something tokens cannot
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I'm shocked how people just let these officials toss around the word "trillion" like it is nothing, so here's some perspective people: if you lined up 1million millionaires, if there are that many, and collected $1,000,000 from EACH of those millionaires, that's a trillion, or, if you lined up 1,000 billionaires, good luck finding 1,000 of them, but collected $1,000,000,000 from EACH of those 1,000 billionaires, that's also a trillion. That's an absurd amount
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Gold has incredible value, and you wonder why they call it precious? Well they figured it out in the twentieth century with the periodic table of elements because there are five metals that nature cannot destroy, and two of them were always used as money because they survived everything. They do not vaporize, they do not dissolve in water, they do not rust, they do not spontaneously combust and they are not radioactive. They or the best form of money. Bitcoin has no value although the technology has value. Bitcoin can only increase in price or decrease in price, but not in value. If a bunch of people put a bunch of cash that is backed by faith and debt into a pool and it increases the value between the amount of people that put money into the pool, the first ones to sell or the ones who get all of the profits and everyone else gets lost and that is called theft. That's why it is a scheme and it will never become a currency because it is backed by the dollar and it has no value otherwise. The dollar is backed by faith and debt where gold and silver are backed by their permanent existence, as well as their history. They have always been the perfect form of money but governments do not like restrictions which is why we are on a fiat system where people know the price of everything yet the value of nothing, just like everyone trying to argue with Peter, they know the value of a very few things
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