AC on Nostr: Peter Schiff misses 3 things because of personal bias: 1) He won’t acknowledge that ...
Peter Schiff misses 3 things because of personal bias:
1) He won’t acknowledge that before gold, in a barter system, money was just a ledger of whom owed what to whom. Gold has fungible and portable monetary properties that allowed owners to possess and move it, but that has been co-opted by governments and central banks.
2) He agrees that software provides subjective utility value to people but won’t acknowledge that uncensorable cross border payments provides value
3) He claims that Bitcoin is not widely used as a medium of exchange, yet won’t acknowledge countries like El Salvador that have made it legal tender or merchants in circular economies accepting Bitcoin as valid
It’s easy to tell that Peter Schiff has done a little bit of homework on Bitcoin but his arguments fall flat because he hasn’t done the work on the pre-gold history of money or critically thought about Bitcoin as a global uncensorable ledger
1) He won’t acknowledge that before gold, in a barter system, money was just a ledger of whom owed what to whom. Gold has fungible and portable monetary properties that allowed owners to possess and move it, but that has been co-opted by governments and central banks.
2) He agrees that software provides subjective utility value to people but won’t acknowledge that uncensorable cross border payments provides value
3) He claims that Bitcoin is not widely used as a medium of exchange, yet won’t acknowledge countries like El Salvador that have made it legal tender or merchants in circular economies accepting Bitcoin as valid
It’s easy to tell that Peter Schiff has done a little bit of homework on Bitcoin but his arguments fall flat because he hasn’t done the work on the pre-gold history of money or critically thought about Bitcoin as a global uncensorable ledger