The infamous Gold loving Bitcoin (BTC) critic Peter Schiff found his opening to strike at the king of cryptocurrencies when the market spoke of a downright cut from thirteen thousand seven hundred dollars ($13,700) down to eleven thousand dollars ($11,000).
Peter just couldn’t resist and had to comment on Twitter, he came up with:
“The idea that Bitcoin is just like gold is utter nonsense. Bitcoin is nothing like gold. It’s fool’s gold. There is not a single use case where Bitcoin can be used as a substitute for gold. Plus the gold price never falls by over 25% in less than 24 hours!”
The idea that Bitcoin is just like gold is utter nonsense. Bitcoin is nothing like gold. It’s fool’s gold. There is not a single use case where Bitcoin can be used as a substitute for gold. Plus the gold price never falls by over 25% in less than 24 hours!
— Peter Schiff (@PeterSchiff) June 27, 2019
What Peter fails to acknowledge is that Bitcoin, unlike gold hasn’t aged at all. Ten years and into the market and screening all the top charts- stealing the spotlight is enough to make any field enthusiast envy the new kid on the block
Why should BTC be spared?
However, providing people with quality service shouldn’t be neglected over personal preferences. As compared to armoured Humvee escorts for transporting gold, storing the Bitcoin on a live server or a cold-storage blast freezer with a self-destruct sequence if tampered with (etched to a strand of DNA) seems more convenient.
The concept that rare objects proportional to the amount invested in their development/extraction are supposed to be used for currency.
Not to mention that they have to be physically existential and not a random string of 1s and 0s on the internet that may or may plummet into a complete array of zeros with a single power surge.
Yes, the virtual currency concept is quite hard to ingest at first but for the latter part of the concern. All of the systems are decentralized: meaning that last code hash is used to generate the new code and hence as long as there is some code on any of the ‘ledgers’ available. Your bank balance is up, alive and kicking.