He's pot committed at this point. Reputation is on the line. Being a gold bug has served him well personally...would never expect for him to change his tune, even if privately he is accumulating bitcoin because he has grown to understand it.

from this note. I get that Peter doesn't hang around young people.

Schiff is like a glass of port, one small glass is quite enjoyable

yes. And I think he secretly stacks sats 🤣

There was a debate about bitcoin long time ago of him against Jeffrey Tucker. At the end, out if stage he was asking Tucker "which one do you think is the best wallet?"

He understands the problem, not the solution

That last sentence is old news to me. Maybe others are unfamiliar?

Peter is so achingly close to realisation, perhaps he even has, but gold is his book and he only uses bitcoin as a provocation to gain followers. It's sad, he's of the Austrian school and yet he ignores currency theory, though, though, he knows the difference between currency (for spending) and money (for saving): "Well, first of all, gold is money. It's not currency. And so there's a difference between money and currency. So currency is backed by money. So when we were on a gold standard and we had paper that was redeemable in gold, the paper was currency. The gold was money. So currency is like a money substitute. But you can have two kinds of currency. You can have legitimate currency which is backed by real money or you can have fiat currency which is backed by nothing. And so what we have now is is fiat currency. And the question is, well, could we replace that with Bitcoin?" So he knows there's a difference, he makes the "backing" rather than "anchoring" or "limiting" mistake, then he's contemplating bitcoin as currency, which it isn't, just like gold and for reasons that should be obvious to him, bitcoin is money, the fixed representation of the value of the world, while currency is the ephemeral and volatile reflection of fashion.

He should be on Nostr btw!

there's a lot to be said for people who recognize the importance of hard money

at this point I'll applaud anyone who recognizes the dangers of money printing. I don't really care if they're advocating using cows, metals... whatever. I think bitcoin is a better money, but if you don't like what fiat has done to our world, I'm on your team. View quoted note →

He believes in central banks

This true?

He gets way too much respect when on Bitcoin podcasts. They never challenge him enough.

Change is difficult … Far more difficult than implementing change is figuring out what works, understanding why it works, grasping when to change, and knowing when not to. Jim Collins - Great by Choice

idk, i think he's secretly stacking and just likes to troll bitcoiners

Yeah, sound money geeks are brothers-in-arms, no doubt. Those who see the grift can’t unsee it and become tribe. Schiff is just annoying because he’s embraced gold > bitcoin as his own personal grift.

He’s so close to being awesome….

Bitcoiners and Gold bugs agree on the problem. We just diverge on the solution.

A Chinese gold trading platform has just frozen 19 BILLION $ in assets. Thousands of investors can no longer withdraw their funds. The platform is offering 20% compensation of the initial capital. The platform (Jiewurui / JWR in Shenzhen) is facing a classic run/redemption crisis after gold's rally triggered mass withdrawals. Founded in 2014 as a legitimate gold trader, the company operated physical storefronts and gained trust through competitive pricing and aggressive social media marketing. But behind the familiar interface of jewelry commerce lurked a betting mechanism. The platform's "pre-pricing" system allowed users to lock in gold or silver prices for future purchase or sale with deposits as small as 20-30 yuan per gram — creating leverage as high as 40-to-1, compared to the Shanghai Gold Exchange's regulated 14% margin requirement.

South China Morning Post

China’s ‘gold fever’ sparks US$1 billion scandal as trading platform collapses

Chinese platform JWR faced a liquidity crisis as investors rushed to cash in on surging gold prices, leaving customers billions of yuan out of pocket.

This is exactly the perspective we need on people like him. Unify along shared values and perspectives

He is intellectually dishonest and refuses to approach bitcoin objectively or in good faith. It's personal for him because it threatens what he's based his entire identity on.

Just listened and was a great job Jimmy. Very deflective/obtuse of Peter to ignore incentives and game theory with regards to money printing and custodians. He is a fiat/usury maxi, despite his gold spiel.