Peter Schiff on Joe Rogan discussing Cryptocurrency

[AbeFroman]

Interesting thoughts on crypto by the guy who predicted the housing market crash. The whole podcast is worth a listen but the crypto subject comes up at 2:13.

https://www.youtube.com/watch?v=by1OgqQQANg

 

[jcdenton]

Schiff predicted the housing market crash, and dozens more which never happened... Some of his points here I found valid however.

Worth mentioning that his bear take on crypto segways into pitching his company -- SchiffGold bought by Goldmoney last year. 

BTW, the idea of barter economies he brings up is contested and it's an interesting debate. This article can serve as an introduction: https://www.theatlantic.com/business/archive/2016/02/barter-society-myth/471051/ For a deep dive, I found David Graeber's "Debt: The first 5000 years" interesting. Fascinating ideas, contested as well, of course  

Thanks for the link. Joe Rogan always finds great guests. 

[AbeFroman]

It is refreshing to hear an intelligent opinion on why crypto may not work or at least not work out like we think. Schiff definitely used it as an opportunity to pitch his company and the gold standard. If the economy tanks again like he is saying will we realistically look to gold again or will we look to digital gold?

[jcdenton]

23 hours ago, AbeFroman said:

If the economy tanks again like he is saying will we realistically look to gold again or will we look to digital gold?

I'd say a run at digital gold/crypto at first, and the uglier things get, the more we would look to physical gold. It does have an amazing track record.