I give kudos to the Kitco moderator for trying to put a stop to this argument before it started, but this is always the first arrow in the quiver for bitcoin bulls. This is akin to betting “black” at the roulette table after “red” comes out fifty times in a row because it is “due” to come out when, in fact, “black” still has the same 50% chance of coming out as it did on all of the prior spins.
Mashinsky led the debate by suggesting a classic fallacy: that bitcoin’s past performance was going to always be indicative of its future results. The guy that he was “debating” against was throwing a slew of logical fallacies against the wall and just seeing what stuck. In fact, sometimes, I lose my temper watching the videos and get mad at Peter for not losing his temper because of how stupid some of the guests are that he is routinely pinned against when discussing things like the merits of capitalism versus socialism.īut it wasn’t more than a couple of minutes into Kitco’s debate that I started to understand exactly why Peter was getting frustrated. I couldn’t help but wonder what, exactly, took place during the interview, as I have watched hundreds of Schiff interviews and have never seen him lose his temper. So hopefully, if you are a crypto advocate, you don’t see this article as me widening the gap between us, but rather trying to identify some nonsense in the space that I think can help inform both bitcoin skeptics and those who are bullish. Like many people, for a preservation of wealth and store of value, I am much more comfortable holding gold.įurthermore, I agree with the problem that a lot of bitcoiners are trying to solve: that the central banks are completely out of control and are doing more harm than good. I like the idea of bitcoin, I just don’t know if it is going to stand up, long-term, in practice.
Second, I want to make the points that (i) there are some things about bitcoin that I like and (ii) that I have exposure to some crypto related names. If you’re one of those bulls already thinking about giving me shit, I encourage you to read some of the points I’m going to make here and not immediately try and throw a wet blanket over this entire article. I want to start this piece off by saying two things.įirst, just know I’m going to get a lot of shit from bitcoin bulls about it. Mashinsky is the CEO of Celsius, a CeFi lending platform operated by use of blockchain technologies, and a proponent for bitcoin and cryptos as assets. Schiff is CEO and chief global strategist of Euro Pacific Capital and a large proponent for buying gold as a safe heaven to preserve wealth. So I was very interested when, last week, Kitco posted a debate between Peter Schiff and Alex Mashinsky on the merits of bitcoin versus gold.
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