Bitcoin: Better Money?

Bitcoin: Better Money?

Facebook calls it Libra Facebook recently proposed a digital currency that would — Make it as easy to send money around the world as it is to send a photo and — Libra is promising stability. Because would be backed by a basket of major currencies, users would be protected from inflation in any one country. Seems reasonable to me, but government officials were not happy. They summoned Mark Zuckerberg to Washington I actually don’t know if Libra’s gonna work, but I believe that it’s important to try new things. With politicians threatening all kinds of regulation, Libra backers got scared. High profile backers have recently dropped out of Libra… Visa, MasterCard, Stripe, and eBay all quitting the association Why are politicians so opposed? Because they’re threatened by it. Because this is going to be competition for the US dollar. Tech reporter Naomi Brockwell Government doesn’t like this competition. but even if Libra is crushed, says Brockwell, other digital currencies like Bitcoin can’t be stopped. You want to send money to Russia to a family member, it’s going to be censored. You want to send money to a relief effort in Venezuela, it’s going to be censored. You want to use Bitcoin for that, your money will get through. That’s an incredibly powerful tool that gives people back the freedom to spend their money where they want to spend it. Bitcoins are generated all over the internet by anybody. It is the first currency we’ve ever seen that is decentralized. They can’t shut it down. Exactly. That’s why it’s still around, because they haven’t been able to have these hearings. They haven’t been able to call on the CEO of Bitcoin and say, “You’d better cease and desist.” There is no server to unplug. There is no company to shut down, no CEO to throw in jail, so it persists. That’s really exciting Digital currencies “live” on thousands of individuals’ computers, so no government can stop them by pressuring any one company. Bitcoin, a virtual currency When Bitcoin started it was worth virtually nothing. But then it caught on. We’ve seen Bitcoin gain 40% Two years ago, the price of one Bitcoin reached almost $20,000, then it crashed to $3,000. Today the price is about $9,000. That volatility deters many people from using Bitcoin as money, but for those of us who don’t trust governments It is the only suitable money for free people Still, there are plenty of skeptics. I think it’s more of a gigantic classic pump and dump scheme. Investor Peter Schiff. There’s nothing to give Bitcoin value It does have value. It’s a way to send a transaction around the world where nobody can interfere with it. Well, first of all a lot of people are going to be interfering. There’s a lot of regulation that’s now going to come down hard on using Bitcoin on anybody who transacts in it. But government can’t stop it. They can’t even stop the obviously illegal stuff on the dark web. Well, but they could stop it in the normal market. They can get banks and financial institutions and make it very difficult. Schiff also says Bitcoin isn’t that useful… Most people don’t actually buy things with Bitcoin. People are buying things with Bitcoin now. I buy things on Other people are looking to escape China’s currency controls. It’s useful. I just don’t think it’s going to work. Gold is always valuable If you don’t own gold yet, you should buy it It’s not that Schiff trusts that politicians will keep the dollar stable. He thinks people should buy gold. Gold has worked for thousands of years. Bitcoin’s only been around for 10. Gold has actual value. There’s a huge industry that needs gold. Jewelry, you have it in consumer electronics and aerospace and medicine I bought gold. I’ve bought gold coins, but then I’ve got to store them somewhere, put them in a safe deposit box. They’re a pain in the neck. You’re exaggerating how much of a pain it is. I mean first of all, gold doesn’t take up a lot of room. You can store millions of dollars worth of gold, which is more than most people are going to buy, in a shoebox. My Bitcoin investment’s done a lot better than my gold investment. Well, if you got in early, I mean you could say that about a lot of bubbles until they pop. So I’m a fool because I bought Bitcoin? No. You’re a fool because you’re not selling your Bitcoin. I don’t presume to know which way prices will move. But I do know it’s good to have alternatives to these. The value of these is only backed by politicians promises— and I sure won’t trust those. And even if these things do remain valuable… I don’t trust that politicians won’t someday tell me, you’re not allowed to use your dollars for things we don’t like. The U.S. government has put increasing pressure on companies to stop working with Wikileaks. The government decided that they didn’t want Wikileaks to receive donations Funding to the website is becoming increasingly difficult. We’ve seen a monopoly on the money supply for a very long time and finally consumers have a choice. You can send Bitcoin peer-to-peer to someone over the other side of the world almost instantly at very low cost and it can’t be censored. That’s incredibly powerful.

100 thoughts on “Bitcoin: Better Money?

  1. I got a little bit of bitcoin a few years ago. Not long ago, i checked its current value. It wasnt high. So im sceptical of the claim that one bitcoin is worth thousands of dollars. As well, only certain vendors even accept bitcoin or other crypto, and exactly what they are and are based on is fairly abstract.

    There is an advantage to having a centralized currency too, just as there is a big advantage to standardized parts. If we all collectively threw out the dollar, ignoring the fact that tons of people would loose their life savings and have to reset many necessary things (insurance payments, mortgage or rent agreements, etc), we would find ourselves in a market of dozens of crypto options. So not only would having a sufficient amount of currency be a concern, but having the correct type of currency, depending on what the vendor you were dealing with accepted would be an issue to be constantly dealing with. To say nothing of the constantly shifting exchange rates between one crypto and the next that we would constantly have to deal with in making sure we could pay with an accepted currency.

    I understand the appeal of having one more thing not constrained by government over regulations. Broadly speaking, im against big government over reach too. However, some government is always needed for a functioning and stable society. So to have no regulation over a chaotic system of many multiple, poorly defined currencies which only exist in cyberspace and cant be put in my hand — well, pardon me if im not all in on this idea at this stage.

  2. If we're gonna do crypto currency then we're gonna need a social credit system to ensure that people who think for themselves can't buy anything.

  3. I like JS but when it comes to Crypto Currency he's pretty stupid. China's future crypto is backed by gold. Bitcoin trans are tracked. Coinbase is my wallet. Silver is better than gold over the next 2 years. Sell all stock by end of 2020.

  4. Everywhere I go, I always offer sex as payment.

    I admit, people and businesses are often slow/reluctant/indifferent/offended at my idea.

    But one time at a car wash in The Bronx an Armenian guy (owner) took me up on the offer.
    Ir wasn't too bad, generally a positive experience.

    He made me strip bare, then he asked me to dance for him, then he spread some mayonnaise on my buttocks, put me on all fours, and was throwing bologna slices at my behind from across the room. Every time a slice would stick, I was supposed to make donkey sounds. Later I gave him a BJ and I took some pounding "up there". It was cool.

    My car came out really clean and fresh smelling, and they put on that shiny tire treatment for free!

    Idiots were paying like $20 for the same service if they paid with money! Morons!

  5. instead of wasting so much energy on "creating" bitcoins, we should have a better use for the energy. I think we should create the currency every second Sci-Fi game uses: Energy Credits. it will be based on the use-time(spent energy) of computing power.

  6. Okay but how’s a person around the world supposed to cash that in for local goods and supplies? Makes no sense in a community not plugged into a consumer society. Can someone clarify this for me?

  7. Ok I get that we need to keep the government out of crypto, but Libra is a joke. Who in their right mind will use libra, which is owned by the creepiest company around, when you can use bitcoin?

  8. maybe not through facebook, but some sort of cryptocurrency will prob be the future, and those who accept it will be damned.

  9. Why is Stossel glorifying Libra? If governments can print worthless money, wait 'till we discover fraud and abuse from the likes of Zuckerberg — nothing in this guy's background assures us he's not capable of it.

  10. Guns are always valuable, invest in firearms and ammo, knowledge is valuable, get training/cpr/self defense/medical/economy/machining/welding/other trades/ get all this before you lose your chance to and have to depend on others.

  11. But what if i want to use my money to say racist things about black people and true things about the rapist pedophile mohammad? Surely that can’t be allowed.

  12. A government has the potential to be controlled by the vote of its population. An international corporation can create hidden flows across nations and build an uncontrollable system. Consider black markets that elected officials are told by their electorate to legislate against whether drugs or slave and sex trafficking. Do you want to help or hinder such markets. Always consider your unintended consequences.

  13. Much respect for Stossel. Peter Schiff understands Austrian Economics. There are serious differences in the inherent foundational worth of Bitcoin and Gold. Bitcoin for example is only a decentralized unit of account which makes a claim on future wealth. Gold is a commodity which represents past production (man hours and fossil fuels spent mining and refining a metal useful to industry).

  14. Mr. Stossel real question, what would happen if Trump loses 2020 election to the Democratic’s???
    Will the far left thinking take over???

  15. I like the video but still not going to invest in bitcoin. Who knows what technology will come into the future to devalue it. I would rather buy gold than bit coin and I do not own that either.

  16. Very interesting I agree. I do invest in real estate stocks and gold. But bitcoin makes so much sense. Decentralized money. That’s why it will go up

  17. 💛My friends, get your Bitcoin Bitcoin Bitcoin Bitcoin Bitcoin Bitcoin Bitcoin Bitcoin Bitcoin Bitcoin Bitcoin Bitcoin Bitcoin Bitcoin Bitcoin Bitcoin Bitcoin Bitcoin Bitcoin Bitcoin Bitcoin  Bitcoin💛

  18. Buy both Bitcoin and physical Gold while you can! Then buy a Trezor or Ledger cold wallet to keep it on. Hold it for 4yrs 🚀
    The world financial crisis is coming next year.. The cracks are appearing. China is bringing out a gold backed crypto. Its happening right Now! The Fed is printing $150 billion dollars a day out of thin air. The US is $226 Trillion in debt! Bonds are at 0%! Interest rates cannot get any lower! The bubble is about to pop people!

  19. I'm not buying gold the government can take it a bad guy can knock me over the head and take my gold they can't take my BITCOIN.

  20. Thank you for understanding what is going to change the future of currency! A DECENTRALIZED AND DEFLATIONARY FORM OF GLOBAL CURRENCY IS WHAT THE WORLD NEEDS TO SUSTAIN WEALTH! AKA BITCOIN! Long bitcoin short the banks

  21. Bitcoin is Gold 2.0. Is peer-to-peer digital money that can be stored in your phone, highly divisible, transferible, unhackable, nonforfeitable, decentralized, scarce, non-correlated asset that has no inflation rate. Blockchain and Crypto Currencies are the future of money. Don't be fooled by governments, do your own research.

  22. BTC all the way. True Liberty. And when is Peter Schiff going to stop playing that old, broken record? Oh wait – Schiff now accepts Bitcoin on his website! He forgot to mention that.

  23. Most of the comments I read are missing the point no one cares bout FaceBook …. Its all about BITCOIN its the future we are coming

  24. 🧡💛💚💙 John Stossel's moustache tells me one thing: He was a 70's pornstar and he's definitely LONG BITCOIN. To the moon baby!! 🧡💛💚💙

  25. I love Crypto!

    CryptoCurrencies are here to stay, the banks and Government cannot shut it down!


    Musa "TheGiant"

  26. Hey everyone, stay away from libra!! If you want to buy bitcoin, you could download the Coinbase app and buy some on there.

  27. Here's how I see bitcoin: It either goes to 0 or it goes to 10 million..If you buy $1000 worth of bitcoin right now, then you either lose $1000 or you make 1 million dollars. You decide.

  28. I would trust bit coin if its value stabilized. I have a dollar, tomorrow its still worth a dollar (in the us) bit coin is like buying stocks. Not for me

  29. Gold is the old age store of value… BTC is the new age store of value!!!!!!! Zuckerburg should have a crypto wallet that supports BTC and selected alt coins added to every FB account and forget about libra, if the goal is really to bring banking the un-banked that would do it. Let the people chose the digital currency they will use!! Then lets see what the regulators do!!!!! lol!!!

  30. This Schiff/Stossel "debate" was OBVIOUSLY scripted. Stossel is a horrible actor and that's the give away. Schiff is just your average charismatic Jewish Gold peddler – been around for centuries. The sad thing is that EVERY TIME I see someone "debating" Schiff, they ALWAYS talk about the currency aspect of Bitcoin. This is such a simpleton, shallow view of a new technology.

    Bitcoin is first and foremost a computer technology that is as innovative as the internet itself.

    The Bitcoin Blockchain is the worlds largest and most secure value transfer network – a distributed public ledger that has far reaching applications and implications in commerce, legal contracts such as land deeds, titles, trusts, supply chain strategies, cloud storage, healthcare, government, voting, content creation, advertising . . .and you name it kids.

    BTC (the token) is just the first application offered by the Bitcoin Protocol. THAT (BTC) is what these phonies were "debating". embarrassingly immature.

    I hate having to continually write these posts whenever I catch Shiff once again lying to people and "debating" people who are just as shallow as he is. Sigh.

    Let's move this into an adult discussion guys . . . really . . . it's time.

    John Barrett
    Nashville, Tennessee

  31. To pay in Bitcoin means you have to Send the payment to the recipient. To pay with credit/*debit* means the recipient Pulls the payment. This fundamental difference greatly diminishes the attack surface for consumer financial fraud through data breaches like Target etc. Bitcoin holds great promise but it's transaction capacity is not ready for mass adoption as money yet.

  32. It can be censored as it operates on the public internet. Even if you use tunneling to hide your mining traffic they can just ban encrypted data. It's better than the alternatives but it's not perfect.

  33. I love the way John make direct eye contact while talk and Peter try to avoid eye contact. It is evident that it is increasingly difficult to defend his position against bitcoin.

  34. John, thank you for this reporting. I am so glad that high profile people like yourself are supporting the Bitcoin movement. Over the past two years I have been awoken to the evils of fiat currencies, I see Bitcoin as our salvation against the thieves at my door. Every time I realize the freeing power of this asset it gives me genuine hope for my own future.

  35. @StosselTV BTC is the first through the door. ETH and XRP arefar greater tech than BTC. The real boom for digital assets is coming soon…between now to end of 2021. You made some very good points about the use of BTC. Just wait once people realize what utility looks like. Utility is already here.

  36. why we even give time to Mr. Peter??? HE IS BIAS!. he only like Gold so there isn't anything as good as gold according to him. The future is in the net. ask him why he use a cellphone when he has a home phone?. change with the time Peter. Crypto is used as currency…hold now for future value. Can you go use gold to buy things on the web or at any store. but soon Cryptos will have that capability…gold has been around more than 2000 years but it hasn't had a new use case in daily exchanges/purchasing?

  37. After millennia relying on gold, THIS CENTURY will show the ALTERNATIVE, Bitcoin, with many advantages, mainly because it's digital ands fast and borderless, and trustless, and….

  38. Gold has no intrinsic value… while it has some practical uses, we still assign it value, just like we do with cryptocurrencies. If at some point we discover a massive amount of gold reserves in the ground, your gold you stored in a shoebox under your bed will be next to worthless… but that can't happen with a cryptocurrency. Of course, if a massive EMP wipes out the computers of the world, your bitcoin will also be worthless… but at that point you will probably have bigger problems to worry about.

  39. Investor Peter Schiff, whether he's correct or not, is absolutely a shill for gold, and BitCoin is, in part, a competitor of gold.

    Ironically, whatever you use to transmit value, be it gold, bitcoin, or US Dollars, they're all fiat, because none of them have any value on their own. If you're on a desert island, or you're staving, or you're in prison…. none of those have value except for having value to other people. They're all only forms-of-payment because someone else accepts them. Now you could make the case that this is true of everything, but if someone doesn't want to accept my house, then I'll get use from it by living in… they don't want my food, then I'll just eat it… and etc. I can't get use for my Bitcoin, or my cash, or my gold.

    But as for gold being a currency? If that was true, then what do you buy gold with? And when it's time to liquidate your gold, what do you liquidate it to? It might be Bitcoin, but i'll probably be US Dollars.

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