Schiff is right (isn't he always?) about everything EXCEPT the way he dismisses Crypto. You can see where he's coming from, being in the business of selling gold, and Crypto is right now, unexpectedly, heavily 'suppressing' the long-awaited rise in gold/silver that he's been predicting and panting after. It's a wrench in his works and so he hates it. BUT... that doesn't mean that he's not 'right' in his intransigent insistence that Crypto is a bubble. It IS. Right now, 'Bitcoin' is king... because for how many years, it was the only act on the crypto stage. But look at the market now!... Last count 1071 cryptocurrencies to choose from!!... And Bitcoin gradually ceding its 'gold standard' place to their collective assault as its relative percentage of market cap steadily decreases. Sure, there are limited numbers of Bitcoins BUT, like Schiff says, there are an unlimited number of 'Bitcoins'.
So, just as the man says... give this explosive trend a couple of years and how can it not be the case that this wild Crypto-bubble will collapse... with the 'digital gold' of Bitcoin just being one of the thousands of 'alt-coins' in the rubble. I'd love to hear how some of you think this destruction-by-dilution of Bitcoin will not play out. After all, already in a few short years there are now over 1000 declared and traded crypto-currencies but there is, always has been and always will be only ONE monetary element that is gold.
I have noticed many gold holders dismiss crypto. It doesn't have to be crypto vs precious metals... there is room for both to flourish :D
I agree, crypto is great. BUT... How do you account for the fact of there being an UNLIMITED number of competing 'currencies' EVERY ONE of which claims that its value is based on there being a 'limited supply'. It doesn't add up. I wish it did. But it doesn't. In other words, this is a mania that cannot last in its present form. It's just not logical. Of course, people want to believe that what they're buying is 'limited' (and therefore worth more than air) but obviously this belief is not rational. Every one of the 'altcoins' is based on a 'good idea'. But unfortunately 'ideas' are cheap as dirt. If you don't believe it, just pay attention to Steemit for a while.
Congratulations @brentcruede! You received a personal award!
You can view your badges on your Steem Board and compare to others on the Steem Ranking
Vote for @Steemitboard as a witness to get one more award and increased upvotes!