Peter Schiff and Erik Voorhees holds some interesting debate on the value of crypto-currency. Erik Voorhees is the CEO of shapeshift, Peter Schiff the CEO of Euro Pacific capital.
Erik argument centers on the merits of bitcoin and can be broken down into four sections
1. Why bitcoin is good money
a. Scarce
b. divisible
c. recognizable
d. durable
e. cannot be counterfeited
f. portable
g. programmable in a digital age.
2. Why fiat is bad money
a. Pyramid scheme,created at will
b. not durable
c. not scarce
d. third part trust as foundation of your wealth
e. not portable
3. Why Gold and other forms of market-based money are insufficient
a. not scalable
b. not portable
c. impractical in a modern economy
4. Why bitcoin will win
a. decentralized
b. easy access to financial services
Peter Schiff, acknowledge that fiat was deficient but that bitcoin is not the future
1. Fiats backed (initially with gold), now with government trust.
2. Bitcoin has no intrinsic value.
3. Scarcity is arbitrary fixed
4. Bitcoin is not a reliable store of value. lacks certainty in value.
https://www.youtube.com/watch?v=q8R71WGO3qU&t=718s What do you think won?
It is interesting to see that there is a whole new support towards bitcoin replacing fiat, although the possibility of this happening entirely seems pretty bleak in the present, the ever expanding support towards BTC is highly beneficial for the investors.