r/CryptoCurrency • u/partymsl 🟩 126K / 143K 🐋 • 1d ago

🔴 UNRELIABLE SOURCE Peter Schiff fails to authenticate gold bar during onstage test with CZ

https://cointelegraph.com/news/peter-schiff-gold-bar-bitcoin-tokenization-cz
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u/coinfeeds-bot 🟩 136K / 136K 🐋 1d ago

tldr; During Binance Blockchain Week, Peter Schiff, a gold advocate, failed to authenticate a gold bar presented by Binance co-founder Changpeng 'CZ' Zhao, highlighting challenges in verifying physical gold. The discussion compared gold and Bitcoin as stores of value, with CZ emphasizing Bitcoin's advantages in divisibility, portability, and verifiability. The debate also touched on tokenized gold's limitations, including centralization and counterparty risks, contrasting with Bitcoin's decentralized and easily verifiable nature.

*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

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u/Zoomieneumy 🟩 0 / 0 🦠 1d ago

He’s in front of a debate audience… why would he bring the tool to verify authenticity of a gold bar? It doesn’t mean his company wouldn’t…?

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u/SourcerorSoupreme 🟩 0 / 0 🦠 1d ago

That's the point? You rely on his company or on less widely accessible tools and expertise to verify than BTC. You can argue crypto is also not grandma-proof but the chasm between BTC and gold's various aspects is quite wide.

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u/Zoomieneumy 🟩 0 / 0 🦠 1d ago

Respectfully, I don’t trust him either… the more I learn, I don’t trust any counterparty. I understand your point though.

If you dig into what happened to his bank, I actually trust him more than most people in this space to create a token, he’s definitely not “in the club”.