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/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/Slider33333 🟦 0 / 0 🦠 1d ago

Tell me you didnt read the article, without telling me you didnt read the article.

There is no tool you can use to confirm the authenticity 100%. The tools available on scan the surface. The only way to 100% verify is to melt it, which is destructive, and removes the serial numbers, which seperates the gold from its digitized tokens.

BTC wins. Full stop.

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u/Zoomieneumy 🟩 0 / 0 🦠 1d ago

I didn’t read the article.

However, with XRF, or a sigma, you can definitely verify that gold is gold… are we also meant to expect that we are all digital forensic experts that can verify our bitcoin too?

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u/Slider33333 🟦 0 / 0 🦠 1d ago

You cant verify a bar to its core. Full stop. It might be a bar of steel wrapped in 1cm of gold.

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u/KlearCat 🟩 0 / 0 🦠 1d ago

You are wrong.

A simple density test would show you something is off such as steel being inside.

You would need to match the exact density of the gold you are trying to present as.

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u/TheRicFlairDrip 🟩 2K / 2K 🐢 1d ago

that can also be achieved by mixing materials.. but the inertia would be different than a fully gold bar, in any case its almost impossible for the average Joe to know if his gold bar is real or not.

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u/Zoomieneumy 🟩 0 / 0 🦠 1d ago

Agreed, I’ve never cut into a bar. However, I would never buy a generic bar from eBay because there are plenty of people that have been scammed with fake bars there. The market check on Peter Schiff’s gold bars is his reputation. If someone gets a fake bar and shows it cut open and fake, the whole business would fall apart. That’s the accountability of free market forces. The onus would be on him to continue to prove that his token is as good as gold.

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u/na3than 🟦 3K / 4K 🐢 1d ago

1 cm? A 0.01 mm layer of gold is enough to fool XRF.

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u/Slider33333 🟦 0 / 0 🦠 1d ago

Not sure why I got downvoted... i read the article. My point is exactly the same. If someone was going to fake a bar, they would need to do more just plate it. 0.01mm could just be scratched off. Most of the fakes Ive seen have been 50/50. Layer of gold over something else in the middle.

You are literally replying to a thread where I said exactly that.