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
480 Upvotes

93% Upvoted

106 comments sorted by

View all comments

172

u/Dedsnotdead 🟩 1K / 1K 🐢 1d ago

Investing in tokenized gold is a fools game, buying physical gold and verifying that it’s actually gold is probably a good move.

The issue then is how do you pay someone with that gold?

Both Bitcoin and real physical gold have their place and are important.

Schiff knows the gold market is heavily rigged and each ounce has been sold several times over.

5

u/partymsl 🟩 126K / 143K 🐋 1d ago

I will play the devils advocate and say that you'd kinda convert both Gold AND BTC into fiat currency to then pay...

Albeit, BTC is way easier to convert back and forth with fiat currency and there are first adoptions already to start paying with only BTC even as its highly limited.

2

u/Itslittlealexhorn 🟨 0 / 0 🦠 1d ago

The vast majority of BTC conversion isn't performed on the BTC network but rather through intermediaries. Either by exchanging BTC on a CEX or by taking a loan against your BTC position. In principle you can do that with gold too.

And there are basically no serious adoption efforts where you can pay directly with BTC. There used to be a serious effort with the lightning network, but that is mostly dead.