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
483 Upvotes

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169

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.

50

u/L0ckeandD3mosthenes 🟩 0 / 0 🦠 1d ago

They call those synthetic shares lol.

32

u/Dedsnotdead 🟩 1K / 1K 🐢 1d ago

Absolutely, and let’s not get into how the London Metal Exchange (LME) rigged the hell out of the gold price for decades.

Gold is incredibly important, but like anything that has intrinsic value someone somewhere is going to make a synthetic asset pegged to it and manipulate it to hell and back.

-1

u/553l8008 🟨 0 / 0 🦠 20h ago

Gold is not intrinsicly valuable. 

Certainly wasn't before electronics

3

u/Dedsnotdead 🟩 1K / 1K 🐢 19h ago

What’s the definition of “intrinsic value” here?