The arguments against Bitcoin are getting comical at this point

in LeoFinancelast month (edited)

Bitcoin isn't scarce because it can be divided up into Satoshis!

We all knew bears were running out of things to throw at bitcoin, but this latest one is more absurd then even I would have guessed.

Our good friend Peter Schiff took to twitter today in order to quiet the bitcoin bulls by reminded them bitcoin isn't actually scarce.

Nope, it's not scarce because it can divided into a bunch of satoshis.

Seriously.

I can't make this stuff up.

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(Source:

1352625339944607744) twitter metadata:UGV0ZXJTY2hpZmZ8fGh0dHBzOi8vdHdpdHRlci5jb20vUGV0ZXJTY2hpZmYvc3RhdHVzLzEzNTI2MjUzMzk5NDQ2MDc3NDQpfA== ~~~

Alright Peter, you win, a bitcoin satoshi will never be worth a million dollars.

Instead each bitcoin satoshi will only be worth a penny.

Guess what smart guy, a satoshi at a penny puts the price of a bitcoin at a million bucks!

It's like saying gold isn't valuable because a gold bar can be broken into a hundred million pieces.

This is utter nonsense.

I feel like I'm the only one taking crazy pills right now!

I'd say this guy needs to have his twitter account taken away but then there wouldn't be nearly as much utter nonsense to talk about.

Keep bringing the absurd Peter, it's all you have left.

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Peter is right about many things including Gold.. and he will peddle gold. He is allowed to be wrong about Bitcoin lol

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Fair enough.

If he hates Bitcoin so much why does he still talk about it. It’s like he has a secret man crush or something. Pretty sad if you ask me. My advice to all the haters is if you don’t like Bitcoin don’t use it. But soon the world will need a financial life raft.

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It must be eating him from inside haha

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My point exactly, if your strategy is so sound why give two shits about Bitcoin. He only does it for the views to be honest, his a sales man and a show man

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his a sales man and a show man

isn't that what leo needs? more show and tell for the kids?

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Oh indeed I think HIVE in general needs a better salesmen the "influencers" that did show up hardly had much pull! You need someone who actually as credentials when it comes to finance not someone grinding out YouTube videos and tweets and thinking they know crypto

Great point. Bitcoin has amplified his voice many times what it was prior to bitcoin.

It's all about the reach, his audience is quite insulated and hang on his every word you can see it in the comments I'm show his converted many of them into clients

My take on haters is to tell them that "hate" stems from fear.

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Honestly, I adore him.
We love to mock him!

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I think bitcoin has given him a voice and a platform he didn't have before. I never paid much attention to him when he just a gold bug for example.

This is a real "Schenkelklopfer"/thigh-banger as we would say in Germany

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adding this to my insult vocabulary. thank you.

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And we are about to see worse things, as people will look for any argument no matter how absurd it may seem.

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That guy clearly doesn't know the difference between scarce and fractionable.

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it's like saying gold isn't valuable because a gold bar can be broken into a hundred million pieces.

Great point! I feel like a lot of the crypto critics are just bitter because something they don't understand just keeps going up in value and the FOMO must be getting to them at this point.

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That is probably part of it for sure.

When you go through cashapp
you buy and sell bitcoin
as satoshis. His argument
can backfire on him very soon
when saoshis gains momentum.

!BEER

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Hey @jondoe, here is a little bit of BEER from @pouchon for you. Enjoy it!

Learn how to earn FREE BEER each day by staking your BEER.

I just saw the tweet and was thinking the same thing. I had a similar thought about gold. Think of all those flakes in the earth.

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I've seen his tweet. Hilarious. This guy doesn't know how to keep his audience connected anymore.

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This man sure makes me laugh ( as does the Zoolander dude )! Bitcoin can be divided in satoshis and cash money can be either torn in pieces or it can be burned and turned into worthless ashes.

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This doesn't even make sense.

Bitcoin is scarce.
Satoshis are not.

Is not a contradiction.

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"Economics is the study of how humans make choices under conditions of scarcity.
Scarcity exists when human wants for goods and services exceed the available supply."

I like the above quote. Clear. and uniform.

I don't see how human wants for goods and services are exceeded unless of course only in their mind. Is the universe not infinite?

The All is mind; The Universe is Mental.

T.R.H.

Outside the cage we have an infinite amount of recources.

So what is the purpose of bitcoin or any monies and currency if there is plenty to go around forever?

Can we leave the planet on our own or do we need permission to go explore what is rightfully ours for the taking?

What does leaving the planet have to do with scarcity? (this is where I am curious as to what people would opine)

If anything is scarce it is because we choose to be inside the cage of the finite. - @yayogerardo

Then again nothing is new under the sun right?

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Exactly.

You have to understand what a majority of the populations mind set it though. They are use to using $1 so 1 bitcoin make sense the term of satoshis or less than 1 to them feels weird and is new to them.

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I do like Peter, he has a lot of knowledge on the economy but he does tend to ramble on and I don't think he listens to others much and repeats what he knows even when they one day won't be true anymore.

To me, it pays to remain ignorant on Bitcoin, and you should never listen to someones take on a topic who gets rewarded for their ignorance on a topic. He's a salesman his putting his business, investment strategies and services and there are plenty of people on the fringes of Bitcoin and pulls them into a what is perceived as a more conservative strategy, I have nothing against that, to each their own but I don't pay much attention to his arguments, I do listen to them in case there is something I overlook myself but so far he hasn't come up with a good enough point against Bitcoin

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That's why I read em as well. Peter used to have decent arguments against bitcoin, well decent enough. Now his arguments have gotten absurd. He's run out of ways to criticize it!

Lol it is fun to see him grasp at stress as Bitcoin becomes harder money I see a few finance creators in his camp and to me it's great the more FUD the better so I can pick up cheap sats

I think this man has a great bunch of bitcoins save in any wallet. He is the best bitcoin embassor

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So then he is a tactician. And his words are merely a ploy to satisfy his own greed over btc in secret?

I find that quite ridiculously ...
..
.

Plausible.

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People LOVEEEE finding things wrong with Bitcoin. I think we need more hope and belief in the world

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I find nothing wrong with bitcoin in and of itself. It works great. In fact, I believe that its real purpose is still yet to be discovered. For example:

A worldly reality where everyone in their continuity works freely and distributes everything for free to be free from poverty and governance against individual sovereignty and liberty.

What then would be the use of the blockchain?

(Just something to think about.)

Cheers.

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I recently wrote about the ridiculous "high daily volatility argument".
https://leofinance.io/@cryptovios/bitcoin-vs-gold-the-high-daily-volatility-argument

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