Peter Schiff's warning on bitcoin and cryptocurrency
I am just as excited as anyone else about bitcoin and cryptocurrency but amongst all the hype and excitement I think it's important to listen to and consider other viewpoints (that goes with anything really). Below is a link to one of Peter Schiff's recent podcasts that you can download and listen to on the go as well as a link to the Youtube version. If you are considering buying Bitcoin at this time please give this a listen before you act, it's hard to argue that this isn't a huge bubble environment.
It would be nice to read your comments and opinions explaining how Peter Schiff may be right or wrong on some of his analysis. I believe cryptocurrency can work if enough people, businesses, etc. opt out of the central bank fiat system and choose to put there faith into the blockchain.
Looking forward to your reactions,
-The HIDR8R
Download the podcast:
http://www.schiffradio.com/bitcoin-digital-risk-asset-not-currency-ep-276/
Youtube version of the podcast:
I gave up at about 9 minutes where he was saying Amazon doesn't make any money.
This was published in 2016: https://www.wired.com/2016/04/whoa-amazon-isnt-just-making-money-making-ever/
And this is more recent, saying they turned a profit for 8 straight quarters:
https://www.recode.net/2017/4/27/15451726/amazon-q1-2017-earnings-profits-net-income-cash-flow-chart
For some counter to that though, there is this article (http://www.investopedia.com/stock-analysis/031414/amazon-never-makes-money-no-one-cares-amzn-aapl-wag-azo.aspx) on InvestoPedia that says:
Price discovery is a tricky thing, as it moves around true price. Given that, I would say the true price is rising and is likely closer to the moving average, more days than less, than the spot price. What I think some people do is write off the entire cryptospace on what may be a valid opinion on the most important blockchain. That opinion doesn't necessarily have to apply to other blockchains. Some actuallyhave use cases other than a storage of value and as a cost-effective, borderless remittance tool.
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