Erik Voorhees on "Is Bitcoin the Future of Money?"

in #bitcoin6 years ago (edited)

I found Erik's argument piece very good.

The proposition:
"Bitcoin, or a similar form of cryptocurrency, will eventually replace governments' fiat money as the preferred medium of exchange."

Watch on youtube
2nd part
Last part

12 minute long starting at 2min.
2nd part at 26:20
Last part at 1:11:00

On July 2, 2018, Reason and The Soho Forum hosted a debate between Erik Voorhees, the CEO of ShapeShift, and Peter Schiff, CEO and chief global strategist of Euro Pacific Capital.

Feel free to leave your opinion. The comment section will be curated again't spam.


I don´t think that Bitcoin will be the future of Money. Fiat Money will be there for a very long time. But it is great to have different oportunities to pay. Bitcoin and some other Cryptocurrencies including Steem will become more popular and used over the next years.

hi @gormogon

bitcoin = mostly idea and infrastructure.

I know many people don't believe in bitcoin. Same many didn't believe in first plane. And indeed first plane/car/train that had been invented are long forgotten.

Fiat money will be definetly at least till we die. Same as cash didnt dissapear. Crypto will be just another way of transfering value.


I watched that debate very interesting. Peter Schiff just repeats the same thing. Bitcoin has no intrinsic value but in that case the same can be said about anything of value. The truth is that it is people’s belief in things that gives things value.

If nobody believes Gold is worth something than it has no value, intrinsic or not. Same for anything.

I’m team bitcoin
But gold will always be valuable.
I don’t understand the argument it’s one or the other. Gold isn’t going away

You are wrong Yonny along with everyone in here that thinks that Gold or Silver has no real value.

1.) Gold has medicinal value just like Silver. All surgeon instruments are made of silver because silver kills all bacteria. There are many other medicinal uses for gold and silver too.
2.) Gold and silver are also very useful in the electronic world. Without Gold and Silver you wouldn't have that computer, internet and all those high end electronic items like your cell phone.

You’re missing the point. I never said gold doesn’t have value. Read it again carefully.

Garlic has medicinal value as well. Is that the standard we are using for currency?

Sure but I wouldn't pay you anything because I grow my own garlic. I can also get garlic from my friends yard and in the grocery store. Just because it has medicinal value doesn't mean it is good for currency. A currency has to be rare and difficult to attain too.

Gold and silver are rare metals and are not easily mined. They also have medicinal value and other uses in electronics along with other techno uses. So they are a better form of currency and has real useful value.

true indeed. im seeing the same sentiment from the masses, "gold is worthless...its
only valuable because its only so much of it"...

Gold is not worth investing in as a store of value because its utility value is dependent on the economy being strong as do all utility metals. When the economy is weak and a store of value is required the utility value of the gold falls meaning that all you get is a flush of volatility and a stabling out. this could be higher or LOWER than when the economy was doing well. A gold investment is a straight up gamble. You would be better investing in patents which not only have utility but a store of value .....assuming you have done your research well.

The world and its relationship with gold is very different to pre-1974.

Very great argument, with a nice background for video.

Incorrect, gold is used in electronics as a conductor of electricity.

Believe? You mean trust?

Believe: To have confidence in the truth, the existence, or the reliability of something, although without absolute proof that one is right in doing so:
Only if one believes in something can one act purposefully.

So, BTC - Bitcoin is this new religion, based on believe?

The correct spelling in this sentence is belief.

Cheap Charlie!!!

Lol Debbie downer

tats true even gold does not have any real world value..atlease bitcoin is more valuble than gold.

Gold looks nice.

Im team bitcoin so not trolling here... u realize gold is worth more then bitcoin right?
The total marketcap of gold is over 7 trillion
Bitcoin is way under 500 billion even at its high
Gold is worth much more. I’m more pro bitcoin but saying bitcoin is worth more is a lie. You have to compare the total value not cherry pick a measurement of one to the other. A ounce of gold is worth less then a bitcoin doesn’t mean anything , there are more kilos of gold then bitcoins so A kilo of gold is worth more then a bitcoin
You can compare Units anyway u want it’s not valid. Total value of all is only honest practical way.. if u divide all gold by same number of total bitcoins mined the number is way more valuable then a bitcoin. Let’s be honest guys. There’s no need for bogus arguments! Bitcoin is a capable argument of value without lying or not making a fair comparison

What really interests me is what if Crypto's market cap one day matches gold's. That's at least a 14 times price increase. Hope you bought cheap in this bear market like I did, because the sale isn't going to last forever.

We are in the future, and as long as people have internet working, crypto will reign. :D

People can't wrap their heads around cryptocurrencies yet.. People couldn't wrap their heads around the internet or cellphones when they were first introduced.. This is all part of the growing process for new technologies.

in the end 2017, people believe BTC will be something big that can change the world (may be they do'nt know what is BTC), so BTC price go rocketing. But now, people know BTC is not good enough to believe for a bright future, so BTC price down. Is Bitcoin the Future of Money? I think maybe "No"

An interesting suggestion, but not quite. In late 2017, the price of bitcoin rose because people saw the increasing value (from educated investors) and wanted in on this quick profit. This (obviously) created a bubble, and when the bubble popped, the price fell. It's practically the same as what what happened in early 2014, and based off of that, it will likely recover (slowly but surely) over the course of the next 2-3 years. Not an advisement, no inside knowledge, just an educated guess based off of similar events in the past. That's what the past is there for, is it not? To learn from.

No, If you're looking for a time when the price of BTC rose because of high expectations you'd have to look at the beginning of 2017, when BTC once again rose over $1,000 because of the possibility of ETFs making it more mainstream - the ETFs failed, BTC dropped below 1k, only to rise again within days. No, when bit coin spikes because of high hopes for the future, it's a small spike, and easily recovered.

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The truth is that all the currency money does not have any back gold to assure their value. It just a number in a Bank computer who is using a exchange mode of transaction. If you get a lone from a Bank that is what happen. In my humble opinion, may both bitcoin and goverment money will continue coexisting.

absolutely correct.
an object is worth whatever one is willing to pay for auction

please clarify the meaning of your comment more ... I'm sorry I still don't understand

Bitcoin will replace the fiat money. Let's see a example-
Fiat money is the parent of currency and cryptocurrency is it's child. So in future parent has to die at some day and child has to take place. This is the future no one can stop the the future and future is lies within the cryptocurrency. It's my opinion. i hope you all agree with me.
Nice post and the video contains all the necessary thing taht can help for newbie to understand the concept of bitcoin
Thanks for sharing @finprep

I personally think both with coexist in the near future. Decades and decades from now that could all change.. The people that run the world will not fold over easily, and they fully understand the implications of a decentralized global p2p currency. As far as I'm concerned, it's just smart investment to own some cryptos, because there is a good chance that they are the future.

When you write coexist do you mean like a friendly coexsistance? I dont really bealive in a kind of peacefull coexistance in long term. The coexistance is only in a time of adoption and havent yet been so friendly or peacefull. I think Bitcoin is a war against fiat where either the fiat will belong to the few or or Bitcoin.

All of you doing very well ...!!!
keep doing and motivate to all Steemians!!!!

Banks are never gonna leave the fiat currency or they'll lose the power over the government and people. In near future they both will co-exists and adopted by banks too.

95% of the world's money exist in digital form already....
What is Fiat then? Cash = the matter of time, when it will be totally gone.
Fiat, the money govs printing? Banks creating?
And then crypto = the money "some programmer" creates (pre-mined coins). Or mineable cryptos (BTC, BCH, LTC etc etc...) .
I've been in the space for some time now, and than more I dig, than more I see some "fantasies" around the space.
Sorry guys, I didn't mean to be that pessimistic.

What gets me most about this interview is the lack of awareness about what is going on in the world. Cryptocurrencies being adopted is a given but it is not for the reasons talked about here. They will be adopted by failing economies. Ones whose own currencies are worthless. If your own currency is more volatile than a crypto the ordinary people are going to use that crypto because it will still be worth something in a days time. Over time more and more national currencies are going to become worthless and cryptos adopted. This will lead to the cryptos becoming more stable.

It will be a bottom up revolution.

Interesting thoughts on value. Of course value, just as truth or beauty, is in the eye of the beholder or the heart of the other. What makes a Picasso worth millions while my daughters scribble worth "nothing" to anyone other than me? In truth, a Picasso would only mean money to me where my daughter's drawing will be cherrished my entire life.

Whether we like it or not, peter schiff made some very good points. Even when the crowd was laughing at him, he is older and wiser and I think it’s very important to be open minded and see the points from those we do not agree with. I can understand that this debate basically is a pr jab at bitcoin and he has something to gain from his stance, but he made some very good points.

Watched the whole hour long debate. Great debate, but when the moderator gets involved it goes south. You can tell who the audience was rooting for! Go BTC!

Yes, while I agreed with what the moderator was saying he should have stuck to moderating. It made the debate have less worth when he was being partisan. I would also make a bad moderator as I also would not be able to restrain myself.

Peter Schiff had nothing new to say ... all the time same content. I would like to share my understanding on this that we all have seen analog world where we deal with physical money and it moved at a speed which is directly proportional to speed of human. Next came the digital world where money transaction were faster and farther but there are gatekeeper institutions which control & regulate money as per the direction of government.

We are about to enter in a new phase of currency/money i.e. Cryptocurrency which is combination of the software vis.a.viz currency. By this way money becomes more than just a static unit of value within any country boundary and this is also not at the mercy of gatekeeper institutions or government for security. In this new era there would not be any intervention from human being or any gatekeeper institution. Bitcoin is the first step of this evolution. Bitcoin is just not a digital money rather its a revolution which is going to democratizes money.

The "gatekeeper institutions" and the governments are working hand in hand and they always have done, this is evident in the fact that various governments and banking institutions have bailed each other out over the years, so the very last thing they want to see is a currency in which they can't intervene, (think quantitative easing) governments feel the need to be in control of everyone, they don't want anything that they can't be in control of, it wouldn't surprise me if the crypto's that are backed by these institutions were the only crypto's that are endorsed by governments in the future.

best part at:


Schiff: "Some people just own it, because they think it is going up. And they think they are going to get rich."
Verhoes: "You can equally apply that to gold."
Schiff: "Not that many people think they are going to get rich witch gold."
Verhoes: "Not anymore."

I personally feel that Bitcoin is a form of revolution of modern times and like old times and all other revolutions this is also being suppressed. None the less Bitcoin is future and being decentralized this will ultimately replace fiats and will define future.

Nice post

But governments are per definition centralised, what does this mean? The world as we know it will fall appart? You think this can be done without war? Organised murder?

Hi there.... Well that's a good question..... Whether it will be an organised murder or there will be a war.. Only time can tell... We can just hope for a better future and world as it seems is workibg towards it... Also I can sense that Bitcoin is bringing people across the globe closer.... We are a community... Right???

I agree with you that it's a revolution in currency. It might take few year to reach on such a level when we can visit any country without having fiat and only bitcoin. That day would very easy as no need to use forex etc.

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Hi Alok.... Can't help imagining a common currency across the hard cash required... Ultimate sci-fi... And this does not seem far... Amen

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