Bitcoin: Better Money?

Bitcoin: Better Money?


Facebook calls it Libra Facebook recently proposed a digital currency that would — Make it as easy to send money around the world as it is to send a photo and — Libra is promising stability. Because would be backed by a basket of major currencies, users would be protected from inflation in any one country. Seems reasonable to me, but government officials were not happy. They summoned Mark Zuckerberg to Washington I actually don’t know if Libra’s gonna work, but I believe that it’s important to try new things. With politicians threatening all kinds of regulation, Libra backers got scared. High profile backers have recently dropped out of Libra… Visa, MasterCard, Stripe, and eBay all quitting the association Why are politicians so opposed? Because they’re threatened by it. Because this is going to be competition for the US dollar. Tech reporter Naomi Brockwell Government doesn’t like this competition. but even if Libra is crushed, says Brockwell, other digital currencies like Bitcoin can’t be stopped. You want to send money to Russia to a family member, it’s going to be censored. You want to send money to a relief effort in Venezuela, it’s going to be censored. You want to use Bitcoin for that, your money will get through. That’s an incredibly powerful tool that gives people back the freedom to spend their money where they want to spend it. Bitcoins are generated all over the internet by anybody. It is the first currency we’ve ever seen that is decentralized. They can’t shut it down. Exactly. That’s why it’s still around, because they haven’t been able to have these hearings. They haven’t been able to call on the CEO of Bitcoin and say, “You’d better cease and desist.” There is no server to unplug. There is no company to shut down, no CEO to throw in jail, so it persists. That’s really exciting Digital currencies “live” on thousands of individuals’ computers, so no government can stop them by pressuring any one company. Bitcoin, a virtual currency When Bitcoin started it was worth virtually nothing. But then it caught on. We’ve seen Bitcoin gain 40% Two years ago, the price of one Bitcoin reached almost $20,000, then it crashed to $3,000. Today the price is about $9,000. That volatility deters many people from using Bitcoin as money, but for those of us who don’t trust governments It is the only suitable money for free people Still, there are plenty of skeptics. I think it’s more of a gigantic classic pump and dump scheme. Investor Peter Schiff. There’s nothing to give Bitcoin value It does have value. It’s a way to send a transaction around the world where nobody can interfere with it. Well, first of all a lot of people are going to be interfering. There’s a lot of regulation that’s now going to come down hard on using Bitcoin on anybody who transacts in it. But government can’t stop it. They can’t even stop the obviously illegal stuff on the dark web. Well, but they could stop it in the normal market. They can get banks and financial institutions and make it very difficult. Schiff also says Bitcoin isn’t that useful… Most people don’t actually buy things with Bitcoin. People are buying things with Bitcoin now. I buy things on Overstock.com. Other people are looking to escape China’s currency controls. It’s useful. I just don’t think it’s going to work. Gold is always valuable If you don’t own gold yet, you should buy it It’s not that Schiff trusts that politicians will keep the dollar stable. He thinks people should buy gold. Gold has worked for thousands of years. Bitcoin’s only been around for 10. Gold has actual value. There’s a huge industry that needs gold. Jewelry, you have it in consumer electronics and aerospace and medicine I bought gold. I’ve bought gold coins, but then I’ve got to store them somewhere, put them in a safe deposit box. They’re a pain in the neck. You’re exaggerating how much of a pain it is. I mean first of all, gold doesn’t take up a lot of room. You can store millions of dollars worth of gold, which is more than most people are going to buy, in a shoebox. My Bitcoin investment’s done a lot better than my gold investment. Well, if you got in early, I mean you could say that about a lot of bubbles until they pop. So I’m a fool because I bought Bitcoin? No. You’re a fool because you’re not selling your Bitcoin. I don’t presume to know which way prices will move. But I do know it’s good to have alternatives to these. The value of these is only backed by politicians promises— and I sure won’t trust those. And even if these things do remain valuable… I don’t trust that politicians won’t someday tell me, you’re not allowed to use your dollars for things we don’t like. The U.S. government has put increasing pressure on companies to stop working with Wikileaks. The government decided that they didn’t want Wikileaks to receive donations Funding to the website is becoming increasingly difficult. We’ve seen a monopoly on the money supply for a very long time and finally consumers have a choice. You can send Bitcoin peer-to-peer to someone over the other side of the world almost instantly at very low cost and it can’t be censored. That’s incredibly powerful.

100 Comments

  1. El Republicano says:

    Jon Bitching about having to store gold makes him sound like a useless millennial.

  2. Adrian Vindas Umaña says:

    Crypto, = Mostly good, Crypto from Fecesbook? nah homie

  3. M B says:

    Gold is the old age store of value… BTC is the new age store of value!!!!!!! Zuckerburg should have a crypto wallet that supports BTC and selected alt coins added to every FB account and forget about libra, if the goal is really to bring banking the un-banked that would do it. Let the people chose the digital currency they will use!! Then lets see what the regulators do!!!!! lol!!!

  4. John Barrett says:

    This Schiff/Stossel "debate" was OBVIOUSLY scripted. Stossel is a horrible actor and that's the give away. Schiff is just your average charismatic Jewish Gold peddler – been around for centuries. The sad thing is that EVERY TIME I see someone "debating" Schiff, they ALWAYS talk about the currency aspect of Bitcoin. This is such a simpleton, shallow view of a new technology.

    Bitcoin is first and foremost a computer technology that is as innovative as the internet itself.

    The Bitcoin Blockchain is the worlds largest and most secure value transfer network – a distributed public ledger that has far reaching applications and implications in commerce, legal contracts such as land deeds, titles, trusts, supply chain strategies, cloud storage, healthcare, government, voting, content creation, advertising . . .and you name it kids.

    BTC (the token) is just the first application offered by the Bitcoin Protocol. THAT (BTC) is what these phonies were "debating". embarrassingly immature.

    I hate having to continually write these posts whenever I catch Shiff once again lying to people and "debating" people who are just as shallow as he is. Sigh.

    Let's move this into an adult discussion guys . . . really . . . it's time.

    John Barrett
    Nashville, Tennessee

  5. streetstylz says:

    Peter Schiff accepts payment for gold & silver in Bitcoin.

  6. 2fer one says:

    To pay in Bitcoin means you have to Send the payment to the recipient. To pay with credit/*debit* means the recipient Pulls the payment. This fundamental difference greatly diminishes the attack surface for consumer financial fraud through data breaches like Target etc. Bitcoin holds great promise but it's transaction capacity is not ready for mass adoption as money yet.

  7. Ryan says:

    Fuck Libra….anyone who likes freedom would stay away from a centralized currency like Libra…

  8. Steve Robertson says:

    I love everything about bitcoin!

  9. Maria Vos says:

    The king will rise its XRP

  10. fgfgfgf drtduud says:

    the dollar is backed by 'men with guns', that's what Krugman said

  11. fgfgfgf drtduud says:

    It can be censored as it operates on the public internet. Even if you use tunneling to hide your mining traffic they can just ban encrypted data. It's better than the alternatives but it's not perfect.

  12. bernardmailman says:

    Buying bitcoin now is like buying gold back in 1000 bc.

  13. pte wilks says:

    why ask shiff anything he sell gold amen, oh buy the way you can buy gold on his web site for yes bitcoin

  14. OmniversoSinDios says:

    I love the way John make direct eye contact while talk and Peter try to avoid eye contact. It is evident that it is increasingly difficult to defend his position against bitcoin.

  15. Marcel F says:

    Dont need gold for electronics..wake up do research.

  16. Marcel F says:

    What's fb.. I wouldn't use that if was last source on planet

  17. Crypto says:

    Thanks so much

  18. Bitcoin BTC Akbar says:

    Bitcoinu Aqbar!

  19. vndradeanthony says:

    do people buy things with gold? NO . fuck you peter

  20. J T the brick says:

    Jeffrey Epstein did not commit suicide.

  21. Billie Meyer says:

    John, thank you for this reporting. I am so glad that high profile people like yourself are supporting the Bitcoin movement. Over the past two years I have been awoken to the evils of fiat currencies, I see Bitcoin as our salvation against the thieves at my door. Every time I realize the freeing power of this asset it gives me genuine hope for my own future.

  22. C Best says:

    @StosselTV BTC is the first through the door. ETH and XRP arefar greater tech than BTC. The real boom for digital assets is coming soon…between now to end of 2021. You made some very good points about the use of BTC. Just wait once people realize what utility looks like. Utility is already here.

  23. Crypto Hero says:

    why we even give time to Mr. Peter??? HE IS BIAS!. he only like Gold so there isn't anything as good as gold according to him. The future is in the net. ask him why he use a cellphone when he has a home phone?. change with the time Peter. Crypto is used as currency…hold now for future value. Can you go use gold to buy things on the web or at any store. but soon Cryptos will have that capability…gold has been around more than 2000 years but it hasn't had a new use case in daily exchanges/purchasing?

  24. Bad Jesus says:

    Bitcoin is the free people’s currency

  25. TFV-solar says:

    After millennia relying on gold, THIS CENTURY will show the ALTERNATIVE, Bitcoin, with many advantages, mainly because it's digital ands fast and borderless, and trustless, and….

  26. Felipe S. says:

    Altcoins daily sent me here.

  27. Dre NYC says:

    #StopastupidVideos

  28. Túlio Sathler says:

    Butcoin is the best money ever created

  29. Jeremy Holovacs says:

    Gold has no intrinsic value… while it has some practical uses, we still assign it value, just like we do with cryptocurrencies. If at some point we discover a massive amount of gold reserves in the ground, your gold you stored in a shoebox under your bed will be next to worthless… but that can't happen with a cryptocurrency. Of course, if a massive EMP wipes out the computers of the world, your bitcoin will also be worthless… but at that point you will probably have bigger problems to worry about.

  30. N. Jacobs says:

    Investor Peter Schiff, whether he's correct or not, is absolutely a shill for gold, and BitCoin is, in part, a competitor of gold.

    Ironically, whatever you use to transmit value, be it gold, bitcoin, or US Dollars, they're all fiat, because none of them have any value on their own. If you're on a desert island, or you're staving, or you're in prison…. none of those have value except for having value to other people. They're all only forms-of-payment because someone else accepts them. Now you could make the case that this is true of everything, but if someone doesn't want to accept my house, then I'll get use from it by living in… they don't want my food, then I'll just eat it… and etc. I can't get use for my Bitcoin, or my cash, or my gold.

    But as for gold being a currency? If that was true, then what do you buy gold with? And when it's time to liquidate your gold, what do you liquidate it to? It might be Bitcoin, but i'll probably be US Dollars.

  31. FootballJunkie says:

    You interview Peter Schiff and he pushes gold. How surprising.

  32. Eplemos4Life says:

    Ok boomer schiff.

    Grrat video stossel. Bitcoin is a way out and the future freedom for the people.

  33. code470926 says:

    Oh you're that toy "reporter" that got the taste the slapped out you by doctor D 😂😂😂. Becareful or Dr. D will getcha!!! Hahahahahaha you toy MF. That'll teach you to call wrestling fake! Bet your mama felt that slap 😂😂😂 ahahahahahahahahahahahahahahahhaahhaahahahahahahaha

  34. Immelmann Whiplash says:

    They fear it because they do not understand it. Natural human reaction.

  35. French inSH says:

    Bitcoin is huge competition for Peter Shciff gold reserves and he feels the danger as the general public begins to understand bitcoin advantage over gold : better utility (P2P ecosytem payment, decentralized finance, unstopable transactions) , better protability ( p2p decentralized, no safe to manage) , better security ( no fake btc) , better storage value ( governement won t seize ur btc, would seize ur gold, true cap to the overall stock avaialble unlike gold ) , overal harder sounder form of money over gold.

  36. Martin Garden Archive says:

    boss

  37. David Müller says:

    I like the edit 😀

  38. Craig Lento says:

    Bitcoin is not money to buy groceries with. It''s a store of value like gold. For this reason, it shouldn't be regulated. If the government wants to regulate anything, they should regulate the businesses that support Bitcoins and generally speaking, leave the exchanges alone.

  39. Bradley Thompson says:

    "Nothing gives it value…" So what is the dollar backed by then?

  40. routetoGod says:

    Awesome video! Thank you so much for the valuable information. I agree! What can we do with gold? Difficult to buy, sell, store for normal people. Bitcoin is here to stay and will only become more valuable.

  41. Sarin Highwind says:

    Just go and see what happened to Liberty dollar after it started becoming competitive with the Federal Reserve Note and how they handled that by stealing everybody's money out of the Sunshine mint

  42. Vermilion says:

    fuck the zuck

  43. David Czajkowski says:

    Bitcoin is the money of the future! Fiat is dead, and these centralized coins like Libra are no better than fiat. Growth/adoption of bitcoin will be a slow process, but don’t fooled with price swings. The powers of the world are watching, getting their position, manipulating minds with fallacy, all while doing the opposite. If digital assets are the future, and if the largest companies in the world showing their cards isn’t a sign that they will be…Buying a small long term position in bitcoin, that u hold for 5-10 years min, has the greatest risk reward of our lifetime. I highly recommend watching 5 million dollar bitcoin end game to everyone, especially those new to digital assets.

  44. Ole Christian Henne says:

    Questions is how stable is it

  45. Parker Beck says:

    I hope banks try to ban bitcoin. Price would shoot to the moon.

  46. Vegas Crypto Ho says:

    Wow. A story by John Stossel that I like? Amazing.

  47. Steve Grayson says:

    People don't keep millions of dollars sitting in a bank or home safe. So if the US dollar is devalue, who the hell cares. Smart people INVEST in US stocks (ie S&P500), then your investment will take into account for the collapse of the US dollar. Don't make this more complicated for the average un-educated investor. STOCKS good, CASH, GOLD & SILVER bad. As a wise finance book I once read stated … "do what rich people do to become RICH." I did and I am rich.

  48. SanAntonioSlim says:

    If I buy all the gold in the world, I own all the gold and can sell it at a profit or loss. If I buy all the crypto currency in the world, what do I own? Zip, zilch, nada, nothing, zero. Crypto currency is just big tech's way of hurting the U.S. and creating a way for criminals and terrorists to get paid without being tracked. Why do you think the ransomware creeps ask to get paid in crypto? Notice how crypto values rise whenever a big ransomware attack occurs? Because the ransomware victims are forced to buy it to pay off the attackers. No thanks. No crypto.

  49. Juan Cassinerio says:

    Inflation is just another tax, without printing money us cant work to finance its public spending. Everyone in the world that has dollars pays everyyear the 2% of their money.

  50. Stephen Cary says:

    John Stossel: Please check out child services. They take child from parents without due process, warrants or even and investigation. Also they use medical kidnapping. Check out Parental Rights Foundation. Lawyer Connie Reguli in Tennessee.

  51. Victor Martinez says:

    Gold is worthless. Bitcoin is worthless. The dollar is worthless. The only reason money has buying power or “value” is because we think it does.

  52. Jorge Marin says:

    About 5 or 6 months ago bit coin was around 3 grand and i had about 5 grand saved…
    If i got one bit coin i would have had alot of money.
    Dont need to get in early.

  53. Dung Nguyen says:

    So people who don’t trust the dollar, uses it to judge their bitcoin wealth 😱

  54. Achinth Murali says:

    The thumbnail says bitcoin, but this entire episode was about Libra. They are different.

  55. GLENN GORDON says:

    Don't trust anything that u can't see–smell–taste–or touch or understand..the world is a Sharkey place but I'll still feel like there is hope in US currency backed up by actual gold coins in your safe deposit box!, not something that only exists in cyberspace. Tech Giants will bee the new Robber Baron's

  56. Robert Hubbard says:

    Currency for the stupid

  57. Scott Byergo says:

    Blockchain currency is a great idea, but I’ll never support Bitcoin due to its Initial unfair ownership distribution. We need a brand new and superior system.

  58. FixedWing82 says:

    "Libra is a cryptocurrency in the same way that a doll is a baby." -Nick Szabo

  59. damnedmadman says:

    Better use Monero 😎

  60. David S says:

    Bitcoin is going to crash again and hard. Bitcoins appeal had to do with anonymity in use. Now that they have figured out how to track Bitcoin…………….bloop bloop blopp game over.

  61. Jerold McCarty says:

    Wow. John Stossel is a perfect example of how brain washed I was by the media. I used to hate him. And I don't think he's changed. I've grown up. I'm so sorry John, that I was so disrespectful of you when I was younger. I apologize.

  62. z50 says:

    And when the sun farts like it did in 1859 there will be NO way to spend Bitcoin! But Gold & Silver will still be spendable. . . . .

  63. hippopothomas1980 says:

    NOPE, BITCOIN IS NOT MONEY, IT'S JUST A MONEY GAME, WHILE LIBRA IS AN ENTITY TO TRANSFER MONEY WHICH THE VALUE IS BASE ON THE CURRENCY OF THE TYPE OF MONEY SEND. IT'S TOTALLY TWO TYPES OF THINGS.

  64. Caleb Garrett says:

    Libra bad, bitch in good

  65. Hugh-John Fleming says:

    Google "junkbonds."

  66. C O says:

    Bitcoin is not better currency, half of it is mined in China

  67. None none says:

    Do a story about how corrupt the gold assay system is.

  68. Steve Nemeth says:

    Bitcoin exists to have a digital transaction between users of video games to purchase items from one another instead of cash or credit card transactions that could not be traced or guaranteed, since you are purchasing something that doesn't exist in real life. Literally was invented so you could buy Jimmy's +2 Armor in World of Warcraft….and you want to invest your real money for "rupees" in Zelda….go for it. What could possibly go wrong?

  69. Brian S says:

    Food,water,guns,ammo, gold,silver and like minded friends.

  70. mjkirk12 says:

    Since it's founding in 1913, the US Federal Reserve has devalued the US dollar by over 96%.
    Bitcoin isn't as volatile – and at least can up in value.

  71. Brian Galway says:

    I'm so pissed. I had .6 of a bitcoin when the price was $600 for 1. I had to sell it then it jumped to $15000

  72. DeNicki Sandels says:

    Back to the Gold Standard is where we should be!

  73. ScottInc says:

    The Government will use one or all of several Ace cards when trying to control, regulate, and tax! The Environment, Education, Crime and/or National Security immediately come to mind. Crypto Currencies are not far behind from the nanny state. These are the primary weapons the media and your government employ to manipulate your perspective on these subjects. The taxes, The Control and The Regulation is always under the guise of one of these " reasons" !
    Beam Me Up !

  74. Spiritual Knight says:

    Accept and trust in JESUS CHRIST as LORD AND SAVIOR, HE'S the only one thing that is secure in this world and beyond!

  75. The Dude says:

    Stossel is a journalist with integrity. There might be a few more but he's one of the only ones I'm sure of.

  76. Astrah Cat says:

    The truth is, the government can confiscate your gold, your silver, your property, your BITCOIN, anything, so that argument that it's safe from government is a misnomer. In reality, you'll be most safe not conducting illegal activities, like doing drugs or stealing or worse yet being a terrorist. Nothing will ever guarantee your complete safety in this messed up world, but if you want to live a good life you'd better not get on the government's bad side, most of us are just commoners here after all.

  77. Hoschi0913 says:

    any currency in which a gov't does NOT have their hands in it…..is a good currency……

  78. DestinationFreedom says:

    Peter schiff's an idiot… doesn't know a thing about Crypto…

  79. Scott Campbell says:

    What is bitcoin worth without access to the internet?

  80. Marcus Mitchell says:

    LIBRA = 3 9 2 9 1 -> 33 AND 666 -> BOTH OCCULT! BIT COIN = 2 9 2 3 6 9 5 -> 666! These are the 2 most popular occult numbers used in celeb names, aliases, brands, and inventions.

    Ex. jazz -> 1 1 8 8 -> 18 OR 6×3 OR 666! [email protected] prod9gy: [email protected]* J5nn9ngs?! Blue Ivy?! 2 3 3 5 9 4 7 -> 33, THEN, 9×2=18 OR 666! Dare I say agenda?!

    Why is Stossel overlooking the new world order implications of a paperless money or nonmetal currency society?!

  81. Cosmosaic says:

    She’s wrong about Crypto being the first decentralized Currency. That would be Gold.

    Also, Ethereum Classic. That is all.

  82. DeadtotheBone says:

    I don't know anything about 'Bitcoin'. Can hard-drive failure, cyber attack, or solar flares cause you to lose money?

  83. Jose M Topete-Ruiz says:

    Executive Order 6102. Does any one remember that. With the swish of a pen, Franklin Roosevelt, took away all the gold from the American People in 1933.

  84. Mr Ćømmêñtęr says:

    Yeah Bitcoin worked, unless you was on /biz/.

    I lost all my lifes savings.

  85. Mr Wonderful says:

    Another Schiff that's full of schiff

  86. Gabriel Boily says:

    As an investor I don't trust Bitcoin yet it's too volatile compared to the Canadian dollar. But if it becomes safer i'm open for it.

  87. Jack McCabe says:

    How the fuck has our Gov't gotten away with so much

  88. Petrol O says:

    All “cryptocurrency“ can be regulated because it’s not truly decentralized, except for bitcoin. 🔒

  89. rootssixtysix says:

    Facebook is dying and this just is another desperate attempt (like Portal) to come up with something to keep them afloat.

  90. Richard Powers says:

    There’s a reason the back of my money says, IN GOD WE TRUST (all caps). Not I Trust the USA Government or Facebook, but God.

  91. Richard Powers says:

    what a stupid comment about transferring BitCoin to a someone in a government repressed region of the world. How are they supposed to use BitCoin if you a. don’t have internet access and b. Don’t have electricity. There’s a reason for the phrase “Cash is King”

  92. Curtis says:

    https://decrypt.co/14897/fidelity-investments-expands-bitcoin-arm-to-europe IT MATTERS STOSSEL b/c Fidelity Investments reported $6.8 trillion in assets under administration as of Dec. 31, of which $2.45 trillion were assets under management, the company said in its annual report Tuesday. $BTC

  93. Jim Morrison says:

    Cryptocurrencies hasn't been proven yet, wait until a recession, if it can prove it's a serious player by pulling through it, then I will consider it, Gold has more than proved it's staying power, it has gone through every economic crisis in history in every country going back thousands of years, I'm going to stick with Gold for now, for cryptocurrencies investor's, hey, I hope it turns out to be the wealth builder you hope it is.

  94. William Tyndale says:

    If they can't squelch the creator of Bitcoin… They will squelch the consumer…🙄

  95. William Tyndale says:

    All paper money is eventually backed by the point of a gun..🤔

  96. Aidan Whaley says:

    Peter Schiff and John Stossel in the same room? Have I died and gone to heaven?

  97. Bill Schlafly says:

    Bitcoin's value is that you can kind of trust it in the short term to make a transaction. There isn't a compelling reason for anyone who actually uses Bitcoin for transactions to keep large amounts of Bitcoin as an investment. You can buy as much as you need for a transaction get what you want and the seller accepts it and can then cash out. Bitcoin could be $1,000,000 each or $1 each. If you need $1000 for a transaction then you buy .001 bitcoin or 1000 bitcoin to make the transaction. The amount doesn't matter…so don't be fooled by the perceived scarcity. It's a speculative move not an investment. If you have extra cash then go for it. I lean towards gold myself because it's not as if blockchain is unique to Bitcoin. A conglomerate of rich people can come up with a new crypto and make it the new gold standard of crypto. And don't for a minute think the government can't throw a wrench in this either. Regulations will happen if it threatens the global economy.

  98. OPTC says:

    Why not both gold and Bitcoin?

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