Sunday, 10 May 2020

Open Letter to Peter Schiff That Claims Bitcoin Has No Intrinsic Value

Peter Schiff is number 1 un-educated person about the meaning of Intrinsic value of Bitcoin. This is why I don't like many uneducated people about BTC.

1) Bank Bureaucracy

Many people just don't get it. There was a time you could only send 2 letters per month between you and your parent living abroad. If anyone told your parent that time that one day you would be able to send 40messages per 30 minutes. They would probably think you have gone crazy. That was in the 70s and here we are, I can send 40 messages within 3mins. If the receiver replies, we could have a chat via testing in 5 minutes with over 100 messages.

Same thing will soon apply to the future of payment. The day will come where banks wont have to transfer money for you. Today, to transfer 10,000,000 uSd from your bank to China would probably take 24-74 hours using swift transfer. Payment is now global just like SMS and you can send $10,000,000 within 5-mins or even less to China. The Intrinsic value of saving time, stress of Bank bureaucracy and so much headaches that comes with it. For example tax (why do they collect tax if it's now glaring they can just continue printing free $$$ to pay the taxes)

2) BTC main purpose in life is to serve as a store of Value

What else could we call intrinsic value of something that is worth 11 USD some years back and now worth 8,661 USD?

Take a good example of the air we breath in and see for yourself the huge intrinsic value it carries despite the fact that we can not see the air, hold, except feel it when we breath fresh air. Same thing happens to Bitcoin. We can't hold it yet in intense, it carries so much weight as a balancing power between any currency which gold used to have before the U.S shortchange gold by changing the rules of IOU in 1973 claiming a gold is the sole backer of there massive printing of mere paper $$$ until things fell apart in 2008, the lies began to come out, no gold is backing anything but mere printing machine. After their derivatives went under, they started bailing banks, in other words, printing more $$$ without nothing backing it except war.

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