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Thread: Schiff: Just had a client liquidate his entire IRA to put 100% of the proceeds into Bitcoin.

  1. #1

    Default Schiff: Just had a client liquidate his entire IRA to put 100% of the proceeds into Bitcoin.

    Just had a client liquidate his entire IRA to put 100% of the proceeds into Bitcoin. What are the odd this turns out to be a wise move?

    https://twitter.com/PeterSchiff/stat...29010324250633


    Is the crash coming now that some goldbugs are going to capitulate?



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  3. #2

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    Majority are pushing BCH ftw.

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    Quote Originally Posted by kfarnan View Post
    Majority are pushing BCH ftw.
    So, I see you have access to good drugs, care to share your dealer.

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    Quote Originally Posted by RonPaulIsGreat View Post
    So, I see you have access to good drugs, care to share your dealer.
    Mining BCH will be easier and more profitable. Majority of miners are pushing BCH.

  6. #5

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    Quote Originally Posted by kfarnan View Post
    Mining BCH will be easier and more profitable. Majority of miners are pushing BCH.
    So, it's more expensive to use... and they think that will attract customers, how?
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc


    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  7. #6

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    Quote Originally Posted by dannno View Post
    So, it's more expensive to use... and they think that will attract customers, how?
    Cheaper to use, fees would be lower. China are the majority pushing it.

  8. #7

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    Quote Originally Posted by kfarnan View Post
    Cheaper to use, fees would be lower. China are the majority pushing it.
    So is mining BCH that much less energy intensive, is that why it is more profitable?
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc


    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  9. #8

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    Quote Originally Posted by dannno View Post
    So is mining BCH that much less energy intensive, is that why it is more profitable?

    btc doesn't have EDA, emergency difficulty adjustment, like bch has. The btc chain is vulnerable to changes in hashing power when miners jump ship to the faster cheaper chain.


    Nobody is talking about this openly

    The network is already slow, losing miners exacerbate.
    Last edited by kfarnan; 08-31-2017 at 11:18 AM.

  10. #9

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    Bitcoin is already compromised in my view. Agencies and governments have already found ways around its so-called anonymity. I don't trust anything I can't hold in my hand. I'm not saying it doesn't have value, as it clearly does looking at its rapid price increase. But would I put my entire IRA into one's and zeroes? Hell to tha nah!
    There are only two things we should fight for. One is the defense of our homes and the other is the Bill of Rights. War for any other reason is simply a racket.
    -Major General Smedley Butler, USMC,
    Two-Time Congressional Medal of Honor Winner
    Author of, War is a Racket!

    It is not that I am mad, it is only that my head is different from yours.
    - Diogenes of Sinope

  11. #10

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    THere is also the bankers who are hoping it fails. To enforce fiat empires.

  12. #11

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    Quote Originally Posted by kfarnan View Post
    THere is also the bankers who are hoping it fails. To enforce fiat empires.
    Stick it to the man!
    The essential English leadership secret does not depend on particular intelligence. Rather, it depends on a remarkably stupid thick-headedness. The English follow the principle that when one lies, one should lie big, and stick to it. They keep up their lies, even at the risk of looking ridiculous.

  13. #12

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    Quote Originally Posted by jllundqu View Post
    Bitcoin is already compromised in my view. Agencies and governments have already found ways around its so-called anonymity. I don't trust anything I can't hold in my hand. I'm not saying it doesn't have value, as it clearly does looking at its rapid price increase. But would I put my entire IRA into one's and zeroes? Hell to tha nah!
    Well, most peoples IRA's 401k's, etc.... are all 01's already.

  14. #13

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    Quote Originally Posted by kfarnan View Post
    Mining BCH will be easier and more profitable. Majority of miners are pushing BCH.
    Not really, what they are doing is exploiting BCH's faulty difficult adjustment system, which lowers the difficulty far to fast. So, the miners mine BTC, then when the difficulty on the BCH chain falls to stupid low levels, they pile on and mine 100's of blocks super quick, then the difficulty goes back up, they go back to BTC, and wait again. So, the effective real transactional rate of BCH is likely lower funny enough than regular BTC, unless you want to count all those blocks coming in 1 a minute empty as real transaction capacity, which I don't. IF this continues as is somehow for months, they'll run into a a halvening years before BTC. Then the situation will become even more dire as the profitablity during the high difficulty stage would be half what it is now, and even less miners would mine during those periods.

    In Summary, BCH needs to get their difficulty adjustment fixed.

  15. #14

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    If 1/2 the miners defect to bch, it will take 20 min/ per block. This will drive the people away from btc, to lower fees and faster trans...

  16. #15

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    Quote Originally Posted by kfarnan View Post
    If 1/2 the miners defect to bch, it will take 20 min/ per block. This will drive the people away from btc, to lower fees and faster trans...
    No if Bitcoin can be defeated(dramatically lose market share and security) by a simple change to the difficulty algo in a near clone, people will lose faith in crypto seeing the same type of situation could happen to bitcoin cash as well.

  17. #16

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    Quote Originally Posted by RonPaulIsGreat View Post
    No if Bitcoin can be defeated(dramatically lose market share and security) by a simple change to the difficulty algo in a near clone, people will lose faith in crypto seeing the same type of situation could happen to bitcoin cash as well.
    It's a matter of hashing power. if it takes hours for confirmations, they won't be loyal. btc adjusts difficulty every 2016 blocks..

  18. #17

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    Quote Originally Posted by kfarnan View Post
    It's a matter of hashing power. if it takes hours for confirmations, they won't be loyal. btc adjusts difficulty every 2016 blocks..
    So, you think I and people like me, are going to go to our cold storage coins and happily exchange them for Bitcoin Cash, which has almost no devs, and few places to use them, and no real roadmap to scale other than handing absolute total control to a fraction of the miners that are pushing it. I'd rather sale all my bitcoins in total for fiat than use that.

    All you're doing is harming the network effect of bitcoin, it'd be like breaking facebook in two and thinking that would be better somehow. There is nothing "new" or innovative or interesting in Bitcoin Cash, at least alt coins have the decency to change algos most of the time anyway.

    Anyway, I will never join you on the bitcoin Cash train, I'll cash out my bitcoins, and buy a house(hopefully), before It'd do that, or a slight possiblity I might convert it Monero or something non-bitcoin code base, seeing that if your plan works it proves bitcoin and all of its clones are irrevocably broken.
    Last edited by RonPaulIsGreat; 08-31-2017 at 06:05 PM.

  19. #18

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    Quote Originally Posted by RonPaulIsGreat View Post
    So, you think I and people like me, are going to go to our cold storage coins and happily exchange them for Bitcoin Cash, which has almost no devs, and few places to use them, and no real roadmap to scale other than handing absolute total control to a fraction of the miners that are pushing it. I'd rather sale all my bitcoins in total for fiat than use that.

    All you're doing is harming the network effect of bitcoin, it'd be like breaking facebook in two and thinking that would be better somehow. There is nothing "new" or innovative or interesting in Bitcoin Cash, at least alt coins have the decency to change algos most of the time anyway.

    Anyway, I will never join you on the bitcoin Cash train, I'll cash out my bitcoins, and buy a house(hopefully), before It'd do that, or a slight possiblity I might convert it Monero or something non-bitcoin code base, seeing that if your plan works it proves bitcoin and all of its clones are irrevocably broken.
    It is not a small group of miners. The majority voted for the fork. I'm just saying what i see happening. Not condoning or condemning it. THere are achilles heals w/ BTC. They can be exploited for good or bad.

    best

  20. #19

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    Quote Originally Posted by kfarnan View Post
    It is not a small group of miners. The majority voted for the fork. I'm just saying what i see happening. Not condoning or condemning it. THere are achilles heals w/ BTC. They can be exploited for good or bad.

    best
    I think you are confusing things. Segwit2x hardfork hasn't happened yet. The miners are still signaling for it to happen, but it won't happen until November.


    Bitcoin Cash is a completely different thing, it was just launched, miners didn't vote on it, and then some rich dude(Roger Ver) decided to back it, and a few miners, and that is how it came to be.

  21. #20

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    Quote Originally Posted by kfarnan View Post
    It's a matter of hashing power. if it takes hours for confirmations, they won't be loyal. btc adjusts difficulty every 2016 blocks..
    bro you are clueless. I sold a few BCH.. and bought some Monero. My BTC is not moving!!! I trust the BTC Devs more,,, way more than Roger Ver or any other fool supporting BCH.
    BCH is just an attack on Bitcoin. They are trying to disrupt it. But Bitcoin survives. It must. Otherwise crypto gold dies with it.

    See you when Bitcoin BTC is worth 50k in a few years. BTC value is censorship resistance. Big blocks weakens a lot this property. So many useful idiots fall for the pretty face Roger Ver arguments.

    The BTC Core Devs are a meritocracy group. Work on Bitcoin Code and you will become de facto a Core Dev.. NO single core dev support the wacky BCH roadmap because it would be suicidal to the core concepts of Bitcoin down the road.

    By the way.. If you want full privacy use Monero.

  22. #21

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    Quote Originally Posted by kfarnan View Post
    btc doesn't have EDA, emergency difficulty adjustment, like bch has. The btc chain is vulnerable to changes in hashing power when miners jump ship to the faster cheaper chain.

    Nobody is talking about this openly

    The network is already slow, losing miners exacerbate.
    The bitcoin cash EDA has been a bad thing. Not a good thing. It has been so disastrous that they now have to hardfork to something called "bitcoin abc".

  23. #22

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    what is Peter Schiff saying about his client decision today when Bitcoin price is rocketing upward?

  24. #23

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    Quote Originally Posted by Mordan View Post
    what is Peter Schiff saying about his client decision today when Bitcoin price is rocketing upward?
    8/30 was a local 5k top back then. But depending on when he got his funds and bought in, it looks like he timed it just about right and bought that dip from 5k to somewhere around 3k'ish would be my guess.

    I'm sure Peter Schiff is silent. lol

  25. #24

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    Quote Originally Posted by jllundqu View Post
    Agencies and governments have already found ways around its so-called anonymity.

    There was never any anonymity... In fact, its inherently less anonymous than other forms of currency or bullion.

    Bitcoin has a signature, and its only 1/2 of a transaction. When an individual attempts to make a transaction, it is the second 1/2 of the transaction exposes their identity, and now this identity is liked to a very traceable signature.
    Don't drone me, bro!

    Ron Paul
    R[∃vo˩]ution 2017


  26. #25

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    Quote Originally Posted by brushfire View Post
    There was never any anonymity... In fact, its inherently less anonymous than other forms of currency or bullion.

    Bitcoin has a signature, and its only 1/2 of a transaction. When an individual attempts to make a transaction, it is the second 1/2 of the transaction exposes their identity, and now this identity is liked to a very traceable signature.
    Check out the "Ricochet" feature in the Samourai Wallet app.

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