American stock broker Peter Schiff “technically lost” to ShapeShift CEO and crypto commentator Erik Voorhees in a ‘Bitcoin Debate’ at the SoHo Forum July 2.
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Voorhees, the Bitcoin bull of the debate, claimed that Bitcoin will eventually become a substitute for state-backed money, while government structures would be reorganized using blockchain technology. Voorhees argues that Bitcoin is “supremely good money” praising its provable scarcity, divisibility, durability, fungibility, portability, and decentralized nature, stating:
“Bitcoin will win because there is now competition in money, and Bitcoin is the best money currently available. Because it’s decentralized, it cannot be stopped.”
Defending Bitcoin bear position, gold investor and financial commentator Schiff argued that Bitcoin is not going to succeed in the future and work as substitute for fiat money since it is not backed by anything except the “confidence” of buyers, which is mostly driven by speculation.
“It has no real value into itself as a commodity, there is no way to relate the price of Bitcoin to the price of anything else.”
Article: https://cointelegraph.com/news/bitcoin-debate-s-defeated-bear-digitized-gold-only-type-of-crypto-that-can-succeed
You get this guys that admits the current fiat system is a weakness with regards to what money should be but they are strongly pessimistic about Bitcoin and cryptocurrencies, what then is the solution will be my question for them.
I bet the solution will be stick to the useless fiat!
