What Peter Shiff Misses About Bitcoin And Why he Still Doesn't Get it
coingape.com
Peter Shiff is a great financial guru, he is known for being a big gold bug who loves calling Bitcoin fools gold. Peter has a good understerding of the economy and money but for some reason he seems to keep missing the importance and value of Bitcoin. I said seems to because this could be his way of promoting himself as the "loudest Bitcoin critic" since we know he is accepting bitcoin payments for gold he is dumping on his normie followers and he did have an auction to sell his gold ordinal JPGs on the Bitcoin timechain as well, but this is about his dismissive of Bitcoin.
Peter seems to believe that in oder for something to be money it needs to have an intrinsic value or a utility value like gold has. Let's debunk that first, yes it's true that gold is a very useful metal, in the periodic table it's one of the best conductor of electricity, gold electrical conductivity (S/m): 4.51 × 10^7, it's being used in some electronics like smartphones and other computers. Gold has also been used as jewelry for at least 5 thousand years. It's almost indestructible because it doesn't rust and you can melt it down to make it take any shape or forms you want without losing any mass nor properties. But what made gold money wasn't any of these things, but instead it was its scarcity.
Scarcity is the name of the game when it comes to money, it doesn't matter how beautiful and shiny you can make an object but if there can be an infinite amount of them it will eventually fail as money because the market will find ways to make more of it. Before gold there were other types of money like sea shells, Salt(thus the name salary), Rai stones, etc. But all of these things can be made more of and that's why they hyperinflate at some point and that's why nobody is willing to use them as a store of value anymore, therefore seized to be money. These are one of the biggest things Peter seems to miss. Gold became money because of its scarcity first, then it became used as jewelry because the man gives it to his wife in marriage so if he dies she has some hard money to take care of herself.
Overtime governments were able to capture gold by using counter parties to create too much paper gold certificates and massive leverage on top of it and because it's hard to audit the gold we have to trust that they are not counterfeiting it. That's why gold price is surpressed for so long it's not even keeping up to the rate of USD debasement.
Bitcoin is an improvement on Gold but it is even a better money than gold because there is no need to trust any body you can audit the ledger every ten minutes there is a new set of transactions stating who owns what and the total circulating supply that will never be more than 21Million bitcoins and which issuance decreases in half every for years till the year 2140 when the network transactions will already be enough to sustain itself. After the 2024 Bitcoin halving that happened in April 19th Bitcoin became scarcer than gold. Which mean there is less bitcoin available for sale right now than gold. Furthermore Gold is not that scarce compared to Bitcoin, if gold price goes up 2x Peter Shiff mining stock will get more funding to go dig more gold faster out of the ground to dump in market for profit to their shareholders, in contrast to Bitcoin even if the price 10x this year there is nothing the Bitcoin miners will get more than their scheduled block reward rate at the time. They can only increase their hashrate but not the issuance because Bitcoin is set in time not under the ground.
You see Bitcoin is a rigid monetary network that's has a auditable and fixed supply cap and it is a payment network at the same time, meanwhile gold is only a monetary store of value of which supply can be increased with enough money invested in mining. In history of monies the hardest always win other the others that's why I think Bitcoin could win over gold since it's a thousand times better.
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How Bitcoin changes our time preference for a brighter future.
bitcoincandor.com
Being in Bitcoin not only increases your wealth exponentially over time but it also makes you become wiser to a degree you think deeper and farther into time instead of living by the day like most people in the fiat matrix do.
You either have a high time preference( short termist) or you have a low time preference(long termist), I know it's counterintuitive but let's explore both.
Bitcoin lowers your time prefernce simultaneously as it grows your wealth, because now you have more money therefore more time to plan your life long term. The reason why most people don't get this idea yet is because they don't have the patience required, but also they are stuck in their fiat thinking so they cannot envision a system that does not steal from them.
Bitcoin alows you to think about your actions, your health so what you eat matters because you need to live long enough to enjoy your bitcoin savings. Just not having to constently worry about money in the future frees a lot of mental hurdles in your mind. So you can dream big. You can start a business that will last 100 years. You can start a family with many kids, your last name will be around for many centuries.
A society built on hard money principales like Bitcoin must have better outcomes because the incentives are aligned for a better world. But in contrast to that we have fiat or money by decree that destroys it all.
Fiat money highers our time preference because it deprives us all from our time and our money. That's why you see most people are always in a rush to do anything and everything even if they shouldn't do it or the wrong way to do it. They don't want to think about the unintended consequences of their actions today but prefer someone else deal with the negative externalities tomorrow.
In a fiat world people are hopeless and they feel powerless so no reason for them to think deep in the future. As an example to this, governments today are printing money for all sorts of superficial reasons because most of those leaders are so old they think "it's okay because they won't be alive when the problems will have to be dealt with" so our kids will handle it as they say. No wonder why the younger generation feel so hopeless these days. It's because they are sacrificing their future for some invented "climate fixing goals" and invented "War dictator fighting wars". They are willing to print print prin to destroy the planet and kill everyone in it incloluding themselves just to achieve those fake goals they set for themselves.
Bitcoin is a great way to isolate yourself and your family from fiat short termism to make them think long term and hopefully protect them from fiat negative externalities.
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How to accept bitcoin payments in your business
It's a great idea to accept bitcoin payments in your business as it is the fastest growing economy online and set to be the future of money as we know it. When you accept bitcoin for payments not only you save on transaction fees(2% visa charges) but you're safe from charge backs, and most importantly the value of your money is not debasing over time, so you can focus more on your business not worrying about getting stolen from through inflation or other types of confiscation. Accepting bitcoin helps you attract a whole new set of customers that wouldn't be possible otherwise "bitcoiners", these people are really enthusiastic about Bitcoin and they will fly from miles away to come spend their Sats in your business just to support you. Enough of rambling lets go learn how to receive some Sats money.
There are three ways you can go with this:
1. The first way is for Physical location businesses, if you want to receive bitcoin you can simply use any bitcoin wallet like: blink wallet, WalletofSatoshi or the Phoenix Wallet just put up your sign "bitcoin accepted here" and start stacking Sats for your business
2. Second one is for online businesses, there are few services online that help you plugin Bitcoin payments on your website first one is BTCpay server which is basically a free and open source software that you can use. It's a little bit more technical but with a bit of help and some time put into it you will get it all setup, find their API here for ecommerce integrations.
3. Other option for online businesses, if you're okay paying $25/month for a white gloves service that handle the complexity for you then go to Zaprite they will take care of you.
In conclusion, there are a lot to gain when you integrate Bitcoin for payment in your business, since Bitcoin is both a payment network and a monetary network built for the digital age. There will ever be only 21Million bitcoins in existence and it takes time, proof of work and energy to get them out of the mathematical ground, in contrast to fiat currencies that are easy to create and almost impossible to know how much of these things are out there, so if you value your business and you want to stay in business for long then adopting a Bitcoin strategy like payment is not a bad idea.
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How to Create Your Own Lightning Address to Receive or Send bitcoin(Sats) online or To Get Zaps on Nostr KYC-Free and Even on Your Own Blog
Did you ever want to experience what it is like receiving micro-payments or tips for your contents, interactions or goods and services online or even in person frictionless with no middleman between you and your peers to take a cut? Well you are in the right place. These kinds of payments were impossible before bitcoin and the lightning network built on top.
Today we are going to learn how to setup a "lightning address" (or @LN address) using WalletofSatoshi, for inside the US you have a hard time finding WalletofSatoshi, use one of these services instead from lightningaddress.com, the simple steps are as follow:
1. Go install the app at: walletofsatoshi.com
2. You will automatically receive an @walletofsatosi.com adress that you can change you own prefered username before the @.
3. But first you will need to register your account using an email address, I suggest using an email defrent from your private mainly used email, just for your privacy.
4. Go to your email copy the link Walletofsatoshi sent you and go to the app. You may need to use the given address for a while before you can get your personal one, but still you have an @LN address now you can use to receive payments.
You can use that address to receive Sats tips on any social media platform, on Nostr and on your blog/website as well, I show you how to do that seamlessly here.
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Top Secret Ways To Stack Sats and Bitcoins With No Money In The Bank And No Cash in Your Pocket
No money? No problem, I will show you how to stack your first Sats like a psychopath. You might have heard that saying around the Bitcoin circles "Sack Sats Stay Humble", but how are you supposed to buy bitcoin if you're struggling to buy gas in this expensive world? Well you're 100% right about that, and this is why we are not going to play big here, no we are not getting a hole bitcoin right now but we are simply going after a few Sats, and if Bitcoin is really absolute scarcity we might have a slim chance to make our dream come true and be able to afford much more than just fuel. Back in the days when bitcoin was in the 10cents a coin there used to be sites called "Bitcoin Faucet" where you could go to and do some puzzle logins to receive some bitcoins, of course this was from the early adopters who wanted to spread Bitcoin adoption amongst more people, but now those bitcoin are worth multiple thousands of dollars heading to millions in the future at least that's what others think. But now Sats are the new bitcoins, it's no longer given away but you don't have to be a genius to get them easily. Side note, "Sats" or "satoshis" are small units of bitcoin, one bitcoin is equal 100,000,000 Sats, just like 1 dollar is worth 100 Cents. So one Million Sats is worth 0.01 times the current value of one bitcoin in USD term. Now, let's go put our hands on some Sats.
One of the easiest way to stack Sats is on stacker.news, just like the name says, it's like a news platform where you can report pretty much anything that might be import to someone else and if people find value in your post then you know your first Sats are guaranteed. You can also publish your own ideas, Bitcoin questions or your documentations on a domain you really know about, the more profound and interesting it is the more Sats you will get. I myself @piecover have stacked over 81,000 Sats since I started using it in Nov 2023, that's 0.00081 bitcoin and it's only that much because I am not using it extensively, I also donate back a lot of that online to support a lot of other Bitcoiner content creators and Bitcoin merchants. But stacker.news is not the only place to stack sats.
Head on to Nostr, Nostr stands for Notes and Other Stuff Over Relays, but that's not what this post is about today, we want to put our hands on some Sats. First you're going to create a Nostr account using any Nostr app like: Amethyst or Primal or Damus or Iris or any other Nostr client out there, it doesn't matter which one you pick because you will be able to move around with your Public and Private Key taking all your posts with you. When you get on Nostr, start doing the same thing you would do on Twitter(X) or facebook but better and you will start getting rewarded in Sats for your valuable posts and insightful ideas.
Once you start getting your feet wet on stacking Sats using those kinds of ways then you may want to acquire bigger amount on exchanges or just by selling things you don't need for Sats, working extra hours is also a great way and by doing some side hustle like lawn mowing, handy work, or some online gigs, this is by the way the case for a lot of Bitcoiners I know, you will get a lot more Sats working an extra hour at your job than most strategies that's just the fact as of today. But look, Bitcoin is proof of work, if you do enough work either by being online or in person it doesn't matter as long as you put it in Bitcoin it will always be a wise decision over the long term, just because the sats will only go up in value. I will explain more into that in deferent post. But for now just remember, in order to hold on to your Sats for the long run you also need to keep working or providing value to the society otherwise you will keep spending them.
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Understanding Bitcoin's Scarcity and the Halving Mechanism
The Bitcoin halvings implications
Bitcoin's design inherently limits its total supply to 21 million coins. This scarcity is a fundamental aspect that the world starts to acknowledge, underlining a principle that is embedded in bitcoin's source code and very well documented in its whitepaper. The halving events — the periodic reduction in the block rewards for miners — further tighten this scarcity by halving the rate at which new Bitcoins are created every 210,000 blocks (approximately four years). This mechanism served to disperse the maximum number of bitcoins in the early years of the network's existence, and facilitated an efficient price discovery process. What's more, as issuance reduces, Bitcoin's position as a store of value par excellence increases proportionally. This year's(2024) halving will reduce Bitcoin's supply growth rate from 1.7% to 0.85%, dropping below that of Gold at 1-2% per year.
The most fascinating thing about the Bitcoin halving is that no body is controling it and nobody can stop it from happening. Bitcoin is a self-sovereign living thing, it pays for its own existence, it pays you to own it, it can't run out of money because it is the money. Everytime the Bitcoin halving happens, Bitcoin reinforced itself as a closed system that never leak time nor energy. More people will realize its reliability in a world full of turbulance and manipulations of money.
I prepared a video Version of this as well, that you may also like
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Bitcoin Breaks The "Milkshake Theory" Final Straw and Stops The Border Crisis Across The World
Most people approach a problem by looking at its effect and yell at it hoping it fixes itself, while others look for the causes and fix it. We are going to look at the causes of the border crisis in the US and hopefully offer a real practical solution.
People across the world are hopeless and desperate, they look at countries like USA as the "promised land" and they will do whatever it takes to get there. For them it doesn't matter if you call them illegals they just want to live and they are tired of watching others stealing everything from them after working for years to have what they had. The 1% in the US who controls the money printer deprives their countries from everything through the "milkshake theory" process, hence gangs and the gov of their country deprive them from their wealth and everything else they had.
When US central bank and its banks print money it doesn't just impoverish people in the US who use the USD but most importantly it kills people across the world, the poorest get hit the hardest, bc USD is the world reserve currency.
Thank God for Bitcoin that fixes this massive issue by breaking the final straw of The "Milkshake Theory". Everyday Bitcoin exist and keep operating as a proof of work money it's cutting that evil pipe that's sucking the life blood of all humans across the world(Americans included) to satisfy the money printers in the US, some slowly some faster the evidence is in the border.
If the world has a reserve currency that nobody can print then it levels its playing field, and opportunities can be found anywhere. Bitcoin is money without a printer but hard working people who love to work for what they earn.
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