My Response to Peter Schiff’s Bitcoin Video

First and foremost, I applaud Peter for coming up with an educated attempt to challenge Bitcoin, since most criticisms are usually leveled by clueless and embarrassing amateurs who probably take their economic advice from Paul Krugman and other modern day priests.

His argument boils down to one point: He claims bitcoin doesn’t have “intrinsic value”.

This surprises me, since as a fellow Austrian he should know that there is no such thing.

Value is by definition contingent upon external factors, namely where someone places it on his preference scale against other goods.

I believe what he’s TRYING to say though is that gold can still be used as jewelry if all fails, while Bitcoin has no other utility than for it to be used as a medium of exchange.

This argument can be quickly dismissed because even if I couldn’t use it as a medium of exchange I could still use it as a proof of ownership certificate (just to name one example), as can already be witnessed with projects such as Colored Coins and MasterCoin.

It’s still too early to say what other purposes Blockchain can be utilized for, but I would submit that the opportunities are literally infinite.

I’d be curious what he’d say if someone filled that knowledge gap for him.

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Peter Schiff @ Occupy Wall Street

Some people there are actually curious and open to debate and new ideas. Others are just a completely hysterical and embarrassing disgrace for any movement that claims to espouse change, peace, and freedom for all.

I thank them for making complete fools of themselves on video for the world to see. You’ll know what I mean when you watch it …

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Schiff @ Freedomain Radio

While Fox, CNN, and MSNBC discuss why independents’ favorability toward Obama during his State of the Union address went up by 3% during the 10th and 11th minues of his speech, and why Republicans disliked the 15th minute, it’s time for a well deserved dose of truth:

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Connecticut Senate Race – Schiff Already Beats Dodd in Latest Poll

Very encouraging news from the Schiff campaign:

Schiff Logo Blue


To: Peter Schiff Supporters

From: Peter Schiff Campaign Team

Re: Latest Rasmussen Poll: Peter Schiff BEATING Senator Chris Dodd

In the midst of your holiday preparations, we wanted to share with you the early Christmas present delivered today to the Peter Schiff for US Senate campaign.

A new Rasmussen poll has anti-tax candidate Peter Schiff AHEAD of Chris Dodd. This is an early Christmas gift for the Peter Schiff campaign. Before we could email our campaign pollster for his analysis, he had already emailed us, “Rasmussen Poll: EXCELLENT NUMBERS!” “These numbers are striking considering the campaign is still in our initial stages, and we are still beating Dodd,” he explained.

Our campaign is energized by these numbers, especially when you put them in context:

  1. Dodd’s a five-term US Senator.
  2. Our campaign hasn’t even started yet. (We launch our campaign headquarters next week.)
  3. Most Connecticut voters don’t yet know Peter and haven’t heard his story.

In 2006, people ignored Peter when he warned about the impending financial crisis. He was about the only person in the country to speak up and speak out against Wall Street’s unsound financial practices. Most importantly, he spoke out when it was the right thing to do, not when it was politically expedient. Now that irresponsible spending has moved from Wall Street to Washington, we need Peter Schiff’s insight and principles in the US Senate.

Connecticut Republicans know that Washington’s spending binges have consequences. Nearly 95% of Connecticut Republicans are worried that Obama’s socialized medicine will lead to bigger deficits. Well over 85% of Republicans are worried that the federal government’s spending binge will lead to middle-class tax increases.

And they’re right! That’s why we need a proven tax fighter like Peter Schiff in the Senate. No one doubts that Peter will be the most vocal tax fighter in Connecticut history. When Connecticut Republicans start to hear about Peter’s record- when they learn that he is the only candidate who can be trusted to fight government spending and tax increases, they will be committed Schiff voters.

One final note: there is a lot of talk out of Washington about the need for “a million-dollar advertising campaign” like the one we are seeing from one of Peter’s opponents. If these poll numbers prove one thing, it’s that: Throwing money at a problem won’t move your poll numbers any more than it will solve the financial crisis.

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Peter Schiff on the Campaign Trail

It is really fun and uplifting to see Schiff talk and relate to people on the campaign trail …

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