Stossel: Is Bitcoin Better Money?

Stossel: Is Bitcoin Better Money?


Facebook calls it Libra
Facebook recently proposed a
digital currency that would —
Make it as easy to send money around the world
as it is to send a photo
and —
Libra is promising stability.
Because would be backed by a basket
of major currencies,
users would be protected from inflation
in any one country.
Seems reasonable to me,
but government officials were not happy.
They summoned Mark Zuckerberg to Washington
I actually don’t know if Libra’s gonna work,
but I believe that it’s important to try new things.
With politicians threatening all kinds of regulation,
Libra backers got scared.
High profile backers have recently dropped out of Libra…
Visa, MasterCard, Stripe, and eBay
all quitting the association
Why are politicians so opposed?
Because they’re threatened by it.
Because this is going to be competition
for the US dollar.
Tech reporter Naomi Brockwell
Government doesn’t like this competition.
but even if Libra is crushed, says Brockwell,
other digital currencies like Bitcoin can’t be stopped.
You want to send money to Russia to
a family member, it’s going to be censored.
You want to send money to a relief effort in Venezuela,
it’s going to be censored.
You want to use Bitcoin for that,
your money will get through.
That’s an incredibly powerful tool that gives people back
the freedom to spend their money where
they want to spend it.
Bitcoins are generated
all over the internet by anybody.
It is the first currency we’ve ever seen
that is decentralized.
They can’t shut it down.
Exactly. That’s why it’s still around,
because they haven’t been able to have these hearings.
They haven’t been able to call on the CEO
of Bitcoin and say,
“You’d better cease and desist.”
There is no server to unplug.
There is no company to shut down,
no CEO to throw in jail, so it persists.
That’s really exciting
Digital currencies “live” on
thousands of individuals’ computers,
so no government can stop them
by pressuring any one company.
Bitcoin, a virtual currency
When Bitcoin started it was worth virtually nothing.
But then it caught on.
We’ve seen Bitcoin gain 40%
Two years ago, the price of one Bitcoin
reached almost $20,000,
then it crashed to $3,000.
Today the price is about $9,000.
That volatility deters many people from
using Bitcoin as money,
but for those of us who don’t trust governments
It is the only suitable money for free people
Still, there are plenty of skeptics.
I think it’s more of a gigantic
classic pump and dump scheme.
Investor Peter Schiff.
There’s nothing to give Bitcoin value
It does have value.
It’s a way to send a transaction around the world
where nobody can interfere with it.
Well, first of all
a lot of people are going to be interfering.
There’s a lot of regulation
that’s now going to come down hard on using
Bitcoin on anybody who transacts in it.
But government can’t stop it.
They can’t even stop the obviously illegal stuff
on the dark web.
Well, but they could stop it in the normal market.
They can get banks and financial institutions
and make it very difficult.
Schiff also says Bitcoin isn’t that useful…
Most people don’t actually buy things with Bitcoin.
People are buying things with Bitcoin now.
I buy things on Overstock.com.
Other people are looking to escape
China’s currency controls.
It’s useful.
I just don’t think it’s going to work.
Gold is always valuable
If you don’t own gold yet, you should buy it
It’s not that Schiff trusts that politicians
will keep the dollar stable.
He thinks people should buy gold.
Gold has worked for thousands of years.
Bitcoin’s only been around for 10.
Gold has actual value.
There’s a huge industry that needs gold.
Jewelry, you have it in consumer electronics
and aerospace and medicine
I bought gold.
I’ve bought gold coins,
but then I’ve got to store them somewhere,
put them in a safe deposit box.
They’re a pain in the neck.
You’re exaggerating how much of a pain it is.
I mean first of all, gold doesn’t take up a lot of room.
You can store millions of dollars worth of gold,
which is more than most people
are going to buy, in a shoebox.
My Bitcoin investment’s done a lot better
than my gold investment.
Well, if you got in early,
I mean you could say that about a lot of bubbles
until they pop.
So I’m a fool because I bought Bitcoin?
No. You’re a fool because you’re not selling your Bitcoin.
I don’t presume to know which way prices will move.
But I do know it’s good to have alternatives to these.
The value of these is only backed
by politicians promises—
and I sure won’t trust those.
And even if these things do remain valuable…
I don’t trust that politicians won’t someday tell me,
you’re not allowed to use your dollars
for things we don’t like.
The U.S. government has put increasing pressure
on companies to stop working with Wikileaks.
The government decided that they didn’t want
Wikileaks to receive donations
Funding to the website
is becoming increasingly difficult.
We’ve seen a monopoly on the money supply
for a very long time
and finally consumers have a choice.
You can send Bitcoin peer-to-peer
to someone over the other side of the world
almost instantly at very low cost
and it can’t be censored.
That’s incredibly powerful.

100 thoughts on “Stossel: Is Bitcoin Better Money?”

  1. Gold is a scam, it has ZERO practical use. Other than being a decent superconductor gold really doesn't have a purpose in modern economics. And Bitcoin is living on borrowed time. When world banks and governments finally agree on a digital currency based on block-chain tech bitcoin will be made illegal by every country because it's easily used by anyone… Drug Cartels, Murder for Hire, Kidnapping, and Child Pornography. It's just a matter of time before Bitcoin is replaced.

  2. Libra, the corporate dollar with all govt safeties, as lame as they may be, removed. Who do you think is more corrupt. Govt? or the corporations that buy off the govt officials? hmmm…… Yea you are REALLY going to stick it to the man by putting him in charge of your wealth. lol. so stupid.

  3. fuck this. I don't want corporations cancelling my money. They're leftists and already think everyone is a Nazi.

  4. “You can fit millions of dollars of gold in a shoe box.”

    Me: “You can fit billions of dollars of Bitcoin in 26-35 characters.”

  5. BitCoin is nothing without the blockchain it is built from, thus any digital currency can be equal to or greater than BC since its utility is not inherent.

    And yes it could be stopped easily. Regulate it the price will fall, tax it and price will fall, make it illegal and the price will fall, replace it and the price will fall.

  6. Хopошеe видeо. Интeрecнo и познавaтeльнo,, доcтупнo и понятно. Большое cпaсибо автоpу кaнала!!

  7. Libra’s failure has more to due with a lack of public trust in Facebook than governments fears of a loss of currency control.

    Facebook is legendary for its breaches of customer trust. There is no way people will trust them with their money.

  8. Stossel inadvertently revealed the problem with Bitcoin in its current incarnation when he said “my bitcoin investment is doing a lot better than my gold investment.” Therein lies the problem: Bitcoin is being used as both an investment and as a currency. These two things do not play nice together. An investment should ideally appreciate in value, giving you more purchasing power with time. A currency should ideally stay at a stable value, keeping the same purchasing power with time. An investment that doesn’t appreciate is a bad investment, and a currency that appreciates makes for a poor exchange of value. Why should I give you a dollar for a loaf of bread when that dollar will buy me two loaves tomorrow? I’m effectively giving you a free loaf of bread.

    Bitcoin can absolutely work to free people’s money from government interference, but as long as it’s being treated like stocks of Google, it’s not going to be a currency.

  9. If you're ok with money (in any form) then you're ok with human slavery and exploitation. The system cannot get around morality. You cannot put a price on life. Yet we do it every day 🙂 don't you see how that diminishes humanity?

  10. Peter Schiff has always seemed like an intelligent and decent enough guy. I'm sure he knows a lot more about these things than I do, but I do have to take issue with his stance on this (at least as stated here). My opinion is: there's nothing wrong with having some Bitcoin or some gold or some dollars. The advice really should be to diversify over a few different holdings and not "put your eggs all in one basket". Bitcoin just gives people another option and there's NOTHING wrong with that, I just wouldn't put my entire life saving into it any more than I would gold.

  11. Bitcoin isn’t a currency or investment it is speculation or gambling at best. Having FB control the Libra is far worse than the government controlling the dollar.

  12. The replacement of our currency into an optimized ledger system is inevitable. It might take a few decades.

    -No need for bank’s real estate cost to keep their facilities running.

    -No electricity cost from bank facilities.

    -No need for bank personnel.

    -No need for a whole security system that ensures transfer of physical bills from point A to point B. Gasoline for armored trucks, security personnel, defense equipment. safe management.

    -No need for an ATM machines and their electricity/maintenance cost.

    -No need for PayPal, Square, Cash app, Venmo, Zelle, etc, and their transaction fees.

    -Impossible for it to duplicated by the U.S government. The feds love printing money.

    All this is replaced with a very small transaction fee that itself keeps the system running.

  13. Oh god Peter Schiff is on every fucking Bitcoin video lol, everyone knows you have a shit ton of Bitcoin Peter you can stop anytime now!!!

  14. Lol, Schiff's reason for not buying Bitcoin is that no one uses it to buy stuff, then goes on to promote gold… which no one uses to buy stuff….

  15. Just to clarify, libra is not cryptocurrency! It's not decentralized lol and it's not cryptic, so it's just another regular currency that Facebook instead of gov will determine the value.

  16. I remember back when my buddy was going to school to learn how to trade. his teacher was telling everybody to buy Bitcoin it was at like 300 or $400 a coin. I'm still glad I didn't buy any money doesn't bring happiness. don't let things like this distract you from your normal life sure you could make 20 grand real quick but then you're going to be deterred from the things that really matter to you. Nothing's free in the end. Go make love, go make friends, go make family. But using Bitcoin for a real purpose besides just trying to get rich, that's smart.

  17. I hear China will introduce a digital currency that will be backed up by their 20k ton gold reserves. They plan to destroy the US dollar.

  18. Facebook is a wast of time, most people aren't useing it so their trying to think of another way to servive and make money.

  19. Yes and no.
    Yes, some aspects of it are better than traditional fiat currency.

    But overall, not as good as a currency with legitimate backing.

    Don’t buy bitcoin, convert your money in things of real life value.

  20. The idea behind Bitcoin WAS great, but it's been taken over. Other cryptocurrencies have taken up the mantel, but Bitcoin itself will never succeed. Check out Nano, or if you don't like the idea of a crypto that doesn't utilize mining, check out Dash, or Bitcoin Cash.

  21. Peter Schiff stands to profit if you invest in his company or buy gold from him. They were also running a gold investment business where you don't take possession of the gold but they give you a debit card that will run off your gold balance. What they don't tell you, is that they report everything to the gov't [anonymity is the only reason I can think of to use their service but they can't even provide that], and the minute any incompetent or corrupt gov't demands it they will gladly hand over your gold.

  22. Bitcoin used to be a litteral gold rush. But I had wished that I would get a PC and mined the shit out of it. Then sell it for those millions of dollars.

  23. My hesitancy regarding Bitcoin is the same hesitancy I have regarding online voting: I'm always afraid there's someone smarter than the person who wrote the code for Bitcoin who can figure out a way to hack into the system.

  24. Money should be backed by protected food, materials, and other practical resources.
    When something has practical value, it’s value will be very stable.
    That’s the problem with gold, it doesn’t have high practical value, and technology will probably find alternatives for its uses

  25. while i agree… you got to understand that libera is not a crypto…..!
    it's a currency owned by Facebook…. Imagine a scenario where facebook controls money… you might think it's better then politicians controlling money… maybe but i don't think so… bitcoin and other crypto are free it's decentralized and…. much better then Government issue… But heaving libera means having the means of exchange and storing all our liquid value/assets in the pocket of facebook…. Business and…. are good things and we should have the option to use any currency/… We want but to some point we cannot allow such monopolies and organizations and systems…. why because in the long run there won't be much competition there won't be freedom… if our means to exchange/… is controlled by a company….
    sure some competition can exist but as said… it'll be harder… just as people nowadays buy shit on the darkweb it's harder but it's possible…. are we going to allow facebook to control such a important part of our economy of our society….
    Dollars aren't perfect… but for now this is what we've got…. Dollars gold crypto…. but not…liberal For example where they can block you sensors you trace you and so on…………

  26. For all the Stossel Interviews, i just would wish for the entire inerview and not just the cut up version. They could be uploaded maybe on a differnet channel?

  27. Libra is going to be VERY BAD, but not because it's not backed by any government. It's bad because it's still centralized. Other cryptocurrencies are fine.

  28. Facebook has the same issue as trusting the fed. They're an entity that holds powerful strength in people's social media space, and have silenced political disagreements and topics, and can extend that idea to their controlled market systems. Look at chinas social credit for an example of where this can go. However I still like bitcoin, and am not turned off to the idea of crypto currencies. Its just all about where it came from. The government isn't bad just because it's the government, it's bad because of how much influence and how much of a monopoly it can have. A potential massive catch of a controlled market by facebook, perhaps tied close by your profile and data as a person, can be as devastating.

  29. Not that I am a dooms-day believer .
    But the percentage of the possibility of a dooms-day seems to be climbing / inching up ?
    So when that happens food , water & bullets will have the highest of value .

    Money or any kind of exchange medium is the beginning of a pyramid scam – middle men .
    That requires day trading for any of it [ short term – the best chance of make & not loosing ] whether you do it , or pay someone to do it for you .

    True fee-trade is individual trading for goods & services .

  30. Libra the concept of a stable coin makes sense. However libra is not truly decentralized like other crypto. It's just another fiat scam.

    I suggest looking at a truly decentralized, permmisionless stable currency like reserve rights

  31. The IBM crypto blockchain "Lumens" already does all of this, but has the added benefit of being FDIC insured! Edit: which has the one added con, in that, you can't hide it from the tax man like other cryptos.

  32. Send gold across the world. See how that works for you. Try to take your gold across a corrupt boarder. I like Bitcoin. I like Chain Link. I like 0x and IOTA(I don't own 0x or IOTA). I like EOS. I like Dash. Dash is better and faster than even bitcoin.

  33. I've purchased multiple things with Bitcoin!
    I am also very long on Bitcoin.
    It is extremely difficult to use gold for transactions unless you use a bank.

  34. Call me when I can walk into a local retailer and buy a pack of gum with Bitcoin. Until then, it's pixie-dust backed by unicorn magic. And it's totally secure, until it's not. Do you think, just maybe, someone can clone a Bitcoin or hack a digital wallet? I'll bet people are feverishly working on it. Good luck, kids. Don't bet the farm.

  35. As it sits, bit coin is still a ways off from being universally viable. It still sits in the fringes and is a speculation at best. But as time goes on, and gains stability and a more universal acceptance, I believe bit coin or something of the like shall give the current monetary systems of the world a run for their money, no pun intended. If crypto currency and VISA/MasterCard could somehow come together, that would be a game changer to say the least.

  36. The problem with Libra isn’t the essential concept behind it. It’s who is regulating it. It’s Facebook. So far, they’ve been given the authority to see what we like, what we don’t, what political opinions we have, what we want to buy at a store and they’ve not done a very good job handling that information so Libra takes it to another level. If it was an independent cryptocurrency like Bitcoin, I’m all for it because we need to restore privacy to restore freedom. The problem is, these big corporations do the bidding of the government so they won’t get regulated and so Libra actually removes our freedoms in the long run. Bitcoin is the answer

  37. The vast majority of people do NOT understand how Bitcoin works. Of course, an equal number of people are clueless about how the Federal Reserve can magically create money for Quantitative Easing (i.e. Monetizing our Debt) and what that portends for the economy.

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  39. Man, I remember way back around 2011 or 2012 a friend of mine told me to buy bitcoin. I listen to the politicians and told him it was just a Ponzi scheme and even convinced him not to buy it. Boy, that did not pan out well

  40. I trust the government. They are good, honest, hard-working people who only want the best for us. If they say something is bad, it is bad. It they say something is good, I immediately consume it. Thank God we are not free, that would be a scary world.

  41. Premise 1: The whole world is developing into a digital world.

    Premise 2: The economy won't stop its transition into a fully digital system.
    Premise 3: A digital coin is just one more logical step further into this road, just like credit/debit cards were at their time.
    Premise 4: If civilization continues, the economy will continue to develop into a fully digital system.
    Conclusion: There will always be a place in a digital economy for the very first digital coin in mankind's history: bitcoin.

    The only scenario where I think bitcoin would disappear/loose its value, is if shit hits the fan; in which case, everything else will also loose value, including Peter's precious gold and your precious US dollars.

    Change my mind.

  42. I think human nature is based upon fear and greed. Virtual money is simply another manifestation of that. A few have won big at this new casino. Most will lose.

  43. Gold won't be worth a single cent when we start mining asteroids

    And bitcoin will be limited to 21 million no matter where you travel in the universe

  44. Amazing video from both sides. Bringing Peter Schiff in was amazing choice. Good video from everyone participating.

  45. So what backs up the US Dollar? Because it is not Gold anymore but 'Full faith and credit” of the U.S. Government. NO DIFFERENT THAN BITCOIN…..Yes, Gold is solid and real, and IT IS more stable, throughout the EONS, when compared to the USD and Bitcoin, but so is a rock!
    Don't forget the Fed Chairman's statement on Bitcoin being a store of value like Gold. He did say this.

  46. In the last 5-6 years I can't remember all the times I have used Bitcoin for transactions.
    In all of my 45 years of life I've never used Gold.

  47. I can get behind Bitcoin or Etherium or what have you because they're decentralized which could become increasingly important in the near future, but Libra backed and controlled by a handfull of private companies?…. Seems like a faustian bargain, specially with facebook involved

  48. Facebook needs to end censorship or Libra is problematic. Bitcoin only works because it is decentralized. Facebook is worse than the government as far as censorship and control goes.

  49. Cryptocurrencies are a disaster if your government gets in on the act: https://www.bloomberg.com/news/articles/2019-08-12/china-s-pboc-says-its-own-cryptocurrency-is-close-to-release
    Once a government establishes and runs a cryptocurrency, everyone that uses it is putting on chains of that government's making and design. I wonder if we won't be wearing Chinese made chains soon?

  50. considering what Facebook is like and they're trying to copy the social score like China, I'd never have anything to do with their currency. "oh, you said a meanie face thing on facebook. I'm afraid we're going to have to ban you and freeze all your Libra account activity."

  51. at least with government currency there is democratic influence… as in we can vote them out if they do bad things…. facebook has less democratic influence

  52. The government can make it difficult to convert between dollars and bitcoin. That’s why there are so few vendors that still accept it as payment.

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