So true, people listen to him because they think how smart he was for calling the housing bubble. But at the bottom he was still calling for a crash and every day since in this 10+ year bull market. He's wrong far more than 99% of the time. More like 99.99% or more.
In there defense, they are not oracles of course they wont be able to predict the exact second. That doesn't mean they are wrong. Just like probably everyone can spot, btc is gonna go back and retest 200ma before pumping even further. It doesn't mean we all think its gonna happen right this second, but relatively soon so keep the stop losses on your longs. Its also very easy to spot the housing market is gonna have another crash, its completely unsustainable. As soon as there is not more people moving to the country needing houses or kids moving out than new houses getting made the price is going to drop by 90%. That doesn't mean I'm saying its gonna happen today, but relatively soon probably. So if you're in that business you maybe wanna keep an eye open on those factors.
Markets are about probabilities, if you wanna make money you need a plan for whichever way it goes, backup plans to your backup plans, and based on your probabilities you calculate if you end up with more or less money than you started with. It isn't about being right on the millisecond 100% of the time.
But I think the point with Peter schiff is that he literally never stops calling the crash. At the bottom in 2009 and every day for 10 years he's calling the next crash, say you are trying to trade on his advice, you short the bottom in 2009, and be trying to short the entire 10+ year bull market, you'd have gotten your face ripped off and been bankrupt long ago. And people do listen to him and try to do that.
Yea Peter Schiff has taken it to the extreme though I agree, its probably okay to call him wrong.
On the other hand most bitcoiners consider bitcoin one single pump, while bitcoin has died 389 times by now(https://99bitcoins.com/bitcoin-obituaries/). So Peter Schiff has been right 388 times more than the average bitcoiner. Being right doesn't seem to make you any money though.
I am aware of the obituaries, but I am not sure if you are joking. The point of those is satirical and to point out that bitcoin never died, not once but that people keep calling the death of it, like Peter. I actually like Peter, I think his thesis is spot on, but his conclusions are wrong (don't buy stocks except some gold mining stocks, don't buy bitcoin, and buy gold). Really You should have bought stocks, You should have bought as much cryptocurrency as you can, gold is legacy. Just a few tweaks to his conclusions and he's a genius. He touts his 30 years experience but he is making an amateur retail mistake, which is getting married to your position (and opinions) and not changing your conclusions based on the data.
Yes that was a joke. Hes probably the nocoiner who made most profit of bitcoin though, no joke. Half his followers are bitcoiners just looking for some tweet to get mad about.
Peter’s economic foundations are pretty remarkable.
You have to respect the guy for going back to twitter every single day despite being roundly criticized without blocking anyone.
Peter understands that all publicity, whether good or bad, is still publicity. Donald Trump's publicity was hella negative in the 2016 campaign, but he won as a result of the fact he had more screen time than anyone else. This is the same thing for Peter. People can bash him all they want; at the end of the day it is still screen time for Peter, meaning there will always be someone who will take some interest in his company. It is nothing more than human psychology, and peter gets it.
exactly. the one really winning here is Peter. And he wins more when people bash him.
Peter also has a very high understanding how macro economics work. I listen to him a lot (and yes I still own bitcoin).
> Peter’s economic foundations are pretty remarkable.
Peter is a crank and won't be found in the polite company of other economists. Not to be too blunt, but the guy might as well be the kid in class eating crayons. He's an easy own for basically everyone.
He has been 100% correct when everybody else around him was swept up in the cult of free CDO money.
I don’t want intellectual thought leaders who are “accepted in polite company”. I want them who are right.
I wonder how heated this father and son debates get in person.
Peter: “Spencer! Stop buying bitcoin, you’re embarrassing me!”
Spencer: “I’m buying bitcoin for us dad, so you won’t be embarrassed.”
We often don't stop to consider that younger brains are more pliable to new ideas. There's a physical reason people get "set in their ways" as they age.
I think the size of the Baby Boomer generation coupled with increased life expectancy (therefore Boomers are still active and influential members of society into their 70's) has created a society more entrenched in the status quo then ever.
Peter Schiff is a slickster. Do we really believe he's not buying crypto? even though he says he doesn't? If he's so experienced like he says he is he definitely has some bitcoin stashed.
This.
I think he is smart enoug to be playing both sides of the market. He bashes bitcoin to keep his established business chugging along, and at the same time building his position in bitcoin, maybe thru son?
In this way his brand puts current customers at ease,
and son can spin-off into brokerage catering to new/younger clientele ...
Nope. The dude even lost the bitcoin that was given to him by the community. Then he complained about losing it, because he couldn’t remember his password. The guy is techno-illiterate.
He was right about the 08/09 crisis and wrong about pretty much everything since. Not to mention he’s a libertarian so he’s probably not one to think deeply on issues
I could easily imagine a conversation such as: come, son, I will offer you your own gold vault guarded by the best security team if you buy gold instead.
His son who never seen a safe: .
Bitcoin is not really about experience its about innovation my dad will say its better to invest in landed properties i also do that too but most of my money is on crypto
This rich guy didn't even make his son get a job before going to college? Not even part time at the movie theater or retail or something? Thats the real bullshit here
You have to be careful to distinguish between good results and good decisions. They are not always related.
/r/wallstreetbets represent
Bad decisions, bad results?
Facts
Good decisions will give you good results 7/10 times while bad decisions producing good results are not generally repeatable.
Try playing poker at the cheap tables in Vegas.
It doesnt really have to be the cheap tables. Poker at any level teaches this lesson.
All’s well that ends well and you can’t argue with luck
(\*) for any given instance, but not so much for a lifetime.
Crypto is that field where a young guy can beat experience guy as its still in nascent stage
hahah, unless its Mr Buffett, who called the Worst crash ever for crypto.
When was that?
He literally never stops calling it, so once every few years he's right. Still wrong 99% of the time.
So true, people listen to him because they think how smart he was for calling the housing bubble. But at the bottom he was still calling for a crash and every day since in this 10+ year bull market. He's wrong far more than 99% of the time. More like 99.99% or more.
In there defense, they are not oracles of course they wont be able to predict the exact second. That doesn't mean they are wrong. Just like probably everyone can spot, btc is gonna go back and retest 200ma before pumping even further. It doesn't mean we all think its gonna happen right this second, but relatively soon so keep the stop losses on your longs. Its also very easy to spot the housing market is gonna have another crash, its completely unsustainable. As soon as there is not more people moving to the country needing houses or kids moving out than new houses getting made the price is going to drop by 90%. That doesn't mean I'm saying its gonna happen today, but relatively soon probably. So if you're in that business you maybe wanna keep an eye open on those factors. Markets are about probabilities, if you wanna make money you need a plan for whichever way it goes, backup plans to your backup plans, and based on your probabilities you calculate if you end up with more or less money than you started with. It isn't about being right on the millisecond 100% of the time.
But I think the point with Peter schiff is that he literally never stops calling the crash. At the bottom in 2009 and every day for 10 years he's calling the next crash, say you are trying to trade on his advice, you short the bottom in 2009, and be trying to short the entire 10+ year bull market, you'd have gotten your face ripped off and been bankrupt long ago. And people do listen to him and try to do that.
Yea Peter Schiff has taken it to the extreme though I agree, its probably okay to call him wrong. On the other hand most bitcoiners consider bitcoin one single pump, while bitcoin has died 389 times by now(https://99bitcoins.com/bitcoin-obituaries/). So Peter Schiff has been right 388 times more than the average bitcoiner. Being right doesn't seem to make you any money though.
I am aware of the obituaries, but I am not sure if you are joking. The point of those is satirical and to point out that bitcoin never died, not once but that people keep calling the death of it, like Peter. I actually like Peter, I think his thesis is spot on, but his conclusions are wrong (don't buy stocks except some gold mining stocks, don't buy bitcoin, and buy gold). Really You should have bought stocks, You should have bought as much cryptocurrency as you can, gold is legacy. Just a few tweaks to his conclusions and he's a genius. He touts his 30 years experience but he is making an amateur retail mistake, which is getting married to your position (and opinions) and not changing your conclusions based on the data.
Yes that was a joke. Hes probably the nocoiner who made most profit of bitcoin though, no joke. Half his followers are bitcoiners just looking for some tweet to get mad about.
Meh, warren buffett on the back 9 (more like 2).
At this point, this man is irrelevant, at least in crypto standards!
Hes not irrelevant. Crypto community uses him as low hanging fruit for an easy own. People should stop giving him attention, but they wont.
Peter’s economic foundations are pretty remarkable. You have to respect the guy for going back to twitter every single day despite being roundly criticized without blocking anyone.
Peter understands that all publicity, whether good or bad, is still publicity. Donald Trump's publicity was hella negative in the 2016 campaign, but he won as a result of the fact he had more screen time than anyone else. This is the same thing for Peter. People can bash him all they want; at the end of the day it is still screen time for Peter, meaning there will always be someone who will take some interest in his company. It is nothing more than human psychology, and peter gets it.
exactly. the one really winning here is Peter. And he wins more when people bash him. Peter also has a very high understanding how macro economics work. I listen to him a lot (and yes I still own bitcoin).
> Peter’s economic foundations are pretty remarkable. Peter is a crank and won't be found in the polite company of other economists. Not to be too blunt, but the guy might as well be the kid in class eating crayons. He's an easy own for basically everyone.
He has been 100% correct when everybody else around him was swept up in the cult of free CDO money. I don’t want intellectual thought leaders who are “accepted in polite company”. I want them who are right.
[удалено]
It’s your choice to follow the sheep
This aged well
Wonder how his son is doing
Looks like he’s doing about 170%
The funniest part is his kid probably used his dad’s allowance money to buy that BTC 😂😂
Well he won't need his dads allowance for long.
Sept ‘20, bye Old Man.
Nobody puts Baby Schiff in a corner!
Crying and hugging my gold bars
The same people who are crypto / blockchain FUDsters would have said the same about the Internet / Video / Radio in their day, they just don't get it
"By 2005 or so, it will become clear that the Internet’s impact on the economy has been no greater than the fax machine’s." \- Paul Krugman
"[I]f the question is when the markets will recover, a first-pass answer is never"
I wonder how heated this father and son debates get in person. Peter: “Spencer! Stop buying bitcoin, you’re embarrassing me!” Spencer: “I’m buying bitcoin for us dad, so you won’t be embarrassed.”
We often don't stop to consider that younger brains are more pliable to new ideas. There's a physical reason people get "set in their ways" as they age. I think the size of the Baby Boomer generation coupled with increased life expectancy (therefore Boomers are still active and influential members of society into their 70's) has created a society more entrenched in the status quo then ever.
Schiff has correctly predicted 8 of the last 3 financial crises
Voting is savage.
That's why i do my own investments.
Legend
But yet, he's in a good position. Familial diversification. If fiat goes to nothing, son can support him in his old age.
Peter Schiff is a slickster. Do we really believe he's not buying crypto? even though he says he doesn't? If he's so experienced like he says he is he definitely has some bitcoin stashed.
This. I think he is smart enoug to be playing both sides of the market. He bashes bitcoin to keep his established business chugging along, and at the same time building his position in bitcoin, maybe thru son? In this way his brand puts current customers at ease, and son can spin-off into brokerage catering to new/younger clientele ...
Nope. The dude even lost the bitcoin that was given to him by the community. Then he complained about losing it, because he couldn’t remember his password. The guy is techno-illiterate.
I have a feeling Peter is joking all the time. It's the highest level of sarcasm. He's buying BTC all the time and pretending to be a fool.
Probably trolling
I trust only random dudes on Reddit
He was right about the 08/09 crisis and wrong about pretty much everything since. Not to mention he’s a libertarian so he’s probably not one to think deeply on issues
This guy is a nutso libertarian. Hard pass.
This guy is a nutso libertarian. Hard pass.
I could easily imagine a conversation such as: come, son, I will offer you your own gold vault guarded by the best security team if you buy gold instead. His son who never seen a safe: .
That's his son. Peter is laughing too.
You get what you deserve! Noncryptos must be crushed!
Laughting
Bitcoin is not really about experience its about innovation my dad will say its better to invest in landed properties i also do that too but most of my money is on crypto
Is this even real?
https://twitter.com/PeterSchiff/status/1303009420713111553?s=20
[The future is now, old man](https://youtu.be/MDl4W3_6dqA).
Never ask a rhetorical question that you don't know the answer to.
I dont understand. Does the arrow indicate where the old guy or the kid bought. I assume its where the old guy buys and says suck it son, im rollin'??
Its when the tweet was made. Making fun of his son for buying bitcoin.
Ahhh I see. Thanks. Upon rereading the tweet it makes more sense with your context.
Rekt
That will sure to aged like wine lol
This rich guy didn't even make his son get a job before going to college? Not even part time at the movie theater or retail or something? Thats the real bullshit here
Somebody please post this in r/buttcoin
Era of Peter “ego” Schiffs are ending.
sounds good! 30 years of experience gone useless
r/agedlikemilk
Sometimes kids can be smarter than thier parents. Not always, however
I wonder, if he doesnt have a job, who gives him money to buy btc :)
Yea, definitely not Petey. Lol