Greg Foss Peter McCormack Peter Schiff

Podcaster Peter McCormack hosted a debate on September 10, 2021, between gold bug Peter Schiff and bitcoin strategist Greg Foss, discussing the value of bitcoin and gold, economic history, the importance of market prices, risk management and portfolio allocations. This informative and robust debate came from a clash between highly-knowledgeable combatants in the field of investing. The debate fell off the rails in areas that got technical and related to game theory. As mentioned in the debate, gold bugs and Bitcoiners likely agree on many economic issues. The clash however often comes down to the merits of gold versus bitcoin, but also the role of assets in portfolio construction.

The debate began to deteriorate once it was revealed that Peter Schiff didn’t know about the Bitcoin network difficulty adjustment, nor how it regulates mining activity. Schiff claimed that if the price of bitcoin was to double, the amount of bitcoin mined would increase because miners would devote more energy to mining bitcoin. After Peter McCormack informed him of the difficulty adjustment, Schiff pivoted to questioning what would happen if the price of bitcoin crashed. Again, Peter Schiff discovered the difficulty adjustment would stabilize any drops in hash power and mining rate.

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