Is Bitcoin the Future of Money? Peter Schiff vs. Erik Voorhees

Is Bitcoin the Future of Money? Peter Schiff vs. Erik Voorhees



On July 2, 2018, Reason and The Soho Forum hosted a debate between Erik Voorhees, the CEO of ShapeShift, and Peter Schiff, CEO and chief global strategist of Euro Pacific Capital.

The proposition: “Bitcoin, or a similar form of cryptocurrency, will eventually replace governments’ fiat money as the preferred medium of exchange.”
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It was an Oxford-style debate in which the audience votes on the resolution at the beginning and end of the event, and the side that gains the most ground is victorious. Voorhees won by changing the minds of 15 percent of attendees.

The Soho Forum is held every month at the SubCulture Theater in Manhattan’s East Village. At the next debate, which will be held on August 27, William Easterly, professor of economics at NYU, and Joseph Stiglitz, a Nobel Prize Winner in economics and professor at Columbia, will discuss whether free markets or government action is the best way to eliminate global poverty. You can buy tickets here.

Produced by Todd Krainin.

31 Comments

  1. Misunderstanding of the word "faith" throughout on both sides. The real definition of faith is putting trust into something for which you have good evidence.

  2. The moderator freak out is very unprofessional.

  3. Moderator needs to chill it’s not his debate

  4. XRP doesn't use miners

  5. Peter Schiff is completely retarded. Gold has no intrinsic value. Let me repeat that, Gold has no intrinsic value. The only reason gold is valuable is because people want to buy it!

  6. Dwayne Cunningham

    Schiff sounds like he showed up without any preparation.

  7. i thought both had strong arguments. Hated the impartial moderator.

  8. Daniel Barnett

    I like the idea of bitcoin, but it’s hard to disagree with Schiff. There’s good points on both ends. I don’t think crypto is an optimal form of money unless it’s backed by something that has an essential value

  9. Fucking Boomers >kek

  10. We need to find some way to make Gold=BTC, BTC=Gold, thats it, Easy, now please, Vitalik or Satoshi, do that! Thank you!

  11. William Henry Van Etta

    These tech people look like robots

  12. somebody explain to Peter what hashrate means and what shitcoin means

  13. The Sabbath is on Saturday…oi vey.

  14. Louis Le Marquand

    The host is the most bias host i've seen in a debate in quite a while. He's certainly no John Donvan.

  15. holy shit peter is off to a tough start

  16. Erik, fantastic lecture hahaha 🙂

  17. Everyone is high in the audience, that’s why they laugh so much.

  18. That moderator is anything but impartial. It's also maybe a little past his bed time, i would think.

  19. Where is Dave Smith?

  20. konseptgrokker

    The difference between Bitcoin and gold is that Bitcoin isn't scarce? Peter Schiff jesus christ, why aren't you filthy rich right now then? If Bitcoin isn't scarce, why don't you go obtain a million BTC and show everyone?

  21. Interesting…. Excuse me while I go buy some bitcoin!

  22. Peter Vercetti

    Peter Schiff argues that Bitcoin is not money because it has no usability, while Gold has… I wanna see him saying that about ETH and utility tokens

  23. Unkn0wn Canadian

    What most crypto people don't seem to understand is that central banks and governments (by proxy) are not going to sit back and watch their power fade away. Not going to happen. They will make it extremely unattractive to hold, one way or another, most likely through taxation or some form of ban. Many places in the west have already deemed it a security which forces people to comply with securities law. Point is, everything that cryptos preach in terms of decentralization and bypassing banks (which I love about them) won't be allowed. Just my opinion.

  24. Justin McDonald

    People laughing at Peter Schiff, err you all know what that means…💥

  25. Unfortunately most folks can’t wrap their heads around one simple thing…..
    things change….things improve or devalue
    the fact that this is even a debate sets in place that crypto currencies are here to stay……Case in point paper money vs gold was the argument amongst folks who were use to a system of using gold as a means of trading goods and or services…..the other thing is “PEOPLE” decide what holds value and what does not…..if everyone said that music cds are more valuable than streaming music we would still have massive cd cases and the industries that made cds and cases…

    It’s so simple that people get stuck with something they can hold not realizing they have decided that thing is valuable….in simpler terms……pictures of your family members hold value to you and if we all said your family pictures or everyone’s family pics are valuable then that value is recognized by both parties involved…

    This principle is exactly the same as Gold..
    1 final point is this…..those billionaires want to move their money easily and quickly……ever receive $10,000 to your account and have to wait for that money to clear?….takes about 2-5 days or even weeks….not to mention the processing fees it would cost to move said Billions…..therefore companies like Apple or Amazon will want to move their massive global money’s quickly with low fees…… thus what the older gentleman is saying mutes his theory…..”Ripple” (XRP) vs the old system of “Swift” or PayPal or Western Union….these systems all require massive fees to be maintained and often are slow and cumbersome…..the older guy keeps saying that Facebook replace Myspace….that’s true but what he missed is THE SOCIAL MEDIA PLATFORM still stands it didn’t burst or crash it just morphed into what we see today in social media…..

    This is the simple thing most people are missing…..

    If we were to stick with the older gentleman’s theory…..we should still be using horses rather than using cars as a means of transportation thus slowing down industry to a complete stand still
    ……

  26. look up monero. Ok bye.

  27. Harrison Angus

    Can anyone tell me what happened to the bitcoin on the hard drive that got thrown away?

  28. Even if Bitcoin will replace fiat, it will be heavily regulated and will not be at such stratospheric prices and will vastly differ from what the crypto originally wanted to conceptualize as.

  29. The Moderator is definitely not Neutral, cajoling the audience against what Peter said and eases on Eric. That's unfair to Peter.
    All facts and reality given, Peter Wins in my opinion.

  30. Cryptos have too many fundamental problems to achieve monetary primacy – the amount of computer power/time needed to store/process blockchains make it incredibly 'bulky'; only a tiny quantity of crypto transactions can be processed at any one time; one hack and its all gone; and, bitcoin/cryptos are, essentially, a digital fiction.

    One commentator recently suggested that 'Bitcoin is the Model T of crypto currencies'. This is a great way of looking at things – there is a lot that is good about cryptos and blockchains (decentralised, transnational, can't be counterfeited, transparent etc) but atm the operational cons most definitely outweigh the pros. If the world converted to cryptos tomorrow global and national economies would grind to a halt, we'd all starve and a few hackers would become incredibly wealthy.

    Encrypted digital representation of stored assets with tangible value (Bitgold, Bitsilver, Bitpalladium etc) are easy to conceive of whilst associated blockchains would then become a record of ownership of the tangible asset, as opposed to a record of ownership of, literally, everything. This system realises and retains tangible value whilst streamlining the relevant blockchains. It is not complicated.

  31. Peter Schiff WINS!

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