I have noticed that some people I respect have jumped on the bandwagon of calling Bitcoin a cult. I will agree with the word cult even know it is ment to be pejorative, giving the movement a religion like meaning. Is is a cult in the sense that it is a movement based on philosophical believes. Underlining the complete philosophy is not my intention neither my place. Bitcoin is a cult in the sense that it is a movement of people who are sick of currency manipulation, and war for dominance.
Before I get to the conversation; I find it necessary to note that I have been listening to Peter Schiff’s podcast on and off, and find his inside to be agreeable most of the time. He knows his stuff, and is explaining it very well. Me Why invest in Gold rather then diamonds? What makes gold a better money then diamonds? Peter Schiff Diamonds are not fungible! Diamonds can now be created by industry, rather then mining.
Peter buys a house for $100. 10time passes and Peter sells his home for $200. 2time later he decides he wants to buy the same house back but now the house costs $210. However Peter has only $160 after paying $40 capital gain taxes. He lost $50 buying power, and therefore is poorer. Peter was hedging inflation with real estate.