Bitcoin is technology, but gold “is dead,” Mark Cuban told Peter Schiff

Bitcoin (BTC) and Ether (ETH) are enhancers, but gold is “dead”Billionaire Mark Cuban said one of the biggest critics of cryptocurrencies.

In one debateOn twitter2nd March The Cuban, who increasingly sympathizes with cryptocurrencies, warned Peter Schiff that gold as a store of value (SOV) would “die”.

Cubans on ship: “Gold is dead, carry on”

Schiff, a longtime gold fan who has made a name for himself as a staunch Bitcoin skeptic, He continues to tweet derogatory comments on the phenomenon despite the BTC / USD pair regularly making new all-time highs.

Bitcoin is technology, but gold “is dead,” Mark Cuban told Peter Schiff
Bitcoin is technology, but gold “is dead,” Mark Cuban told Peter Schiff

Reply to comments on what Wall Street companies were “stupid” to buy itCubans offered a surprisingly pro-bitcoin dose of medicine.

“Let me help Peter. Gold is advertised in the same way as cryptocurrencies. Do we really need gold jewelry? Gold can turn you into a ring.”reads it in a tweet.

“BTC / Eth are technologies that turn you into a banker, enable a smooth exchange of values ​​and are expandable to an unlimited number of business and personal applications.”

Continuing, gave a difficult judgment on the future of gold.

“What we see building with cryptocurrencies today is just a proof of concept. As technology continues to improve, cheaper and accelerate, there will be new applications and maybe even something that will replace what we know today as cryptocurrency.“says another post.

“But gold will never change. That is why it will die as an SOV.”

Cubans had spent little time with Bitcoin or cryptocurrency technology in generalThis caused the defenders to make a concerted effort to persuade him to reconsider. In January revealed that he still held shares for years that he “never sold”.

“”Don’t forget that gold was a store of value built on the basis of technology. From picks and shovels to ever better mining operations. Those who could use the technology of the time to find and mine more efficiently were rewarded the most. Very similar to cryptocurrencies today“concludes a last message from Schiff.

The gold is dead, Peter. Go on. “

Schiff didn’t have much to refute Calling cryptocurrencies a “bad investment” and to argue that Gold could support the digital currency in the future.TO

Daily candlestick chart for the XAU / BTC pair. Source: trade view

If you can’t beat them, act them

Meanwhile, Schiff’s years of contempt have found a new, more productive purpose.

Diagram of the BTC trading algorithm inspired by Peter Schiff. Source: Sam Baker / Twitter

While many joke that their Twitter posts are indicative of Bitcoin price lows, a dealer revealed a homemade trading tool With whom you have conducted transactions for a year based solely on Schiff’s social media activity.

“Since May, the algorithm would have executed 203 trades and generated an annualized return of ~ 1000%.”said Sam Baker, a student at Boston College, uploading a sample of his earnings.

“65% of the operations are profitable with an average return of 3%”.

“I think this is as good a reason as any other to buy something. BitcoinTO. Good luck”Ship answered.

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