Top Crypto Investor Looks Forward

Published on
June 17th, 2019
Duration
48 minutes

Top Crypto Investor Looks Forward

The Interview ·
Featuring Barry Silbert and Raoul Pal

Published on: June 17th, 2019 • Duration: 48 minutes

Barry Silbert is the founder & CEO of Digital Currency Group, a company that has helped build the foundation of the digital currency and blockchain technology industry. DCG has been so successful to date that its investment trust is worth as much today as the whole asset class five years ago. But what comes next? In this interview, Raoul Pal tries to get to the bottom of how viable cryptocurrencies are over the long-term. In addition to talking about cryptocurrencies’ viability and volatility, Silbert addresses the need for crypto to serve as a speculative vehicle, policing fraud and illegality. He also speaks to the utility of blockchain outside of the currency realm. Silbert then discusses his views on bitcoin versus gold, and on the generational divide driving changes in the thinking about stores of wealth. Filmed on June 4, 2019 in New York.

Comments

Transcript

  • MS
    Michael S.
    16 October 2019 @ 07:28
    BTC is an even bigger bubble than the stock market
  • FS
    Fagundes S.
    13 October 2019 @ 22:36
    I guess what BTC has shown for 10 years now is undeniable. This is the next Gold. And the upcoming decade will prove it. I'm moving 50% minimum of my Gold holdings to BTC during the next two quarters. Actually, almost there.
  • DG
    David G.
    5 July 2019 @ 22:20
    Wait, did he say DCG made a significant investment in imaginary real-estate in a virtual place called Decentraland? WTF?
    • CC
      Chad C.
      15 July 2019 @ 20:16
      I'd guess hopes are that Decentraland turns into the first virtual world (eventually used via virtual reality goggles, etc.) similar to the Metaverse in the novel Snow Crash, or the Oasis in the movie Ready Player One. It'll happen one day, but perhaps not via Decentraland.
  • TB
    Tad B.
    30 June 2019 @ 13:40
    As gold bug.....🤬 But that was a great video. Thanks. I got my toe in the water with a Bitcoin tracker (in Swedish Kroner) when Bitcoin was $4k at Christmas. Don't have the patience, ability or desire to go down the ever changing rabbit hole of cryptos, but I agree a bit as a hedge is worthwhile. Let's see what happens...
  • DC
    Dave C.
    28 June 2019 @ 19:40
    A great illustration here of the quality of intellect of this 'thought leader' https://twitter.com/barrysilbert/status/1144572144090845187
    • JB
      John B.
      16 October 2019 @ 03:35
      Whats Twitter without some good trolling?
  • LB
    Louis B.
    23 June 2019 @ 19:50
    Ignorance is bliss, they say, and Barry Silbert is the living proof of that delusion. He clearly knows little if anything about what money is. Therefore he likes the idea of something that will increase in value simply because there is a lot of speculation feeding it. Really? Sounds like a Ponzi scheme to me! Bitcoin displacing gold? Imposible, as a numeraire. But as a speculation? Sure. And just like all those ignorant participants in the gold market that do not have physical gold or allocated storage (i.e. they don't own any gold),he'll find out how virtual this speculation really is in due course...eventually and inevitably.
  • BT
    Bryan T.
    23 June 2019 @ 15:13
    Peter Brandt's charting update would have been useful during Crypto Week.
  • BE
    Bruce E.
    22 June 2019 @ 01:07
    lol Barry trying to discredit Gold by mentioning its use in electronics dropping...that pretty much discredited him from the start. CB covet Gold for a reason...
  • MB
    Mike B.
    21 June 2019 @ 21:04
    #BuyBitcoin
  • CR
    Cristian R.
    21 June 2019 @ 09:28
    I'm a millennial, I'm a gamer. This was unbearable.
    • SC
      Sejong C.
      21 June 2019 @ 10:01
      Please, elaborate.
    • MB
      Mike B.
      21 June 2019 @ 21:03
      you don't get it
  • SC
    Sejong C.
    21 June 2019 @ 07:30
    Interesting, yet not so fruitful interview.
  • RO
    Robert O.
    21 June 2019 @ 05:06
    I'm sure that gold-bitcoin commercial will get a lot more play now that gold broke above $1400. It's like the "Death of Inflation" magazine cover.
  • SF
    Sean F.
    21 June 2019 @ 00:47
    Doesn't gold have more utility now that a country can buy oil in gold through China's futures (oil priced in yuan and gold priced in yuan with physical settlement)? Why would a central bank sell its gold before it sells its US Treasuries (which will surely go up in supply as unfunded liabilities come due)?
  • CM
    C M.
    19 June 2019 @ 23:55
    Is anyone noting governments' reaction to Facebook's Libra? Interesting that most governments discounted bitcoin's impact but believe FaceBook is a real player. But more importantly, they are already communicating that Libra may face regulatory requirements in order to be legal in their countries. Point- governments will not allow national currencies that they control to be replaced by a one world currency.
    • JM
      John M.
      20 June 2019 @ 03:13
      no surprise.
  • bh
    bjorn h.
    19 June 2019 @ 21:52
    One constructive exercise would be for Mr Silbert in a next episode to address quantum computing and theft. Both have multiplier effects or steep discount rates. I do not know enough about quantum computing to negate Bitcoin thesis provided, but every technologist if he takes his technology acumen seriously needs to address this. Also quantifying theft starting with cut off point for general public awareness being Mt. Gox and today and how much has been documented stolen, and how much high probabilistically gone forever due to key or hardware loss based on some proper annecdotal study. As an independent thinker, hearing this episode, I would think one would want propert explanations on these 2 issues from individuals or organizations that can provide good pro con arguments. Bjørn
  • SS
    Sam S.
    19 June 2019 @ 17:31
    Paint me green and call me Gumby. Pokey and I will walk the streets of Decentraland looking for a friend. Then we'll setup our digital real estate projects. Governments will tax us for the highest and best use, as the air overhead could become a digital high rise, but we haven't built it yet. Soon, digital regulators will become the digital sheriff, collecting our private wealth money as a tax penalty. After we take off our VR goggles, the door bell will ring and a guy serving us a summons from the IRS, to appear in regards to tax audit. They will claim we're laundering money in our digital cash producing laundry mat. It will be located in the basement of our future high rise building. A tax judge will sentence us life in prison, just to make an example out of us as VR pirates.. No, not a digital jail in Decentraland, but a real one. Not to worry, the Toy Story Gang will bust us out. Got to go, my real life boss is coming and I have to get back to the real world. All seriousness aside, Raoul was all for BTC in the beginning, suggested it could go to a million or maybe $100,000 to be more realistic. At a point in the future, he told everyone he sold out in the $2,000-$3,000 range. Price went to $19,000. Just to be fair, I did make a profit on BTC following Raoul thoughts. BTC price rise catalyst was Chinese money leaving mainland China. Not sure how one platform such as BTC or ETH cross-connects to other platforms for an increase in the price. Speculating on BTC because Decentraland starts booming---how and why? The cost to transact in BTC or other similar digital assets, is very expensive. Same as trading gold and diamonds. Fortunes being made on the spreads, premiums and discounts. This real world stuff is difficult, so maybe living in Decentraland is better? The movie Brainstorm was ahead of it's time. What will the porn community do with blockchain and digital?
  • JO
    Johnny O.
    19 June 2019 @ 15:16
    ZEC (ZCash) doing great, ZEN (Horizon, formerly known as ZenCash) not so much. Did he say MONA (i.e. Monacoin)? No way. Still glad I sold that. Tether looked fishy from the start, as will anything issued by Facebook. Need an expert update on leaders Ethereum, Monero, Factom and Ripple. Is XRP even a currency? And whether the most touted bright ideas are going anywhere: Stellar, Steem, EOS, IOTA, Cardano. There's a lot to be said for coins that are actually in use and growing, like Binance BNB, versus vague promises. Let's have Tuur Demeester back on. He was sceptical ETH and the tokens hanging off it even had a future.
    • BT
      Bryan T.
      23 June 2019 @ 13:38
      No, he said MANA, https://www.cryptocompare.com/coins/mana/overview/USD
  • DJ
    David J.
    19 June 2019 @ 05:07
    Once the last bitcoin is created, what will be the incentive to mine (process the blockchain). I suppose create more bitcoin.
    • BB
      Brian B.
      21 June 2019 @ 18:56
      Actually the incentive will be to collect fees from transactions. That is already the case today but fees are of much lower value than the block rewards (prize for solving the cryptographic puzzle).
  • ZY
    ZHENG Y.
    19 June 2019 @ 01:13
    love the commercial at the beginning...
  • SL
    Scott L.
    18 June 2019 @ 17:54
    Download transcript. ctrl + f "tether" No results found. I can just assume this unbalanced drivel.
    • KS
      Karen S.
      19 June 2019 @ 00:27
      true
  • JL
    John L.
    18 June 2019 @ 16:07
    At 31:25 “The central banks will sell their gold before they sell their ports and airports” ?
  • MC
    Minum C.
    18 June 2019 @ 15:44
    Gold vs. Crypto is a rather apples to oranges comparison I think. Whereas gold is hoarded, crypto is treated like a hot potato. People and institutions that hoard gold aren't doing it because they want to double their money. To them, gold IS money. The USD price of gold doesn't enter into their thinking and regular purchases of gold are used as a form of saving money. The numerator and denominator is flipped around in the thinking. There just isn't enough there to believe crypto will be hoarded like gold. This makes crypto a risk on financial asset which means they will continue to get treated like a hot potato. You should be comparing crypto to junior mining shares.
    • GH
      Garrett H.
      20 June 2019 @ 19:59
      Crypto has value as a way to get capital out of your country, probably easier than smuggling gold. But governments can and likely will attempt to regulate/stop the exchanges.
  • PV
    Peter V.
    18 June 2019 @ 15:38
    Perhaps Realvision can bring on Roy Sebag for some informed, and necessary, editorial balance?
  • PV
    Peter V.
    18 June 2019 @ 15:37
    I wonder what Charles Ponzi would say about building a speculative frenzy? I guess he would agree with Silbert's strategy. No doubting blockchain. It's brilliant. For some balance on the gold argument. The following link is worth reading. https://www.goldmoney.com/research/goldmoney-insights/drop-gold-and-the-myths-we-re-told
  • GH
    Gary H.
    18 June 2019 @ 13:46
    Very informative and thought provoking. The future is bright for the space but weeding through the opportunities are very difficult.
  • SP
    Sat P.
    18 June 2019 @ 12:39
    A very informative discussion. I work in Tech and have never heard of Decentraland, Mona or many other things he mentioned. I’m loving Cryptoweek already!
  • DS
    Dan S.
    18 June 2019 @ 11:42
    Is Bitcoin an asset? It is 1 and 0's, creation burns material energy, buying it triggers an opportunity cost of investment in productive capital. I do like gold-backed Block Chain Coin. Gold has many useful properties on the nano scale, and it will always be used for jewelry due to its esthetic properties.
    • CM
      C M.
      18 June 2019 @ 14:07
      My wife will wear gold, but so far she has shown no interest in a Bitcoin necklace.
  • KL
    Kim L.
    18 June 2019 @ 11:34
    I think Raoul's point on owning Gold and Bitcoin is the right investment approach and there's lots of arguments for and against Bitcoin being a store of value. But take a look at startups like Blockfi and the Celsius who are giving crypto holders interest and even loans on their holdings. The infrastructure around digital currency is certainly growing.
  • MM
    Michael M.
    18 June 2019 @ 10:47
    Wonder how easy it will be to convince India to switch 24 karat gold jewelry for plastic bitcoin keychains as a savings mechanism?
  • SS
    Shanthi S.
    18 June 2019 @ 09:33
    RV is perfectly positioned to become the go to place for serious, high quality crypto research. You guys could have a Thinktank style area for crypto.
  • KD
    Karl D.
    18 June 2019 @ 09:16
    Had a good laugh, particularly at the end. Despite being a millennial and respecting Bitcoin supporters like Raoul and Keith, I remain convinced Bitcoin is going to come crashing down to zero. There is still no use case for Bitcoin and yet somehow it's going to replace a tangible asset like gold? It's like saying decentraland is going to replace real estate. Frankly I just feel sorry for the bitcoin crowd because they are going to look back on these times with embarrassment.
    • JO
      Johnny O.
      19 June 2019 @ 15:46
      I'm sure the good numbers of people in Turkey (highest crypto user percentage of population) and Venezuela (also high) who got some of their money out of local banks and local currency when they could are very embarrassed when they read you pointing out its uselessness. But a long argument about MMT and coming wealth taxes and future confiscations is not required. A simpler compelling reason to hold some BTC was that it tripled in the last 6 months, and past performance told you that was entirely possible. Sometime during this "crypto week" we need to hear about the huge institutional engagement and projects and new forms of access and custody that are partially driving this run-up. And, in addition to the non-fiat savings use case and ease of transferring money around the world for next to nothing, there are tools that may make BTC work as a fast small payment transaction currency.
  • MZ
    Martin Z.
    18 June 2019 @ 09:02
    I did very well speculating on the first crypto bubble (100x) and currently have a 10% allocation to ETH, so I'm hardly a crypto hater, but I'm sorry: the Drop Gold campaign is complete BS. It's a slick, simplistic, spurious piece of pure propaganda, obviously designed not to persuade "gold bugs" to change their mind but rather to convince younger investors* to buy crypto instead of following older generations* into gold. Every single claim the ad makes about gold has been totally refuted by Roy Sebag, Peter Schiff, and many others. But all you really need to do is ask yourself two questions: 1. What is it about gold that makes it such an attractive target, as opposed to stocks, bonds, fiat, etc.? and 2. Why do few gold advocates badmouth crypto but so many crypto advocates disparage gold? (I don't see any DropCrypto ads out there, do you?) *I avoid using the terms "millennial" and "baby boomer" because they are the same kind of propaganda as the DropGold ad - a term invented by marketers to sell you something you don't need.
  • FK
    Firoze K.
    18 June 2019 @ 07:43
    So basically Tron becomes reality! I hope I'm still around to see all of this come to fruition.
  • JC
    Joel C.
    18 June 2019 @ 07:24
    great insight and knowledge here > thanks RV again for putting this type of content out... but, and its a big BUT, i don't see how you can have this conversation without raising the issue of govt regulation. The whole crypto market - and in particular Bitcoin - has a red flag under it where at any point, any govt could just come out and declare it illegal... then what? yes i know the whole point is its undetectable etc etc but a rightly pointed out below, many people would steer well clear if it was outlawed... can we address this point? Barry?
  • RN
    Raymond N.
    18 June 2019 @ 06:42
    Update: After completing the video, I would have to say that I am happy Raoul is still a crypto bull and that there is still hope that Real Vision will continue to provide timely and well researched coverage of the crypto space moving forward. This video did not disappoint. Thank you for bringing Barry back. For all the bears, it would be great if you could also bring on articulate/honest/intellectual experts from the opposing camp also to balance out our views! For all the bulls, please consider bringing back on Trace, Dan, Tuur, and any other OG's in the crypto space.
  • RN
    Raymond N.
    18 June 2019 @ 05:43
    Finally! Crypto was the sole reason I subscribed to real vision. The early content on crypto with Tuur, and Trace, and Dan, and other OG’s was high quality. Then, I noticed the same old videos were being clipped and re-posted with new date stamps... and the crypto content simply evaporated. For some real feedback: 1) PLEASE implement sort by date on videos It is absurd hunting for the most recent crypto video among just a handful of re-posted old content, and EVEN worse when video date stamps are organized at random. It’s a joke. 2) PLEASE stop repurposing old clips of the same videos inside the members area. It is a waste of members time to have to click in a video with a new title, watch the first minute, only to realize it had already been watched (but posted under a different title and a different date) I’m looking forward to crypto week. Hoping it lives up to the true Real Vision standards! But quite frankly, I’m a little discouraged.
    • JL
      J L.
      18 June 2019 @ 06:12
      +1 to both points, it's a joke after all the money spent on web design
    • SS
      Shanthi S.
      18 June 2019 @ 08:51
      Yes! Sort by date is desperately needed. As are comment response notifications. Or am I the only one who doesn’t get these? Guess I’ll only find out if I remember to manually check back here! :) Otherwise loving RV!!!
    • MC
      Minum C.
      18 June 2019 @ 15:34
      I think you'll find RV's coverage is positively correlated to the price of bit coin.
  • TH
    Timo H.
    18 June 2019 @ 05:00
    Interesting discussion, that even had some substance in it :-) A couple of remarks: 1) Bitcoin is a great invention, that has produced some very significant follow-on inventions, such as self-sovereign digital identity networks and decentralized transaction management networks. Apart from speculation and the ability to take your wealth out of China, Bitcoin itself does not have a proper business case. You may argue, that it replaces gold, but why exactly Bitcoin should do it? Why not Litecoin, Ethereum or Dogecoin? The inconvenient truth is, that in Bitcoin, you pay for the brand, not for some superior technical implementation. 2) The real use case for the technology is the "Decentraland", but not as a virtual reality platform. "Decentraland" exists today around us as a non-digital version! The real world is a decentralized place. It's the digitalization of the real world, that is the big thing. To do that, you need to digitalize two things: the business processes and the parties of those processes. Once you have given every entity of the real world, i.e. all individuals, organizations and things, a self-sovereign digital identity, you can start digitalizing and decentralizing the value creation and transfer processes, i.e transactions, between these digital identities. That work is already ongoing, and it is truly fascinating. The only aspect of the Satoshi's Bitcoin invention that's not needed in that world is the Bitcoin itself. That was just the first demo of what's possible.
    • JA
      Jernej A.
      18 June 2019 @ 08:08
      To argue on your first point: Its not only the brand but also the level of decentralization and the game theory behind Bitcoins birth. Bitcoin was born when there was no financial incentive and was developed by geeks for geeks. Securing the network back then was cheap. Anybody that wanted to start a cryptocurrency after that (and especially today) has to finance for mining, development as well as some PR/marketing (who is going to notice you in the sea of altocins?) Therefore, every new project has to start with a financial incentive. That skews project incentives.
    • PG
      Petter G.
      23 June 2019 @ 17:31
      1) Of cource. And a technically better internet could also be created and thus replace our current internet, right? In fact, the upgrade of the IP protocol (IPv6) was developed in 1994 and still haven't replaced the current version. Does that mean that IPv4 was a failure? Networks are really hard to change once they've gotten traction. This is why Bitcoin will continue to be king. 2) So you suggest we create a blockchain without a token? How would that blockchain be secured if I may ask? The proof of work algorithm and the bitcoin token are part of the security model in the Bitcoin network. Remember that if a blockchain is to be public it's gonna be attacked 24/7 (and if it's not going to be public you don't need a blockchain).
  • dw
    douglas w.
    18 June 2019 @ 03:37
    The whole reason why you own gold bullion is it's the only money that has stood the test of time thats not anyone else's liability. A bank can have a Cyprus event, A crypto exchange can get hacked, forked, /sounds like dilution to me, where as gold's historical production the amount that can be dug out of the ground per yr./ Can only be increased by 2-3% in line w/historical inflation averages. The other shit he's slinging just sounds like a more luxe version of Sims, if peeps can make a buck of course they're gonna be stoked and Elon storytell the shit out of this, and more power to this man! He's a hustler. I believe in crypto and block chain but bitcoin like the man says, is speculation and when it gets big enough the gov. And the banks will step in with there own versions. Not saying you can't dbl or triple ur money from here. But a storer of value it ain't. Lastly, the reason why c.banks own gold is they are chips at the global monetary poker table. When the debt / currency crisis happens they'll all gather around the table to discuss the next evolution of the monetary system. The ones that hold the most gold have the important seats at the table and will dictate to everyone else. They won't be asking Germany or Russia how much ethereum do you own? End of story.
    • JA
      Jernej A.
      18 June 2019 @ 08:14
      - The fact that an exchange can get hacked is analogous to a bank vault filled with gold getting robbed. Nothing to do with gold, nothing to do with bitcoin. - Forked coins are not a dilution in the same way that having the Namibian dollar does not dilute USD. Similarly, gold is not diluted by the existence of palladium. Gold has its properties, palladium has its properties and so do USD and N. - The phrase "blockchain not Bitcoin" is nonsensical. Blockchain is not an innovation at all. Its a slow, inefficient form of a database that only servers to facilitate censorship resistance. All this hype that blockchain has any other real use cases is yet to prove its ground.
    • RE
      Renato E.
      18 June 2019 @ 11:41
      @Jernej: "The fact that an exchange can get hacked is analogous to a bank vault filled with gold getting robbed. Nothing to do with gold, nothing to do with bitcoin." No it is not. Please do me a favor and stop with this comparison. When you hack into something, you can do it from everywhere in the world with a cheap laptop. All the necessary tools are readily available and the chances that you are getting caught is pretty slim unless you have no idea how to cover your tracks. I work in the cyber sec industry for almost 20 years. What do you think happens if a major governments chooses to discredit certain exchanges? They hack the *** out of it. Try all this with gold, good luck. I own some crypto currencies myself, but please be realistic with your statements.
    • JA
      Jernej A.
      18 June 2019 @ 13:31
      @Renato E. You can't hack into cold storage. Say you are in a big crowd and I tell you someone has a bitcoin mind wallet (12 BIP seed). Will you be able to find and steal it from him? What if tell you there is a person carrying a 1kg gold bullion?
    • RE
      Renato E.
      18 June 2019 @ 15:07
      "You can't hack into cold storage." Sorry, but how many people store their bitcoins in a secure way? Maybe the guys that have spend time with security issues etc. But for the most part, John Doe will access his coins with ordinary devices stored in software wallets or even worse, on exchanges. If a hacker compromises millions of systems with malware (and please don't tell me that it is impossible), he only needs to search for certain wallets. How can you do that with physical Gold? Don't confuse "target of opportunity" with "target of choice."
  • SR
    Steve R.
    18 June 2019 @ 02:23
    My take so far (after having been following this space from the early years): 1. After over a decade, "The number 1 use case is speculation" - that's all you need to know! 2. Is Bitcoin just a solution looking for a problem, when 'the problem' doesn't really exist? 3. Real world use cases - almost zero! And that's after billions have been poured (wasted?) into the space. 4. Bitcoin - just about turning fake money into real money? 5. Decentraland - anyone remember that Bruce Willis movie 'Surrogates'? Anyone really want to end up living like that? No, me neither! 6. Spend all your life in Decentraland = Massive social problems ahead? 7. Barry didn't have any answers about how to handle 'bad actors' - its still the wild west. 8. Gold to replace bitcoin - says a millennial - really? Good luck with that. 9. The killer question that no one answers - do you really think Governments around the world are going to allow uncontrolled crypto-currencies to flourish? 10. No one ever discusses the environmental impact from all the mining activity.
    • SR
      Steve R.
      18 June 2019 @ 02:28
      Sorry, typo on Number 8, meant to say: 8. Bitcoin to replace Gold - says a millennial - really? Good luck with that.
    • TH
      Timo H.
      18 June 2019 @ 03:31
      Spot on!
    • JS
      Jerad S.
      18 June 2019 @ 07:09
      I agree with all the above points and would love to see some responses from real vision. What I see in the future is that cryptocurrency will be a fad tag, playing a minor role. "Pay with square now with bitcoin!" "Pay with facebook, now with cryptocurrency." "BofA now with ripple." Etc., no real change in the actual function of day to day commerce. The people who will profit will be the people making money off the exchanges, and one day people will wake up and ask why they are paying more for their cryptocurrency transactions then they did with Visa.
    • JA
      Jernej A.
      18 June 2019 @ 08:15
      About 10. I recommend watching https://www.youtube.com/watch?v=2T0OUIW89II
  • MM
    Matthew M.
    18 June 2019 @ 01:19
    Barry is ahead of his time. From creating SecondMarket to catalyzing the digital asset trend. Boomers in particular seem to think this space is like some fictitious joke, whereas Millennials know this will be the defining tend of their generation.
  • JF
    John F.
    18 June 2019 @ 00:34
    Has RealVision had Peter Schiff on at some point? If so, recently?
  • KA
    Kevin A.
    18 June 2019 @ 00:31
    Enjoyed the interview. Lot of comparisons to gold. I don’t own gold and most of my friends do not either. I am in my mid-40s and remain extremely skeptical of crypto. The utility of comparing crypto to gold is limited since I do not see the point of owning gold. I have owned (physical) gold once in my life and I made money on it, but I consider it luck as I was scared out of my wits heading into the GFC. I agree with the other subscriber comments about government intervention. Hats off to people who are speculating and making money despite my skepticism. I will not be one of them. I just can’t get my head around the thing.
    • RE
      Renato E.
      18 June 2019 @ 11:54
      " since I do not see the point of owning gold." With all the things going on in the world, the constant MMT talks and the CBs printing money out of thin air? These experiments *might* work out okay, but what happens if not?
  • PG
    Philippe G.
    18 June 2019 @ 00:13
    Love the little 2-minute summaries and key points discussed at the end of these interviews, particularly for niche topics like crypto
  • CM
    C M.
    18 June 2019 @ 00:07
    In watching the commercial, three benefits to digital currancy - it is secure, it is borderless, and it has utility. I agree on borderless. The past has shown that digital coins are not secure with a number of cases of stolen crypto currency (one source says $356 million in first quarter of 2019) . And still don't understand the utility unless I am a trader profiting on the currency's volatility, my business deals in the black market, or I am trying to get assets out of countries like Venezuala or China. Still not seeing it as long-term asset, governments will not allow a shadow financial system to operate over their national currency where they are not the gatekeeper.
    • IO
      Igor O.
      18 June 2019 @ 06:54
      There's no use for 'borderless' if you can't pay with it, and can't go back to fiat. Regarding security. Losing private key is concern for average me. It's not secure unless my private key attached to my retina scan or something. Otherwise if it's gone it's gone forever.
    • JA
      Jernej A.
      18 June 2019 @ 08:19
      Speaking about security. The fact that bitcoin is stolen from exchanges is equivalent to a bank getting robbed - nothing to do with bitcoin's safety. If done properly Bitcoin offers the highest level of secure storage. You can literally just remember 12 or 24 words in your mind and nobody can take BTC from you without getting access to these words. In addition, if you make sure that nobody even knows you own BTC you are secure from potential extortion.
    • CM
      C M.
      18 June 2019 @ 14:20
      Bank robberies may appear to be a good analogy to crypto security. The difference is that depositers don't lose their moneyt. Ask that to the 100,000 users on the Quadriga exchange that lost $145 million when the owner died. Is the Canadian Deposit Insurance Corporation going to step in and make those depositers whole?
    • MS
      Michael S.
      18 June 2019 @ 15:56
      You missed jernej's point, I think. Keeping crypto in an exchange is like keeping your money in the bank. Keeping your crypto in cold storage (by simply remembering 12 words when you want it out) is like keeping your money under your mattress. In this use case, crypto is massively more secure than cash under your mattress. Where you seem to be confused is conflating the security of crypto itself with the security protocols that any given exchange may exercise. Quadriga practiced poor security protocols that have nothing to do with the inherent security in bitcoin. In fact, many believe that the alleged failings of quadriga are to grave to be believed; fraud is more likely. You hint on robbed banks having insured deposits. Again that has nothing to do with cash or crypto. That is a regulation issue. Crypto is a Wild West, but as things move along, appropriate regulation will come forth. If the whole thing doesn't crash, crypto deposits with exchanges or banks will also be insured.
  • PC
    Philip C.
    17 June 2019 @ 23:20
    At present, governments are tolerating cryptocurrencies because they are still relatively small and insignificant. If the 'free market' cryptos like Bitcoin ever become large enough to threaten the hegemony of central bank control of currency, governments will ban them, or subject them to so much regulation that they become unusable. Advocates may argue that you cannot stop the use of crypto because of its distributed nature, just like you cannot stop the use of BitTorrent, but I feel sure most people would not use cryptos if their use was illegal and detectable. Currency transactions are easier to track than illegal file downloads. The pretext for banning cryptos will be the same specious arguments that are currently being trotted out to abolish cash. It is used for money-laundering, funding terrorism, tax evasion, purchasing illegal drugs and weapons, etc. Also, central banks are working to develop their own cryptos, because they can see the value of a digital currency over which they have complete control. Governments will argue that their own digital currencies are better then the free market ones because they are centrally controlled, and the supply can be managed to suit monetary policy, and illegal transactions can be reversed. I fear that the result will be a dystopian nightmare in which all currencies are digital and under the direct control of central banks, where there is no privacy, and where governments have the ability to switch off access to money for anybody considered to be an undesirable.
    • JM
      John M.
      18 June 2019 @ 23:50
      This was the 'elephant in the room' that was not discussed! Firstly Sweden's central bank has already announced the launch of a digital currency, full implementation by 2021! Why use bitcoin if I can use a state sponsored digital currency? Secondly, some countries already ban use of bitcoin. Every state needs to collect taxes. Is IRS getting the data it needs re bitcoin transactions to ensure tax compliance???
  • PN
    Paul N.
    17 June 2019 @ 23:10
    Goldbugs: Look at its history. Bitcoiners: Look at its future.
    • MS
      Michael S.
      18 June 2019 @ 15:58
      Wow, that's perfect!
  • DC
    Dave C.
    17 June 2019 @ 22:39
    The millennium generation have been endowed with an educational system that dictates the pursuit of a university degree requires becoming encumbered with a huge debt load; they are faced with a housing market at high levels of unaffordability compared to average salaries; a jobs market where boomers are retiring later due to their debt issues thus reducing vacancy rates. And to top it off they are now being targeted by elements of the crypto industry to ditch any interest they may have in precious metals and fully pursue the narrative of cryptocurrencies (#Dropgold). I literally could weep.
    • DC
      Dave C.
      18 June 2019 @ 01:16
      Roy Sebag penned the following 'Drop Gold and The Myths We’re Told' back in May - great retort https://www.goldmoney.com/research/goldmoney-insights/drop-gold-and-the-myths-we-re-told
    • MS
      Michael S.
      18 June 2019 @ 16:04
      Public education teaches nothing about financial security or sound and proven investing practices. 90% of highschool grads can't explain the difference between speculation and investing, don't understand financial statements, and don't even value real estate ownership even for personal use. Meanwhile, they begin their adult life living off credit they can't afford to pay for further education they typically don't need and won't use. Don't blame the young 20s kids who are trying and failing. Blame the educators and parents who failed to prepare them.
  • SS
    Steve S.
    17 June 2019 @ 22:30
    This was a great interview. Also got a few good laughs from the interview as follows: - That Gold advert - I could imagine Grant Williams and Simon Mihailovic's blood boiling at that point, that made me laugh. - Raoul's face when Barry suggested Decentraland could be worth more than Google. You could tell he wanted to burst out laughing. You never know though, when Google first started, I'm sure people would have laughed then if you would have said it would be worth $750+Billion now. On a serious note, I think Raoul got it bang on, its not a case of Gold or Bitcoin in the portfolio, but a bet on both, just allocate according to your risk tolerance. As a millenial the potential return for Bitcoin over a 30 year time horizon seems to be far superior than Gold. If I were of retirement age, a bet on Bitcoin probably wouldn't be ideal having spent my entire lifetime saving. Demographics is huge in this, Bitcoin will surely take a larger slice over time.
  • WM
    Will M.
    17 June 2019 @ 22:30
    Oh dear, Mr. Silbert and Mr. Pal all I can say is ...... "You may all go to hell and I will go to Texas" .........(Precious Metals Depository)
  • CB
    Chuck B.
    17 June 2019 @ 21:57
    Toward the latter half of the piece a thought went through my mind - If a new Atlas Shrugged is written in the near future, would John Galt say, “I will stop the data of the world”?
  • JS
    Jack S.
    17 June 2019 @ 21:49
    I have been a big follow of the crypto currency boom, I was an early adopter and got out right before the collapse. If crypto currency lived up to the claims people make, it would be hands down better than gold or silver. The problem is that it doesnt. The coins are not decentralized. There are big problems with the underlying protocols POW and POS. Basically bit coin is not decentralized it is owned by Chinese mining companies if they were decided to give themselves unlimited coins they could with a 51 percent attack. The bitcoin network is owned be whoever has the biggest computer. It is not decentralized and it never can be with the current underlying algorithms. It may not be possible to create a decentralized network on centralized hardware.
    • JH
      James H.
      17 June 2019 @ 22:01
      Lol simply not true. No single computer would 51% attack the network it would take hundreds of coordinated large mining operations to collude and have an organise an attack for it to work, and if they did all they would be doing is wasting vast amount of money on electricity and hardware to take control of the network at which point the network would become completely worthless. Game theory 101.
    • PN
      Paul N.
      17 June 2019 @ 22:06
      If you think that miners can change the protocol rules, given them unlimited coins, and that chinese companies "own" bitcoin, you have a hell of a lot of reading to do. Maybe start with the wiki: https://en.bitcoin.it/wiki/Weaknesses#Attacker_has_a_lot_of_computing_power
    • JS
      Jack S.
      17 June 2019 @ 22:43
      I'm not talking a computer in lamens terms I'm talking a bank of GPUs or other processing units. It would take 3 mining companies to collude maybe less. I was big on Monero as it was the only coin offering fully encrypted transactions and block chain. Monero suffered a 51% attack and it was an accident, some no name Chinese mining company accidentally created a processing unit that could mine at an extrodinary rate. They didn't do anything nasty like give themselves unlimited coins but it illustrates how vulnerable Proof of Work is. Imagine how easy it would be for Amazon/Google or other state actors to take control of these networks of they aimed their processing power at the networks. It's a big issue that nobody is talking about. Because it invalidates the claim of decentralization.
    • JH
      James H.
      18 June 2019 @ 00:47
      Jack you really so have a hell of slot of reading to do mate... I suggest you start with the Bitcoin Standard by Saifedean Ammous. The fact you think 3 large "GPU" miners in china could 51% attack Bitcoin is absurd.. ASIC Miners have been the standard for about 5 years now which shows how out of touch and how little attention you have been paying to the space.
    • JS
      Jack S.
      18 June 2019 @ 02:17
      I know there is alot of hype around crypto and alot of money to be made or lost. What I'm doing is pointing out the flaws that have yet to be addressed. If they are addressed then crypto currency will be superior. It's a big "if" and its looking like it may not be possible. Satoshis original thesis was one cpu equals one vote. This is no longer true mining is becoming centralized. A Proof of work network cannot stay decentralized when the hardware it runs on becomes centralized.
    • DR
      David R.
      18 June 2019 @ 05:47
      The Chinese have the world's only operational commercial quantum network and are far ahead in quantum computing and supercomputing. It'll change everything. Amazon/Google are a red herring as they're running old semi tech 1-2 generations behind SK and TW semiconductors, and will be buried by Chinese quantum tech in which the US isn't even competitive. This is the consequence of graduating 4-million engineers annually in China vs only 40K in the US, where most of the advanced graduate students are Asian and high achievers and leaving.
    • MS
      Michael S.
      18 June 2019 @ 16:23
      Bitcoin mining is only possible today with massive hardware investment, or on small scale via mining pools. Everyone knows this and recognizes it as a step towards centralization. Mining has become centralized around mining pools. This is not a contentious point. The effort to create different "games" (like POS vs POW) are entirely about moving toward decentralization, though with mixed results. With mining now decidedly in the control of a few large mining pools, all bitcoin transactions are entirely under their control. Mining pools decide unilaterally which transactions to include in which blocks. There's several ways they can be self-serving here, and some have happened and still do happen, and those actions ultimately undermine bitcoin's utility. Any leap in computing could be turned against any crypto network before access to this leap is universal. This is also a known existential threat and not a contentious point. Any bad actor with significant resources (e.g. a government) can destabilize bitcoin or any network with a 51% attack. This is blockchain security 101, straight from Satoshi's white paper.
  • mh
    miles h.
    17 June 2019 @ 21:29
    What an excellent, thought provoking interview and glimpse into the future. Looking forward to the rest of Crypto Week! Thanks guys.
  • JM
    Jaspaul M.
    17 June 2019 @ 21:26
    Great to see some crypto content here.
  • RS
    Ranjit S.
    17 June 2019 @ 20:58
    When price of money is zero, so many things and arguments can be constructed and justified.....
    • TR
      Travis R.
      17 June 2019 @ 21:12
      World class comment. Outstanding summation of the insanity.
    • JJ
      Joe J.
      17 June 2019 @ 23:29
      100% this!
  • TR
    Travis R.
    17 June 2019 @ 20:40
    Basic Attention Token (BAT) is good to look into as an investment in the future of privacy. Brave browser is outstanding.
  • JM
    John M.
    17 June 2019 @ 20:37
    I think 'OneGold' responds to every limitation that Barry's advertisement mentions. What am I missing? https://www.onegold.com/howitworks
  • VS
    Victor S. | Contributor
    17 June 2019 @ 20:34
    Barry Silbert(BS) is the male version of Alexandria O. Cortez(AOC) and they would make a great team. Both have imbecile views of the world. To say that BS is talking his book is an insult to sales -it pure hype! The line that “gold has had its day” compares to AOC ‘s “Green New Deal”‼️ BS gold has only been accepted for 5000 years. AND like AOC saying -“the world only has 12 years left” because of global warming” . The ridiculous commentary adds to the fact that he could not give one reason except “the charts for why bitcoin is up. BS let me help did you notice Hong Kong had 2 million protestors ? This is all about china and its citizens getting their money out of china.
    • TR
      Travis R.
      17 June 2019 @ 20:48
      I agree. Though I do own crypto; I am a firm believer in Gold and Silver have the PMs as a portfolio staple. Think a good allocation is 5% to crypto and 15% to metals.
    • BM
      Beth M.
      17 June 2019 @ 21:31
      Victor , once again your analysis has saved me considerable time...so I don't waste my time watching mindlessness. Going forward I'll just look for your commentary...Gold has been money/currency since Noah's time. Gee will that change...NO...not in the short, medium or long term...bet on it!
    • MK
      Mike K.
      18 June 2019 @ 02:56
      Trader Vic tells the TRUTH. Bitcoin does not have the capability to handle fast transactions (such as credit cards), is owned by a small set of large holders - no even distribution (hence the volatility), since its inception (well over a decade) there hasn't been any innovation off it that was broadly accepted. Additionally, if you understand the basics of finance - you need to be able to create credit for a growing economy - not possible with bitcoin, finally no sovereign nation will replace their currency with it - meanwhile in the real world Russia, China, central banks, are all accumulating gold. ...However I don't believe Bitcoin is not going away. It is now and will continue to be the equivalent of baseball cards and stamps, simply a collectable prized by a few - that's it.
  • MM
    M. M.
    17 June 2019 @ 20:31
    Maybe the fate of bitcoin depends on when a crisis comes, short term or longer term. I dont the market is ready enough to playout as THE safe haven yet. Once shit hits the fan on short term i dont bitcoin is the nr 1 asset you think of to find cover. So it could end in a bad timing thing imo.
  • MS
    Matthew S.
    17 June 2019 @ 20:13
    If crypto is a safe haven, why did it implode during both bouts of volatility we have seen in the past 18 months (1Q’18 and 4Q’18)? When financial markets are in liquidation mode, no way these things are going anywhere but down. Even if blockchain technology is ubiquitous years from now, there is no reason why crypto needs to exist as a "currency". Its only real utility is moving money illegally.
  • JH
    Jesse H.
    17 June 2019 @ 19:57
    This was excellent - many thanks, Raoul and team. Some very thought-provoking discussion. Think his take on gold is totally naive, but good to be challenged in my thinking and try to understand how he sees things. The biggest thing to me that gold has going for it is (1) it is a tangible, hard asset (Crypto, by definition, will never be this); and (2) it has a 5,000+ year history / track record of preserving purchasing power. I agree with Raoul - own both and keep an open mind.
    • JH
      Jesse H.
      17 June 2019 @ 20:02
      A third key point that distinguishes gold and crypto is that while government can intervene to confiscate gold, and has in the past (1933, for example, in the case of the US), it is MUCH easier for governments to ban and control crypto, which in my mind is a much riskier play given the future we are looking at. At the end of the day, one of the most potentially risky aspects of crypto as I see it is that it is the ultimate centrally controlled currency; gold is quite the opposite. I think people value this attribute intuitively a great deal.
    • JM
      John M.
      17 June 2019 @ 22:27
      I agree but would add, what distinguishes gold from crypto is that gold is formed when two neutron stars collide and that is a force no government commands! So gold can't be created by anyone. What does it take to create another crypto??? As far as government confiscation, well just own your gold offshore, right? You are not a prisoner of the USA. You can always leave!
  • dd
    david d.
    17 June 2019 @ 19:50
    during the important FOMC week RV is focused on crypto BS
  • wo
    wellies o.
    17 June 2019 @ 19:46
    oh dear.....dark age we are coming at you, kindly facilitated by technological advancement. Looking forward to spending my retirement years in decentraland. cyall there
  • BB
    Bart B.
    17 June 2019 @ 19:43
    Great interview, but I have a major concern in the space. Raoul: Where do you stand on Tether and Bitfinex? Barry......no answer. Tether is being sued by the NY Attorney General...... no mention of that. https://iapps.courts.state.ny.us/fbem/DocumentDisplayServlet?documentId=vIexA1b0spKOnK_PLUS_ZUGTJ3A==&system=prod Tether is a substantial portion of the trading volume for all crypto. My view is to wait until the Tether issue is solved. There will likely be a lower entry point after they are shut down, fully audited or both.
    • MS
      Michael S.
      18 June 2019 @ 16:31
      Tether surely doesn't have the reserves they claim they do. I loved the idea when they first came out, but never trusted bitfinex enough to buy any.
    • MS
      Michael S.
      18 June 2019 @ 16:37
      And to be completely honest, I only liked the idea so I could avoid taxable events. Though the IRS has actually made a declaration on that since. A crypto-to-crypto trade is a taxable event, which frankly needs to be challenged in court I think. Outside of avoiding taxes, I'm not sure what a peg-coin is supposed to do. There's moving value across International lines, but that such a rare use case I am not sure it means much.
  • DS
    David S.
    17 June 2019 @ 19:13
    Really good discussion on crypto. Thanks. IMO the biggest hurdle that cryptocurrency will face is government controls and competition with government cryptocurrencies - Bityuan, Bitdollar, Bityen. The second biggest hurdle will be crypto hacking. The fluctuation of the value of Bitcoin on a day to day basis is too great also. This is the reason RVTV could not offer membership payments in Bitcoin. I am sure that the world currencies will be digitized. I am not sure that it will be an independent digital currency. There will always be demand for Bitcoins, but at what price? Time will tell. DLS
    • RP
      Raoul P. | Founder
      17 June 2019 @ 20:22
      We have charged RV in bitcoin in the past (and we made a nice profit from it!) The real reason we dont do it is its hard to do renewals as you cant charge a wallet, so doesnt work well for recurring payments.
    • JB
      Jeff B.
      18 June 2019 @ 12:27
      @Raoul: RE: Recurring payments It would work very well with Ethereum where you can set up withdrawal allowances to specific addresses
    • PG
      Petter G.
      23 June 2019 @ 17:39
      If there's gonna be Bityuans and Bitdollars then they're going to be running as sidechains on top of Bitcoin. That way the whole world will be leveraging the security of the safest chain on the planet. Having multiple chains that are less secure and more prone to hacks does not make any sense (and remember that government IT are not exactly known to be computer geniuses).
  • SA
    Stephen A.
    17 June 2019 @ 19:13
    Yeah, I mean the "Death of Gold" thesis is a good marketing campaign for crypto but the guy will die in a 100 years with his thesis never having played out. First of all, gold is a Tier 1 asset on Central Bank's balance sheets which as an important anchor used in calculating how much other Tier 1 assets a bank can purchase (such as gov bonds). This is a historical international agreement, you are not going to get 200 countries to nix all the bureaucracy already created in support of this. Second, the millenials in the US may be total idiots (not a surprise there), but the millennials abroad are even bigger idiots and they will like the gold they inherit from their parents, thank you very much. If you ever lived in a printing press country like India or Italy or Eastern Europe back in the day or Venezuela today, and you don't have money to pay for electricity, you'll appreciate gold. This guy makes it sound as if Venezuela is teeming with bitcoin terminals. All it takes is a baseball bat to take care of some of that thesis. Other than that, the interview was good for the first 20 minutes. Yes crypto's only use case and there need not be another one, is to be store-of-value/payment network that is on the scale of gold. I don't think gold is going anywhere but major crypto currencies like bitcoin and ripple definitely have the potential to surpass gold as an asset class diversifier and eventually (mark my words) a Tier 1 asset for Central Banks. While legacy finance will still have a gold component, new finance will utilize crypto. So if crypto goes as big as gold, we go from $150 billion to $8 trillion which is 50x upside. That's pretty good prospects right there. You don't need to do "decentraland" or whatever other 19 years jerkoffs without kids are doing. I spent all day and night playing Warcraft in high school/college and I haven't touched that stuff in decades. Decentraland just like 2nd life will not catch on in the real world. However, a store-of-value payment network with an established financial infrastructure (futures and options markets) and regulatory acceptance is good enough for me. You have gold, the US dollar in 1940 and now crypto. These type of payment platforms don't get created all that often. Everything else that crypto manages to accomplish beyond that is total gravy and I could care less if it is not good for anything else.
    • DR
      David R.
      17 June 2019 @ 21:37
      Every generation thinks the young generation are idiots. US millennials aren't idiots; they've just been poorly taught by the legions of Marxist, social justice warriors who dominate western education. Perhaps a root cause of the final and total collapse of western civilization, which will be all over in merely one decade per "Socrates" and Martin Armstrong "The Forecaster". Got gold and silver? Good. Westerners must store it offshore in one of the reliable Asian tax havens far away from the West like Singapore, Dubai, Cook Islands, Hong Kong, Brunei, Mauritius, Nauru etc, and NOT in any western country nor Caribbean island or British protectorate as these have been/are vulnerable to serious compromise by US, UK and western regimes are rapidly becoming desperate for tax revenue. Remember, during the US gold confiscation in the 30's, gold stored offshore was exempt because then as now the rules were influenced by the rich & powerful who protect their own interests. Think this isn't happening? Consider that Singapore amassed an additional 35% more AUM in just 2018, and its gold & collectibles vaults - the biggest & best on earth - are bulging at the seams with valuables & treasure. With the most modern, lethal military in Asia to protect international customers of the city-state - AKA "the toxic shrimp"!
    • JL
      J L.
      17 June 2019 @ 22:42
      those who try to impose their opinions on a market that will inevitably see a wave of millenial buyers will be the ultimate idiots
  • DS
    David S.
    17 June 2019 @ 18:55
    If Facebook is broken up, will it be worth more? DLS
  • DS
    David S.
    17 June 2019 @ 18:54
    Virtual reality equipment sends structured sense data to the brain and you are reacting to those sense data. Virtual reality to me is like a chosen dream. If you are walking near a cliff, the virtual data will not save you from falling. The real world is still there. I enjoyed a virtual reality experience at the Dali Museum in Saint Petersburg, Florida. It was wonderful to look around from inside a Dali painting. The main similarity of cryptocurrency and virtual reality is they are both virtual. DLS
  • IO
    Igor O.
    17 June 2019 @ 18:47
    My thought for a long time - Ultimate case for crypto is fiat deval.
  • TS
    Tamás S.
    17 June 2019 @ 18:45
    Just an observation: Why is it that when Raoul is talking then there is an eyecontact, but as soon as Barry starts he breaks eyecontact within 5 seconds and looks to the side? I'm sure it's not Raul being too scarry :) His body language lacks the exact same thing that all cryptos do: Trust. Selfconfessed "goldbug" commenting here :) and still liked seeing the argument for crypto.
    • BE
      Bruce E.
      22 June 2019 @ 01:23
      I noticed the exact same
  • JL
    Johnny L.
    17 June 2019 @ 18:31
    Central Banks likely know what is ahead for the globe and for their countries and they are buying not to sell it in desperation at some point. That is in my view where the guest is entirely wrong about gold - v DC
  • MC
    Mike C.
    17 June 2019 @ 18:24
    Please keep more of these crypto-related interviews coming! Fantastic
  • AB
    Alberto B.
    17 June 2019 @ 18:17
    Great interview. It is always healthy in having such debate between gold and bitcoin. But this argument that bitcoin will replace gold is hard to sell. Gold has been around for 4,000 years and it has been the only money that has survived. It has chemical proprieties that makes it indestructible. So, it makes sense to speculate that gold will be around for another 4,000 years (assuming our planet still exists). Bitcoin, on the other hand, has mathematical properties that may or may not change in the future. How can we know for sure that in 100 or 500 years the blockchain will still be intact, protected by cryptography (quantum computing or other technology may break the crypto hash in seconds)? What about electromagnetic pulse weapons? It is not going to destroy the whole blockchain system but at some locations we may need another form of medium of exchange (gold/silver maybe?). For bitcoin replace gold, we need proof that bitcoin will survive for another 4,000 years which is impossible to predict! My point is this kind of discussion that bitcoin will replace gold or gold will win at the end is irrelevant. No one knows. Both can co-exist perfectly. At one point, bitcoin may be better. In my view, right know bitcoin and gold must be part of any portfolio. 10 years from now, I will re-valuate. The only big disadvantage I see in bitcoin right now is history. 4,000 years against 11 years. No one owns the truth. We can only speculate.
  • DS
    David S.
    17 June 2019 @ 17:56
    Weaponizing the US dollar is probably the reason that some central banks are buying gold - China, Russia, Turkey, Qatar and Columbia central banks came up in a quick search of CBs buying gold. This is a great discussion on crypto currencies, but the references to central banks buying gold is a red herring. DLS
  • DB
    David B.
    17 June 2019 @ 16:16
    A sincere "thanks" to our friends at RV for providing us with these kinds of unique insights. It was RV interviews like this with Dan Morehead and others several years ago that opened my mind to the possibilities of bitcoin and crypto. in general. I cut my teeth following investment strategies of Ben Graham and Warren Buffett, so you can see that in order to get someone like me to even consider this space, the content would have to be compelling. I am grateful for the unparalleled transfer of knowledge that RV's rich content yields. Listening to these brilliant people has not only brought new information into my realm, but has taught to think in a bigger, more open way. Raoul's interview with Barry, is another outstanding example of this opportunity to to tap into the minds of people I may never have come into contact with pre-RV. Thank you!
  • JN
    Jared N.
    17 June 2019 @ 15:25
    No thoughts on DigixDao or Digix? Every DGX token represents 1 gram of gold held in a vault. Seems that gold can evolve with Crypto and grow with the market.
    • JA
      Jernej A.
      18 June 2019 @ 08:31
      This kind of things make no sense. You still need a way to enforce & trust the peg. Much worse than a paper gold IOU from a trusted institution.
  • DL
    David L.
    17 June 2019 @ 14:02
    A lot to wrap ones head around, which is the best kind of interview. Thanks!
  • TJ
    Terry J.
    17 June 2019 @ 12:38
    Excellent discussion and well overdue on the crypto asset class. Barry offers some very interesting insights and it will be interesting to see how some of his predictions play out. I was especially intrigued by Barry’s thoughts on crypto versus gold, and he may well be proven right in his belief that over several decades crypto-currencies replace gold as the ultimate store of value, partly because crypto savvy millennials, X-Gen’s etc. inherit the gold now largely owned by boomers (and central banks). That however is almost certainly a long way into the future if indeed it ever happens and in the interim why would you not as Raoul wisely suggested own both. Both gold and cryptos have advantages and disadvantages relative to each other, as both potential stores of value and speculative asset classes. The one major problem for crypto is of course security, not just from the potential hackers, but from potentially losing your private key. It is well documented that almost a fifth of all bitcoins ever mined, have been lost, presumably through owners losing their private keys! While bullion, if you are fortunate enough to own enough of it is cumbersome to store and / or hide, you are unlikely to forget where you put it. Despite this significant drawback, I totally agree with Barry and Raoul that bitcoin and crypto are here to stay and likely to dramatically grow in value over time.
    • DA
      David A.
      17 June 2019 @ 18:28
      Private key security will be a big issue for crypto. There must be a way so safeguard it, beyond what is now obtainable.
    • DS
      David S.
      17 June 2019 @ 19:25
      Thanks for the information on the loss of private keys. Does anyone know what happens to the Bitcoins? DLS
    • CM
      Christopher M.
      18 June 2019 @ 14:57
      David S. Nothing happens to the Bitcoins. They stay at the address that they are at, the issue is that without the private key you are unable to move them.
    • PG
      Petter G.
      23 June 2019 @ 17:47
      A common way to handle the loss of keys is to use a multi-signature address to store the bulk of your savings where (for instance) you need at least 2 out of 3 keys to move the coins. One set of keys could be on your phone, another on a USB stick controlled by yourself and the last set could perhaps be stored in a deposit box at your bank or at your brother's house or whatever. So if you loose your phone or the USB stick you can simply go to the bank or your brother's house to get the last set of keys and you're good to go again. Storing all your savings on your phone is not a good idea just like it's not a good idea to keep all your dollar savings in cash in your wallet.
  • LS
    Laurenz S.
    17 June 2019 @ 11:39
    Price and markets of the mentioned decentralland mana token: https://coinmarketcap.com/currencies/decentraland/
  • PB
    Pieter B.
    17 June 2019 @ 10:47
    This was great. Thanks a lot for the high quality discussion! I think crypto is fiat on steroids, hence having a brilliant potential for upside...and downside ;) therefore crypto clearly is better for speculation than gold, particularly “as a medium of exchange in a virtual world” haha, is does not get anymore fiat than that...at least you can touch printed dollars or wipe your ass with them when you run out of toilet paper;) yet this indeed provides the interesting option play that crypto is! Would the western governments shut down bitcoin if it becomes too big? Would that chance become smaller the moment the bigger (pension) funds become invested in crypto? And might we get hedge funds that solely speculate in digital assets in the virtual world like decentraland? Will we get investment cases where real estate in the real world goes down, but goes through the roof in the virtual world? Imagine Druckenmiller mentioning that his currency and bonds bets in 2025 mostly lost money yet that he was bailed out by his highly profitable virtual bets resulting in another profitable 30% year? ;) Finally, crypto is just another religion right? As long as enough people believe in its value as a speculation it will have a bid.... As a speculation gold is not sexy, yet hopefully gold mining stocks might still provide some exciting returns in the months/years ahead.
  • LJ
    Liam J.
    17 June 2019 @ 10:34
    i honestly don't get why he is still so attached to ethereum classic. Ethereum is so much further and bigger at this point.
    • LS
      Laurenz S.
      17 June 2019 @ 11:28
      Heavy bags.
    • TH
      Timo H.
      18 June 2019 @ 05:11
      Both Ethereum and Ethereum Classic have so serious design flaws, that they will become obsolete in the coming years. Invest accordingly.
  • JS
    Joakim S.
    17 June 2019 @ 10:06
    good stuff guys
  • lc
    ludovic c.
    17 June 2019 @ 08:18
    This is great, thanks for sharing.
    • tr
      tom r.
      17 June 2019 @ 22:38
      The person who suggested 15% gold and 5% crypto might be best. The electric grid is always at some degree of risk. Really enjoyed this discussion since the new generations do think much differently. You cannot disregard today's largest segment of the population and how they think. Thanks RV for this great thought provoking interview.