Peter Schiff: Crypto Inflation A Lot Higher Than Fiat

in Threespeaklast month (edited)

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Peter Schiff has expanded the scope of his attacks. No longer is he targeting Bitcoin but all of crypto. His latest charge is that the rate of inflation of crypto is a lot higher than fiat.

He is actually correct on this.

In this video I discuss how the inflation is important for the growth of the industry. When people look at this topic, they completely ignore how growth plays into the equation.

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The difference is who controls the inflation.

Does not matter how much inflation a network has if the users that control that inflation bring more value to the network than they extract.

Bitcoin really created this echo chamber of "inflation is bad" that everyone seems to blindly parrot. Too much emphasis on token burns and hard caps rather than growth and development.

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When you want to discredit someone you simply try to associate bad buzz word with them like inflation in our case

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this is the first time i am going to agree with any of his

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Well the liquidity crisis in dollars is caused by QE (deflationary). Though it doesn't step the dollars from devalued due to the huge number of dollars they are printed. It is true that one of the most appealing aspects of crypto is the high inflation rate (minus coins like BTC) and the high APR.

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As Edicted said in the comment, it's important who CONTROLS the inflation... and who is making it higher or lower... There are numerous examples of hyperinflation when those who "control" it lost control...

Crypto is different as most cryptocurrencies have fixed inflation or an "algorithm" that is lowering the inflation in a certain timeframe... There is no Joe Doe doing that when he wants more money for himself...

Just my 2c...