I watched the debate video between Big Brother and Peter at the Dubai event last week. I found it very interesting, haha. I want to summarize the content and share it with everyone.
1. On tokenized gold
▶️Peter's viewpoint: He is working on a project called T-Gold. He believes that tokenizing gold makes it better because it becomes divisible, portable, and easy to trade, while still retaining the physical gold backing as a 'store of value.'
He believes this is better than fiat currency and $BTC .
▶️CZ's viewpoint: Agrees that tokenized gold is more convenient than physical gold, which proves the utility of blockchain technology.
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2. About the value of Bitcoin
▶️Peter's viewpoint:
1⃣ Bitcoin has no support; its value comes entirely from speculation and the 'greater fool theory' (the belief that the next person will pay a higher price).
2⃣ Bitcoin is not a currency because it is neither a unit of account nor a store of value (too volatile).
3⃣ Gold has intrinsic value (industrial use, jewelry, central bank reserves), even if not used as currency, it has value, while Bitcoin is worthless without speculation.
▶️CZ's viewpoint:
1⃣ Value does not necessarily have to be physical (for example: Google, Twitter, and the internet itself are virtual but have immense value).
2⃣$BTC effective utility value: For example, in Africa, people can use it for quick cross-border payments, saving several days of time costs.
3⃣ Value comes from consensus and use (Binance has 300 million users).
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3. About payments and applications
▶️Peter's attack: No one uses Bitcoin to buy things; everyone is just hoarding (HODL) or gambling on exchanges.
▶️CZ's counterattack: Showed the Binance Card, allowing users to spend cryptocurrency with a card.
▶️Peter's rebuttal: He points out that this is not real 'payment with Bitcoin', but selling Bitcoin for fiat currency to merchants.
He hopes his gold can be directly transferred between buyers and sellers without touching fiat currency.
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4. About price performance
▶️Peter's viewpoint: In the past 4 years (since Bitcoin's last peak), despite ETFs, Super Bowl ads, and Michael Saylor's promotion, the price of Bitcoin against gold has actually dropped by 40%.
If inflation and speculation are excluded, Bitcoin does not perform well.
▶️CZ's viewpoint: If the timeframe is extended to 15 years, $BTC is the best-performing asset. Current price fluctuations are normal, and the long-term outlook is bullish.
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5. An interesting episode
▶️Kyrgyzstan gold bar: CZ took out a 1-kilogram gold bar (said to be gifted by the president of Kyrgyzstan) for Peter to authenticate.
▶️Peter suspects its purity (the color looks a bit off), but can't be sure about the authenticity of the gold, indicating he wants to take it for testing.
▶️CZ says the downside of gold is here: even a top expert like you, holding the physical item, can't tell its authenticity and has to go for testing.
But Bitcoin can be verified on the blockchain, and its authenticity is clear without trusting anyone.
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I must say @cz_binance's brother really has great wisdom haha waiting here.
What about it?
▶️Peter hates Bitcoin, but he acknowledges blockchain technology. He wants to use blockchain to issue his gold token and hopes to list it on Binance.
▶️Although both sides could not reach an agreement on 'what is real currency', they ultimately reached an interesting consensus:
▶️Peter Schiff hopes his gold token can be listed on Binance.
▶️CZ welcomes Peter into the blockchain digital world, stating that although their views differ, they can cooperate.
