Michael Sailor, Bitcoin, Coles discussed on The Peter Schiff Show Podcast

Automatic TRANSCRIPT

I guess people would think that there's no way anybody can say something like that. No that's exactly what he says so. He claims that. Bitcoin is the best form of digital property. And the reason he says it's the most valuable. It's the best digital. Property is because it has no maintenance costs unlike other property where you have to spend money to maintain it the beauty. Bitcoin is they don't have to spend anything to maintain it now. The entire bitcoin network. It's expensive to maintain to the extent that people are transferring their ownership but for the individual owner. If i just take my bitcoin and stored on a hard drive or coles stores. I just have my own coin. It doesn't cost me personally anything to maintain that right. I can keep my bitcoin on my flash drive for ten years. And as long as i don't lose it right. It didn't cost me anything other than i already owned. The flash drive ready to really cost me anything to maintain it so according to michael sailor. This low maintenance cost means that digital property is the best property to own. Now of course the reason that you don't have high maintenance costs for bitcoin is that you really have nothing to maintain. I mean what is bitcoin. It's just nothing is just numbers in cyberspace and when michael sailor talks about the beauty of the low cost of bitcoin he always talks about other assets he talks about real estate. He talks about boats. He talks about cars airplanes right other types of property that people can own and he talks about how expensive it is to maintain right a boat. If you own a boat it costs a ton of money. You gotta find a dock for the boat right. The boat breaks down. You have to repair it right upkeep. You need gas for it right. There's all kinds of cost as any boat owner. How expensive it is to have a boat right. The old joke is are the two happiest days of a boat owners life the day he buys it and the day he sells it and as a boater myself i've owned several boats. I understand that perspective. But what michael. Sailor is overlooking when he compares owning bitcoin to owning a boat is because when you own a boat you actually have property that you use an enjoy people buy boats because they want to go boating. They wanna be out on the ocean. They want to experience nature the water. They want to go fishing. They wanna go water skiing. They wanna just transport they wanna go someplace. They want to go to an island. You know they want to do something. I want to have fun. I mean if boats weren't fun if boats weren't enjoyable people wouldn't be willing to spend all this money to maintain them the same thing with all these other assets yes. Property is expensive to maintain because we like living in houses. People enjoy it. It's a place to raise our families. And yes it costs money to maintain you gotta pay property taxes. There are all these negatives when you own certain types of property but they are more than offset by all the benefits of owning the property the joy and the pride that comes along with owning property and getting the exclusive use of that property. Bitcoin doesn't have any of that. You don't do anything with your bitcoin. So the fact that it doesn't cost you anything to maintain it is irrelevant if you don't get any benefit from owning it..

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