BitGold Trumps Schiff?I just listened to Schiff's podcast, intending to address each of his objections to BitGold. But I gave up about halfway through, because - as entertaining as Schiff can be (in a Donald Trump sort of way) - it's more of a tirade than a well-reasoned criticism. I think I'll just leave the rebuttal to James and Roy, who are eminently more qualified.
The main point he is missing, however, is that BitGold's business model has very little to do with buying gold coins for delivery, which is virtually the only aspect he focuses on. That is simply one of MANY options that BitGold is offering to customers (presumably by popular demand) as a small part of the gold payment ecosystem they are attempting to create.
BitGold is about TRANSACTING with gold. (Globally, low friction, low cost, outside the banking system but within the regulatory system.) It is NO THREAT to Schiff's very commendable business of simply selling gold for delivery, which is why it's a bit surprising to me that he spends about twice as long as his usual podcast essentially reiterating all the same pioints he already made in his article.
Ironically, in fact, I think the podcast amounts to an unintended 46 minute commercial for BitGold. A few people might be dissuaded by his rant, but IMO far more people will have their curiosity stoked enough to check out the service for themselves and see if it is really the marketing scam that Schiff seems to be implying.
After all, even Donald Trump knows that bad publicity is still publicity.