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Peter Schiff Questions the Effort of the Crypto Miners Terms as ‘Worthless’

coinpedia.org 21 November 2020 12:00, UTC
Reading time: ~2 m

Peter Schiff needs serious blockchain Coaching Classes

During the ongoing Bitcoin bull run, the whole crypto masses were eager to know why Peter Schiff was silent? Why is he not comparing Bitcoin to that of gold? Yet he is back again showcasing his pea-brained knowledge on blockchain technology.

In a recent tweet, Gold bugged and Bitcoin criticized Peter Schiff termed the effort of the Crypto miners as worthless and blockchain as ‘nonsense’

The idea that #Bitcoin's value comes from the past work required to validated the information encoded on the block chain is nonsense. If I work hard to dig a hole and then fill it back up with dirt, what value does my labor create? Effort that produces no value is worthless.

— Peter Schiff (@PeterSchiff) November 21, 2020

He says, “ If I work hard to dig a hole and then fill it back up with dirt, what value does my labour create? Effort that produces no value is worthless,”

He compared the effort taken by the miners to confirm the transactions on the blockchain to that of digging a hole! This clearly exhibits his insufficient knowledge of Blockchain Technology and the crypto mining process

Many Jump to Educate Peter Schiff

The crypto space, however, is familiar with the fact that Peter Schiff is a strong supporter of gold and bashes bitcoin. In fact, he had a heated discussion with Pomp on his podcast. Therefore, crypto masses jumped to educate Schiff on blockchain technology rather than criticizing his knowledge.

One of the miners also replied to Schiff who is into cryptocurrency mining since 2016. He too explained what are the advantages of Proof-of-Work.

I have been mining cryptocurrency since 2016. Proof of work provides value because of decentralization, security, hardware cost and electricity costs. To say BTC is backed by nothing is ludicrous. What are fiat currencies backed by? NADA

— Ryan Chapman (@CryptoChapman) November 21, 2020

Conversely, some people also felt it is waste of time to educate Schiff on blockchain technology and said that people much older to him also have learnt in very less time.

Collectively, Peter Schiff tries to create an uncertain environment amid the Bitcoin Bull rally, which might be to impact Bitcoin price. Yet he needs to first go through the blockchain technology and educate himself before commenting on the process included in the blockchain technology.

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