Peter Schiff criticize Buy The Dip concept

[Yugocean]

Peter Schiff, the CEO of Euro Pacific Capital, is a strong supporter of gold and silve investing and a harsh critic of Bitcoin. He has criticised the LUNA's "Buy the Dip" concept.


Schiff poked fun at people who bought LUNA on the cheap and lost their entire investment when the value dropped further to zero. People should not believe in the concept of buying on the cheap, according to Schiff.

Schiff has also likened Bitcoin to terra, claiming that the idea is the exact for any cryptocurrency, meaning that a situation similar to LUNA could happen to any cryptocurrency, including Bitcoin.

The market is in chaos, with the fall of Terra sending the entire cryptocurrency market even lower, wiping out practically all of the money invested. However, proponents of bitcoin continue to believe that the market will rise again, therefore buying at a low price (Buying on the Dip) is the smart option.​

 

[Shaf]

I never thought I would say this, but I admire Peter Schiff this way. His persistent and tenacious criticism of Bitcoin and all other cryptocurrencies is a good example of sticking to ones principles. This doesn't mean he is right and one shouldn't have a chance of mind or be open to others opinions.

He has a strong critic of Bitcoin for years, since it was below 5 figures, going through both bull and bear cycles. This should have proven to him that Bitcoin would definitely survive more than he expected.

On the aspect of not buying any dip, Luna's case was a failure of fundamentals and anyone who's been in the system for long, or done his homework would have recognized such dip as a catastrophic one. Even a mild event like a founding member leaving the team of a coin, like in Fantom can cause a significant dip.

Buying such a dip would only leave you poorer because price hardly recovers.