Peter Schiff

Now they would own the gold instead of you.

And you don't have to transfer all of your gold, whatever fraction you want, because it's all divisible into tiny increments, just like Bitcoin would be.

So I mentioned I'm developing this and, you know, also I'm going to have it so, you know, people can get a debit card, credit card tied to their gold account.

And, you know, so they could turn their gold into a fiat currency, you know, at point of sale.

So if they wanted to go into a restaurant and, you know, they didn't have any cash and they, you know, they could use their gold, right?

They could just use the card and gold would be sold to cover the

the cost of the meal or whatever they're spending their money on.

So I wanted to just build, you know, this ecosystem where it was easy for people to use their gold as money, not just as a store of value where they're keeping gold, you know, in a safe or, you know, in a shoe box, you know, hidden in their closet, but where they're carrying their gold around on their smartphone or on, you know, on a debit card where, you know, they could use it.

Right.

So CZ saw the interview.

and commented that, oh, this isn't going to work because it's like a trust me, bro kind of concept.

Because he said, you have to trust the third party with your gold.

So it's not going to work, right?

Because Bitcoin is trustless.

You don't have to trust any third parties.

You just own your Bitcoin.

And so when he said this,

My initial reaction was, who's he kidding?

Because Binance is a third party.

You put your Bitcoin on a Binance platform, you're trusting Binance.