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Thread: Ron Paul: Bitcoin Is Not 'True Money'

  1. #1

    Ron Paul: Bitcoin Is Not 'True Money'

    Ron Paul: Bitcoin Is Not 'True Money'

    Hunter Walker

    Apr. 17, 2014, 1:44 AM

    Ron Paul detailed his thoughts on Bitcoin in one of two posts he wrote on the question-and-answer site Quora Wednesday. While the former Republican presidential candidate and congressman expressed support for the cryptocurrency, he also said it is not "true money."

    "Though I don’t personally believe that Bitcoin is true money, it should be perfectly legal and there should be no restrictions on it, there should be no taxes on it," Paul wrote. "The people who operate Bitcoin would, of course, be prohibited from committing fraud but the people should be able to have competition whether it is a basket of commodities or crypto-currencies - it should be perfectly legal."

    Paul described Bitcoin as an "introduction" to competition for the dollar that could improve our "terrible monetary system."

    "Bitcoin is a very interesting subject because for many years in Congress I was a champion of legalizing competition in currencies," wrote Paul. "We have a terrible monetary system today. We have a government that purposely counterfeits and debases the currencies and I believe that the alternative would be a competition. That means that anything that wants to substitute for the American dollar should be permitted. There should be no prohibitions; there should not be a monopoly and a cartel running our monetary system because it so often benefits the privileged few. ... Bitcoin is an introduction to that."

    Paul also noted Bitcoin requires "freedom from government intervention when it comes to the Internet" to flourish. He said he is "concerned that the government ultimately wants to curtail the Internet."

    Continued...
    “The spirits of darkness are now among us. We have to be on guard so that we may realize what is happening when we encounter them and gain a real idea of where they are to be found. The most dangerous thing you can do in the immediate future will be to give yourself up unconsciously to the influences which are definitely present.” ~ Rudolf Steiner



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  3. #2
    I would agree that bitcoin is not true money - as we currently know it.

    My hope is that it turns out to be a new, better form of money.
    Donald Trump > SJW ass-tears

  4. #3

  5. #4
    Bitcoin is a currency, which is a different animal than "money." It can be accepted or not accepted as a currency, just as it can be accepted or rejected as money. So Paul is correct. By US law, the bankster fiat notes must be accepted as currency, but one does not have to accept them as money. One accepts it as money when you "negotiate" it, for example by signing the back of a check.

    If you instead deposit the check by saying "deposited for credit on account or exchanged for non-negotiable Federal Reserve Notes of face value" (which is what I stamp on the back of checks) you have accepted the check in a manner that the bank will credit to your account, while not treating it as "true money." Bitcoin simply acts as a substitute for the currency that the institutions wish to foist on us, while restoring independence to our financial transactions from government snooping and bankster interest.
    -----Peace & Freedom, John Clifton-----
    Blog: https://electclifton.wordpress.com/2...back-backlash/

  6. #5
    Quote Originally Posted by donnay View Post
    Ron Paul: Bitcoin Is Not 'True Money'

    Hunter Walker



    "Though I don’t personally believe that Bitcoin is true money, it should be perfectly legal and there should be no restrictions on it, there should be no taxes on it," Paul wrote. "The people who operate Bitcoin would, of course, be prohibited from committing fraud but the people should be able to have competition whether it is a basket of commodities or crypto-currencies - it should be perfectly legal."

    That's what he doesn't seem to understand. There's isn't a single person, or group that "operates" it. It is run by and verified by EVERYONE on the network. No one entity can suddenly decide to make more coins or destroy some coins. Every transaction is available for inspection. IT currenly isn't "true money" but one day it could be. Only the consumers can decide what "true money" is. People could declare rocks as money one day for all we know. As long as someone is willing to accept it for goods. In the case of BTC, there are several companies out there that already do.

  7. #6
    Quote Originally Posted by twomp View Post
    That's what he doesn't seem to understand. There's isn't a single person, or group that "operates" it. It is run by and verified by EVERYONE on the network. No one entity can suddenly decide to make more coins or destroy some coins. Every transaction is available for inspection. IT currenly isn't "true money" but one day it could be. Only the consumers can decide what "true money" is. People could declare rocks as money one day for all we know. As long as someone is willing to accept it for goods. In the case of BTC, there are several companies out there that already do.
    I thought the creator decides to mine more and he's capping it at like 125 million or something like that. You can make more.

  8. #7
    Quote Originally Posted by Vanguard101 View Post
    I thought the creator decides to mine more and he's capping it at like 125 million or something like that. You can make more.
    So can you tell me who this "creator" is and where this 125 million cap you speak of is from? I looked it up and still says 21 million is the cap. Seems like you are just throwing out random stuff right now with nothing to back it up.

    Growth of the Bitcoin money supply is predefined by the Bitcoin protocol,[21] and in this way inflation is kept in check. Currently there are over twelve million bitcoins in circulation with an approximate creation rate of 25 every ten minutes. The total supply is capped at an arbitrary limit of 21 million,[7] and every four years the creation rate is halved. This means new bitcoins will continue to be released for more than a hundred years.

    http://en.wikipedia.org/wiki/Bitcoin

  9. #8
    I agree with Dr.Paul, its currency.
    FLIP THOSE FLAGS, THE NATION IS IN DISTRESS!


    why I should worship the state (who apparently is the only party that can possess guns without question).
    The state's only purpose is to kill and control. Why do you worship it? - Sola_Fide

    Baptiste said.
    At which point will Americans realize that creating an unaccountable institution that is able to pass its liability on to tax-payers is immoral and attracts sociopaths?



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  11. #9
    Bitcoin is the stupidest currency idea to ever come about, even more stupid than greenbacks.

    Sure its fine alternative to greenbacks but even more volatile and far easier to steal. In fact right now it is purely giving incentive to stealing over further 'mining' because the mining now is so costly to compute. Therefore the exchanges in use can be hammered and brute forced cheaper, and the coins simply stolen.
    No one reads signatures.

  12. #10
    That's a pretty strong endorsement by Ron Paul. Awesome!
    Lifetime member of more than 1 national gun organization and the New Hampshire Liberty Alliance. Part of Young Americans for Liberty and Campaign for Liberty. Free State Project participant and multi-year Free Talk Live AMPlifier.

  13. #11
    Quote Originally Posted by twomp View Post
    So can you tell me who this "creator" is and where this 125 million cap you speak of is from? I looked it up and still says 21 million is the cap. Seems like you are just throwing out random stuff right now with nothing to back it up.
    Who decided 21 million should be the cap (someone did sometime, no?) and what if you had looked it up and it had changed to 25 million?


    Bitcoin is supposed to be open-source, correct? Has anyone here actually fully examined and understood the code? I'll bet not. Does anyone here even personally know anyone who has and does? Again, I'll bet not. That is troubling to me.
    Last edited by Tod; 04-19-2014 at 07:38 AM.
    "Sorry, fellows, the rebellion is off. We couldn't get a rebellion permit."

  14. #12
    Quote Originally Posted by Tod View Post
    Who decided 21 million should be the cap (someone did sometime, no?) and what if you had looked it up and it had changed to 25 million?
    Yes, whoever wrote the code for the client decided the 21 million cap, but it won't change because bitcoin owners will not accept a new client that devalues their bitcoins (one which sets the cap at 25 million.)



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