[2018-07-02] Efforts to Replace Dollar with Gold and Crypto are Underway, Says F

[Jgilpulg]

Ron Paul recommends that competition with the dollar should be legal. And he suggests a new economic model that combines gold and cryptocurrencies using blockchain technology.

https://bitcoinist.com/influential-us-politician-acknowledges-that-efforts-to-replace-dollar-with-gold-and-cryptocurrencies-are-underway/

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[Kprawn]

" He also labels the Federal Reserve Bank, the Treasury Department, the Securities and Exchange Commission, and the Commodity Futures Trading Commission as protectors of “monetary elites.”

This is why this is not going to happen. They will never allow something that are not under their control, to replace the Dollar

as the reserve currency. His opinion as a Libertarian is also biased : " Paul accused the Federal Reserve Bank of causing

inflation, and he blamed banking mismanagement for the savings and loan crisis of the 1980s and 1990s. " He is once again

right about this, but for the wrong reasons. 

[aso118]

This won't happen due to the "efforts" made by libertarians. Bitcoin was born in the aftermath of the financial crisis of 2008. It would take another crisis for common people to lose faith in the establishment. Another crisis seems to be brewing right now, fueled by easy money released by multiple quantitative easings.

[timX5]

This wont happen in near future, as controls over currency supply is one of the strongest fiscal tool.