Ron Paul says Bitcoin is not "True Money".

[Pangia]

http://www.coindesk.com/ron-paul-bitcoin-true-money/

Ron Paul: Bitcoin is not ‘True Money’
Nermin Hajdarbegovic | Published on April 18, 2014 at 11:04 BST | News, Regulation, US & Canada
inShare
7Share31
ron-paul-shutterstock
US Congressman Ron Paul does not believe bitcoin is ‘true money,’ but he is still a big fan of the concept.

Ron Paul is one of the most prominent libertarians in US politics. Much of the libertarian movement is in favour of digital currencies, either through active support and endorsement, or by advocating no government interference and regulation.

Ron Paul even got the distinction of having an altcoin named after him. He never shied away from controversial issues and he never kept his love of bitcoin a secret. Paul’s views on the state of our current financial system are more or less known and he reiterated his position on Quora this week.

Government should stay out of the way

When asked why he thinks bitcoin does not fit the definition of money, Paul said it is his personal opinion, but that it should be irrelevant in the big scheme of things.

“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. 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,” said Paul.

He argued that freedom from government intervention on the Internet is a prerequisite for the development of digital currencies. Paul said he is concerned that the government may want to curtail Internet freedoms. He warned that everyone should be concerned about government interference online regardless of their position on digital currencies.

Terrible monetary system debases currencies

The Congressman pointed out that he sees bitcoin as a very interesting subject and that he has been a champion of legalising competition in currencies for many years.

Ron Paul went on to explain why he’s drawn to digital currencies:

“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. We certainly saw this in the bailing out of the financial system where the wealthy bankers got bailed out it in this recent and severe recession. I am a strong believer in competition. Bitcoin is an introduction to that.”

Paul stressed the importance of keeping the Internet free of government interference and at the same time keeping digital currencies alive and legal. He warned that the financial system is run by a cartel and by special interests.

“We want a system that truly challenges the government in their ability to take care of the very wealthy at the expense of the middle class and the poor,” he concluded.

[kwukduck]

Again?
Try the search function.

[Joshuar]

If Bitcoin isn't "True Money" then just imagine what the Fiat currency must be....toy money? paper money? Cause I'm pretty sure Bitcoiners are more equal in "social class" than those who rely purely upon fiat money..Look at China, a lot of Chinese came into Bitcoin to get Away from Fiat money that's controlled by the government. They want freedom and security, Bitcoin provides that.

[franky1]

every government employee will lead you to believe that only legal tender is true money..

that does not mean that bitcoin is anything less. it just means that governments wont accept it to pay taxes.

nothing to get hyped up about..

[hodlmybtc]

Ron Paul is retired now, he was cheated out of presidency and has written many books about ending the Federal Reserve etc.

He is truly inspirational, check out some videos of him on Youtube.

[maurya78]

He also said the tech excites him
I will take that....

[BillyBobJoe]

Try the search function.

Again?
Mark as read, ignore, and move on.
Your post adds nothing.

[thejewelrytech]

Ron Paul is a Puppet just like all POLITICIANS he doesn't practice what he preaches http://www.youtube.com/watch?v=GyPLFKUdhqY He pulled the Rug over every bodies Eyes to perfection! The biggest giveaway is his flip flopping about 9/11 and Freemason hand signs also the fact he is a FREEMASON at the Grand Lodge of TEXAS http://www.youtube.com/watch?v=JUVwsu55IHc ! Chances are you have no Idea what a Freemason really is??You better Learn!! He was never going to be President nor was it ever his intention.He was just a Pawn too bring out all the TRUTHERS and find out who they were? As anyone who voted for him was immediately put on terrorist lists and BLACKLiSTEd. They control both sides of the coin with puppets like Alex jones and jesse ventura much like how the King supported both sides of the American Revolution guaranteeing they will never lose no matter what.........

[jonald_fyookball]

IMO, nice poker play by Ron Paul here.  He probably sees the brilliance in bitcoin
and skillfully avoids controversy while at the same time saying there should
be no restrictions on it.

edit:  he used the same poker playing dynamics when skirting the issues
about 9/11, etc... he knows the truth.  again just my opinion.

[CryptoDomains]

I used to like him a fair bit but realized ultimately he was unable to do/change anything.

Someone can speak the truth but actually being able to mobilize is another issue, his son will be the same.

[CoinDiver]

I used to like him a fair bit but realized ultimately he was unable to do/change anything.

I'm here (bitcoinland) entirely because of Ron Paul.

[acoindr]

That Bloomberg journalist, Matt Miller, was explaining Bitcoin to a hostile panel and commented something like there is an inverse correlation to understanding and acceptance of Bitcoin with age. Therefore he didn't expect his co-host Tom Keene, in his 60s, and adamantly opposed to it to have any chance. In an unrelated conversation Marc Andreessen made a similar comment about Warren Buffet who is famously against Bitcoin, calling him an "old white man".

The fact that Ron Paul, now nearly 80, can speak positively about Bitcoin while explaining the nuances of his position I think speaks wildly to his credit.

[NGNBoone]

Ron Paul is retired now, he was cheated out of presidency and has written many books about ending the Federal Reserve etc.

He is truly inspirational, check out some videos of him on Youtube.

By who? The voters??

[CryptoDomains]

I used to like him a fair bit but realized ultimately he was unable to do/change anything.

I'm here (bitcoinland) entirely because of Ron Paul.

Why, it isn't silver or gold, what he considers real money, solid, in your hand, hard currency, desired since the beginning of time, money. Not a digital creation that can be destroyed or made to infinity like the fiat he so detests.

If anything, the motive behind bitcoin (antigov) is what he respects, the actual bitcoin, not so much.

Ron Paul gave you encouragement to be here to in a sense protest paper money but this would not be his desired vehicle.

[rammy2k2]

of course old farts are hating new technology ...

[CryptoDomains]

It isn't about tech, it is about hard, gold is hard, printing paper to infinity or creating a digital form, mined or not that can keep being duplicated is just as bad, maybe easier. If a government or group can simply create money again but in a different shape with no REAL backing like gold, what is the difference. You have simply used a different form to mask the same problem.

That is the issue, age is not, understanding is.

[Lethn]

Ron Paul is retired now, he was cheated out of presidency and has written many books about ending the Federal Reserve etc.

He is truly inspirational, check out some videos of him on Youtube.

By who? The voters??

Mainstream media quite literally pretended he didn't exist.

https://www.youtube.com/watch?v=uSbkFpAA4CA

Edit: Damn, accidentally posted a video with Alex Jones in on the second half.

[RixDollar]

I think he says these things with a wink and a his fingers crossed behind his back.

[chufchuf]

It isn't about tech, it is about hard, gold is hard, printing paper to infinity or creating a digital form, mined or not that can keep being duplicated is just as bad, maybe easier. If a government or group can simply create money again but in a different shape with no REAL backing like gold, what is the difference. You have simply used a different form to mask the same problem.

That is the issue, age is not, understanding is.

Actually it's about religion-- christians have always loved gold and that's how Ron Paul's grandpa prolly got land off the Lakotas.

[CryptoDomains]

It isn't about tech, it is about hard, gold is hard, printing paper to infinity or creating a digital form, mined or not that can keep being duplicated is just as bad, maybe easier. If a government or group can simply create money again but in a different shape with no REAL backing like gold, what is the difference. You have simply used a different form to mask the same problem.

That is the issue, age is not, understanding is.

Actually it's about religion-- christians have always loved gold and that's how Ron Paul's grandpa prolly got land off the Lakotas.

Might be true however the world since time has valued gold, Christian or muslim (Countries have seasons dedicated to its buying as storages of wealth), never been worthless, never will be. Something else a digital currency cannot promise. It is insurance you can hold.

Don't get me wrong, bitcoin has advantages, ease, fee's etc but it will never be what gold is or was. I don't think it was ever ment to be compared any ways.