Ron Paul Doesn’t Believe Bitcoin is “True Money”

[linna]

Have you heard? Ron Paul is now on Quora — a popular question-and-answer website.

The 78-year-old politico has been answering questions, and revealed on Wednesday his true feelings on the emerging digital currency we know as bitcoin.

“Bitcoin is a very interesting subject because for many years in Congress I was a champion of legalizing competition in currencies,” he wrote in the opening line in his response to the question: Bitcoin: Why does Ron Paul think Bitcoin does not fit the definition of money?

Paul has made no secret that he feels today’s monetary system isn’t quite what it should be:

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.

Despite in early December stating that Bitcoin could potentially “destroy the dollar“, Paul says he feels bitcoin isn’t “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. 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. For this to operate, we need to have freedom from government intervention when it comes to the Internet. I am concerned that the government ultimately wants to curtail the Internet and there have been attempts to do so.

An interesting point of view, certainly. And while many in the crypto-community would disagree with Paul’s comment as to whether or not bitcoin is true money, his views on the use of the digital currency are very much in-line with community sentiments.

“The internet is the salvation for those of us who believe in liberty because it is an alternative way of getting around the system not only in the spreading of our ideas in this instance but in in terms of getting around the monetary system on the whole if they do permit crypto-currencies and other forms of transactions,” he said. “So, this is something that we should all be concerned about whether we endorse it or not.”

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[hilariousandco]

What's this doing in the marketplace? You can move it to Bitcoin Discussion (bottom left), but it's already been posted: https://bitcointalk.org/index.php?topic=575782.0

[ahmedjadoon]

I don't believe what this old man is saying. Bitcoin is the only real currency.

[Hr.Mikla]

I don't believe what this old man is saying. Bitcoin is the only real currency.

I agree with you since we know what bitcoin is and what it can be

[Jungian]

What does it matter? He also belives in creationism

But unlike the rest of them, he doesn't want to destroy or regulate it.

[sana8410]

Another one who doesn't think that bitcoin is money ,understands neither bitcoin or money.

[KaChingCoinDev]

What does it matter? He also belives in creationism

But unlike the rest of them, he doesn't want to destroy or regulate it.

And what is wrong with creationism?

[Ibian]

What does it matter? He also belives in creationism

But unlike the rest of them, he doesn't want to destroy or regulate it.

And what is wrong with creationism?

Same thing thats wrong with fiat. It's a superstition.

[solid12345]

I agree with him, Bitcoin has evolved more into a commodity. And unless the speed of transactions on the block chain is sorted out it will always be digital gold, sorry to say it, it's not ready for daily quick purchases which is what is needed in a stable currency.

[KaChingCoinDev]

What does it matter? He also belives in creationism

But unlike the rest of them, he doesn't want to destroy or regulate it.

And what is wrong with creationism?

Same thing thats wrong with fiat. It's a superstition.

fiat is not superstition. fiat is just printing money and calling it legal, actually, same as Bitcoin. Only diff is that fiat is backed by a country Bitcoin is not. I like bitcoin becuase of that.

Creationism is not a superstition, it is a belief.

[waldox]

ron paul likes gold

his age shows as tech is not one of this strong suits

he cant recommend what he dosnt really understand

[polarhei]

We have been not using true money for years. From some people's talk, the most important question is, who is monitoring the buy and sell? So Far, no one can answer precisely.

[STT]

ron paul likes gold

his age shows as tech is not one of this strong suits

he cant recommend what he dosnt really understand

QE is brand new and thats all dollars.  Dollars are digital anyway, only a small amount of a nations cash is actually physically passed around.
   I think Ron Paul gets bitcoin well enough but he also dislikes that its not backed by a fix to any value, he is a solid money guy for decades so I'd be surprised by anything different now.
   He'd argue in favour of free laws concerning drug prohibition but as a doctor he'd also recommend a stable diet instead, he is not an absolutist in his views.  I believe he is not against bitcoin in any way but he doesnt believe in it enough to hold or take special interest personally which is his choice.  I dont presume him stupid for deciding freely to take that choice

[SomethingElse]

Bitcoin is not a real currency at all (yet).  It probably will be someday.  Right now it is more of an internet bling bling.  Nerds think it is cool and shiny because it is a beautiful code that exists on the internet and is decentralized (me included fellow nerds).  But that really is just software and ideological digital bling bling.  It isn't much different than a rapper's gold and diamonds.  He thinks it is beautiful because of what it represents.  White educated men think bitcoin is beautiful because of what it represents. 

Someday bitcoin might just grow up and become a real currency.  There is an interesting experiment at MIT going on (a fairly white/male/educated demographic) and in the best case scenerio, then yes, bitcoin will be an accepted currency in and around MIT.

Until then bitcoin is just digital bling bling that is also kind of a poor unpredictable commodity and kind of a slow/difficult/dangerous payment system. 

[jamesc760]

Ron Paul is nothing but a hack. He's just a politician out to get more power for himself. If you put your trust in him (or any other politician), you must be retarded. At least, he's not megalomaniac like Putin.

[KaChingCoinDev]

out to get more power

Hmm, sounds like a lot of people in the bitcoin community  

[Malin Keshar]

I think he is right is some sense. Bitcoin has some similarities with the FIAT, considering it as the cash FIAT or the FIAT used in banks and international transfer, but is not exactly equal and equivalent. BTC also resembles gold and silver, but at the same time many differences.

For me BTC is something entirely new, so not really a True Money, in some sense

[jamesc760]

Ron Paul is batshit crazy.

[bitsmichel]

All money exists online, including fiat. There is no avoiding this, even if you don’t use a computer.

 and so what does he mean by 'true' money.. everything is bits in a computer, the whole world economy is bits. 

[boumalo]

I think he is right is some sense. Bitcoin has some similarities with the FIAT, considering it as the cash FIAT or the FIAT used in banks and international transfer, but is not exactly equal and equivalent. BTC also resembles gold and silver, but at the same time many differences.

For me BTC is something entirely new, so not really a True Money, in some sense

Bitcoin is a protocol, a great one that solves a lot of troubles and do a lot of things way better than its competitors; fiat currencies are inflated to death, Bitcoin won't