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

[STT]

If you pressed Ron Paul on if dollars are money, I think he might say no.  Because its base worth is just cotton notes, so its not worth anything really.   Government points a gun at you and asks the same question and of course it is then money and the IRS imprisons anyone who thinks they dont require dollars to remain a free citizen.   Nobody has to buy bitcoin, there is no desperate demand for hash codes that we can trade them forward on that base demand but it does have a use to it anyway as a token product, dollars have a use only because it is backed by force otherwise we could swap cotton tshirts instead of green cotton notes and that would give them a base use

[knightcoin]

I thought that the current debate was about whether bitcoin is wave or particle ... like.. lets move foward to the next level  

[LAMarcellus]

Nothing Dr. Ron Paul says can be condensed down into 2 words.
Maybe one and that would be Liberty.

He is all about competing currencies. You choose the one you want to use. He believes that if we all make up our own minds and choices, then we will choose the best money that exists, as individuals and as a whole. There is no need to use force to get people to adopt a money, unless it is a bad money. He doesn't believe the government should force you to use a money that is not of your own choosing. Hell it's not even a belief. The dude is a scholar. History has already shown us plenty of evidence concerning bank notes, warehouse notes, unbacked bills, paper, paper, and more paper. CNTRL+P the money substitutes. It leads to ruination and serfdom.

He knows the monopoly to create debt money, given by the US fedguv to the private banking cartel known at the federal reserve, is harming the American people. Wise man have left quotes all over the interwebz about banks and pauperizing children. Why do we need Bitcoin??   Ron Paul has been guarding the answer to that question during our deepest descent into tyranny this country has known since Colonial times. For decades Statesman Ron Paul said "The emperor has no clothes" and the Representatives around him said "looks Red, White, and Blue to me"


Ron Paul is against legal tender laws. He, like we all should, recognizes that gold can not be counterfeited where as fiat bank notes can be. Currency can be. Bitcoin also can not be. Does he know this? I think so but that isn't the only metric used to decide determine "true money-ness"


If you asked Satoshi, I bet you he would say that Ron Paul was one of his personal heroes.
Ron Paul may not understand the tech....   but he's been one of a small handful of voices that inspired crypto-currency by showing the need for it.

Why is the dollar so bad?? Why do we need Bitcoin??
We ask Ron Paul. He's been telling us the answer for 40 years. He has the answer to the questions,
"Is the Dollar true money?" and
"Whats the difference in impact, on an economy and a society of people, when they use either a true money like gold or bitcoin as the medium of exchange, or a fiat, inked toilet paper that can be counterfeited by thieves, is used to steal by the inflation tax, and is forced on them by a rogue government and its guns under threat of death?"

Prosperity, security, and a meritocracy. or
Warfare, welfare, and a crony kleptocracy.
 

Bitcoin and Ron Paul are firmly in the same camp together.

[lzxxdeyou]

I always believe Bitcoin is true money.

[FalconFly]

Ron Paul is old and intelligent enough to know what defines true money and what does not - that's his advantage. And judging from the excerpt he's bang-on with his statements.

However, he's very strict on the constitutional principles and the resulting requirements to fulfill them, which are very closely anchored to the original US coinage acts and require physical, intrinsic value.

IMHO BitCoin doesn't have to fulfill all requirements to 100% to be used as money in modern days. Since it has some potential improvements to FIAT (but carries other risks), it may very well be used as a FIAT substitute or as an alternative payment processor in some cases (international payments are it's greatest strengh). Based on what he writes, he has no issues with that ideas.

The ideas of some to use it as an outright replacement for a currency or even a permanent store of value are IMHO extremely far-fetched and out of the question.

PS.
Since he was the only presidential candidate who was not part of the staged, all bought-and-paid-for other muppets, alot of work has been invested to discredit him during the last "election" (which really doesn't deserve the name anymore) by all accounts.
One doesn't have to agree with all of his positions (which in the big scope of things and problems aren't too relevant anyway), but he's definitely by far the cleanest guy you'll ever find on these matters. Plus, he warned since almost 20 years of nearly everything we've seen to come into existence and has maintained his positions straight ever since (whether you agree on them or not) - go find another modern, western politician who truly lived up to that.

[DeboraMeeks]

I always believe Bitcoin is true money.

At the end of the day money is value and bitcoin is that.

[zolace]

Ron Paul is not going to tell you why Bitcoin is not money. He will not answer the question -guaranteed. And his loving loyal followers won't press him to answer the question. Ron Paul is for Ron Paul.
Ask him why libertarians want the government to control women bodies but leave corporations alone.

[beetcoin]

i believe that "true money" is not true money.

[FalconFly]

i believe that "true money" is not true money.

Then something happened to you that frequently happens to all "believers" who lack the knowledge for better judgement - you're wrong.
Nothing spectacular and won't affect you for quite a while - but when it eventually does, you'll a) know and b) it'll be too late to react appropriately.

Unfortunately, you're living in the right times to experience exactly that during your lifetime (historically, about 1 out of 3 generations goes through this).

PS.
Although it seems self-evident at first and not worth wasting thoughts about, it takes a long time to really understand the terms "value", "money" and the entire background of what today's people "believe" to be money (including what's wrong with it).
For most people, it's normal not to know these details as it takes quite a bit of research to find out. Just 20-30 years ago, these things wouldn't have been much of an issue....unfortunately, they are today and will become much more pressing in the future.

PPS.
If you still have them - ask your grandparents about these issues. If they're old enough, they usually have invaluable insights to share to help you understand what's the big deal about it.

PPPS. (lol)
On the Ron Paul topic : I'm not a follower. I follow noone. But I do recognize when someone speaks some true words, no matter where that person comes from.

[neofelis]

Ron Paul is not going to tell you why Bitcoin is not money. He will not answer the question -guaranteed. And his loving loyal followers won't press him to answer the question. Ron Paul is for Ron Paul.
Ask him why libertarians want the government to control women bodies but leave corporations alone.

Libertarians do not want to control women's bodies. Conservatives do. There's a difference.

Simply said, Libertarians are for anything that increases freedom and against anything that decreases freedom.

Legalize drugs, that's a personal choice.
Legalize gay marriage, marry a darn chair if you want to.
The only purpose of government is to protect individual rights. That means police, military and the courts. Absolutely nothing else.


Off my soapbox. This is not the right forum.

[bitsmichel]

US Dollar is not backed by gold, but by policy.
Bitcoin is at least backed by mathematics 

[LAMarcellus]

Ron Paul is not going to tell you why Bitcoin is not money. He will not answer the question -guaranteed. And his loving loyal followers won't press him to answer the question. Ron Paul is for Ron Paul.
Ask him why libertarians want the government to control women bodies but leave corporations alone.

You Sir are severly misinformed.
Libertarians do not want government to use force and coercion for ANYTHING. Where did you get that spectacular piece of misinformation? Libertarians first and foremost base their philosophy off the Non-Aggression Principle. Again how or where did you come to believe that Libertarians want to use government to force their own agenda on their peers.

Ron Pauls personal choice may be to not have an abortion. But he wont use government to force his personal choice on you. He wants you to be at liberty to make your own choice.

I suggest you do some reading http://www.fee.org/library/ and mises.org.

You vote with your dollars. You can also vote with your feet.

[twiifm]

US Dollar is not backed by gold, but by policy.
Bitcoin is at least backed by mathematics 

This makes no sense. 

USD is not convertible to gold anymore.  Its legal tender.  The only tender accepted for taxes

BTC is not convertible to anything.  It is currently barter.

[FalconFly]

US Dollar is not backed by gold, but by policy.
Bitcoin is at least backed by mathematics  

I would rephrase that :

US Dollar is only backed by central banking policy and US military.
Bitcoin is only backed by its cryptographic code.

[boumalo]

US Dollar is not backed by gold, but by policy.
Bitcoin is at least backed by mathematics  

I would rephrase that :

US Dollar is only backed by central banking policy and US military.
Bitcoin is only backed by its cryptographic code.

USD is backed by its infrastructure, the government in place, habit ect.

It will surely fall within a few years and the price of bitcoin will rise to tens of thousands of dollars when it does

[LesterTheEight]

Ron Paul advocated for competing currencies before it was cool

[boumalo]

Ron Paul advocated for competing currencies before it was cool

Competing currencies was what was in place in the states when the most wealth was created, the taxes were low, there were no income taxes and no FED

Nobody would have moved to the states if the taxes were so high

[STT]

The big point there is the taxes would have been higher then the tax from King George.   The boston tea party never would have happened, nobody protests 10% taxes and revolts to get 35% instead.
Its clear the constitution was not respected and isnt with most new laws either, the argumentative little man of Ron Paul is just pointing out the obvious that the states signed up to an agreement not kept.

He doesnt see bitcoin as an alternative to the dollar, he sees the dollar pre Nixon, pre FDR as the real alternative.  That is the original dollar as it was minted and agreed upon by all states in the union, right or wrong you cant dispute his argument is a simple one.
   To then ask him about bitcoin is a pointless complication I believe he would see it, not that he disagrees exactly

[commandrix]

It is interesting to me that people use Bitcoin to buy and sell things. But, really, I see Bitcoin and Litecoin as the digital equivalent of gold and silver. It used to be way more common to pay for things using gold coins even when a troy ounce wasn't exactly the official national currency. Which sort of makes it "money" in the sense that it's a place-holder that only has value because people agree that it has value.

[boumalo]

The big point there is the taxes would have been higher then the tax from King George.   The boston tea party never would have happened, nobody protests 10% taxes and revolts to get 35% instead.
Its clear the constitution was not respected and isnt with most new laws either, the argumentative little man of Ron Paul is just pointing out the obvious that the states signed up to an agreement not kept.

He doesnt see bitcoin as an alternative to the dollar, he sees the dollar pre Nixon, pre FDR as the real alternative.  That is the original dollar as it was minted and agreed upon by all states in the union, right or wrong you cant dispute his argument is a simple one.
   To then ask him about bitcoin is a pointless complication I believe he would see it, not that he disagrees exactly

The USA exists because they wanted to be free from the UK and its taxes

There has never been great creation of wealth without low taxes