The Daily Paul has been archived. Please see the continuation of the Daily Paul at Popular

Thank you for a great ride, and for 8 years of support!
5 votes

I was wrong about Bitcoin

For over two years I disregarded Bitcoin and overlooked it in ignorance.

This interview opened Pandora's Box for me. After subsequent research, my verdict: Bitcoin is the real deal, and open source currency will become an essential tool former path to monetary freedom.

Trending on the Web

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

"Mission Accomplished" ring a bell?

It is still too early to say that bitcoin is here to stay. Come back in ten or fifteen years, then I will let you know if I was right or wrong about bitcoin. I suspect it is the trap for the younger generation, intended to rob you of your wealth the way they robbed my generation in the "dotcom" IRA raid.

I hear the new mining machines will ship out soon, and they will put all current miners at such a disadvantage that it will no longer pay the power bill for mining. But I don't know, it is just something I read.

Love or fear? Choose again with every breath.

Miners are paid bitcoins to service the blockchain.

Miners guess the solution needed to compress the blockchain.

Each transaction is verified by checking the blockchain.

Compressing the blockchain reduces processing delay. It also reduces the memory required for each node in the distributed system.

Fast, global, verifiable, private, sustainable?

Free includes debt-free!

I should probably not have brought it up.

I am staying out of bitcoin for the same reason I never bought a microwave - my gut just tells me "No." I tried hard to like it, but just can't get over a few hurdles, and quit trying. When I read the article, I was perusing, so now I can't find the article. The point they were making is that the new mining computers will out-power all the current miners. They will make so little bitcoin it will not even cover the cost of running their computers.
One of the "hurdles" I just can't leap is this: Whoever has the fastest computer wins, right? Who has the fastest computers right now? JPM / Wall Street. I don't play bitcoin, I just don't. Good luck to those who do, I wish you the best but I am going to grow some food, thanks. If you hear me say I am going mining, it will be with a pick, shovel, dredge, pan... and I already own those things and know how to use them.

Love or fear? Choose again with every breath.

bump again!

bump again!



Senator Peter Schiff 2016

I have been investigating

Bitcoin extensively and I will continue to do so until every logical bit is accounted for. Until then my unwavering support for Bitcoin will be reserved. However, I can say this so far. The concept is fascinating and VERY far reaching in its application and widespread adoption. I have been telling friends for awhile the power of encrypted hash tables and there supreme power in securing information and in their power to organize and quickly access information for those who do have the key.

For a currency to be built around this secure information storage and organization technique has several major implications:
Completely private money and the ability for completely private and anonymous transactions
Hard limit of "money" supply
If mass adoption occurs the ability to replace all other forms of currency (this even has a logical, systematic and quantifiable goal of getting entire supply chains utilizing this form of currency, as soon as a entire supply chain uses this value exchange no other form of currency is need for those products)
Ability to create and destroy accounts/wallets on demand (this is just one part of anonymity)
Ability for widespread adoption immediately (think the rise of facebook, what would happen if bitcoin exploded the way facebook exploded this would mean rapid adoption on a global scale)

I can even see the strong possibility that the criminal bureaucrats and bankers may be totally screwed under this scenario because imagine the day when nobody will accept federal reserve notes and "government" is standing there saying you have to accept it. This will reveal who the real criminal tyrants are and there will be little they can do because transactions are private, anonymous and accounts/wallets are popping in and out existence at near light speed. What are the criminals bureacrats going to do when everyone has inherent privacy in the way they conduct themselves? How are they going to know who to go after? The only way they can is to force the use of the unlawful FRN. Once people experience a truly anonymous, secure, and prolific currency individuals will then see the huge advantages of stability in price due to a hard limit of supply to the prosperity of having privacy and other advantages I believe people will ask themselves why did they ever participate/allow the FRN to proliferate. Once a truly secure and anonymous currency is utilized people will then realize that taxes are indeed voluntary by consent of the governed as a law of nature and NOT subject to legislative code. Imagine this!!

Many things come out of all this logic of this concept too much to write here but one important last thing that I see from my investigations so far is it is clear what countermeasures to expect from the criminal tyrants. They will try to set up multiple currencies and make them all popular. Remember multiple currencies widely accepted will result in them having a way to create the currency they need. If We the People realize this and we adopt a single incorruptible currency (I am not saying Bitcoin is it but it may be) with a hard limit and leave the FRNs in the dust then we will have a tool to inherently limit the size of government to only the most essential services. No one will want to pay for BS when the money is limited because their value and savings will be quantified and set. Any real value exchanged from them will have to be voluntary because they will never know what they have because the information is simply not accessible to them. Paying taxes voluntarily will result in the people feeling the real the pain instantly for the taxes they pay because they will only get it voluntarily and will make wiser decisions about what they are willing to fund. I would say that under this scenario it is likely that many of the bureaucrats will literally starve to death if the don't create real value. This will be a law of nature and there will be no way around it.

The most powerful Law of Nature is Time. It is finite and we all will run out of it. Use this Law to your advantage, for it offers you infinite possibilities...

Governments will pay spies and sniches secretly.


Free includes debt-free!

Was gonna buy when it was

Was gonna buy when it was $40. Its well past my buy-in at this point.


The sickening feeling you will feel is it passes $1000 in the next year or two is something I would not wish on anyone.
Protect your assets and profit from the greatest wealth transfer in history.

I already felt that seeing

I already felt that seeing that it went from 10,000 bitcoins for a $1 to $40/Bitcoin.

I don't know where it is going to go.

Can be made illegal

A fiat currency derives its value from legal tender laws. Those same laws will threaten bitcoin

A real money is popular in the market which values it.

Laws that create favorites have no authority.

Free includes debt-free!

Yes they will....

But I dont think they will kill it. Slow it down only.
Protect your assets and profit from the greatest wealth transfer in history.

not dependant on the internet

- Grow Mushrooms at Home

Dude that's soo cool!!!!

Ron Paul is on the face of those Bit Coin bills!!!

"We’ve moved beyond the Mises textbook. We’re running in the open market." - Erik Voorhees

Is BC dependent on internet

Is BC dependent on internet and electricity?


post above was supposed to be a reply to your comment - not sure what I did there...

- Grow Mushrooms at Home

thanks for the info

my concern would be for people in rural areas or if an emp attack of some kind.

BITCOINS @ 80.00$

BITCOINS @ 80.00$

"We’ve moved beyond the Mises textbook. We’re running in the open market." - Erik Voorhees

Clear as


I like it to make a

I like it to make a transaction, personally don't feel comfortable holding much savings in bitcoins though.

dont hold them all in one wallet..

there are different kinds of ways in which you can store different wallets... look it up

"We’ve moved beyond the Mises textbook. We’re running in the open market." - Erik Voorhees

Bitcoin mining venture for DPers. Check it out:

“I’m fully diversified. I’ve got some under the mattress, some under the floor boards, some in the backyard.”

Value based on population

From what I know about it, which is limited, It benefits the early adopters because as more people use it the more each coin is worth. Each coin has a limited divisibility down to micro bit-coin which may not be enough if it had world wide acceptance and use. So ultimately the currency value is linked to usage or population.

Another problem is the block chain keeps growing and the more usage the faster this grows. Currently it takes about 8 hours to download the current block chain. Expect that to grow exponentially as it gets adopted by more and more people.

Another problem is the one of "mining". People mine the transactions into blocks to add to the block chain and for this they receive a share of the new coins as they are added to the system. In about 80 years the system will stop adding new coins as all of the coins will have been created. There is a fixed maximum number of coins in the system which are slowly added over time. (This causes a minor amount of deflation during this period) Anyway, after this there is no incentive for people to run the maintenance of the system.

Seems to me like another currency system that is designed to self destruct in the future.

The system already allows, for mining fees.

The currency supply will be stuck in 2040. But miners can charge fees fractions of a penny per transaction and it can still be profitable. That is how it will run as we approach zero supply increase.
Protect your assets and profit from the greatest wealth transfer in history.

"Another problem is the block

"Another problem is the block chain keeps growing and the more usage the faster this grows. Currently it takes about 8 hours to download the current block chain."

This does not mean that this will stay this way though.

Currently developments are underway to make the synchronisation a lot more faster using Bloom Filters

Clients like Multibit synchronise in seconds without requiring a multi gigabyte file. :)

Bitcoin is not fully stable and fully developed in all aspects. Is it promising? IMHO it very much is. And the community is very fast at adapting to speed bumps so far. :)

Just check the following for

Just check the following for an example of the possibilities.

I love the physical, precious stuff, but this is soooo cool:

Can you imagine being tipped for comments? For blog you've written, for e-books, for tutorials, etc. etc.

And there are plenty of other possibilities. People are developing their own USB wallets, Bitcoin ATMs, etc.

Great video

Too bad the trolls here discourage good people here from learning something so valuable.

"We’ve moved beyond the Mises textbook. We’re running in the open market." - Erik Voorhees

I often get the feeling that

I often get the feeling that people think that one has to "choose sides" between either precious metals OR Bitcoin.. which I don't really understand at all.

I think few here would argue with the benefits of storing wealth in something physical.

But in the internet age with global transactions taking place 24/7.. Bitcoin sure has a great potential because it's way easier and cheaper to use Bitcoin for a transaction than it is to physically move some precious metal to your favorite online shop! :)

Next to this, it's from and by the people and not controlled by a single nation or central banks.

I think a healthy combination of BOTH is the way of go!

Edit: Apparently there are people who have enough faith in this system to put over 100 mln Euro on it:

Is this what DP had in mind

...when it asked readers to contribute content?