54 votes

Ron Paul on BitCoins: "I don't think it fits the definition of money"


http://youtu.be/Iwav9ldKvbg

Source: https://twitter.com/KatyFinneran/status/326714607190306816

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They're not mutually exclusive

People are going to use whatever they want to trade, some will use gold for reasons XYZ, some will use Bitcoin because of 123, and so on.

Ignoring gold's historical significance when it comes to society isn't too different from ignoring technological advancement when it comes to digital exchanges, IMO.

There will always exist competition among currencies/money/mediums of exchange/whatever people wish to call it, and I wouldn't want it any other way.

A signature used to be here!

hopefully you did not invest to much in Bitcoins.

i don't think it will do any better than it's current position imo.

Gold cannot not be money

...

If the double-negative was intended...

Then you are right.

right. It fits the definition of speculative stock

.

This has been an issue ever

This has been an issue ever since WWII. People have been searching for a type of currency that is stable, that is reliable, that is fungible, that can grow to accomodate economic growth, that is immune from supply shocks, that is immune from demand shocks, that is practical in terms of international trade, that is free from speculation, etc.

It is a neverending search.

Plan for eliminating the national debt in 10-20 years:

Overview: http://rolexian.wordpress.com/2010/09/12/my-plan-for-reducin...

Specific cuts; defense spending: http://rolexian.wordpress.com/2011/01/03/more-detailed-look-a

....And the search for the

....And the search for the elusive "unit of measure of value" shall continue, regardless of the fact that value is subjective and can't be measured, and to our economic detriment.

Is it just human nature, itself, that makes people WISH money was a "unit of measure"?

The price of X is determined by the demand for X and the supply of X. "X" can be gas, food, housing, water,...... or even money.

"I do not add 'within the limits of the law,' because law is often but the tyrant's will, and always so when it violates the right of an individual."

How true. I've always found

How true.

I've always found it funny that staunch gold-standard advocates constantly say that fiat money only has value because there is demand for it, while gold has "real" value irrespective of demand.

Plan for eliminating the national debt in 10-20 years:

Overview: http://rolexian.wordpress.com/2010/09/12/my-plan-for-reducin...

Specific cuts; defense spending: http://rolexian.wordpress.com/2011/01/03/more-detailed-look-a