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Ron Paul on Stossel: ‘Bitcoin Offers Competition’ Against the Fed

http://silverunderground.com/2013/10/ron-paul-on-stossel-bit...

Though Dr. Paul once expressed skepticism about bitcoin, he seems to be warming up to it as an alternative to the Fed, considering his statements on John Stossel's Fox Business show last night, “Hayek had suggested that maybe the best transition would be just to legalize [currency] competition… maybe bitcoin offers competition.”

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The title and the article is misleading. I didn't hear RP say anything about Bitcoin at all. Bitcoin has a global ledger of every Bitcoin transaction. Bitcoin is completely track and trace. Bitcoin is a software product.

RP says that the constitution says only gold and silver can be used as legal tender. RP says the solution is to remove legal tender laws for an better transition. RP says the market will choose gold and silver as it always has.

RP is only about sound money. That means your money makes a sound that is recognizable. Gold and Silver is the only lawful money.

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You want money that makes a

You want money that makes a recognizable sound?
Bitcoin - http://www.listentobitcoin.com/ - :P

Actually the Constitution say States must use gold and silver.

We can use whatever works for us.

Free includes debt-free!

What is the advantage to

What is the advantage to using bitcoin over dollars or any other currency?

How do I get my hands on bitcoin? If I wanted to purchase me some bitcoin, what will I get in return? A fancy debit card?

I have no idea, and I'm completely clueless about bitcoin and how it works. I don't have to go to an online, "Exchange," do I?

Does McDonald's accept bitcoin? Starbucks? Home Depot? The corner drug store? The tanning salon? Joe's Pizza?

If I were to walk in to a GAP store and asked the cashier if they accepted bitcoin, would I get laughed at?

Who the hell knows what bitcoin is besides us political junkies and news hounds who actually pay attention?

If Mark Dice couldn't give away a gold coin worth $1,600 how in the world are people going to buy a currency they know nothing about?

Bitcoin is a, "foreign," currency to Americans.

Sell me on it. Why are bitcoins better than dollars?

Never be afraid to ask simple questions.

"If Mark Dice couldn't give away a gold coin worth $1,600"

They will instead sign petitions to repeal 1st and 4th Amendment Rights, as well as fully support a police state.

People are lazy,, and will go for the quickest get-rich scheme, even after they've been burnt time and time again.

BatSh|t is correct.

"What if the American people learn the truth" - Ron Paul

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It's gambling.

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last thursday i went to a bar, paid for my drinks with bitcoin

Ordered my pizza with bitcoin from papa johns. Answer: yes.

Séamusín

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Sounds like you have bad habits to begin with.

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Does McDonald's accept

Does McDonald's accept bitcoin? Starbucks? Home Depot? The corner drug store? The tanning salon? Joe's Pizza?

If I were to walk in to a GAP store and asked the cashier if they accepted bitcoin, would I get laughed at?

Do they accept gold or silver? If not, does that make gold and silver useless or 'foreign' to Americans.

Bitcoin can act a store of wealth, just like precious metals, due to the scarcity which is intrinsic to the bitcoin protocol. Of course bitcoin satisfies all other properties of sound money too.

Who accepts bitcoin? Well if you're a business owner with an online presence or looking to expand into e-commerce, you can start accepting bitcoins - https://en.bitcoin.it/wiki/How_to_accept_Bitcoin,_for_small_...

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Can I go to the pawn shop and get a loan against bitcoin?

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At the moment there are very

At the moment there are very few pawn shops that accept bitcoin. But bitcoin buyers are present in most metro area craigslist listings.

awesome

thanks for posting.

Official Daily Paul BTC address: 16oZXSGAcDrSbZeBnSu84w5UWwbLtZsBms
#standwithrand

:)

This might, at the least, make those bitcoin bashers in DP take a second look at it.

YouTube?

Anybody?

Séamusín

Yes, Bitcoin seems to be a

Yes, Bitcoin seems to be a very sound currency. Sprung up by the free market, in a technology outside of government regulation. Bitcoin seems very promising for Fed competition.

These is one glaring downfall though, if the power grid goes down, Bitcoin is useless.

"Tu ne cede malis, sed contra audentior ito."

actually

they have offline paper btc wallets and physical bitcoins. not sure exactly how the paper wallets work but i've been seeing them mentioned more and more.

Official Daily Paul BTC address: 16oZXSGAcDrSbZeBnSu84w5UWwbLtZsBms
#standwithrand

Under certain circumstances,

Under certain circumstances, gold and silver might also be worthless. Perhaps only food, water, ammo and shelter would be of value (and we're talking about extreme situations, here).

The entire computing and power infrastructure of the entire planet "going down" is a very unlikely scenario.

It could be made independent of the power grid.

There is no worldwide power grid, or Internet.

Much of today's commerce depends on the Internet and the power grid, including electronic transfers of $FRN.

Either way a centrally controlled Internet and Power grid a a single point of failure for online markets.

And a single point of control for government intervention.

Free includes debt-free!

its my understanding you can

its my understanding you can keep bitcoins on a thumb drive. could be wrong though.

I heard the same thing. But I don't know details either.

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Free includes debt-free!

Yes, the actual bitcoins are

Yes, the actual bitcoins are nothing but data stored in encrypted files called the wallet. You can copy these 'wallet' files to any device such as usb, cd etc... That is pretty much like running your own email server but much similar.

Or you can use one of the online bitcoin services, which store the encrypted wallet on behalf of the user and accessible from any machine around the world. This is equivalent to using an email service such as gmail etc... but that only you can read your data because of encryption.

Or we can use cloud storage solutions such as drop-box or amazon s3 to store the encrypted wallet file and access it later when we want to.

In the worst case, you can even print the unencrypted bitcoin on plain paper or specialized paper (https://bitcoinpaperwallet.com/) and carry it around.

Additionally there were other initiatives such as storing bitcoin inside numismatic style coins - https://www.casascius.com/ - but not sure how widespread it is.

Some techniques are tech-heavy while most of them are very accessible to all people who know to use a pc and how to access the internet.

Competing currencies allows markets to select the soundest.

Gold, silver and copper alloys have the longest history as stores of wealth.

Bitcoin allows global transfers.

Bitcoin priced in gold has increased 1,000x since Jan 2011

http://pricedingold.com/bitcoin/

Free includes debt-free!

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ex nihilo nihil fit Nothing comes from nothing

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I Pencil, started with raw common material

Wood, graphite, rubber, iron ore, limestone, coal and a little know how.

Electricity and a some maths make global transfers possible.

How much is a reusable global postage stamp worth?

Free includes debt-free!