Are We Being Hypocritical About Bitcoin?Submitted by zooamerica on Fri, 11/29/2013 - 00:42
The US Dollar and Bitcoin have a lot in common. They are one in the same. They are both wearing the same suit.
The Dollar is backed by nothing. Not gold, not silver. No hard asset backs the US Dollar anymore, hasn't since 1933.
Bitcoin is backed by nothing. Not gold, not silver. No hard asset backs Bitcoin, not even a country. It's just an idea. It's a new product from?
Ever since 2007, many of us here on the Daily Paul have been proponents of a gold and silver backed currency, as the Constitution mandates.
Runaway government via the printing press (in theory) would be put in check by the strict balance of gold and silver. There would be no more wars, because the governments of the world would not be able to afford them. Inflation would not exist, and the value of the dollar would never increase nor decrease because of its gold and silver plated checks and economic balances.
So along comes Bitcoin, but many people here at the DP are not applying the same logic or scrutiny to it which is quite ironic given the site's, "P AU L," Peace Gold Love motto.
If you support Bitcoin, you are supporting the Dollar as well because both currencies are backed by nada.
We can't have our gold and eat it too.
Bitcoin is quite the conundrum given the context of Ron Paul's economic principles.
I so happen to like Bitcoin, even though I can't figure out where the heck it came from. I like it because it's a good idea. Competition is good. But I also think the Dollar is a good idea too. The two currencies are built upon an idea alone. Nobody cares who printed it or where it came from, they just think it's valuable. It's more money, not less.
You have to admit - the Bitcoin logo/image looks like a lottery token or some kind of chip you get in Vegas.
To those who cashed in Big on Bitcoin, congrats! Long ashes my friends.
When the players who won big on Bitcoin turned their, "chips," in, what did they receive in return?
The more I think about Bitcoin, the more I think of a valve or water dam redirecting the flow of the monetary currentcy.