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Ron Paul: Bitcoin could 'destroy the dollar'

Ron Paul: Bitcoin could 'destroy the dollar'

By Jose Pagliery

Via CNN

Imagine a world in which you can buy anything in secret. No banks. No fees. No worries inflation will make today's money worth less tomorrow.

The digital currency Bitcoin promises all these things. And while it's far from achieving any of them -- its value is unstable and it's rarely used -- some have high hopes.

"There will be alternatives to the dollar, and this might be one of them," said former U.S. congressman Ron Paul. If people start using bitcoins en masse, "it'll go down in history as the destroyer of the dollar," Paul added.

Continue reading at http://money.cnn.com/2013/12/04/technology/bitcoin-libertarian/

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Great interview

Thanks.

Andrew Napolitano for President 2016!
http://andrewnapolitano.com/index

"Patriotism should come from loving thy neighbor, not from worshiping Graven images." - ironman77

Since the government will

Since the government will never accept BitCoin as payment for taxes, then BitCoin will never amount to anything but a secondary currency; unless people are going to give-up property ownership, and become nomads.

could even get bloody

"Governments absolutely demand a monopoly on money and credit. They're not going to give it up easily," Paul warned. "They will come down hard."

I bet the Secret Service is working with the NSA at this very moment in attempt to map bitcoin transactions, that they may if need be engage house raids in their eventual crackdown on that which threatens what the Secret Service ultimately protects.

...

CNN misquotes Ron Paul and you all jump for jolly to have your beliefs verified. It is one of those we give you the answer before you ask the question.

It's CNN. Not a human, a corporation. I would question the modus operandi.

All rights reserved and no rights waived.

also

sounds like the article didn't confirm your preconceived notions

...

I never trust a source that has lied to me before.

All rights reserved and no rights waived.

IT'S ABOUT TIME, Dr. PAUL!

Man it took a long time for him to come around, didn't it?

I'm pretty sure that this is the turning point; we can clean up the rest of the austrianosauruses now and be united in the goal of freedom once again.

....With the tools to finish the job this time.

HONEST RON 2012!
LEGALIZE LIBERTY!

I will never use BITCOIN!!!!

I don't believe in BITCOIN, simply from a perspective that

A) No one creates something like this without motive. Not sure what that is, but it's not liberty!

B) You can say all you want that it not being back by anything doesn't matter. That the system itself is what holds value. I DON'T CARE! Maybe in 10 years when it's stabilized. For now I don't care about the upswing because the negatives outweigh the positives.

C) When the IRS or whatever organization is behind them figures out how to track this. THE IRS WILL COME DOWN HARD ON ALL OF YOU!!! Not worth it when your actually wealthy in the first place!

If you think the world bank will allow any of you to do this for good. It's just a matter of time before you lose everything.

Not saying it doesn't have potential to be great. Just not yet!

I'm with you on this one.

A. Yes and I am beginning to think this is just a government sponsored ruse to finally eliminate cash (the true anonymous means of transaction) and finally have a crypto currency that tracks every transaction. Paypal was billed as an anonymous way to pay at first also but with a judges order that too quickly fell by the wayside.

B. Right again. Funny thing is that no one ever asks what Gold or Silver are backed by. Even the dollar is backed by the credit of the U.S. Government, not that that gives it any real value but it is still good enough backing for the vast majority of Americans and world population.

C. Bingo. Bitcoin may undo the dollar but only because it will be the new dollar and will be taxed and manipulated just the same.

Bitcoin will not be the death of the dollar but it may help kill CASH which has been the goal all along. It is clear as the nose on your face. Cash allows for truly anonymous transactions. Bitcoin could very well become the new completely traceable replacement for the dollar but more importantly to the PTB it will help eliminate CASH.

I give you 1/10

Bitcoin is the future.

Gold sucks because guess who owns most of the gold? THE BANKS

Tools of war are not always obvious. The worst weapon is an idea planted in the mind of man. Prejudices can kill, suspicion can destroy, and a thoughtless, frightened search for a scapegoat has an everlasting fallout all of its own.

I have

news for you: Bitcoin is voluntary. Chill.

If you don't want to use it you don't have to.

You aren't forced to use it like fiat (via taxes & legal tender laws).

I don't think

You understand the subversive intent of bitcoin.

Bitcoin is the best example of agorism in action that I can think of.

Even if you don't like or don't understand all of the details of bitcoin, just the fact that p2p crypto currencies are the biggest threat to TPTB specificly the FED and banking cartels, should be enough for any lover of liberty to get behind it.

You don't have to own bitcoins, but understand that if successful it will do much more to secure liberty and economic freedom than any "Audit the Fed" bill or any mainstream political action.

You're right that bitcoin has not been developed to its full potential. Just like the early internet and email were confusing and the average American couldn't figure out what you DO on the "net," it has undoubtedly changed the game, I wouldn't knock the internet back in the early 90's because it just wasn't there yet. The speculation is in the potential.

What DO you support?

You think they would "allow" you to use anything else? Gold? because they've come down hard on that in the past too. Should we just wait until something comes along that they approve of?

End The Fed!
BTC: 1A3JAJwLVG2pz8GLfdgWhcePMtc3ozgWtz

Peter Shciffs criticisms of bitcoin rebutted

http://www.dailypaul.com/306898/peter-schiffs-3-objection-re...

www.SuccessCouncil.com
Protect your assets and profit from the greatest wealth transfer in history.

WRONG

Dr. Paul. Yep, you're finally wrong! ;)

Bitcoin can't destroy the dollar. The dollar is already destroying itself. Bitcoin is simply allowing the market a possible alternative to escape out from under the dollar's inevitable collapse.

Could Bitcoin hasten the demise of the dollar? Yeah, I'd agree to that ;)

End the Fed!

https://www.youtube.com/watch?v=Jl4z6yplrRE don't take my word for it Ron Paul knows what he's talking about :)

Albert Camus — 'The only way to deal with an unfree world is to become so absolutely free that your very existence is an act of rebellion.'

Wise Old Man

I was waiting to hear what he thought of Bitcoin after a careful look at it.

Looks like he has come to the same conclusion that many Freedom loving folks have.

I've been saying it for a couple years now...

End the Fed! Use Bitcoin!

The Fed is doing a Good enough job on its own

Replace Fiat Fed currency for invented computer mining game currency, Bitcoin?

What's the difference?- there are only 21 million invented coins vs. Fed's unlimited supply. But then there would be trillions of other crypto coins.

A slight improvement. But if it happened it would pave the way for currencies not based on wasting electricity to solve math problems that don't need solving.

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egapele's picture

I think he meant the dollar in its current form

not backed by anything.

In a House of Cards, anything goes.

and what is the bitcoin backed by

that the us dollar isn't?

US dollar is backed by force of law

Bitcoin is not backed and neither is the dollar is the lesser of two evils argument
Money should have intrinsic value not invented value either by government FIAT or artificial scarcity derived from a computer mining game that waste electricity

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egapele's picture

Ding Ding Ding - we have a winner!!!

Precisely the point.

It seems the U.S. dollar is only useful to the people who are spending more of them than we have.

No currency is backed by

No currency is backed by anything of substance at this point in human history. The fact that it is non-counterfeitable and not under the control of a central bank are pretty huge positives. bitcoin is backed by the fact that people want to use it. Dollars are backed by the full faith in the US government LOL

or

dollars are also backed by the fact that people want to use it, you know.

bitcoins are backed by the full faith in the idea that open-source software can't be manipulated by design.

i have faith

that tomorrow 1+1 = 2 and 2+2 = 4

most people here don't want to use frn's backed by the federal gov but are forced to. maybe the fed will go back to the gold standard and we'll all live happily ever after.... yeah that's not gonna happen, i hope it does but i won't hold my breath.

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