DESTROYER OF THE DOLLAR

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Posted on 4th December 2013 by Administrator in Economy |Politics |Social Issues

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Ron Paul Says Bitcoin Could be the “Destroyer of the Dollar”

Personally, I wouldn’t put it that way. The dollar is being destroyed by the Federal Reserve. Bitcoin is merely a preferred conduit through which fed up citizens decide to express their displeasure with the incredibly corrupt corporatist-facist state being shoved down our throats by a handful of insane and greedy oligarchs. Interesting comments nonetheless. From CNN Money:

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.

It’s unlikely that Bitcoin would replace the dollar or other government-controlled currencies. But it could serve as a kind of universal alternative currency that is accepted everywhere around the globe. Concerned about the dollar’s inflation? Just move your cash to bitcoins and use them to pay your bills instead. Tired of hefty credit card fees? Bitcoin allows transactions that bypass banks.

“That’s the holy grail for people who believe in freer markets and currency,” said Adam Gurri, a libertarian economics writer in New York.

There are no middlemen charging fees to move money between users. You can transfer bitcoins — even infinitesimally small fractions of one — directly to others’ digital wallets.

But don’t expect governments and banks to let Bitcoin take over so easily. Financial institutions will lose business if people stop using their payment systems, and central banks like the U.S. Federal Reserve would lose their ability to help slow and speed up economic activity. Paul expects banks to lobby and authorities to crack down.

“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.”

Interesting times…

Full article here.

In Liberty,
Mike

10 Comments
  1. T4C says:

    6643566-Chief-asks-to-be-paid-in-Bitcoin-city-approves

    CHIEF ASKS TO BE PAID IN BITCOIN, CITY APPROVES

    State, federal taxes will still be taken out before salary is converted into electronic currency

    By Cris Ritchie
    The Hazard Herald

    VICCO, Ky. — The city commission in Vicco approved a measure on Monday to begin paying the city’s police chief in a virtual currency, a move officials say is likely the first of its kind in the nation.

    Police Chief Tony Vaughn appeared before the commission last month to officially request that his salary be paid to him in Bitcoin, a new virtual currency which exists only on the Internet and this year has gained significant traction, with its value rising by the end of November to more than $1,000 per coin, according to USA Today. The currency was valued at less than $100 at the beginning of the year.

    The city commission in Vicco opted last month to hold off on approving Vaughn’s request in order to research the issue. Commissioner Claude Branson on Monday said officials did their homework, and there doesn’t seem to be any logistical or legal issues to paying Vaughn in Bitcoin.

    “We done a checkup on it, and that’s the way he wants paid, and that’s the way the city is going to pay him,” Branson said.

    Only Vaughn’s take-home pay will be issued in Bitcoin, explained Mayor Johnny Cummings. All applicable federal and state taxes will be removed before Vaughn’s salary is then converted electronically to Bitcoin and deposited in an online account for the city of Vicco. The currency then will be instantly transferred to Vaughn’s own Bitcoin account.

    While Bitcoin is neither regulated nor recognized as an official currency by the federal government, Cummings said there shouldn’t be any legal obstacles for the city. He noted several businesses across the country are accepting Bitcoin or have plans to do so. He added Vaughn could begin receiving his salary in Bitcoin as early as this month.

    “Basically his next paycheck,” Cummings said. “They’ve set up the accounts for Vicco and for Tony, so it can be transferred.”

    Vaughn added, however, that the city is going to continue to check into the payment system and further ensure that no barriers exist before he receives his first Bitcoin transfer.

    “The reason they wanted to pass the ordinance is this allows us greater latitude as far as finding out the legalities of it,” he said.

    Vaughn said during last month’s meeting that the city stands to make history with this transaction, as there is no record of a government entity paying one of its employees in Bitcoin.

    “I’m excited about it; it’s a first for Vicco again,” Vaughn said, referring to the city’s fairness ordinance passed in January that prohibits discrimination based on sexual orientation. The city was the first in the region to approve such a law, and at the time only the third in Kentucky.

    But Cummings added that publicity isn’t necessarily the only reason for the city to take such a step. Since the city’s passage of its fairness ordinance and a subsequent appearance on Comedy Central’s “The Colbert Report,” officials have received several donations, including several pieces of playground equipment for a new park near City Hall. And now the city’s upcoming website will be set up to accept Bitcoin donations, something Cummings said could help the small town of 300 people better afford projects to improve local infrastructure.

    “We just want to be on top of things, and up-and-coming and more progressive as a city,” Cummings said.

    Like or Dislike: Thumb up 4 Thumb down 0

    4th December 2013 at 6:32 pm

  2. T4C says:

    forgot: http://www.policeone.com/police-administration/articles/6643566-Chief-asks-to-be-paid-in-Bitcoin-city-approves/

    Kentucky-police-chief-to-be-paid-in-Bitcoin-Comedy-Central.jpg

    Like or Dislike: Thumb up 3 Thumb down 0

    4th December 2013 at 6:35 pm

  3. Billy says:

    Vicco, Kentucky.

    The definition of “dirtville”… old coal mining town in the mountains, about a hour from here. Apparently, it used to be party central for the miners, till Obonobo killed the coal industry…

    Population now? About 300 people.

    Mayor is a flaming fag and part-time hairdresser. They JUST RECENTLY started back up their police department…

    And now Mr. Clean the Police Chief wants to be paid in shitcoins…

    Why am I not surprised?

    Hot debate. What do you think? Thumb up 7 Thumb down 3

    4th December 2013 at 7:23 pm

  4. Hollow man says:

    We Americans are the destroyer of the dollar. We allowed it as a people cause of our pursuit of pleasure at any cost.

    Like or Dislike: Thumb up 3 Thumb down 0

    4th December 2013 at 8:37 pm

  5. Thunderbird says:

    I have to chuckle at this. Bitcoin is not legal currency. When it starts to affect the dollar it will be shutdown via HR192 of June 5, 1933 when according to the provisions set forth in HR192 gold was no longer to be in the interest of the public to be used as legal tender to pay debts.

    This government is not going to be hijacked out of their control of the dollar by bitcoin or any other currency. The Bolsheviks in charge won’t allow it.

    Well-loved. Like or Dislike: Thumb up 9 Thumb down 1

    4th December 2013 at 9:06 pm

  6. T4C says:

    Just saw this @ ZH in comments.

    assistedliving Wed, 12/04/2013 – 16:00

    A little old lady went into JPM CHASE bank one day, carrying a bag of money. She insisted that she must speak with the president of the bank to open a savings account because, “It’s a lot of money!” After much hemming and hawing, the bank staff finally ushered her into the president’s office. The bank president then asked her how much she would like to deposit. She replied, “$165,000!” and dumped the cash out of her bag onto his desk. The president was of course curious as to how she came by all this cash, so he asked her, “Madam, I’m surprised you’re carrying so much cash around. Where did you get this money?” The old lady replied, “I make bets.” The president then asked, “Bets? What kind of bets?” The old woman said, “Well, for example, I’ll bet you $25,000 that your balls are square.” The president laughs, “That’s a stupid bet. You can never win that kind of bet!” The old lady challenged, “So, would you like to take my bet?” The president agrees, “Sure, I’ll bet $25,000 that my balls aren’t square!” The little old lady then said, “Okay, but since there is a lot of money involved, may I bring my lawyer with me tomorrow at 10am as a witness?” “Sure!” replied the confident president. That night, the president got very nervous about the bet and spent a long time in front of a mirror checking his balls, turning from side to side, again and again. He thoroughly checked them out until he was sure that there was absolutely no way his balls were square and that he would win the bet. The next morning, at precisely 10am, the little old lady appeared with her lawyer at the president’s office. She introduced the lawyer to the president and repeated the bet “$25,000 says the president’s balls are square!” The president agreed with the bet again and the old lady asked him to drop his pants so they could all see. The president complied. The little old lady peered closely at his balls and then asked if she could feel them. “Well, Okay,” said the president, “$25,000 is a lot of money, so I guess you should be absolutely sure.” Just then, he noticed that the lawyer was quietly banging his head against the wall. The president asked the old lady, “What the hell’s the matter with your lawyer?” She replied, “Nothing, except I bet him $100,000 that at 10am today I’d have Jamie Dimon’s balls in my hand.” ——————————————————————————–

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    Colonel Klink Wed, 12/04/2013 – 16:49

    Good joke but guaranteed that at 9 am Obama had Jamie Dimon’s balls in his mouth.

    Well-loved. Like or Dislike: Thumb up 6 Thumb down 0

    4th December 2013 at 10:55 pm

  7. T4C says:

    tumblr_mwxlh6sDr61qezrffo1_500.jpg

    Like or Dislike: Thumb up 1 Thumb down 0

    4th December 2013 at 12:50 am

  8. T4C says:

    polar-1-300×185.jpeg

    Adventurer to make first ever bitcoin transaction from the South Pole

    http://www.coindesk.com/adventurer-make-first-ever-bitcoin-transaction-south-pole/

    In a bid to prove that bitcoin funds cannot be frozen, Frenchman Faysal Hanneche may soon be the first person to make a digital currency purchase from the South Pole.

    When CoinDesk asked him about why he likes bitcoin, he responded:

    “I had money in my bank account in France and needed it to pay for some extra equipment, transport, my flight tickets, etc… but my bank in France limited the money that I could withdraw because I’m abroad and because there are limits on my card here, for example, some people accept MasterCards, others don’t.

    I found myself in a very bad situation and it would [have taken] ages to get a money transfer without getting stung by all the fees and the exchange rates. With bitcoin, I was able to fix it all in a few minutes and pay for all the things that I had to pay for in time without losing a lot of money in the process.

    Efficient, cost saving and fast is all that I asked for and it was provided. What happened to me in Norway could happen anywhere in the world and so it gives more freedom and flexibility to my finances.”

    Hanneche’s colossal round trip of 3500km to the South Pole is the second leg of his journey; he conquered the North Pole in April this year, pulling 120kg of supplies across hundreds of kilometres, in temperatures as cold as -42 degrees Celsius (-44 Fahrenheit). If successful, he will become the first adventurer in history to complete a solo journey to both poles in the same year.

    Like or Dislike: Thumb up 1 Thumb down 0

    4th December 2013 at 1:06 am

  9. Billy says:

    Easily applicable to Shitcoins….

    5229aa49afa96f1e93000145.jpg?w=600&h=413

    Like or Dislike: Thumb up 3 Thumb down 2

    4th December 2013 at 8:00 am

  10. Administrator says:

    Big day for Bitcoin: Cryptocurrency used to buy a Tesla, analysts tout its value

    Bitcoins have been used to pay for a Tesla Model S at a Southern California car dealership, and are beginning to gain credibility with currency analysts as well.

    The electronic currency was accepted as payment for a Tesla TSLA at Lamborghini Newport Beach, according to a blog post on the dealership’s website.

    Meanwhile, foreign exchange analysts at Bank of America Merrill Lynch said in a report Thursday that “We believe Bitcoin can become a major means of payment for e-commerce and may emerge as a serious competitor to traditional money-transfer providers. As a medium of exchange, Bitcoin has clear potential for growth, in our view.”

    That said, the analysts, led by David Woo, said the “the 100-fold increase in Bitcoin prices this year is at risk of running ahead of its fundamentals.”

    Bitcoins are trading a little above $1,000 on the Mt. Gox exchange, a widely cited bitcoin exchange.

    The analysts said a long-term fair-value analysis, assuming Bitcoins become a major player in e-commerce and a store of value comparable to silver, implies a maximum market capitalization for bitcoins of $15 billion.

    The electronic currency is mined using a computers that try to solve a complex algorithm. The overall number of bitcoins that can ever be mined is supposedly capped.

    There is no central authority in control of bitcoins, as there is with national currencies and central banks.

    The currency has been criticized because of its use in illicit transactions for drugs and money laundering. U.S. authorities moved to seize a U.S. account tied to the Mt. Gox exchange in March.

    Like or Dislike: Thumb up 0 Thumb down 0

    4th December 2013 at 11:56 am

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