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
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?
We Americans are the destroyer of the dollar. We allowed it as a people cause of our pursuit of pleasure at any cost.
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.
Easily applicable to Shitcoins….
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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.