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Will Ron Paul Endorse the Bitcoin System?

June 17, 2011

We all know that Ron Paul wants to abolish the Federal Reserve, we know that he wants us off Fiat Money. Since the Bitcoin system has a limited number of total coins created (they cannot be created at will, hence the argument of printing money cannot be applied).

The problem with the gold is that honestly it’s hard to trade physical gold for purchases across the planet, or even across the state. So you have to substitute the gold for a paper IOU, paper money, or via a third party. The end result is that eventually somewhere along the lines something can go wrong and we can have an Enron type accountant with even a gold backed currency.

Bitcoins do not have such limitations, the only thing limiting about them is the total number that will ever be “created” as per an open source p2p system.

So Ron Paul, will you endorse the Bitcoin as a valid currency?

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Written by TheFounder · Filed Under Advertising Agency News 


Comments

  • Captain Obvious

    1.) Ron Paul doesn’t need to endorse Bitcoin, because he has said that there should be competing currencies, many times, as long as they’re sound.

    2.) Only movers, businesses, banks, millionaires or billionaires, would need to worry about carrying large amounts of gold around.

    3.) Where an ounce of gold is worth more than a $1500, how hard would be to carry around $10,000 [5/12 ounces]? 5 1/5 ounces is nothing to lift, but why would anybody need to carry around that kind of money, unless they’re moving gold from one business/bank to another?

    4.) With a Gold Standard, prices on all goods would drop, but the price of gold would go up due to it’s rarity, so the value of the dollar would go up, this means a man carrying around 100 dollars worth of gold could buy more goods but he wouldn’t feel the weight of gold in his pocket on the way to the store.

    5.) It was hard to trade/move gold during the horse and buggy era, but — these days — we have things called hand trucks, automobiles, and armored vehicles. Soon, if the sci-fi universe has things correct, people will have robots and exo-skeletons that would aid in any and all heavy lifting. =)

  • http://www.facebook.com/jillian.pierone Jillian Pierone

    RON PAUL ISNT ENDORSING USING GOLD!! Man, people have a short attention span.
    He just wants to allow competing currencies.

  • http://pulse.yahoo.com/_ZP53KQPJJPRX7YUZ7ZKFLDKON4 Jay

    Keep in mind that our founding fathers made this point very clear in the Constitution. All money used should be backed by gold or silver.

  • http://www.facebook.com/profile.php?id=1829142345 Christopher Pancoast

    Actually, Dr. Paul has stated several times we should be using physical gold if we so desire.

  • http://pulse.yahoo.com/_U2TWM74HZ46GWRIGDDAZE2H3N4 George Washington

    Not just gold, but any regulated currency. And fiat does work in the coin application, if the purity of the coin is devalued.By the way it does not mean we all walk around with bags o gold in our pocket, simply the paper money would be redeemable in solid commodity coins.
    Just saying.

    Mr. Ron Paul for 2012.
    Regan said, “What to ask is am I better off now than 4 years ago. Is food cheaper now than 4 years ago? Are taxes lower now than 4 years ago? Is the job situation better than it was 4 years ago?”
    With Ron Paul’s 2012, You, it, and they would be.
    Constitutionally, legislatively, and morally, Ron Paul has no equal. His 22 year voting record speaks for itself.
    As Mr. Regan said, “You ain’t seen nothin yet!”

  • Anonymous

    Trying to back a currency by gold is just stupid. A slightly inflationary economy is good for business, because it discourages people from holding onto their money and forces them to invest in purchases, their homes, and their businesses. That said, too much inflation is a very, very bad thing.

    I think it would be awesome if Ron Paul supported bitcoins. The currency is like Gold in that it is deflationary. However, as the first real internet currency ever, I don’t think this will be a problem for bitcoins. Already, people are buying and selling merchandise.

    You can see the volume of goods bought and sold at sites the aggregate the economy from multiple sources. This sites include searchbitcoin and bitucopia. The later site is particularly interesting because they sell beef for bitcoins!