Thursday, December 5, 2013

WACKO: Kentucky Police Chief to be Paid in Bitcoin

Cnet reports:
Vicco, Ky., is about as small town as it gets, with a population that hovers around 330 people. That does not appear to have kept its residents, namely Police Chief Tony Vaughn, in the dark when it comes to Internet trends and emerging crypto-currencies.
The city commission on Monday approved a measure that would allow Vaughn to receive his salary entirely in Bitcoin.
But there is more to the story:
 Vaughn's pay, still set in US dollars, will receive standard federal and state deductions, the Hazard Herald reports, before being converted into Bitcoin based on current trading values at the time of pay and deposited into an account held by Vicco. 
In other words, Vicco's salary and the city's payment to him is set in dollars. It's just a goofy move to make the payment in Bitcoin. Wake me up when someone says, "I will sign a one-year contract and work for 3 bitcoins a month." Otherwise its Bitcoin wackos playing with themselves.


  1. Understand what Bob is saying and I agree. But, it is one more knock against the fiat dollar. That is, people would rather accept something else other than the fiat dollar, and to have a government official do this, it may allow people to start thinking and encouraging people about paying their employees in precious metals and other commodities. Though they should already be thinking about this without having a government worker doing this.

  2. Mr. Wenzel, is Ron Paul is a wacko? He just commented on Bitcoin as a 'potential dollar destroyer'.
    Bitcoin's value is in its ability to give freedom from the government. That's worth a lot apparently to those who actually value liberty...Even China is making statements against Bitcoin now - so much for. Bitcoin's secondary value is that it is really throwing the corrupt powers that be into a panic and revealing them as the monopolist thugs they are. All good for liberty in my book. Get with the program..Competing currencies is a very liberty minded thing and you simply ridicule attempts at it.

  3. It's hard to resist masturbating everytime Bitcoin goes up another 100%...

  4. Bitcoins will make every Austrian economist that endorses Bitcoin to look silly once it crashes. It will de-legitimize them.

    1. How so? Encouraging innovation and competing currencies is a good thing - even if it does fail. Just like new products coming to the market, its an idea that will birth the next improvements. If it is a Ponzi why do the central banks and government have any care to act against it? These fools can't spot bubbles! Bitcoin was called a flash in the pan on its first major correction too...guess what those fools were wrong then.

      Bitcoin is the first of many currencies to come, each improving on the previous.Bitcoins offer a product: freedom from the government and people are buying it.

    2. Nobody is telling anyone to "endorse" anything. Merely to be objective in reporting.
      Some of the articles here actually are. Others clearly show a severe dislike through subjective and selective reporting. I can't trust a man's opinion if he clearly shows he has a beef through the latter type of reporting.

    3. The few austrian economists that consider bitcoin money, as opposed to currency, already look silly. no need to wait for the crash.

    4. If you oppose a fiat currency but endorse a digital currency then what is your justification? What makes Bitcoin special? So you support a digital currency that you cash in for fiat currency at some point or another...

      The textbook will read: "Bitcoins, a digital currency highly endorsed by Austrian economists, crashed causing financial struggle for many..."

  5. I believe he was referring to it being wacko to accept 3 bitcoin/month instead of agreeing to ~$3,000 USD/month. Given the volatility of bitcoin it would be wacko, or extremely speculative to agree to that sort of contract. Agreeing to ~3oz of gold would be different because it has established itself over thousands of years as a store of value. I'll agree to a bitcoin salary once it's been established. Right now, it's like agreeing to be paid in Beanie Babies in 1993, or stock in 1999.

  6. Haha... That police chief sure was stupid!