Wednesday, February 26, 2014

Ron Paul: Feds Shouldn't Interfere with Bitcoin

"I believe if a digital currency was legitimate, the government should never interfere and close it down," the former Republican congressman from Texas said in an interview with the Fox Business Network, according to The Hill.

Dr. Paul said there's no need to regulate bitcoin, because the markets will. "I think the market is much tougher," he said.

He also admitted that he has no clue about how bitcoin operates.

"I didn't get involved, because I sure didn't understand it," he said.

12 comments:

  1. This is why I like Ron Paul. He sticks to his principles, favors freedom of exchange in all spheres, and is not afraid to admit he doesn't understand something.

    I don't understand BitCoin either. Something tells me it will only be allowed if the government doesn't see it as a threat. Otherwise, they'll come up with some excuse for shutting it down.

    Give me the real deal: gold and silver - the physical stuff held outside the banking system. If you don't hold it, you don't own it. Ask those who held BitCoins at Mt. Gox if they've learned that lesson.

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    1. go ahead and try to buy something with gold and silver.

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    2. Troll alert! Jerry's back spewing his nonsense...

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    3. Um, Gold and Silver Eagles are legal tender fool. Of course one would have to be as stupid as you to actually purchase a product with their face values.

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  2. Market is much tougher? Hard to believe he said that with a straight face. First, it contradicts much of what he has complained about when talking about govt. coercion. Second, unless you are talking about a bail out, the market is still there to provide punishment if govt is involved. With govt you get market and criminal prosecution. Without govt, you only get the market which is easily manipulated with a PR campaign (notice how easy Wall Street has gotten off after inflating the housing bubble and crashing the global economy). A federal prosecutor trying to make a name for himself on a high profile case is a little harder to handle.

    Go ahead and ask the people behind MTGox if they would prefer govt over the market. Koch Bros would not be libertarians if the market was punishing.

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    1. If the free market wasn't tougher, Wall Street and the corporations would have made all their donations to Ron Paul.

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    2. Jerry Wolfgang = Your Tax Dollars At Work

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    3. Jerry, you're conflating free and government manipulated markets. While Paul wasn't specific, I'm going to go on a small leap and suggest he implied "free markets", which have nothing to do with government managed markets.

      Sure, it's hard to find a "free market" anywhere today, but that's a different issue.

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    4. Come on Jerry.... who puts you up to posting all these clueless comments?

      Just tell me who you really are and where you live and I'll buy you a subscription to Liberty Classroom!

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    5. hey Jerry read the 1st paragraph of the Mises daily from yesterday about Galbraith and advertising. he missed the point of course but there is always hope for him if he's there.
      http://mises.org/daily/6673/Galbraith-Was-Right-About-Advertising.


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