In an interview with Bloomberg TV, former U.S. Rep. Ron Paul (R-TX) said that he is concerned about the ‚??erraticness‚?Ě of the dollar, that Bitcoin is too complicated and that gold is still the standard by which the value of our currency should be measured.
Erik Schatzker and Sara Eisen, hosts of the show ‚??Inside Track‚?Ě asked Paul whether he‚??s concerned about about the recent drop in the price of gold after a ten year boom.
The conversation ranged over the Consumer Price Index as an indicator of national economic health, as well as whether or not the country is currently facing a high or low level of inflation. With regards to the collapse of the Internet currency venture Bitcoin, Paul said he wasn‚??t interested.
‚??To tell you the truth, it‚??s little bit too complicated,‚?Ě he said. ‚??If I can‚??t put it in my pocket, I have some reservations about that. But it has been designed in the free market. If it is a means of exchange, it would not ever be illegal. You shouldn‚??t regulate it in the free market, but I do not think it fits the definition of money, which has been around for 6,000 years.‚?Ě
What am I supposed to do with all the Ron Paul Bitcoin Checks now?
Following are dozens of quotes, mostly dredged from reddit and Bitcointalk.
- Sure, but it beats verifying all the transactions by hand like they did in the old days of quaint paper money, hahaha those poor bastards with their ”cash registers” and shillings and whatnot.
- I love this. People who try to make points like this against bitcoin don’t seem to realize how infantile cash and banking systems are in comparison.
- this is governments going OMG/WTF bitcoin is real–it’s a strong currency in the midst of our little currency war. All currencies are competing to devalue, simultaneously. BTC isn’t. This is like prohibition; as soon as inflation picks up, the masses will come.
- Using Xbox or PS3 to mine coins? Anybody tried this before? I know their GPU’s aren’t top of the line, but for people like me who don’t game much they could be going to much better use.
- I don’t think we are near the peak either. It’s fascinating to watch bitcoin grow, evolve and get its financial tentacles all over things.
If you look at this handy chart, we see the comedy gold has really¬†stabilized¬†and we don’t anticipate it coming down any time soon.
The mongoloids at Reddit are a special bunch. Here, someone with 2 brain cells to rub together decides to actually crunch the numbers on bitcoin mining.
Hmm, that’s a pretty valid argument. At what point does the electricity to run the rigs surpass the profit from coins mined. $11mil/year just in¬†electricity¬†costs directly contributed to bitcoins seems very high.
I’m sure the hive mind of Reddit will have a clear, concise answer for the guy. Let’s check out the top-rated comment.
Here’s a bonus comment for you as well:
Bitcoin forums user¬†kiwiasian realizes that burning¬†electricity¬†to create Monopoly Dollars out of thin air maybe isn’t the best investment.
Seems like a good argument, not sure how you could argue with data like that. An extremely volitile “currency” that rises could just as easily fall, right?
Erm, I’m not sure you’re helping your case here. Luckily kiwiasian helpfully points this out.
Maybe The Koolio could re-evaluate his¬†position¬†now?
Wait, gold hasn’t crashed (it did, in the 80′s)? Oil hasn’t crashed (it did, also in the 80′s)? And what’s with the “global population” argument, that’s the exact thing that ponzi schemes like to blather on about. Luckily the irony isn’t lost on kiwiasian.
Well, when you can’t argue with facts, what do you do? Hopefully they accept his reasoning and move on?
Nope! You just confuse the shit out of everyone until something sounds right.
Well, you see, the price jumped from $1 to $2 (in a few months), a 100% increase! So naturally going from $15 to $30 (in 2 days) is another, natural, 100% increase! No¬†volatility¬†here my friend!
Now, he never did mention why it wouldn’t crash. Luckily billyjoeallen has a great breakdown on the strength of the buttcoin market.
You hear that? NO natural predators, like the mighty Lion in the Serengeti! Of course, the World Economy will crash (and probably have no computer networks or electricity) but I’ll be here with my Buttcoin wallet, sitting pretty.
I’ll finish off with this nutjob trying to compare buttcoin’s bubble to global warming.