British Telecom Awarded Patent for Blockchain Security Method

The U.K.'s largest internet and telecoms provider, BT, has been awarded a patent for a method to prevent malicious attacks on blockchains.

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Former US Presidential Candidate Ron Paul: “Government should stay out of” Bitcoin

Former US Presidential Candidate Ron Paul: "Government should stay out of" Bitcoin

Former presidential candidate Ron Paul recently urged legalization of all competing currencies, crypto and otherwise, during a televised phone interview. He discussed his views on prices going forward, particularly of gold versus the dollar, and warned about government involvement with regard to the world’s most popular cryptocurrency, bitcoin.  

Also read: Kansas Governmental Ethics Commission Forbids Bitcoin Campaign Donations To Politicians

Former Presidential Candidate is Worried about Government Surveillance of Bitcoin Users

Two-time Republican candidate for President of the United States, and former congressman from Texas, Dr. Ron Paul, MD, explained there is “too much surveillance already on how [cryptocurrencies] are transferred, [and how] the reports have to be made by the exchanges to the IRS.”

Former US Presidential Candidate Ron Paul: "Government should stay out of" Bitcoin
Then-Republican Presidential Candidate Ron Paul at a campaign stop.

Dr. Paul might have been referring to the IRS (Internal Revenue Service) attempt to compel popular bitcoin exchange Coinbase into handing-over names of its customers in an effort to prosecute possible tax evasion. The San Francisco-based company has refused the IRS request.

Also in the interview with Daniela Cambone, Editor-in-Chief for Canadian outlet Kitco News, Dr. Paul noted how the trend seems to be of the government waiting until something grows successful enough, and then attempts to severely restrict it or punish it. “If [bitcoin] is a really good deal and a good process,” he said, “rest assured the government will be looking at it very carefully.”

Government interest in bitcoin “makes me a little bit nervous,” he added, “people should be very cautious.”

As for currency competition, “If the people want [bitcoin] and want to use it, the government should stay out of it,” he told Ms. Cambone.

Nuanced, Subtle Views on Bitcoin

Unlike other prominent political and financial media celebrities, Dr. Paul doesn’t give a lot of flash and bombast when it comes to cryptocurrencies generally and bitcoin in particular. Instead, he takes a wait-and-see approach, humbling himself enough to admit he doesn’t quite understand the technology.

The Kitco News Editor-in-Chief put questions to him bluntly about bitcoin, asking “Are you a believer in the cryptocurrencies?”

“Well,” Dr. Paul began, “I’d have to talk about the world ‘believable.’ I take some very strong political positions on competing currencies. I want to legalize all competing currencies. And if you can come up with a competing currency, and there is no fraud, I think it should be,” he stressed.

“Quite frankly,” he admitted, “I don’t understand the technology of cryptocurrencies. I just want to make sure no fraud is involved. But I am also concerned about the government involvement.”

Former US Presidential Candidate Ron Paul: "Government should stay out of" Bitcoin
Kitco News Editor-in-Chief, Daniela Cambone

“Does it represent real money to you?” Ms. Cambone followed up.

“Not to me, no, it doesn’t,” Dr. Paul answered. “But if it serves the voluntary exchanges of people, and [serves] the purpose of exchanging wealth, … it could act as if it were money ….” he elaborated.

“Some say bitcoin is stealing the thunder away from gold,” Ms. Cambone continued, “and that’s one of the reasons the yellow metal is not rallying further. Do you agree with this?”

“I think that’s a very strong possibility,” he considered. “I am amazed,” he laughed, “at all the capitalization on these cryptocurrencies. It’s a huge amount of money,” Dr. Paul emphasized.

Returning to the subject of bitcoin, “Only time will tell if it’s going to survive as something they call money,” he said.

What do you think of Ron Paul’s comments? Tell us in the comments below!


Images courtesy of: Pixabay, Kitco News, People and Places blog . 


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What Is BarterDEX?

TheMerkle BarterDEX Atomic SwapsOver the past few months, we have seen multiple cryptocurrency developers explore opportunities in the world of atomic swaps. Rather than using centralized exchange platforms, an atomic swap allows people to intermittently exchange cryptocurrencies in a decentralized manner. BarterDEX is one of several decentralized interfaces which aims to support atomic swaps in the future. More importantly, this platform is already live right now, even though few people have paid much attention to it so far. What is BarterDEX and why Does it Matter? No one can argue the number of centralized cryptocurrency exchanges has grown spectacularly over the past few years.

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Financial Researcher: Bitcoin Entered 2017 Below $1,000, Now it’s Over $6,000

As Charlie bilello, the Director of Research at Pension Partners noted, the price of bitcoin entered 2017 below the $1,000 mark. 10 months in, the price of bitcoin is likely to close the year at over $7,000, recording at least a six-fold increase in value for investors. data-lang=”en”> Bitcoin milestone update: $6,200 and $6,300 for … Continue reading Financial Researcher: Bitcoin Entered 2017 Below $1,000, Now it’s Over $6,000

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Currency Evolution and Money Management

It’s no wonder that numismatics find the evolution of currency to be so enthralling – it most certainly is. The study of coin and paper money is truly fascinating. In the US, Congress authorized the first notes in 1861, and since then we have seen multiple changes taking place. The primary reason for the ever-changing … Continue reading Currency Evolution and Money Management

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Bitcoin Boosted by News from China

Bitcoin prices reached another record high during trading this weekend following news that China may rescind its ban on cryptocurrencies. Buoyed by positive sentiment from the People’s Republic, Bitcoin rose to a new high of just over $6,300, beating its previous high of $6,050 around a week ago. A number of regulations and policies were … Continue reading Bitcoin Boosted by News from China

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Let’s Talk Bitcoin #346 – Burnt

On Todays Episode...

Andreas Antonopoulos, Stephanie Murphy and Jonathan Mohan rejoin Adam B. Levine to discuss 'Lower case L' libertarianism as it relates to forest fires and cryptocurrency. Then, we talk Bitcoin price speculation, Jonathans ICO theory and more!

This episode of Let's Talk Bitcoin featured content from Stephanie, Andreas, Jonathan and Adam. Music for this episode was provided by Jared Rubens and Matthew Zipkin. This episode was edited by Matthew Zipkin and sponsored by EasyDNS.com

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The Basics on FACTS: A New Model for Compliant ICOs

Must ICOs choose between a non-compliant utility token or a complaint security token that doesn’t work in commerce? Jaron Lukasiewicz proposes a fix.

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3 Factors Helping Bitcoin Price Recover Near $6,000

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Bitcoin to Surpass Apple’s Market Cap at $810 Billion by 2022: Prominent Stock Analyst

Ronnie Moas, founder and director of Standpoint Research, believes the market cap of bitcoin could surpass that of Apple by 2022, at $810 billion. That is, a bitcoin price of at least $45,000. On CNBC’s Capital Connection, Moas stated: “People need to start taking this seriously because today bitcoin caught up with Goldman Sachs. He … Continue reading Bitcoin to Surpass Apple’s Market Cap at $810 Billion by 2022: Prominent Stock Analyst

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