Ron Paul does not think Bitcoin "fits the definition of money"

rawstory.com

6 pointscuttooth3 comments

The maker of Casascius coins explains bitcoin to Ron Paul. http://youtu.be/kDyD-cmSD50

i don't need to hit the link to know that, bitcoin is a transaction, and like that, it has no real value, since it vanish into the air after an transaction its made, its like Commodity, like rice or coffee after used it is no more. But gold, you won't destroy it after buy it.

I don't think I understand you. The value of bitcoin does not vanish after transactions, else it would hardly serve any purpose.

Ron Paul made it pretty clear he doesn't understand the value bitcoin can have because he can't trivially put it in his pocket, (even though he could, on a usb key)

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