Ron Paul-Stephan Livera Bitcoin

Ron Paul on Bitcoin, Liberty & Freedom in Money | Stephan Livera Podcast

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Key Takeaways

  • “There are tax collectors out there that want to know exactly what people are doing with alternative currencies” – Ron Paul
    • Exchanges collect information, so be vigilant, and expect IRS surveillance on monetary activities
  • “For me, the perfect system is freedom of choice, then you and I can decide exactly what we should use as our monetary system, but today that’s not here” – Ron Paul
    • An individual’s mistake only affects them, but mistakes by the Federal Reserve affect the entire population and culminate in business cycles busts and booms
  • Opposing opinions are fine as long as no violence is involved. However, if we start to enforce currencies or opinions or vaccines, then it becomes dangerous
  • On growing Bitcoin’s user base, “Do your best to understand it and explain it and if it’s worth anything they will find you” – Ron Paul
    • Movements occur by leadership, and 8% of the supercharged leaders are enough to influence others and ultimately the crowds
  • People react quickly when the government applies a lot of regulations, this usually manifests in the thriving of black markets
  • Market corrections serve to liquidate runaway debt and fix malinvestments; printing the debt away only delays the inevitable and prolongs the pain
    • The government should learn from the 1921 depression, rather than replicating that of the 1930s

Intro

Financial Surveillance and Control

  • While a lot of people trust and trade Bitcoin, the government can still attempt to confiscate it
    • The larger Bitcoin and crypto grow, the more you have to be aware of government actions to protect its monetary system
      • Similar to how the growth of private and homeschooling can elicit government action to protect public schooling
  • “There are tax collectors out there too that want to know exactly what people are doing with alternative currencies” – Ron Paul
    • Keep in mind, exchanges collect information, so be vigilant, and expect IRS surveillance on monetary activities
    • “I don’t even believe in the IRS”, but they are not ignorant
  • Facing problems is what incentivizes the development of security measures

Personal Liberty

  • “For me, the perfect system is freedom of choice, then you and I can decide exactly what we should use as our monetary system, but today that’s not here” – Ron Paul
    • Cryptocurrencies push people to think about their freedom of choice, and they fix the unlimited expansion of fiat currencies
  • People are free to make their choices because mistakes only hurt them
    • On the other hand, mistakes by the Federal Reserve are painful for the entire population and culminates in the busts and booms of business cycles
    • “Make it [crypto] legal and let people make their decisions” – Ron Paul
  • Gold ownership was outlawed from 1932 to 1975 under Executive Order 6102, similar actions aren’t inconceivable

Libertarian Interest in Bitcoin

  • Individuals get involved with Bitcoin for different motivations, whether it may be to try new  technology, adopt superior money, or to get rich
    • “I don’t think you can get everybody to agree on exactly why we have crypto and how it works” – Ron Paul
    • Human action is an individual thing, and individuals should have the flexibility to freely choose cryptocurrencies
  • Opposing opinions are fine as long as no violence is involved
    • However, if we start to enforce currencies or opinions or vaccines, then it becomes dangerous

Growing Bitcoin’s User Base

  • In a nutshell, “Do your best to understand it and explain it and if it’s worth anything they will find you” – Ron Paul
  • There will always be a remnant who demand sound money, appeal to them, and use them to popularize the issue
    • Movements occur by leadership, and 8% of the supercharged leaders are enough to influence others and ultimately the crowds
  • Bitcoin’s performance remains impressive despite all the predictions on its fate, but it still needs more time
    • Keep in mind, we are still talking about cryptos in dollar value

Big Governments

  • The only purpose of a government is to protect your liberty and rights, but this is long-lost
  • The hypocrisy of lawmakers passing regulations that they don’t adhere to is the greatest incentive for people to wake up
    • For instance, “Instead of prohibiting counterfeiting, they [government] become the biggest counterfeiters” – Ron Paul
      • That’s the source of problems like big state, wars, and the runaway welfare system
  • People react quickly when the government applies a lot of regulations, this usually manifests in the thriving of black markets

Future Outlook

  • Market corrections serve to liquidate runaway debt and fix malinvestments. Instead, governments attempt to print the debt away and debase the currency
    • This only delays the inevitable and prolongs the pain
  • “The next few years, even if they got more sensible about the lockdown, we still have liquidations” – Ron Paul
    • Keep in mind, The bubble was already out of proportions before coronavirus hit
    • The government can either prolong the depression similar to the 1930s or they can let it end quickly like the depression of 1921
      • Unfortunately, there is no way politicians will back up on spending
  • It’s impossible to predict the time of the crash, what’s important is what you will replace it with
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