Tom Woods Talks Bitcoin…Fantastic Interview

Soon, whether via Bitcoin or whatever comes next, it will be possible to strip banking away from bankers, and money away from governments.

From a recent article in the Spectator titled “How Bitcoin Could Destroy the State”

Support for Bitcoin amongst Austrian economists is growing by they day and in this interview, the highly admired and respected Tom Woods, discusses Bitcoin with Erik Voorhees of Bitinstant (a popular, rapid way of converting fiat into BTC).  This interview very poignantly addresses many of the layperson’s concerns about it that I have heard over the past several months.  Remember, despite the price rise, Ben Bernanke is still creating the equivalent of 75 Bitcoin markets every month with his money printing.

This worth every single minute of your time.

[youtube.com/watch?v=yi2WgeJ73IE]
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17 thoughts on “Tom Woods Talks Bitcoin…Fantastic Interview”

  1. Don’t you think that the U.S. Government will shut this down under the Homeland Security financial transaction legislation passed after 9/11? Since all one needs is a computer anywhere in the world to access their Bitcoin data, a potential terrorist could sell Bitcoins in the US for dollars or use the Bitcoins to fund cell operations. Bitcoins on computers are said to be perfect to evade currency transaction reporting requirements. The Government could shut down the U.S. based exchanges and eliminate all demand for the Bitcoin by all companies so that acceptance in mainstream commerce would be effectively eliminated, destroying demand for the Bitcoin.

    Reply
    • Zukor, I agree completely. The government will find a way to stop Bitcoins from having any chance of going mainstream one way or another.

      Look at what *they* are doing to Gold and Silver. They are mauling it–killing it, crushing it. If that doesn’t work, Obama will send out an executive order without question on Gold/Silver ownership.

      Bitcoins will be their next drop kick. It will come. I have no doubt about this at this point. And when it comes, just like Gold and Silver, there will be whining about it but a zero collective effort to truly do anything to stop the government from disabling it.

      And that is, in a nutshell, the game that is being played. And meanwhile, the USD strengthens everyday. This is why I laugh at all the predications. Unless you can predict what the Government is going to do with their agents, the TBTF, or vice versa, there is no way to play in any of their games.

      We’re simply toast.

    • I replied to your post, as another post instead of hitting the reply button. I agree with your conclusions and added some other thoughts.

  2. This is the same sort of wishful thinking pundits held when the internet was young. Everyone claimed government couldn’t stop or control the interent. That was a pipe dream.

    Reply
  3. I love the idea of Bitcoin, but it will be destroyed. Not because of it’s flaws, but because of its true strength… Its verification system. I couldn’t imagine it supporting the global economy without having to truncate data at some point due to hardware limitations. The beauty of PMs is that they have no past, and don’t rely on hardware because it *is* the hardware. This first round will collapse. Very hopeful for the next.

    Reply
    • Did you not read the bottom of the post? It was a hoax. “UPDATE: I just checked the DNS servers hosting the side, it looks like it is being hosted by CloudFlare, which makes me think this is an April 1 hoax.”

  4. nic, I agree with you as well.
    The U.S. Government needs to defend the currency for two important reasons:
    1) it enables them to steal from the productive sectors of society by monetizing debt and “buying” what they could not otherwise buy with tax-generated income because Congress blocked increased taxation, thinking the government would be unable to spend. Don’t have enough income to fund all your wars, programs, graft and waste (not mutually exclusive)? No problem, just issue debt with the full faith and credit of the U.S. and let future generations worry about paying off the debt (in much depreciated currency).
    2) it is a powerful tool of control over the public and not just from an income tax perspective; I don’t believe the government understands banks, HFT, hedging, private equity, dark pools, etc., but also doesn’t view them as particular threats because of the incestuous relationship between politicians and these organizations. However, the public and smaller groups that could germinate into potential political and social threats to the government are important.

    Plus, every other sovereign state that has a beloved currency would follow suit. Not to mention states seeking to collect taxes.

    Re: the internet, I think the Bush Administration, at first, would have loved to restrict and control it, but learned to use it for its own purposes as a medium for surveillance and now the government is happy that everyone is on social media and tweeting away.

    Bitcoiners: My advice is stay under the radar.

    Reply
  5. This was a very educational piece for me. I agree with many of you regarding TPTB and Banking Cabal doing whatever necessary to clamp things down that threatens their monopoly.

    Tom Woods did make one false claim: “If the Internet got shut down or was not working, we would not be able to process credit card transactions, either.” Actually, he is completely wrong. All credit card processing devices, whether the small boxes or the larger POS (point of sale) terminals use a secure phone line, not the Internet to process these transactions. A small quibble on my part I realize, but perhaps Tom’s expertise lies within the Bitcoin realm, not credit card processes.

    Reply

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