Newsom among 1st politicians opening coffers to bitcoin

[Jesus Malverde]

Source: SF Gate

California Lt. Gov. Gavin Newsom is used to being on the leading edge of controversial issues like same-sex marriage. This election cycle, he's out there again, as one of the nation's first high-profile politicians to accept contributions in bitcoin, the controversial virtual currency.

But while the political battle lines on same-sex marriage are stark, they couldn't be murkier for cryptocurrencies. Regulatory agencies and watchdog groups are miles behind the technorati in understanding the currency, and are struggling with how to monitor it.

There is, however, a political payoff for candidates who embrace bitcoin, which has the backing of top Silicon Valley venture capitalists and is favored by young techies for its transparency and disruptive nature.

"What it does is say, 'Hey, Millennial generation. I'm cool, too,' " said Robert Molnar, a former California Republican political strategist who is founder and CEO of KryptoBucks Capital, a startup in cryptocurrency. "This may not be a big policy issue this year, but in 2016 it will be huge."

Read more: http://www.sfgate.com/politics/joegarofoli/article/Newsom-among-1st-politicians-opening-coffers-to-5490356.php?cmpid=hp-hc-bustech

[GeorgeGist]

1. Phuck the Libertarian hipsters.

[DonCoquixote]

2. Great :(

So a liberalis helping to endorse a currency that is favored by tax cheats, drug cartels, and Kiddie porn merchants, just fucking wondeful. I hope hackers rob him and all the other Bitcoiners blind.

[TampaAnimusVortex]

3. One could say the same thing about the internet in 1993.

There was a ton of porn, drug trafficking, etc.. in use by the internet then... It doesn't mean you ditch an entire technology because of it.

Bitcoin is just one (the first) of applications that run on the blockchain technology. Newer functions involve various distributed applications, colored coins, contracts, components can also be used in identity and reputation systems, decentralized exchanges, etc...

See here on Ethereum - one of the more exciting new technologies riding on the coat tails of Bitcoin:

[Arkana]

5. The Internet wasn't currency. The two aren't remotely similar.

We're not talking about a global system of exchanging information--we're talking about a "currency" that has no backing except processor cycles. It's vapor. It disappears.

Bitcoin isn't stable and anyone who invests in it is a fool.

[TampaAnimusVortex]

6. Actually - pretty much all technology adoption follows a pretty standard curve

So, yes - it's very much like the internet. It gains value from the network affect - which makes these technology just exponentially more useful as more people jump in.

https://en.wikipedia.org/wiki/Technology_adoption_lifecycle

also, Bitcoin's stability has been increasing now that it's usage is increasing... a trend that will continue.

http://www.cryptocoinsnews.com/news/bitcoin-price-stability-bitcoin-exchange-rate-last/2014/05/01

Oh, and when I go out to eat and randomly overhear the waitress discussing buying Bitcoins - you can pretty much guess it's going mainstream then.

There's also the possibility of integrating Bitcoin into things like Facebook - which will cause usage to explode.

https://www.computerworld.com/s/article/9248587/QuickCoin_app_brings_bitcoin_to_Facebook_users

Ultimately - you don’t have to like it... It doesn’t need your support or approval to succeed. The world will move on just fine without you.

[Arkana]

7. I look forward to seeing you in front of MtGox headquarters

holding a "WHERE IS OUR MONEY" sign.

[TampaAnimusVortex]

8. You have no idea what your talking about do you?

So your logic is that since one badly run company goes out of business, the currency that company is using should also be discredited?

Given that logic, we should have tossed the dollar about a billion times over.

You should be thankful that companies like Mnt Gox can in fact go out of business without having to be bailed out by tax dollars, and only those foolish enough to have tossed in money without doing research lost out - unlike the current banks, who get to shovel their mistakes off on to the public at large. Great system your supporting there!

I always love how people who understand absolutely nothing on a topic always seems to have an opinion... Mindless drivel and blather of course... but always an opinion. Come back and talk to me when you learn and comprehend blockchain technology.

[Arkana]

4. Stupid, stupid, stupid.