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    Senior Member JohnDoe2's Avatar
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    Rand Paul: What If Companies Could Create Their Own Currencies?

    Rand Paul: What If Companies Could Create Their Own Currencies?

    Feb 12, 2015 10:36 AM PST

    The Kentucky senator on a bright Bitcoin future.


    When he travels to Silicon Valley, Kentucky Senator Rand Paul has a libertarian posse. PayPal co-founder Peter Thiel sunk seven figures into a super-PAC that supported the 2012 presidential bid of Paul's father, Ron. In visits to tech companies, Paul has explained why the open-minded folks who become technologists should reject the leviathan grip of government. Last summer, Paul was the star of the conservative Lincoln Labs "2014: Reboot" conference, where he mused about how the crypto-currency Bitcoin could break up the money monopoly. It could lead to "Wal-Mart Coin, K-Mart Coin," of companies building their own currencies, tied to stocks.

    "Because I’m sort of a believer in currency having value," Paul said in a separate interview, "if you’re going to create a currency, have it backed up by—you know, Hayek used to talk about a basket of commodities? You could have a basket of stocks, and have some exchangeability, because it’s hard for people like me who are a bit tangible. But you could have an average of stocks. I’m wondering if that’s the next permutation."

    Today, at another Lincoln Labs event—this one quartered at the Chamber of Commerce offices in Washington, and titled "Reboot Congress," TechCrunch founder Michael Arrington asked Paul to expand on his view of Bitcoin.

    “I'm sort of an outlier on the Bitcoin thing.”


    Senator Rand Paul


    "You've said it was 'pretty cool,'" said Arrington.

    "That was my scientific analysis," said Paul.

    "My only question there is, post-apocalypse, are you gonna be a gold guy or a Bitcoin guy?" asked Arrington.

    "I'm sort of an outlier on the Bitcoin thing," said Paul. "I've been fascinated by the concept of it, but I never would have purchased it myself. I'm just a little bit skeptical. I remember reading an article by Marc Andreessen—obviously, I respect him, he's a smart guy, and he's made more money than I have. He wrote about Bitcoin, and the thing that fascinated me about what he wrote was that, if you imagine something like Wal-Mart, that's got a 4 percent profit margin, and they're laying 2 or 3 points to Mastercards, that there are ways to eliminate the credit card company through Bitcoin."

    Paul was referring to a few arguments that Andreessen, whose Bitcoin views verge on utopian, had been making since 2013.

    "This is just me," said Paul. "I have a biology degree. With Bitcoin my concern always was whether or not something has real value. I could imagine a kind of coin that was exchangeable. This gets back to the whole idea of whether money has to be exchangeable for something to have value. What if Bitcoin or Wal-Coin was exchangeable for Wal-Mart stock? What if Wal-Mart, K-Mart,

    Kroger and maybe 20 retailers got together and issued a coin to deal against a basket of stocks? I think that might be something I'd be interested in investigating. If they do it with a goal of—I hope Visa and Mastercard are not listening—eliminating the credit card companies from the equation—what if Wal-Mart's doubling their profits from 4 percent to something like 8 percent?"




    http://www.bloomberg.com/politics/ar...wn-currencies-
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