Skip to comments.Gavin Newsom Now Accepts Contributions in Bitcoin
Posted on 05/23/2014 3:02:36 PM PDT by nickcarraway
Tech-savvy and politically-interested? Use your Bitcoin on Gavin Newsom.
This man is ready to take your Bitcoin.
Your crypto-currency is good with Gavin Newsom.
The California lieutenant governor is one of the first high-profile politicians to accept campaign contributions in Bitcoin, according to the San Francisco Chronicle.
Bitcoin, the newspaper noted, is the cash-in-trade of the "technorati" -- which also includes hackers and alleged drug smugglers, such as the shadowy founder and operator of Silk Road.
So what's in it for Gavin, the famous early-adopter who also got behind gay marriage before it was the thing?
Sen. Dianne Feinstein Against Legalizing Pot Coolness, the newspaper reported. "What it does is say, 'Hey, Millennial generation. I'm cool, too,'" the former political strategist and current cryptocurrency startup founder Robert Molnar told the newspaper.
U.S. Rep. Jared Polis, who like Newsom is also an advocate of marijuana, also accepts Bitcoin contributions.
Newsom himself said that the biggest challenge when accepting Bitcoin is Bitcoin itself. Namely, how to explain it to non-believers.
Once an avowed skeptic, the former San Francisco mayor says that he now finds the notion of cryptocurrency "fascinating," following prodding from the likes of Silicon Valley magnate Marc Andreessen, the newspaper reported.
San Jose Earthquakes to Accept Bitcoin in the Stands So far, at least one San Francisco resident, Brad Stephens, doled out $6,800 -- the maximum -- in Bitcoin to Newsom's re-election bid, though federal and state regulators still aren't sure exactly what to do and how to regulate Bitcoin contributions.
Some of the better San Francisco taverns, restaurants and souvenir shops have started to accept this Bitcoin currency. Oh, and also certain organizations that resemble banks but are not really. I keep thinking about all those anonymous swiss bank accounts that used to be common.
There will be substitutes forthcoming for these institutions, inspite of one bank being charged billions last week for discreeting holding the funds of very wealthy private citizens. This is secret stashing of private monies has become more popular during the Obama Era, when many rights of the individual are being changed, distorted, made up, or discarded.
Plenty of geeks know about Bitcoin and how it works... but are not interested in paying money for numbers. Bitcoin started as a technical experiment, but it was quickly taken over by greed. Today Bitcoin is a toy money that is bought and sold at a price that is not tied to any real goods. It is used only within the community, and the primary use of Bitcoin is in illegal trade. There are costs to enter and leave the Bitcoin market, and there are risks in holding the Bitcoin.
Everyone else is pretty happy with the existing, well established infrastructure of the US Dollar. The Bitcoin does not buy you anything that you cannot buy for the smaller price in USD. Bitcoin is not even a good SHTF currency because it depends on the Internet. It also requires physical exchanges where Bitcoins can be sold for the local currency that everyone accepts. A Bitcoin aficionado is charged for converting his money into Bitcoin and out of - and on top of that once he has Bitcoins he is locked into one or a couple of vendors who are willing to sell the item for Bitcoins. Those vendors also carry the expense of converting, so the price in Bitcoins is going to be higher than in some common currency.