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Congressman Accepts BitCoin For His US Senate Run

Posted by timothy on from the so-giving-of-him dept.

SonicSpike writes "U.S. Representative Steve Stockman, a vocal opponent of Federal Reserve policy, told reporters that he wants to promote Bitcoin, whose most fervent evangelists tout as an alternative to fiat currency. To do so, he is now accepting Bitcoin for his Senate campaign against incumbent John Cornyn of Texas. The announcement was made last night at the launch event for the NYC Bitcoin Center, located just up the street from the New York Stock Exchange. Center founder Nick Spanos a real estate developer and Bitcoin enthusiast says the Center itself is still in something of a planning stage, existing more as a statement about Bitcoin itself, though he plans on hosting a hackathon later this month."

2 of 165 comments (clear)

  1. Federal Elections Commission Response? by Bob9113 · · Score: 3, Interesting

    This is interesting in light of the recent story stating that the FEC Will Not Allow Bitcoin Campaign Contributions. Maybe the candidate doesn't read Slashdot. I look forward to hearing the FEC respond, and how much of a fuss this guy is ready to make.

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  2. Re:I like the idea by jythie · · Score: 3, Interesting

    Well, stability is relative. Something can have built-in deflation (or inflation) and still be stable enough for use as a currency. Right now BTC is not, but it is quite possible that even with a steady increase in value it could be stable enough to plan with. In a way that is, in theory, one of its advantages. Since the rate of increase of supply is known ahead of time it should be possible to plan accordingly just like today long term contracts take USD's estimated rate of inflation into account.

    However, the ecosystem around BTC is way too unstable for that kind of planning.