You have to think of it this way- yeah Ron lost Iowa and more than likely has no chance left to win...but yet in his speech he was all smiles and enthusiastic. Why is that?
Well, lets go back to 1988. Ron thinks "you know, I think the nation is ready for a different minded candidate and the libertarian party!" ....then gets .5% of the vote. With results like that, you think the guy would be like most people in this forum and just say "**** it it's not worth it, this country is hopeless" Thank the heavens he didn't quit, though. he went back into congress and continues for another decade, then tried again for President.
What did he get that time? Well, he got ridiculed and to sum up the media coverage, "electability, do you have any?". He gained some youth voters, but still got crushed nationally. But out of this "failure", we got the tea party and Rand Paul., along with many other liberty activist.
On to 2012, the .5% crackpot libertarian gets 20+ percent in a statewide election among an atypical demographic for libertarians. The media is running scared of him, and think that they have finally stopped his movement with a loss in Iowa. Deep down, Ron knows that it doesn't matter anymore if he becomes president. Hell, I honestly think he always knew he would never win. The ball is rolling now, RP supporters are writing planks, running for office, and are making up the MAJORITY of the future vote in the GOP. Will Ron live to see a total victory of the liberty movement? Probably not. Can he retire from politics knowing that the victory is inevitable...YES.
All Ron ever wanted from politics is people to wake up to big government and tyranny, and you know, i think after 40 years he has finally got it.