The only problem I have with this theory (and all the rest that center around Dr. Paul spending wisely) of this being a war of attrition is:
a.) doing well in either Iowa, NH or SC would have garnered EASILY 40MILLION IN FREE MSM ADVERTISING. A number, we simply can not raise at this point in time.
b.) perhaps most importantly, convinced COUNTLESS FENCE SITTERS that a vote for Dr. Paul is not a wasted vote and that the guy actually has a shot to win this thing (how do you think Huckatard gets 13% in NH?). PEOPLE WANT TO VOTE FOR THE WINNER.
c.) re-engergized the BASE - which right now, feels totally beat-up after not posting well in the most libertarian state in the entire UNION..
d.) Allowed Dr. Paul himself, to start transitioning from the 'education' phase of the message to the 'when i win this thing, things are gonna get changed and this is how I'm gonna change them' phase - which incidentally tends to bring on even more fence-sitters.
e.) Taken some heat off of HQ.. who right now, probably feel like they're being attacked on on sides - grassroots and MSM combined.