I've made no secret that I have a lot of sympathy for the strict constructionist leanings of many Libertarians. I would argue, much to the chagrin of social conservatives, that they're right more often than they wrong. The problem is that they simply can't get their act together as a party. Part of that is because a good chunk of them are really just closet Democrats trying to legalize weed, and part of it is because they don't have the organization, money, and media clout to get over the metaphorical hump.
This year was thought by many to be "the Libertarian moment" - a time when two massively unpopular tcandidates would place the spotlight on third parties. Finally, they thought, we'll have a strong, knowledgeable, and likeable candidate who will lead us to respectability.