Bitcoin Forum

There are a lot of speculations on this forum about a possibility of shutting bitcoin network down by governments and central banks. It is beyond my understanding, why would any government want to shut such a gift (http://youtu.be/suLkDkj8OpQ) bitcoins down? If a bunch of geeks can make 1000% profit in one year just speculating bitcoins, why do you think any government wouldn't want to do the same?

If I was the most powerful government in the world, I would build a cluster of ASICs which outnumbers the biggest mining pool, and start mining, and start buying coins until I have 2/3 of all coins in my possession. This should not be too expensive for government which collects taxes worth of $3 trillion each year, right?  And after I have all these coins, I would convert the rest of the world into slave colony, MWAHAHAHA!!!!

I am a bitcoin supporter, and I respect efforts the developers and community apply to make our world better. Please, somebody convince me that such evil strategy is not executed right now.

P.S. Happy Easter to everybody who celebrate it, and happy weekend to the rest of the world!  :)

Sensationalist thread title is sensationalist.

Solid plan.

Solid as SolidCoin 2.0

God bless and happy easter!

Bitcoins get their value from the trust which people put into the network. If a government, or just a single entity for that matter, controlled +51 % of the network, the trust would fall, the price would fall and the owner of a lot of BTCs would lose money. So it is in the interest of all holders to increase the trust in the system. Besides, if Bitcoins fail, a new crypto currency can easily be made.

Edit: But of course some one could have an interest in breaking the system by controlling +51 % and using this to destory the system (not as easy as it sounds and 51 % may not be enough). But this would be very costly.

I hate sharing out my brilliant observations and not even getting a "k thx" in return. Or: "I disagree". You're effing welcome!

k thx

I disagree

You're effing welcome!

So your plan is ..

1. Spend shit LOADS of money buying 'mining' equipment.

2. Mine like crazy so that YOU get most of the newly 'minted' bitcoins.

3. You'll have to spend LOADS of money buying up a majority of all the current bitcoins.
(keep in mind that the more you buy the more expensive they get).

4. Then, after xxx years of being able to buy/mine the majority, you WANT to crash the market so that all your wealth is worth bugger all?

And this is assuming that the majority of people don't notice the amount of bitcoin missing and introduce new software (under majority agreement) allows for minting of a new batch of coins (of xxxxxxxxxx amount, whatever they want, maybe the amount you have stashed x5). This would mean you would THEN have to have all the cash to buy all these new bitcoins, AND keep your mining operation as the majority vs the ever increasing world awareness.

Also, if the minting of new coins was needed because you had most of the bitcoin, well, this would totally devalue your money, destroying your wealth by the power of the people.

The fabled 51% attack is just not feasible, the system 'course corrects' and forces you to a game you can not possibly win, that can only eventually be one by the majority.

1. Just a couple of $billions. Governments waste  orders of magnitude more every year on shity projects.

2. Yes. If geeks like it, why do you think evil government would not like it?

3. Come on, it just a couple of $billions currently. The most democratic government in the world wastes  $trillions every year.

4. No. I'll just convert all those "democratic states" into slave colonies, MWAHAHAHA!!!!

Thanks for responding :)

1. You think a couple of billions will be enough to buy enough computing power? That there's not already a couple of billions worth of computing power already mining?

2. I don't think you realise that you'd have to keep this running and MORE than the combined power of whatever the worlds combined mining power is atm, UNTIL at least 2030, competing all the way against an ever increasing world computer base.

3. No, they waste billions, not trillions. And that's not how economy works .... Right, as you buy something, the value of it (e.g. the price) goes UP. Like, how when you print lots of extra money, the value of it goes DOWN. IF you were to try spending billions on buying all the available bitcoins the price will go up the more you buy. AND there's the issue of trying to get everyone who has any to sell them. AND the issue of new software implementing new bitcoins when they all start to disappear into your pockets.

4. And at the times when you actually had that tiny bit of power, your bitcoins would lose all their value. How exactly will you pay for an army? For weaponry? With your now worthless bitcoins?

And by the time a 'government' (shadowgovernmentrothchildscoughcough) think of doing such a thing they would have to commit even more money.

Why it is so hard for people to understand that cryptocurrency are here to stay around for as long as computers exist? And that governments cannot do anything to stop it. The genie was released from bottle by Satoshi. It cannot go back. It is good that we exercise various scenarios of government attack to watch for possible ways to improve protection and disprove feasibility of such attacks. And raise confidence in safety of Bitcoin or any other cryptocurrency from such attacks.

Technical solution: We may just issue a new version of bitcoin client which will ignore all IP blocks of attacking entity. So they will be mining coins in separate reality without affecting our blockchain. It would be easy to implement as such huge evil corporation or government cannot use public networks due to the need of enormous bandwidth.

51% attack will happen offline and then attackers will publish the longer chain thus disrupting network. Banning IP addresses will not help in relaying P2P network.

Don't you just love megalomania?

They already spent trillions to bomb cavemen in Afghanistan just to show who is the boss.

Bin Laden was not decentralized. Bitcoin is.

This.

In fact, Bin Laden was part of a very decentralized terrorist network. That's why it took 10 years to kill the bitch. Unfortunately, Bin Laden is dead, but his network is not.

Of course it isn't, and there's no reason for them to shutter it, when it's doing such a good job of scaring the American populace.
https://bitcointalk.org/index.php?topic=160671.0

Just curious; who still believes 9/11 was purely an unprovoked attack by Muslim zealots in an attempt to terrorize Americans?  Back when I was in HS, you couldn't mention 9/11 was fishy 'cos people would beat you up for implying anything other than what we were told is the truth.  Now that I'm in college, suddenly everyone's in agreement that, in the very least, some of what happened behind 9/11 was fabrication.  I'm not sure if that's due to time, or because college students are huge conspiracy buffs.

I know that Al-Qaeda does not exist as we are told. It is invention by USA aggressors modeled after mix of Islamic Jihad, Hezbollah and Al-Aqsa Martyrs brigades. Mr. Bin Laden was old man, not much more than Islamic and anti-American publicist using his image to spread the message. His best days of action was back in Soviet invasion in Afghanistan as USA-backed resistance member.

The Al-Qaeda is next best invention after Mickey Mouse. It is great excuse to do anything anywhere in world, including but not limited to overthrowing legitimate sovereign governments, torturing prisoners, killing civilians and creating mass surveillance. Damn I hate USA government and sheeple who support them!

Congrats, dude, we started a 9/11 flame.