Bitcoin Forum

CONFIRMED...lol  ;D

But for real, did Mr lee just recommend that the US government start mining Coins to defend the network?

Watch out for that 'unknown' pool ;)

For real, we don't need the government mining bitcoins or any other coin for that matter. Its only going to push us small time miners overboard, drowning in our sorrow because the diff keeps jumping 100%.

 :-[

this post is shit it aint gonna happen

You have no clue what you are talking about!

Many times over the last few days I have heard that the government mining bitcoins is the only real way to make sure that the network is secure. An attack on the network can be done today for a few hundred million bucks. I know that sounds like a bunch but one unhappy bank or CC company can attack the network without flinching. A few hundred million is nothing to a bank with trillions.

Where are they going to get the hardware from?

That's a great question. I have been wondering this myself since the latest hearings.
I can only assume they will get them built from one of the huge chip guys out there.

All I know is that time and time again over the two days of testimony I heard the speakers suggest that the only way for the network to be truly secure is if the gouv gets behind it and starts working to secure it and its future.

Hello !

What is your source of information ?
If your news are real, then the price of the BTC should rise above $1000 next week.

Charles Lee the creator of LTC suggested it at this weeks senate meeting. As well as the chick in the third group of speakers on day 2.

ITS CONFIRMED!

Care to share any link?

- Charles Lee Statements at the New York Bitcoin Hearing Day 1 Panel 2 Jan 28 2014 (http://futuremoneytrends.com/blog/?p=19373)

Pure speculation, but is the UK government already mining Bitcoins?  ;)

Cex.io is a registered UK LTD company on Threadneedle Street, the same street as the Bank of England, in the City of London where all the old money banks are located!

The (Secret) City of London http://www.youtube.com/watch?v=LrObZ_HZZUc

And the US government owns the "undefined" part of the hashrate. Waiting for a right moment to use there 51% share.  :D

My guess is they were mining it long before most people on here had heard of bitcoin.

Thanks for the link, and hm....missed the word "suggested".  :P

yes he did I saw the panel interviews.. and don't worry several governments around the world already have elements that are mining bitcoins etc. china probably being the biggest.

Care to elaborate on that a bit?

Yeah yeah and Greenspan is actually Satoshi  :D

BTC is useful to resolve infinite FIAT problem between countries.

FOREX, FIAT, BTC, Alt crypto, commodities should have technologies converged and linked to real physical world.  New digits are not mined but a record of input from reserve from real world rather than mining.

It's more likely part of this company's 'virtual office' which is in that building.  Anyone can get a fancy address through these guys.

http://www.beoffices.com/our-products/virtual-offices/virtual-office-locations/london-city/threadneedle-street

No joke. I reckon Bitcoin would of come on their radar early 2010 easily. They monitor the internet,  that's what they do.

The real question is "how long did they mine for?"

I've got no idea.

Yes it was "suggested". That was a highlight to an otherwise dry regulatory meeting.

at least the US government won't ban a good way to make profits ;D even that's just a suggestion from MR. Lee

Could be true, but i think, China must be the big player.

why not they hold enough bitcoin they will want to protect it :D

This is an interesting thread.

If this is true then there is only two possible outcomes:

A) The government takes over the network and crashes it.
B) The government takes over the network and controls it.

^^^^ BOTH VERY POSSIBLE ^^^^

True.  :-\

Well is USA starts mining it what makes you think Russia and China will not jump right in???
I personally think North Korea will jump right in with a decent percent is USA jumps in!


 

A 3rd Gen D-Wave quantum computer would put a far dent in network security. They are only US$35M per unit. NSA or some other mob is sure to have a few dozen laying around.

I'll believe it when I see it.

They would never tell you they were doing it.

We could fix QE right now - make a govt backed exchange that allows US to collect BTC in the form of fees - just being wishful.  Govt could use their scheme as the legally required version to be able to enforce taxation - handing over further legitimacy to cryptocurrency.  Govt could also incentivise through subsidies which will encourage adoption/innovation to adopt btc further.